BLUE DOLPHIN ENERGY CO - BDCO STOCK NEWS

Blue Dolphin Energy Company (OTCQX:BDCO) reported its Q2 2024 financial results. Despite a challenging quarter with a total gross deficit of $4.1 million and a net loss of $6.4 million, the company showed improvement in its financial position. Key highlights include:

- Positive working capital of $18.8 million as of June 30, 2024, a $24.9 million improvement from December 31, 2023.

- For the six months ended June 30, 2024: total gross profit of $7.8 million, net income of $0.3 million, and adjusted EBITDA of $4.6 million.

- Q2 results were impacted by a $5.5 million inventory impairment and $1.2 million in maintenance turnaround expenses.

The company completed a maintenance turnaround of the Nixon facility and significantly decreased current debt in Q2 2024.

Blue Dolphin Energy Company (OTCQX:BDCO) reported its financial results for Q1 2024, highlighting a total gross profit of $11.8 million, adjusted EBITDA of $10.5 million, and net income of $6.6 million or $0.44 per share. Revenue from operations was $91 million, down from $116.7 million in the same period in 2023. The company’s cash and cash equivalents decreased to $11.1 million. However, working capital improved from a deficit of $6.1 million to a surplus of $0.3 million.

Blue Dolphin Energy Company (BDCO) has been named to the 2024 OTCQX Best 50, a ranking of top performing companies traded on the OTCQX Best Market. The ranking is based on one-year total return and average daily dollar volume growth in the previous year. This is the second consecutive year that Blue Dolphin has achieved this distinction, showcasing the company's efforts to increase shareholder value and improve liquidity. The OTCQX Best Market offers transparent and efficient trading of established, investor-focused U.S. and global companies, requiring high financial standards, best practice corporate governance, and compliance with applicable securities laws.

Blue Dolphin Energy Company (BDCO) reported a net income of $7.1 million, or $0.47 per share, for the quarter ended September 30, 2023. The company's financial highlights included a $1.2 million increase in gross profit to $11.2 million from the third quarter of 2022, and a $0.7 million increase in net income to $7.1 million from the same period last year. Jonathan P. Carroll, the CEO, expressed confidence in the company's performance and highlighted a focus on safe operations, increased liquidity, and debt restructuring.

Blue Dolphin Energy Company reports financial results for the second quarter of 2023, with a decrease in net income due to weaker refining margins and lower production volumes.

Blue Dolphin Energy Company (OTCQX:BDCO) reported strong financial results for 2022, achieving a gross profit of $46.1 million, a remarkable increase of 4940% from $0.9 million in 2021. Net income surged to $32.9 million or $2.34 per share, up from a net loss of $12.8 million in the previous year. The refining operations segment contributed $41.2 million in margin, a significant turnaround from a $3.4 million deficit in 2021. Executive Jonathan P. Carroll noted the record-setting performance, highlighting a favorable outlook if refining margins remain positive.

Blue Dolphin Energy Company (OTCQX:BDCO) announced a forbearance agreement with Veritex Community Bank, addressing approximately $5.4 million in past due principal and interest. The agreement allows the company to avoid defaults until September 30, 2023, with monthly payments scheduled until then. If the debt is repaid by the deadline, late fees of $400,000 will be waived. CEO Jonathan Carroll noted active discussions to secure new long-term debt facilities to refinance existing debts and support future projects.