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Independence Contract Drilling inc   (ICD)
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Price: $1.7200 $0.01 0.585%
Day's High: $1.73 Week Perf: 1.18 %
Day's Low: $ 1.67 30 Day Perf: -11.34 %
Volume (M): 58 52 Wk High: $ 3.54
Volume (M$): $ 100 52 Wk Avg: $2.65
Open: $1.70 52 Wk Low: $1.61



 Market Capitalization (Millions $) 24
 Shares Outstanding (Millions) 14
 Employees 299
 Revenues (TTM) (Millions $) 210
 Net Income (TTM) (Millions $) -38
 Cash Flow (TTM) (Millions $) 0
 Capital Exp. (TTM) (Millions $) 41

Independence Contract Drilling Inc

We provide land-based contract drilling services for oil and natural gas producers targeting unconventional resource plays in the United States. We construct, own and operate a premium land rig fleet comprised entirely of technologically advanced, custom designed ShaleDriller® rigs that are specifically engineered and designed to optimize the development of our customers’ most technically demanding oil and natural gas properties. We are focused on creating stockholder and customer value through our commitment to operational excellence and our focus on safety.

Our standardized fleet consists of fourteen premium ShaleDriller® rigs. Of these fourteen rigs, thirteen are 200 series rigs equipped with our integrated omni-directional walking system that is specifically designed to optimize pad drilling for our customers. We have the ability to upgrade our remaining non-walking rig to 200 series status when market conditions improve, but until such time this rig has been decommissioned and we do not intend to market it. Every ShaleDriller® rig in our fleet is a 1500-hp, AC programmable rig (“AC rig”) designed to be fast-moving between drilling sites and is equipped with top drives, automated tubular handling systems and blowout preventer (“BOP”) handling systems. Twelve of our fourteen rigs are equipped with bi-fuel capabilities that enable the rig to operate on either diesel or a natural gas-diesel blend.

Our business depends on the level of exploration and production activity by oil and natural gas companies operating in the U.S., and in particular, the regions where we actively market our contract drilling services. The oil and natural gas exploration and production industry is a historically cyclical industry characterized by significant changes in the levels of exploration and development activities. Oil and natural gas prices and market expectations of potential changes in those prices significantly affect the levels of those activities. Worldwide political, regulatory, economic, and military events, as well as natural disasters have contributed to oil and natural gas price volatility historically, and are likely to continue to do so in the future. Any prolonged reduction in the overall level of exploration and development activities in the U.S. and the regions where we market our contract drilling services, whether resulting from changes in oil and natural gas prices or otherwise, could materially and adversely affect our business.


SCR Rigs. In contrast to mechanical rigs, SCR rigs rely on direct current, or DC, to power the key rig systems. Load is changed by adjusting the amperage supplied to electric motors powering key rig systems. While a substantial improvement over mechanical belts and chains, SCR control is imprecise, and DC power levels normally drift resulting in fluctuations in pump speed and pressure, bit rotation speed, and weight on bit. These fluctuations can cause wellbore deviation, shorter bit life and less optimal rates of penetration. In addition, SCR equipment is heavy and energy inefficient.


AC Rigs. Compared to SCR and mechanical rigs, AC rigs are ideally suited for drilling horizontal wells. The first AC rigs were introduced into the U.S. land market in the early 2000s, and since that time their use has grown significantly as the use of horizontal drilling has increased. AC rigs use a computer-controlled variable frequency drive ("VFD") to precisely adjust key rig operating parameters and systems allowing for optimization of the rate of penetration, extended bit life and improved control of wellbore trajectory. These factors reduce the amount of time a wellbore is “open hole,” or uncased. Shorter open hole times dramatically reduce adjacent formation damage that can be caused by shale hydration or drilling fluid invasion and enhance the operator’s ability to optimally run and cement casing to complete the drilled well. In addition, when compared to SCR and mechanical rigs, AC rigs are electrically more efficient, produce more torque, utilize regenerative braking, and have digital controls. AC motors are also smaller, lighter and require less maintenance than DC motors.



   Company Address: 20475 State Highway 249 Houston 77070 TX
   Company Phone Number: 598-1230   Stock Exchange / Ticker: NYSE ICD
   


Customers Net Income grew by ICD's Customers Net Profit Margin grew to

40.59 %

7.42 %

• Customers Performance • Customers Expend. • Customers Efficiency • List of Customers


   

Stock Performances by Major Competitors

5 Days Decrease / Increase
     
HP        2.45% 
NBR        7.26% 
NE        4.15% 
RIG        6.65% 
BKR        2.86% 
DOV   -0.48%    
• View Complete Report
   



Independence Contract Drilling Inc

ICD Q2 2023: Posting Revenues Beyond Industry Norms Despite Worsening Deficit

Independence Contract Drilling Inc (ICD) experienced mixed results in the second quarter of the 2023 earnings season. While the company's revenue surged by an impressive 33.188% to $56.36 million compared to the same quarter last year, it also reported a shortfall per share of $-0.30.
Despite the shortfall, ICD's revenue growth outperformed its peers in the Oil Well Services & Equipment industry, which saw an average business elevation of 18.50% during the same period. This indicates that ICD is successfully capitalizing on market opportunities and gaining a larger share of the industry.
In the previous quarter, ICD reported revenue of $63.76 million and $0.00 per share. This suggests a slight decline in revenue compared to the current quarter, but it is important to note that ICD was able to increase its revenue significantly when compared to the same quarter last year.

Independence Contract Drilling Inc

Independence Contract Drilling Inc Achieves Remarkable Break-Even in First Quarter of 2023

Independence Contract Drilling Inc Reports Break-Even Financial Results
Independence Contract Drilling Inc, the leading drilling services provider in the energy industry, has reported its financial results for the period ending March 31, 2023. The company has made a remarkable achievement, achieving a break-even of $0.00 per share, a significant improvement compared to $-5.20 recorded in the same period last year and $0.17 per share from the preceding reporting period.
The company has demonstrated resilience in the face of challenging market conditions due to global economic turmoil and the pandemic, as revenue soared by 82.207% to $63.76 million compared to $34.99 million in the same reporting period last year. It also made a sequential growth of 5.803% from $60.26 million. This impressive result can be attributed to the company's unwavering focus on delivering value-added services to its customers.






 

Independence Contract Drilling Inc's Segments
 
 
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Independence Contract Drilling Inc does not provide revenue guidance.

Earnings Outlook
Independence Contract Drilling inc does not provide earnings estimates.

 
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