Blue Dolphin Reports Second Quarter 2015 Results
Tweet
Share
E-mailGet Alerts BDCO Hot Sheet
Join SI Premium – FREE
HOUSTON, TX -- (Marketwired) -- 08/18/15 -- Blue Dolphin Energy Company ("Blue Dolphin") (OTCQX: BDCO), an independent refiner and marketer of refined petroleum products in the Eagle Ford Shale, reported second quarter 2015 results.
Results of Operations
Three Month Comparative Periods
- Refinery operations Adjusted EBITDA for the quarter ended June 30, 2015 totaled $2.6 million compared to $3.7 million for the quarter ended June 30, 2014.
- Total Adjusted EBITDA for the quarter ended June 30, 2015 was $2.3 million compared to $3.3 million for the prior year comparative period.
- Refinery operating income before the Joint Marketing Agreement Profit Share (the "JMA Profit Share") for the quarter ended June 30, 2015 was $2.5 million compared to $3.5 million for the quarter ended June 30, 2014. JMA Profit Share for the quarter ended June 30, 2015 totaled $0.9 million compared to $1.2 million for the same period a year earlier. Refinery operating income for the quarter ended June 30, 2015 totaled $1.5 million compared to $2.2 million for the quarter ended June 30, 2014.
- Net income for the quarter ended June 30, 2015 was $0.1 million, or income of $0.01 per share, compared to $1.4 million, or income of $0.14 per share, for the same quarterly period in 2014.
Six Month Comparative Periods
- Refinery operations Adjusted EBITDA for the six months ended June 30, 2015 totaled $11.7 million compared to $11.0 million for the six months ended June 30, 2014.
- Total Adjusted EBITDA for the six months ended June 30, 2015 was $11.0 million compared to $10.3 million for the prior year comparative period.
- Refinery operating income before the JMA Profit Share for the six months ended June 30, 2015 was $11.2 million compared to $10.5 million for the six months ended June 30 2014. JMA Profit Share for the six months ended June 30, 2015 totaled $3.4 million compared to $1.2 million for the six months ended June 30, 2014. Refinery operating income for the six months ended June 30, 2015 totaled $7.9 million compared to $9.2 million for the six months ended June 30, 2014.
- Net income for the six months ended June 30, 2015 was $3.8 million, or income of $0.37 per share, compared to net income of $7.6 million, or income of $0.73 per share, for the same six month period in 2014.
The JMA Profit Share represents a payment to GEL TEX Marketing, LLC ("GEL") pursuant to the Joint Marketing Agreement. GEL is entitled to receive the JMA profit Share as a result of the May 2014 repayment of the outstanding balance due on the Construction and Funding Agreement with Milam Services, Inc. The JMA Profit Share represents an increase in expenses and a reduction in cash flow from operations.
See "Non-GAAP Performance Measures" in this press release for the definition of earnings before interest, income taxes and depreciation ("EBITDA"), Adjusted EBITDA, and refinery operating income. A reconciliation of EBITDA and Adjusted EBITDA to net income is provided herein. A reconciliation of refinery operating income to refined petroleum product sales, cost of refined products sold, refinery operating expenses and JMA Profit Share is also provided herein.
Three Months Ended Six Months Ended
June 30, June 30,
-------------------- --------------------
2015 2014 2015 2014
--------- --------- --------- ---------
(in millions)
Total revenue from operations $ 59.2 $ 103.0 $ 120.5 $ 223.8
Total cost of operations (58.3) (101.4) (113.8) (215.7)
--------- --------- --------- ---------
Income from operations 0.9 1.6 6.7 8.1
Total other expense (0.7) (0.1) (0.8) (0.2)
--------- --------- --------- ---------
Income before income taxes 0.2 1.5 5.9 7.9
Income tax expense (0.1) (0.1) (2.1) (0.3)
--------- --------- --------- ---------
Net income $ 0.1 $ 1.4 $ 3.8 $ 7.6
========= ========= ========= =========
Income per common share
Basic $ 0.01 $ 0.14 $ 0.37 $ 0.73
========= ========= ========= =========
Diluted $ 0.01 $ 0.14 $ 0.37 $ 0.73
========= ========= ========= =========
During the second quarter of 2015, we entered into loan agreements totaling $28.0 million as part of a plan to refinance approximately $8.5 million of debt owed to American First National Bank, purchase idle refinery equipment, and expand the Nixon Facility. As announced in June 2015, the Nixon Facility expansion project will encompass three phases that include: (i) constructing more than 500,000 bbls of petroleum storage tanks, (ii) redeploying idle refinery equipment, and (iii) obtaining an additional long-term loan that would be used to refinance a $3.0 million short-term note and construct an additional 300,000 bbls of petroleum storage tanks. Potential benefits of the Nixon Facility expansion plan include:
- generation of additional revenue from leasing product and crude storage to third parties;
- crude and product storage capable of supporting refinery throughput of up to 30,000 bbls per day;
- production of a higher octane gasoline blendstock (reformate) by refurbishing the naphtha reformer;
- production of ultra low sulfur diesel by refurbishing a light duty hydrotreater; and
- an increase in the processing capacity and complexity of the Nixon Facility by deploying refurbished refinery equipment to the Nixon Facility, including, among others, a Merox unit, vacuum tower, prefrac tower unit, and LPG fractionator.
Refinery Throughput and Production Data
Three Months Ended Six Months Ended
June 30, June 30,
-------------------- --------------------
2015 2014 2015 2014
--------- --------- --------- ---------
Operating Days 80 84 170 174
Downtime 11 7 11 7
Total refinery throughput
bbls 914,950 968,259 1,977,338 2,060,267
bpd 11,437 11,527 11,631 11,841
Total refinery production
bbls 896,123 949,645 1,940,333 2,023,283
bpd 11,202 11,305 11,414 11,628
Capacity utilization rate
refinery throughput 76.2% 76.8% 77.5% 78.9%
refinery production 74.7% 75.4% 76.1% 77.5%
Note: The difference between total refinery throughput (volume processed as
input) and total refinery production (volume processed as output)
represents refinery fuel and energy use.
Three Months Ended June 30, 2015 Compared to Three Months Ended June 30, 2014
- Downtime at the Nixon Facility for the three months ended June 30, 2015 totaled 11 days compared to 7 days for the three months ended June 30, 2014.
- Total refinery throughput for the quarter ended June 30, 2015 totaled 914,950 bbls, or 11,437 bpd, compared to 968,259 bbls, or 11,527 bpd, for the same period a year earlier. The 6% decrease between the periods primarily related to downtime.
- Total refinery production for the quarter ended June 30, 2015 totaled 896,123 bbls, or 11,202 bpd, compared to 949,645 bbls, or 11,305 bpd, for the same period a year earlier. The 6% decrease primarily related to downtime.
- Capacity utilization rate for refinery throughput for the three months ended June 30, 2015 was 76.2% compared to 76.8% for same period a year earlier, reflecting a nominal decrease of less than 1%. Capacity utilization rate for refinery production for the three months ended June 30, 2015 was 74.7% compared to 75.4% for the same comparative period, reflecting a nominal decrease of less than 1%.
Six Months Ended June 30, 2015 Compared to Six Months Ended June 30, 2014
- Downtime at the Nixon Facility for the six months ended June 30, 2015 totaled 11 days compared to 7 days for the six months ended June 30, 2014.
- Total refinery throughput for the six months ended June 30, 2015 totaled 1,977,338 bbls, or 11,631 bpd, compared to 2,060,267 bbls, or 11,841 bpd, for the same period a year earlier. The 4% decrease primarily related to downtime.
- Total refinery production for the six months ended June 30, 2015 totaled 1,940,333 bbls, or 11,414 bpd, compared to 2,023,283 bbls, or 11,628 bpd for the same period a year earlier. The 4% decrease primarily related to downtime.
- Capacity utilization rate for refinery throughput for the six months ended June 30, 2014 was 77.5% compared to 78.9% for the same period a year earlier, reflecting a nominal decrease of 1.4%. Capacity utilization rate for refinery production for the three months ended June 30, 2015 was 76.1% compared to 77.5% for the same comparative period, reflecting a nominal decrease of 1.4%.
Non-GAAP Performance Measures
This press release and its accompanying financial schedules report EBITDA, Adjusted EBITDA, and refinery operating income, which are financial performance measures defined as non-GAAP by the Securities and Exchange Commission (the "SEC"). These non-GAAP financial performance measures are used by management to assess Blue Dolphin's operating results and the effectiveness of its business segments. Blue Dolphin's financial performance measures may be different than non-GAAP financial performance measures used by other companies. The presentation of this financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with generally accepted accounting principles ("GAAP").
Below are the definitions of non-GAAP performance measures used by management in this press release:
- EBITDA reflects earnings adjusted to eliminate: (i) interest income (expense), (ii) income taxes, and (iii) depreciation and amortization. Refinery operations EBITDA reflects EBITDA for our refinery operations business segment. Total EBITDA reflects EBITDA for our refinery operations and pipeline transportation business segments, as well as corporate and other;
- Adjusted EBITDA reflects EBITDA prior to the JMA Profit Share. The JMA Profit Share represents the GEL Profit Share plus the GEL Performance Fee for the period pursuant to the Joint Marketing Agreement. Refinery operations adjusted EBITDA reflects adjusted EBITDA for our refinery operations business segment. Total adjusted EBITDA reflects adjusted EBITDA for our refinery operations and pipeline transportation business segments, as well as corporate and other; and
- Refinery operating income reflects refined petroleum product sales less direct operating costs (including cost of refined products sold and refinery operating expenses) and the JMA Profit Share, which is an indirect operating expense.
About Blue Dolphin 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. For additional information, visit Blue Dolphin's corporate website at http://www.blue-dolphin-energy.com.
Cautionary Statement Regarding Forward-Looking Statements
Certain of the statements included in this press release, which express a belief, expectation or intention, as well as those regarding future financial performance or results, or which are not historical facts, are "forward-looking" statements as that term is defined in the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. These forward-looking statements are not guarantees of future performance or events and such statements involve a number of risks, uncertainties and assumptions, including but not limited to: dangers inherent in oil and gas operations that could cause disruptions and expose us to potentially significant losses, costs or liabilities and reduce our liquidity; geographic concentration of our assets, which creates a significant exposure to the risks of the regional economy; competition from companies having greater financial and other resources; laws and regulations regarding personnel and process safety, as well as environmental, health and safety, for which failure to comply may result in substantial fines, criminal sanctions, permit revocations, injunctions, facility shutdowns and/or significant capital expenditures; insurance coverage that may be inadequate or expensive; related party transactions with LEH and its affiliates, which may cause conflicts of interest; loss of executive officers or key employees, as well as a shortage of skilled labor or disruptions in our labor force, which may make it difficult to maintain productivity; our dependence on Lazarus Energy Holdings, LLC ("LEH") for financing and management of our property and the property of our subsidiaries; capital needs for which our internally generated cash flows and other sources of liquidity may not be adequate; our ability to use net operating loss carryforwards, which are subject to limitation, to offset future taxable income for U.S. federal income tax purposes, and other factors set forth under the heading "Risk Factors" in Part I, Item 1A of Blue Dolphin's previously filed Annual Report on Form 10-K for the fiscal year ended December 31, 2014. Should one or more of these risks or uncertainties materialize or should the underlying assumptions prove incorrect, actual results and outcomes may differ materially from those indicated in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Blue Dolphin undertakes no obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Blue Dolphin Energy Company & Subsidiaries
Consolidated Balance Sheet
June 30, December 31,
2015 2014
------------ ------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 2,508,514 $ 1,293,233
Restricted cash 4,296,327 1,008,514
Accounts receivable 7,145,207 8,340,303
Prepaid expenses and other current assets 422,443 771,458
Deposits 120,176 68,498
Inventory 3,844,533 3,200,651
Deferred tax assets, current portion, net 2,962,488 -
------------ ------------
Total current assets 21,299,688 14,682,657
------------ ------------
Total property and equipment, net 42,828,401 37,371,075
Restricted cash, noncurrent 13,500,000 -
Surety bonds 1,642,000 1,642,000
Debt issue costs, net 1,313,244 479,737
Trade name 303,346 303,346
Deferred tax assets, net 905,067 5,928,342
------------ ------------
TOTAL ASSETS $ 81,791,746 $ 60,407,157
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 13,325,103 $ 12,370,179
Accounts payable, related party - 1,174,168
Notes payable 3,000,000 -
Asset retirement obligations, current portion 86,341 85,846
Accrued expenses and other current liabilities 1,638,730 2,783,704
Interest payable, current portion 62,303 56,039
Long-term debt, current portion 1,618,828 1,245,476
Deferred tax liabilities, net - 168,236
------------ ------------
Total current liabilities 19,731,305 17,883,648
Long-term liabilities:
Asset retirement obligations, net of current
portion 1,886,413 1,780,924
Deferred revenues and expenses 605,085 691,525
Long-term debt, net of current portion 26,364,293 10,808,803
Long-term interest payable, net of current
portion 1,377,940 1,274,789
------------ ------------
Total long-term liabilities 30,233,731 14,556,041
------------ ------------
TOTAL LIABILITIES 49,965,036 32,439,689
Commitments and contingencies (Note 22)
STOCKHOLDERS' EQUITY
Common stock ($0.01 par value, 20,000,000 shares
authorized; 10,603,802 and 10,599,444 shares
issued at June 30, 2015 and December 31, 2014,
respectively) 106,038 105,995
Additional paid-in capital 36,738,737 36,718,781
Accumulated deficit (4,218,065) (8,057,308)
Treasury stock, 150,000 shares at cost (800,000) (800,000)
------------ ------------
Total stockholders' equity 31,826,710 27,967,468
------------ ------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 81,791,746 $ 60,407,157
============ ============
See notes to consolidated financial statements in Blue Dolphin's quarterly report on Form 10-Q for the quarter ended June 30, 2015.
Blue Dolphin Energy Company & Subsidiaries
Consolidated Statements of Income
Three Months Ended June 30, Six Months Ended June 30,
--------------------------- --------------------------
2015 2014 2015 2014
------------ ------------ ------------ ------------
REVENUE FROM
OPERATIONS
Refined petroleum
product sales $ 58,839,160 $102,716,073 $119,906,222 $223,092,224
Tank rental
revenue 286,892 282,516 573,784 565,032
Pipeline
operations 35,562 67,862 73,957 121,893
------------ ------------ ------------ ------------
Total revenue
from operations 59,161,614 103,066,451 120,553,963 223,779,149
COST OF OPERATIONS
Cost of refined
products sold 53,801,698 96,622,257 103,189,147 207,037,864
Refinery operating
expenses 2,586,151 2,641,205 5,467,122 5,596,224
Joint Marketing
Agreement profit
share 938,661 1,240,104 3,377,298 1,240,104
Pipeline operating
expenses 60,887 61,713 107,483 89,442
Lease operating
expenses 14,098 6,820 21,414 13,996
General and
administrative
expenses 400,018 427,060 745,902 796,544
Depletion,
depreciation and
amortization 402,937 391,167 802,168 781,772
Accretion expense 52,720 53,731 105,935 104,533
------------ ------------ ------------ ------------
Total cost of
operations 58,257,170 101,444,057 113,816,469 215,660,479
------------ ------------ ------------ ------------
Income from
operations 904,444 1,622,394 6,737,494 8,118,670
OTHER INCOME
(EXPENSE)
Easement, interest
and other income 66,460 97,712 132,467 251,932
Interest expense (732,296) (207,379) (940,371) (461,179)
------------ ------------ ------------ ------------
Total other
expense (665,836) (109,667) (807,904) (209,247)
------------ ------------ ------------ ------------
Income before income
taxes 238,608 1,512,727 5,929,590 7,909,423
Income tax expense (100,729) (74,170) (2,090,347) (276,593)
------------ ------------ ------------ ------------
Net income $ 137,879 $ 1,438,557 $ 3,839,243 $ 7,632,830
============ ============ ============ ============
Income per common
share:
Basic $ 0.01 $ 0.14 $ 0.37 $ 0.73
Diluted $ 0.01 $ 0.14 $ 0.37 $ 0.73
Weighted average
number of common
shares outstanding:
Basic 10,450,210 10,441,695 10,449,829 10,436,363
Diluted 10,450,210 10,441,695 10,449,829 10,436,363
See notes to consolidated financial statements in Blue Dolphin's quarterly report on Form 10-Q for the quarter ended June 30, 2015.
Blue Dolphin Energy Company & Subsidiaries
Consolidated Cash Flow Statement
Six Months Ended June 30,
--------------------------
2015 2014
------------ ------------
OPERATING ACTIVITIES
Net income $ 3,839,243 $ 7,632,830
Adjustments to reconcile net income to net
cash provided by (used in) operating
activities:
Depletion, depreciation and amortization 802,168 781,772
Unrealized gain (loss) on derivatives 467,000 (44,400)
Deferred taxes 1,892,551 -
Amortization of debt issue costs 500,566 16,900
Accretion expense 105,935 104,533
Common stock issued for services 19,999 75,001
Changes in operating assets and liabilities
Restricted cash (3,287,813) (677,109)
Accounts receivable 1,195,096 5,350,253
Prepaid expenses and other current assets 349,015 33,704
Deposits and other assets (1,385,751) (492,053)
Inventory (643,882) (2,815,138)
Accounts payable, accrued expenses and other
liabilities (634,025) (3,224,935)
Accounts payable, related party (1,174,168) (1,395,621)
------------ ------------
Net cash provided by operating activities 2,045,934 5,345,737
INVESTING ACTIVITIES
Capital expenditures (6,259,494) (329,871)
Change in restricted cash, noncurrent (13,500,000) -
------------ ------------
Net cash used in investing activities (19,759,494) (329,871)
FINANCING ACTIVITIES
Proceeds from issuance of debt 25,000,000 -
Payments on long-term debt (9,071,159) (5,946,901)
Proceeds from notes payable 3,000,000 2,000,000
Payments on notes payable - (62,483)
------------ ------------
Net cash provided by (used in) financing
activities 18,928,841 (4,009,384)
------------ ------------
Net increase in cash and cash equivalents 1,215,281 1,006,482
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 1,293,233 434,717
------------ ------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 2,508,514 $ 1,441,199
============ ============
Supplemental Information:
Non-cash operating activities
Surety bond funded by seller of pipeline
interest $ - $ 850,000
============ ============
Non-cash investing and financing activities:
New asset retirement obligations $ - $ 300,980
============ ============
Interest paid $ 353,833 $ 1,048,553
============ ============
Income taxes paid $ 95,000 $ -
============ ============
See notes to consolidated financial statements in Blue Dolphin's quarterly report on Form 10-Q for the quarter ended June 30, 2015.
Blue Dolphin Energy Company & Subsidiaries
Reconciliation of Adjusted EBITDA and EBITDA to Net Income
Three Months Ended June 30, 2015
-------------------------------------------------------
Segment
----------------------------
Refinery Pipeline Corporate &
Operations Transportation Other Total
------------ -------------- ----------- ------------
Revenue from
operations $ 59,126,052 $ 35,562 $ - $ 59,161,614
Less: cost of
operations(1) (56,504,401) (127,704) (283,467) (56,915,572)
Other non-interest
income(2) - 62,500 - 62,500
------------ -------------- ----------- ------------
Adjusted EBITDA 2,621,651 (29,642) (283,467) 2,308,542
Less: JMA Profit
Share(3) (938,661) - - (938,661)
------------ -------------- ----------- ------------
EBITDA $ 1,682,990 $ (29,642) $ (283,467) $ 1,369,881
============ ============== =========== ============
Depletion,
depreciation and
amortization (402,937)
Interest expense,
net (728,336)
------------
Income before
income taxes 238,608
Income tax expense (100,729)
------------
Net income $ 137,879
============
Three Months Ended June 30, 2014
-------------------------------------------------------
Segment
----------------------------
Refinery Pipeline Corporate &
Operations Transportation Other Total
------------ -------------- ----------- ------------
Revenue from
operations $102,998,589 $ 67,862 $ - $103,066,451
Less: cost of
operations(1) (99,326,771) (122,263) (363,751) (99,812,785)
Other non-interest
income(2) - 83,333 - 83,333
------------ -------------- ----------- ------------
Adjusted EBITDA 3,671,818 28,932 (363,751) 3,336,999
Less: JMA Profit
Share(3) (1,240,104) - - (1,240,104)
------------ -------------- ----------- ------------
EBITDA $ 2,431,714 $ 28,932 $ (363,751) $ 2,096,895
============ ============== =========== ============
Depletion,
depreciation and
amortization (391,167)
Interest expense,
net (193,001)
------------
Income before
income taxes 1,512,727
Income tax expense (74,170)
------------
Net income $ 1,438,557
============
Six Months Ended June 30, 2015
-----------------------------------------------------------
Segment
------------------------------
Refinery Pipeline Corporate &
Operations Transportation Other Total
-------------- -------------- ----------- --------------
Revenue from
operations $ 120,480,006 $ 73,957 $ - $ 120,553,963
Less: cost of
operations(1) (108,763,871) (181,616) (691,515) (109,637,002)
Other non-
interest
income(2) - 125,000 - 125,000
-------------- -------------- ----------- --------------
Adjusted EBITDA 11,716,135 17,341 (691,515) 11,041,961
Less: JMA
Profit
Share(3) (3,377,298) - - (3,377,298)
-------------- -------------- ----------- --------------
EBITDA $ 8,338,837 $ 17,341 $ (691,515) $ 7,664,663
============== ============== =========== ==============
Depletion,
depreciation
and
amortization (802,168)
Interest
expense, net (932,905)
--------------
Income before
income taxes 5,929,590
Income tax
expense (2,090,347)
--------------
Net income $ 3,839,243
==============
Six Months Ended June 30, 2014
-----------------------------------------------------------
Segment
------------------------------
Refinery Pipeline Corporate &
Operations Transportation Other Total
-------------- -------------- ----------- --------------
Revenue from
operations $ 223,657,256 $ 121,893 $ - $ 223,779,149
Less: cost of
operations(1) (212,695,349) (244,773) (698,480) (213,638,602)
Other non-
interest
income(2) - 208,333 - 208,333
-------------- -------------- ----------- --------------
Adjusted EBITDA 10,961,907 85,453 (698,480) 10,348,880
Less: JMA
Profit
Share(3) (1,240,104) - - (1,240,104)
-------------- -------------- ----------- --------------
EBITDA $ 9,721,803 $ 85,453 $ (698,480) $ 9,108,776
============== ============== =========== ==============
Depletion,
depreciation
and
amortization (781,772)
Interest
expense, net (417,581)
--------------
Income before
income taxes 7,909,423
Income tax
expense (276,593)
--------------
Net income $ 7,632,830
==============
(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) Other non-interest income primarily represents easement income from
FLNG Land II, Inc. See "Part 1, Item 1. Financial Statements - Note
(22) Commitments and Contingencies - FLNG Master Easement Agreement" of
our quarterly report on Form 10-Q for the period ended June 30, 2015
for further discussion related to easement income.
(3) The JMA Profit Share represents the GEL Profit Share plus the
Performance Fee for the period pursuant to the Joint Marketing
Agreement. See "Part 1, Item 1. Financial Statements - Note (22)
Commitments and Contingencies" and "Part 1, Item 2. Management's
Discussion and Analysis of Financial Condition and Results of
Operations - Relationship with Genesis" of our quarterly report on Form
10-Q for the period ended June 30, 2015 for further discussion of the
Joint Marketing Agreement.
Blue Dolphin Energy Company & Subsidiaries
Reconciliation of Refinery Operating Income to Refined Petroleum Product
Sales, Cost of Refined Petroleum Products Sold, Refinery Operating Expenses
and JMA Profit Share
Three Months Ended June 30, Six Months Ended June 30,
---------------------------- ----------------------------
2015 2014 2015 2014
------------- ------------- ------------- -------------
Total refined
petroleum
product sales $ 58,839,160 $ 102,716,073 $ 119,906,222 $ 223,092,224
Less: Cost of
refined
petroleum
products sold (53,801,698) (96,622,257) (103,189,147) (207,037,864)
Less: Refinery
operating
expenses (2,586,151) (2,641,205) (5,467,122) (5,596,224)
------------- ------------- ------------- -------------
Refinery
operating
income before
JMA Profit
Share 2,451,311 3,452,611 11,249,953 10,458,136
Less: JMA Profit
Share (938,661) (1,240,104) (3,377,298) (1,240,104)
------------- ------------- ------------- -------------
Refinery
operating
income $ 1,512,650 $ 2,212,507 $ 7,872,655 $ 9,218,032
============= ============= ============= =============
Total refined
petroleum
product sales
(bbls) 896,706 918,108 1,923,590 1,994,872
============= ============= ============= =============
For a reconciliation of refined petroleum product sales to total revenue from operations for our consolidated operations, refer to the Consolidated Statements of Income" contained within this press release.
Contact: Jonathan P. Carroll Chief Executive Officer and President 713-568-4725
Source: Blue Dolphin Energy Company
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Deluxe closes acquisition of Celero Commerce
- East West Ave Acquisition prices $100M IPO on Nasdaq
- Jersey Mike's closes IPO at $23 per share on NYSE
Create E-mail Alert Related Categories
Press ReleasesRelated Entities
Crude Oil, EarningsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
