04:48 PM EDT, 05/08/2024 (MT Newswires) -- Step Energy Services ( SNVVF ) on Wednesday reported its first-quarter profit rose on higher sales.

The oilfield-services company said it earned $41.4 million, or $0.55 per share, more than double the $19.7 million, or $0.26 per share, it reported in the prior year period.

Consolidated revenue for the three months ended March 31 rose 22% to $320 million from $263.4 million.

Step Energy said the medium to longer term outlook for the North American energy sector is expected to continue strengthening as energy infrastructure projects are completed. It noted that in Canada, line fill has begun on the Trans Mountain Expansion Project (TMX), with the first shipment of oil expected to be loaded in the second quarter of 2024.

Key LNG projects in Canada and the U.S. are also expected to reach completion in the next 12 months.

The company's shares closed up $0.03 to $3.99 on the Toronto Stock Exchange.