Private company

Independence Contract Drilling, Inc.

American drilling oil and gas wells company, incorporated in Delaware1

In its 2024 annual report the company says: “We provide land-based contract drilling services for oil and natural gas producers targeting unconventional resource plays in the United States. We own and operate a premium fleet comprised of modern, technologically advanced drilling rigs. We currently focus our operations on unconventional resource plays located in geographic regions that we can efficiently support from our Houston, Texas and Midland, Texas facilities in order to maximize economies of scale.”3

Last updated Oct 20, 2026.

Overview

  • IndustryDrilling Oil & Gas Wells1
  • HeadquartersHouston, Texas1
  • Incorporated inDE2
  • Business address20475 State Highway 249, Suite 300, Houston, Tx 770702
  • Filer categoryNon-accelerated filer, Smaller reporting company2

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Except as expressly stated or the context otherwise requires, the terms “we,” “us,” “our,” the “Company” and “ICD” refer to Independence Contract Drilling, Inc. and its subsidiary.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2023

-1.8%Operating margin4
-17.9%Net margin4
12.5%Revenue growth, 20234
-20.8%Return on equity4
$20.4MFree cash flow4

Where the money goes

Where each dollar of revenue went, fiscal 2023

  • Selling, general and admin12¢$24.5M
  • Other costs87¢$183.6M
  • Income tax1¢$2.0M

Out of $210.1M in revenue.4 The company lost money this year.

Where each dollar of operating cash went, fiscal 2023

  • Capital spending67¢$40.7M
  • Kept or used elsewhere33¢$20.4M

Out of $61.0M of cash from operations.4

Financial statements

Revenue56784$210.1M in 2023+133% since 2017
0$100.0M$200.0M$300.0M2017: $90.0M$90.0M20172018: $142.6M$142.6M2018+58%2019: $203.6M$203.6M2019+43%2020: $83.4M$83.4M2020−59%2021: $88.0M$88.0M2021+5%2022: $186.7M$186.7M2022+112%2023: $210.1M$210.1M2023+13%
Operating income56784-$3.7M in 2023−82% since 2017
-$100.0M-$75.0M-$50.0M-$25.0M02017: -$21.0M-$21.0M20172018: -$12.3M-$12.3M2018−41%2019: -$46.5M-$46.5M2019+277%2020: -$82.2M-$82.2M2020+77%2021: -$43.1M-$43.1M2021−48%2022: -$2.1M-$2.1M2022−95%2023: -$3.7M-$3.7M2023+77%
Net income56784-$37.7M in 2023+55% since 2017
-$100.0M-$75.0M-$50.0M-$25.0M02017: -$24.3M-$24.3M20172018: -$20.0M-$20.0M2018−18%2019: -$60.8M-$60.8M2019+204%2020: -$96.6M-$96.6M2020+59%2021: -$66.7M-$66.7M2021−31%2022: -$65.3M-$65.3M2022−2%2023: -$37.7M-$37.7M2023−42%
Fiscal year2017201820192020202120222023
Revenue$90.0M5$142.6M6$203.6M7$83.4M7$88.0M8$186.7M4$210.1M4
Selling, general and admin$13.2M5$15.9M6$16.1M7$13.5M7$15.7M8$24.8M4$24.5M4
Operating expenses$131.1M8$188.8M4$213.8M4
Operating income-$21.0M5-$12.3M6-$46.5M7-$82.2M7-$43.1M8-$2.1M4-$3.7M4
Income before tax-$48.2M8-$71.5M4-$39.7M4
Income tax$287.0K5$91.0K6-$122.0K7-$147.0K7$18.5M8-$6.2M4-$2.0M4
Net income-$24.3M5-$20.0M6-$60.8M7-$96.6M7-$66.7M8-$65.3M4-$37.7M4
Earnings per share-$16.117-$19.697-$8.898-$5.014-$2.694
Earnings per share (diluted)-$16.117-$19.697-$8.898-$5.014-$2.694
Shares (weighted, basic)7.5M shares813.0M shares414.0M shares4
Shares (weighted, diluted)7.5M shares813.0M shares414.0M shares4

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Corporate structure

Independence Contract Drilling, Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Independence Contract Drilling, Inc.

  • Glendon Capital Management LP Filed SCHEDULE 13D/A on Independence Contract Drilling, Inc., latest Jan 22, 2025 (8 filings since Mar 29, 2022)
  • MSD Partners, L.P. Filed SCHEDULE 13D/A on Independence Contract Drilling, Inc., latest Jan 22, 2025 (10 filings since Mar 23, 2022)
  • KARLIN ASSET MANAGEMENT, INC. Filed SC 13G/A on Independence Contract Drilling, Inc., latest Oct 31, 2024 (2 filings since Aug 25, 2023)
  • ADAGE CAPITAL PARTNERS GP, L.L.C. Filed SC 13G/A on Independence Contract Drilling, Inc., latest Feb 7, 2024 (2 filings since Dec 29, 2022)
  • William Monroe Filed SC 13G on Independence Contract Drilling, Inc., latest Jan 3, 2023 (10 filings since Oct 13, 2021)
  • Independence Contract Drilling, Inc. Houston, Texas

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Independence Contract Drilling, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Finance-lease assets$4.4M4 Dec 31, 2023$5.3M4 Dec 31, 2022−17.0%
Operating-lease assets (leased space)$2.2M4 Dec 31, 2023$976.0K4 Dec 31, 2022+125.9%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$5.6M4 Dec 31, 2023$5.3M4 Dec 31, 2022+4.5%

Leadership

Who has led Independence Contract Drilling, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Byron A. Dunn2014–2018
  2. John A. Gallegos Jr.2018–2024

President

  1. Byron A. Dunn2017–2018
  2. John A. Gallegos Jr.2018–2024

Chief financial officer

  1. Philip A. Choyce2017–2024
201520202025
Board members and other officers (29)

Timeline

  1. Jan 15, 20258-K Bankruptcy or receivership; Other events43
  2. Dec 5, 20248-K Entered a material agreement; New debt or obligation; Listing notice or transfer44
  3. Dec 3, 20248-K Entered a material agreement; Bankruptcy or receivership; Debt or obligation accelerated45
  4. Nov 27, 20248-K Entered a material agreement46
  5. Sep 18, 20248-K Entered a material agreement47
  6. Sep 11, 20248-K Executive or director change48
  7. Aug 29, 20248-K Listing notice or transfer49
  8. Aug 7, 20248-K Results of operations; Executive or director change50
  9. Jun 5, 20248-K Shareholder vote51
  10. May 1, 20248-K Results of operations52
  11. Feb 28, 20248-K Entered a material agreement; Results of operations; Executive or director change53
  12. Nov 2, 20238-K Regulation FD disclosure54
  13. Oct 3, 2018New chief executive John A. Gallegos Jr. becomes CEO12
  14. Aug 7, 2014New chief executive Byron A. Dunn becomes CEO13

Calendar

When it reported results

  1. Aug 7, 2024Reported quarterly or annual results50
  2. May 1, 2024Reported quarterly or annual results52
  3. Feb 28, 2024Reported quarterly or annual results53
  4. Nov 1, 2023Reported quarterly or annual results55
  5. Aug 3, 2023Reported quarterly or annual results56
  6. May 9, 2023Reported quarterly or annual results57
  7. Mar 2, 2023Reported quarterly or annual results58
  8. Nov 1, 2022Reported quarterly or annual results59

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

246 filings to the SEC since October 2021: 3 annual reports, 10 quarterly reports, 48 major events, 131 insider forms, 32 large holders, 22 other. The latest 20:

  1. Jan 22, 2025SCHEDULE 13D/A EDGAR
  2. Jan 22, 2025SCHEDULE 13D/A EDGAR
  3. Jan 17, 202515-12G EDGAR
  4. Jan 15, 20258-K EDGAR
  5. Dec 20, 20244 EDGAR
  6. Dec 20, 20244 EDGAR
  7. Dec 19, 2024144 EDGAR
  8. Dec 18, 20244 EDGAR
  9. Dec 16, 2024144 EDGAR
  10. Dec 6, 2024SC 13D/A EDGAR
  11. Dec 6, 2024SC 13D/A EDGAR
  12. Dec 5, 20248-K EDGAR
  13. Dec 3, 20248-K EDGAR
  14. Nov 27, 20248-K EDGAR
  15. Nov 27, 2024SC 13D/A EDGAR
  16. Nov 27, 2024SC 13D/A EDGAR
  17. Nov 27, 20244 EDGAR
  18. Nov 19, 202410-Q EDGAR
  19. Nov 14, 2024NT 10-Q EDGAR
  20. Oct 31, 2024SC 13G/A EDGAR

The 246 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

44 open-market trades by officers, directors and large owners since October 2021: 19 buys and 25 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Dec 19, 2024Barrett Robert J. IVDirectorSale42,627$0.01$426Form 4
Dec 17, 2024Minmier JamesDirectorSale24,300$0.02$486Form 4
Dec 21, 2022MSD Energy Investments, L.P.10% ownerSale57,177$2.96$169.4KForm 4
Dec 21, 2022MSD Credit Opportunity Master Fund, L.P.10% ownerSale241,496$2.96$715.3KForm 4
Dec 20, 2022MSD Energy Investments, L.P.10% ownerSale2,912$3.01$8.8KForm 4
Dec 20, 2022MSD Credit Opportunity Master Fund, L.P.10% ownerSale12,298$3.01$37.0KForm 4
Dec 19, 2022MSD CAPITAL L P10% ownerSale15,060$3.02$45.5KForm 4
Dec 19, 2022MSD PRIVATE CREDIT OPPORTUNITY (NON-ECI) FUND, LLC10% ownerSale63,607$3.02$192.1KForm 4
Dec 14, 2022MSD CAPITAL L P10% ownerSale576$3.14$1.8KForm 4
Dec 14, 2022MSD Credit Opportunity Master Fund, L.P.10% ownerSale2,432$3.14$7.6KForm 4
Dec 13, 2022MSD CAPITAL L P10% ownerSale1,849$3.20$5.9KForm 4
Dec 13, 2022MSD Credit Opportunity Master Fund, L.P.10% ownerSale7,810$3.20$25.0KForm 4
Nov 4, 2022MONROE WILLIAM10% ownerSale90,000$3.73$335.9KForm 4
Nov 4, 2022MONROE WILLIAM10% ownerSale120,000$3.88$466.1KForm 4
Oct 26, 2022MONROE WILLIAM10% ownerSale57,500$3.81$219.0KForm 4
Oct 17, 2022MONROE WILLIAM10% ownerSale35,241$3.09$108.7KForm 4
Oct 7, 2022MONROE WILLIAM10% ownerSale105,000$3.46$363.5KForm 4
Sep 27, 2022Minmier JamesDirectorBuy5,000$2.93$14.6KForm 4
Sep 27, 2022MCNEASE DANIEL FDirectorBuy9,050$2.86$25.9KForm 4
Sep 26, 2022MCNEASE DANIEL FDirectorBuy8,450$2.81$23.8KForm 4

All 44 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

SEC filer profile

How Independence Contract Drilling, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARIndependence Contract Drilling, Inc.1
  • CIK0001537028
  • Employer ID (EIN)37-16536481
  • Filer statusNon-accelerated filer<br>smaller reporting company1
  • Incorporated inDelaware1
  • Fiscal year endsDecember 311
  • Industry code (SIC)1381 Drilling Oil & Gas Wells1
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
  • Business address20475 State Highway 249, Suite 300, Houston, TX 770701
  • Phone28159812301
  • Shares outstanding15,186,780 as of Nov 15, 202410
  • Public float$29.0M as of Jun 30, 20234
  • On EDGAR sinceMar 13, 20121
  • Filings772 in all: 4 (347), 8-K (145), 3 (36), SC 13G/A (33), 10-Q (32), SC 13D/A (27), SC 13G (17), CORRESP (14)1
    All 45 form types

    DEF 14A (11), 10-K (10), DEFA14A (9), UPLOAD (8), 4/A (7), 424B5 (7), EFFECT (7), SC 13D (6), S-1/A (5), S-3 (5), S-3/A (4), S-8 (4), 424B3 (3), D (3), FWP (3), 144 (2), 3/A (2), 8-K/A (2), DEFR14A (2), PRE 14A (2), S-1 (2), SCHEDULE 13D/A (2), 10-K/A (1), 15-12G (1), 25-NSE (1), 424B1 (1), 424B4 (1), 5 (1), 8-A12B (1), ARS (1), CERTNYS (1), DEFM14A (1), DEL AM (1), DRS (1), NT 10-Q (1), PREM14A (1), PRER14A (1)

  • Latest filingsAnnual report (10-K) Feb 28, 2024
    Quarterly report (10-Q) Nov 19, 2024
    Proxy statement (DEF 14A) Apr 29, 2024
    Latest 8-K (8-K) Jan 15, 2025

Sources

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