Independence Contract Drilling, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 03, 2023 at 04:15 pm IST
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Independence Contract Drilling, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported sales was USD 56.36 million compared to USD 42.31 million a year ago. Net loss was USD 4.16 million compared to USD 2.79 million a year ago. Basic loss per share from continuing operations was USD 0.3 compared to USD 0.21 a year ago. Diluted loss per share from continuing operations was USD 0.3 compared to USD 0.21 a year ago.
For the six months, sales was USD 120.11 million compared to USD 77.3 million a year ago. Net loss was USD 4.15 million compared to USD 61.59 million a year ago. Basic loss per share from continuing operations was USD 0.3 compared to USD 4.95 a year ago. Diluted loss per share from continuing operations was USD 0.3 compared to USD 4.95 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.