Blue Dolphin Energy Co

blue-dolphin-energy.com

Blue Dolphin Energy Co (OTCMKTS: BDCO) is a petroleum refining company that operates the Nixon refinery in Texas, processing crude oil and condensate into finished and intermediate petroleum products. Revenue is generated by selling refined products, primarily jet fuel, as well as intermediate products including naphtha, heavy oil-based mud blendstock (HOBM), and atmospheric gas oil (AGO), with additional income from tolling and terminaling fees under intercompany processing agreements. The Nixon facility sources a substantial portion of its crude oil and condensate from the Eagle Ford Shale. Refining is a margin-based business, where profitability depends on the spread between crude feedstock costs and refined product prices. As of December 31, 2025, the company carried a working capital deficit of $24.4 million and current related-party and third-party debt of $44.4 million. Blue Dolphin does not expect to pay cash dividends. Lazarus Energy Holdings, LLC, an affiliate of Jonathan Carroll, is the controlling shareholder as of the filing date of the 10-K filed March 31, 2026.