Independence Contract Drilling (ICD) Tops Q2 EPS by 74c, Revenues Beat

Independence Contract Drilling (NYSE: ICD) reported Q2 EPS of ($2.73), $0.74 better than the analyst estimate of ($3.47). Revenue for the quarter came in at $21.38 million versus the consensus estimate of $19.27 million.

Second Quarter 2020 Highlights

• Net loss of $10.1 million, or $2.52 per share.
• Adjusted net loss, as defined below, of $11.0 million, or $2.73 per share.
• Adjusted EBITDA, as defined below, of $4.0 million.
• Net debt, excluding finance leases and net of deferred financing costs, of $119.5 million.
• Marketed fleet utilization of 32%.
• Fully burdened margin of $7,000 per day.

Chief Executive Officer Anthony Gallegos commented, "Oil and gas demand destruction caused by the COVID-19 pandemic impacted the U.S. land rig count and as a result our operating rig count declined dramatically throughout the quarter. Nevertheless, cost initiatives favorably impacted the quarter, permitting us to lower operating costs to below $13,000 per day and to expand our operating margins in spite of the historic decline in operating activity. Efforts to expand our liquidity profile during the quarter were also successful, as we increased our cash balances and expanded our financial liquidity to over $40 million. Although forward visibility is very limited, we expect the third quarter to be the trough for ICD's operating rig count, and continue to work constructively with existing and potential new customers on opportunities for late third quarter and fourth quarter reactivations."

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

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