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BDCO on OTC

BLUE DOLPHIN ENERGY CO

BLUE DOLPHIN ENERGY CO is an American crude petroleum and natural gas company, incorporated in Delaware.1 It is headquartered in Houston, Texas.1 Its shares trade on OTC under the symbol BDCO.1

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Last updated Oct 21, 2026.

Overview

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  • TickerBDCO on OTC1
  • IndustryCrude Petroleum & Natural Gas1
  • HeadquartersHouston, Texas1
  • Incorporated inDE2
  • Business address801 Travis Suite 2100, Houston, Tx 77002-57292
  • Filer categoryNon-accelerated filer, Smaller reporting company2

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The following section of this Annual Report on Form 10-K generally refers to business developments during the twelve months ended December 31, 2025. Discussion of, or references to, prior period business developments that are not included in this Form 10-K can be found in “ Part I, Item 1. Business ” of our Annual Report on Form 10-K for the year ended December 31, 2024.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-0.5%Operating margin4
-2.0%Net margin4
-12.0%Revenue growth, 20254
-20.5%Return on equity4
-$779.0KFree cash flow4

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Refinery Operations brought in 99% of the revenue BLUE DOLPHIN ENERGY CO broke down this way in fiscal 2025.

  1. Refinery Operations$276.2M499%down 12% from 2024
  2. Tolling and Terminaling$3.1M41%down 20% from 2024
Business segments by year
Business segments20242025
Refinery Operations$313.6M$276.2M
Tolling and Terminaling$3.9M$3.1M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue97¢$270.7M
  • Other costs3¢$7.4M
  • Income tax0¢$1.3M

Out of $279.4M in revenue.4 The company lost money this year.

Financial statements

Revenue567894$279.4M in 2025−10% since 2019
0$200.0M$400.0M$600.0M2019: $309.3M$309.3M20192020: $174.8M$174.8M2020−43%2021: $300.8M$300.8M2021+72%2022: $487.5M$487.5M2022+62%2023: $396.0M$396.0M2023−19%2024: $317.5M$317.5M2024−20%2025: $279.4M$279.4M2025−12%
Gross profit5678$44.7M in 2023+291% since 2019
-$20.0M0$20.0M$40.0M$60.0M2019: $11.4M$11.4M20192020: -$2.1M-$2.1M20202021: $914.0K$914.0K20212022: $46.1M$46.1M2022+4941%2023: $44.7M$44.7M2023−3%
Operating income567894-$1.5M in 2025
-$20.0M0$20.0M$40.0M2019: $5.5M$5.5M20192020: -$7.9M-$7.9M20202021: -$6.7M-$6.7M2021−15%2022: $39.1M$39.1M20222023: $36.4M$36.4M2023−7%2024: -$4.3M-$4.3M20242025: -$1.5M-$1.5M2025−65%
Net income567894-$5.6M in 2025
-$20.0M0$20.0M$40.0M2019: $7.4M$7.4M20192020: -$14.5M-$14.5M20202021: -$12.8M-$12.8M2021−11%2022: $32.9M$32.9M20222023: $31.0M$31.0M2023−6%2024: -$8.6M-$8.6M20242025: -$5.6M-$5.6M2025−35%

Every line of the income statement as filed: the last 2 fiscal years, latest first.4

Period ending2025-12-312024-12-31
Revenues from operations$279.4M$317.5M
Crude oil, fuel use, and chemicals$249.3M$292.3M
Other conversion costs$18.2M$17.0M
Tolling and terminaling costs$607.0K$1.8M
Depreciation and amortization$2.6M$2.6M
Total cost of goods sold$270.7M$313.6M
LEH operating fee, related party$1.0M$811.0K
Other operating expenses$554.0K$640.0K
General and administrative expenses$5.3M$6.4M
Depreciation and amortization$296.0K$232.0K
Impairment of fixed assets$3.0M$0
Bad debt expense$0$70.0K
Total cost of operations$280.9M$321.8M
Loss from operations-$1.5M-$4.3M
Interest and other income$3.0K$205.0K
Interest and other expense-$5.4M-$6.1M
Total other expense-$5.4M-$5.9M
Loss before income taxes-$6.9M-$10.2M
Income tax benefit$1.3M$1.5M
Net loss-$5.6M-$8.6M
Basic (in dollars per share)-$0.38-$0.58
Diluted (in dollars per share)-$0.38-$0.58
Basic (in shares)14.9M shares14.9M shares
Diluted (in shares)14.9M shares14.9M shares

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What it owns

What BLUE DOLPHIN ENERGY CO reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Land$566.0K4 Dec 31, 2025$566.0K4 Dec 31, 20240%
Buildings and improvements$72.8M4 Dec 31, 2025$72.8M4 Dec 31, 20240%
Construction in progress$3.7M4 Dec 31, 2025$3.7M4 Dec 31, 2024+0.1%
Accumulated depreciation$28.1M4 Dec 31, 2025$25.5M4 Dec 31, 2024+10.1%
Property and equipment, net$50.0M4 Dec 31, 2025$52.4M4 Dec 31, 2024−4.6%
Operating-lease assets (leased space)$191.0K4 Dec 31, 2025$456.0K4 Dec 31, 2024−58.1%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$1.0M4 Dec 31, 2025$81.0K4 Dec 31, 2024+1146.9%

Inventory

ItemLatestA year beforeChange
Inventory, total$30.9M4 Dec 31, 2025$35.7M4 Dec 31, 2024−13.4%

Properties, in its own words

An Affiliate operates and manages all our properties under the Fourth Amended and Restated Operating Agreement. Our owned facilities have been constructed or acquired over a period of years and vary in age and operating efficiency. We believe that all our properties and facilities are adequate for our operations and that our facilities are adequately maintained. At our corporate headquarters, BDSC leases 9,961 square feet of office space in Houston, Texas. The location and general description of our other properties are described within “Part I. Item 1. Business—Downstream Operations, —Midstream Operations, and — Inactive Operations”.

Item 2 of the 10-K filed Mar 31, 2026.3

Leadership

Who has led BLUE DOLPHIN ENERGY CO, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Ivar Siem2006–2007

Chair

  1. Ivar Siem2006–2007

President

  1. Michael J. Jacobson2006–2007

Chief financial officer

  1. William J. Dale2008
  2. Thomas J. McReynolds Jr.2012
  3. Tommy L. Byrd2012
2010201520202025
Board members and other officers (16)

Timeline

  1. Aug 17, 20268-K Results of operations33
  2. Jun 26, 20268-K Shareholder vote34
  3. May 18, 20268-K Results of operations35
  4. Apr 2, 20268-K Results of operations36
  5. Nov 14, 20258-K Results of operations37
  6. Aug 14, 20258-K Results of operations38
  7. Aug 8, 20258-K Entered a material agreement; New debt or obligation39
  8. Jul 1, 20258-K Shareholder vote40
  9. May 15, 20258-K Results of operations41
  10. Apr 2, 20258-K Results of operations42
  11. Nov 19, 20248-K Results of operations43
  12. Nov 5, 20248-K New debt or obligation44
  13. Apr 20, 2006New chief executive Ivar Siem becomes CEO12

Calendar

Coming up

  1. Around Nov 16, 2026Next results, estimated About a quarter after its last report. The company hasn't announced the date.

When it reported results

  1. Aug 17, 2026Reported quarterly or annual results33
  2. May 18, 2026Reported quarterly or annual results35
  3. Apr 2, 2026Reported quarterly or annual results36
  4. Nov 14, 2025Reported quarterly or annual results37
  5. Aug 14, 2025Reported quarterly or annual results38
  6. May 15, 2025Reported quarterly or annual results41
  7. Apr 2, 2025Reported quarterly or annual results42
  8. Nov 19, 2024Reported quarterly or annual results43

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

119 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 42 major events, 41 insider forms, 15 other. The latest 20:

  1. Sep 14, 20264 FORM 4, 9-14-2026 EDGAR
  2. Sep 8, 20264 FORM 4, 9-8-2026 EDGAR
  3. Aug 17, 20268-K EDGAR
  4. Aug 14, 202610-Q EDGAR
  5. Jun 26, 20268-K EDGAR
  6. Jun 16, 20264 FORM 4, 6-16-2026 EDGAR
  7. May 29, 20264 FORM 4, 5-29-2026 EDGAR
  8. May 21, 2026DEFA14A EDGAR
  9. May 18, 20268-K EDGAR
  10. May 15, 202610-Q EDGAR
  11. May 11, 2026DEF 14A EDGAR
  12. Apr 20, 20264 FORM 4, 4-20-2026 EDGAR
  13. Apr 2, 20268-K EDGAR
  14. Mar 31, 202610-K EDGAR
  15. Nov 14, 20258-K EDGAR
  16. Nov 14, 202510-Q EDGAR
  17. Sep 15, 20254 FORM 4, 09-15-25 EDGAR
  18. Sep 10, 20254 FORM 4 09-10-2025 EDGAR
  19. Aug 14, 20258-K EDGAR
  20. Aug 14, 202510-Q EDGAR

The 119 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

47 open-market trades by officers, directors and large owners since October 2021: 47 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 10, 2026McDougall William ChristopherBuy900$12.75$11.5KForm 4
Sep 3, 2026McDougall William ChristopherBuy200$9.95$2.0KForm 4
Jun 12, 2026LAZARUS ENERGY HOLDINGS, LLC10% ownerBuy10,000$3.54$35.4KForm 4
May 27, 2026LAZARUS ENERGY HOLDINGS, LLC10% ownerBuy20,000$3.93$78.7KForm 4
Apr 20, 2026LAZARUS ENERGY HOLDINGS, LLC10% ownerBuy12,500$3.20$40.0KForm 4
Apr 17, 2026LAZARUS ENERGY HOLDINGS, LLC10% ownerBuy27,500$2.86$78.7KForm 4
Apr 16, 2026LAZARUS ENERGY HOLDINGS, LLC10% ownerBuy32,500$3.20$104.0KForm 4
Sep 11, 2025CARROLL JONATHAN PCEO & PresidentBuy4,221$1.42$6.0KForm 4
Sep 10, 2025LAZARUS ENERGY HOLDINGS, LLC10% ownerBuy25,000$1.44$35.9KForm 4
Sep 8, 2025LAZARUS ENERGY HOLDINGS, LLC10% ownerBuy10,000$1.45$14.5KForm 4
Jun 12, 2025LAZARUS ENERGY HOLDINGS, LLC10% ownerBuy10,000$1.34$13.4KForm 4
Jun 11, 2025LAZARUS ENERGY HOLDINGS, LLC10% ownerBuy3,544$1.35$4.8KForm 4
Apr 11, 2025CARROLL JONATHAN PCEO & PresidentBuy1,000$1.91$1.9KForm 4
Apr 10, 2025CARROLL JONATHAN PCEO & PresidentBuy4,000$1.87$7.5KForm 4
Apr 9, 2025CARROLL JONATHAN PCEO & PresidentBuy1,000$1.74$1.7KForm 4
Apr 7, 2025CARROLL JONATHAN PCEO & PresidentBuy15,100$2.19$33.0KForm 4
Apr 4, 2025CARROLL JONATHAN PCEO & PresidentBuy29,900$1.98$59.3KForm 4
Jan 15, 2025CARROLL JONATHAN PCEO & PresidentBuy1,000$3.50$3.5KForm 4
Jan 15, 2025Klug Bryce DixonPFO, PAO, Treas., & Asst. Sec.Buy1,000$3.40$3.4KForm 4
Jan 7, 2025CARROLL JONATHAN PCEO & PresidentBuy4,000$2.82$11.3KForm 4

All 47 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
RMG Wealth Management LLC1,000,000$5000.0%New

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How BLUE DOLPHIN ENERGY CO is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARBLUE DOLPHIN ENERGY CO1
  • CIK0000793306
  • Employer ID (EIN)73-12687293
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company3
  • Incorporated inDelaware3
  • Fiscal year endsDecember 311
  • Industry code (SIC)1311 Crude Petroleum & Natural Gas1
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
  • Business address801 Travis Suite 2100, Houston, TX 77002-57291
  • Phone713-568-47251
  • Shares outstanding14,921,968 as of Aug 14, 202611
  • Public float$3.1M as of Jun 30, 20253
  • AuditorUHY LLP, Sterling Heights, Michigan PCAOB ID 1195; no auditor attestation of internal control over financial reporting3
  • On EDGAR sinceMar 23, 19951
  • Filings795 in all: 4 (277), 8-K (217), 10-Q (79), DEF 14A (31), 3 (21), 10-K (18), 10QSB (16), 8-K/A (13)1
    All 39 form types

    NT 10-Q (11), 4/A (10), UPLOAD (9), SC 13D (8), 10-K405 (7), 10KSB (7), S-3/A (7), CORRESP (6), 10-K405/A (5), NT 10-K (5), 10-Q/A (4), 10QSB/A (4), DEFA14A (4), PRE 14A (4), REGDEX (4), SC 13D/A (4), 10-K/A (3), 10KSB/A (3), S-3 (3), 424B3 (2), S-4 (2), SC 13G (2), 10-C (1), 144 (1), 25-NSE (1), 425 (1), 5 (1), DEF 14C (1), EFFECT (1), PRE 14C (1), S-4/A (1)

  • Latest filingsAnnual report (10-K) Mar 31, 2026
    Quarterly report (10-Q) Aug 14, 2026
    Proxy statement (DEF 14A) May 11, 2026
    Latest 8-K (8-K) Aug 17, 2026

Risk factors and legal proceedings

Legal proceedings

In the ordinary course of business, we are involved in legal matters incidental to the routine operation of our business, such as mechanic’s liens and contract-related disputes. We may also become party to lawsuits, administrative proceedings, and governmental investigations, including environmental, regulatory, and other matters. Large, sometimes unspecified, damages or penalties may be sought from us in some matters, which may require years to resolve. Although we cannot provide assurance, we believe that an adverse resolution of the matters described below would not have a material impact on our liquidity, consolidated financial position, or consolidated results of operations.

Resolved Matters

RLI Corp. Surety Bonds. Blue Dolphin currently has surety bonds through RLI Corp. as required by BOEM, including an area-wide general lease surety bond to operate in the Gulf of America and multiple pipeline surety bonds, and the Railroad Commission of Texas for an operator performance bond. The bonds total approximately $1.2 million in the aggregate. In February 2024, RLI Corp. filed suit against Blue Dolphin, BDPL, and BDEX seeking an injunction to fully collateralize the bonds in cash, representing an increase of $1.0 million. In July 2024, RLI Corp. informed the court that the parties reached a settlement in principle, and the parties executed a settlement agreement in September 2024. From September 2024 to March 31, 2025, BDPL made payments to RLI Corp. under the settlement agreement totaling $1.0 million, bringing the total surety bond amount to $1.2 million in cash. Once BDPL’s offshore pipeline and platform assets have been decommissioned, BDPL can request that BOEM cancel the surety bonds. Once approved by BOEM, RLI Corp. would release the cash collateral tied to these surety bonds back to BDPL.

The opening of Item 3, Legal Proceedings.3

Sources

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