Every 10-Q that BLUE DOLPHIN ENERGY CO (BDCO) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow BDCO and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full BDCO filings page.
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 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 (BDCO) reported third‑quarter 2025 results. Revenue from operations was $70.4 million, with a net loss of $4.7 million (basic and diluted EPS $(0.31)). Year‑to‑date revenue was $210.6 million with a nine‑month net loss of $4.2 million.
Liquidity remains tight. Cash and cash equivalents were $2.3 million and restricted cash $1.0 million. Current liabilities totaled $72.4 million, including $32.5 million of long‑term debt classified as current due to defaults. Total long‑term debt principal was $36.5 million as of September 30, 2025. Management noted historical working capital deficits and significant debt in default, while stating an expectation to meet obligations through operating cash flows and liquidation of working capital.
The company disclosed covenant defaults on the LE Term Loan Due 2034 and LRM Term Loan Due 2034, and non‑financial covenant defaults on the NPS Term Loan Due 2031. Q3 included a $3.0 million impairment of fixed assets and an increase in asset retirement obligations to a $6.0 million current liability. Shares outstanding were 14,921,968 as of September 30, 2025.