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Independence Contract Drilling (ICD) will participate in the Sidoti Micro-Cap Conference on August 17-18, 2022. CEO Anthony Gallegos will deliver a virtual presentation at 12:15 PM EST on August 18, accessible via a live webcast. The presentation will be available for 90 days post-event. Interested parties can register for the presentation and request one-on-one meetings through the Sidoti website. ICD specializes in land-based contract drilling services, providing engineered ShaleDriller rigs to enhance oil and gas production.
Independence Contract Drilling (NYSE: ICD) will present at EnerCom Denver on August 8, 2022, at 3:45 pm MDT. CEO Anthony Gallegos will lead the presentation, which interested parties can access via webcast registration. A replay will be available on the company's website following the event. Independence Contract Drilling specializes in providing land-based drilling services for oil and natural gas producers in the United States, focusing on innovative ShaleDriller rigs.
Independence Contract Drilling (ICD) reported a net loss of $2.8 million or $0.21 per share for Q2 2022, compared to a loss of $14.9 million in Q2 2021. Revenues rose to $42.3 million, up from $19.8 million year-over-year. Adjusted EBITDA improved significantly at $9.2 million, reflecting a 158% increase sequentially. Rig utilization stood at 71%. ICD expects further margin improvements, driven by reactivating additional rigs and enhancing its fleet to meet 300 series specifications.
Independence Contract Drilling (NYSE: ICD) will release its second quarter 2022 results before market opening on August 4, 2022. Following the release, an investor conference call is scheduled for 11:00 a.m. CT to discuss the financial results. Investors can access the call by phone or through a webcast available on the company's website, with a replay option available post-call until August 11, 2022. The company provides contract drilling services for oil and natural gas producers across the U.S.
Independence Contract Drilling (ICD) announced the election of Robert J. Barrett, IV to its Board of Directors on July 1, 2022. Barrett will join the Audit Committee and chair the Corporate Governance and Nominating Committee. With over 20 years of experience in the energy sector, including roles at Angelo Gordon and Basin Holdings, he brings significant expertise in financial and operational leadership. CEO Anthony Gallegos expressed enthusiasm for Barrett's appointment, emphasizing his skills will support ICD's long-term strategic initiatives.
Independence Contract Drilling (ICD) announced a correction to its May 5 press release on Q1 2022 financial results, confirming no impact on revenues or cash flows. The adjustments pertain to non-cash entries for convertible notes due 2026, aligning with the Company's 10-Q filings. Highlights include a net loss of $58.8 million ($5.20/share), an adjusted net loss of $11.1 million ($0.98/share), and an adjusted EBITDA of $3.6 million, a 146% improvement from Q4 2021. The fleet utilization stood at 68%, with a fully burdened margin of $5,754 per day.
Independence Contract Drilling (ICD) reported a net loss of $12.2 million or $1.08 per share for Q1 2022, despite revenues increasing to $35.0 million from $15.5 million year-over-year. The adjusted EBITDA improved to $3.6 million, marking a 146% sequential increase. Utilization of marketed fleet stood at 68% with expectations of a further 30% to 35% improvement in margins in Q2 2022. The company ended the quarter with net debt of $140.1 million and plans to reactivate additional rigs, focusing on high-demand 300 series rigs.
Independence Contract Drilling, Inc. (ICD) will release its first quarter 2022 financial results on May 5, 2022, before the market opens. Following the release, there will be a conference call at 11:00 a.m. Central Time to discuss the results. Investors can join the call by dialing (855) 239-3115 or via a webcast on the company's website. A replay will be available until May 12, 2022. The company specializes in land-based contract drilling services for the oil and natural gas sector in the United States.
Independence Contract Drilling (ICD) will present at the 2022 Virtual Growth Conference from March 28-30, 2022, hosted by Maxim Group LLC and M-Vest. CEO Anthony Gallegos is set to discuss the company's performance and strategies. The conference, featuring various sectors, will include presentations, live Q&A, and discussions moderated by Maxim Research Analysts. Investors can sign up to access the presentation and reserve seats. ICD provides land-based contract drilling services, focusing on enhancing oil and gas production through advanced drilling technology.
Independence Contract Drilling (ICD) announced a refinancing of $157.5 million in term loan debt through the private placement of Floating Rate Convertible Senior Secured PIK Toggle Notes maturing in March 2026. Proceeds will repay existing debt, fund capital expenditures, and support working capital. The refinancing enhances liquidity, extends maturities, and provides for rig reactivations, with three 300 series rigs planned for reactivation by year-end 2022. The transaction is set to fortify the company's capital structure and support business operations.