Blue Dolphin Energy Company's SEC filings document material-event reporting for its petroleum refining and marketing business in the Eagle Ford Shale region. Recent Form 8-K filings report results of operations and financial condition, incorporating earnings releases as exhibits and cover-page Inline XBRL data.
The filings provide formal disclosure on revenue from operations, cost of goods sold, gross profit or deficit, net income or loss, EBITDA, refinery operations EBITDA, working capital, and related operating expense categories. Cover pages also identify the company's public-company security status, including the absence of securities registered under Section 12(b) of the Exchange Act.
Blue Dolphin Energy Company reported sharply higher profitability for the first quarter of 2026. Net income rose to $14.7 million, or $0.99 per share, for the three months ended March 31, 2026, compared with $2.2 million, or $0.15 per share, a year earlier. Gross profit increased to $20.6 million from $6.1 million, and consolidated EBITDA grew to $20.7 million from $5.1 million, reflecting improved product differentials and favorable inventory impacts.
Total revenue from operations was $81.5 million, slightly below $83.7 million in the prior-year quarter as lower costs drove margin gains. Results included a $1.0 million gain on a regulatory settlement, contributing to income before income taxes of $18.6 million. As of March 31, 2026, Blue Dolphin held $1.4 million in cash, cash equivalents, and restricted cash, compared with $2.0 million at December 31, 2025.
Blue Dolphin Energy Company generated net income of $14.7 million, or $0.99 per share, for the quarter ended March 31, 2026, up from $2.2 million a year earlier. Revenue was $81.5 million, slightly below the prior year, but lower crude and conversion costs and a $1.0 million gain on a regulatory settlement sharply improved margins.
Total assets rose to $118.9 million, while total liabilities reached $76.9 million. Current assets of $68.0 million compare with current liabilities of $74.5 million, reflecting an ongoing working capital deficit and significant third-party debt of $35.0 million, much of it in default.
Management continues to evaluate Blue Dolphin as a going concern but believes cash flow from operations and working capital liquidation can cover obligations for at least one year. Risks remain elevated due to loan covenant defaults, decommissioning liabilities, regulatory compliance costs, and a crude supplier pricing dispute where an additional loss of up to $3.4 million is reasonably possible.
Blue Dolphin Energy Company is asking stockholders to vote at its June 25, 2026 annual meeting on five items, including electing five directors, approving executive compensation on an advisory basis, setting the frequency of Say on Pay votes, and ratifying UHY LLP as auditor for 2026.
The company highlights 2025 gross profit of $8.7 million and a consolidated loss before interest, taxes, depreciation and amortization of $1.3 million, along with 2024 debt reduction of $7.5 million on term loans. For the three months ended March 31, 2025 it reported gross profit of $6.1 million and EBITDA of $5.1 million.
As of the April 27, 2026 record date, there were 14,921,968 common shares outstanding, and Chairman and CEO Jonathan Carroll together with Lazarus Energy Holdings LLC controlled about 84.9% of voting power. Blue Dolphin operates under extensive related‑party agreements with LEH, which supplies all personnel and receives a management fee based on consolidated operating costs.
Lazarus Energy Holdings, LLC, a ten percent owner of Blue Dolphin Energy Co, reported a series of open-market purchases of the company’s common stock. Across multiple trades from April 16 to April 20, Lazarus bought 72,500 shares at prices between $2.80 and $3.25 per share.
After these transactions, Lazarus directly held 8,547,500 shares of Blue Dolphin common stock. A footnote also notes that Jonathan Carroll, President/Managing Member of Lazarus Energy Holdings and CEO and President of Blue Dolphin, directly owns an additional 4,125,000 shares of Blue Dolphin common stock.
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.