Blue Dolphin Reports Full Year 2024 Financial Results
Rhea-AI Summary
Blue Dolphin Energy Company (OTCQX:BDCO) reported a significant financial downturn for FY2024. The company posted a net loss of $8.6 million ($0.58 per share), compared to net income of $31.0 million ($2.08 per share) in 2023. Total revenue decreased to $317.5 million from $396.0 million in 2023.
Refining EBITDA dropped substantially to $2.3 million ($0.61 per barrel) from $38.6 million ($9.37 per barrel) in 2023, impacted by less favorable refining margins, lower sales volume, maintenance costs, and an $8.3 million inventory impairment. Tolling and terminaling EBITDA declined to $2.1 million from $4.3 million.
The company's liquidity position weakened with cash and equivalents falling to $1.1 million from $18.7 million, while working capital deficit increased to $19.1 million from $6.1 million. During 2024, Blue Dolphin prioritized debt reduction, paying down $7.5 million in principal and accrued interest on term loans.
Positive
- Paid down $7.5 million in term loan debt
- Completed planned maintenance turnarounds positioning for 2025
Negative
- Net loss of $8.6 million in 2024 vs $31.0 million profit in 2023
- Revenue declined 19.8% to $317.5 million
- Refining EBITDA dropped 94% to $2.3 million
- Cash position decreased to $1.1 million from $18.7 million
- Working capital deficit increased by $13.0 million to $19.1 million
- $8.3 million inventory impairment charge
News Market Reaction
On the day this news was published, BDCO declined 11.29%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
HOUSTON, TX / ACCESS Newswire / April 1, 2025 / Blue Dolphin Energy Company ("Blue Dolphin") (OTCQX:BDCO), an independent refiner and marketer of petroleum products in the Eagle Ford Shale region, announced its financial results for the twelve months ended December 31, 2024.
Results of Operations
On a consolidated basis, Blue Dolphin reported a net loss of
"Blue Dolphin entered 2024 in a strong financial position, and the strength of our balance sheet enabled us to navigate challenging market conditions throughout the year," said Jonathan P. Carroll, Chief Executive Officer of Blue Dolphin. "During 2024 we prioritized debt reduction, paying down
Liquidity and Working Capital
As of December 31, 2024, Blue Dolphin had
For more information regarding Blue Dolphin's financial results for the twelve months ended December 31, 2024, see Blue Dolphin's Annual Report on Form 10-K as filed with the Securities and Exchange Commission on March 31, 2025.
Blue Dolphin Energy Company and Subsidiaries
Earnings Release Tables
Condensed Consolidated Statements of Operations (Audited)
| Twelve Months Ended |
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| December 31, |
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| 2024 |
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| 2023 |
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| 2022 |
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Total revenue from operations |
| $ | 317,519 |
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| $ | 396,048 |
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| $ | 487,504 |
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Total cost of goods sold |
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| 313,629 |
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| 353,949 |
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| 444,025 |
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Gross profit |
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| 3,890 |
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| 42,099 |
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| 43,479 |
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LEH operating fee, related party |
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| 811 |
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| 533 |
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| 744 |
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Other operating expenses |
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| 640 |
|
|
| 208 |
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|
| 221 |
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General and administrative expenses |
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| 6,443 |
|
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| 3,134 |
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| 2,915 |
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Depreciation and amortization |
|
| 232 |
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| 219 |
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| 206 |
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Impairment of fixed assets |
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| - |
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| 1,558 |
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| 114 |
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Bad debt expense |
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| 70 |
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|
| - |
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| 62 |
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Accretion of asset retirement obligations |
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| - |
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| 59 |
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| 134 |
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Interest, net |
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| 5,859 |
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| 5,862 |
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| 5,884 |
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Total costs and expenses |
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| 14,055 |
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| 11,573 |
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| 10,280 |
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Income (loss) before income taxes |
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| (10,165 | ) |
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| 30,526 |
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| 33,199 |
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Income tax benefit (expense) |
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| 1,529 |
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| 485 |
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| (307 | ) |
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Net income (loss) |
| $ | (8,636 | ) |
| $ | 31,011 |
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| $ | 32,892 |
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Income (loss) per common share |
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Basic |
| $ | (0.58 | ) |
| $ | 2.08 |
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| $ | 2.34 |
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Diluted |
| $ | (0.58 | ) |
| $ | 2.08 |
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| $ | 2.34 |
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Reconciliation of Certain Non-U.S. GAAP Measures (Unaudited)
| Twelve Months Ended | ||||||||||||||||||||||||||||||
| December 31, | ||||||||||||||||||||||||||||||
| 2024 |
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| 2023 | |||||||||||||||||||||||||||
| Refinery Operations |
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| Tolling & Terminaling |
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| Corporate & Other |
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| Total |
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| Refinery Operations |
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| Tolling & Terminaling |
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| Corporate & Other |
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| Total | |||||||||
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Income (loss) before income taxes |
| $ | (2,268 | ) |
| $ | (1,262 | ) |
| $ | (6,635 | ) |
| $ | (10,165 | ) |
| $ | 34,300 |
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| $ | 980 |
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| $ | (4,754 | ) |
| $ | 30,526 |
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Add: depreciation and amortization |
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| 1,206 |
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| 1,368 |
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|
| 232 |
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| 2,806 |
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|
| 1,211 |
|
|
| 1,368 |
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|
| 219 |
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| 2,798 |
Add: interest, net |
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| 3,313 |
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|
| 1,961 |
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|
| 585 |
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| 5,859 |
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|
| 3,130 |
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|
| 1,964 |
|
|
| 768 |
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| 5,862 |
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EBITDA |
| $ | 2,251 |
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| $ | 2,067 |
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| $ | (5,818 | ) |
| $ | (1,500 | ) |
| $ | 38,641 |
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| $ | 4,312 |
|
| $ | (3,767 | ) |
| $ | 39,186 |
About Blue Dolphin
Blue Dolphin is an independent downstream energy company operating in the Gulf Coast region of the United States. Subsidiaries operate a light, sweet-crude, 15,000-barrel per day crude distillation tower with over 1.25 million barrels of petroleum storage tank capacity in Nixon, Texas. Blue Dolphin was formed in 1986 as a Delaware corporation and is traded on the OTCQX under the ticker symbol "BDCO." For additional information, visit Blue Dolphin's corporate website at http://www.blue-dolphin-energy.com.
Contact:
Jonathan P. Carroll
Chief Executive Officer and President
713-568-4725
Cautionary Statements Relevant to Forward-Looking Information for the Purpose of "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995. This press release contains forward-looking statements relating to Blue Dolphin's operations based on management's current expectations, estimates, and projections about the oil and gas industry. Words or phrases such as "anticipates,""expects,""intends,""plans,""targets,""advances,""commits,""drives,""aims,""forecasts,""projects,""believes,""approaches,""seeks,""schedules,""estimates,""positions,""pursue,""may,""can,""could,""should,""will,""budgets,""outlook,""trends,""guidance,""focus,""on track,""goals,""objectives,""strategies,""opportunities,""poised,""potential,""ambitions,""aspires" and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties, and other factors, many of which are beyond the company's control and are difficult to predict. Therefore, actual outcomes and results may differ materially from those expressed or forecasted in such forward-looking statements. The reader should not rely on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, Blue Dolphin undertakes no obligation to update publicly any forward-looking statements, whether because of new information, future events, or otherwise.
For a discussion of risk factors that could cause actual results to differ materially from those in the forward-looking statements, please see the factors set forth under the heading "Risk Factors" in Blue Dolphin's 2024 Annual Report on Form 10-K and in subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this press release could also adversely affect forward-looking statements.
# # #
SOURCE: Blue Dolphin Energy Company
View the original press release on ACCESS Newswire
FAQ
What caused Blue Dolphin (BDCO) to report a loss in 2024?
How much debt did Blue Dolphin (BDCO) pay down in 2024?
What was BDCO's working capital position at the end of 2024?
How did Blue Dolphin's (BDCO) refining EBITDA perform in 2024 vs 2023?
What was BDCO's revenue decline in 2024 compared to 2023?
