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Independence Contract Drilling (ICD) reported a net loss of $15.2 million for Q3 2020, equating to $2.67 per share. Revenue totaled $10.2 million, a significant drop from $45.1 million in Q3 2019. Utilization of the marketed fleet was just 17%, down from 76% a year prior. The company improved liquidity with an $11 million ATM offering, ending the quarter with $39 million in financial liquidity. Despite these challenges, ICD expects to reactivate more rigs, driven by rising natural gas prices.
Independence Contract Drilling (NYSE: ICD) will announce its third quarter 2020 results on November 3, 2020, before the NYSE opens. A conference call for investors will follow at 11:00 a.m. Central Time. This call can be accessed via telephone and will also be available as a webcast on the company's website. The replay will be accessible until November 10, 2020. Independence Contract Drilling specializes in land-based contract drilling services, offering a fleet of rigs designed to enhance production for oil and gas clients.
Independence Contract Drilling (ICD) announced positive interim operational updates for Q3 2020. The company has secured contracts for reactivating four rigs, expecting 455-465 operating days. Additionally, ICD completed an ATM offering, raising $11 million through the sale of 2.4 million shares at an average price of $4.66. CEO Anthony Gallegos expressed optimism about financial liquidity and potential future rig reactivations, signaling growth in core markets.
Independence Contract Drilling (ICD) reported a net loss of $10.1 million, or $2.52 per share, for Q2 2020, an improvement from a net loss of $12.9 million in Q2 2019. Revenues declined to $21.4 million, down from $52.9 million a year earlier. The company's marketed fleet utilization was at 32%, significantly lower than 84% in the previous year. Adjusted EBITDA stood at $4.0 million, with a fully burdened margin of $7,000 per day. Liquidity improved, with cash balances exceeding $40 million. The company expects the rig count to reach a trough in Q3 2020 but remains optimistic about future reactivations.
Independence Contract Drilling, Inc. (NYSE: ICD) will release its second quarter 2020 results on August 4, 2020, before the stock exchange opens. A conference call for investors is scheduled for 11:00 a.m. Central Time to discuss these results. Interested parties can join via phone or webcast, with details available on the company's website. The replay will be accessible until August 11, 2020. Independence Contract Drilling specializes in land-based contract drilling services, providing advanced rigs to enhance production and cash flow for oil and gas producers in the U.S.
Independence Contract Drilling (ICD) reported operational and financial updates for Q2 2020, expecting approximately 834 revenue days for the period. The company has a backlog of term contracts worth $15.1 million, with 84% expected to be realized in 2020. As of June 30, 2020, ICD operated five rigs and had one additional rig earning revenue. During Q2 2020, the company issued over 1.19 million shares at an average price of $6.15 each, anticipating around 4 million shares outstanding for the quarter.