10:03 AM EST - STEP Energy Services Ltd. : Provided an update on its approved 2023 capital spending plan against a backdrop of continued progress on debt reduction. STEP’s balance sheet continues to strengthen. Net debt is expected to end the year in the $140-$145 million range – well ahead of internal targets set earlier in the year. The internal targets also included a Funded Debt to Adjusted Bank EBITDA ratio of less than 1.0x, which was achieved in the third quarter of 2022. STEP has paid down approximately $45 million in 2022, and nearly $170 million of long-term debt since 2018, while retaining a well-maintained fracturing and deep coiled tubing fleet throughout North America. Even through the deep activity downturn from 2015 to 2020, STEP was one of the few in its North American pressure pumping peer group to continue spending enough capital to approximately equal its rate of depreciation. STEP also announces an update to fourth quarter 2022 activity levels as well as an outlook for a very strong first quarter of 2023. STEP Energy Services Ltd.
shares T.STEP are trading up $0.14 at $5.36.
