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 reactivation of its 16th rig, scheduled to commence operations in the Permian Basin by mid-October 2021. CEO Anthony Gallegos highlighted improving market fundamentals and increased demand for the company's rigs. The dayrates for ICD's fleet have risen significantly, exceeding $3,000 per day compared to Q2 2021 averages. Future plans include reactivating an additional 300 series rig before year-end, indicating a positive outlook for ICD's operational results as the market improves into 2022.
Independence Contract Drilling (NYSE: ICD) announced its participation in EnerCom's The Oil and Gas Conference from August 16-18, 2021. The Company will present on August 18, 2021, at 10:00 am MT/11:00 am CT, with a webcast available for interested parties at their official conference site. Presentation materials will be accessible on the Company's website, and a replay of the webcast will be provided for 30 days post-event. Independence Contract Drilling specializes in land-based contract drilling services for oil and natural gas producers across the United States.
Independence Contract Drilling (ICD) reported a net loss of $14.9 million, or $2.22 per share, for Q2 2021, an adjusted net loss of $14.6 million, or $2.18 per share. Revenues were $19.8 million, down from $21.4 million in Q2 2020, yet improved from $15.5 million in Q1 2021. Operating rig utilization increased to 49%, and adjusted EBITDA loss improved sequentially by 82%. The company plans to reactivate more rigs amid rising demand, particularly for its 300 series rigs in the Haynesville area, anticipating better financial performance moving forward.
Independence Contract Drilling (NYSE: ICD) will announce its second quarter 2021 financial results on August 4, 2021, prior to the NYSE opening. An investor conference call is scheduled for 11:00 a.m. CT to discuss the results. Dial-in numbers are provided for both U.S. and international callers, and a replay will be available until August 11, 2021. Interested parties can also access a live webcast via the Company's website, with a replay for 30 days following the call. The Company specializes in land-based contract drilling services in the U.S.
Independence Contract Drilling (ICD) reported a net loss of $16.0 million or $2.58 per share for Q1 2021, down from a net loss of $28.2 million in Q1 2020. Revenues totaled $15.5 million, with 43% utilization of its fleet. Adjusted EBITDA loss was $2.0 million. Despite the loss, CEO Anthony Gallegos noted strong operational performance, increasing demand, and dayrate improvements. The company expects a sequential increase in operating margins and utilization as it plans to operate at least 15 rigs by the end of Q2 2021.
Independence Contract Drilling (NYSE: ICD) will announce its first quarter 2021 results on May 4, 2021, before the market opens. The Company will host a conference call at 11:00 a.m. CT for investors to discuss these results. Interested parties can join the call by dialing (855) 239-3115, or access it online via the Company's website. A replay will be available until May 11, 2021. Independence Contract Drilling provides land-based drilling services tailored to optimize production for oil and natural gas producers across the U.S.
Independence Contract Drilling (ICD) reported a fourth quarter 2020 net loss of $43.1 million ($7.02 per share) and revenues of $13.3 million, down from $45.3 million in Q4 2019. Adjusted net loss was $16.3 million ($2.65 per share) and adjusted EBITDA loss was $1.5 million. The company ended 2020 with 12 rigs under contract, having reactivated five rigs since the low of three in Q3 2020. A capital budget of $5.8 million was approved for 2021, reflecting a significant reduction from 2020. The company recorded a $24.4 million impairment charge, reducing its marketed fleet from 29 to 24 rigs.
Independence Contract Drilling (NYSE: ICD) will release its fourth quarter and year-end 2020 financial results on February 24, 2021, before the NYSE opens. This announcement will be followed by a conference call at 11:00 a.m. CT to discuss the results. Investors can access the call via phone at (855) 239-3115 or through a webcast on the company's website. The call's replay will be available until March 3, 2021. Independence Contract Drilling provides contract drilling services for oil and gas producers, operating a fleet of specialized rigs.
Independence Contract Drilling (ICD) has appointed Stacy Durbin Nieuwoudt to its Board of Directors, increasing the board size from five to six members. As an independent director, she will contribute to the Audit, Compensation, and Nominating and Governance Committees. Nieuwoudt brings extensive experience as a Senior Analyst in the energy sector, which is expected to be valuable as the company navigates COVID-19 recovery. The Board is optimistic about her expertise enhancing ICD's strategic direction.
Independence Contract Drilling (ICD) announced key executive management promotions on December 21, 2020. The company promoted Philip A. Dalrymple to Senior Vice President – Operations, Scott A. Keller to Senior Vice President – Business Development, Katherine Kokenes to Vice President & Chief Accounting Officer, and Marc S. Noel to Vice President – Sales & Marketing. CEO Anthony Gallegos praised their leadership during a challenging market in 2020, highlighting their contributions to the company's mission in providing efficient contract drilling services.
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