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 è diminuito a 317,5 milioni di dollari dai 396,0 milioni di dollari del 2023.
L'EBITDA di raffinazione è 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 è diminuito a 2,1 milioni di dollari dai 4,3 milioni di dollari.
La posizione di liquidità dell'azienda si è indebolita, con disponibilità liquide e equivalenti scesi a 1,1 milioni di dollari rispetto ai 18,7 milioni di dollari, mentre il deficit di capitale circolante è aumentato a 19,1 milioni di dollari dai 6,1 milioni di dollari. Durante il 2024, Blue Dolphin ha dato priorità 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) reportó una caída financiera significativa para el año fiscal 2024. La compañía registró una pérdida neta de 8,6 millones de dólares (0,58 dólares por acción), en comparación con un ingreso neto de 31,0 millones de dólares (2,08 dólares por acción) en 2023. Los ingresos totales disminuyeron a 317,5 millones de dólares desde 396,0 millones de dólares en 2023.
El EBITDA de refinación cayó sustancialmente a 2,3 millones de dólares (0,61 dólares por barril) desde 38,6 millones de dólares (9,37 dólares por barril) en 2023, afectado por márgenes de refinación menos favorables, menor volumen de ventas, costos de mantenimiento y una disminución de inventario de 8,3 millones de dólares. El EBITDA por peaje y terminal también disminuyó a 2,1 millones de dólares desde 4,3 millones de dólares.
La posición de liquidez de la compañía se debilitó, con efectivo y equivalentes cayendo a 1,1 millones de dólares desde 18,7 millones de dólares, mientras que el déficit de capital de trabajo aumentó a 19,1 millones de dólares desde 6,1 millones de dólares. Durante 2024, Blue Dolphin priorizó la reducción de deuda, pagando 7,5 millones de dólares en capital e intereses acumulados sobre préstamos a plazo.
블루 돌핀 에너지 컴퍼니 (OTCQX:BDCO)는 2024 회계연도에 상당한 재정적 하락세를 보고했습니다. 회사는 860만 달러의 순손실 (주당 0.58달러)을 기록했으며, 이는 2023년의 순이익 3,100만 달러 (주당 2.08달러)와 비교됩니다. 총 수익은 2023년의 3억 9,600만 달러에서 3억 1,750만 달러로 감소했습니다.
정제 EBITDA는 2023년의 3,860만 달러 (배럴당 9.37달러)에서 230만 달러 (배럴당 0.61달러)로 크게 감소했으며, 이는 덜 유리한 정제 마진, 낮은 판매량, 유지보수 비용 및 830만 달러의 재고 손상 영향 때문입니다. 톨링 및 터미널링 EBITDA는 430만 달러에서 210만 달러로 감소했습니다.
회사의 유동성 위치는 약화되었으며, 현금 및 현금성 자산은 1,100,000달러로 감소했으며, 운영 자본 적자는 610만 달러에서 1,910만 달러로 증가했습니다. 2024년 동안 블루 돌핀은 부채 감소를 우선시하여, 장기 대출의 원금 및 발생 이자 750만 달러를 상환했습니다.
Blue Dolphin Energy Company (OTCQX:BDCO) a signalé un important déclin financier pour l'exercice 2024. L'entreprise a affiché une perte nette de 8,6 millions de dollars (0,58 dollar par action), contre un bénéfice net de 31,0 millions de dollars (2,08 dollars par action) en 2023. Le chiffre d'affaires total a diminué à 317,5 millions de dollars contre 396,0 millions de dollars en 2023.
L'EBITDA de raffinage a chuté de manière significative à 2,3 millions de dollars (0,61 dollar par baril) contre 38,6 millions de dollars (9,37 dollars par baril) en 2023, impacté par des marges de raffinage moins favorables, un volume de ventes plus faible, des coûts d'entretien et une dépréciation des stocks de 8,3 millions de dollars. L'EBITDA de péage et de terminal a diminué à 2,1 millions de dollars contre 4,3 millions de dollars.
La position de liquidité de l'entreprise s'est détériorée, avec des liquidités et équivalents tombant à 1,1 million de dollars contre 18,7 millions de dollars, tandis que le déficit de fonds de roulement a augmenté à 19,1 millions de dollars contre 6,1 millions de dollars. Au cours de l'année 2024, Blue Dolphin a donné la priorité à la réduction de la dette, remboursant 7,5 millions de dollars en principal et intérêts accumulés sur des prêts à terme.
Blue Dolphin Energy Company (OTCQX:BDCO) berichtete über einen erheblichen finanziellen Rückgang für das Geschäftsjahr 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 günstige 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 Liquiditätslage des Unternehmens hat sich verschlechtert, da Bargeld und Äquivalente auf 1,1 Millionen Dollar von 18,7 Millionen Dollar gefallen sind, während 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 zurück.
- 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 / ACCESS Newswire / 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 |
|
| 2023 |
|
| 2022 |
| ||||
|
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|
| |||
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|
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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 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
| Total |
|
| Refinery Operations |
|
| Tolling & Terminaling |
|
| 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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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
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 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 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 press release 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?
