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Blue Dolphin Reports First Quarter 2024 Financial Results

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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.

Positive
  • Total gross profit of $11.8 million.
  • Adjusted EBITDA of $10.5 million.
  • Net income of $6.6 million or $0.44 per share.
  • Improved working capital from a deficit of $6.1 million to a surplus of $0.3 million.
  • Excluding current portion of long-term debt, working capital increased by $7.6 million.
Negative
  • Revenue from operations decreased to $91 million from $116.7 million in Q1 2023.
  • Cash and cash equivalents decreased to $11.1 million from $18.7 million at the end of 2023.
  • Income from operations decreased to $9.8 million from $18.3 million in Q1 2023.
  • Net income significantly down from $16.8 million in Q1 2023.
  • Total gross profit of $11.8 million.
  • Total adjusted EBITDA of $10.5 million.
  • Net income of $6.6 million, or $0.44 per share.

HOUSTON, TX / ACCESSWIRE / May 15, 2024 / 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, 2024. Blue Dolphin reported total gross profit of $11.8 million, adjusted earnings before interest and other expense, taxes, depreciation, and amortization (adjusted EBITDA) of $10.5 million, and net income of $6.6 million, or $0.44 per share, for the first quarter of 2024. The accompanying release tables show a reconciliation of adjusted EBITDA to net income.

"After a historic earnings year during 2023, Blue Dolphin continued to deliver strong financial results for the first quarter of 2024," said Jonathan P. Carroll, Chief Executive Officer of Blue Dolphin Energy Company. "Blue Dolphin got off to a strong start this quarter, and we believe our current maintenance activities will position us to optimize operations and our product slate going forward. However, our earnings will continue to depend primarily on refining margins."

Results of Operations

Three Months Ended Twelve Months Ended
March 31, December 31,

2024 2023 2022 2023 2022
(in thousands)
Total revenue from operations
$91,022 $116,661 $110,683 $396,048 $487,504
Total cost of goods sold
(79,192) (96,157) (104,077) (351,370) (441,433)
Gross profit
11,830 20,504 6,606 44,678 46,071
Total cost of operations
(1,999) (2,175) (1,495) (8,290) (6,988)
Income from operations
9,831 18,329 5,111 36,388 39,083
Total interest and other expense
(1,366) (1,330) (1,592) (5,862) (5,884)
Income before income taxes
8,465 16,999 3,519 30,526 33,199
Income tax benefit (expense)
(1,841) (246) (41) 485 (307)
Net income
$6,624 $16,753 $3,478 $31,011 $32,892
Income per common share
Basic
$0.44 $1.12 $0.27 $2.08 $2.34
Diluted
$0.44 $1.12 $0.27 $2.08 $2.34

Reconciliation of Adjusted EBITDA

Three Months Ended Twelve Months Ended
March 31, December 31,
2024 2023 2022 2023 2022
(in thousands)
Net income
$6,624 $16,753 $3,478 $31,011 $32,892
Excluding impacts of:
Total interest and other expense
(1,366) (1,330) (1,592) (5,862) (5,884)
Income tax benefit (expense)
(1,841) (246) (41) 485 (307)
Depreciation and amortization
(704) (698) (701) (2,798) (2,798)
Adjusted EBITDA
$10,535 $19,027 $5,812 $39,186 $41,881

Financial Position, Liquidity, and Working Capital

As of March 31, 2024, Blue Dolphin had $11.1 million of cash and cash equivalents compared to $18.7 million at December 31, 2023. Blue Dolphin had working capital of $0.3 million at March 31, 2024 and a working capital deficit of $6.1 million at December 31, 2023, representing a $6.4 million improvement. Excluding the current portion of long-term debt, Blue Dolphin had $40.9 million and $33.3 million in working capital at March 31, 2024 and December 31, 2023, respectively, representing a $7.6 million increase.

For more information regarding Blue Dolphin's financial results for the three-month period ended March 31, 2024, see Blue Dolphin's Quarterly Report on Form 10-Q as filed with the Securities and Exchange Commission on May 15, 2024.

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 over 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 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 2023 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 press release on accesswire.com

FAQ

What was Blue Dolphin's gross profit for Q1 2024?

Blue Dolphin reported a gross profit of $11.8 million for Q1 2024.

What is Blue Dolphin's stock symbol?

Blue Dolphin's stock symbol is OTCQX:BDCO.

How did Blue Dolphin's Q1 2024 net income compare to Q1 2023?

Blue Dolphin's net income for Q1 2024 was $6.6 million, down from $16.8 million in Q1 2023.

What was Blue Dolphin's revenue from operations in Q1 2024?

Blue Dolphin's revenue from operations in Q1 2024 was $91 million.

How much cash did Blue Dolphin have as of March 31, 2024?

Blue Dolphin had $11.1 million in cash and cash equivalents as of March 31, 2024.

What was Blue Dolphin's adjusted EBITDA for Q1 2024?

Blue Dolphin's adjusted EBITDA for Q1 2024 was $10.5 million.

What was the improvement in Blue Dolphin's working capital for Q1 2024?

Blue Dolphin's working capital improved from a deficit of $6.1 million to a surplus of $0.3 million in Q1 2024.

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Oil & Gas Refining & Marketing
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