07:26 AM EDT, 03/12/2025 (MT Newswires) -- Step Energy Services ( SNVVF ) overnight Tuesday said its fourth-quarter net loss widened as revenue fell.

The net loss was $44.6 million, or $0.62 per share, compared with a loss of $5.2 million or $0.07 per share, for the prior year period. The results were impacted by an impairment expense of $23.9 million, due to the wind-down of U.S. fracturing operations, compared with nil for the previous corresponding quarter.

Consolidated revenue was $147.5 million, down $47.6 million from the same period last year. The margin compression is the result of activity declines in the U.S. and pricing pressures in the U.S. and Canada, the company said.

Step added it is approaching 2025 with "cautious optimism." Benchmark oil prices are expected to trade in a relatively tight band as global demand is not expected to meaningfully increase, although returns to Canadian producers are expected to increase with the full year operation of the Trans Mountain Expansion Project. Natural gas prices, however, are expected to increase on higher LNG production in both Canada and the U.S. LNG Canada is expected to begin shipping liquefied natural gas mid-year, with full operation expected by the fourth quarter.