Blue Dolphin Q2 net loss of $1.6M vs net income of $13.4M a year ago; gross profit down sharply

BLUE DOLPHIN ENERGY CO

2023-Q2 EPS reported $1.02 revenue$185,539,000

Net loss of $1.6M ($0.10 per share) for Q2 2023 vs net income of $13.4M ($0.97/share) in Q2 2022.
Gross profit fell to $1.9M from $16.8M, driven by weaker refining margins, lower throughput, and inventory buildup.
Six-month net income totaled $15.2M ($1.02/share) vs $16.9M ($1.27/share) in prior year.
Reduced net long-term debt and accrued interest by $2.7M (4.6%) in H1 2023.
CEO reports refining margins rebounding in Q3 2023, setting stage for stronger quarter.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

BLUE DOLPHIN ENERGY CO reported three-month and six-month periods ended June 30, 2023 results: revenue $68,878 thousand for the three months ended June 30, 2023 and $185,539 thousand for the six months ended June 30, 2023, net income net loss of $1.560 million for the three months ended June 30, 2023 and net income of $15.193 million for the six months, EPS loss of $0.10 per share for the three months ended June 30, 2023 and income of $1.02 per share for the six months ended.

Period: three-month and six-month periods ended June 30, 2023
Revenue: $68,878 thousand for the three months ended June 30, 2023 and $185,539 thousand for the six months ended June 30, 2023
Net income: net loss of $1.560 million for the three months ended June 30, 2023 and net income of $15.193 million for the six months
EPS: loss of $0.10 per share for the three months ended June 30, 2023 and income of $1.02 per share for the six months ended
Result: reported results

Exact text from the filing

On August 15, 2023 Blue Dolphin Energy Company, a Delaware corporation (“Blue Dolphin”), issued a press release reporting its financial results for the three-month and six-month periods ended June 30, 2023 and its financial condition as of June 30, 2023.

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BLUE DOLPHIN ENERGY CO filing history →

Source: SEC EDGAR

accession 0001654954-23-010887

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