/PRNewswire/ -- Independence Contract Drilling, Inc. (the "Company" or "ICD") (NYSE: ICD) today reported financial results for the three months ended March 31,...
HOUSTON, May 1, 2024 2024. First quarter 2024 Highlights Net loss of $9.0 million , or $0.62 per share , or per share Adjusted net loss, as defined below, of $7.3 million , or $0.50 per share , or per share Adjusted EBITDA, as defined below, of $11.8 million Adjusted net debt, as defined below, of $190.3 million 15.1 average rigs working during the quarter Fully burdened margin per day of $11,829 In the first quarter of 2024, the Company reported revenues of $46.6 million, net loss of $9.0 million, or $0.62 per share, adjusted net loss (defined below) of $7.3 million, or $0.50 per share, and adjusted EBITDA (defined below) of $11.8 million. These results compare to revenues of $63.8 million, net income of $12.0 thousand, or $0.00 per diluted share, adjusted net income of $2.4 million, or $0.14 per diluted share, and adjusted EBITDA of $21.4 million in the first quarter of 2023, and revenues of $45.8 million, net loss of $26.0 million, or $1.84 per share, adjusted net loss of $8.6 million, or $0.61 per share, and adjusted EBITDA of $9.9 million in the fourth quarter of 2023. Chief Executive Officer Anthony Gallegos commented, "Our financial results for the first quarter came in ahead of expectations driven by strong cost control across the Company's operating and support functions and organizational changes made early during the quarter. From an operational perspective, during the quarter we relocated two additional rigs from the Haynesville to the Permian Basin and completed a 200-to-300 series conversion in the process. Today, all but one of our current operating rigs are 300 series rigs and we have scheduled our remaining 200 series rig for conversion later this year. Looking forward, while we expect our reported net average working rigs during the second quarter to remain flat compared to the first quarter driven by elevated rig churn in the market, we continue to be successful in placing rigs with customers with longer term drilling programs that we…