Welcome to our dedicated page for Blue Dolphin SEC filings (Ticker: BDCO), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
Blue Dolphin Energy Company (BDCO) files a range of reports with the U.S. Securities and Exchange Commission that document its downstream energy operations, financial condition, and material events. These SEC filings include Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, along with exhibits such as earnings press releases. For example, a Form 8-K dated November 14, 2025 notes that Blue Dolphin issued a press release reporting financial results for the three and nine months ended September 30, 2025 and its financial condition as of that date, with the press release attached as an exhibit.
Within its periodic reports, Blue Dolphin presents detailed financial statements and segment information for refinery operations, tolling and terminaling, and corporate and other. The company discloses total revenue from operations, total cost of goods sold, gross profit or deficit, and income or loss before income taxes. It also provides reconciliations for non-GAAP measures such as consolidated EBITDA, refining EBITDA, adjusted EBITDA, and adjusted refinery operations segment margin, showing how depreciation and amortization, interest, and other items affect these metrics.
These filings also describe factors that influence Blue Dolphin’s results, including refining margins, sales volumes, maintenance turnaround expenses, and inventory impairments recognized at the lower of cost or net realizable value. Liquidity and working capital discussions in Forms 10-K and 10-Q explain changes in cash and cash equivalents, restricted cash, working capital deficits or improvements, and debt-related payments or forbearance agreements.
On this SEC filings page, users can access Blue Dolphin’s regulatory documents as they are made available through EDGAR. AI-powered summaries can help explain the key points from lengthy 10-K and 10-Q reports, highlight trends in refinery operations and tolling and terminaling performance, and clarify the significance of 8-K disclosures about material events or earnings releases. Filings related to insider or executive activity, when present, can also be reviewed to understand how company leadership interacts with BDCO equity.
Blue Dolphin Energy Company reported improved but still negative results for full year 2025. The company generated gross profit of $8.7 million and a net loss of $5.6 million, or $0.38 per share, compared with gross profit of $3.9 million and a net loss of $8.6 million, or $0.58 per share, in 2024.
Consolidated EBITDA turned positive at $1.3 million for 2025 versus negative EBITDA of $(1.5) million in 2024, while refinery operations EBITDA improved to $2.9 million. Cash and restricted cash rose to $2.0 million as of December 31, 2025, but the working capital deficit widened to $24.4 million.
Blue Dolphin Energy Company files its annual report outlining a small Gulf Coast refining and terminaling business heavily exposed to debt, affiliates, and concentrated operations at its Nixon, Texas facility.
Management discloses a $24.4 million working capital deficit, multiple loan defaults, going-concern risks, and dependence on affiliates for funding, crude supply, operations, and key customers. The company also faces significant decommissioning obligations, regulatory and environmental compliance costs, and sensitivity to volatile refining margins, electricity prices, and geopolitical events.
Blue Dolphin Energy Company (BDCO) furnished an update on its recent performance. The company submitted an 8-K to announce that it issued a press release reporting financial results for the three and nine months ended September 30, 2025, and its financial condition as of September 30, 2025.
The information was furnished under Item 2.02 and is not deemed “filed” under the Exchange Act. The press release is included as Exhibit 99.1, with the cover page interactive data file provided as Exhibit 104.
Blue Dolphin Energy Company (BDCO) reported third‑quarter 2025 results. Revenue from operations was $70.4 million, with a net loss of $4.7 million (basic and diluted EPS $(0.31)). Year‑to‑date revenue was $210.6 million with a nine‑month net loss of $4.2 million.
Liquidity remains tight. Cash and cash equivalents were $2.3 million and restricted cash $1.0 million. Current liabilities totaled $72.4 million, including $32.5 million of long‑term debt classified as current due to defaults. Total long‑term debt principal was $36.5 million as of September 30, 2025. Management noted historical working capital deficits and significant debt in default, while stating an expectation to meet obligations through operating cash flows and liquidation of working capital.
The company disclosed covenant defaults on the LE Term Loan Due 2034 and LRM Term Loan Due 2034, and non‑financial covenant defaults on the NPS Term Loan Due 2031. Q3 included a $3.0 million impairment of fixed assets and an increase in asset retirement obligations to a $6.0 million current liability. Shares outstanding were 14,921,968 as of September 30, 2025.
Jonathan P. Carroll, who is CEO & President, a director and a >10% owner of Blue Dolphin Energy Company (BDCO), reported an open-market acquisition on a Form 4. On 09/11/2025 he purchased 4,221 shares of common stock at $1.42 per share, and the form shows 4,125,000 shares beneficially owned following the transaction in a direct capacity. The filing also discloses that Mr. Carroll indirectly owns 8,475,000 shares through his ownership interest in Lazarus Energy Holdings, LLC. The Form 4 is signed by Mr. Carroll on 09/15/2025.