06:20 AM EDT, 03/12/2024 (MT Newswires) -- STEP Energy Services Ltd. ( SNVVF ) , which lost more than 3% yesterday, overnight Monday reported fourth-quarter 2023 net loss of $5.2 million, or $0.07 per share, dropping from $16.7 million, or $0.23 per share, in the year-ago quarter.

Consolidated revenue for the fourth quarter of 2023 amounted to $195.0 million, down from $251.4 million in the prior-year period.

Fourth-quarter 2023 adjusted EBITDA also fell to $18.4 million from $48.6 million in the same quarter a year ago.

The company said the fourth quarter typically sees a slowdown in activity as exploration and production (E&P) companies wind down their capital budgets.