Independence Contract Drilling (ICD) Misses Q4 EPS by 1c, Revenues Beat

Independence Contract Drilling (NYSE: ICD) reported Q4 EPS of ($0.10), $0.01 worse than the analyst estimate of ($0.09). Revenue for the quarter came in at $45.3 million versus the consensus estimate of $44.5 million.

Chief Executive Officer Anthony Gallegos commented, "The fourth quarter of 2019 reflected a continued period of strategic market positioning for ICD. We successfully added drilling optimization software to three of our operating rigs during the quarter, completed two strategic rig upgrades, and exited the quarter enhancing our industry\'s efforts to address ESG concerns by utilizing bi-fuel systems on approximately half of our operating rigs. For the quarter, expected rig count gains and increasing momentum in the Permian were offset slightly by weakness in the Haynesville where depressed natural gas prices caused several key customers to alter planned drilling programs entering 2020.

As we enter 2020, I believe ICD is very well positioned notwithstanding the visibility challenges facing our industry. Strength in our Permian operations is allowing ICD to relocate and recontract rigs from the Haynesville gas plays, which despite creating some near-term choppiness for our operating rig count, allows us to continue high-grading our customer base and maintain contract utilization. Against this backdrop, our Board of Directors has approved a capital budget of $10.2 million for 2020, which reflects ICD's commitment to generating free cash flow, with a laser focus on costs and support infrastructure."

For earnings history and earnings-related data on Independence Contract Drilling (ICD) click here.

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