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) will participate in the Water Tower Research Fireside Chat Series on November 17, 2022, at 2:00 PM EST. CEO Anthony Gallegos will discuss key topics including ICD's advanced fleet of drilling rigs, market dynamics affecting premium rig demand, and strategies for enhancing EBITDA and financial health. The event is open to all investors, with replays available post-event. Interested parties can register for the event via the provided link.
Independence Contract Drilling (ICD) announced that its CEO, Anthony Gallegos, will present at the Sidoti Micro-Cap Conference on November 9-10, 2022. The virtual presentation is scheduled for 11:30 a.m. ET on November 10 and will be accessible via webcast. The presentation will remain available for 90 days post-event. Interested parties can register for the presentation or schedule one-on-one meetings by visiting Sidoti's website.
Independence Contract Drilling (ICD) reported a net loss of $7.2 million ($0.53 per share) for Q3 2022, compared to a net loss of $4.3 million in Q3 2021. Revenues rose to $49.1 million, up from $24.0 million year-over-year, and adjusted EBITDA improved to $12.5 million, a 35% increase sequentially. Average rigs working during the quarter was 17.4, with a backlog of $101.6 million for long-term contracts. The company anticipates further margin growth, projecting a 10-15% increase for Q4 2022.
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Independence Contract Drilling (NYSE: ICD) will announce its third quarter 2022 results before the market opens on November 1, 2022. A conference call for investors is scheduled for 11:00 a.m. CT. Participants can access the call via phone or through a live webcast on the company's website. A replay will be available after the call until November 8, 2022.
The company offers land-based contract drilling services tailored for oil and gas producers in the U.S., operating a fleet of advanced rigs designed for efficiency.
Independence Contract Drilling (ICD) will participate in the Sidoti Micro-Cap Conference on August 17-18, 2022. CEO Anthony Gallegos will deliver a virtual presentation at 12:15 PM EST on August 18, accessible via a live webcast. The presentation will be available for 90 days post-event. Interested parties can register for the presentation and request one-on-one meetings through the Sidoti website. ICD specializes in land-based contract drilling services, providing engineered ShaleDriller rigs to enhance oil and gas production.
Independence Contract Drilling (NYSE: ICD) will present at EnerCom Denver on August 8, 2022, at 3:45 pm MDT. CEO Anthony Gallegos will lead the presentation, which interested parties can access via webcast registration. A replay will be available on the company's website following the event. Independence Contract Drilling specializes in providing land-based drilling services for oil and natural gas producers in the United States, focusing on innovative ShaleDriller rigs.
Independence Contract Drilling (ICD) reported a net loss of $2.8 million or $0.21 per share for Q2 2022, compared to a loss of $14.9 million in Q2 2021. Revenues rose to $42.3 million, up from $19.8 million year-over-year. Adjusted EBITDA improved significantly at $9.2 million, reflecting a 158% increase sequentially. Rig utilization stood at 71%. ICD expects further margin improvements, driven by reactivating additional rigs and enhancing its fleet to meet 300 series specifications.
Independence Contract Drilling (NYSE: ICD) will release its second quarter 2022 results before market opening on August 4, 2022. Following the release, an investor conference call is scheduled for 11:00 a.m. CT to discuss the financial results. Investors can access the call by phone or through a webcast available on the company's website, with a replay option available post-call until August 11, 2022. The company provides contract drilling services for oil and natural gas producers across the U.S.
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