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ICD Stock Price Correlated With Independence Contract Drilling Financials
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Income Statement
Cash Flow
Balance Sheet
ICD Income Statement
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ICD Cash Flow
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ICD Balance Sheet
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COMPANY PROFILE
1. Nature of Operations and Recent Developments Except as expressly stated or the context otherwise requires, the terms “we,” “us,” “our,” the “Company” and “ICD” refer to Independence Contract Drilling, Inc. and its subsidiary. We provide land-based contract drilling services for oil and natural gas producers targeting unconventional resource plays in the United States. We own and operate a premium fleet comprised of modern, technologically advanced drilling rigs. We currently focus our operations on unconventional resource plays located in geographic regions that we can efficiently support from our Houston, Texas and Midland, Texas facilities in order to maximize economies of scale. Currently, our rigs are operating in the Permian Basin and the Haynesville Shale; however, our rigs have previously operated in the Eagle Ford Shale, Mid-Continent and Eaglebine regions as well. Our business depends on the level of exploration and production activity by oil and natural gas companies operating in the United States, and in particular, the regions where we actively market our contract drilling services. The oil and natural gas exploration and production industry is historically cyclical and characterized by significant changes in the levels of exploration and development activities. Oil and natural gas prices and market expectations of potential changes in those prices significantly affect the levels of those activities. Worldwide political, regulatory, economic and military events, as well as natural disasters have contributed to oil and natural gas price volatility historically, and are likely to continue to do so in the future. Any prolonged reduction in the overall level of exploration and development activities in the United States and the regions where we market our contract drilling services, whether resulting from changes in oil and natural gas prices or otherwise, could materially and adversely affect our business. COVID-19 Pandemic, Drilling Activity and Market Conditions Update During 2020, reduced demand for crude oil related to the COVID-19 pandemic, combined with production increases from OPEC+ early in the year, led to a significant reduction in oil prices and demand for drilling services in the United States. In response to these adverse conditions and uncertainty, our customers reduced planned capital expenditures and drilling activity throughout 2020. During the first quarter of 2020, our operating rig count reached a peak of 22 rigs and temporarily reached a low of three rigs during the third quarter of 2020. During the third quarter of 2020, oil and natural gas prices began to stabilize and steadily improve, and demand for our products began to modestly improve from their historic lows, which allowed us to reactivate additional rigs during the back half of 2020 and throughout 2021. As market conditions improved, dayrates and our revenue per day also began to steadily improve for our contract drilling services, in particular during the second half of 2021. Recently, oil prices (WTI-Cushing) reached a high of $96.13 per barrel on February 28, 2022, and natural gas prices (Henry Hub) reached a high of $6.70 per mmcf on February 2, 2022. Although our customers have increased drilling activity in response to these improvements, capital discipline and adherence to 2021 capital budgets, reduced access to capital markets and hedges in place based on lower commodity prices, have caused such increases to be less dramatic compared to prior industry cycles. As of December 31, 2021, we had 16 rigs operating and 17 contracted, with our 17th rig reactivating in January 2022. Due to rapidly declining market conditions at the end of the first quarter of 2020, we took actions in order to reduce our cost structure including: salary or compensation reductions, suspension of all cash-based incentive compensation, reduction of the number of executive management and directors, reduction of annual director compensation and reduction
Free historical financial statements for Independence Contract Drilling Inc. See how revenue, income, cash flow, and balance sheet financials have changed over 37 quarters since 2015. Compare with ICD stock chart to see long term trends.
Data imported from Independence Contract Drilling Inc SEC filings. Check original filings before making any investment decision.