04:34 PM EDT, 08/06/2024 (MT Newswires) -- Step Energy Services ( SNVVF ) on Tuesday reported better than expected earnings for the second quarter, on better than expected revenues, and said it "sees a constructive backdrop forming for 2025."

The oilfield-services company said its second-quarter profit fell 31% to $10.47 million, or $0.14 per share, down from $15.27 million. or $0.21, for the year-prior quarter. However the result beat the consensus forecast of $0.13 per share, according to Capital IQ.

Revenue of $231.4 million was in line with revenue of $232.1 million a year earlier and also beat the consensus forecast of $228.40 million.

STEP said it 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".

"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," the company noted.

STEP shares closed down $0.15 to $4.15 on the Toronto Stock Exchange.