BDCO · BLUE DOLPHIN ENERGY CO

Blue Dolphin Energy Company, an independent downstream energy company, engages in the refining of petroleum products in the United States. It operates through Refinery Operations, Tolling and Terminaling, and Corporate and Other segments. The company offers finished products, such as jet fuel; and intermediate petroleum products, including naphtha, heavy oil-based mud blendstock, and atmospheric gas oil. It also conducts tolling and terminaling services at the Nixon facility. In addition, the company offers storage tank rental services; ancillary services, such as in-tank blending; and tolling and reservation services. The company serves distributors, wholesalers, and refineries in the lower portion of the Texas Triangle, including the Houston, San Antonio, and Dallas/Fort Worth areas. The company is headquartered in Houston, Texas. Blue Dolphin Energy Company operates as a subsidiary of Lazarus Energy Holdings, LLC.

Cap structure and valuation

Cap structure
SP	$3.97
SO	14.9M
Options	0.0M
Warrants	0.0M
FD SO	14.9M
MC	$59.3M

Cash	$0.4M
Total debt	—
EV	$58.9M

TTM Multiples
EV / Revenue	0.2x
EV / EBITDA	3.5x
MC / Net Income	4.7x
EV / FCF	33.3x
MC / FCF	33.5x

Ownership & coverage
Institutional	0.0%
Insiders	89.2%
# Institutions	0
Analysts	0
Consensus	—
Avg target	—

Short % float	—
Days to cover	—

MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-05-15. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-07-13 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest shown as "—" when unreported or older than 60 days.

Financial statements

	3/31/26	12/31/25	9/30/25	6/30/25
Total Revenue	81.49	68.75	70.36	56.58
Revenue YoY %	(2.6%)	(8.0%)	(14.3%)	(18.8%)
Cost of Revenue	60.92	66.73	70.32	56.03
Gross Profit	20.57	2.02	0.03	0.55
Gross Profit YoY %	238.7%	181.6%	101.0%	113.6%
Gross Margin %	25.2%	2.9%	0.0%	1.0%

SG&A	1.17	1.60	1.63	0.70
Operating Expense	0.63	2.16	5.13	1.18

Operating Income	19.94	(0.14)	(5.10)	(0.63)
Operating Income YoY %	359.2%	95.0%	(6.2%)	90.5%
Operating Margin %	24.5%	(0.2%)	(7.2%)	(1.1%)
EBITDA	20.66	0.58	(4.38)	0.09
EBITDA Margin %	25.4%	0.8%	(6.2%)	0.2%

Interest Expense	1.38	1.52	0.85	1.55
Other Income / (Expense)	—	5.60	—	—
Pretax Income	18.56	3.94	(5.95)	(2.18)
Tax Provision	3.83	(0.21)	(1.27)	(0.46)
Net Income	14.73	4.15	(4.68)	(1.72)
Net Margin %	18.1%	6.0%	(6.6%)	(3.0%)

Diluted EPS	$0.99	-$0.10	-$0.31	-$0.12
Basic EPS	$0.99	-$0.10	-$0.31	-$0.12
Diluted Avg Shares	14.9	—	14.9	14.9
Basic Avg Shares	14.9	—	14.9	14.9

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Total Revenue	277.18	279.38	317.52	396.05	487.50
Revenue YoY %	(0.8%)	(12.0%)	(19.8%)	(18.8%)	—
Cost of Revenue	254.01	270.70	313.63	351.37	441.43
Gross Profit	23.18	8.68	3.89	44.68	46.07
Gross Profit YoY %	167.0%	123.1%	(91.3%)	(3.0%)	—
Gross Margin %	8.4%	3.1%	1.2%	11.3%	9.5%

SG&A	5.11	5.29	6.44	3.13	2.92
Operating Expense	9.10	10.20	8.20	8.29	6.99

Operating Income	14.08	(1.52)	(4.31)	36.39	39.08
Operating Income YoY %	1026.3%	64.7%	(111.8%)	(6.9%)	—
Operating Margin %	5.1%	(0.5%)	(1.4%)	9.2%	8.0%
EBITDA	16.95	1.35	(1.50)	39.19	41.88
EBITDA Margin %	6.1%	0.5%	(0.5%)	9.9%	8.6%

Interest Expense	5.31	5.39	6.06	6.10	5.88
Other Income / (Expense)	5.60	5.60	8.84	—	—
Pretax Income	14.38	(1.31)	(1.53)	30.53	33.20
Tax Provision	1.89	(1.31)	(1.53)	(0.48)	0.31
Net Income	12.49	0.00	0.00	31.01	32.89
Net Margin %	4.5%	0.0%	0.0%	7.8%	6.7%

Diluted EPS	$0.46	-$0.38	-$0.58	$2.08	$2.34
Basic EPS	$0.46	-$0.38	-$0.58	$2.08	$2.34
Diluted Avg Shares	14.9	14.9	14.9	14.9	14.1
Basic Avg Shares	14.9	14.9	14.9	14.9	14.1

	3/31/26	12/31/25	9/30/25	6/30/25
Cash & Equivalents	0.40	1.01	2.32	0.82
Inventory	37.72	30.89	33.90	41.22
Other Current Assets	29.88	12.26	13.16	13.88
Total Current Assets	68.00	44.17	49.38	55.92

Net PPE	49.28	50.01	50.98	51.32
Operating Lease ROU	0.12	0.19	0.26	0.33
Other Assets	1.54	4.70	4.49	3.25
Total Assets	118.95	99.07	105.12	110.82

Current Lease Liabilities	0.15	0.22	0.29	0.28
Other Current Liabilities	74.31	68.35	72.16	72.43
Total Current Liabilities	74.45	68.57	72.45	72.70
Long-term Lease Liabilities	0.00	0.00	0.00	0.07
Other Liabilities	2.40	3.14	3.86	4.56
Total Liabilities	76.86	71.71	76.31	77.33

Retained Earnings	2.19	(12.54)	(11.10)	(6.42)
Total Equity	42.09	27.36	28.81	33.48

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Cash & Equivalents	0.40	1.01	0.08	18.71	0.52
Receivables	—	—	—	—	1.15
Inventory	37.72	30.89	35.66	24.58	19.84
Other Current Assets	29.88	12.26	9.02	6.00	3.58
Total Current Assets	68.00	44.17	44.76	49.29	25.09

Net PPE	49.28	50.01	52.43	54.96	57.44
Operating Lease ROU	0.12	0.19	0.46	0.16	0.15
Other Assets	1.54	4.70	4.25	1.67	1.23
Total Assets	118.95	99.07	101.90	106.08	83.90

Accounts Payable	—	—	—	—	2.16
Current Debt	—	—	—	—	42.16
Current Lease Liabilities	0.15	0.22	0.26	0.15	0.16
Other Current Liabilities	74.31	68.35	63.64	55.28	25.86
Total Current Liabilities	74.45	68.57	63.90	55.42	70.33
Long-term Debt	—	—	—	—	2.32
Long-term Lease Liabilities	0.00	0.00	0.19	0.00	0.00
Other Liabilities	2.40	3.14	4.84	9.05	0.66
Total Liabilities	76.86	71.71	68.93	64.48	73.32

Retained Earnings	2.19	(12.54)	(6.94)	1.69	(29.32)
Total Equity	42.09	27.36	32.96	41.60	10.59

	3/31/26	12/31/25	9/30/25	6/30/25
Net Income	14.73	4.15	(4.68)	(1.72)
D&A	0.72	0.72	0.72	0.72
Δ Working Cap & Other	(14.62)	(3.11)	4.78	(0.62)
Operating Cash Flow	0.83	1.76	0.82	(1.62)

CapEx	(0.01)	0.32	(0.31)	(0.03)
Investing Cash Flow	(0.01)	0.32	(0.31)	(0.03)

Debt Repayment	—	—	(0.73)	(0.72)
Other Financing	(1.43)	(3.37)	1.73	1.90
Financing Cash Flow	(1.43)	(3.37)	0.99	1.18

Free Cash Flow	0.82	2.09	0.51	(1.65)

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Net Income	12.49	0.00	0.00	31.01	32.89
D&A	2.87	2.87	2.81	2.80	2.80
Δ Working Cap & Other	(13.57)	(3.63)	(18.48)	(13.80)	(19.42)
Operating Cash Flow	1.79	(0.77)	(15.67)	20.00	16.27

CapEx	(0.02)	(0.01)	(0.05)	(0.10)	(0.10)
Investing Cash Flow	(0.02)	(0.01)	(0.05)	(0.10)	(0.10)

Debt Issuance	—	—	—	0.00	1.50
Debt Repayment	—	—	(5.17)	(1.50)	(1.02)
Other Financing	(2.63)	1.74	3.25	(1.21)	(15.19)
Financing Cash Flow	(2.63)	1.74	(1.92)	(2.71)	(14.71)

Free Cash Flow	1.77	(0.78)	(15.72)	19.90	16.17

	3/31/26	12/31/25	9/30/25	6/30/25
Current Ratio	0.91	0.64	0.68	0.77
Quick Ratio	0.41	0.19	0.21	0.20
Debt / Equity	1.83	2.62	2.65	2.31
EBITDA Margin %	25.4%	0.8%	(6.2%)	0.2%
Working Capital	(6.45)	(24.40)	(23.07)	(16.78)
Net Debt	—	—	—	—
ROE %	35.0%	15.2%	(16.2%)	(5.1%)
ROA %	12.4%	4.2%	(4.4%)	(1.6%)

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Current Ratio	0.91	0.64	0.70	0.89	0.36
Quick Ratio	0.41	0.19	0.14	0.45	0.07
Debt / Equity	1.83	2.62	2.09	1.55	6.92
EBITDA Margin %	6.1%	0.5%	(0.5%)	9.9%	8.6%
Working Capital	(6.45)	(24.40)	(19.14)	(6.13)	(45.25)
Net Debt	—	—	—	—	1.80
ROE %	29.7%	0.0%	0.0%	74.5%	310.7%
ROA %	10.5%	0.0%	0.0%	29.2%	39.2%

Insider activity (last 2 years)

Date Filed	Reporter	Relationship	Trans. Date	Code	Shares	Price	Total Value
2026-05-29	LAZARUS ENERGY HOLDINGS, LLC	10% Owner	2026-05-27	P	5,000	$3.91	$19,550
2026-05-29	LAZARUS ENERGY HOLDINGS, LLC	10% Owner	2026-05-27	P	5,000	$3.92	$19,600
2026-05-29	LAZARUS ENERGY HOLDINGS, LLC	10% Owner	2026-05-27	P	5,000	$3.95	$19,750
2026-05-29	LAZARUS ENERGY HOLDINGS, LLC	10% Owner	2026-05-27	P	5,000	$3.95	$19,750
2026-04-20	LAZARUS ENERGY HOLDINGS, LLC	10% Owner	2026-04-20	P	7,500	$3.20	$24,000
2026-04-20	LAZARUS ENERGY HOLDINGS, LLC	10% Owner	2026-04-20	P	5,000	$3.20	$16,000
2026-04-20	LAZARUS ENERGY HOLDINGS, LLC	10% Owner	2026-04-17	P	7,500	$2.90	$21,750
2026-04-20	LAZARUS ENERGY HOLDINGS, LLC	10% Owner	2026-04-17	P	7,500	$2.89	$21,675
2026-04-20	LAZARUS ENERGY HOLDINGS, LLC	10% Owner	2026-04-17	P	5,000	$2.85	$14,250
2026-04-20	LAZARUS ENERGY HOLDINGS, LLC	10% Owner	2026-04-17	P	7,500	$2.80	$21,000
2026-04-20	LAZARUS ENERGY HOLDINGS, LLC	10% Owner	2026-04-16	P	5,000	$3.25	$16,250
2026-04-20	LAZARUS ENERGY HOLDINGS, LLC	10% Owner	2026-04-16	P	5,000	$2.95	$14,750
2026-04-20	LAZARUS ENERGY HOLDINGS, LLC	10% Owner	2026-04-16	P	5,000	$3.25	$16,250
2026-04-20	LAZARUS ENERGY HOLDINGS, LLC	10% Owner	2026-04-16	P	2,500	$3.20	$8,000
2026-04-20	LAZARUS ENERGY HOLDINGS, LLC	10% Owner	2026-04-16	P	5,000	$3.25	$16,250
2026-04-20	LAZARUS ENERGY HOLDINGS, LLC	10% Owner	2026-04-16	P	5,000	$3.25	$16,250
2026-04-20	LAZARUS ENERGY HOLDINGS, LLC	10% Owner	2026-04-16	P	5,000	$3.25	$16,250
2025-09-15	CARROLL JONATHAN P	Director, Officer (CEO & President), 10% Owner	2025-09-11	P	4,221	$1.42	$5,994
2025-09-10	LAZARUS ENERGY HOLDINGS, LLC	10% Owner	2025-09-10	P	1,000	$1.39	$1,390
2025-09-10	LAZARUS ENERGY HOLDINGS, LLC	10% Owner	2025-09-10	P	1,000	$1.39	$1,390
2025-09-10	LAZARUS ENERGY HOLDINGS, LLC	10% Owner	2025-09-10	P	1,000	$1.40	$1,400
2025-09-10	LAZARUS ENERGY HOLDINGS, LLC	10% Owner	2025-09-10	P	1,000	$1.40	$1,400
2025-09-10	LAZARUS ENERGY HOLDINGS, LLC	10% Owner	2025-09-10	P	1,000	$1.40	$1,400
2025-09-10	LAZARUS ENERGY HOLDINGS, LLC	10% Owner	2025-09-10	P	1,000	$1.40	$1,400
2025-09-10	LAZARUS ENERGY HOLDINGS, LLC	10% Owner	2025-09-10	P	1,000	$1.45	$1,450
2025-09-10	LAZARUS ENERGY HOLDINGS, LLC	10% Owner	2025-09-10	P	1,000	$1.45	$1,450
2025-09-10	LAZARUS ENERGY HOLDINGS, LLC	10% Owner	2025-09-10	P	10,000	$1.45	$14,500
2025-09-10	LAZARUS ENERGY HOLDINGS, LLC	10% Owner	2025-09-10	P	7,000	$1.45	$10,150
2025-09-10	LAZARUS ENERGY HOLDINGS, LLC	10% Owner	2025-09-08	P	10,000	$1.45	$14,500
2025-07-30	LAZARUS ENERGY HOLDINGS, LLC	10% Owner	2025-06-12	P	5,000	$1.34	$6,700
2025-07-30	LAZARUS ENERGY HOLDINGS, LLC	10% Owner	2025-06-12	P	5,000	$1.34	$6,700
2025-07-30	LAZARUS ENERGY HOLDINGS, LLC	10% Owner	2025-06-11	P	3,544	$1.35	$4,784
2025-04-11	CARROLL JONATHAN P	Director, Officer (CEO & President), 10% Owner	2025-04-11	P	1,000	$1.91	$1,910
2025-04-11	CARROLL JONATHAN P	Director, Officer (CEO & President), 10% Owner	2025-04-10	P	1,000	$1.85	$1,850
2025-04-11	CARROLL JONATHAN P	Director, Officer (CEO & President), 10% Owner	2025-04-10	P	1,000	$1.90	$1,900
2025-04-11	CARROLL JONATHAN P	Director, Officer (CEO & President), 10% Owner	2025-04-10	P	1,000	$1.90	$1,900
2025-04-11	CARROLL JONATHAN P	Director, Officer (CEO & President), 10% Owner	2025-04-10	P	1,000	$1.83	$1,830
2025-04-11	CARROLL JONATHAN P	Director, Officer (CEO & President), 10% Owner	2025-04-09	P	1,000	$1.74	$1,740
2025-04-08	CARROLL JONATHAN P	Director, Officer (CEO & President), 10% Owner	2025-04-07	P	800	$2.20	$1,760
2025-04-08	CARROLL JONATHAN P	Director, Officer (CEO & President), 10% Owner	2025-04-07	P	4,000	$2.20	$8,800
2025-04-08	CARROLL JONATHAN P	Director, Officer (CEO & President), 10% Owner	2025-04-07	P	100	$2.03	$203
2025-04-08	CARROLL JONATHAN P	Director, Officer (CEO & President), 10% Owner	2025-04-07	P	300	$2.11	$633
2025-04-08	CARROLL JONATHAN P	Director, Officer (CEO & President), 10% Owner	2025-04-07	P	3,450	$2.20	$7,590
2025-04-08	CARROLL JONATHAN P	Director, Officer (CEO & President), 10% Owner	2025-04-07	P	5,000	$2.20	$11,000
2025-04-08	CARROLL JONATHAN P	Director, Officer (CEO & President), 10% Owner	2025-04-07	P	1,350	$2.10	$2,835
2025-04-08	CARROLL JONATHAN P	Director, Officer (CEO & President), 10% Owner	2025-04-07	P	100	$2.14	$214
2025-04-08	CARROLL JONATHAN P	Director, Officer (CEO & President), 10% Owner	2025-04-04	P	2,500	$1.90	$4,750
2025-04-08	CARROLL JONATHAN P	Director, Officer (CEO & President), 10% Owner	2025-04-04	P	900	$1.95	$1,755
2025-04-08	CARROLL JONATHAN P	Director, Officer (CEO & President), 10% Owner	2025-04-04	P	10,000	$2.00	$20,000
2025-04-08	CARROLL JONATHAN P	Director, Officer (CEO & President), 10% Owner	2025-04-04	P	100	$1.97	$197
2025-04-08	CARROLL JONATHAN P	Director, Officer (CEO & President), 10% Owner	2025-04-04	P	100	$1.99	$199
2025-04-08	CARROLL JONATHAN P	Director, Officer (CEO & President), 10% Owner	2025-04-04	P	2,900	$2.00	$5,800
2025-04-08	CARROLL JONATHAN P	Director, Officer (CEO & President), 10% Owner	2025-04-04	P	1,000	$1.94	$1,940
2025-04-08	CARROLL JONATHAN P	Director, Officer (CEO & President), 10% Owner	2025-04-04	P	1,000	$1.90	$1,900
2025-04-08	CARROLL JONATHAN P	Director, Officer (CEO & President), 10% Owner	2025-04-04	P	2,400	$2.00	$4,800
2025-04-08	CARROLL JONATHAN P	Director, Officer (CEO & President), 10% Owner	2025-04-04	P	3,900	$2.00	$7,800
2025-04-08	CARROLL JONATHAN P	Director, Officer (CEO & President), 10% Owner	2025-04-04	P	100	$1.87	$187
2025-04-08	CARROLL JONATHAN P	Director, Officer (CEO & President), 10% Owner	2025-04-04	P	5,000	$2.00	$10,000
2025-01-17	CARROLL JONATHAN P	Director, Officer (CEO & President), 10% Owner	2025-01-15	P	1,000	$3.50	$3,500
2025-01-17	Klug Bryce Dixon	Officer (PFO, PAO, Treas., & Asst. Sec.)	2025-01-15	P	1,000	$3.40	$3,400
2025-01-07	CARROLL JONATHAN P	Director, Officer (CEO & President), 10% Owner	2025-01-07	P	1,000	$2.80	$2,800
2025-01-07	CARROLL JONATHAN P	Director, Officer (CEO & President), 10% Owner	2025-01-07	P	1,000	$2.80	$2,800
2025-01-07	CARROLL JONATHAN P	Director, Officer (CEO & President), 10% Owner	2025-01-07	P	1,000	$2.84	$2,840
2025-01-07	CARROLL JONATHAN P	Director, Officer (CEO & President), 10% Owner	2025-01-07	P	1,000	$2.84	$2,840
2025-01-07	CARROLL JONATHAN P	Director, Officer (CEO & President), 10% Owner	2025-01-06	P	1,000	$2.69	$2,690
2025-01-07	CARROLL JONATHAN P	Director, Officer (CEO & President), 10% Owner	2025-01-06	P	1,000	$2.68	$2,680
2025-01-07	CARROLL JONATHAN P	Director, Officer (CEO & President), 10% Owner	2025-01-03	P	1,000	$2.67	$2,670
2025-01-07	CARROLL JONATHAN P	Director, Officer (CEO & President), 10% Owner	2025-01-03	P	1,000	$2.68	$2,680
2024-12-19	CARROLL JONATHAN P	Director, Officer (CEO & President), 10% Owner	2024-12-17	P	1,000	$2.75	$2,750
2024-12-19	CARROLL JONATHAN P	Director, Officer (CEO & President), 10% Owner	2024-12-17	P	1,000	$2.78	$2,780
2024-12-05	CARROLL JONATHAN P	Director, Officer (CEO & President), 10% Owner	2024-12-04	P	2,500	$2.94	$7,350
2024-12-05	CARROLL JONATHAN P	Director, Officer (CEO & President), 10% Owner	2024-12-04	P	1,000	$2.90	$2,900
2024-12-05	CARROLL JONATHAN P	Director, Officer (CEO & President), 10% Owner	2024-12-03	P	1,000	$2.98	$2,980
2024-12-05	CARROLL JONATHAN P	Director, Officer (CEO & President), 10% Owner	2024-12-03	P	2,500	$2.98	$7,450
2024-12-05	CARROLL JONATHAN P	Director, Officer (CEO & President), 10% Owner	2024-12-03	P	2,500	$2.95	$7,375
2024-11-26	CARROLL JONATHAN P	Director, Officer (CEO & President), 10% Owner	2024-11-26	P	2,500	$3.29	$8,225
2024-11-26	CARROLL JONATHAN P	Director, Officer (CEO & President), 10% Owner	2024-11-26	P	2,500	$3.30	$8,250
2024-11-26	CARROLL JONATHAN P	Director, Officer (CEO & President), 10% Owner	2024-11-25	P	1,000	$3.34	$3,340
2024-11-26	CARROLL JONATHAN P	Director, Officer (CEO & President), 10% Owner	2024-11-25	P	1,000	$3.34	$3,340
2024-11-21	CARROLL JONATHAN P	Director, Officer (CEO & President), 10% Owner	2024-11-21	P	2,500	$3.49	$8,725
2024-11-21	CARROLL JONATHAN P	Director, Officer (CEO & President), 10% Owner	2024-11-21	P	2,500	$3.50	$8,750
2024-11-21	CARROLL JONATHAN P	Director, Officer (CEO & President), 10% Owner	2024-11-19	P	2,500	$3.50	$8,750
2024-11-21	CARROLL JONATHAN P	Director, Officer (CEO & President), 10% Owner	2024-11-19	P	5,000	$3.25	$16,250
2024-11-21	CARROLL JONATHAN P	Director, Officer (CEO & President), 10% Owner	2024-11-19	P	5,000	$3.23	$16,150
2024-10-16	CARROLL JONATHAN P	Director, Officer (CEO & President), 10% Owner	2024-10-15	P	5,000	$3.95	$19,750
2024-10-16	CARROLL JONATHAN P	Director, Officer (CEO & President), 10% Owner	2024-10-14	P	5,000	$4.05	$20,250
2024-10-16	CARROLL JONATHAN P	Director, Officer (CEO & President), 10% Owner	2024-10-14	P	5,000	$4.00	$20,000
2024-08-30	CARROLL JONATHAN P	Director, Officer (CEO & President), 10% Owner	2024-08-29	P	5,000	$4.05	$20,250
2024-08-30	CARROLL JONATHAN P	Director, Officer (CEO & President), 10% Owner	2024-08-29	P	2,500	$4.00	$10,000
2024-06-07	CARROLL JONATHAN P	Director, Officer (CEO & President), 10% Owner	2024-06-06	P	100	$3.98	$398
2024-06-07	CARROLL JONATHAN P	Director, Officer (CEO & President), 10% Owner	2024-06-05	P	100	$3.62	$362