Independence Contract Drilling, Inc. Reports Financial Results For The Fourth Quarter And Year Ended December 31, 2017
HOUSTON, Feb. 26, 2018 /PRNewswire/ -- INDEPENDENCE CONTRACT DRILLING, INC. (the "Company") (NYSE: ICD) today reported financial results for the three and twelve months ended December 31, 2017.
Fourth Quarter 2017 Highlights
-- Net loss of $5.7 million, or $0.15 per share.
-- Adjusted net loss, as defined below, of $4.6 million, or $0.12 per
share.
-- Adjusted EBITDA, as defined below, of $3.7 million.
-- Fleet utilization of 100.0%.
-- Record revenue days of 1,289.
-- Fully-burdened margin per day, of $5,244 per day.
-- Net debt, excluding capitalized leases, of $46.0 million, on a borrowing
base of $106.7 million.
In the fourth quarter of 2017, the Company reported revenues of $25.0 million, a net loss of $5.7 million, or $0.15 per share, an adjusted net loss (defined below) of $4.6 million, or $0.12 per share, and adjusted EBITDA (defined below) of $3.7 million. This compares to revenues of $23.4 million, a net loss of $6.0 million, or $0.16 per share, an adjusted net loss of $5.1 million, or $0.13 per share, and adjusted EBITDA of $3.1 million in the third quarter of 2017, and revenues of $18.0 million, a net loss of $10.4 million, or $0.28 per share, an adjusted net loss of $5.2 million, or $0.14 per share, and adjusted EBITDA of $2.6 million in the fourth quarter of 2016.
For the year ended December 31, 2017, the Company reported revenues of $90.0 million, a net loss of $24.3 million, or $0.64 per share, an adjusted net loss of $20.1 million, or $0.53 per share, and adjusted EBITDA of $12.6 million. This compares to revenues of $70.1 million, a net loss of $22.2 million, or $0.67 per share, an adjusted net loss of $14.4 million, or $0.43 per share, and adjusted EBITDA of $16.4 million for the twelve months ended December 31, 2016.
Chief Executive Officer Byron Dunn commented, "The fourth quarter represented a significant milestone for ICD as we generated record revenue days on 100% utilization of our entire rig fleet. Market conditions continue to improve since year end, with demand and dayrates increasing for ICD's ShaleDriller rigs. Since year end, we extended contracts for four rigs adding three rig years of backlog. As a result of improving market conditions and outlook for our business, I am pleased to announce that our Board has approved completion of our next newbuild ShaleDriller rig, which we anticipate entering the market in early-to-mid third quarter of this year.
Quarterly Operational Results
In the fourth quarter of 2017, the Company's fleet operated at 100.0% utilization and recorded 1,289 revenue days compared to 98.0% utilization and 1,235 revenue days in the third quarter of 2017 and 78.2% utilization and 936 revenue days in the fourth quarter of 2016. There were no revenue days earned on a standby-without-crew basis in the fourth or third quarters of 2017, compared to 92.0 days in the fourth quarter of 2016.
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
----- -----
30,893 27,892
Total current assets
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
$533 $441
Current portion of long-term debt (1)
11,627 10,031
Accounts payable
6,969 7,821
Accrued liabilities
19,129 18,293
Total current liabilities
49,278 26,078
Long-term debt (2)
683 396
Deferred income taxes, net
73 88
Other long-term liabilities
69,163 44,855
Total liabilities
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
326,616 323,918
Additional paid-in capital
(89,645) (65,347)
Accumulated deficit
(1,869) (1,695)
Treasury stock, at cost, 261,694 and
213,803 shares, respectively
235,482 257,252
Total stockholders' equity
$304,645 $302,107
Total liabilities and stockholders' equity
===
(1) Current portion of long-term
debt relates to the current
portion of vehicle capital lease
obligations.
(2) As of December 31, 2017, long-
term debt includes $737K of
long-term vehicle capital lease
obligations. As of December 31,
2016, long-term debt included
$326K of long-term vehicle
capital lease obligations.
INDEPENDENCE CONTRACT DRILLING, INC.
Unaudited
(in thousands, except per share amounts)
STATEMENTS OF OPERATIONS
Three Months Ended Twelve Months Ended
------------------ -------------------
December 31, September 30, December 31,
------------ ------------
2017 2016 2017 2017 2016
---- ---- ---- ---- ----
Revenues $25,041 $17,988 $23,445 $90,007 $70,062
Costs and expenses
18,780 12,066 18,247 67,733 43,277
Operating costs
3,112 4,276 2,948 13,213 16,144
Selling, general and administrative
6,724 6,157 6,529 25,844 23,808
Depreciation and amortization
994 3,822 899 2,568 3,822
Asset impairments, net of insurance recoveries
104 1,354 - 1,677 1,942
Loss on disposition of assets, net
29,714 27,675 28,623 111,035 88,993
Total cost and expenses
(4,673) (9,687) (5,178) (21,028) (18,931)
Operating loss
Interest expense (895) (553) (772) (2,983) (3,045)
---- ---- ---- ------ ------
(5,568) (10,240) (5,950) (24,011) (21,976)
Loss before income taxes
Income tax expense 177 135 30 287 202
--- --- --- --- ---
$(5,745) $(10,375) $(5,980) $(24,298) $(22,178)
Net loss
Loss per share:
$(0.15) $(0.28) $(0.16) $(0.64) $(0.67)
Basic and Diluted
Weighted average number of common shares outstanding:
37,983 37,461 37,839 37,762 33,118
Basic and Diluted
===
INDEPENDENCE CONTRACT DRILLING, INC.
Unaudited
(in thousands)
STATEMENTS OF CASH FLOWS
Twelve Months Ended December 31,
--------------------------------
2017 2016
---- ----
Cash flows from operating activities
Net loss $(24,298) $(22,178)
Adjustments to reconcile net loss to net cash provided by
operating activities
Depreciation and
amortization 25,844 23,808
Asset impairments,
net of insurance
recoveries 2,568 3,822
Stock-based
compensation 3,565 4,249
Stock-based
compensation -
executive retirement - (67)
Loss on disposition
of assets, net 1,677 1,942
Deferred income taxes 287 203
Amortization of
deferred financing
costs 434 532
Write-off of
deferred financing
costs - 504
Changes in operating assets and liabilities
Accounts receivable (6,588) 6,772
Inventories (301) 55
Prepaid expenses and
other assets 133 212
Accounts payable and
accrued liabilities 1,612 (2,881)
Net cash provided by
operating activities 4,933 16,973
----- ------
Cash flows from investing activities
Purchases of
property, plant and
equipment (31,347) (21,106)
Proceeds from
insurance claims - 188
Proceeds from the
sale of assets 1,253 860
Net cash used in
investing activities (30,094) (20,058)
------- -------
Cash flows from financing activities
Borrowings under
credit facility 44,451 49,048
Repayments under
credit facility (21,662) (86,004)
Public offering
proceeds, net of
offering costs - 42,920
Purchase of treasury
stock (174) (409)
RSUs withheld for
taxes (863) -
Financing costs paid (530) (217)
Payments for capital
lease obligations (599) (526)
Net cash provided by
financing activities 20,623 4,812
------ -----
Net (decrease)
increase in cash and
cash equivalents (4,538) 1,727
Cash and cash equivalents
Beginning of year 7,071 5,344
End of year $2,533 $7,071
====== ======
Supplemental disclosure of cash flow information
Cash paid during the
year for interest $2,680 $2,198
Cash paid (received)
during the year for
income taxes $ - $(133)
Supplemental disclosure of non-cash investing and financing activity
Change in property,
plant and equipment
purchases in
accounts payable $(882) $1,670
Additions to
property, plant and
equipment through
capital leases $1,102 $1,293
The following table provides various financial and operational data for the Company's operations during the three months ending December 31, 2017 and 2016 and September 30, 2017 and the twelve months ending December 31, 2017 and 2016. This information contains non-GAAP financial measures of the Company's operating performance. The Company believes this non-GAAP information is useful because it provides a means to evaluate the operating performance of the Company on an ongoing basis using criteria that are used by our management. Additionally, it highlights operating trends and aids analytical comparisons. However, this information has limitations and should not be used as an alternative to operating income (loss) or cash flow performance measures determined in accordance with GAAP, as this information excludes certain costs that may affect the Company's operating performance in future periods.
OTHER FINANCIAL & OPERATING DATA
Unaudited
Three Months Ended Twelve Months Ended
------------------ -------------------
December 31, 2017 December 31, 2016 September 30, 2017 December 31, 2017 December 31, 2016
----------------- ----------------- ------------------ ----------------- -----------------
Number of
completed
rigs end of
period 14 14 14 14 14
Rig
operating
days (1) 1,288.6 935.8 1,234.7 4,707.4 3,385.1
Average
number of
operating
rigs (2) 14.0 10.2 13.4 12.9 9.2
Rig
utilization
(3) 100.0% 78.2% 98.0% 96.0% 73.6%
Average
revenue per
operating
day (4) $18,338 $18,224 $18,034 $18,137 $19,661
Average cost
per
operating
day (5) $13,094 $10,681 $13,513 $12,899 $10,274
Average rig
margin per
operating
day $5,244 $7,543 $4,521 $5,238 $9,387
(1) Rig operating days represent the
number of days our rigs are earning
revenue under a contract during the
period, including days that standby
revenues are earned. For the three
months ended December 31, 2017 and
September 30, 2017 there were zero
operating days in which the Company
earned revenue on a standby basis.
For the three months ended December
31, 2016 there were 92.0 operating
days in which the Company earned
revenue on a standby basis including
92.0 standby-without-crew days.
For the twelve months ended December
31, 2017 and 2016 there were 77.9
and 882.1 operating days in which
the Company earned revenue on a
standby basis, respectively,
including 69.0 and 839.0 standby-
without-crew days, respectively.
(2) Average number of operating rigs is
calculated by dividing the total
number of rig operating days in the
period by the total number of
calendar days in the period.
(3) Rig utilization is calculated as rig
operating days divided by the total
number of days our drilling rigs are
available during the applicable
period.
(4) Average revenue per operating day
represents total contract drilling
revenues earned during the period
divided by rig operating days in the
period. Excluded in calculating
average revenue per operating day
are revenues associated with the
reimbursement of out-of-pocket
costs paid by customers of $1.4
million, $0.9 million and $1.2
million for the three months ended
December 31, 2017 and 2016 and
September 30, 2017, respectively,
and $4.6 million and $3.5 million
for the twelve months ended December
31, 2017 and 2016, respectively.
Included in calculating average
revenue per operating day for the
twelve months ended December 31,
2016 was $1.8 million of early
termination revenues associated with
a contract termination at the end of
the first quarter of 2016. The
fourth quarter of 2017 and 2016 and
the third quarter of 2017 did not
include any early termination
revenues.
(5) Average cost per operating day
represents total direct operating
costs incurred during the period
divided by rig operating days in the
period. The following costs are
excluded in calculating average cost
per operating day: (i) out-of-
pocket costs reimbursed by customers
of $1.4 million, $0.9 million and
$1.2 million for the three months
ended December 31, 2017 and 2016 and
September 30, 2017, respectively,
and $4.6 million and $3.5 million
for the twelve months ended December
31, 2017 and 2016, respectively,
(ii) new crew training costs of
zero, $30 thousand and zero for the
three months ended December 31, 2017
and 2016 and September 30, 2017,
respectively, and $0.1 million and
$0.5 million for the twelve months
ended December 31, 2017 and 2016,
respectively, (iii) construction
overhead costs expensed due to
reduced rig construction activity of
$0.5 million, $0.2 million and $0.4
million for the three months ended
December 31, 2017 and 2016 and
September 30, 2017, respectively,
and $1.1 million and $1.5 million
for the twelve months ended December
31, 2017 and 2016, respectively,
(iv) rig reactivation costs for the
three months ended December 31, 2017
and 2016 and September 30, 2017 of
zero, $0.9 million and zero,
respectively, (excluding zero, $30
thousand and zero of new crew
training costs (included in (ii)
above), respectively), and $1.0
million and $3.0 million for the
twelve months ended December 31,
2017 and 2016, respectively,
(excluding $0.1 million and $0.5
million of new crew training costs
(included in (ii) above),
respectively), and (v) out-of-
pocket expenses of $0.1 million, net
of insurance recoveries, incurred as
a result of damage to one of our
rig's mast during the twelve months
ended December 31, 2017.
Non-GAAP Financial Measures
Adjusted net loss, EBITDA and adjusted EBITDA are supplemental non-GAAP financial measures that are used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. In addition, adjusted EBITDA is consistent with how EBITDA is calculated under our revolving credit facility for purposes of determining our compliance with various financial covenants. We define "EBITDA" as earnings (or loss) before interest, taxes, depreciation, and amortization, and we define "adjusted EBITDA" as EBITDA before stock-based compensation, non-cash asset impairments, gains or losses on disposition of assets, and other non-recurring items added back to, or subtracted from, net income for purposes of calculating EBITDA under our revolving credit facility. Neither adjusted net loss, EBITDA or adjusted EBITDA is a measure of net income as determined by U.S. generally accepted accounting principles ("GAAP").
Management believes adjusted net loss, EBITDA and adjusted EBITDA are useful because they allow our stockholders to more effectively evaluate our operating performance and compliance with various financial covenants under our revolving credit facility and compare the results of our operations from period to period and against our peers without regard to our financing methods or capital structure or non-recurring, non-cash transactions. We exclude the items listed above from net income (loss) in calculating adjusted net loss, EBITDA and adjusted EBITDA because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. None of adjusted net loss, EBITDA or adjusted EBITDA should be considered an alternative to, or more meaningful than, net income (loss), the most closely comparable financial measure calculated in accordance with GAAP or as an indicator of our operating performance or liquidity. Certain items excluded from adjusted net loss, EBITDA and adjusted EBITDA are significant components in understanding and assessing a company's financial performance, such as a company's return of assets, cost of capital and tax structure. Our presentation of adjusted net loss, EBITDA and adjusted EBITDA should not be construed as an inference that our results will be unaffected by unusual or non-recurring items. Our computations of adjusted net loss, EBITDA and adjusted EBITDA may not be comparable to other similarly titled measures of other companies.
Reconciliation of Net Loss to Adjusted Net Loss:
(Unaudited) (Unaudited)
---------- ----------
Three Months Ended Twelve Months Ended
------------------ -------------------
December 31, 2017 December 31, 2016 September 30, 2017 December 31, 2017 December 31, 2016
----------------- ----------------- ------------------ ----------------- -----------------
Amount Per Amount Per Amount Per Amount Per Amount Per
Share Share Share Share Share
-----
(in thousands)
Net loss $(5,745) $(0.15) $(10,375) $(0.28) $(5,980) $(0.16) $(24,298) $(0.64) $(22,178) $(0.67)
Add back:
Asset impairments, net of insurance recoveries (1) 994 0.03 3,822 0.10 899 0.03 2,568 0.07 3,822 0.12
Loss on disposition of assets, net (2) 104 - 1,354 0.04 - - 1,677 0.04 1,942 0.06
Write-off of deferred financing costs (3) - - - - - - - - 504 0.02
Stock-based compensation - executive retirement (4) - - - - - - - - (67) (0.01)
Executive retirement (4) - - - - - - - - 1,552 0.05
Adjusted net loss $(4,647) $(0.12) $(5,199) $(0.14) $(5,081) $(0.13) $(20,053) $(0.53) $(14,425) $(0.43)
======= ====== ======= ====== ======= ====== ======== ====== ======== ======
Reconciliation of Net Loss to EBITDA and Adjusted EBITDA:
(Unaudited) (Unaudited)
---------- ----------
Three Months Ended Twelve Months Ended
------------------ -------------------
December 31, 2017 December 31, 2016 September 30, 2017 December 31, 2017 December 31, 2016
----------------- ----------------- ------------------ ----------------- -----------------
(in thousands)
Net loss $(5,745) $(10,375) $(5,980) $(24,298) $(22,178)
Add back:
Income tax expense 177 135 30 287 202
Interest expense 895 553 772 2,983 3,045
Depreciation and amortization 6,724 6,157 6,529 25,844 23,808
Asset impairments, net of insurance recoveries (1) 994 3,822 899 2,568 3,822
--- ----- --- ----- -----
EBITDA 3,045 292 2,250 7,384 8,699
Loss on disposition of assets, net (2) 104 1,354 - 1,677 1,942
Stock-based compensation 528 913 867 3,565 4,249
Stock-based compensation - executive retirement (4) - - - - (67)
Executive retirement (4) - - - - 1,552
Adjusted EBITDA $3,677 $2,559 $3,117 $12,626 $16,375
====== ====== ====== ======= =======
(1) In the fourth quarter of 2017, we
recorded a $1.0 million, or $0.03
per share, non-cash impairment
of certain held for sale assets.
In the third quarter of 2017, we
recorded a $0.6 million, or $0.02
per share, non-cash impairment
of the Galayda facility as a
result of water-related damage
from the heavy rainfall that
occurred during Hurricane Harvey
in August 2017, as well as a $0.3
million, or $0.01 per share, non-
cash impairment representing the
estimated damage to a piece of
drilling equipment, net of
insurance recoveries. In the
fourth quarter of 2016, we
recorded a $3.8 million, or $0.10
per share, non-cash write-down
of assets held for sale to
reflect their current fair value
less estimated selling costs.
For the full year 2017, we
recorded a $2.6 million, or $0.07
per share, non-cash impairment
primarily attributable to asset
impairment expense associated
with the impairment of certain
held for sale assets and the
impairment of our corporate
headquarters as a result of water
damage attributable to Hurricane
Harvey. For the full year 2016,
we recorded a $3.8 million, or
$0.12 per share, non-cash
impairment of assets held for
sale to reflect their current
market value less estimated
selling costs
(2) In the fourth quarter of 2016, we
recorded a loss on disposition of
assets of $1.4 million, or $0.04
per share, primarily due to a
non-cash disposal of equipment
in connection with the upgrade to
7,500 psi mud systems. For the
full year 2017, we recorded a
loss on disposition of assets of
$1.7 million, or $0.04 per share,
primarily attributable to a $0.7
million loss on the sale of
drilling equipment previously
designated as held for sale and a
$0.8 million non-cash disposal
of equipment in connection with
upgrades to 7,500 psi mud
systems. For the full year 2016,
we recorded a loss on disposition
of assets of $1.9 million, or
$0.06 per share, primarily due to
non-cash disposal of equipment
in connection with the upgrade to
7,500 psi mud systems.
(3) For the full year 2016, we
recorded $0.5 million, or $0.02
per share, related to the
amortization of deferred
financing costs in connection
with a reduction of commitments
under the Company's revolving
credit facility in April 2016.
(4) For the full year 2016, we
recorded $1.5 million, or $0.04
per share, of retirement benefits
associated with the departure of
an executive officer.
INVESTOR CONTACTS:
Independence Contract Drilling, Inc.
E-mail inquiries to: Investor.relations@icdrilling.com
Phone inquiries: (281) 598-1211
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SOURCE Independence Contract Drilling, Inc.
