---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-25-017250"
form_type: "8-K"
ticker: "BDCO"
cik: "0000793306"
company_name: "BLUE DOLPHIN ENERGY CO"
filed_at: "2025-05-15T23:59:59+00:00"
generated_at: "2026-05-21T06:42:48.045759+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Blue Dolphin Q1 2025 net income falls 66% to $2.2M; EPS $0.15

## Summary
- Net income of $2.2M ($0.15 per share) vs $6.6M ($0.44) in Q1 2024, a 66% decline.
- Gross profit $6.1M versus $11.2M year-over-year; refining EBITDA $4.9M vs $10.2M.
- Revenue $83.7M, down 8% from $91.0M; total EBITDA $5.1M compared to $10.5M.
- Cash and restricted cash $2.3M at March 31, 2025, up from $1.1M at Dec 31, 2024.
- Working capital deficit improved to $14.5M from $19.1M sequentially.

## SEC filing metadata
- accession: 0001437749-25-017250
- form_type: 8-K
- ticker: BDCO
- cik: 0000793306
- company_name: BLUE DOLPHIN ENERGY CO
- filed_at: 2025-05-15T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/793306/000143774925017250/0001437749-25-017250-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/793306/000143774925017250/bdco20250508_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-25-017250
- JSON: https://secwatch.observer/filing/0001437749-25-017250.json
- Plain text: https://secwatch.observer/filing/0001437749-25-017250.txt

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