Blue Dolphin reports Q3 net loss of $5.0M vs profit of $7.1M a year ago; refining margins slump

BLUE DOLPHIN ENERGY CO

2024-Q3 EPS reported -$0.32 revenue$242,790,000

Q3 net loss $5.0M ($0.34 diluted loss per share) vs net income $7.1M ($0.47 diluted EPS) in Q3 2023.
Adjusted refinery operations segment deficit of $4.0M in Q3 2024 vs margin of $9.7M in prior-year quarter.
Nine-month net loss of $4.7M vs net income of $22.3M in 2023; inventory impairment of $7.9M YTD.
Working capital improved to $9.9M positive (Dec 2023: deficit $6.1M); cash dropped to $1.7M from $18.7M.
CEO cites soft refining margins for weak quarter; balance sheet used to support operations.

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