From Investing.com: 2024-05-12 19:51:06

STEP Energy Services Ltd. reported a strong Q1 performance, with record revenue in Canada and increased consolidated revenues. Adjusted EBITDA was $80 million, with net income at $41 million. The company anticipates volatility in U.S. operations but expects a strong quarter in Canada. Strategic investments and technology are driving success. Utilization in fluid pumping services and a focus on efficiency have led to profitability in U.S. operations. The company is prioritizing debt reduction and free cash flow generation.

In Canada, Q1 revenue reached $241 million, a record high for the company, with fracturing revenues at $198 million and coiled tubing revenues at $43 million. Operating days increased substantially, contributing to improved performance. In the U.S., fracturing revenues were $38 million, while coiled tubing revenues were $41 million. Despite some volatility expected in the U.S. fracturing division in Q2, the company remains cautiously optimistic about future performance. The company’s technology development and operational efficiency have been crucial in achieving their strong Q1 results. With bookings secured for later in the year and into 2025, STEP Energy Services is well-positioned for continued success.



Read more at Investing.com: STEP Energy Services reports robust Q1 2024 results By Investing.com