Independence Contract Drilling, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 01, 2023 at 06:45 am EDT
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Independence Contract Drilling, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was USD 44.16 million compared to USD 49.15 million a year ago. Net loss was USD 7.6 million compared to USD 7.19 million a year ago. Basic loss per share from continuing operations was USD 0.54 compared to USD 0.53 a year ago. Diluted loss per share from continuing operations was USD 0.54 compared to USD 0.53 a year ago.
For the nine months, sales was USD 164.28 million compared to USD 126.45 million a year ago. Net loss was USD 11.75 million compared to USD 68.78 million a year ago. Basic loss per share from continuing operations was USD 0.84 compared to USD 5.36 a year ago. Diluted loss per share from continuing operations was USD 0.84 compared to USD 5.36 a year ago.
Independence Contract Drilling, Inc. 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 improve its clients production profiles. The Company's operations are focused on unconventional resource plays located in geographic regions that it can support from its Houston, Texas and Midland, Texas facilities. The Company's rig fleet includes approximately 26 pad-optimal, superspec AC powered (AC) rigs. Its rigs are operating in the Permian Basin and the Haynesville Shale. The Company's customers for contract drilling services in the United States include oil and natural gas companies, independent oil and natural gas companies, as well as small to mid-sized publicly-traded and privately held oil and natural gas companies.
INDEPENDENCE CONTRACT DRILLING, INC. 
