Blue Dolphin Energy Co. press release

Blue Dolphin Reports First Quarter 2026 Financial Results

2026-05-15

OTC - OTC Markets · Oil · Sulfur · Natural Gas · United States · Corporate Finance

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Total gross profit of $20.6 million

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Net income of $14.7 million, or $0.99 per share

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Consolidated earnings before interest, income taxes, depreciation, and amortization ("EBITDA") of $20.7 million

HOUSTON, TX / ACCESS Newswire/ May 15, 2026 / 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 months ended March 31, 2026.

Results of Operations

Blue Dolphin reported net income of $14.7 million, or $0.99 per share, for the three months ended March 31, 2026 compared to net income of $2.2 million, or $ 0.15 per share, for the three months ended March 31, 2025. Gross profit totaled $20.6 million for the first quarter of 2026 compared to gross profit of $6.1 million for the same period in 2025. Consolidated EBITDA totaled $20.7 million in the first quarter of 2026 compared to consolidated EBITDA of $5.1 million in the first quarter of 2025.

See the tables below for a reconciliation of consolidated EBITDA.

"Blue Dolphin delivered strong financial results in the first quarter of 2026, reflecting improved product differentials and favorable inventory impacts against a backdrop of continued geopolitical uncertainty and shifting global refined product markets," said Jonathan P. Carroll, Chief Executive Officer of Blue Dolphin Energy Company.

Liquidity

As of March 31, 2026 Blue Dolphin had $1.4 million in cash and cash equivalents and restricted cash compared to $2.0 million at December 31, 2025.

For more information regarding Blue Dolphin's financial results for the three months ended March 31, 2026, see Blue Dolphin's Quarterly Report on Form 10-Q as filed with the U.S. Securities and Exchange Commission (the "SEC") on May 15, 2026.

Blue Dolphin Energy Company and Subsidiaries Earnings Release Tables

Consolidated Results of Operations (Unaudited)

| | | Three Months Ended | | | | | | | | | | March 31, | | | | | | | | | | 2026 | | | 2025 | | | | | | | (in thousands, except per-share amounts) | | | | | | | | | | | | | | | | | | Total revenue from operations | | $ | 81,490 | | | $ | 83,692 | | | Total cost of goods sold | | | 60,920 | | | | 77,619 | | | | | | | | | | | | | Gross profit | | | 20,570 | | | | 6,073 | | | | | | | | | | | | | LEH operating fee, related party | | | 233 | | | | 182 | | | Other operating expenses | | | 161 | | | | 119 | | | General and administrative expenses | | | 1,172 | | | | 1,355 | | | Gain on regulatory settlement | | | (1,013 | ) | | | - | | | Depreciation and amortization | | | 74 | | | | 74 | | | Interest, net | | | 1,382 | | | | 1,464 | | | Total cost and expenses | | | 2,009 | | | | 3,194 | | | | | | | | | | | | | Income before income taxes | | | 18,561 | | | | 2,879 | | | | | | | | | | | | | Income tax benefit (expense) | | | (3,831 | ) | | | (635 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net income (loss) | | $ | 14,730 | | | $ | 2,244 | | | | | | | | | | | | | Income (loss) per common share | | | | | | | | | | Basic | | $ | 0.99 | | | $ | 0.15 | | | Diluted | | $ | 0.99 | | | $ | 0.15 | |

Reconciliation of Certain Non-U.S. GAAP Measures (Unaudited)

| | | Three Months Ended March 31, | | | | | | | | | | | | | | | | | | | | | | | | | | | 2026 | | 2025 | | | | | | | | | | | | | | | | | | | | | | | | | Refinery Operations | | Tolling & Terminaling | | Corporate & Other | | Total | | Refinery Operations | | Tolling & Terminaling | | Corporate & Other | | Total | | | | | | | | | | | | | (in thousands) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Income (loss) before income taxes | | $ | 17,238 | | $ | 659 | | $ | 664 | | $ | 18,561 | | $ | 3,789 | | $ | 362 | | $ | (1,272 | ) | $ | 2,879 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Add: depreciation and amortization | | | 498 | | | 147 | | | 74 | | | 719 | | | 298 | | | 342 | | | 74 | | | 714 | | | Add: interest, net | | | 854 | | | 414 | | | 114 | | | 1,382 | | | 836 | | | 477 | | | 151 | | | 1,464 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | EBITDA | | $ | 18,590 | | $ | 1,220 | | $ | 852 | | $ | 20,662 | | $ | 4,923 | | $ | 1,181 | | $ | (1,047 | ) | $ | 5,057 | |

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 formed in 1986 as a Delaware corporation and trades 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 2025 Annual Report on Form 10-K as filed with the SEC on March 31, 2026 and in subsequent filings with theSEC. Other unpredictable or unknown factors not discussed in this press release could also adversely affect forward-looking statements._

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SOURCE: Blue Dolphin Energy Company

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