Independence Contract Drilling reports Q3 adjusted EPS (37c), consensus (30c)

Reports Q3 revenue $44.16M, consensus $45.11M. CEO Anthony Gallegos commented, “The third quarter of 2023 represented an inflection point for ICD. First and most important, the third quarter represents the low point for ICD operating utilization driven by the most recent commodity downturn. The quarter also represented the end of the transition of rigs from our Haynesville to our Permian market and the elevated rig churn associated with repositioning our fleet with customers with longer term drilling programs. While these items weighed on our second and third quarter financial results, we believe the transition of rigs between basins and customers has positioned ICD well for the remainder of 2023 and fiscal 2024.”