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 April 1, 2015.
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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 April 1, 2015.
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-
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Net income of $15.8 million, or $1.51 per share, including an income tax benefit of $5.6 million; and
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-
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Total EBITDA of $12.6 million and refinery operations EBITDA of $13.8 million.
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Years Ended December 31,
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||||||||
2014
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2013
|
|||||||
(in millions)
|
||||||||
Total revenue from operations
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$ | 387.5 | $ | 409.5 | ||||
Total cost of operations
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(377.9 | ) | (413.3 | ) | ||||
Income (loss) from operations
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9.6 | (3.8 | ) | |||||
Total other income
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0.6 | 0.1 | ||||||
Income (loss) before income taxes
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10.2 | (3.7 | ) | |||||
Income tax benefit (expense)
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5.6 | (0.1 | ) | |||||
Net income (loss)
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15.8 | (3.8 | ) | |||||
Income (loss) per common share
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||||||||
Basic
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$ | 1.51 | $ | (0.36 | ) | |||
Diluted
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$ | 1.51 | $ | (0.36 | ) |
-
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Refinery operating income of $12.8 million; and
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-
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Refinery operating income per barrel sold of $3.40.
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Year Ended December 31,
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Increase
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|||||||||||
2014
|
2013
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(Decrease)
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||||||||||
Operating Days
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333 | 341 | (8 | ) | ||||||||
Downtime
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32 | 24 | 8 | |||||||||
Total refinery throughput(1)
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||||||||||||
bbls
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3,862,351 | 3,822,128 | 40,223 | |||||||||
bpd
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11,599 | 11,209 | 390 | |||||||||
Total refinery production
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||||||||||||
bbls
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3,788,710 | 3,743,482 | 45,228 | |||||||||
bpd
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11,378 | 10,978 | 400 | |||||||||
Total refined petroleum product sales
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||||||||||||
bbls
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3,779,677 | 3,709,294 | 70,383 | |||||||||
Fuel and energy losses
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||||||||||||
bbls
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73,641 | 78,646 | (5,005 | ) | ||||||||
bpd
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221 | 231 | (9 | ) | ||||||||
Capacity utilization rate
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||||||||||||
refinery throughput
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77.3 | % | 74.7 | % | 2.6 | % | ||||||
refinery production
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75.9 | % | 73.2 | % | 2.7 | % |
(1)
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Throughput represents feedstocks. The Nixon Facility’s feedstock consists of crude oil and condensate.
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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 at the 15,000 bpd Nixon Facility, which includes the refining of crude oil and condensate into marketable finished and intermediate products, as well as petroleum storage and terminaling. Blue Dolphin also owns and operates pipeline assets and has leasehold interests in oil and gas properties, which are considered non-core. 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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December 31,
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||||||||
2014
|
2013
|
|||||||
ASSETS
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||||||||
CURRENT ASSETS
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||||||||
Cash and cash equivalents
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$ | 1,293,233 | $ | 434,717 | ||||
Restricted cash
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1,008,514 | 327,388 | ||||||
Accounts receivable
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8,340,303 | 13,487,106 | ||||||
Prepaid expenses and other current assets
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771,458 | 333,683 | ||||||
Deposits
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68,498 | 1,219,660 | ||||||
Inventory
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3,200,651 | 4,686,399 | ||||||
Total current assets
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14,682,657 | 20,488,953 | ||||||
Total property and equipment, net
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37,371,075 | 36,388,666 | ||||||
Surety bonds
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1,642,000 | - | ||||||
Debt issue costs, net
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479,737 | 498,536 | ||||||
Trade name
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303,346 | 303,346 | ||||||
Deferred tax assets, net
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5,928,342 | - | ||||||
TOTAL ASSETS
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$ | 60,407,157 | $ | 57,679,501 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
CURRENT LIABILITIES
|
||||||||
Accounts payable
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$ | 12,370,179 | $ | 20,783,541 | ||||
Accounts payable, related party
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1,174,168 | 3,659,340 | ||||||
Notes payable
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- | 11,884 | ||||||
Asset retirement obligations, current portion
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85,846 | 107,388 | ||||||
Accrued expenses and other current liabilities
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2,783,704 | 1,600,444 | ||||||
Interest payable, current portion
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56,039 | 40,272 | ||||||
Long-term debt, current portion
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1,245,476 | 2,215,918 | ||||||
Deferred tax liabilities
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168,236 | - | ||||||
Total current liabilities
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17,883,648 | 28,418,787 | ||||||
Long-term liabilities:
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||||||||
Asset retirement obligations, net of current portion
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1,780,924 | 1,490,273 | ||||||
Deferred revenues and expenses
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691,525 | - | ||||||
Long-term debt, net of current portion
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10,808,803 | 13,889,349 | ||||||
Long-term interest payable, net of current portion
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1,274,789 | 1,767,381 | ||||||
Total long-term liabilities
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14,556,041 | 17,147,003 | ||||||
TOTAL LIABILITIES
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32,439,689 | 45,565,790 | ||||||
Commitments and contingencies (Note 22)
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||||||||
STOCKHOLDERS' EQUITY
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||||||||
Common stock ($0.01 par value, 20,000,000 shares authorized;10,599,444 and 10,580,973
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||||||||
shares issued at December 31, 2014 and 2013, respectively)
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105,995 | 105,810 | ||||||
Additional paid-in capital
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36,718,781 | 36,623,965 | ||||||
Accumulated deficit
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(8,057,308 | ) | (23,816,064 | ) | ||||
Treasury stock, 150,000 shares at cost
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(800,000 | ) | (800,000 | ) | ||||
Total stockholders' equity
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27,967,468 | 12,113,711 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
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$ | 60,407,157 | $ | 57,679,501 |
Blue Dolphin Energy Company & Subsidiaries
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Years Ended December 31,
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||||||||
2014
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2013
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|||||||
REVENUE FROM OPERATIONS
|
||||||||
Refined product sales
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$ | 387,304,774 | $ | 409,239,747 | ||||
Pipeline operations
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220,200 | 303,122 | ||||||
Oil and gas sales
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- | 200 | ||||||
Total revenue from operations
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387,524,974 | 409,543,069 | ||||||
COST OF OPERATIONS
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||||||||
Cost of refined products sold
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363,762,292 | 399,101,182 | ||||||
Refinery operating expenses
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10,698,023 | 10,673,722 | ||||||
Pipeline operating expenses
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208,037 | 163,163 | ||||||
Lease operating expenses
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26,428 | 67,923 | ||||||
General and administrative expenses
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1,427,707 | 1,794,053 | ||||||
Depletion, depreciation and amortization
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1,570,962 | 1,342,563 | ||||||
Abandonment expense
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- | 63,767 | ||||||
Accretion expense
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211,995 | 112,686 | ||||||
Total cost of operations
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377,905,444 | 413,319,059 | ||||||
Income (loss) from operations
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9,619,530 | (3,775,990 | ) | |||||
OTHER INCOME (EXPENSE)
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||||||||
Tank rental and easement revenue
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1,400,898 | 1,155,064 | ||||||
Interest and other income
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47,522 | 3,105 | ||||||
Interest expense
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(892,372 | ) | (1,100,053 | ) | ||||
Loss on disposal of property and equipment
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(4,400 | ) | - | |||||
Total other income
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551,648 | 58,116 | ||||||
Income (loss) before income taxes
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10,171,178 | (3,717,874 | ) | |||||
Income tax benefit (expense)
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5,587,578 | (89,255 | ) | |||||
Net income (loss)
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$ | 15,758,756 | $ | (3,807,129 | ) | |||
Income (loss) per common share
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||||||||
Basic
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$ | 1.51 | $ | (0.36 | ) | |||
Diluted
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$ | 1.51 | $ | (0.36 | ) | |||
Weighted average number of common shares outstanding:
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||||||||
Basic
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10,441,464 | 10,445,883 | ||||||
Diluted
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10,441,464 | 10,445,883 |
Blue Dolphin Energy Company & Subsidiaries
|
Years Ended December 31,
|
||||||||
2014
|
2013
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|||||||
OPERATING ACTIVITIES
|
||||||||
Net income (loss)
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$ | 15,758,756 | $ | (3,807,129 | ) | |||
Adjustments to reconcile net income (loss) to net cash
|
||||||||
provided by (used in) operating activities:
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||||||||
Depletion, depreciation and amortization
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1,570,962 | 1,342,563 | ||||||
Unrealized gain on derivatives
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(488,950 | ) | (143,050 | ) | ||||
Deferred taxes
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(5,760,106 | ) | - | |||||
Amortization of debt issue costs
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33,799 | 33,800 | ||||||
Amortization of intangible assets
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- | 9,463 | ||||||
Accretion expense
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211,995 | 112,686 | ||||||
Abandonment costs incurred
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- | 63,767 | ||||||
Common stock issued for services
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95,001 | 100,000 | ||||||
Loss on disposal of assets
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4,400 | - | ||||||
Changes in operating assets and liabilities
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||||||||
Restricted cash
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(681,126 | ) | (237,795 | ) | ||||
Accounts receivable
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5,146,803 | 1,111,649 | ||||||
Prepaid expenses and other current assets
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(437,775 | ) | (105,369 | ) | ||||
Deposits and other assets
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(505,838 | ) | 16,787 | |||||
Inventory
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1,485,748 | (2,385,707 | ) | |||||
Accounts payable, accrued expenses and other liabilities
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(6,770,318 | ) | 2,846,834 | |||||
Accounts payable, related party
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(2,485,172 | ) | 2,065,319 | |||||
Net cash provided by operating activities
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7,178,179 | 1,023,818 | ||||||
INVESTING ACTIVITIES
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Capital expenditures
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(1,720,156 | ) | (1,477,729 | ) | ||||
Proceeds from sale of assets
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- | 201,000 | ||||||
Net cash used in investing activities
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(1,720,156 | ) | (1,276,729 | ) | ||||
FINANCING ACTIVITIES
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Proceeds from issuance of debt
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- | 5,750,611 | ||||||
Payments on long-term debt
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(6,226,521 | ) | (5,274,106 | ) | ||||
Proceeds from notes payable
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2,000,000 | 15,032 | ||||||
Payments on notes payable
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(372,986 | ) | (224,805 | ) | ||||
Net cash provided by (used in) financing activities
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(4,599,507 | ) | 266,732 | |||||
Net increase in cash and cash equivalents
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858,516 | 13,821 | ||||||
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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$ | 1,293,233 | $ | 434,717 | ||||
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 | ||||
Surety bond funded by seller of pipeline interest
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$ | 850,000 | $ | - | ||||
Non-cash investing and financing activities:
|
||||||||
New asset retirement obligations
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$ | 300,980 | $ | - | ||||
Changes in estimates of existing ARO obligations
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$ | - | $ | 592,415 | ||||
Financing of capital expenditures via capital lease
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$ | 536,635 | $ | - | ||||
Accrued services payable converted to common stock
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$ | - | $ | 50,000 | ||||
Interest paid
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$ | 1,369,197 | $ | 791,536 |
Blue Dolphin Energy Company & Subsidiaries
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December 31,
|
||||||||
2014
|
2013
|
|||||||
Total refined petroleum product sales
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$ | 387,304,774 | $ | 409,239,747 | ||||
Less:
|
||||||||
Cost of refined petroleum products sold
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(363,762,292 | ) | (399,101,182 | ) | ||||
Refinery operating expenses
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(10,698,023 | ) | (10,673,722 | ) | ||||
(374,460,315 | ) | (409,774,904 | ) | |||||
Refinery operating income
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$ | 12,844,459 | $ | (535,157 | ) | |||
Total refined petroleum product sales (bbls)
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3,779,677 | 3,709,294 | ||||||
Refinery operating income per bbl sold
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$ | 3.40 | $ | (0.14 | ) |
Year Ended December 31, 2014
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||||||||||||||||
Segment
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||||||||||||||||
Refinery Pipeline |
Corporate &
|
|||||||||||||||
Operations
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Transportation
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Other
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Total
|
|||||||||||||
Revenue
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$ | 387,304,774 | $ | 220,200 | $ | - | $ | 387,524,974 | ||||||||
Less: Operation cost(1)
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(374,613,154 | ) | (483,262 | ) | (1,242,466 | ) | (376,338,882 | ) | ||||||||
Other non-interest income
|
1,130,065 | 270,833 | - | 1,400,898 | ||||||||||||
EBITDA
|
$ | 13,821,685 | $ | 7,771 | $ | (1,242,466 | ) | $ | 12,586,990 | |||||||
Depletion, depreciation and amortization
|
(1,570,962 | ) | ||||||||||||||
Interest expense, net
|
(844,850 | ) | ||||||||||||||
Income before income taxes
|
$ | 10,171,178 | ||||||||||||||
Capital expenditures
|
$ | 1,720,156 | $ | - | $ | - | $ | 1,720,156 | ||||||||
Identifiable assets(2)
|
$ | 50,950,050 | $ | 3,028,719 | $ | 6,428,388 | $ | 60,407,157 |
(1)
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Operation cost within the “Refinery Operations” and “Pipeline Transportation” segments includes related general, administrative, and accretion expenses. Operation cost within “Corporate and Other” includes general and administrative expenses associated with corporate maintenance costs, such as accounting fees, director fees and legal expense.
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(2)
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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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Year Ended December 31, 2013
|
||||||||||||||||
Segment
|
||||||||||||||||
Refinery
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Pipeline
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Corporate &
|
||||||||||||||
Operations
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Transportation
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Other
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Total
|
|||||||||||||
Revenue
|
$ | 409,239,747 | $ | 303,322 | $ | - | $ | 409,543,069 | ||||||||
Less: Operation cost(1)
|
(409,800,285 | ) | (524,051 | ) | (1,652,160 | ) | (411,976,496 | ) | ||||||||
Other non-interest income
|
1,113,397 | 41,667 | - | 1,155,064 | ||||||||||||
EBITDA
|
$ | 552,859 | $ | (179,062 | ) | $ | (1,652,160 | ) | $ | (1,278,363 | ) | |||||
Depletion, depreciation and amortization
|
(1,342,563 | ) | ||||||||||||||
Interest expense, net
|
(1,096,948 | ) | ||||||||||||||
Loss before income taxes
|
$ | (3,717,874 | ) | |||||||||||||
Capital expenditures
|
$ | 1,477,729 | $ | - | $ | - | $ | 1,477,729 | ||||||||
Identifiable assets(2)
|
$ | 54,470,723 | $ | 2,399,467 | $ | 809,311 | $ | 57,679,501 |
(1)
|
Operation cost within the “Refinery Operations” and “Pipeline Transportation” segments includes related general, administrative, and accretion expenses. Operation cost within “Corporate and Other” includes general and administrative expenses associated with corporate maintenance costs, such as accounting fees, director fees and legal expense.
|
(2)
|
Identifiable assets contain related legal obligations of each business segment including cash, accounts receivable and recorded net assets.
|