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Blue Dolphin Energy Co (BDCO) SEC Filing 10-Q Quarterly Report for the period ending Thursday, June 30, 2022

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BDCO Quarterly Reports

Blue Dolphin Energy Co

CIK: 793306 Ticker: BDCO

EXHIBIT 99.1

 

 

PRESS RELEASE

FOR IMMEDIATE RELEASE

August 15, 2022

 

Blue Dolphin REPORTS SECOND QUARTER 2022 RESULTS

 

·

Gross Profit $16.8 million ($17.8 million increase year over year)

 

 

·

Net Income $13.4 million ($17.5 million increase year over year)

 

 

·

Refining Operations Segment Contribution Margin $15.8 million ($17.9 million increase year over year)

 

 

·

Positive Outlook for Refining Operations

 

Houston, August 15, 2022 

/ Issuer Direct / -- 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 second quarter of 2022.  Blue Dolphin had gross profit of $16.8 million for the quarter ended June 30, 2022 (Q2-22) compared to a gross loss of $1.0 million for the quarter ended June 30, 2021 (Q2-21).  Net income increased to $13.4 million, or $0.97 per share, for Q2-22 from a net loss of $4.1 million, or a loss of $0.32 per share, for Q2-21. Refining operations segment contribution margin, a non-GAAP financial measure, totaled $15.8 million for Q2-22 compared to a segment contribution deficit of $2.1 million for Q2-21. (See below for a reconciliation of non-GAAP financial measures to GAAP financial measures.)

 

“Reliable and safe operations combined with historical refining margins led Blue Dolphin to report record financial results for the second quarter of 2022,” said Jonathan P. Carroll, Chief Executive Officer of Blue Dolphin Energy Company.

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

 

2022

 

 

2021

 

 

 

(in millions)

 

 

 

 

 

 

 

 

Total revenue from operations

 

$ 136,122

 

 

$ 69,441

 

Total cost of goods sold

 

 

(119,309 )

 

 

(70,466 )

 

 

 

 

 

 

 

 

 

Gross profit (loss)

 

 

16,813

 

 

 

(1,025 )

 

 

 

 

 

 

 

 

 

Total cost of operations

 

 

(1,620 )

 

 

(1,486 )

 

 

 

 

 

 

 

 

 

Income (loss) from operations

 

 

15,193

 

 

 

(2,511 )

 

 

 

 

 

 

 

 

 

Total other expense

 

 

(1,668 )

 

 

(1,588 )

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

 

13,525

 

 

 

(4,099 )

Income tax expense

 

 

(115 )

 

$ -

 

Net income

 

$ 13,410

 

 

$ (4,099 )

 

 

 

 

 

 

 

 

 

Income (loss) per common share

 

 

 

 

 

 

 

 

Basic

 

$ 0.97

 

 

$ (0.32

)

Diluted

 

$ 0.97

 

 

$ (0.32

)

 

Reconciliation of Segment Contribution Margin (Deficit)

 

 

 

Three Months Ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

Refinery Operations

 

 

Tolling and Terminaling

 

 

Corporate and Other

 

 

Total

 

 

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment contribution margin (deficit)

 

$ 15,797

 

 

$ (2,117 )

 

$ 1,016

 

 

$ 1,092

 

 

$ (57 )

 

$ (50 )

 

$ 16,756

 

 

$ (1,075 )

General and administrative expenses(1)

 

 

(313 )

 

 

(265 )

 

 

(53 )

 

 

(68 )

 

 

(498 )

 

 

(410 )

 

 

(864 )

 

 

(743 )

Depreciation and amortization

 

 

(306 )

 

 

(302 )

 

 

(342 )

 

 

(340 )

 

 

(51 )

 

 

(51 )

 

 

(699 )

 

 

(693 )

Interest and other non-operating expenses, net

 

 

(703 )

 

 

(708 )

 

 

(409 )

 

 

(448 )

 

 

(556 )

 

 

(432 )

 

 

(1,668 )

 

 

(1,588 )

Income (loss) before income taxes

 

 

14,475

 

 

 

(3,392 )

 

 

212

 

 

 

236

 

 

 

(1,162 )

 

 

(943 )

 

 

13,525

 

 

 

(4,099 )

Income tax expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(115 )

 

 

-

 

 

 

(115 )

 

 

-

 

Net income (loss)

 

$ 14,475

 

 

$ (3,392 )

 

$ 212

 

 

$ 236

 

 

$ (1,277 )

 

$ (943 )

 

$ 13,410

 

 

$ (4,099 )

 

 

1

 

 

 

(1)

General and administrative expenses within refinery operations include the LEH operating fee and accretion of asset retirement obligations.

 

Non-GAAP Financial Measures. This press release includes segment contribution margin, which, for refinery operations and tolling and terminaling business segments, represents net revenues (excluding intercompany fees and sales) attributable to the respective business segment less associated intercompany fees and sales less associated operation costs and expenses. We believe segment contribution margin is useful for investors to consider this measure in comparing the underlying performance of our business across periods. The presentation of this additional information is not meant to be considered in isolation or as a substitute for net income (loss) as prepared in accordance with U.S. GAAP.

 

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-bpd crude distillation tower with more than 1.2 million bbls 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 that are 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,” “pursues,” “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 what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance 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 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 in the forward-looking statements, please see the factors set forth under the heading “Risk Factors” in Blue Dolphin’s 2021 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 have material adverse effects on forward-looking statements.

# # #

 

 

2

 


The following information was filed by Blue Dolphin Energy Co (BDCO) on Monday, August 15, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside this 10-Q Quarterly Report

Cover
Consolidated Balance Sheets (Unaudited)
Consolidated Balance Sheets (Unaudited) (Parenthetical)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Operations (Unaudited)
Accrued Expenses And Other Current Liabilities
Accrued Expenses And Other Current Liabilities (Details)
Accrued Expenses And Other Current Liabilities (Tables)
Aros
Aros (Details)
Aros (Tables)
Commitments And Contingencies
Commitments And Contingencies (Details Narrative)
Concentration Of Risk
Concentration Of Risk (Details 1)
Concentration Of Risk (Details Narrative)
Concentration Of Risk (Details)
Concentration Of Risk (Tables)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Income Taxes
Income Taxes (Details 1)
Income Taxes (Details 2)
Income Taxes (Details Narrative)
Income Taxes (Details)
Income Taxes (Tables)
Inventory
Inventory (Details)
Inventory (Tables)
Lease Obligations
Lease Obligations (Details 1)
Lease Obligations (Details 2)
Lease Obligations (Details 3)
Lease Obligations (Details 4)
Lease Obligations (Details Narrative)
Lease Obligations (Details)
Lease Obligations (Tables)
Organization
Organization (Details Narrative)
Prepaid Expenses And Other Current Assets
Prepaid Expenses And Other Current Assets (Details)
Prepaid Expenses And Other Current Assets (Tables)
Principles Of Consolidation And Significant Accounting Policies
Principles Of Consolidation And Significant Accounting Policies (Details Narrative)
Principles Of Consolidation And Significant Accounting Policies (Details)
Principles Of Consolidation And Significant Accounting Policies (Policies)
Principles Of Consolidation And Significant Accounting Policies (Tables)
Property Plant And Equipment Net (Details)
Property Plant And Equipment Net (Tables)
Property,Plant And Equipment,Net
Related-Party Transactions
Related-Party Transactions (Tables)
Relatedparty Transactions (Details 1)
Relatedparty Transactions (Details 2)
Relatedparty Transactions (Details 3)
Relatedparty Transactions (Details Narrative)
Relatedparty Transactions (Details)
Revenue And Segment Information
Revenue And Segment Information (Details)
Revenue And Segment Information (Tables)
Third-Party Long-Term Debt
Third-Party Long-Term Debt (Tables)
Thirdparty Longterm Debt (Details 1)
Thirdparty Longterm Debt (Details 2)
Thirdparty Longterm Debt (Details Narrative)
Thirdparty Longterm Debt (Details)

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Blue Dolphin Energy Co provided additional information to their SEC Filing as exhibits

Ticker: BDCO
CIK: 793306
Form Type: 10-Q Quarterly Report
Accession Number: 0001654954-22-011369
Submitted to the SEC: Mon Aug 15 2022 4:04:25 PM EST
Accepted by the SEC: Mon Aug 15 2022
Period: Thursday, June 30, 2022
Industry: Crude Petroleum And Natural Gas

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