Welcome to our dedicated page for Independence Contract Drilling news (Ticker: ICD), a resource for investors and traders seeking the latest updates and insights on Independence Contract Drilling stock.
Independence Contract Drilling, Inc. (NYSE: ICD) is a prominent provider of land-based contract drilling services for the oil and natural gas industries in the United States. Established in 2011, the company has developed a solid reputation for constructing, owning, and operating a fleet of premium land rigs, specifically the ShaleDriller series. These rigs are recognized for their efficiency, speed, and ability to handle complex drilling operations, particularly in shale plays and other demanding environments requiring long horizontal completions.
The ShaleDriller series, designed and assembled at ICD's wholly-owned API certified manufacturing facility in Houston, Texas, stands out due to its superior control of drilling parameters, enabling faster and more precise drilling. This technology has allowed ICD to achieve significant time and cost savings for its clients, drilling wells nearly 20% faster than traditional DC equipment and almost twice as fast as mechanical rigs.
ICD's primary market includes major U.S. shale plays, as well as international locations like Africa, Indonesia, and Asia. The company's customer base spans a diverse range of oil and natural gas producers, from large corporations to independent and small to mid-sized firms.
Recent achievements include the successful transition and increased rig count in the Permian basin, an area critical for the company's growth strategy. ICD has also accelerated its 200-to-300 Series conversion program, ensuring nearly all its operating rigs are upgraded to the latest specifications. This enhancement is expected to drive more demand and improve operational performance.
Financially, ICD has demonstrated resilience and strategic growth, despite market fluctuations. The company reported revenues of $210.1 million for the year ended December 31, 2023, a notable increase from the previous year. While facing a net loss of $37.7 million, ICD's adjusted EBITDA stood at $62.8 million, reflecting operational efficiency and strategic contract acquisitions that bolster its financial health.
Going forward, ICD is focusing on leveraging its technological advancements and strategic positioning to explore new opportunities and drive incremental demand, especially in the Permian basin. The company's proactive steps to refinance its Convertible Notes due in 2026 and engage in strategic evaluations highlight its commitment to maintaining financial stability and exploring growth avenues.
For more detailed financial data and operational updates, visit the Independence Contract Drilling website or contact their investor relations team.
Independence Contract Drilling (ICD) has announced that its Common Stock will begin trading on the OTCQX Best Market under the ticker symbol 'ICDI' on August 29, 2024. This move from the New York Stock Exchange (NYSE) is due to the company's average market capitalization falling below the required $15 million threshold over a 30 trading-day period. ICD provides land-based contract drilling services for oil and natural gas producers in the United States, operating a fleet of pad-optimal ShaleDriller rigs designed to accelerate clients' production profiles and cash flows from technically demanding and economically impactful properties.
Stonegate Capital Partners has updated its coverage on Independence Contract Drilling, Inc. (NYSE: ICD), a land-based contract drilling services provider for the oil and gas industry. The update, released on August 9, 2024, focuses on ICD's performance in the second quarter of 2024. While specific details of the coverage update are not provided in the press release, such reports typically include financial analysis, market positioning, and future outlook for the company. Investors and analysts often rely on these updates to make informed decisions about the stock.
Independence Contract Drilling (ICD) reported financial results for Q2 2024, showing a net loss of $16.7 million ($1.15 per share) and adjusted EBITDA of $8.5 million. Key highlights include:
- Revenues of $43.3 million, down from $56.4 million in Q2 2023
- Average of 14.5 rigs working, a 4% sequential decrease
- Fully burdened margin per day of $9,675, an 18% sequential decrease
- Adjusted net debt of $196.7 million, a 3% sequential increase
The company faces challenges due to customer consolidation, drilling efficiencies, and increased fiscal discipline by E&P customers. ICD expects a decline in Q3 2024 average operating rig count to approximately 13 rigs, with potential recovery by Q4 2024.
Independence Contract Drilling, Inc (ICD) has had $3.5 million of convertible notes redeemed at par, moved one rig to the Permian Basin from Haynesville, and maintains a strong liquidity position of $20.4 million.
Independence Contract Drilling, Inc. (ICD) reported financial results for the first quarter ended March 31, 2024, showing a net loss of $9.0 million or $0.62 per share. The company's adjusted net loss was $7.3 million, or $0.50 per share, with adjusted EBITDA of $11.8 million. Despite revenue declines compared to the previous year, operational changes and cost control measures drove results above expectations. The company's average rigs working, fully burdened margin per day, and fleet utilization are key performance indicators. Looking ahead, the company expects flat average working rigs in the second quarter but anticipates growth in the latter half of the year due to customer placements. The drilling backlog and capital expenditure updates, along with liquidity and debt figures, provide insights into the company's financial position.
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