Blue Dolphin Reports Third Quarter 2025 Financial Results

• Total gross profit of $0.03 million for the three months ended September 30, 2025 and $6.7 million for the nine months ended September 30, 2025.

• Net loss of $4.7 million, or a loss of $0.31 per share, for the three months ended September 30, 2025 and a net loss of $4.2 million, or a loss of $0.28 per share, for the nine months ended September 30, 2025.

Consolidated earnings before interest, income taxes, depreciation, and amortization ("EBITDA") of $(4.4) million for the three months ended September 30, 2025 and consolidated EBITDA of $0.8 million for the nine months ended September 30, 2025.

Refinery operations EBITDA of $(1.5) million for the three months ended September 30, 2025 and refinery operations EBITDA of $2.5 million for the nine months ended September 30, 2025.

HOUSTON, TX / ACCESS Newswire / November 14, 2025 / 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 and nine months ended September 30, 2025.

Results of Operations

Three Month Periods
Blue Dolphin reported total gross profit of $0.03 million and a net loss of $4.7 million, or a loss of $0.31 per share, for the three months ended September 30, 2025. Comparatively, Blue Dolphin reported a total gross deficit of $3.3 million and a net loss of $5.0 million, or a loss of $0.34 per share, for the three months ended September 30, 2024. Consolidated EBITDA totaled $(4.4) million for the three months ended September 30, 2025 compared to consolidated EBITDA of $(4.1) million for the three months ended September 30, 2024.

For the three months ended September 30, 2025, refinery operations loss before income taxes totaled $2.0 million compared to a refinery operations loss before income taxes of $5.7 million for the three months ended September 30, 2024. Refinery operations EBITDA totaled $(1.5) million for the three months ended September 30, 2025 compared to refinery operations EBITDA of $(4.5) million for the three months ended September 30, 2024.

Nine Month Periods
Blue Dolphin reported total gross profit of $6.7 million and a net loss of $4.2 million, or a loss of $0.28 per share, for the nine months ended September 30, 2025. Comparatively, Blue Dolphin reported total gross profit of $3.2 million and a net loss of $4.7 million, or a loss of $0.32 per share, for the nine months ended September 30, 2024. Consolidated EBITDA totaled $0.8 million for the nine months ended September 30, 2025 compared to consolidated EBITDA of $0.5 million for the nine months ended September 30, 2024.

For the nine months ended September 30, 2025, refinery operations loss before income taxes totaled $0.4 million compared to a refinery operations loss before income taxes of $3.6 million for the nine months ended September 30, 2024. Refinery operations EBITDA totaled $2.5 million for the nine months ended September 30, 2025 compared to refinery operations EBITDA of $(0.3) million for the nine months ended September 30, 2024.

"Blue Dolphin continued to extract operational efficiencies where possible and manage costs," said Jonathan P. Carroll, Chief Executive Officer of Blue Dolphin Energy Company. "As a result, we achieved a gross profit of $6.7 million and consolidated EBITDA of $0.8 million for the nine months ended September 30, 2025."

Liquidity and Working Capital

As of September 30, 2025, Blue Dolphin had $3.3 million in cash and cash equivalents and restricted cash compared to $1.1 million at December 31, 2024, representing a $2.2 million improvement. Blue Dolphin had a working capital deficit of $23.1 million as of September 30, 2025 compared to a working capital deficit of $19.1 million as of December 31, 2024, representing a $3.9 million increase in working capital deficit.

For more information regarding Blue Dolphin's financial results for the three and nine months ended September 30, 2025, see Blue Dolphin's Quarterly Report on Form 10-Q as filed with the Securities and Exchange Commission on November 14, 2025.

Blue Dolphin Energy Company and Subsidiaries
Earnings Release Tables

Condensed Consolidated Statements of Income (Unaudited)

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2025				2024				2025				2024
		(in thousands, except per-share amounts)								(in thousands, except per-share amounts)
Total revenue from operations		$	70,355			$	82,109			$	210,630			$	242,790
Total cost of goods sold			70,323				85,426				203,975				239,619
Gross profit (loss)			32				(3,317	)			6,655				3,171
LEH operating fee, related party			279				202				737				628
Other operating expenses			117				177				361				457
General and administrative expenses			1,633				1,041				3,692				3,495
Depreciation and amortization			74				61				222				184
Impairment of fixed assets			3,026				-				3,026				-
Interest, net			849				1,548				3,865				4,354
Total cost and expenses			5,978				3,029				11,903				9,118
Loss before income taxes			(5,946	)			(6,346	)			(5,248	)			(5,947	)
Income tax benefit			1,270				1,346				1,094				1,221
Net loss		$	(4,676	)		$	(5,000	)		$	(4,154	)		$	(4,726	)
Loss per common share
Basic		$	(0.31	)		$	(0.34	)		$	(0.28	)		$	(0.32	)
Diluted		$	(0.31	)		$	(0.34	)		$	(0.28	)		$	(0.32	)

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

		Three Months Ended September 30,
		2025																2024
		Refinery Operations				Tolling & Terminaling				Corporate & Other				Total				Refinery Operations				Tolling & Terminaling				Corporate & Other				Total
		(in thousands)
Income (loss) before income taxes		$	(2,046	)		$	514			$	(4,414	)		$	(5,946	)		$	(5,741	)		$	436			$	(1,041	)		$	(6,346	)
Add: depreciation and amortization			302				342				74				718				302				342				61				705
Add: interest, net			249				437				163				849				900				512				136				1,548
EBITDA		$	(1,495	)		$	1,293			$	(4,177	)		$	(4,379	)		$	(4,539	)		$	1,290			$	(844	)		$	(4,093	)

		Nine Months Ended September 30,
		2025																2024
		Refinery Operations				Tolling & Terminaling				Corporate & Other				Total				Refinery Operations				Tolling & Terminaling				Corporate & Other				Total
		(in thousands)
Income (loss) before income taxes		$	(370	)		$	1,239			$	(6,117	)		$	(5,248	)		$	(3,637	)		$	1,140			$	(3,450	)		$	(5,947	)
Add: depreciation and amortization			901				1,026				222				2,149				904				1,026				184				2,114
Add: interest, net			2,013				1,358				494				3,865				2,440				1,506				408				4,354
EBITDA		$	2,544			$	3,623			$	(5,401	)		$	766			$	(293	)		$	3,672			$	(2,858	)		$	521

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 2024 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 adversely affect forward-looking statements.

SOURCE: Blue Dolphin Energy Company

View the original press release on ACCESS Newswire


The Blue Dolphin Energy Stock at the time of publication of the news with a raise of +1,56 % to 1,950USD on Nasdaq OTC stock exchange (14. November 2025, 21:30 Uhr).