Blue Dolphin Reports Third Quarter 2024 Financial Results
Rhea-AI Summary
Blue Dolphin Energy Company (OTCQX:BDCO) reported financial results for Q3 2024, showing an adjusted refinery operations segment deficit of $4.0 million compared to a $9.7 million margin in Q3 2023. The company's working capital improved to a positive $9.9 million, a $16.0 million increase from December 2023. Total revenue decreased to $82.1 million from $102.6 million year-over-year. Performance was negatively impacted by less favorable refining margins, lower sales volume, and a $1.9 million inventory impairment. Cash and equivalents stood at $1.7 million, down from $18.7 million at the end of 2023.
Positive
- Working capital improved by $16.0 million to positive $9.9 million
- Adjusted refinery operations segment margin of $1.3 million for nine months ended September 30, 2024
Negative
- Q3 2024 adjusted refinery operations segment deficit of $4.0 million vs $9.7 million margin in Q3 2023
- Revenue declined to $82.1 million from $102.6 million year-over-year
- Cash position decreased to $1.7 million from $18.7 million at year-end 2023
- $1.9 million inventory impairment charge in Q3 2024
- Net loss of $5.0 million in Q3 2024 compared to net income of $7.1 million in Q3 2023
News Market Reaction
On the day this news was published, BDCO gained 3.33%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Positive working capital of
$9.9 million at September 30, 2024, a$16.0 million improvement compared to December 31, 2023.Adjusted refinery operations segment margin of
$1.3 million for the nine months ended September 30, 2024.
HOUSTON, TX / ACCESSWIRE / November 15, 2024 / 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 three and nine months ended September 30, 2024.
Results of Operations
For the three months ended September 30, 2024, Blue Dolphin reported an adjusted refinery operations segment deficit of
For the nine months ended September 30, 2024, adjusted refinery operations segment margin was
"While third quarter earnings were less than planned due, in part, to soft refining margins, we relied on our balance sheet to support operations," said Jonathan P. Carroll, Chief Executive Officer of Blue Dolphin Energy Company.
Liquidity and Working Capital
As of September 30, 2024, Blue Dolphin had
For more information regarding Blue Dolphin's financial results for the three and nine-month periods ended September 30, 2024, see Blue Dolphin's Quarterly Report on Form 10-Q as filed with the Securities and Exchange Commission on November 14, 2024.
Blue Dolphin Energy Company and Subsidiaries
Earnings Release Tables
Condensed Consolidated Statements of Operations (Unaudited)
| Three Months Ended |
|
| Nine Months Ended |
| |||||||||||||||
| September 30, |
|
| June 30, |
|
| September 30, |
|
| September 30, |
| |||||||||
| 2024 |
|
| 2024 |
|
| 2023 |
|
| 2024 |
|
| 2023 |
| ||||||
| (in thousands, except per share amounts) |
| ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total revenue from operations |
| $ | 82,109 |
|
| $ | 69,659 |
|
| $ | 102,554 |
|
| $ | 242,790 |
|
| $ | 288,093 |
|
Total costs of operations |
|
| (86,907 | ) |
|
| (76,285 | ) |
|
| (93,607 | ) |
|
| (244,383 | ) |
|
| (260,731 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Income (loss) from operations |
|
| (4,798 | ) |
|
| (6,626 | ) |
|
| 8,947 |
|
|
| (1,593 | ) |
|
| 27,362 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total other expense |
|
| (1,548 | ) |
|
| (1,440 | ) |
|
| (1,543 | ) |
|
| (4,354 | ) |
|
| (4,492 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Income (loss) before income taxes |
|
| (6,346 | ) |
|
| (8,066 | ) |
|
| 7,404 |
|
|
| (5,947 | ) |
|
| 22,870 |
|
Income tax benefit (expense) |
|
| 1,346 |
|
|
| 1,716 |
|
|
| (339 | ) |
|
| 1,221 |
|
|
| (612 | ) |
Net income (loss) |
| $ | (5,000 | ) |
| $ | (6,350 | ) |
| $ | 7,065 |
|
| $ | (4,726 | ) |
| $ | 22,258 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Income (loss) per common share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
| $ | (0.34 | ) |
| $ | (0.43 | ) |
| $ | 0.47 |
|
| $ | (0.32 | ) |
| $ | 1.49 |
|
Diluted |
| $ | (0.34 | ) |
| $ | (0.43 | ) |
| $ | 0.47 |
|
| $ | (0.32 | ) |
| $ | 1.49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Reconciliation of Adjusted Refinery Operations Segment Margin (Deficit) (Unaudited)
| Three Months Ended |
|
| Nine Months Ended |
| |||||||||||||||
| September 30, |
|
| June 30, |
|
| September 30, |
|
| September 30, |
| |||||||||
| 2024 |
|
| 2024 |
|
| 2023 |
|
| 2024 |
|
| 2023 |
| ||||||
| (in thousands) |
| ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Refinery operations segment margin (deficit) |
| $ | (4,334 | ) |
| $ | (4,895 | ) |
| $ | 9,380 |
|
| $ | 364 |
|
| $ | 27,176 |
|
Add: depreciation and amortization |
|
| 302 |
|
|
| 301 |
|
|
| 303 |
|
|
| 904 |
|
|
| 911 |
|
Adjusted refinery operations segment margin (deficit) |
| $ | (4,032 | ) |
| $ | (4,594 | ) |
| $ | 9,683 |
|
| $ | 1,268 |
|
| $ | 28,087 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
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 2023 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 accesswire.com
FAQ
What was Blue Dolphin's (BDCO) working capital position in Q3 2024?
How much revenue did Blue Dolphin (BDCO) generate in Q3 2024?
What was Blue Dolphin's (BDCO) net income/loss for Q3 2024?
What caused Blue Dolphin's (BDCO) poor performance in Q3 2024?
