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SECOND QUARTER 2024 OVERVIEW

The second quarter of 2024 saw continued volatility in natural gas prices, although the benchmark Henry Hub natural gas price exited the quarter on a more constructive trajectory, closing at $2.42/mmBtu, up from $1.64/mmBtu at the start of the quarter. U.S. natural gas production levels were down in April and May as a result of lower gas drilling and production curtailments, with some recovery seen in June as prices strengthened in expectation of the summer power demand cycle. AECO, the benchmark Canadian gas price, was weak through much of the quarter, although the impact of this is muted for many Canadian gas producers as they rely more heavily on the associated natural gas liquids production which is tied more closely to the price of oil. Oil prices stayed relatively steady, with the benchmark West Texas Intermediate ("WTI") crude price hovering close to $80 per barrel for most of the quarter.

Oilfield service levels are primarily reflected in publicly reported drilling rig counts and estimates made by analysts on fracturing activities. Drilling rigs in the U.S. retreated to an average of 583 rigs in the second quarter, down from 602 in the first quarter. Canadian rig counts averaged 134 during the second quarter, down from 208 in the first quarter but in line with the seasonal slowdown that is typical in this quarter. It is notable that Canadian rig counts are at the higher end of the five-year average, whereas U.S. rig counts are trending below the five-year average. Rystad Energy, an independent energy research and business intelligence company, reported that North American fracturing starts declined through the quarter, from 1,118 in April to 1,087 in June, with the second quarter total down approximately 11% (Frac Monitor: June closes out weak first half of the year, 2024).

Spring break up typically affects STEP’s northern U.S. and Canadian operating regions. The impact of break up is diminishing as more clients recognize the value of level loading their programs by planning around the road restrictions and soft ground conditions on leases, but there is still a slow down that affects the operational cadence in the quarter. Revenue of $231.4 million was in line with performance from the same period last year, while a shift in job mix resulted in Adjusted EBITDA of $41.7 million, down from $47.4 million in the same period last year.

STEP’s Canadian geographic region generated quarterly revenue of $161.0 million and Adjusted EBITDA of $36.7 million. STEP’s reputation in the Canadian market as a technical leader and focus on strong client alignment continue to drive the success of these operations. The client commitments that STEP secured have created stability for both fracturing and coiled tubing operations, which is particularly important during the second quarter where spring break up has historically caused results to soften. Favourable weather conditions combined with a milder wildfire season also provided a lift to activity during Q2 2024. Revenue during the second quarter for the fracturing operations increased compared to the prior year as activity levels and operating efficiencies continue to improve. The utilization and efficiency improvements are reflected in the increase in proppant pumped, which increased in Q2 2024 to 501,000 tonnes from 310,000 tonnes in Q2 2023. Revenue for STEP’s coiled tubing and ancillary pumping and fluid services also increased compared to the prior year. STEP’s focus on working with clients with larger scale programs is one of the main reasons this service line has improved significantly on a year over year basis.

STEP’s U.S. geographic region generated quarterly revenue of $70.4 million and Adjusted EBITDA of $9.4 million, a decline sequentially and year over year. U.S. fracturing operations continued to be impacted by challenging market conditions resulting in significantly fewer operating days in the period compared to the prior year. The U.S. coiled tubing business continues to demonstrate its resiliency and was able to increase activity both sequentially and year over year. These operations have experienced some pricing pressure during recent periods, however, alignment with some of the largest operators in each basin continues to be a positive factor for this operating line. STEP reactivated one additional coiled tubing unit during the second quarter and continues to look for opportunities to reactivate additional units when market conditions will support further expansion.

The Company generated consolidated Adjusted EBITDA of $41.7 million (18% Adjusted EBITDA margin) during Q2 2024 which was slightly lower than the $47.4 million (20% Adjusted EBITDA margin) achieved in the comparable period of 2023. The change in revenue mix from both a geographic and service line perspective, higher sand volumes, the ongoing pricing pressures related to the lower natural gas price and the higher cost profile of the business following several years of inflation were all contributing factors in the modest margin compression compared to the prior year. Increased activity was a significant factor in STEP’s ability to maintain relatively consistent Adjusted EBITDA margins despite these factors.

Net income was $10.5 million in Q2 2024 ($0.14 diluted earnings per share), sequentially lower than the $41.4 million in Q1 2024 ($0.55 diluted earnings per share) and the $15.3 million in Q2 2023 ($0.21 diluted earnings per share). Net income included $2.8 million in finance costs (Q1 2024 ‐ $2.9 million, Q2 2023 ‐ $2.8 million) and $2.1 million in share‐based compensation expense (Q1 2024 ‐ $0.8 million, Q2 2023 ‐ $1.4 million expense).

Free Cash Flow was $20.5 million in Q2 2024 ($0.28 diluted Free Cash Flow per share), sequentially lower than the $53.5 million in Q1 2024 and lower than the $34.8 million in Q2 2023. STEP continues to generate positive Free Cash Flow enabling the Company to continue to upgrade its asset base as well as deliver on its shareholder return framework. STEP invested $26.4 million into capital expenditures during Q2 2024 to further transition its asset base to next generation technology and meet client demands for solutions that reduce both costs and emissions. Phase one of STEP’s shareholder return framework is the focus on deleveraging the balance sheet. Net Debt decreased to $75.8 million at the close of Q2 2024 from $107.9 million at close of Q1 2024. Debt is now $235 million lower than peak levels in 2018. The reduction in debt and improvement in Adjusted EBITDA resulted in a 12-month trailing Funded Debt to Adjusted Bank EBITDA of 0.48:1.00, well under the limit of 3.00:1 in the Company’s Credit Facilities (as defined in Capital Management – Debt below). Phase two of STEP’s shareholder return framework was the initiation of a NCIB in late 2023. As at June 30, 2024, 1,921,734 shares had been repurchased to date under the NCIB program at a weighted average price of $4.16 per share. STEP’s book value per share at June 30, 2024 was $5.70, representing exceptional value for investors.

MARKET OUTLOOK

STEP anticipates that the commodity market will continue to experience some price volatility through the second half of the year, but sees a constructive backdrop forming for 2025. U.S. producers have shown restraint in production growth, which has been supportive of OPEC’s goal to see price stability. The forward strip for natural gas prices is showing a recovery in the key Henry Hub benchmark, with prices above the crucial $3/mmBtu level for most of 2025. Completion of the Trans Mountain Expansion ("TMX") project and LNG Canada will spur additional activity in Canada, where STEP earns the large majority of its revenue.

The long-term outlook for oilfield services is very constructive. The structural under-investment in hydrocarbon production capacity through the last seven years has been exacerbated by geopolitical tensions, forcing governments and policy makers to confront the reality that oil and gas will be a key part of the energy mix for many years.

Canada

The third quarter is expected to deliver robust activity levels across STEP’s Canadian division. Above average precipitation levels through the second quarter have lessened concerns over drought, although there remain areas where water availability may be difficult and could slow operations. Hot and dry conditions at the start of the quarter have also raised the risk of wildfire disruptions.

Fracturing has a full schedule of work through the third quarter and early into the fourth quarter. Most of STEP’s work is focused on large multi-well pads that require significant amounts of proppant. STEP expects to exceed 2023’s total Canadian proppant volume of 1.1 million tonnes early in the third quarter, with total 2024 volumes expected to reach record levels. Pricing on proppant for these large volume programs is competitive, with per ton margins compressed relative to smaller programs.

STEP’s coiled tubing and ancillary services of fluid and nitrogen pumping are expected to continue seeing strong utilization levels throughout the third quarter and early into the fourth quarter. The Company is one of the leading service providers in the WCSB and STEP’s coiled tubing crews are valued for their technical expertise and experience in the most technically challenging wells.

The fourth quarter is increasingly being marked by a slowdown in activity as E&P companies remain disciplined in their capital spending, resulting in work programs that begin winding down mid quarter. Pressure on natural gas prices has led some E&P companies to reduce their 2024 work programs, with a more pronounced slowdown expected in Q4 as a result. STEP will use the downtime in the fourth quarter to prepare for first quarter in 2025 that is expected to be highly utilized.

United States

STEP’s coiled tubing is expected to see steady utilization throughout the third quarter, with the northern regions continuing to run ahead of the southern regions. The growing trend towards three-mile laterals, and in some cases beyond, are constructive for STEP’s extended reach equipment and engineering expertise. Activity is expected to slow through the fourth quarter as larger clients complete their programs and spot work decreases.

The U.S. fracturing market continues to remain unsettled, with an oversupply of fracturing equipment impacting rates and utilization. STEP does not expect this service line to contribute meaningfully through the balance of 2024 and has reduced its utilization expectation and costs accordingly. Management continues to evaluate all options that leverage STEP’s geographic footprint and its ability to transfer assets where economic returns are most favourable.

Consolidated

STEP’s focus for the balance of 2024 and into 2025 is on generation of Free Cash Flow while continuing to invest in upgrading the Company’s asset base. The Company remains committed to having 90% of its fracturing horsepower capable of operating on natural gas by the end of 2025, displacing diesel and the associated emissions. Further investments into the development of next generation coiled tubing technologies are also anticipated.

The strong results posted year to date support the Company’s goals to reduce its balance sheet leverage and allowed STEP to expand its shareholder return framework to include a NCIB. Management believes that the current share price does not reflect the value inherent in the Company and sees the NCIB as an effective means to provide value to shareholders.

CANADIAN FINANCIAL AND OPERATIONS REVIEW

STEP has a fleet of 16 coiled tubing units in the WCSB, all of which are designed to service the deepest wells in the basin. STEP’s fracturing business primarily focuses on the deeper, more technically challenging plays in Alberta and northeast British Columbia. STEP deploys or idles coiled tubing units and fracturing horsepower as dictated by the market’s ability to support targeted utilization and economic returns.

SECOND QUARTER 2024 COMPARED TO SECOND QUARTER 2023

Revenue for the three months ended June 30, 2024 was $161.0 million compared to $135.9 million for the same period of the prior year. STEP’s fracturing operations continue to benefit from its alignment with clients that have large multi-well pads that provide consistent utilization throughout much of the year. These dedicated programs are complemented by smaller work programs creating a diverse client mix and improving overall utilization for the fracturing service line. The improved utilization combined with the addition of another fracturing fleet resulted in a 46% increase in operating days in the second quarter compared to the same period of the prior year. Fracturing results were further bolstered by the continued increase in fracturing intensity as proppant pumped was 62% higher in Q2 2024 compared to Q2 2023. The Canadian coiled tubing operations also continue to show significant improvement compared to the prior year with operating days increasing by 51% to 527 operating days in the period from 348 operating days in the same period in 2023. These operations have benefited from the focus on client alignment, securing long-term contracts with key clients in the highly utilized Montney basin.

Adjusted EBITDA for the second quarter of 2024 was $36.7 million (23% of revenue) versus $33.4 million (25% of revenue) in the second quarter of 2023. The increase in Adjusted EBITDA is a reflection of the overall increase in activity during the period however there has been some erosion in margins due to increased sand volumes and competitive pressures that limited the ability to increase rates while inflationary pressures continued to impact the cost profile.

SIX MONTHS ENDED JUNE 30, 2024 COMPARED TO SIX MONTHS ENDED JUNE 30, 2023

Revenue for the six months ended June 30, 2024 was $402.1 million compared to $310.4 million for the six months ended June 30, 2023. The Company had strong utilization in both service lines as alignment with key clients and minimal weather impacts allowed for consistent activity throughout first half of the year. These factors contributed to the increase in coiled tubing activity as operating days increased to 1,142 for the first six months of 2024 from 920 during the comparable period of 2023. These factors, combined with STEP’s focus on modernizing its fracturing fleet, resulted in increased operating days for the fracturing service line to 755 for the first six months of 2024 from 521 during the same period of 2023. Increased utilization and higher fracturing intensity have been a significant benefit to the fracturing service line as STEP pumped 93% of the prior year’s annual volume during the first six months of 2024.

The increased utilization across the entire Canadian operations has resulted in a significant boost to profitability of this segment. Canadian operations generated Adjusted EBITDA of $108.8 million (27% of revenue) for the first six months of 2024 compared to $78.2 million (25% of revenue) in the same period of 2023. Adjusted EBITDA increased 39% on a revenue increase of 30% which is a reflection of the impact of increased utilization on the financial performance of the business.

UNITED STATES FINANCIAL AND OPERATIONS REVIEW

STEP has a fleet of 19 coiled tubing units in the Permian and Eagle Ford basins in Texas, the Bakken shale in North Dakota, and the Uinta-Piceance and Niobrara-DJ basins in Colorado while the U.S. fracturing business primarily operates in the Permian and Eagle Ford basins in Texas. The Company deploys or idles coiled tubing units and fracturing horsepower as dictated by the market’s ability to support targeted utilization and economic returns.

SECOND QUARTER 2024 COMPARED TO SECOND QUARTER 2023

Revenue for the three months ended June 30, 2024 was $70.4 million compared to $96.2 million at June 30, 2023. Despite improvements in pumping efficiencies, STEP’s U.S. fracturing operations continue to be impacted by market consolidation and an oversupply of assets. These factors played a significant role in the reduction of operating days during the second quarter compared to the same period in 2023. The U.S. coiled tubing operations continue to see strong utilization on its 13 active units resulting in a continued increase in operating days compared to the prior year. STEP has been able to secure strong relationships with key clients in each basin which provides operating stability for its U.S. coiled tubing operations.

U.S. operations generated Adjusted EBITDA of $9.4 million (13% of revenue) for second quarter 2024 versus $18.3 million (19% of revenue) for second quarter 2023. While coiled tubing profitability was relatively flat compared to the prior year, the decline in fracturing activity resulted in an overall decline in profitability for the U.S. business.

SIX MONTHS ENDED JUNE 30, 2024 COMPARED TO SIX MONTHS ENDED JUNE 30, 2023

Revenue for the six months ended June 30, 2023 was $149.5 million compared to $185.1 million for the six months ended June 30, 2023. U.S. operations realized consistent utilization for the coiled tubing service line reflecting the alignment with key clients in each operating basin. The increase in operating days compared to the prior year is a result of the additional active unit during the year. Operating days across the Company’s U.S. fracturing operations decreased to 189 in the first six months of 2024 from 345 days during the same period of 2023 due to market consolidation and asset oversupply that has limited STEP’s ability to secure consistent work.

Despite the challenges STEP has faced in the fracturing market, Adjusted EBITDA of $22.2 million (15% of revenue) for the six months ended June 30, 2024 was only slightly lower than Adjusted EBITDA of $23.1 million (13% of revenue) for the six months ended June 30, 2023. The improvement in profitability is a result of the consistent work schedules for the coiled tubing operations, a continued focus on cost management and improved operating efficiencies across both coiled tubing and fracturing operations.

CORPORATE FINANCIAL REVIEW

The Company’s corporate activities are separated from Canadian and U.S. operations. Corporate operating expenses include expenses related to asset reliability and optimization teams, as well as general and administrative costs which include costs associated with the executive team, the Board of Directors, public company costs and other activities that benefit Canadian and U.S. operating segments collectively.

SECOND QUARTER 2024 COMPARED TO SECOND QUARTER 2023

For the three months ended June 30, 2024, expenses from corporate activities were $6.2 million compared to expenses of $5.3 million for the same period in 2023 due to the mark to market adjustment on cash settled share-based compensation in the current period. This expense was $0.7 million higher in Q2 2024 relative to Q2 2023, as the Company’s share price increased by $0.18 from March 31, 2024 to June 30, 2024 compared to a share price decrease of $0.03 during the same period of the prior year. Adjusted EBITDA of $(4.2) million for the three months ended June 30, 2024 remained in line with Adjusted EBITDA of $(4.3) million for the same period in 2023.

SIX MONTHS ENDED JUNE 30, 2024 COMPARED TO SIX MONTHS ENDED JUNE 30, 2023

For the six months ended June 30, 2024 expenses from corporate activities were $12.0 million compared to $4.3 million for the same period in 2023. Cash settled share-based compensation expense was higher in the first six months of 2024 as the share price increased $0.13 from December 31, 2023 to June 30, 2024 compared to a share price decrease of $2.18 during the same period of the prior year. This resulted in an expense of $2.4 million from the mark to market adjustment in the current period compared to a recovery of $(3.7) million for the same period in 2023, a swing of $6.1 million. Adjusted EBITDA of $(9.8) million for the six months ended June 30, 2024 was higher than Adjusted EBITDA of $(8.6) million for the same period of the prior year.

NON-IFRS MEASURES AND RATIOS

This Press Release includes terms and performance measures commonly used in the oilfield services industry that are not defined under IFRS. The terms presented are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These non-IFRS measures have no standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. The non-IFRS measures should be read in conjunction with the Company’s quarterly financial statements and Annual Financial Statements and the accompanying notes thereto.

"Adjusted EBITDA" is a financial measure not presented in accordance with IFRS and is equal to net (loss) income before finance costs, depreciation and amortization, (gain) loss on disposal of property and equipment, current and deferred income tax provisions and recoveries, equity and cash settled share-based compensation, transaction costs, foreign exchange forward contract (gain) loss, foreign exchange (gain) loss, and impairment losses. "Adjusted EBITDA %" is a non-IFRS ratio and is calculated as Adjusted EBITDA divided by revenue. Adjusted EBITDA and Adjusted EBITDA % are presented because they are widely used by the investment community as they provide an indication of the results generated by the Company’s normal course business activities prior to considering how the activities are financed and the results are taxed. The Company uses Adjusted EBITDA and Adjusted EBITDA % internally to evaluate operating and segment performance, because management believes they provide better comparability between periods. The following table presents a reconciliation of the non-IFRS financial measure of Adjusted EBITDA to the IFRS financial measure of net income.

"Free Cash Flow" is a financial measure not presented in accordance with IFRS and is equal to net cash provided by operating activities adjusted for changes in non-cash Working Capital from operating activities, sustaining capital expenditures, term loan principal repayments and lease payments (net of sublease receipts). The Company may deduct or include additional items in its calculation of Free Cash Flow that are unusual, non-recurring or non-operating in nature. Free Cash Flow is presented as this measure is widely used in the investment community as an indication of the level of cash flow generated by ongoing operations. Management uses Free Cash Flow to evaluate the adequacy of internally generated cash flows to manage debt levels, invest in the growth of the business or return capital to shareholders. The following table presents a reconciliation of the non-IFRS financial measure of Free Cash Flow to the IFRS financial measure of net cash provided by operating activities.

"Working Capital", "Total long-term financial liabilities" and "Net Debt" are financial measures not presented in accordance with IFRS. "Working Capital" is equal to total current assets less total current liabilities. "Total long-term financial liabilities" is comprised of loans and borrowings, long-term lease obligations and other liabilities. "Net Debt" is equal to loans and borrowings before deferred financing charges less cash and cash equivalents and CCS derivatives. The data presented is intended to provide additional information about items on the statement of financial position and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS.

The following table represents the composition of the non-IFRS financial measure of Working Capital (including cash and cash equivalents).

The following table presents the composition of the non-IFRS financial measure of Total long-term financial liabilities.

The following table presents the composition of the non-IFRS financial measure of Net Debt.

RISK FACTORS AND RISK MANAGEMENT

The oilfield services industry involves many risks, which may influence the ultimate success of the Company. The risks and uncertainties set out in the AIF and Annual MD&A are not the only ones the Company is facing. There are additional risks and uncertainties that the Company does not currently know about or that the Company currently considers immaterial which may also impair the Company’s business operations and can cause the price of the Common Shares to decline. Readers should review and carefully consider the disclosure provided under the heading "Risk Factors" in the AIF and "Risk Factors and Risk Management" in the Annual MD&A, both of which are available on www.sedarplus.ca, and the disclosure provided in this Press Release under the headings "Market Outlook". In addition, global and national risks associated with inflation or economic contraction may adversely affect the Company by, among other things, reducing economic activity resulting in lower demand, and pricing, for crude oil and natural gas products, and thereby the demand and pricing for the Company’s services. Other than as supplemented in this Press Release, the Company’s risk factors, and management thereof has not changed substantially from those disclosed in the AIF and Annual MD&A.

FORWARD-LOOKING INFORMATION & STATEMENTS

Certain statements contained in this Press Release constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws (collectively, "forward-looking statements"). These statements relate to the expectations of management about future events, results of operations and the Company’s future performance (both operational and financial) and business prospects. All statements other than statements of historical fact are forward-looking statements. The use of any of the words "anticipate", "plan", "contemplate", "continue", "estimate", "expect", "intend", "propose", "might", "may", "will", "shall", "project", "should", "could", "would", "believe", "predict", "forecast", "pursue", "potential", "objective" and "capable" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. While the Company believes the expectations reflected in the forward-looking statements included in this Press Release are reasonable, such statements are not guarantees of future performance or outcomes and may prove to be incorrect and should not be unduly relied upon.

In particular, but without limitation, this Press Release contains forward-looking statements pertaining to: 2024 and 2025 industry conditions and outlook, including commodity pricing and demand for oil and gas; the effect of completion of the TMX project and new LNG facilities on industry activity levels and the resulting feed stock requirements; OPEC’s goal of price stability; a constructive long-term outlook for oilfield services; anticipated 2024 and 2025 utilization and activity levels and pricing for the Company’s services; the potential for drought to affect activity levels; anticipated 2024 proppant pumping volumes; the timing of completion of the Company’s tier 4 dual fuel conversions and anticipated substitution rates in the Company’s dual fuel fleets; the Company’s expectation that its U.S. fracturing service line will not contribute meaningfully through the balance of 2024 along with a reduction in utilization and costs; the Company’s ability to transfer assets where economic returns are most favourable; the Company’s intent to invest in dual fuel capability, and target of having natural gas capabilities in 90% of its fracturing fleets by 2025; the Company’s ability to test and evaluate next generation technologies; the potential for an equipment oversupply position to result in intermittent utilization and reduced margins; E&P consolidation benefiting utilization of STEP’s ultra-deep capacity coil units; the effect large clients and their programs may have on the Company’s activity levels; the Company’s intention to invest in the development of next generation coiled tubing technologies; the effect of inflation and related cost increases; the Company’s view that the NCIB is an effective means to provide value to shareholders; the impact of weather and break up on the Company’s operations; the Company’s ability to meet all financial commitments including interest payments over the next twelve months; the Company’s plans regarding equipment; the Company’s ability to manage its capital structure; expected debt repayment and Funded Debt to Adjusted Bank EBITDA ratios; expected income tax and derivative liabilities; adequacy of resources to funds operations, financial obligations and planned capital expenditures; the Company’s ability to retain its existing clients; the monitoring of impairment, amount and age of balances owing, and the Company’s financial assets and liabilities denominated in U.S. dollars, and exchange rates; and the Company’s expected compliance with covenants under its Credit Facilities and its ability to satisfy its financial commitments thereunder.

The forward-looking information and statements contained in this Press Release reflect several material factors and expectations and assumptions of the Company including, without limitation: the effect of macroeconomic factors, including global energy security concerns and levels of oil and gas inventories; market concerns regarding economic recession; levels of oil and gas production, LNG export capacity, and the effect of OPEC+ related capacity and related uncertainty on the market for the Company’s services; that the Company will continue to conduct its operations in a manner consistent with past operations; the Company will continue as a going concern; the general continuance of current or, where applicable, assumed industry conditions; pricing of the Company’s services; the Company’s ability to market successfully to current and new clients; predictability of 2024 activity levels; predictable effect of seasonal weather and break up on the Company’s operations; the Company’s ability to utilize its equipment; the Company’s ability to collect on trade and other receivables; Client demand for dual fuel fleets and emissions reduction technologies; the Company’s ability to obtain and retain qualified staff and equipment in a timely and cost effective manner; levels of deployable equipment; future capital expenditures to be made by the Company; future funding sources for the Company’s capital program; the Company’s future debt levels; the availability of unused credit capacity on the Company’s credit lines; the impact of competition on the Company; the Company’s ability to obtain financing on acceptable terms; the Company’s continued compliance with financial covenants; the amount of available equipment in the marketplace; and client activity levels and spending. The Company believes the material factors, expectations and assumptions reflected in the forward-looking information and statements are reasonable, but no assurance can be given that these factors, expectations and assumptions will prove correct.

Actual results could differ materially from those anticipated in these forward‐looking statements due to the risk factors set forth under the heading "Risk Factors" in the AIF and under the heading Risk Factors and Risk Management in this Press Release.

Any financial outlook or future orientated financial information contained in this Press Release regarding prospective financial performance, financial position or cash flows is based on the assumptions about future events, including economic conditions and proposed courses of action based on management’s assessment of the relevant information that is currently available. Projected operational information, including the Company’s capital program, contains forward looking information and is based on a number of material assumptions and factors, as are set out above. These projections may also be considered to contain future oriented financial information or a financial outlook. The actual results of the Company’s operations will likely vary from the amounts set forth in these projections and such variations may be material. Readers are cautioned that any such financial outlook and future oriented financial information contains herein should not be used for purposes other than those for which it is disclosed herein.

The forward-looking information and statements contained in this Press Release speak only as of the date of the document, and none of the Company or its subsidiaries assumes any obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable laws. The reader is cautioned not to place undue reliance on forward-looking information.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF NET INCOME AND OTHER COMPREHENSIVE INCOME

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS

ABOUT STEP

STEP is an energy services company that provides coiled tubing, fluid and nitrogen pumping and hydraulic fracturing solutions. Our combination of modern equipment along with our commitment to safety and quality execution has differentiated STEP in plays where wells are deeper, have longer laterals and higher pressures. STEP has a high-performance, safety-focused culture and its experienced technical office and field professionals are committed to providing innovative, reliable and cost-effective solutions to its clients.

Founded in 2011 as a specialized deep capacity coiled tubing company, STEP has grown into a North American service provider delivering completion and stimulation services to exploration and production ("E&P") companies in Canada and the U.S. Our Canadian services are focused in the Western Canadian Sedimentary Basin ("WCSB"), while in the U.S., our fracturing services are focused on the Permian basin and our coiled tubing services are focused on the Permian and Eagle Ford in Texas, the Uinta-Piceance, and Niobrara-DJ basins in Colorado and the Bakken in North Dakota.

Our four core values; Safety, Trust, Execution and Possibilities inspire our team of professionals to provide differentiated levels of service, with a goal of flawless execution and an unwavering focus on safety.

STEP will host a conference call on Wednesday, August 7, 2024 at 9:00 a.m. MT to discuss the results for the Second Quarter of 2024.

To listen to the webcast of the conference call, please click on the following: https://onlinexperiences.com/scripts/Server.nxp?LASCmd=AI:4;F:QS!10100&ShowUUID=85503E2A-B26D-4E41-A3AA-CEBADD132530&LangLocaleID=1033

You can also visit the Investors section of our website at www.stepenergyservices.com and click on "Reports, Presentations & Key Dates".

To participate in the Q&A session, please call the conference call operator at: 1-800-717-1738 (toll free) 15 minutes prior to the call’s start time and ask for "STEP Energy Services Second Quarter Earnings Results Conference Call".

The conference call will be archived on STEP’s website at www.stepenergyservices.com/investors

View source version on businesswire.com: https://www.businesswire.com/news/home/20240806275960/en/

Contacts

For more information please contact:
Steve Glanville
President and Chief Executive Officer
Telephone: 403-457-1772

Klaas Deemter
Chief Financial Officer
Telephone: 403-457-1772

Email: investor_relations@step-es.com
Web: www.stepenergyservices.com