ChampionX on Monday, July 5th, 2021, announced the acquisition of scientific Aviation Inc., which is a site-specific and regional methane emission monitoring solution for continuous and periodic monitoring applications. At the time of this writing, CHX stock price is down by -0.80, that is a -3.06 percent fall, the last price at the close of the market was $25.37
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ChampionX corporation is a provider of chemistry solutions and highly engineered equipment and technologies for oil and gas drilling companies. CHX aims to provide solutions and technologies for safe and efficient oil and gas drilling around the globe. On the other hand, Scientific Aviation company had introduced its drone-based methane emissions in 2018 and launched its ground based continuous fence line monitoring solution in 2020. The former company aims at using the methane emissions detection and monitoring solutions of the latter to enhance its emission management portfolio that will help in emission reduction goals.
The recent merger of the two companies, ChampionX and Scientific Aviation will help both upstream and midstream operators to enhance their environmental stewardship practices and make progress towards reducing global methane emissions. This foresightedness of the company towards its environmental policies will be beneficial for the long run.
