New York, January 30, 2024 - PRISM MarketView - Independence Contract Drilling, Inc. (NYSE: ICD) is trading up more than 5.0% in intraday trading on Tuesday, reaching a share price of $2.25. The drilling company is leading the PRISM MarketView Emerging Oil & Gas Index today.
ICD is a prominent player in the field of land-based contract drilling services for oil and natural gas producers in the United States. The company owns and operates a premium fleet of technologically advanced ShaleDriller™ rigs, focusing on deploying pad-optimal, 300-series super-spec rigs to navigate through operational challenges.
In its latest financial report for the third quarter of 2023, ICD announced robust results, showcasing the company’s resilience and stability in the market. Its commitment to constructing newly designed rigs reflects its dedication to innovation and efficiency in the drilling sector.
“The third quarter of 2023 represented an inflection point for ICD. First and most important, the third quarter represents the low point for ICD operating utilization driven by the most recent commodity downturn. The quarter also represented the end of the transition of rigs from our Haynesville to our Permian market and the elevated rig churn associated with repositioning our fleet with customers with longer term drilling programs. While these items weighed on our second and third quarter financial results, we believe the transition of rigs between basins and customers has positioned ICD well for the remainder of 2023 and fiscal 2024.”
ICD’s Chief Executive Officer, Anthony Gallegos
ICD continues to contribute significantly to the energy industry, positioning itself as a key player in the competitive landscape. As of September 30, 2023, the company had cash on hand of $6.0 million and a revolving line of credit with availability of $15.7 million, and net working capital of $5.8 million. The company’s market cap stands at $31.606 million and approximately 43,651 shares changed hands on Tuesday.
About Independence Contract Drilling
Independence Contract Drilling provides land-based contract drilling services for oil and natural gas producers in the United States. The Company constructs, owns and operates a fleet of pad-optimal ShaleDriller rigs that are specifically engineered and designed to accelerate its clients’ production profiles and cash flows from their most technically demanding and economically impactful oil and gas properties. For more information, visit www.icdrilling.com.
PRISM MarketView does not provide investment advice.
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