Delaware
(State or Other Jurisdiction
of Incorporation)
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0-15905
(Commission File Number)
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73-1268729
(IRS Employer Identification No.)
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(d)
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Exhibits.
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99.1
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Blue Dolphin Energy Company Press Release Issued May 21, 2014.
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Blue Dolphin Energy Company
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/s/JONATHAN P. CARROLL
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Jonathan P. Carroll
Chief Executive Officer, President, Assistant Treasurer
and Secretary
(Principal Executive Officer)
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99.1
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Blue Dolphin Energy Company Press Release Issued May 21, 2014.
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●
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Total Revenue from Operations was $120,430,182 for the First Quarter 2014, an increase of 10% from $109,244,655 for the First Quarter 2013; the increase was primarily the result of increased total refinery throughput of approximately 12% in the First Quarter 2014 compared to the First Quarter 2013.
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●
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Total Earnings before Interest, Income Taxes and Depreciation (“EBITDA”) were $7,039,578 for the First Quarter 2014 compared to a negative EBITDA of $154,315 for the First Quarter 2013.
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●
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Net Income was $6,194,273 for the First Quarter 2014 compared to a net loss $763,331 for the First Quarter 2013.
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●
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Cash Flow from Operations was $5,199,338 for the First Quarter 2014 compared to cash flow from operations of $253,705 for the First Quarter 2013, representing an increase in cash flow from operations of $4,945,633.
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About Blue Dolphin
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Blue Dolphin Energy Company (OTCQX: BDCO) is an independent refiner and marketer of refined petroleum products in the Eagle Ford Shale. Blue Dolphin’s primary business is refinery operations, which includes the refining of crude oil and condensate into marketable finished and intermediate products, as well as petroleum storage and terminaling, at the Nixon Facility. Blue Dolphin also owns and operates pipeline assets and has leasehold interests in oil and gas properties. For additional information, visit Blue Dolphin's corporate website at http://www.blue-dolphin-energy.com.
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BLUE DOLPHIN ENERGY COMPANY & SUBSIDIARIES
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||||||||
CONSOLIDATED BALANCE SHEET
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||||||||
March 31,
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December 31,
|
|||||||
2014
|
2013
|
|||||||
ASSETS
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||||||||
CURRENT ASSETS
|
||||||||
Cash and cash equivalents
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$ | 295,877 | $ | 434,717 | ||||
Restricted cash
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1,003,124 | 327,388 | ||||||
Accounts receivable
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9,749,014 | 13,487,106 | ||||||
Prepaid expenses and other current assets
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263,028 | 333,683 | ||||||
Deposits
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819,213 | 1,219,660 | ||||||
Inventory
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4,396,893 | 4,686,399 | ||||||
Total current assets
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16,527,149 | 20,488,953 | ||||||
Total property and equipment, net
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36,358,219 | 36,388,666 | ||||||
Surety bonds
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850,000 | - | ||||||
Debt issue costs, net
|
490,086 | 498,536 | ||||||
Trade name
|
303,346 | 303,346 | ||||||
TOTAL ASSETS
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$ | 54,528,800 | $ | 57,679,501 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
CURRENT LIABILITIES
|
||||||||
Accounts payable
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$ | 15,863,920 | $ | 20,783,541 | ||||
Accounts payable, related party
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3,620,647 | 3,659,340 | ||||||
Notes payable
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- | 11,884 | ||||||
Asset retirement obligations, current portion
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108,272 | 107,388 | ||||||
Accrued expenses and other current liabilities
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1,968,318 | 1,600,444 | ||||||
Interest payable, current portion
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41,205 | 40,272 | ||||||
Long-term debt, current portion
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1,000,922 | 2,215,918 | ||||||
Total current liabilities
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22,603,284 | 28,418,787 | ||||||
Long-term liabilities:
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||||||||
Asset retirement obligations, net of current portion
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1,841,044 | 1,490,273 | ||||||
Deferred revenues and expenses
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821,187 | - | ||||||
Long-term debt, net of current portion
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9,837,229 | 13,889,349 | ||||||
Long-term interest payable, net of current portion
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1,118,072 | 1,767,381 | ||||||
Total long-term liabilities
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13,617,532 | 17,147,003 | ||||||
TOTAL LIABILITIES
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36,220,816 | 45,565,790 | ||||||
STOCKHOLDERS' EQUITY
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||||||||
Common stock ($0.01 par value, 20,000,000 shares authorized, 10,580,973
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||||||||
shares issued at March 31, 2014 and December 31, 2013)
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105,810 | 105,810 | ||||||
Additional paid-in capital
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36,623,965 | 36,623,965 | ||||||
Accumulated deficit
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(17,621,791 | ) | (23,816,064 | ) | ||||
Treasury stock, 150,000 shares and 0 shares, respectively, at cost
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(800,000 | ) | (800,000 | ) | ||||
Total stockholders' equity
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18,307,984 | 12,113,711 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
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$ | 54,528,800 | $ | 57,679,501 |
BLUE DOLPHIN ENERGY COMPANY & SUBSIDIARIES
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||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS
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||||||||
Three Months Ended March 31, | ||||||||
2014
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2013
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|||||||
REVENUE FROM OPERATIONS
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||||||||
Refined product sales
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$ | 120,376,151 | $ | 109,171,507 | ||||
Pipeline operations
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54,031 | 73,148 | ||||||
Total revenue from operations
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120,430,182 | 109,244,655 | ||||||
COST OF OPERATIONS
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||||||||
Cost of refined products sold
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110,415,607 | 106,322,661 | ||||||
Refinery operating expenses
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2,955,019 | 2,745,209 | ||||||
Pipeline operating expenses
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27,729 | 45,371 | ||||||
Lease operating expenses
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7,176 | 26,901 | ||||||
General and administrative expenses
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369,484 | 484,564 | ||||||
Depletion, depreciation and amortization
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390,605 | 328,788 | ||||||
Abandonment expense
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- | 27,451 | ||||||
Accretion expense
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50,802 | 25,163 | ||||||
Total cost of operations
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114,216,422 | 110,006,108 | ||||||
Income (loss) from operations
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6,213,760 | (761,453 | ) | |||||
OTHER INCOME (EXPENSE)
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||||||||
Net tank rental and easement revenue
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407,516 | 278,350 | ||||||
Interest and other income
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29,220 | 835 | ||||||
Interest expense
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(253,800 | ) | (281,063 | ) | ||||
Total other income (expense)
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182,936 | (1,878 | ) | |||||
Income (loss) before income taxes
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6,396,696 | (763,331 | ) | |||||
Income tax expense, current
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(202,423 | ) | - | |||||
Net income (loss)
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$ | 6,194,273 | $ | (763,331 | ) | |||
Income (loss) per common share
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||||||||
Basic
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$ | 0.59 | $ | (0.07 | ) | |||
Diluted
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$ | 0.59 | $ | (0.07 | ) | |||
Weighted average number of common shares outstanding:
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||||||||
Basic
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10,430,973 | 10,510,334 | ||||||
Diluted
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10,430,973 | 10,510,334 |
BLUE DOLPHIN ENERGY COMPANY & SUBSIDIARIES
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||||||||
CONSOLIDATED CASH FLOW STATEMENT
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||||||||
Three Months Ended March 31,
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||||||||
2014
|
2013
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|||||||
OPERATING ACTIVITIES
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||||||||
Net income (loss)
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$ | 6,194,273 | $ | (763,331 | ) | |||
Adjustments to reconcile net income (loss) to net cash
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||||||||
provided by operating activities:
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||||||||
Depletion, depreciation and amortization
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390,605 | 328,788 | ||||||
Unrealized loss on derivatives
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127,100 | 52,050 | ||||||
Amortization of debt issue costs
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8,450 | 8,450 | ||||||
Amortization of intangible assets
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- | 9,463 | ||||||
Accretion expense
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50,802 | 25,163 | ||||||
Abandonment costs incurred
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- | 27,451 | ||||||
Common stock issued for services
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- | 50,000 | ||||||
Changes in operating assets and liabilities
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||||||||
Restricted cash
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(675,736 | ) | 62,245 | |||||
Accounts receivable
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3,738,092 | 4,087,965 | ||||||
Prepaid expenses and other current assets
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70,655 | 19,355 | ||||||
Deposits and other assets
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(449,553 | ) | (9,463 | ) | ||||
Inventory
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289,506 | (1,489,100 | ) | |||||
Accounts payable, accrued expenses and other liabilities
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(4,506,163 | ) | (2,739,371 | ) | ||||
Accounts payable, related party
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(38,693 | ) | 584,040 | |||||
Net cash provided by operating activities
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5,199,338 | 253,705 | ||||||
INVESTING ACTIVITIES
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||||||||
Capital expenditures
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(59,178 | ) | (530,226 | ) | ||||
Net cash used in investing activities
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(59,178 | ) | (530,226 | ) | ||||
FINANCING ACTIVITIES
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Payments on long-term debt
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(5,267,116 | ) | (60,876 | ) | ||||
Proceeds from notes payable
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- | 15,032 | ||||||
Payments on notes payable
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(11,884 | ) | (10,472 | ) | ||||
Net cash used in financing activities
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(5,279,000 | ) | (56,316 | ) | ||||
Net decrease in cash and cash equivalents
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(138,840 | ) | (332,837 | ) | ||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
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434,717 | 420,896 | ||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD
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$ | 295,877 | $ | 88,059 | ||||
Supplemental Information:
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||||||||
Non-cash operating activities
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||||||||
Reduction in accounts receivable in exchange for treasury stock received
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$ | - | $ |
800,000
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||||
Surety bond funded by seller of pipeline interest holder
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$ | 850,000 | $ | - | ||||
Non-cash investing and financing activities:
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||||||||
New asset retirement obligations
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$ | 300,980 | $ | - | ||||
Accrued services payable converted to common stock
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$ | - | $ | 50,000 | ||||
Interest paid
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$ | 902,176 | $ | 232,577 |
Blue Dolphin Energy Company & Subsidiaries
GAAP to Non-GAAP Reconciliation -- EBITDA
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Three Months Ended March 31, 2014
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Segment
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||||||||||||||||
Refinery
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Pipeline
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Corporate
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||||||||||||||
Operations
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Transportation
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and Other
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Total
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|||||||||||||
Revenue
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$ | 120,376,151 | $ | 54,031 | $ | - | $ | 120,430,182 | ||||||||
Operation cost(1)(2)(3)
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(113,368,578 | ) | (122,510 | ) | (334,729 | ) | (113,825,817 | ) | ||||||||
Other non-interest income
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282,516 | 152,697 | - | 435,213 | ||||||||||||
EBITDA
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$ | 7,290,089 | $ | 84,218 | $ | (334,729 | ) | $ | 7,039,578 | |||||||
Depletion, depreciation and
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||||||||||||||||
amortization
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(390,605 | ) | ||||||||||||||
Other expense, net
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(252,277 | ) | ||||||||||||||
Income before income taxes
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$ | 6,396,696 | ||||||||||||||
Capital expenditures
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$ | 59,178 | $ | - | $ | - | $ | 59,178 | ||||||||
Identifiable assets(4)
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$ | 50,797,212 | $ | 3,201,220 | $ | 530,368 | $ | 54,528,800 |
(1)
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“Refinery Operations” and “Pipeline Transportation” include an allocation of general and administrative expenses based on respective revenue.
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(2)
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“Refinery Operations” includes the effect of economic hedges on our refined petroleum products and crude oil inventory. Cost of refined products sold within operation cost includes a realized loss of $54,469 and an unrealized loss of $127,100.
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(3)
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“Corporate and Other” includes general and administrative expenses associated with corporate maintenance costs, such as director fees and legal expense.
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(4)
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Identifiable assets contain related legal obligations of each business segment including cash, accounts receivable and recorded net assets.
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Three Months Ended March 31, 2013
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Segment
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Refinery
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Pipeline
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Corporate
|
||||||||||||||
Operations
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Transportation
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and Other
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Total
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|||||||||||||
Revenue
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$ | 109,171,507 | $ | 73,148 | $ | - | $ | 109,244,655 | ||||||||
Operation cost(1)(2)(3)
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(109,063,677 | ) | (154,498 | ) | (459,145 | ) | (109,677,320 | ) | ||||||||
Other non-interest income
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278,350 | - | - | 278,350 | ||||||||||||
EBITDA
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$ | 386,180 | $ | (81,350 | ) | $ | (459,145 | ) | $ | (154,315 | ) | |||||
Depletion, depreciation and
|
||||||||||||||||
amortization
|
(328,788 | ) | ||||||||||||||
Other expense, net
|
(280,228 | ) | ||||||||||||||
Loss before income taxes
|
$ | (763,331 | ) | |||||||||||||
Capital expenditures
|
$ | 530,226 | $ | - | $ | - | $ | 530,226 | ||||||||
Identifiable assets(4)
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$ | 50,131,322 | $ | 1,662,384 | $ | 967,906 | $ | 52,761,612 |
(1)
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“Refinery Operations” and “Pipeline Transportation” include an allocation of general and administrative expenses based on respective revenue.
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(2)
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“Refinery Operations” includes the effect of economic hedges on our refined petroleum products and crude oil inventory. Cost of refined products sold within operation cost includes a realized loss of $36,440 and an unrealized loss of $52,050.
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(3)
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“Corporate and Other” includes general and administrative expenses associated with corporate maintenance costs, such as director fees and legal expense.
|
(4)
|
Identifiable assets contain related legal obligations of each business segment including cash, accounts receivable and recorded net assets.
|