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, Inc. (NYSE: ICD) will release its first quarter 2023 financial results on May 9, 2023, prior to the NYSE opening. A conference call is scheduled for 11:00 a.m. CT to discuss the results. Investors can listen via telephone or a live webcast on the company's website. A replay will be available for 30 days after the call. Independence Contract Drilling provides land-based contract drilling services to oil and natural gas producers in the U.S., operating a fleet of specialized rigs designed to enhance production and cash flow. For further details, visit www.icdrilling.com.
Independence Contract Drilling (NYSE: ICD) announced the retirement of Daniel F. McNease from its Board of Directors, effective immediately, citing personal reasons. McNease had served since 2012 and was Chairman since 2019. James G. Minmier, a director since 2018, has been appointed as the new Chairman. To replace McNease, Brian D. Berman has been elected to the Board. CEO J. Anthony Gallegos praised McNease for his invaluable leadership during challenging market cycles and expressed optimism about ICD's future, highlighting improved financial performance and a robust balance sheet post-pandemic. Berman, a founding partner at Glendon Capital Management, brings significant experience from Barclays and Oaktree Capital, which may bolster ICD’s strategic direction.
Independence Contract Drilling (NYSE: ICD) will participate in a live presentation on April 4, 2023, at 2:00 PM EST during the Water Tower Research Fireside Chat Series. Anthony Gallegos, the President and CEO, will discuss key topics including:
- Commodity price volatility
- Effects of E&P operators' plans on demand for ICD's rigs
- Incremental rig reactivations
- Pathway to balance sheet deleveraging
This event is open to all investors and replays will be available post-event. Registration is available via the provided link.
Independence Contract Drilling (ICD) reported financial results for Q4 and the year ending December 31, 2022. The company achieved net income of $3.5 million or $0.20 per diluted share, with revenues of $60.3 million, reflecting significant growth from the previous year. Adjusted EBITDA rose to $18.5 million, a 48% sequential improvement. Despite operational challenges, ICD has transitioned rigs from the Haynesville market to the Permian Basin, aligning with stronger drilling activity. The company plans a 2023 capital expenditure budget of $30.4 million and anticipates further revenue growth and margin improvements.
Independence Contract Drilling (NYSE: ICD) will release its fourth quarter and year-end 2022 financial results before the NYSE opens on March 2, 2023. A conference call for investors is scheduled for 11:00 a.m. CT on the same day to discuss these results. Investors can access the call via telephone or a simultaneous webcast, available on the company’s website. A replay will be available shortly after the call until March 9, 2023. Independence Contract Drilling provides land-based drilling services, focusing on enhancing production and cash flows for oil and natural gas producers in the United States.
Independence Contract Drilling (ICD) will present at the Sidoti Micro-Cap Conference on January 18-19, 2023. The virtual presentation is scheduled for 12:15 p.m. Eastern Time on January 18 and will be accessible at the provided link. Following the event, the presentation can be viewed for 90 days. Interested participants can register and request one-on-one meetings through the provided conference website. ICD specializes in land-based contract drilling for oil and natural gas, operating a fleet of ShaleDriller rigs designed to enhance production efficiency.
Independence Contract Drilling (ICD) will present at the Singular Research Best of the Uncovered Investor Conference on December 8, 2022, at 12:15 PM EST. This event will provide insights into ICD's operations in land-based contract drilling for oil and natural gas producers in the United States. Interested parties can register for the event here. For more details about ICD's services and operations, visit www.icdrilling.com.
Independence Contract Drilling (ICD) announced that President and CEO Anthony Gallegos will present at the Emerging Growth Conference on November 30, 2022, at 12:00 p.m. EST. Interested parties can register for the event through a provided link. An archived webcast will also be available on both the Emerging Growth Conference and ICD's investor relations page. The conference aims to connect public companies with investors to showcase new products and services while focusing on companies with strong growth potential.
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