Blue Dolphin Reports Full Year 2024 Financial Results
Blue Dolphin Energy Company (OTCQX:BDCO) reported a significant financial downturn for FY2024. The company posted a net loss of $8.6 million ($0.58 per share), compared to net income of $31.0 million ($2.08 per share) in 2023. Total revenue decreased to $317.5 million from $396.0 million in 2023.
Refining EBITDA dropped substantially to $2.3 million ($0.61 per barrel) from $38.6 million ($9.37 per barrel) in 2023, impacted by less favorable refining margins, lower sales volume, maintenance costs, and an $8.3 million inventory impairment. Tolling and terminaling EBITDA declined to $2.1 million from $4.3 million.
The company's liquidity position weakened with cash and equivalents falling to $1.1 million from $18.7 million, while working capital deficit increased to $19.1 million from $6.1 million. During 2024, Blue Dolphin prioritized debt reduction, paying down $7.5 million in principal and accrued interest on term loans.
Blue Dolphin Energy Company (OTCQX:BDCO) ha riportato un significativo calo finanziario per l'anno fiscale 2024. L'azienda ha registrato una perdita netta di 8,6 milioni di dollari (0,58 dollari per azione), rispetto a un utile netto di 31,0 milioni di dollari (2,08 dollari per azione) nel 2023. Il fatturato totale 猫 diminuito a 317,5 milioni di dollari dai 396,0 milioni di dollari del 2023.
L'EBITDA di raffinazione 猫 sceso drasticamente a 2,3 milioni di dollari (0,61 dollari per barile) dai 38,6 milioni di dollari (9,37 dollari per barile) del 2023, influenzato da margini di raffinazione meno favorevoli, volume di vendite ridotto, costi di manutenzione e una svalutazione dell'inventario di 8,3 milioni di dollari. L'EBITDA per tolling e terminal 猫 diminuito a 2,1 milioni di dollari dai 4,3 milioni di dollari.
La posizione di liquidit脿 dell'azienda si 猫 indebolita, con disponibilit脿 liquide e equivalenti scesi a 1,1 milioni di dollari rispetto ai 18,7 milioni di dollari, mentre il deficit di capitale circolante 猫 aumentato a 19,1 milioni di dollari dai 6,1 milioni di dollari. Durante il 2024, Blue Dolphin ha dato priorit脿 alla riduzione del debito, rimborsando 7,5 milioni di dollari in capitale e interessi maturati su prestiti a termine.
Blue Dolphin Energy Company (OTCQX:BDCO) report贸 una ca铆da financiera significativa para el a帽o fiscal 2024. La compa帽铆a registr贸 una p茅rdida neta de 8,6 millones de d贸lares (0,58 d贸lares por acci贸n), en comparaci贸n con un ingreso neto de 31,0 millones de d贸lares (2,08 d贸lares por acci贸n) en 2023. Los ingresos totales disminuyeron a 317,5 millones de d贸lares desde 396,0 millones de d贸lares en 2023.
El EBITDA de refinaci贸n cay贸 sustancialmente a 2,3 millones de d贸lares (0,61 d贸lares por barril) desde 38,6 millones de d贸lares (9,37 d贸lares por barril) en 2023, afectado por m谩rgenes de refinaci贸n menos favorables, menor volumen de ventas, costos de mantenimiento y una disminuci贸n de inventario de 8,3 millones de d贸lares. El EBITDA por peaje y terminal tambi茅n disminuy贸 a 2,1 millones de d贸lares desde 4,3 millones de d贸lares.
La posici贸n de liquidez de la compa帽铆a se debilit贸, con efectivo y equivalentes cayendo a 1,1 millones de d贸lares desde 18,7 millones de d贸lares, mientras que el d茅ficit de capital de trabajo aument贸 a 19,1 millones de d贸lares desde 6,1 millones de d贸lares. Durante 2024, Blue Dolphin prioriz贸 la reducci贸n de deuda, pagando 7,5 millones de d贸lares en capital e intereses acumulados sobre pr茅stamos a plazo.
敫旊（ 霃岉晙 鞐愲剤歆� 旎错嵓雼� (OTCQX:BDCO)電� 2024 須岅硠鞐半弰鞐� 靸侂嫻頃� 鞛爼鞝� 頃橂澖靹鸽ゼ 氤搓碃頄堨姷雼堧嫟. 須岇偓電� 860毵� 雼煬鞚� 靾滌啇鞁� (欤茧嫻 0.58雼煬)鞚� 旮半頄堨溂氅�, 鞚措姅 2023雲勳潣 靾滌澊鞚� 3,100毵� 雼煬 (欤茧嫻 2.08雼煬)鞕� 牍勱祼霅╇媹雼�. 齑� 靾橃澋鞚� 2023雲勳潣 3鞏� 9,600毵� 雼煬鞐愳劀 3鞏� 1,750毵� 雼煬搿� 臧愳唽頄堨姷雼堧嫟.
鞝曥牅 EBITDA電� 2023雲勳潣 3,860毵� 雼煬 (氚半煷雼� 9.37雼煬)鞐愳劀 230毵� 雼煬 (氚半煷雼� 0.61雼煬)搿� 韥矊 臧愳唽頄堨溂氅�, 鞚措姅 雿� 鞙犽Μ頃� 鞝曥牅 毵堨, 雮潃 韺愲Г霟�, 鞙犾氤挫垬 牍勳毄 氚� 830毵� 雼煬鞚� 鞛碃 靻愳儊 鞓來枼 霑岆鞛呺媹雼�. 韱 氚� 韯半雱愲 EBITDA電� 430毵� 雼煬鞐愳劀 210毵� 雼煬搿� 臧愳唽頄堨姷雼堧嫟.
须岇偓鞚� 鞙犽彊靹� 鞙勳箻電� 鞎巾檾霅橃棃鞙茧┌, 順勱笀 氚� 順勱笀靹� 鞛愳偘鞚� 1,100,000雼煬搿� 臧愳唽頄堨溂氅�, 鞖挫榿 鞛愲掣 鞝侅瀽電� 610毵� 雼煬鞐愳劀 1,910毵� 雼煬搿� 歃濌皜頄堨姷雼堧嫟. 2024雲� 霃欖晥 敫旊（ 霃岉晙鞚� 攵�毂� 臧愳唽毳� 鞖办劆鞁滍晿鞐�, 鞛リ赴 雽�於滌潣 鞗愱笀 氚� 氚滌儩 鞚挫瀽 750毵� 雼煬毳� 靸來櫂頄堨姷雼堧嫟.
Blue Dolphin Energy Company (OTCQX:BDCO) a signal茅 un important d茅clin financier pour l'exercice 2024. L'entreprise a affich茅 une perte nette de 8,6 millions de dollars (0,58 dollar par action), contre un b茅n茅fice net de 31,0 millions de dollars (2,08 dollars par action) en 2023. Le chiffre d'affaires total a diminu茅 脿 317,5 millions de dollars contre 396,0 millions de dollars en 2023.
L'EBITDA de raffinage a chut茅 de mani猫re significative 脿 2,3 millions de dollars (0,61 dollar par baril) contre 38,6 millions de dollars (9,37 dollars par baril) en 2023, impact茅 par des marges de raffinage moins favorables, un volume de ventes plus faible, des co没ts d'entretien et une d茅pr茅ciation des stocks de 8,3 millions de dollars. L'EBITDA de p茅age et de terminal a diminu茅 脿 2,1 millions de dollars contre 4,3 millions de dollars.
La position de liquidit茅 de l'entreprise s'est d茅t茅rior茅e, avec des liquidit茅s et 茅quivalents tombant 脿 1,1 million de dollars contre 18,7 millions de dollars, tandis que le d茅ficit de fonds de roulement a augment茅 脿 19,1 millions de dollars contre 6,1 millions de dollars. Au cours de l'ann茅e 2024, Blue Dolphin a donn茅 la priorit茅 脿 la r茅duction de la dette, remboursant 7,5 millions de dollars en principal et int茅r锚ts accumul茅s sur des pr锚ts 脿 terme.
Blue Dolphin Energy Company (OTCQX:BDCO) berichtete 眉ber einen erheblichen finanziellen R眉ckgang f眉r das Gesch盲ftsjahr 2024. Das Unternehmen verzeichnete einen Nettoverlust von 8,6 Millionen Dollar (0,58 Dollar pro Aktie), verglichen mit einem Nettogewinn von 31,0 Millionen Dollar (2,08 Dollar pro Aktie) im Jahr 2023. Der Gesamtumsatz sank auf 317,5 Millionen Dollar von 396,0 Millionen Dollar im Jahr 2023.
Das Refining EBITDA fiel erheblich auf 2,3 Millionen Dollar (0,61 Dollar pro Barrel) von 38,6 Millionen Dollar (9,37 Dollar pro Barrel) im Jahr 2023, beeinflusst durch weniger g眉nstige Raffineriemargen, niedrigere Verkaufszahlen, Wartungskosten und eine Bestandsabschreibung von 8,3 Millionen Dollar. Das Tolling- und Terminal-EBITDA sank auf 2,1 Millionen Dollar von 4,3 Millionen Dollar.
Die 尝颈辩耻颈诲颈迟盲迟蝉濒补驳别 des Unternehmens hat sich verschlechtert, da Bargeld und 脛quivalente auf 1,1 Millionen Dollar von 18,7 Millionen Dollar gefallen sind, w盲hrend das Working Capital-Defizit auf 19,1 Millionen Dollar von 6,1 Millionen Dollar gestiegen ist. Im Jahr 2024 priorisierte Blue Dolphin die Schuldenreduzierung und zahlte 7,5 Millionen Dollar an Haupt- und aufgelaufenen Zinsen auf Terminkredite zur眉ck.
- Paid down $7.5 million in term loan debt
- Completed planned maintenance turnarounds positioning for 2025
- Net loss of $8.6 million in 2024 vs $31.0 million profit in 2023
- Revenue declined 19.8% to $317.5 million
- Refining EBITDA dropped 94% to $2.3 million
- Cash position decreased to $1.1 million from $18.7 million
- Working capital deficit increased by $13.0 million to $19.1 million
- $8.3 million inventory impairment charge
HOUSTON, TX / / April 1, 2025 / 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 twelve months ended December 31, 2024.
Results of Operations
On a consolidated basis, Blue Dolphin reported a net loss of
"Blue Dolphin entered 2024 in a strong financial position, and the strength of our balance sheet enabled us to navigate challenging market conditions throughout the year," said Jonathan P. Carroll, Chief Executive Officer of Blue Dolphin. "During 2024 we prioritized debt reduction, paying down
Liquidity and Working Capital
As of December 31, 2024, Blue Dolphin had
For more information regarding Blue Dolphin's financial results for the twelve months ended December 31, 2024, see Blue Dolphin's Annual Report on Form 10-K as filed with the Securities and Exchange Commission on March 31, 2025.
Blue Dolphin Energy Company and Subsidiaries
Earnings Release Tables
Condensed Consolidated Statements of Operations (Audited)
| Twelve Months Ended |
| ||||||||||
| December 31, |
| ||||||||||
| 2024 |
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| 2023 |
|
| 2022 |
| ||||
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| |||
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Total revenue from operations |
| $ | 317,519 |
|
| $ | 396,048 |
|
| $ | 487,504 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total cost of goods sold |
|
| 313,629 |
|
|
| 353,949 |
|
|
| 444,025 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Gross profit |
|
| 3,890 |
|
|
| 42,099 |
|
|
| 43,479 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
LEH operating fee, related party |
|
| 811 |
|
|
| 533 |
|
|
| 744 |
|
Other operating expenses |
|
| 640 |
|
|
| 208 |
|
|
| 221 |
|
General and administrative expenses |
|
| 6,443 |
|
|
| 3,134 |
|
|
| 2,915 |
|
Depreciation and amortization |
|
| 232 |
|
|
| 219 |
|
|
| 206 |
|
Impairment of fixed assets |
|
| - |
|
|
| 1,558 |
|
|
| 114 |
|
Bad debt expense |
|
| 70 |
|
|
| - |
|
|
| 62 |
|
Accretion of asset retirement obligations |
|
| - |
|
|
| 59 |
|
|
| 134 |
|
Interest, net |
|
| 5,859 |
|
|
| 5,862 |
|
|
| 5,884 |
|
Total costs and expenses |
|
| 14,055 |
|
|
| 11,573 |
|
|
| 10,280 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Income (loss) before income taxes |
|
| (10,165 | ) |
|
| 30,526 |
|
|
| 33,199 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Income tax benefit (expense) |
|
| 1,529 |
|
|
| 485 |
|
|
| (307 | ) |
|
|
|
|
|
|
|
|
|
|
|
| |
Net income (loss) |
| $ | (8,636 | ) |
| $ | 31,011 |
|
| $ | 32,892 |
|
|
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Income (loss) per common share |
|
|
|
|
|
|
|
|
|
|
|
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Basic |
| $ | (0.58 | ) |
| $ | 2.08 |
|
| $ | 2.34 |
|
Diluted |
| $ | (0.58 | ) |
| $ | 2.08 |
|
| $ | 2.34 |
|
Reconciliation of Certain Non-U.S. GAAP Measures (Unaudited)
| Twelve Months Ended | ||||||||||||||||||||||||||||||
| December 31, | ||||||||||||||||||||||||||||||
| 2024 |
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| 2023 | |||||||||||||||||||||||||||
| Refinery Operations |
|
| Tolling & Terminaling |
|
| Corporate & Other |
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| Total |
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| Refinery Operations |
|
| Tolling & Terminaling |
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| Corporate & Other |
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| Total | |||||||||
| (in thousands) | ||||||||||||||||||||||||||||||
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Income (loss) before income taxes |
| $ | (2,268 | ) |
| $ | (1,262 | ) |
| $ | (6,635 | ) |
| $ | (10,165 | ) |
| $ | 34,300 |
|
| $ | 980 |
|
| $ | (4,754 | ) |
| $ | 30,526 |
|
|
|
|
|
|
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|
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|
|
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|
|
|
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|
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|
|
|
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|
|
| |
Add: depreciation and amortization |
|
| 1,206 |
|
|
| 1,368 |
|
|
| 232 |
|
|
| 2,806 |
|
|
| 1,211 |
|
|
| 1,368 |
|
|
| 219 |
|
|
| 2,798 |
Add: interest, net |
|
| 3,313 |
|
|
| 1,961 |
|
|
| 585 |
|
|
| 5,859 |
|
|
| 3,130 |
|
|
| 1,964 |
|
|
| 768 |
|
|
| 5,862 |
|
|
|
|
|
|
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|
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|
|
|
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| |
EBITDA |
| $ | 2,251 |
|
| $ | 2,067 |
|
| $ | (5,818 | ) |
| $ | (1,500 | ) |
| $ | 38,641 |
|
| $ | 4,312 |
|
| $ | (3,767 | ) |
| $ | 39,186 |
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 .
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 2024 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 on ACCESS Newswire
FAQ
What caused Blue Dolphin (BDCO) to report a loss in 2024?
How much debt did Blue Dolphin (BDCO) pay down in 2024?
What was BDCO's working capital position at the end of 2024?
How did Blue Dolphin's (BDCO) refining EBITDA perform in 2024 vs 2023?
What was BDCO's revenue decline in 2024 compared to 2023?
