Gold Hovers Near Record High

Copper edges lower in early Asian trade amid mixed cues. While concerns over the global economy remain, renewed supply disruptions this year and robust demand have boosted sentiment, ANZ Research analysts say in a research note. China's November retail sales rose only 1.3% on year, the weakest since 2022. However, China's imports of copper have remained elevated as demand growth from sectors such as EVs and energy infrastructure has mitigated the falls in the manufacturing and property sectors, they say. U.S. demand has also been boosted by artificial-intelligence-related investment, they add. The benchmark three-month LME contract is down 0.1% at $11,637.50 a ton. (sherry.qin@wsj.com)

CALGARY, Alberta--(BUSINESS WIRE)--December 15, 2025--

STEP Energy Services Ltd. ("STEP" or the "Company") is pleased to announce that the Court of King's Bench of Alberta has granted the final order in respect of the previously announced plan of arrangement (the "Arrangement") involving ARC Energy Fund 8 Canadian Limited Partnership, ARC Energy Fund 8 United States Limited Partnership, ARC Energy Fund 8 International Limited Partnership and ARC Capital 8 Limited Partnership (collectively, "ARC Energy Fund 8"), 2659160 Alberta Ltd. (the "Purchaser" and, together with ARC Energy Fund 8, the "Purchaser Parties") and STEP under Section 193 of the Business Corporations Act (Alberta), whereby the Purchaser Parties will acquire all of the issued and outstanding common shares of STEP (the "Shares") not already owned by ARC Energy Fund 8, ARC Energy Fund 6 Canadian Limited Partnership, ARC Energy Fund 6 United States Limited Partnership, ARC Energy Fund 6 International Limited Partnership, ARC Capital 6 Limited Partnership, or any other person controlled or managed, directly or indirectly by ARC Financial Corp. This final court approval follows the shareholder approval that was obtained at the special meeting of STEP's shareholders on December 12, 2025.

Subject to the satisfaction or waiver of the conditions to implementing the Arrangement as set out in the definitive arrangement agreement dated October 17, 2025 among STEP and the Purchaser Parties, the Arrangement is anticipated to close on December 16, 2025.

FORWARD-LOOKING INFORMATION & STATEMENTS

This news release contains "forward-looking information" or "forward-looking statements" within the meaning of applicable securities laws (collectively, "forward-looking statements"). In some cases, forward-looking statements are identifiable by the terminology used, such as "may," "expect," "believe," "plan," "anticipate," "intend," "could," "estimate," "continue," "will," or similar expressions or the negative of such expressions are intended to identify forward-looking statements. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances are considered forward-looking statements. Forward-looking statements in this news release, include, among other things, references, expressed or implied, to: the completion and timing of the closing of the Arrangement; the effects of the Arrangement; the ability of STEP and the Purchaser Parties to satisfy the other conditions to the completion of the Arrangement; and other information or statements that relate to future events or circumstances and which do not directly and exclusively relate to historical facts. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect the Company's expectations only as of the date of this news release. The Company disclaims any intention or obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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 companies in Canada and the U.S. Our Canadian services are focused in the Western Canadian Sedimentary Basin, while in the U.S., our coiled tubing services are focused in 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20251215574734/en/

CONTACT: For more information:

Steve Glanville

President and Chief Executive Officer

Telephone: 403-457-1772

Klaas Deemter

Chief Financial Officer

Telephone: 403-457-1772

Web: www.stepenergyservices.com

Brent crude oil futures held at $60.3 per barrel on Tuesday, the lowest level since early 2021, weighed down by expectations of a supply glut and optimism over a potential Ukraine peace deal.

US officials signaled on Monday that an agreement between Russia and Ukraine may be closer than ever, with Washington agreeing to provide security guarantees to Kyiv, although territorial issues remain unresolved.

Any deal could pave the way for the lifting of US sanctions on Russian oil, potentially returning additional barrels to an already well-supplied global market.

Supply pressures are intensifying as OPEC+ producers restored idled output, while non-OPEC producers, particularly in the Americas, also boost production.

Adding to the bearish sentiment, weaker Chinese economic data released on Monday raised concerns about slowing energy demand from the world’s largest crude importer.

WTI crude oil futures held at $56.6 per barrel on Tuesday, the lowest level since early 2021, weighed down by expectations of a supply glut and optimism over a potential Ukraine peace deal.

US officials signaled on Monday that an agreement between Russia and Ukraine may be closer than ever, with Washington agreeing to provide security guarantees to Kyiv, although territorial issues remain unresolved.

Any deal could pave the way for the lifting of US sanctions on Russian oil, potentially returning additional barrels to an already well-supplied global market.

Supply pressures are intensifying as OPEC+ producers restored idled output, while non-OPEC producers, particularly in the Americas, also boost production.

Adding to the bearish sentiment, weaker Chinese economic data released on Monday raised concerns about slowing energy demand from the world’s largest crude importer.

Oil falls in Asian trade amid prospects of a Russia-Ukraine peace deal. The U.S. pledged to protect Ukraine from any future Russian attack, U.S. officials said, offering to support European security guarantees. Ukrainian President Zelensky said that the discussions between the U.S. and Ukraine were "very constructive," ANZ Research analysts note. Also, Zelensky added that with real progress being made, an agreement may be reached soon, the analysts say in a research report. This has boosted prospects that U.S. sanctions on Russian oil companies could be lifted, they add. Front-month WTI crude oil futures are 0.4% lower at $56.58/bbl; front-month Brent crude oil futures are 0.45% lower at $60.29/bbl. (ronnie.harui@wsj.com)

Gold is steady in the early Asian session ahead of the U.S. November employment report due out later today. "Markets are looking for a soft print of around +50K, with the unemployment rate seen edging up to 4.5%," says Fawad Razaqzada, market analyst at FOREX.com, in an email. "Any downside surprise could see expectations for the next Fed rate cut pulled forward, supporting gold," the analyst adds. Spot gold is little changed at $4,306.60/oz. (ronnie.harui@wsj.com)