Step Energy Services up on higher 2023 capital budget, Q1 outlook

STEP Energy Services

09/01/2023 18:23

** Canada-based oilfield service company Step Energy
Services Ltd's shares  STEP.TO  up 7.5% at C$5.61 - biggest pct
gain in over 2 months
    ** STEP approves $45 mln increase in 2023 capital program,
bringing the total capital budget to about $100 mln  urn:newsml:reuters.com:*:nGNX4J2TtH
    ** Co expects net debt at end of the year in $140 mln-$145
mln range, ahead of internal targets
    ** Co anticipates its five Canadian and three U.S.
fracturing fleets to be fully booked through Q1 2023
    ** Canada is expected to see a step-up in field spending
starting in mid to late 2023 as the launch of trains 1 and 2 of
the LNG Canada project comes into view - STEP
    ** Co, however, flags cost inflation as a concern,
particularly around proppant, wages and equipment-related items
 (Reporting by Arshreet Singh in Bengaluru)
 ((Arshreet.Singh@thomsonreuters.com))