Independence Contract Drilling (NYSE: ICD), a company that provides land-based contract drilling services for oil and natural-gas producers in the United States, is reporting its Q2 2024 financial results for the three-month period ended June 30, 2024. Notable numbers from the report include a net loss of $16.7 million, or $1.15 per share, with adjusted net loss of $10.6 million, or $0.73 per share. Adjusted EBITDA totaled $8.5 million, representing a 28% sequential decrease, with adjusted net debt of $196.7 million, which was a 3% sequential increase. The company also reported that 14.5 average rigs working during the quarter, which was a 4% sequential decrease, with a fully burdened margin per day of $9,675, representing a 18% sequential decrease.
“Our financial results for the second quarter came in line with our expectations, as the overall U.S. land contract drilling market continued to be impacted by elevated rig churn from headwinds driven by customer consolidation, accelerating drilling efficiencies and increased fiscal discipline by E&P customers,” said Independence Contract Drilling CEO Anthony Gallegos in the press release. “These headwinds have continued into the third quarter of 2024 and resulted in the delay or cancellation of expected third-quarter rig reactivation opportunities and additional rig releases where our rigs will be required to be placed with new customers. . . . Assuming our re-contracting efforts are successful, we expect our operating rig count will return to second quarter levels by the end of the fourth quarter of 2024.”
To view the full press release, visit https://ibn.fm/QlX30
About Independence Contract Drilling Inc.
Independence Contract Drilling provides land-based contract drilling services for oil and natural gas producers in the United States. The company constructs, owns and operates a fleet of pad-optimal ShaleDriller rigs that are specifically engineered and designed to accelerate its clients’ production profiles and cash flows from their most technically demanding and economically impactful oil and gas properties. For more information, visit www.ICDrilling.com.
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