Blue Dolphin Energy Company's SEC filings document material-event reporting for its petroleum refining and marketing business in the Eagle Ford Shale region. Recent Form 8-K filings report results of operations and financial condition, incorporating earnings releases as exhibits and cover-page Inline XBRL data.
The filings provide formal disclosure on revenue from operations, cost of goods sold, gross profit or deficit, net income or loss, EBITDA, refinery operations EBITDA, working capital, and related operating expense categories. Cover pages also identify the company's public-company security status, including the absence of securities registered under Section 12(b) of the Exchange Act.
BLUE DOLPHIN ENERGY CO (BDCO) reported that William Christopher McDougall, Director of Corporate Development, purchased a total of 900 shares of common stock in the open market on September 10, 2026. The reported purchase prices ranged from $12.00 to $13.65 per share, and no Rule 10b5-1 plan is reported.
BLUE DOLPHIN ENERGY CO (BDCO) insider William Christopher McDougall, identified as Director of Corporate Development, reported an open-market purchase of 200 shares of common stock on September 3, 2026 at $9.95 per share. After this transaction, he directly holds 300 shares of BDCO common stock. No Rule 10b5-1 trading plan is reported.
Blue Dolphin Energy Company reported sharply improved results for the three and six months ended June 30, 2026. For the second quarter, net income was $17.7 million ($1.19 per share) compared with a net loss of $1.7 million ($0.12 loss per share) a year earlier. Total revenue from operations was $144.3 million versus $56.6 million, and gross profit rose to $25.1 million from $0.6 million. Second-quarter consolidated EBITDA was $24.4 million, up from $0.1 million.
For the first half of 2026, net income was $32.5 million ($2.18 per share) versus $0.5 million ($0.03 per share) in the prior-year period. Revenue was $225.7 million compared with $140.3 million, and gross profit was $45.7 million versus $6.6 million. First-half consolidated EBITDA reached $45.1 million, up from $5.1 million. As of June 30, 2026, the company had $31.7 million in cash, cash equivalents and restricted cash, compared with $2.0 million at December 31, 2025. Management attributed the results to disciplined operational execution amid geopolitical and market volatility.
Blue Dolphin Energy Company reported sharply improved results for the three and six months ended June 30, 2026. Total revenue was $144.3 million for the quarter and $225.7 million year-to-date, up from $56.6 million and $140.3 million in 2025, driven mainly by refinery operations. Net income rose to $17.7 million for the quarter and $32.5 million for six months, compared with a loss of $1.7 million and income of $0.5 million a year earlier, with basic and diluted EPS of $1.19 and $2.18, respectively.
Cash and cash equivalents increased to $30.7 million from $1.0 million at year-end 2025, supported by $39.0 million of operating cash flow in the first half of 2026. Total assets were $130.3 million and stockholders’ equity improved to $59.8 million from $27.4 million, as retained earnings moved from a deficit to $19.9 million. Third-party long-term debt principal was $34.3 million, with $30.5 million classified as current due to covenant defaults on several secured term loans.
The company highlights reliance on an Affiliate that controls 85.1% of voting power, provides management services, funding support, guarantees certain debt, and is a major customer. Management notes benefits from unusually favorable crude and product price differentials in early 2026, but cautions these conditions may not persist and emphasizes ongoing risks from loan defaults, offshore decommissioning obligations, regulatory matters, and a crude supplier pricing dispute.
Blue Dolphin Energy Company reported voting results from its Annual Meeting of Stockholders held on June 25, 2026. Stockholders elected five directors, approved executive compensation on an advisory basis, chose a three-year frequency for future Say on Pay votes, and ratified UHY LLP as independent public accounting firm for the fiscal year ending December 31, 2026.
Each director nominee received over 12.8 million votes in favor with a small number of votes withheld. Say on Pay passed with over 12.8 million votes for, and UHY’s ratification received more than 12.8 million votes for and minimal opposition.
Lazarus Energy Holdings, LLC, a ten percent owner of Blue Dolphin Energy Co, reported open-market purchases of Blue Dolphin common stock. On June 12, 2026, the entity bought a total of 10,000 shares of common stock in two transactions at $3.54 per share.
A footnote notes that Jonathan Carroll, President/Managing Member of Lazarus Energy Holdings and CEO and President of Blue Dolphin Energy Company, also directly owns 4,125,000 shares of Blue Dolphin common stock. The filing reflects additional accumulation by a major shareholder.
Lazarus Energy Holdings, LLC, a 10% owner of Blue Dolphin Energy Co, reported open-market purchases of a total of 20,000 shares of common stock on May 27, 2026. The buys were executed in four trades at prices between $3.91 and $3.95 per share, increasing Lazarus Energy’s direct holdings to 8,552,500 shares of common stock. A footnote also notes that CEO Jonathan Carroll separately owns 4,125,000 Blue Dolphin shares directly.
Blue Dolphin Energy Company reported sharply higher profitability for the first quarter of 2026. Net income rose to $14.7 million, or $0.99 per share, for the three months ended March 31, 2026, compared with $2.2 million, or $0.15 per share, a year earlier. Gross profit increased to $20.6 million from $6.1 million, and consolidated EBITDA grew to $20.7 million from $5.1 million, reflecting improved product differentials and favorable inventory impacts.
Total revenue from operations was $81.5 million, slightly below $83.7 million in the prior-year quarter as lower costs drove margin gains. Results included a $1.0 million gain on a regulatory settlement, contributing to income before income taxes of $18.6 million. As of March 31, 2026, Blue Dolphin held $1.4 million in cash, cash equivalents, and restricted cash, compared with $2.0 million at December 31, 2025.
Blue Dolphin Energy Company generated net income of $14.7 million, or $0.99 per share, for the quarter ended March 31, 2026, up from $2.2 million a year earlier. Revenue was $81.5 million, slightly below the prior year, but lower crude and conversion costs and a $1.0 million gain on a regulatory settlement sharply improved margins.
Total assets rose to $118.9 million, while total liabilities reached $76.9 million. Current assets of $68.0 million compare with current liabilities of $74.5 million, reflecting an ongoing working capital deficit and significant third-party debt of $35.0 million, much of it in default.
Management continues to evaluate Blue Dolphin as a going concern but believes cash flow from operations and working capital liquidation can cover obligations for at least one year. Risks remain elevated due to loan covenant defaults, decommissioning liabilities, regulatory compliance costs, and a crude supplier pricing dispute where an additional loss of up to $3.4 million is reasonably possible.
Blue Dolphin Energy Company is asking stockholders to vote at its June 25, 2026 annual meeting on five items, including electing five directors, approving executive compensation on an advisory basis, setting the frequency of Say on Pay votes, and ratifying UHY LLP as auditor for 2026.
The company highlights 2025 gross profit of $8.7 million and a consolidated loss before interest, taxes, depreciation and amortization of $1.3 million, along with 2024 debt reduction of $7.5 million on term loans. For the three months ended March 31, 2025 it reported gross profit of $6.1 million and EBITDA of $5.1 million.
As of the April 27, 2026 record date, there were 14,921,968 common shares outstanding, and Chairman and CEO Jonathan Carroll together with Lazarus Energy Holdings LLC controlled about 84.9% of voting power. Blue Dolphin operates under extensive related‑party agreements with LEH, which supplies all personnel and receives a management fee based on consolidated operating costs.