bdco_8k.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 ____________________

 

FORM 8-K

 

CURRENT REPORT PURSUANT TO

SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Date of report (Date of earliest event reported):

November 15, 2023

 

Blue Dolphin Energy Company

(Exact name of registrant as specified in its charter)

 

Delaware

 

0-15905

 

73-1268729

(State or Other Jurisdiction

of Incorporation)

 

(Commission File Number)

 

(IRS Employer

Identification No.)

 

801 Travis Street, Suite 2100

Houston, TX 77002

(Address of principal executive office and zip code)

 

(713) 568-4725

(Registrant’s telephone number, including area code)

 

(Not Applicable)

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

 

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

 

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

 

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol (s)

 

Name of each exchange on which registered

Common Stock, par value $0.01 per share

 

BDCO

 

OTCQX

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

The information in this Current Report on Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), as amended, or otherwise subject to the liabilities of such section, and is not deemed incorporated by reference into any filings under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

 

Item 2.02 Results of Operations and Financial Condition.

 

On November 15, 2023 Blue Dolphin Energy Company, a Delaware corporation (“Blue Dolphin”), issued a press release reporting its financial results for the three-month and nine-month periods ended September 30, 2023 and its financial condition as of September 30, 2023. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits.

 

99.1

Blue Dolphin Energy Company Press Release Issued November 15, 2023.

 

 
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SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: November 15, 2023

 

Blue Dolphin Energy Company

 

 

 

 

/s/ JONATHAN P. CARROLL

 

Jonathan P. Carroll

Chief Executive Officer, President,

Assistant Treasurer and Secretary

(Principal Executive Officer, Principal Financial Officer, and Principal Accounting Officer)

 

 

Exhibit Index

 

99.1

Blue Dolphin Energy Company Press Release Issued November 15, 2023.

 

 
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EXHIBIT 99.1

 

 

 

PRESS RELEASE

FOR IMMEDIATE RELEASE

 

Blue Dolphin RELEASES third QUARTER 2023 RESULTS

REPORTS NET INCOME OF $7.1 MILLION, OR $0.47 PER SHARE

 

Houston, November 15, 2023 / 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 financial results for the quarter ended September 30, 2023.

 

Financial Highlights

 

·

 Gross profit increased $1.2 million to $11.2 million from $10.0 million in the third quarter of 2023 compared to the third quarter of 2022.

 

 

·

 Gross profit increased $0.1 million to $33.6 million from $33.5 million in the first nine months of 2023 compared to the same period in 2022.

 

 

·

 Net income increased $0.7 million, or $0.04 per share, to $7.1 million, or $0.47 per share, from $6.4 million or $0.43 per share in the third quarter of 2023 compared to the third quarter of 2022.

 

“Blue Dolphin delivered a solid third quarter and is on track for having a strong year,” said Jonathan P. Carroll, Chief Executive Officer of Blue Dolphin Energy Company. “We continue to focus on maintaining safe, reliable operations at the Nixon facility and improving our balance sheet through increased liquidity and debt restructuring,” he continued.

 

Results of Operations

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue from operations

 

 $ 102,554

 

 

 $ 128,269

 

 

 $ 288,093

 

 

 $ 375,074

 

Total cost of goods sold

 

 

 (91,388 )

 

 

 (118,234 )

 

 

 (254,533 )

 

 

 (341,620 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

 

 11,166

 

 

 

 10,035

 

 

 

 33,560

 

 

 

 33,454

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total cost of operations

 

 

 (2,219 )

 

 

 (1,788 )

 

 

 (6,198 )

 

 

 (4,903 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

 

 8,947

 

 

 

 8,247

 

 

 

 27,362

 

 

 

 28,551

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total other expense

 

 

 (1,543 )

 

 

 (1,730 )

 

 

 (4,492 )

 

 

 (4,990 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

 7,404

 

 

 

 6,517

 

 

 

 22,870

 

 

 

 23,561

 

Income tax expense

 

 

 (339 )

 

 

 (68 )

 

 

 (612 )

 

 

 (224 )
Net income

 

 $ 7,065

 

 

 $ 6,449

 

 

 $ 22,258

 

 

 $ 23,337

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income per common share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 $ 0.47

 

 

 $ 0.43

 

 

 $ 1.49

 

 

 $ 1.69

 

Diluted

 

 $ 0.47

 

 

 $ 0.43

 

 

 $ 1.49

 

 

 $ 1.69

 

 

 
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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 1.25 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 2022 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.

 

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