---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-25-010597"
form_type: "8-K"
ticker: "BDCO"
cik: "0000793306"
company_name: "BLUE DOLPHIN ENERGY CO"
filed_at: "2025-04-02T23:59:59+00:00"
generated_at: "2026-05-24T00:11:01.738722+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Blue Dolphin posts FY 2024 net loss of $8.6M vs net income of $31.0M in 2023

## Summary
- Revenue fell to $317.5M from $396.0M; refining EBITDA dropped to $2.3M ($0.61/bbl) from $38.6M ($9.37/bbl).
- Inventory impairment of $8.3M in 2024 (vs $5.2M in 2023) weighed on results; maintenance turnaround costs also impacted.
- Cash and equivalents dropped to $1.1M from $18.7M; working capital deficit widened to $19.1M from $6.1M.
- Paid down $7.5M in debt principal and accrued interest during the year; CEO cited balance sheet strength.
- Tolling and terminaling EBITDA fell to $2.1M from $4.3M on lower revenue.

## SEC filing metadata
- accession: 0001437749-25-010597
- form_type: 8-K
- ticker: BDCO
- cik: 0000793306
- company_name: BLUE DOLPHIN ENERGY CO
- filed_at: 2025-04-02T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/793306/000143774925010597/0001437749-25-010597-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/793306/000143774925010597/bdco20250330_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-25-010597
- JSON: https://secwatch.observer/filing/0001437749-25-010597.json
- Plain text: https://secwatch.observer/filing/0001437749-25-010597.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.