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) announced the election of Robert J. Barrett, IV to its Board of Directors on July 1, 2022. Barrett will join the Audit Committee and chair the Corporate Governance and Nominating Committee. With over 20 years of experience in the energy sector, including roles at Angelo Gordon and Basin Holdings, he brings significant expertise in financial and operational leadership. CEO Anthony Gallegos expressed enthusiasm for Barrett's appointment, emphasizing his skills will support ICD's long-term strategic initiatives.
Independence Contract Drilling (ICD) announced a correction to its May 5 press release on Q1 2022 financial results, confirming no impact on revenues or cash flows. The adjustments pertain to non-cash entries for convertible notes due 2026, aligning with the Company's 10-Q filings. Highlights include a net loss of $58.8 million ($5.20/share), an adjusted net loss of $11.1 million ($0.98/share), and an adjusted EBITDA of $3.6 million, a 146% improvement from Q4 2021. The fleet utilization stood at 68%, with a fully burdened margin of $5,754 per day.
Independence Contract Drilling (ICD) reported a net loss of $12.2 million or $1.08 per share for Q1 2022, despite revenues increasing to $35.0 million from $15.5 million year-over-year. The adjusted EBITDA improved to $3.6 million, marking a 146% sequential increase. Utilization of marketed fleet stood at 68% with expectations of a further 30% to 35% improvement in margins in Q2 2022. The company ended the quarter with net debt of $140.1 million and plans to reactivate additional rigs, focusing on high-demand 300 series rigs.
Independence Contract Drilling, Inc. (ICD) will release its first quarter 2022 financial results on May 5, 2022, before the market opens. Following the release, there will be a conference call at 11:00 a.m. Central Time to discuss the results. Investors can join the call by dialing (855) 239-3115 or via a webcast on the company's website. A replay will be available until May 12, 2022. The company specializes in land-based contract drilling services for the oil and natural gas sector in the United States.
Independence Contract Drilling (ICD) will present at the 2022 Virtual Growth Conference from March 28-30, 2022, hosted by Maxim Group LLC and M-Vest. CEO Anthony Gallegos is set to discuss the company's performance and strategies. The conference, featuring various sectors, will include presentations, live Q&A, and discussions moderated by Maxim Research Analysts. Investors can sign up to access the presentation and reserve seats. ICD provides land-based contract drilling services, focusing on enhancing oil and gas production through advanced drilling technology.
Independence Contract Drilling (ICD) announced a refinancing of $157.5 million in term loan debt through the private placement of Floating Rate Convertible Senior Secured PIK Toggle Notes maturing in March 2026. Proceeds will repay existing debt, fund capital expenditures, and support working capital. The refinancing enhances liquidity, extends maturities, and provides for rig reactivations, with three 300 series rigs planned for reactivation by year-end 2022. The transaction is set to fortify the company's capital structure and support business operations.
Independence Contract Drilling (ICD) reported fourth-quarter 2021 revenues of $28.6 million and a net loss of $31.5 million, or $3.23 per share. Adjusted net loss was $13.2 million, with adjusted EBITDA of $1.5 million, marking a 119% improvement sequentially. Average revenue per day increased to $19,042. The company ended 2021 with 16 operating rigs and a backlog of $16.1 million. ICD expects a sequential revenue and margin increase in early 2022, driven by favorable market conditions despite rising operating costs due to labor increases.
Independence Contract Drilling (ICD) announced it will release its fourth quarter and year-end 2021 financial results on March 7, 2022, before the NYSE opens. Following the release, a conference call for investors will take place at 11:00 a.m. CT to discuss the results. Interested parties can access the call by phone or through a live webcast on the company's website. A replay of the call will be available until March 14, 2022. This PR highlights the company's ongoing commitment to transparency and investor engagement.
Independence Contract Drilling (ICD) reported a net loss of $4.3 million or $0.59 per share for Q3 2021, an improvement from previous quarters. Revenues reached $24 million, up from $10.2 million year-over-year. Notably, adjusted EBITDA increased to $0.7 million, marking a 300% sequential improvement. Marketed fleet utilization improved to 58%, with a projected 30-40% margin increase in Q4 2021. Additionally, the company achieved a $10.1 million gain from the forgiveness of a PPP loan. Overall, ICD is optimistic about future growth, expecting to generate positive free cash flow entering 2022.
Independence Contract Drilling (ICD) announced that it will release its third quarter 2021 results on November 2, 2021, before the NYSE opens. Following the results, a conference call for investors is set for 11:00 a.m. Central Time. Investors can access the call via telephone or through a webcast on the company's website. A replay will be available until November 9, 2021. The company focuses on providing land-based contract drilling services, utilizing a fleet designed to enhance production and cash flows for oil and gas producers in the United States.
FAQ
What is the current stock price of Independence Contract Drilling (ICD)?
What is the market cap of Independence Contract Drilling (ICD)?
What does Independence Contract Drilling, Inc. do?
What is the ShaleDriller series?
Where does ICD operate?
What are the recent financial results for ICD?
What are ICD's plans for the future?
How does ICD's ShaleDriller series compare to traditional rigs?
What strategic steps has ICD taken recently?
Who are ICD's primary customers?
Where can I find more information about ICD?
How can I listen to ICD's investor conference calls?
