STEP Energy Services Ldt. - STEP 

Company Website 

Company Highlights: 

  • STEP provides frack and coil tubing services in Canada and the US. It has eight frack fleets (five in Canada and three spreads in the US)  and 19 coil tubing units (eight in Canada and 11 in the US). It is upgrading its frack fleet to Tier 4 dual fuel capability. It acquired four coil tubing units recently to lift overall count to 23 and to 15 working in the US.
  • Revenues in Q2/22 were $273M up from $220 in Q2/21 and EBITDA came in at $55M up from $12M last year. Profit margins were best in Canada during the quarter.
  • It has 71.4M shares outstanding and ARC funds are major investors. The market capitalization of STEP is $375M. Net debt was $194M at the end of Q2/22 and STEP plans to use cash flow to lower this number to $140M in upcoming quarters.
  • We see STEP generating $1.38 per share in cash flow this year. We have a $13.00 per share Bull Market Peak target.
Steve Glanville
Steve Glanville
President and Chief Operating Officer
Mr. Glanville has served as COO of the Company since its inception in March 2011 and was appointed president in July 2021. Mr. Glanville served as vice-president, operations from November 2013 to June 2021. He is responsible for STEP’s coiled tubing and pressure pumping operations in Canada and the U.S., as well as external affairs and strategy, investor relations, and communications. Mr. Glanville is a co-founder of STEP and is a certified engineering technologist with almost 25 years of oilfield experience. Mr. Glanville’s background includes 10 years with Schlumberger Limited working with the company’s North American oilfield services divisions, and seven years with Sanjel managing the Canadian coiled tubing and nitrogen business unit. Most recently, he spent two years with Calfrac as manager of the Canadian coiled tubing division. Mr. Glanville currently sits on the board of the Petroleum Services Association of Canada (PSAC) and serves as a director of PSAC’s Stars and Spurs Gala in support of STARS Air Ambulance. He is a former president of ICoTA Canada. Mr. Glanville received his diploma from the Southern Alberta Institute of Technology.