ChampionX Corporation (NASDAQ: CHX) shares move skyward, on the announcement today of the acquisition of Artificial Lift Performance Limited (“ALP”), a provider of advanced analytics solutions for enhancing oil and gas production performance. Based in Edinburgh, Scotland, ALP has extensive expertise in developing artificial lift optimization software designed to maximize production and extend the life of artificial lift equipment.
“The acquisition of Artificial Lift Performance is key to our strategic focus on digital growth and our vision to deliver end-to-end digital solutions that enhance the productivity and profitability of our customers’ producing assets,” said Paul Mahoney, President of ChampionX’s Production & Automation Technologies business segment.
Combining the capabilities of ALP’s flagship Pump Checker™ software with ChampionX’s XSPOC™ production optimization software delivers a comprehensive suite of advanced analytics across all major artificial lift types and chemical applications, enabling operators to gain invaluable insights and make informed decisions to meet their business objectives. XSPOC software, which was first introduced to the market in 2000 by the Theta production optimization business unit, has a long history in creating additional value from rod-lifted wells while Pump Checker analytics allow operators to maximize production performance and improve equipment reliability in electrical submersible pumping systems and gas lift systems.
CHX shares shot higher 31 cents, or 1.1%, to $31.44.
