Blue Dolphin Reports Financial Results for Q2 2024

• Positive working capital of $18.8 million at June 30, 2024, an improvement of $24.9 million compared to December 31, 2023.

• Total gross profit was $7.8 million, net income was $0.3 million and adjusted EBITDA was $4.6 million for the six months ended June 30, 2024.

HOUSTON, TX / ACCESSWIRE / August 14, 2024 / Blue Dolphin Energy Company (“Blue Dolphin”) (OTCQX:BDCO), an independent refiner and marketer of petroleum products in the Eagle Ford Shale region, today announced its financial results for the three- and six-month periods ended June 30, 2024.

Operating results
For the three months ended June 30, 2024, Blue Dolphin recorded a total gross deficit of $4.1 million, a net loss of $6.4 million, or a loss of $0.43 per share, and negative adjusted earnings before interest and other charges, taxes, depreciation, and amortization (Adjusted EBITDA) of $5.9 million. Gross profit and Adjusted EBITDA for the three months ended June 30, 2024 were negatively impacted by an inventory impairment of $5.5 million due to inventory being recognized at cost or net realizable value and $1.2 million in maintenance costs. These items are included in total cost of goods sold in our consolidated statements of operations. The accompanying financial results tables provide a reconciliation of Adjusted EBITDA to net income.

For the six months ended June 30, 2024, Blue Dolphin reported gross profit of $7.8 million, net income of $0.3 million, or $0.02 per share, and adjusted EBITDA of $4.6 million. Gross profit and adjusted EBITDA for the six months ended June 30, 2024 were negatively impacted by a $6.0 million decrease in inventory due to the recognition of inventory at cost or net realizable value and $1.2 million in maintenance costs.

“While Blue Dolphin’s financial results quarter over quarter were negatively impacted by lower refining margins, throughput and sales volumes, we continued to focus on optimizing operations and improving our financial position,” said Jonathan P. Carroll, CEO of Blue Dolphin Energy Company. “During the second quarter, we successfully completed the maintenance turnaround at the Nixon facility, increased working capital and significantly reduced our current debt.”

Liquidity and working capital
As of June 30, 2024, Blue Dolphin had $1.1 million in cash, cash equivalents and restricted cash, compared to $18.7 million at December 31, 2023. Blue Dolphin had positive working capital of $18.8 million at June 30, 2024, compared to a working capital deficit of $6.1 million at December 31, 2023, an improvement of $24.9 million.

Further information regarding Blue Dolphin’s financial results for the three- and six-month periods ended June 30, 2024 can be found in Blue Dolphin’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 14, 2024.

Blue Dolphin Energy Company and subsidiaries
Financial results publication tables

Condensed consolidated reports on operations (unaudited)

Adjusted EBITDA reconciliation (unaudited)

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 oil, 15,000 barrels per day crude oil distillation tower with a tank capacity of over 1.25 million barrels of crude oil in Nixon, Texas. Blue Dolphin was incorporated in 1986 as a Delaware corporation and is publicly traded on the OTCQX under the ticker symbol “BDCO”. For additional information, visit the Blue Dolphin corporate website at http://www.blue-dolphin-energy.com.

Contact:
Jonathan P. Carroll
CEO and President
713-568-4725

Cautionary Statements Regarding Forward-Looking Information for Purposes of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995 This press release contains forward-looking statements regarding Blue Dolphin’s business based on management’s current expectations, estimates and projections regarding the oil and gas industry. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “goals,” “progress,” “commits,” “drives,” “aims,” ​​”forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “seek,” “may,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “goals,” “targets,” “strategies,” “opportunities,” “ready,” “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 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 projected 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 required by law, Blue Dolphin undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.

For a discussion of risk factors that could cause actual results to differ materially from those contained in the forward-looking statements, see the factors identified in the “Risk Factors” section of Blue Dolphin’s 2023 Annual Report on Form 10-K and 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

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