Independence Contract Drilling, Inc. - ICD STOCK NEWS

Stonegate Capital Partners has updated its coverage on Independence Contract Drilling, Inc. (NYSE: ICD), a land-based contract drilling services provider for the oil and gas industry. The update, released on August 9, 2024, focuses on ICD's performance in the second quarter of 2024. While specific details of the coverage update are not provided in the press release, such reports typically include financial analysis, market positioning, and future outlook for the company. Investors and analysts often rely on these updates to make informed decisions about the stock.

Independence Contract Drilling (ICD) reported financial results for Q2 2024, showing a net loss of $16.7 million ($1.15 per share) and adjusted EBITDA of $8.5 million. Key highlights include:

- Revenues of $43.3 million, down from $56.4 million in Q2 2023
- Average of 14.5 rigs working, a 4% sequential decrease
- Fully burdened margin per day of $9,675, an 18% sequential decrease
- Adjusted net debt of $196.7 million, a 3% sequential increase

The company faces challenges due to customer consolidation, drilling efficiencies, and increased fiscal discipline by E&P customers. ICD expects a decline in Q3 2024 average operating rig count to approximately 13 rigs, with potential recovery by Q4 2024.

Independence Contract Drilling, Inc (ICD) has had $3.5 million of convertible notes redeemed at par, moved one rig to the Permian Basin from Haynesville, and maintains a strong liquidity position of $20.4 million.

Independence Contract Drilling, Inc. (ICD) reported financial results for the first quarter ended March 31, 2024, showing a net loss of $9.0 million or $0.62 per share. The company's adjusted net loss was $7.3 million, or $0.50 per share, with adjusted EBITDA of $11.8 million. Despite revenue declines compared to the previous year, operational changes and cost control measures drove results above expectations. The company's average rigs working, fully burdened margin per day, and fleet utilization are key performance indicators. Looking ahead, the company expects flat average working rigs in the second quarter but anticipates growth in the latter half of the year due to customer placements. The drilling backlog and capital expenditure updates, along with liquidity and debt figures, provide insights into the company's financial position.

Independence Contract Drilling, Inc. announced the timing of its first quarter 2024 financial results release and conference call. The results will be released before the NYSE opens on May 1, 2024, followed by a conference call at 11:00 a.m. CT to discuss the results.

Independence Contract Drilling, Inc. (ICD) has initiated a formal review process to evaluate refinancing convertible notes and strategic opportunities. The Strategic Alternatives Committee has engaged Piper Sandler & Co. as the financial advisor. No guarantee of transactions. Future updates subject to committee or regulatory decision.

Stonegate Capital Partners updates coverage on Independence Contract Drilling, Inc. with key takeaways including $5.0M of convertible notes redeemed at par, five rig reactivations since the start of 2023, and a strong liquidity position of $26.2M.

Independence Contract Drilling, Inc. (ICD) reported financial results for Q4 2023 with a net loss of $26.0 million and adjusted EBITDA of $9.9 million. Despite market challenges, ICD achieved significant accomplishments in 2023, growing its Permian rig count by over 40%. The company accelerated its 200-to-300 Series conversion program and expects more demand in 2024. ICD's operating days increased by 11% in Q4 2023, with a fleet utilization of 57%. The company's capital expenditure budget for 2024 is $18.2 million. ICD had cash on hand of $5.6 million and adjusted net debt of $179.1 million as of December 31, 2023.

Independence Contract Drilling, Inc. (ICD) will release its Q4 and year-end 2023 results on Feb 28, 2024. A conference call for investors will follow to discuss the financial performance. Investors can access the call via telephone or webcast.