Report
Jeff Robertson

Expect Cash Build Despite Near-Term Margin Pressure

Strong demand for pad-optimal super-spec drilling rigs drove ICD's solid 1Q23 financial and operating results. ICD generated 1Q23 adjusted EBITDA of $21.4 million on revenue of $63.8 million, up 16% from 4Q22. Adjusted EBITDA in 1Q22 was $3.6 million. Revenue was earned on an average of 19.4 rigs working for 1,744 days. Rig utilization was 75%. In 4Q22, ICD averaged 18.5 rigs working for 1,704 days...
Underlying
INDEPENDENCE CONTRACT DRILLING INC

Independence Contract Drilling provides land-based contract drilling services for oil and natural gas producers targeting resource plays in the United States. The company owns and operates a fleet comprised of drilling rigs. The company's rig fleet includes 29 marketed AC powered (AC) rigs and a number of additional rigs requiring conversions or upgrades in order to meet its AC pad-optimal specifications. The company's rigs are operating in the Permian Basin, the Haynesville Shale and the Eagle Ford Shale.

Provider
Water Tower Research
Water Tower Research

​Water Tower Research is built on the foundation of democratizing information flow. We bridge the growing information gap between companies and investors through our investor engagement strategies and open-access research platform.

Our research analysts are Wall Street veterans with the experience and knowledge to work with companies and investors in tandem. We provide access to the information and content that anchors the due diligence process for both professional money managers and individual investors. We leverage traditional research distribution channels and the best of modern digital strategies and tactics to amplify this information flow globally to engage all categories of investors and stakeholders.

Information flow is the foundation for creating investor awareness, knowledge, and engagement. Our mission is to help companies and investors have the tools they need and achieve their goals.

Analysts
Jeff Robertson

Other Reports on these Companies
Other Reports from Water Tower Research

ResearchPool Subscriptions

Get the most out of your insights

Get in touch