Premium Rig Fleet Supports Deleveraging Goal
Despite turbulence affecting the 2Q23 and 3Q23 oilfield services markets, demand for ICD’s fleet of pad-optimal super-spec drilling rigs supports management’s ultimate goal of deleveraging the balance sheet and shifting value to equity owners. ICD generated $18.7 million of adjusted EBITDA in 2Q23 from 15.0 average rigs earning revenue. Margin per day averaged $15,462, landing in the high end of management’s $15,000-15,500 guidance range. Margin was helped by operating costs, which declined to $19,005 from $19,205 in 1Q23. 2Q23 cash G&A fell to $3.9 million from $4.9 million in 1Q23...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.
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