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. (ICD) delivers premium land drilling services through advanced ShaleDriller rigs and programmable AC technology. This news hub provides timely updates on operational milestones, technical innovations, and strategic developments critical to energy sector stakeholders.
Access comprehensive coverage of ICD's earnings reports, partnership announcements, and drilling efficiency advancements. Investors and industry professionals will find verified press releases detailing the company's vertical integration model and global operations across US shale plays and international markets.
Our curated news collection ensures transparent access to ICD's progress in AC-driven drilling solutions and cost optimization strategies. Bookmark this page for reliable updates on technological breakthroughs and market positioning within the oil and gas sector.
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.
