STEP Energy Services: newly public fracturing and coiled tubing services company looking to exit 2017 with fleet of 20 coil spreads in U.S. and Canada and 290,000 HP capacity
At its recent 2017 The Oil & Gas Conference®, EnerCom’s Oil & Gas 360® conducted an exclusive video interview with STEP Energy Services (ticker: STEP) President & CEO Regan Davis.
STEP provides coiled tubing equipment that is capable of servicing wells at extended reach depths that meets the demands of 24-hour continuous operations at downhole pressures that operators are encountering.
On the frac side of the business, STEP Energy Services’ conventional fracturing fleet represents 290,000 pressure pumping horsepower with capabilities designed for operations in large, equipment intensive plays such as the Montney and Duvernay. STEP’s fracturing solutions come complete with high rate nitrogen units that support both nitrified and foam fracs.
STEP completed an initial public offering on May 2, 2017, raising aggregate gross proceeds $100.0 million. At June 30, 2017 STEP reported working capital of $96.3 million (including cash and cash equivalents of $57.1 million) and no drawings on its $100 million credit facility. For the first half of 2017, STEP reported consolidated revenue of $223.4 million compared to $46.8 million for the first half of 2016.
View STEP Energy Services’ EnerCom conference presentation webcast here.
Download STEP’s EnerCom presentation slide deck here.
