ChampionX's AOGI platform has received EPA approval for methane emissions monitoring, enhancing detection efficiency for operators.
Quiver AI Summary
ChampionX Corporation announced that its Aerial Optical Gas Imaging (AOGI) platform has received approval from the U.S. Environmental Protection Agency (EPA) as an alternative testing method for methane emissions. This approval enhances emissions management capabilities, allowing operators to efficiently detect and locate methane leaks across multiple sites daily. The AOGI platform integrates advanced optical gas imaging technology with a sophisticated gimbal system, providing precise monitoring that complies with regulatory requirements. This development underscores ChampionX's commitment to innovation and sustainability within the oil and gas industry, aiming to streamline the emissions monitoring process for operators of all sizes.
Potential Positives
- AOGI platform receives EPA approval for Methane Alternative Test Method, establishing it as a significant tool in emissions management.
- AOGI enhances the efficiency of emissions monitoring by enabling operators to survey over 150 sites per day, reducing time and costs.
- The approval signifies ChampionX's commitment to innovation and supports the oil and gas industry's shift towards sustainable practices.
- AOGI's advanced technology offers a scalable solution that can integrate seamlessly into existing emissions monitoring workflows for operators of all sizes.
Potential Negatives
- Despite the approval of the AOGI platform by the EPA, the press release does not provide specific information on any potential limitations or challenges of the technology, which could lead to questions regarding the practical deployment and effectiveness in diverse operational environments.
- The emphasis on efficiency and cost reduction could imply that existing emissions monitoring methods were inadequate, potentially reflecting negatively on the company’s previous offerings or the industry's current practices.
- The press release lacks detailed information on how the AOGI platform will be integrated into existing practices, which may leave stakeholders concerned about implementation challenges and the adoption rate among operators.
FAQ
What is the AOGI platform?
The AOGI platform is ChampionX's Aerial Optical Gas Imaging technology for detecting and locating fugitive methane emissions efficiently.
How has AOGI been recognized in the industry?
AOGI has gained industry-wide recognition for complementing fugitive emissions screening processes and enhancing emissions monitoring.
What does EPA approval of AOGI signify?
The EPA approval signifies AOGI as the first component-level platform authorized for the Methane Alternative Test Method, setting a new standard.
How many sites can AOGI survey per day?
AOGI can survey over 150 sites per day, providing a scalable solution for emissions monitoring across the oil and gas industry.
What is ChampionX's commitment to emissions management?
ChampionX is committed to innovation, offering advanced technologies like AOGI to support sustainable oil and gas production and emissions management.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$CHX Insider Trading Activity
$CHX insiders have traded $CHX stock on the open market 1 times in the past 6 months. Of those trades, 0 have been purchases and 1 have been sales.
Here’s a breakdown of recent trading of $CHX stock by insiders over the last 6 months:
- DERIC D. BRYANT (See remarks) sold 49,303 shares for an estimated $1,482,053
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$CHX Hedge Fund Activity
We have seen 178 institutional investors add shares of $CHX stock to their portfolio, and 253 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- BESSEMER GROUP INC removed 3,116,262 shares (-99.6%) from their portfolio in Q4 2024, for an estimated $84,731,163
- NORGES BANK added 2,261,744 shares (+490.6%) to their portfolio in Q4 2024, for an estimated $61,496,819
- CLEARBRIDGE INVESTMENTS, LLC removed 1,825,125 shares (-99.3%) from their portfolio in Q4 2024, for an estimated $49,625,148
- T. ROWE PRICE INVESTMENT MANAGEMENT, INC. removed 1,240,817 shares (-35.3%) from their portfolio in Q4 2024, for an estimated $33,737,814
- CALAMOS ADVISORS LLC added 1,232,500 shares (+470.4%) to their portfolio in Q4 2024, for an estimated $33,511,675
- MILLENNIUM MANAGEMENT LLC removed 1,222,296 shares (-39.1%) from their portfolio in Q4 2024, for an estimated $33,234,228
- HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND added 1,101,100 shares (+373.1%) to their portfolio in Q4 2024, for an estimated $29,938,909
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
THE WOODLANDS, Texas, March 04, 2025 (GLOBE NEWSWIRE) -- ChampionX Corporation (“ChampionX” or the “Company”) (NASDAQ: CHX), a global leader in oilfield technology, announced today its ChampionX Emissions Technologies’ Aerial Optical Gas Imaging (AOGI) platform has received approval from the U.S. Environmental Protection Agency (EPA) for the Methane Alternative Test Method outlined in OOOOb. This approval marks a significant milestone in emissions management, empowering operators to integrate AOGI into their emissions monitoring programs to detect and locate fugitive methane emissions with unmatched efficiency and precision.
ChampionX’s AOGI platform has gained industry-wide recognition for its ability to complement fugitive emissions screening processes. It helps create efficiency with the possibility of surveying over 150 sites per day. By leveraging Optical Gas Imaging (OGI) technology, AOGI offers a scalable solution with the intent of reducing the time and cost required for emissions monitoring for operators of all sizes.
“As the first component-level platform approved by the EPA, AOGI represents a new standard in emissions monitoring,” said Sivasankaran ‘Soma’ Somasundaram, President & CEO of ChampionX. “This advanced method enables operators to monitor emissions to assist operators in taking action to meet regulatory requirements efficiently while seamlessly integrating into their existing workflows.”
This proven method combines high-definition OGI technology with an advanced gimbal system to detect, locate, and visualize methane leaks with pinpoint accuracy. The OGI technology has been refined for a variety of applications, including handheld, fixed, drone, and aerial systems.
“It’s the ultimate use of OGI, a familiar and trusted technology to pinpoint leaks quickly and efficiently from the air,” said Shankar Annamalai, Senior Vice President of Emissions Technologies and Permian Geomarket. “Given the scale of the oil and gas industry, streamlining the leak detection process is a big relief to operators, especially for small businesses.”
“This approval underscores our commitment to innovation and reinforces the United States’ position as a leading producer of efficient and sustainable oil and gas,” said Somasundaram.
Using our 140 years of oilfield expertise, ChampionX has, and will, continue to support the oil and gas sectors with cutting-edge technologies – ike AOGI, the Aura OGI™ camera, Soofie® continuous monitors, drones with HALO OGI® or Open Path Laser Spectrometer (OPLS) technology, and fixed-wing surveys – to address the evolving environmental and operational challenges.
For more information on how AOGI can complement your emissions monitoring program, visit ChampionX Emissions Technologies | AOGI or contact us at [email protected].
About ChampionX Emissions Technologies
ChampionX Emissions Technologies combines deep industry expertise with advanced technology to effectively tackle environmental challenges. By continuously enhancing our solutions, we assist clients in managing the complexities of emissions, ensuring a cleaner and more sustainable future.
About ChampionX
ChampionX is a global leader in chemistry solutions, artificial lift systems, and highly engineered equipment and technologies that help companies drill for and produce oil and gas safely, efficiently, and sustainably around the world. ChampionX’s expertise, innovative products, and digital technologies provide enhanced oil and gas production, transportation, and real-time emissions monitoring throughout the lifecycle of a well. To learn more about ChampionX, visit our website at www.championx.com.
Investor Contact: Byron Pope, [email protected], 281-602-0094
Media Contact: John Breed, [email protected], 281-403-5751
