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Blue Dolphin Energy Co. (BDCO+0.53%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a net loss of $8.6 million for the year, compared to a net income of $31.0 million in the previous year. The decrease is attributed to less favorable refining margins and lower sales volumes.
Total revenue from operations decreased to $317.5 million from $396.0 million in the prior year. The decline was primarily due to lower market pricing and sales volumes in refinery operations.
Cost of goods sold was $313.6 million, down from $353.9 million the previous year, reflecting lower sales volumes and market pricing.
The company reported a gross profit of $3.9 million, a significant decrease from $42.1 million in the previous year.
Blue Dolphin's working capital deficit increased to $19.1 million from $6.1 million at the end of 2023, with current liabilities including significant debt to Veritex and GNCU.
Cash and cash equivalents decreased to $0.1 million from $18.7 million at the end of 2023, with a significant portion of liquidity invested in inventory.
The company continues efforts to improve its balance sheet, including engaging with potential lenders to refinance and restructure debt.
Blue Dolphin's operations are subject to various risks, including volatile commodity prices, regulatory changes, and dependence on a limited number of significant customers.
The filing also highlights the company's ongoing regulatory and legal challenges, including compliance with environmental laws and obligations related to decommissioning offshore assets.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Blue Dolphin Energy Co. annual 10-K report dated April 1, 2025. To report an error, please email earnings@qz.com.