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Independence Contract Drilling (ICD) investor relations material
Independence Contract Drilling Q3 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2024 earnings summary19 Nov, 2024
Executive summary
Revenue for Q3 2024 was $38.0M, down 14% year-over-year due to lower dayrates and operating days.
Net loss for Q3 2024 was $18.5M, compared to a net loss of $7.6M in Q3 2023.
Company faces substantial doubt about its ability to continue as a going concern due to expected covenant breaches and liquidity constraints.
Delisted from NYSE in August 2024; now trades on OTCQX under symbol ICDI.
Financial highlights
Q3 2024 revenues: $38.0M (Q3 2023: $44.2M); nine months ended Sept 2024: $128.0M (2023: $164.3M).
Q3 2024 operating loss: $8.9M (Q3 2023: $0.8M income); nine months: $15.9M loss (2023: $13.4M income).
Q3 2024 net loss: $18.5M (Q3 2023: $7.6M); nine months: $44.2M loss (2023: $11.7M).
Cash from operations for nine months: $29.1M (2023: $53.5M); cash at period end: $6.1M.
Negative working capital of $9.5M as of September 30, 2024.
Outlook and guidance
Average operating rig count expected to decline in Q4 2024 due to rig churn and customer consolidation.
Borrowing base under Revolving ABL Credit Facility expected to decline as activity drops.
Company expects to pay interest in-kind on Convertible Notes until maturity in March 2026.
How will rig churn impact 4Q24 rig count?
Assess strategic alternatives for debt.
What factors affect income tax rate?
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Frequently asked questions
Independence Contract Drilling, Inc. provides land-based contract drilling services for oil and natural gas producers in the United States. The company operates a fleet of high-specification, pad-optimal drilling rigs designed for use in unconventional resource plays. Independence Contract Drilling offers customized rig solutions, including automation and advanced drilling technologies, to enhance efficiency and performance in challenging drilling environments. The company is headquartered in Houston, Texas, and its shares are listed on the NYSE.
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