Schlumberger (SLB) shares plummeted 5.02% in Wednesday's intraday trading session, underperforming the broader market. The decline came amidst investor concerns over the oilfield services giant's exposure to Russia and potential regulatory hurdles for its planned $8 billion acquisition of ChampionX.

According to a regulatory filing, Schlumberger's net assets in Russia stood at around $600 million at the end of 2024, unchanged from the previous year. However, the company's revenue from the region has been steadily declining, accounting for only 4% of its total revenue in 2024, down from 5% in 2023.

While Schlumberger has maintained operations in Russia despite the ongoing conflict with Ukraine, the U.S. Treasury Department's recent sanctions aimed at cutting off Russia's access to American services related to oil extraction and production have raised concerns about the company's ability to operate smoothly in the region.

Additionally, investors may be wary of potential antitrust scrutiny surrounding Schlumberger's planned $8 billion acquisition of ChampionX. The UK's Competition and Markets Authority (CMA) has issued a preliminary invitation to comment on the deal, indicating potential competition concerns. An in-depth investigation by the CMA could potentially delay or even derail the transaction, further weighing on Schlumberger's stock performance.