Blue Dolphin Announces Second Quarter 2023 Results
- Blue Dolphin reported a gross profit of $1.9 million for Q2 2023, compared to $16.8 million in Q2 2022.
- Net income for Q2 2023 was a loss of $1.6 million, or $0.10 per share, compared to income of $13.4 million, or $0.97 per share, in the same period last year.
- The decrease in net income was attributed to weaker refining margins, lower production volumes, and inventory buildup.
- The company's financial position improved, with a reduction in long-term debt and an increase in working capital.
- The decrease in net income may negatively impact the stock price.
- Weaker refining margins and lower production volumes could continue to affect the company's profitability.
- Reported gross profit of
$1.9 million and$22.4 million for the three and six months ended June 30, 2023, respectively. - Reported net loss of
$1.6 million , or$0.10 per share, and net income of$15.2 million , or income of$1.02 per share, for the three and six months ended June 30, 2023. - Further strengthening of the balance sheet, reducing long-term debt, net and associated interest payable by
$2.7 million , or4.6% , as of June 30, 2023 compared to December 31, 2022. - Continued safe operation of the Nixon refinery under extreme, heat-related weather conditions.
HOUSTON, TX / ACCESSWIRE / August 15, 2023 / 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 second quarter of 2023.
For the three months ended June 30, 2023, gross profit totaled
For the six months ended June 30, 2023, gross profit totaled
"Although second quarter 2023 results were impacted by considerably lower refining margins and a challenging operating environment, our first half 2023 performance remained strong," said Jonathan P. Carroll, Chief Executive Officer of Blue Dolphin Energy Company. "So far in the third quarter 2023, refining margins have reversed course, rebounding higher and setting the stage for what we believe will be a brighter current quarter."
Results of Operations
Reconciliation of Segment Gross Profit
(1) General and administrative expenses within refinery operations includes the LEH operating fee, related party, other operating expenses, and accretion of asset retirement obligations.
Financial Position, Liquidity, and Working Capital
As of June 30, 2023, Blue Dolphin had
Mr. Carroll continued, "During the second quarter of 2023, we entered into forbearance agreements with two additional lenders. As a result of lender payments, Blue Dolphin decreased net debt and associated accrued interest by
(1) Blue Dolphin has 2,500,000 shares of preferred stock, par value
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-bpd crude distillation tower with more than 1.25 million bbls 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 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 that are 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," "pursues," "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 what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance 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 as a result 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 2022 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 have material adverse effects on forward-looking statements.
SOURCE: Blue Dolphin Energy Company
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