Independence Contract Drilling, Inc. Reports Financial Results For The Fourth Quarter And Year Ended December 31, 2017

Operating revenues in the fourth quarter of 2017 totaled $25.0 million, compared to $23.4 million in the third quarter of 2017 and $18.0 million in the fourth quarter of 2016.  On a revenue-per-day basis, revenues were $18,338 per day in the fourth quarter of 2017, compared to $18,034 in the third quarter of 2017 and $18,224 in the fourth quarter of 2016.  Sequential revenue-per-day improvements were driven by increased pricing on contract renewals, partially offset by the expiration of a higher priced legacy contract that benefitted the prior quarter.

Operating costs in the fourth quarter of 2017 totaled $18.8 million, compared to $18.2 million in the third quarter of 2017 and $12.1 million in the fourth quarter of 2016.  Fourth quarter 2017 operating costs included $0.5 million in expensed rig construction costs, third quarter 2017 operating costs included $0.4 million in rig construction costs, and fourth quarter 2016 operating costs included $0.9 million of reactivation costs and $0.2 million in rig construction costs.  Fully-burdened operating costs, excluding reactivation and rig construction costs, were $13,094 per day in the fourth quarter of 2017, compared to $13,513 in the third quarter of 2017 and $10,681 in the fourth quarter of 2016.  The sequential decrease in cost per day related to higher operating costs in the third quarter of 2017 related to higher maintenance and repair expense and Hurricane Harvey and other weather-related costs.  

Fourth quarter 2017 fully-burdened rig operating margins, excluding reactivation and expensed rig construction costs, were $5,244 per day, compared to $4,521 per day in the third quarter of 2017 and $7,543 per day in the fourth quarter of 2016. 

Selling, general and administrative expenses in the fourth quarter of 2017 were $3.1 million (including $0.5 million of non-cash stock-based compensation), compared to $2.9 million (including $0.9 million of non-cash stock-based compensation) in the third quarter of 2017 and $4.3 million (including $0.9 million of non-cash stock-based compensation) in the fourth quarter of 2016.  The increase in selling, general and administrative expenses compared to the third quarter of 2017 related primarily to an increase in incentive compensation expense, professional fees, and franchise tax expense, offset by lower non-cash stock-based compensation.   

Drilling Operations Update

All 14 of the Company's ShaleDriller® rigs are contracted and operating under term contracts.  

At December 31, 2017, the Company's proforma backlog of revenues from contracts with original terms of six months or more, including contract extensions signed subsequent to year end, was $75 million. Approximately 88% of this backlog is expected to be realized during 2018.

Capital Expenditures and Liquidity Update

Aggregate cash outlays for capital expenditures in the fourth quarter of 2017, net of disposals, were $4.2 million including $2.5 million of payments for third quarter deliveries.  The Company's capital expenditure budget for 2018 is $20.5 million, including $10 million associated with the completion of one additional newbuild rig. 

As of December 31, 2017, the Company had drawn $48.5 million on its $85.0 million revolving credit facility and had net debt, excluding capital leases, of $46.0 million.  The borrowing base under the Company's credit facility was $106.7 million as of December 31, 2017. 

Conference Call Details

A conference call for investors will be held today, February 26, 2018, at 11:00 a.m. Central Time (12:00 p.m. Eastern Time) to discuss the Company's fourth quarter and year end 2017 results.  Hosting the call will be Byron A. Dunn, President and Chief Executive Officer, and Philip A. Choyce, Executive Vice President and Chief Financial Officer.

The call can be accessed live over the telephone by dialing (855) 239-3115 or for international callers, (412) 542-4125.  A replay will be available shortly after the call and can be accessed by dialing (877) 344-7529 or for international callers, (412) 317-0088.  The passcode for the replay is 10117032.  The replay will be available until March 5, 2018.

Interested parties may also listen to a simultaneous webcast of the conference call by logging onto the Company's website at www.icdrilling.com in the Investor Relations section.  A replay of the webcast will also be available for approximately 30 days following the call.

About Independence Contract Drilling, Inc.

Independence Contract Drilling 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 accelerate its clients' production profiles and cash flows from their most technically demanding and economically impactful oil and gas properties. For more information, visit www.icdrilling.com.

Forward-Looking Statements

This news release contains certain forward-looking statements within the meaning of the federal securities laws. Words such as "anticipated," "estimated," "expected," "planned," "scheduled," "targeted," "believes," "intends," "objectives," "projects," "strategies" and similar expressions are used to identify such forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements relating to Independence Contract Drilling's operations are based on a number of expectations or assumptions which have been used to develop such information and statements but which may prove to be incorrect. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, and there can be no assurance that actual outcomes and results will not differ materially from those expected by management of Independence Contract Drilling. For more information concerning factors that could cause actual results to differ materially from those conveyed in the forward-looking statements, please refer to the "Risk Factors" section of the Company's Annual Report on Form 10-K, filed with the SEC and the information included in subsequent amendments and other filings. These forward-looking statements are based on and include our expectations as of the date hereof. Independence Contract Drilling does not undertake any obligation to update or revise such forward-looking statements to reflect events or circumstances that occur, or which Independence Contract Drilling becomes aware of, after the date hereof.

INDEPENDENCE CONTRACT DRILLING, INC.
Unaudited
(in thousands, except par value and share data)
BALANCE SHEETS
							December 31, 2017		December 31, 2016
Assets
Cash and cash equivalents							$                        2,533		$                        7,071
Accounts receivable, net							18,056		11,468
Inventories							2,710		2,336
Assets held for sale							4,637		3,915
Prepaid expenses and other current assets							2,957		3,102
Total current assets							30,893		27,892
Property, plant and equipment, net							272,388		273,188
Other long-term assets, net							1,364		1,027
Total assets							$                    304,645		$                    302,107
Liabilities and Stockholders' Equity
Liabilities
Current portion of long-term debt (1)							$                           533		$                           441
Accounts payable							11,627		10,031
Accrued liabilities							6,969		7,821
Total current liabilities							19,129		18,293
Long-term debt (2)							49,278		26,078
Deferred income taxes, net							683		396
Other long-term liabilities							73		88
Total liabilities							69,163		44,855
Commitments and contingencies
Stockholders' equity
Common stock, $0.01 par value, 100,000,000 shares authorized; 38,246,919 and 37,831,723 shares issued, respectively; and 37,985,225 and 37,617,920 shares outstanding, respectively							380		376
Additional paid-in capital							326,616		323,918
Accumulated deficit							(89,645)		(65,347)
Treasury stock, at cost, 261,694 and 213,803 shares, respectively							(1,869) Werbung Mehr Nachrichten zur Independence Contract Drilling Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 19.04.24 - PR Newswire Fidelity China Special Situations Plc - Transaction in Own Shares 19.04.24 - PR Newswire Rightmove Plc - Holding(s) in Company Auf zur INVEST am 26.+ 27.04.2024    Foto: Landesmesse Stuttgart GmbH - Jetzt kostenloses Ticket sichern! weiterlesen» Anzeige wo-site-teaser-box-16688_site-teaser-box_2024-04-17_09%253A00%253A00_2024-04-22_09%253A00%253A59