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Independence Contract Drilling, Inc. (NYSE: ICD) will release its first quarter 2023 financial results on May 9, 2023, prior to the NYSE opening. A conference call is scheduled for 11:00 a.m. CT to discuss the results. Investors can listen via telephone or a live webcast on the company's website. A replay will be available for 30 days after the call. Independence Contract Drilling provides land-based contract drilling services to oil and natural gas producers in the U.S., operating a fleet of specialized rigs designed to enhance production and cash flow. For further details, visit www.icdrilling.com.
Independence Contract Drilling (NYSE: ICD) announced the retirement of Daniel F. McNease from its Board of Directors, effective immediately, citing personal reasons. McNease had served since 2012 and was Chairman since 2019. James G. Minmier, a director since 2018, has been appointed as the new Chairman. To replace McNease, Brian D. Berman has been elected to the Board. CEO J. Anthony Gallegos praised McNease for his invaluable leadership during challenging market cycles and expressed optimism about ICD's future, highlighting improved financial performance and a robust balance sheet post-pandemic. Berman, a founding partner at Glendon Capital Management, brings significant experience from Barclays and Oaktree Capital, which may bolster ICD’s strategic direction.
Independence Contract Drilling (NYSE: ICD) will participate in a live presentation on April 4, 2023, at 2:00 PM EST during the Water Tower Research Fireside Chat Series. Anthony Gallegos, the President and CEO, will discuss key topics including:
- Commodity price volatility
- Effects of E&P operators' plans on demand for ICD's rigs
- Incremental rig reactivations
- Pathway to balance sheet deleveraging
This event is open to all investors and replays will be available post-event. Registration is available via the provided link.
Independence Contract Drilling (ICD) reported financial results for Q4 and the year ending December 31, 2022. The company achieved net income of $3.5 million or $0.20 per diluted share, with revenues of $60.3 million, reflecting significant growth from the previous year. Adjusted EBITDA rose to $18.5 million, a 48% sequential improvement. Despite operational challenges, ICD has transitioned rigs from the Haynesville market to the Permian Basin, aligning with stronger drilling activity. The company plans a 2023 capital expenditure budget of $30.4 million and anticipates further revenue growth and margin improvements.