Blue Dolphin (OTCQX: BDCO) Q1 2026 profit and EBITDA surge on higher margins
Rhea-AI Filing Summary
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.
Positive
- Significant earnings improvement: Net income rose to $14.7 million and EPS to $0.99 for Q1 2026 from $2.2 million and $0.15 a year earlier, supported by higher gross profit and EBITDA despite slightly lower revenue.
Negative
- None.
Insights
Blue Dolphin’s Q1 2026 shows a major margin-driven earnings jump.
Blue Dolphin Energy Company posted a large improvement in profitability for the three months ended March 31, 2026. Net income was $14.7 million versus $2.2 million a year earlier, with EPS at $0.99 compared with $0.15. This was achieved despite slightly lower revenue of $81.5 million versus $83.7 million, indicating stronger margins.
Gross profit rose to $20.6 million from $6.1 million, and consolidated EBITDA increased to $20.7 million from $5.1 million. The income statement also reflects a $1.0 million gain on a regulatory settlement, which boosts results but is not recurring by nature. Management attributes performance to improved product differentials and favorable inventory impacts amid geopolitical uncertainty and shifting refined product markets.
Cash, cash equivalents, and restricted cash totaled $1.4 million as of March 31, 2026, down from $2.0 million at December 31, 2025, so liquidity remains a consideration alongside stronger earnings. Subsequent quarterly reports and filings will show whether margin strength and EBITDA near $20.7 million can be sustained under evolving market conditions.
8-K Event Classification
Key Figures
Key Terms
consolidated EBITDA financial
gain on regulatory settlement financial
forward-looking statements regulatory
Non-U.S. GAAP measures financial
Quarterly Report on Form 10-Q regulatory
Earnings Snapshot
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99.1
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Blue Dolphin Energy Company Press Release Issued May 15, 2026. |
| 104 | Cover Page Interactive Data File (the Cover Page Interactive Data File is embedded within the Inline XBRL document). |
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Blue Dolphin Energy Company
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/s/ BRYCE D. KLUG
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Bryce D. Klug
Treasurer and Assistant Secretary
(Principal Financial and Accounting Officer)
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99.1
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Blue Dolphin Energy Company Press Release Issued May 15, 2026. |
| 104 | Cover Page Interactive Data File (the Cover Page Interactive Data File is embedded within the Inline XBRL document). |
Exhibit 99.1
PRESS RELEASE
FOR IMMEDIATE RELEASE
BLUE DOLPHIN REPORTS FIRST QUARTER 2026 FINANCIAL RESULTS
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● Total gross profit of $20.6 million ● Net income of $14.7 million, or $0.99 per share ● Consolidated earnings before interest, income taxes, depreciation, and amortization (“EBITDA”) of $20.7 million |
HOUSTON, TX / ACCESS Newswire / May 15, 2026 / 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 months ended March 31, 2026.
Results of Operations
Blue Dolphin reported net income of $14.7 million, or $0.99 per share, for the three months ended March 31, 2026 compared to net income of $2.2 million, or $ 0.15 per share, for the three months ended March 31, 2025. Gross profit totaled $20.6 million for the first quarter of 2026 compared to gross profit of $6.1 million for the same period in 2025. Consolidated EBITDA totaled $20.7 million in the first quarter of 2026 compared to consolidated EBITDA of $5.1 million in the first quarter of 2025.
See the tables below for a reconciliation of consolidated EBITDA.
"Blue Dolphin delivered strong financial results in the first quarter of 2026, reflecting improved product differentials and favorable inventory impacts against a backdrop of continued geopolitical uncertainty and shifting global refined product markets," said Jonathan P. Carroll, Chief Executive Officer of Blue Dolphin Energy Company.
Liquidity
As of March 31, 2026 Blue Dolphin had $1.4 million in cash and cash equivalents and restricted cash compared to $2.0 million at December 31, 2025.
For more information regarding Blue Dolphin's financial results for the three months ended March 31, 2026, see Blue Dolphin's Quarterly Report on Form 10-Q as filed with the U.S. Securities and Exchange Commission (the "SEC") on May 15, 2026.
Blue Dolphin Energy Company and Subsidiaries
Earnings Release Tables
Consolidated Results of Operations (Unaudited)
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Three Months Ended |
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March 31, |
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2026 |
2025 |
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(in thousands, except per-share amounts) |
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Total revenue from operations |
$ | 81,490 | $ | 83,692 | ||||
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Total cost of goods sold |
60,920 | 77,619 | ||||||
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Gross profit |
20,570 | 6,073 | ||||||
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LEH operating fee, related party |
233 | 182 | ||||||
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Other operating expenses |
161 | 119 | ||||||
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General and administrative expenses |
1,172 | 1,355 | ||||||
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Gain on regulatory settlement |
(1,013 | ) | - | |||||
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Depreciation and amortization |
74 | 74 | ||||||
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Interest, net |
1,382 | 1,464 | ||||||
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Total cost and expenses |
2,009 | 3,194 | ||||||
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Income before income taxes |
18,561 | 2,879 | ||||||
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Income tax benefit (expense) |
(3,831 | ) | (635 | ) | ||||
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Net income (loss) |
$ | 14,730 | $ | 2,244 | ||||
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Income (loss) per common share |
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Basic |
$ | 0.99 | $ | 0.15 | ||||
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Diluted |
$ | 0.99 | $ | 0.15 | ||||
Reconciliation of Certain Non-U.S. GAAP Measures (Unaudited)
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Three Months Ended March 31, |
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2026 |
2025 |
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Refinery Operations |
Tolling & Terminaling |
Corporate & Other |
Total |
Refinery Operations |
Tolling & Terminaling |
Corporate & Other |
Total |
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(in thousands) |
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Income (loss) before income taxes |
$ | 17,238 | $ | 659 | $ | 664 | $ | 18,561 | $ | 3,789 | $ | 362 | $ | (1,272 | ) | $ | 2,879 | |||||||||||||||
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Add: depreciation and amortization |
498 | 147 | 74 | 719 | 298 | 342 | 74 | 714 | ||||||||||||||||||||||||
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Add: interest, net |
854 | 414 | 114 | 1,382 | 836 | 477 | 151 | 1,464 | ||||||||||||||||||||||||
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EBITDA |
$ | 18,590 | $ | 1,220 | $ | 852 | $ | 20,662 | $ | 4,923 | $ | 1,181 | $ | (1,047 | ) | $ | 5,057 | |||||||||||||||
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 formed in 1986 as a Delaware corporation and trades 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 2025 Annual Report on Form 10-K as filed with the SEC on March 31, 2026 and in subsequent filings with the SEC. Other unpredictable or unknown factors not discussed in this press release could also adversely affect forward-looking statements.
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