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MARKETS / BALCAO / BDCO
BALCAO · CRUDE PETROLEUM & NATURAL GAS · SMALL CAP

Blue Dolphin Energy Co. BDCO

16 fiscal years on record · USD · FY2025 reported · SEC filings only
$279.4M
▼ 12.0% YoY
$-5.6M
$-779,000
In brief

What this company does

Blue Dolphin Energy Company is an independent downstream energy company that operates in the Gulf Coast region of the United States, with operations that primarily consist of a light sweet-crude, 15,000-bpd crude distillation tower and approximately 1.25 million barrels of petroleum storage tank capacity in Nixon, Texas. Neither the company nor its subsidiaries have any employees, and as of December 31, 2025, there were 112 employees of the Affiliate who provided support for its operations. The company's assets are organized into two business segments, refinery operations, also referred to as downstream operations, and tolling and terminaling services, also referred to as midstream operations, with a “Corporate and other” category made up of inactive Blue Dolphin subsidiaries. The Nixon refinery produces a single finished product, jet fuel, along with intermediate products including naphtha, HOBM, and AGO. The Nixon facility's petroleum storage tanks and infrastructure are primarily suited for crude oil and condensate and refined products such as naphtha, jet fuel, diesel, and fuel oil, and its storage customers are typically located in the lower portion of the Texas Triangle. Blue Dolphin was formed in 1986 as a Delaware corporation.

Written from the business description in Blue Dolphin Energy Company's annual report to the U.S. Securities and Exchange Commission, filed 31 March 2026. Every sentence was checked against that document before publication.

Growth
USD 279.4M
Revenue, FY2025 · full 16-year series below
Revenue $M Net income $M
FY2025 · Revenue 279.4 · Net income -5.6
200M400M201020122014201620182020202220242025
Compound annual growth
−16.9%
+9.8%
+2.3%
+36.1%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +9.8% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
−2 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -0.5% · Net -2.0%
5%-10%-20%-30%201020122014201620182020202220242025
ROE
FY2025 · ROE -18.6%
50%100%-100%-200%-300%201020122014201620182020202220242025

Each USD of equity lost 19 cents this year.

Cash & shareholders
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF -0.8
8M16M-8M-16M201020122014201620182020202220242025
Net buybacks $ Dividends $
FY2010 · Dividends — · Net buybacks 2604.0
100020002010

Total assetsUSD 99.1M
EquityUSD 27.4M
CashUSD 1.0M
Gross debtUSD 44.4M
Net debtUSD 43.4M
Current ratio0.64×

Net debt stands at 159% of equity.

The 16-year record
16 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 2025202420232022202120202019201820172016201520142013201220112010
Revenue $B0.30.30.40.50.30.20.30.30.30.20.20.40.40.40.00.0
Operating income $B−0.0−0.00.00.0−0.0−0.00.00.0−0.0−0.00.00.0−0.0−0.0−0.0−0.0
EBITDA $B0.0−0.00.00.0−0.0−0.00.00.0−0.0−0.00.00.0−0.0−0.0−0.0−0.0
Income tax $B−0.0−0.0−0.0−0.00.00.00.00.00.0−0.0−0.00.0−0.0−0.00.00.0
Net income $B−0.0−0.00.00.0−0.0−0.00.0−0.0−0.0−0.00.00.0−0.0−0.00.0−0.0
Free cash flow $B−0.0−0.00.00.0−0.0−0.0−0.0−0.0−0.0−0.0−0.00.0−0.0−0.00.0−0.0
EPS, diluted $−0.38−0.582.082.34−1.01−1.150.66−0.05−2.09−1.510.421.51−0.36−1.780.02−0.55
Dividend / sh $················
Payout %················
ROE %−18.6−23.2118.8·····−373.1−64.214.678.6−26.5−113.31.2−6.6
Shares out B0.010.010.010.01·0.010.010.010.010.010.010.010.010.010.010.00

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 71 reconciliationsAUDITED

Reconciled in 16 of 19 fiscal years. 22 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityCrude Petroleum & Natural Gas
Listed onOTC market
Incorporated inDelaware
Fiscal year endsDecember 31
SEC categorysmaller reporting company
Data on record since2010

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