Blue Dolphin Energy Co. Q3 2024: $1M Restricted Cash

TL;DR

**BDEC Q3: $1M in restricted cash at Veritex, replenished Jan 2.**

AI Summary

Blue Dolphin Energy Co. reported its Q3 2024 results, with restricted cash, noncurrent totaling $1.0 million as of June 30, 2024. This amount reflects funds held by Veritex in a payment reserve account, which was fully replenished on January 2, 2024, after being at $0 on December 31, 2023. The company's fiscal year ends on December 31.

Why It Matters

The company's restricted cash balance indicates funds set aside for specific purposes, impacting its available liquidity and financial flexibility.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report with no immediately apparent significant negative developments.

Key Numbers

• $1.0 million — Restricted Cash, Noncurrent (Balance as of June 30, 2024, held by Veritex.)
• $0 — Restricted Cash, Noncurrent (Balance as of December 31, 2023.)
• 20240930 — Report Period End Date (End of the third quarter for this filing.)

Key Players & Entities

• BLUE DOLPHIN ENERGY CO (company) — Filer
• Veritex (company) — Bank holding restricted cash
• $1.0 million (dollar_amount) — Restricted cash balance as of June 30, 2024
• $0 (dollar_amount) — Restricted cash balance as of December 31, 2023
• January 2, 2024 (date) — Date payment reserve account was replenished

FAQ

Key Financial Figures

• $0.01 — er of shares of common stock, par value $0.01 per share, outstanding as of November 1
• $0.10 — Blue Dolphin preferred stock, par value $0.10 per share. Blue Dolphin had 2,500,000 s

Filing Documents

• bdco20240930_10q.htm (10-Q) — 2306KB
• ex_719148.htm (EX-31.1) — 17KB
• ex_719149.htm (EX-32.1) — 7KB
• ex_728323.htm (EX-31.2) — 17KB
• ex_728324.htm (EX-32.2) — 8KB
• pic01.jpg (GRAPHIC) — 3KB
• 0001437749-24-035333.txt ( ) — 9956KB
• bdco-20240930.xsd (EX-101.SCH) — 84KB
• bdco-20240930_cal.xml (EX-101.CAL) — 55KB
• bdco-20240930_def.xml (EX-101.DEF) — 514KB
• bdco-20240930_lab.xml (EX-101.LAB) — 373KB
• bdco-20240930_pre.xml (EX-101.PRE) — 552KB
• bdco20240930_10q_htm.xml (XML) — 1934KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION ITEM 1.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 8 Consolidated Balance Sheets (Unaudited) 8 Consolidated Statements of Operations (Unaudited) 9 Consolidated Statements of Stockholders ' Equity (Unaudited) 10 Consolidated Statements of Cash Flows (Unaudited) 11

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 12 ITEM 2. MANAGEMENT ' S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 33 ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 51 ITEM 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 51

- OTHER INFORMATION

PART II - OTHER INFORMATION 52 ITEM 1.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 52 ITEM 1A.

RISK FACTORS

RISK FACTORS 53 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 54 ITEM 3. DEFAULTS UPON SENIOR SECURITIES 54 ITEM 4. MINE SAFETY DISCLOSURES 54 ITEM 5. OTHER INFORMATION 54 ITEM 6. EXHIBITS 55

SIGNATURES

SIGNATURES 56 Blue Dolphin Energy Company September 30, 2024 | Page 2 Table of Contents Glossary of Terms Throughout this Quarterly Report on Form 10-Q, we have used the following terms: Adjusted Refinery operations segment margin (deficit) . Calculated as refinery operations segment margin (deficit) plus segment depreciation and amortization; reflected as a dollar ($) amount. Adjusted Refining segment margin (deficit) per MBbls . Calculated as adjusted refinery operations segment margin (deficit) divided by the volume, in barrels, of refined products sold during the period; reflected as a dollar ($) amount per barrel. Affiliate . Refers, either individually or collectively, to certain related parties including Jonathan Carroll, Chairman and Chief Executive Officer of Blue Dolphin, and his affiliates (including Ingleside and Lazarus Capital) and/or LEH and its affiliates (including LMT and LTRI). Together, Jonathan Carroll and LEH owned 83% of the Common Stock as of the filing date of this report. AMT . Alternative Minimum Tax. ARO . Asset retirement obligations. ASU . Accounting Standards Update. AGO . Atmospheric gas oil (also known as atmospheric tower bottoms) is the heaviest product boiled by a crude distillation tower operating at atmospheric pressure. This fraction ordinarily sells as distillate fuel oil, either in pure form or blended with cracked stocks. Certain ethylene plants, called heavy oil crackers, can take AGO as feedstock. Barrel . A unit of volume equal to 42 U.S. gallons. BDEX . Blue Dolphin Exploration Company, a wholly owned subsidiary of Blue Dolphin. BDPC . Blue Dolphin Petroleum Company, a wholly owned subsidiary of Blue Dolphin. BDPL . Blue Dolphin Pipe Line Company, a wholly owned subsidiary of Blue Dolphin. BDSC . Blue Dolphin Services Co., a wholly owned subsidiary of Blue Dolphin. Blue Dolphin . Blue Dolphin Energy Company, one or more of its consolidated subsidiaries, or all of them taken as a whole. Board . Boa

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS Consolidated Balance Sheets (Unaudited) September 30, December 31, 2024 2023 (in thousands except share amounts) ASSETS CURRENT ASSETS Cash and cash equivalents $ 683 $ 18,713 Restricted cash, current 1,000 - Accounts receivable, net 619 116 Accounts receivable, related party 6,680 4,184 Prepaid expenses and other current assets 2,118 1,591 Deposits 225 110 Inventory 33,993 24,576 Total current assets 45,318 49,290 LONG-TERM ASSETS Total property and equipment, net 53,030 54,958 Operating lease right-of-use assets, net - 158 Restricted cash, noncurrent - 5 Surety bonds 1,255 230 Deferred tax assets, net 2,680 1,436 Total long-term assets 56,965 56,787 TOTAL ASSETS $ 102,283 $ 106,077 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Long-term debt less unamortized debt issue costs, current portion (in default) $ 13,895 $ 39,440 Line of credit, related party 2,500 - Long-term debt, related party, current portion 404 - Interest payable 253 2,596 Interest payable, related party 1,308 - Accounts payable 8,607 1,814 Accounts payable, related party 397 889 Current portion of lease liabilities - 147 Income taxes payable 16 951 Asset retirement obligations, current portion 2,999 4,504 Accrued expenses and other current liabilities 5,028 5,084 Total current liabilities 35,407 55,425 LONG-TERM LIABILITIES Long-term debt, net of current portion 26,407 3,745 Long-term debt, related party, net of current portion 3,596 4,000 Long-term interest payable, related party, net of current portion - 1,308 Total long-term liabilities 30,003 9,053 TOTAL LIABILITIES 65,410 64,478 Commitments and contingencies (Note 14) STOCKHOLDERS' EQUITY Common stock ($ 0.01 par value, 20,000,000 shares authorized; 14,921,968 shares issued and outstanding at September 30, 2024 and December 31, 2023) (1) 149 149 Additional paid-in capital 39,758 39,

Financial Statements (Continued)

Financial Statements (Continued) Consolidated Statements of Operations (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (in thousands, except share and per-share amounts) REVENUE FROM OPERATIONS Refinery operations $ 81,280 $ 101,598 $ 239,743 $ 283,505 Tolling and terminaling 829 956 3,047 4,588 Total revenue from

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