Blue Dolphin Reports Third Quarter 2024 Financial Results
Blue Dolphin Energy Company (OTCQX:BDCO) reported financial results for Q3 2024, showing an adjusted refinery operations segment deficit of $4.0 million compared to a $9.7 million margin in Q3 2023. The company's working capital improved to a positive $9.9 million, a $16.0 million increase from December 2023. Total revenue decreased to $82.1 million from $102.6 million year-over-year. Performance was negatively impacted by less favorable refining margins, lower sales volume, and a $1.9 million inventory impairment. Cash and equivalents stood at $1.7 million, down from $18.7 million at the end of 2023.
Blue Dolphin Energy Company (OTCQX:BDCO) ha riportato i risultati finanziari per il terzo trimestre del 2024, evidenziando un deficit nel segmento delle operazioni di raffinazione corretto di 4,0 milioni di dollari, rispetto a un margine di 9,7 milioni di dollari nel terzo trimestre del 2023. Il capitale circolante dell'azienda è migliorato, raggiungendo un positivo 9,9 milioni di dollari, con un incremento di 16,0 milioni rispetto a dicembre 2023. Il fatturato totale è diminuito a 82,1 milioni di dollari, rispetto ai 102,6 milioni dell'anno precedente. Le performance sono state negativamente influenzate da margini di raffinazione meno favorevoli, un volume di vendite ridotto e una svalutazione dell'inventario di 1,9 milioni di dollari. Le disponibilità liquide e i mezzi equivalenti sono ammontati a 1,7 milioni di dollari, in calo rispetto ai 18,7 milioni di dollari alla fine del 2023.
Blue Dolphin Energy Company (OTCQX:BDCO) reportó resultados financieros para el tercer trimestre de 2024, mostrando un déficit ajustado en el segmento de operaciones de refinación de 4.0 millones de dólares en comparación con un margen de 9.7 millones de dólares en el tercer trimestre de 2023. El capital de trabajo de la compañía mejoró a un positivo 9.9 millones de dólares, un aumento de 16.0 millones desde diciembre de 2023. Los ingresos totales disminuyeron a 82.1 millones de dólares desde 102.6 millones de dólares interanualmente. El desempeño se vio negativamente afectado por márgenes de refinación menos favorables, menor volumen de ventas y una pérdida de inventario de 1.9 millones de dólares. El efectivo y equivalentes se situaron en 1.7 millones de dólares, abajo desde 18.7 millones de dólares a finales de 2023.
블루 돌핀 에너지 컴퍼니 (OTCQX:BDCO)는 2024년 3분기 재무 결과를 보고하며, 정제 운영 부문에서 조정된 적자가 400만 달러로 2023년 3분기의 970만 달러의 마진과 대비된다고 발표했습니다. 회사의 운전 자본은 990만 달러로 개선되어, 2023년 12월보다 1600만 달러 증가했습니다. 총 수익은 작년 대비 1억 820만 달러에서 8천210만 달러로 감소했습니다. 성과는 덜 유리한 정제 마진, 낮은 판매량 및 190만 달러의 재고 손실로 부정적인 영향을 받았습니다. 현금과 현금성 자산은 170만 달러로, 2023년 말의 1천870만 달러에서 줄어들었습니다.
Blue Dolphin Energy Company (OTCQX:BDCO) a annoncé ses résultats financiers pour le troisième trimestre 2024, affichant un déficit ajusté dans le segment des opérations de raffinage de 4,0 millions de dollars par rapport à une marge de 9,7 millions de dollars au troisième trimestre 2023. Le fonds de roulement de l'entreprise s'est amélioré, atteignant un montant positif de 9,9 millions de dollars, soit une augmentation de 16,0 millions depuis décembre 2023. Le chiffre d'affaires total a diminué à 82,1 millions de dollars contre 102,6 millions de dollars l'année précédente. La performance a été impactée négativement par des marges de raffinage moins favorables, un volume de ventes plus faible et une dépréciation des stocks de 1,9 million de dollars. Les liquidités et équivalents se sont établis à 1,7 million de dollars, en baisse par rapport à 18,7 millions de dollars à la fin de 2023.
Blue Dolphin Energy Company (OTCQX:BDCO) hat die finanziellen Ergebnisse für das 3. Quartal 2024 veröffentlicht und zeigt ein angepasstes Defizit im Refinierungsbetrieb von 4,0 Millionen Dollar im Vergleich zu einem Margin von 9,7 Millionen Dollar im 3. Quartal 2023. Das working capital des Unternehmens verbesserte sich auf positive 9,9 Millionen Dollar, was einem Anstieg von 16,0 Millionen Dollar seit Dezember 2023 entspricht. Der Gesamterlös verringerte sich auf 82,1 Millionen Dollar, verglichen mit 102,6 Millionen Dollar im Vorjahr. Die Leistungen wurden negativ beeinflusst durch weniger günstige Raffinationsmargen, ein geringeres Verkaufsvolumen und eine Wertminderung des Bestands in Höhe von 1,9 Millionen Dollar. Die liquiden Mittel und Äquivalente beliefen sich auf 1,7 Millionen Dollar, ein Rückgang von 18,7 Millionen Dollar Ende 2023.
- Working capital improved by $16.0 million to positive $9.9 million
- Adjusted refinery operations segment margin of $1.3 million for nine months ended September 30, 2024
- Q3 2024 adjusted refinery operations segment deficit of $4.0 million vs $9.7 million margin in Q3 2023
- Revenue declined to $82.1 million from $102.6 million year-over-year
- Cash position decreased to $1.7 million from $18.7 million at year-end 2023
- $1.9 million inventory impairment charge in Q3 2024
- Net loss of $5.0 million in Q3 2024 compared to net income of $7.1 million in Q3 2023
Positive working capital of
$9.9 million at September 30, 2024, a$16.0 million improvement compared to December 31, 2023.Adjusted refinery operations segment margin of
$1.3 million for the nine months ended September 30, 2024.
HOUSTON, TX / ACCESSWIRE / November 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 and nine months ended September 30, 2024.
Results of Operations
For the three months ended September 30, 2024, Blue Dolphin reported an adjusted refinery operations segment deficit of
For the nine months ended September 30, 2024, adjusted refinery operations segment margin was
"While third quarter earnings were less than planned due, in part, to soft refining margins, we relied on our balance sheet to support operations," said Jonathan P. Carroll, Chief Executive Officer of Blue Dolphin Energy Company.
Liquidity and Working Capital
As of September 30, 2024, Blue Dolphin had
For more information regarding Blue Dolphin's financial results for the three and nine-month periods ended September 30, 2024, see Blue Dolphin's Quarterly Report on Form 10-Q as filed with the Securities and Exchange Commission on November 14, 2024.
Blue Dolphin Energy Company and Subsidiaries
Earnings Release Tables
Condensed Consolidated Statements of Operations (Unaudited)
| Three Months Ended |
|
| Nine Months Ended |
| |||||||||||||||
| September 30, |
|
| June 30, |
|
| September 30, |
|
| September 30, |
| |||||||||
| 2024 |
|
| 2024 |
|
| 2023 |
|
| 2024 |
|
| 2023 |
| ||||||
| (in thousands, except per share amounts) |
| ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total revenue from operations |
| $ | 82,109 |
|
| $ | 69,659 |
|
| $ | 102,554 |
|
| $ | 242,790 |
|
| $ | 288,093 |
|
Total costs of operations |
|
| (86,907 | ) |
|
| (76,285 | ) |
|
| (93,607 | ) |
|
| (244,383 | ) |
|
| (260,731 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Income (loss) from operations |
|
| (4,798 | ) |
|
| (6,626 | ) |
|
| 8,947 |
|
|
| (1,593 | ) |
|
| 27,362 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total other expense |
|
| (1,548 | ) |
|
| (1,440 | ) |
|
| (1,543 | ) |
|
| (4,354 | ) |
|
| (4,492 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Income (loss) before income taxes |
|
| (6,346 | ) |
|
| (8,066 | ) |
|
| 7,404 |
|
|
| (5,947 | ) |
|
| 22,870 |
|
Income tax benefit (expense) |
|
| 1,346 |
|
|
| 1,716 |
|
|
| (339 | ) |
|
| 1,221 |
|
|
| (612 | ) |
Net income (loss) |
| $ | (5,000 | ) |
| $ | (6,350 | ) |
| $ | 7,065 |
|
| $ | (4,726 | ) |
| $ | 22,258 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Income (loss) per common share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
| $ | (0.34 | ) |
| $ | (0.43 | ) |
| $ | 0.47 |
|
| $ | (0.32 | ) |
| $ | 1.49 |
|
Diluted |
| $ | (0.34 | ) |
| $ | (0.43 | ) |
| $ | 0.47 |
|
| $ | (0.32 | ) |
| $ | 1.49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Reconciliation of Adjusted Refinery Operations Segment Margin (Deficit) (Unaudited)
| Three Months Ended |
|
| Nine Months Ended |
| |||||||||||||||
| September 30, |
|
| June 30, |
|
| September 30, |
|
| September 30, |
| |||||||||
| 2024 |
|
| 2024 |
|
| 2023 |
|
| 2024 |
|
| 2023 |
| ||||||
| (in thousands) |
| ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Refinery operations segment margin (deficit) |
| $ | (4,334 | ) |
| $ | (4,895 | ) |
| $ | 9,380 |
|
| $ | 364 |
|
| $ | 27,176 |
|
Add: depreciation and amortization |
|
| 302 |
|
|
| 301 |
|
|
| 303 |
|
|
| 904 |
|
|
| 911 |
|
Adjusted refinery operations segment margin (deficit) |
| $ | (4,032 | ) |
| $ | (4,594 | ) |
| $ | 9,683 |
|
| $ | 1,268 |
|
| $ | 28,087 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
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 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 (BDCO) working capital position in Q3 2024?
How much revenue did Blue Dolphin (BDCO) generate in Q3 2024?
What was Blue Dolphin's (BDCO) net income/loss for Q3 2024?
What caused Blue Dolphin's (BDCO) poor performance in Q3 2024?
