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Step Energy Services Ltd
STEP Energy Services Ltd. engages in the provision of specialized and fully integrated coiled tubing and fracturing solutions to service oil and natural gas wells. The company is headquartered in Calgary, Alberta. The company went IPO on 2017-05-02. The firm specializes in coiled tubing and associated pumping and support equipment to service the deep horizontal well market in Western Canada and south Texas, the United States. Along with coiled tubing solutions, the Company offers fracturing solutions; STEP-PLEX agents as blocking agents for fluid loss prevention, bridging, loss circulation prevention, conductivity improvement and fracture fluid diverting; chemical laboratory solutions, such as stimulation chemistry in fracturing, acidizing and production enhancement; fluid pumping services for both coiled tubing operations and standalone projects, as well as nitrogen (N2) pumping solutions and services.
STEP Energy Services Ltd. engages in the provision of specialized and fully integrated coiled tubing and fracturing solutions to service oil and natural gas wells. The company is headquartered in Calgary, Alberta. The company went IPO on 2017-05-02. The firm specializes in coiled tubing and associated pumping and support equipment to service the deep horizontal well market in Western Canada and south Texas, the United States. Along with coiled tubing solutions, the Company offers fracturing solutions; STEP-PLEX agents as blocking agents for fluid loss prevention, bridging, loss circulation prevention, conductivity improvement and fracture fluid diverting; chemical laboratory solutions, such as stimulation chemistry in fracturing, acidizing and production enhancement; fluid pumping services for both coiled tubing operations and standalone projects, as well as nitrogen (N2) pumping solutions and services.
Revenue Drop: Q2 2025 revenue was $228 million, down from $308 million in Q1 due to usual spring breakup but in line with last year's Q2.
EBITDA & Margins: Adjusted EBITDA was $35 million (15% margin), down from $59 million last quarter and $42 million last year. Margins compressed on lower activity and pricing.
Net Income: Net income fell to $6 million ($0.08/share), down from $24 million last quarter and $10 million in Q2 2024.
US Fracturing Exit: No revenue from US fracturing operations; wind-down is ongoing with $15 million in assets held for sale.
Debt Reduction: Net debt dropped sharply to $44 million from $85 million last quarter.
Technology Investment: Positive client response to new NGx natural gas pumps and continued success with Coil Plus technology; four more NGx pumps approved for purchase.
Outlook Cautious: Management anticipates flat to down revenues in the second half due to more client-supplied sand, lower service prices, and some client project deferrals.
