Blue Dolphin Stock Price, News & Analysis

Blue Dolphin Energy Company (BDCO) Stock Overview

Blue Dolphin Energy Company is an independent downstream energy company that operates in the Gulf Coast region of the United States. According to its public disclosures, Blue Dolphin focuses on refining and related activities and trades on the OTCQX market under the ticker symbol BDCO. The company was formed in 1986 as a Delaware corporation.

Blue Dolphin describes itself as an independent refiner and marketer of petroleum products in the Eagle Ford Shale region. Through its subsidiaries, it operates a light, sweet-crude crude distillation tower with a stated capacity of 15,000 barrels per day and more than 1.25 million barrels of petroleum storage tank capacity in Nixon, Texas. These refining and storage assets form the core of Blue Dolphin’s downstream operations.

Business Focus and Operations

Based on the company’s earnings releases, Blue Dolphin’s activities are organized around downstream energy operations. Its reporting and discussion of results refer to refinery operations as well as tolling and terminaling activities. Refinery operations relate to processing light, sweet crude oil in the Nixon facility’s crude distillation tower, while tolling and terminaling activities are presented as a separate segment in the company’s financial tables.

Blue Dolphin’s financial reporting frequently references measures such as gross profit, segment margin, and earnings before interest, income taxes, depreciation, and amortization (EBITDA). The company provides reconciliations of these non-GAAP measures to income or loss before income taxes. This indicates a focus on tracking the performance of its refining and tolling/terminaling operations and the impact of costs such as maintenance, turnaround expenses, and inventory impairments.

Geographic Footprint and Asset Base

Blue Dolphin states that it operates in the Gulf Coast region of the United States and that its key physical assets are located in Nixon, Texas. The Nixon facility includes a light, sweet-crude crude distillation tower with a capacity of 15,000 barrels per day and petroleum storage tank capacity exceeding 1.25 million barrels. These assets support both refinery operations and tolling and terminaling activities, as reflected in the company’s segment reporting.

The company’s public communications emphasize the Nixon facility and its role in processing crude and handling petroleum storage. References in multiple earnings releases and the “About Blue Dolphin” sections underscore that these assets are central to Blue Dolphin’s downstream energy business.

Corporate History and Trading Venue

Blue Dolphin reports that it was formed in 1986 as a Delaware corporation. Over time, it has developed its downstream energy operations around the Nixon, Texas facility. The company’s stock is quoted on the OTCQX market under the symbol BDCO, as stated in its press releases covering quarterly and annual financial results.

In its filings and news releases, Blue Dolphin identifies itself as Blue Dolphin Energy Company and notes that it has no securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934, while its common stock trades on OTCQX. Investors researching BDCO stock therefore encounter a company with a long corporate history and a specific focus on downstream refining and related services in the Gulf Coast region.

Financial Reporting and Performance Metrics

Blue Dolphin regularly issues press releases summarizing its financial results for quarterly and annual periods, and it files related reports with the U.S. Securities and Exchange Commission (SEC), including Forms 10-Q, 10-K, and current reports on Form 8-K. The company highlights metrics such as total revenue from operations, total cost of goods sold, gross profit or deficit, net income or loss, and various forms of EBITDA, including consolidated EBITDA, refining EBITDA, and adjusted EBITDA.

In its disclosures for recent periods, Blue Dolphin has discussed the effect of refining margins, sales volumes, maintenance turnaround expenses, and inventory impairments on its results. For example, the company has noted that inventory impairments recognized at the lower of cost or net realizable value, as well as maintenance turnaround costs, can significantly affect gross profit, segment margins, and EBITDA. It has also described how working capital levels and cash and cash equivalents change over time based on operating performance and debt-related payments.

Segment Discussion: Refinery Operations and Tolling & Terminaling

Blue Dolphin’s earnings release tables break down results by refinery operations, tolling and terminaling, and corporate and other. Refinery operations income or loss before income taxes, along with refinery operations EBITDA, are presented to show the contribution of the Nixon crude distillation tower and associated refining activities. Tolling and terminaling income or loss and related EBITDA are reported separately, reflecting activities associated with handling and storing petroleum products.

The company’s reconciliations show how depreciation and amortization, interest, and other items are added back to income or loss before income taxes to arrive at EBITDA figures for each segment and for the total company. This structure allows investors to see how different parts of Blue Dolphin’s downstream business perform over time.

Regulatory Filings and Public Disclosures

Blue Dolphin files periodic and current reports with the SEC. For example, a Form 8-K dated November 14, 2025, states that the company issued a press release reporting its financial results for the three and nine months ended September 30, 2025 and its financial condition as of that date. The press release was attached as an exhibit and incorporated by reference in the filing.

In addition to Forms 8-K, Blue Dolphin refers readers to its Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K for more detailed information regarding its financial results, risk factors, and other disclosures. These documents provide the official regulatory record of the company’s operations, financial condition, and risk profile.

BDCO Stock and Investor Considerations

Investors evaluating BDCO stock encounter a downstream energy company whose reported performance is closely tied to refining margins, operating costs, and the utilization of its Nixon, Texas facility. The company’s public statements emphasize the importance of maintenance activities, product slate decisions, and cost management in influencing refining margins and overall profitability.

Blue Dolphin’s communications also highlight changes in working capital, cash balances, and debt levels over time. The company has described periods in which it focused on debt reduction, entered into forbearance agreements with lenders, and used cash flow from operations to support its financial position. These disclosures provide context for understanding the financial condition associated with BDCO shares.

Role in the Downstream Energy Sector

Within the broader energy value chain, Blue Dolphin positions itself in the downstream segment, focusing on refining and related services rather than exploration or production of crude oil. Its operations in the Gulf Coast region and its light, sweet-crude distillation tower in Nixon, Texas are central to this role. The company’s repeated description as an independent downstream energy company and independent refiner and marketer of petroleum products reflects this positioning.

Because Blue Dolphin reports segment results for refinery operations and tolling and terminaling, investors can see how these downstream activities contribute to revenue, gross profit, and EBITDA. The company’s disclosures about refining margins, inventory impairments, and maintenance turnaround expenses illustrate some of the operational and financial factors that can influence performance in the downstream energy sector.