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Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

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Independence Contract Drilling / Equity Bottom-Up

<div><div><div><div><ul style="list-style-type: disc;"><li><p>Despite turbulence affecting the 2Q23 and 3Q23 oilfield services markets, demand for ICD’s fleet of pad-optimal super- spec drilling rigs supports management’s ultimate goal of deleveraging the balance sheet and shifting value to equity owners.</p></li><li><p>ICD generated $18.7 million of adjusted EBITDA in 2Q23 from 15.0 average rigs earning revenue.</p></li><li><p>Margin per day averaged $15,462, landing in the high end of management’s $15,000-15,500 guidance range.</p></li></ul></div></div></div></div>

Despite turbulence affecting the 2Q23 and 3Q23 oilfield services markets, demand for ICD’s fleet of pad-optimal super- spec drilling rigs supports management’s ultimate goal of deleveraging the balance sheet and shifting value to equity owners.ICD generated $18.7 million of adjusted EBITDA in 2Q23 from 15.0 average rigs earning revenue.Margin per day averaged $15,462, landing in the high end of management’s $15,000-15,500 guidance range.

Independence Contract Drilling, Inc. - Premium Rig Fleet Supports Deleveraging Goal

<ul style="list-style-type: disc;"><li><p>The US rig count has declined in recent months as operators have curtailed activity in the face of declining oil and natural gas prices.</p></li><li><p>According to the Baker Hughes rig count, total US working rigs had declined to 669 on July 21, 2023, from 755 on March 31, 2023.</p></li><li><p>ICD’s fleet of pad-optimal super-spec rigs primarily serves customers in the Haynesville, Permian, and Eagle Ford regions.</p></li></ul>

The US rig count has declined in recent months as operators have curtailed activity in the face of declining oil and natural gas prices.According to the Baker Hughes rig count, total US working rigs had declined to 669 on July 21, 2023, from 755 on March 31, 2023.ICD’s fleet of pad-optimal super-spec rigs primarily serves customers in the Haynesville, Permian, and Eagle Ford regions.

Independence Contract Drilling, Inc. - Estimate Update Reflects Curtailed Industry Drilling Activity

Repricing and Reactivating Premium Rigs Capitalizes on Constructive Fundamentals

Super-Spec, Pad-Optimal Rig Demand Plays to ICD’s Fleet

United States

Independence Contract Drilling Inc. is a vertically integrated land drilling services provider.  The Company provides the US E&P industry a fleet of state-of-the-art, fast moving programmable AC rigs for drilling and development of shale and tight oil basins in North America.

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Independence Contract Drilling (ICD US)

Independence Contract Drilling, Inc. - Premium Rig Fleet Supports Deleveraging Goal

Despite turbulence affecting the 2Q23 and 3Q23 oilfield services markets, demand for ICD’s fleet of pad-optimal super- spec drilling rigs supports...

Water Tower Research

Independence Contract Drilling, Inc. - Estimate Update Reflects Curtailed Industry Drilling Activity

The US rig count has declined in recent months as operators have curtailed activity in the face of declining oil and natural gas prices.

Water Tower Research

Repricing and Reactivating Premium Rigs Capitalizes on Constructive Fundamentals

KEY POINTS Water Tower Research hosted a fireside chat on November 17, 2022, with Anthony Gallegos, Director, President, and Chief Executive...

Water Tower Research

Super-Spec, Pad-Optimal Rig Demand Plays to ICD’s Fleet

KEY POINTS ICD owns a fleet of super-spec, pad-optimal drilling rigs capable of meeting the most challenging demands of its E&P customers. The...

Water Tower Research

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