Blue Dolphin Reports Record First Quarter 2023 Financial Results; Results Driven by Strong Refining Margins
Blue Dolphin Reports Record First Quarter 2023 Financial Results; Results Driven by Strong Refining Margins
- Reported gross profit of $20.5 million for the first quarter 2023, an increase of $13.9 million, or 210%, compared to the first quarter of 2022.
- Reported refining gross profit of $18.3 million, an increase of $12.6 million, or 223%, compared to the first quarter of 2022.
- Reported net income of $16.8 million, or $1.12 per share, an increase of $13.3 million, or $0.85 per share, compared to the same period a year earlier.
- Generated $13.8 million in cash flow from operations during the first quarter of 2023.
- 2023年第一季度毛利潤為2050萬美元，比2022年第一季度增加1390萬美元，增幅為210%。
- 報告煉油毛利潤為1830萬美元，比2022年第一季度增加1260萬美元，增幅為223%。
- 公佈的淨收益為1680萬美元，或每股1.12美元，與去年同期相比增加了1330萬美元，或每股0.85美元。
- 2023年第一季度，運營產生了1380萬美元的現金流。
HOUSTON, TX / ACCESWIRE / May 16, 2023 / Blue Dolphin Energy Company ("Blue Dolphin") (OTCQX:BDCO), an independent refiner and marketer of petroleum products in the Eagle Ford Shale region, announced its financial results for the first quarter of 2023. Blue Dolphin reported gross profit of $20.5 million for the three months ended March 31, 2023 compared to gross profit of $6.6 million for the three months ended March 31, 2022. Refining gross profit totaled $18.3 million for the first quarter of 2023 compared to refining gross profit of $5.7 million for the same period a year earlier, representing an increase of $12.6 million, or 223% (see below for a reconciliation of gross profit by segment).
德克薩斯州休斯頓/ACCESWIRE/2023年5月16日/伊格爾福特葉巖地區石油產品的獨立煉油商和營銷商藍海豚能源公司(以下簡稱藍海豚)(場外交易市場代碼：BDCO)公佈了2023年第一季度的財務業績。藍海豚公佈截至2023年3月31日的三個月毛利潤為2050萬美元，而截至2022年3月31日的三個月毛利潤為660萬美元。2023年第一季度煉油毛利總計1,830萬美元，而去年同期煉油毛利為570萬美元，增幅為1,260萬美元，增幅為223%(見下文對各分部毛利的核對)。
Net income increased $13.3 million, from $3.5 million for the first quarter of 2022 to $16.8 million for the first quarter of 2023. On a per share basis, net income increased $0.85 per share, from $0.27 per share for the first quarter 2022 to $1.12 per share for the first quarter of 2023.
淨收入從2022年第一季度的350萬美元增加到2023年第一季度的1680萬美元，增幅為1330萬美元。在每股基礎上，淨收益增加了每股0.85美元，從2022年第一季度的每股0.27美元增加到2023年第一季度的每股1.12美元。
"During the first quarter of 2023, we continued to build on the momentum generated in 2022 by capturing favorable refining margins. As a result, we delivered very strong financial results," said Jonathan P. Carroll, Chief Executive Officer of Blue Dolphin Energy Company. "While we are proud of our results for the quarter, we remain cautious based on the macroeconomic outlook. We continue optimizing our balance sheet, and we will continue to focus on expense management, operational excellence initiatives, and renewable energy opportunities."
藍海豚能源公司首席執行官喬納森·P·卡羅爾表示：“在2023年第一季度，我們通過獲取有利的煉油利潤率，繼續發揚2022年產生的勢頭。因此，我們實現了非常強勁的財務業績。”雖然我們對本季度的業績感到自豪，但基於宏觀經濟前景，我們仍持謹慎態度。我們將繼續優化我們的資產負債表，我們將繼續專注於費用管理、運營卓越舉措和可再生能源機會。
Results of Operations
經營成果
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2023 | 2022 | |||||||
| (in thousands) | ||||||||
| Revenue from operations | ||||||||
Refinery operations |
$ | 114,640 | $ | 109,757 | ||||
Tolling and terminaling |
2,021 | 926 | ||||||
Total revenue from operations |
116,661 | 110,683 | ||||||
Total cost of goods sold |
(96,157 | ) | (104,077 | ) | ||||
Gross profit |
20,504 | 6,606 | ||||||
Total cost of operations |
(2,175 | ) | (1,495 | ) | ||||
Income from operations |
18,329 | 5,111 | ||||||
Total other expense |
(1,330 | ) | (1,592 | ) | ||||
Income before income taxes |
16,999 | 3,519 | ||||||
Income tax expense |
(246 | ) | $ | (41 | ) | |||
Net income |
$ | 16,753 | $ | 3,478 | ||||
Income per common share |
||||||||
Basic |
$ | 1.12 | $ | 0.27 | ||||
Diluted |
$ | 1.12 | $ | 0.27 | ||||
| 截至三個月 | ||||||||
| 3月31日， | ||||||||
| 2023年年 | 2022年 | |||||||
| (單位：千) | ||||||||
| 運營收入 | ||||||||
煉油廠運營 |
$ | 114,640 | $ | 109,757 | ||||
收費及終止 |
2021 | 926 | ||||||
運營總收入 |
116,661 | 110,683 | ||||||
商品銷售總成本 |
(96,157 | ) | (104,077 | ) | ||||
毛利 |
20,504 | 6,606 | ||||||
運營總成本 |
(2175 | ) | (1,495 | ) | ||||
營業收入 |
18,329 | 5,111 | ||||||
其他費用合計 |
(1,330 | ) | (1,592 | ) | ||||
所得稅前收入 |
16999 | 3519 | ||||||
所得稅費用 |
(246 | ) | $ | (41) | ) | |||
淨收入 |
$ | 16,753 | $ | 3478 | ||||
每股普通股收益 |
||||||||
基本資訊 |
$ | 1.12 | $ | 0.27 | ||||
稀釋 |
$ | 1.12 | $ | 0.27 | ||||
Reconciliation of Segment Gross Profit
分部毛利對賬
| Three Months Ended March 31, | ||||||||||||||||||||||||
| 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||
| Refinery Operations | Tolling and Terminaling | Corporate and Other | Total | |||||||||||||||||||||
| (in thousands) | ||||||||||||||||||||||||
Revenue |
$ | 114,640 | $ | 109,757 | $ | 2,021 | $ | 926 | $ | - | $ | - | $ | 116,661 | $ | 110,683 | ||||||||
Intercompany processing fees |
(576 | ) | (653 | ) | 576 | 653 | - | - | - | - | ||||||||||||||
Cost of goods sold |
(95,799 | ) | (103,458 | ) | (358 | ) | (619 | ) | - | - | (96,157 | ) | (104,077 | ) | ||||||||||
Gross profit |
18,265 | 5,646 | 2,239 | 960 | - | - | 20,504 | 6,606 | ||||||||||||||||
Other operating and general and administrative expenses(1)
|
(478 | ) | (282 | ) | (470 | ) | (70 | ) | (530 | ) | (442 | ) | (1,478 | ) | (794 | ) | ||||||||
Depreciation and amortization |
(304 | ) | (307 | ) | (342 | ) | (342 | ) | (51 | ) | (52 | ) | (697 | ) | (701 | ) | ||||||||
Interest and other non-operating expenses, net |
(677 | ) | (717 | ) | (470 | ) | (418 | ) | (183 | ) | (457 | ) | (1,330 | ) | (1,592 | ) | ||||||||
Income (loss) before income taxes |
16,806 | 4,340 | 957 | 130 | (764 | ) | (951 | ) | 16,999 | 3,519 | ||||||||||||||
Income tax expense |
- | - | - | - | (131 | ) | (41 | ) | (246 | ) | (41 | ) | ||||||||||||
Net income (loss) |
$ | 16,806 | $ | 4,340 | $ | 957 | $ | 130 | $ | (895 | ) | $ | (992 | ) | $ | 16,753 | $ | 3,478 | ||||||
| 截至3月31日的三個月， | ||||||||||||||||||||||||
| 2023年年 | 2022年 | 2023年年 | 2022年 | 2023年年 | 2022年 | 2023年年 | 2022年 | |||||||||||||||||
| 煉油廠運營 | 收費和終止 | 公司和其他 | 總計 | |||||||||||||||||||||
| (單位：千) | ||||||||||||||||||||||||
收入 |
$ | 114,640 | $ | 109,757 | $ | 2021 | $ | 926 | $ | - | $ | - | $ | 116,661 | $ | 110,683 | ||||||||
公司間手續費 |
(576 | ) | (653 | ) | 五百七十六 | 六百五十三 | - | - | - | - | ||||||||||||||
銷貨成本 |
(95,799 | ) | (103,458) | ) | (358 | ) | (619) | ) | - | - | (96,157 | ) | (104,077 | ) | ||||||||||
毛利 |
18265 | 5646 | 2239 | 九百六十 | - | - | 20,504 | 6,606 | ||||||||||||||||
其他營運、一般及行政費用(1)
|
(478) | ) | (282) | ) | (470) | ) | (70) | ) | (530) | ) | (442) | ) | (1,478 | ) | (794) | ) | ||||||||
折舊及攤銷 |
(304) | ) | (307) | ) | (342 | ) | (342 | ) | (51) | ) | (52) | ) | (697 | ) | (701 | ) | ||||||||
利息和其他營業外費用，淨額 |
(677 | ) | (717 | ) | (470) | ) | (418) | ) | (183) | ) | (457) | ) | (1,330 | ) | (1,592 | ) | ||||||||
所得稅前收入(虧損) |
16,806 | 4340 | 957 | 130 | (764) | ) | (951) | ) | 16999 | 3519 | ||||||||||||||
所得稅費用 |
- | - | - | - | (131) | ) | (41) | ) | (246 | ) | (41) | ) | ||||||||||||
淨收益(虧損) |
$ | 16,806 | $ | 4340 | $ | 957 | $ | 130 | $ | (895) | ) | $ | (992) | ) | $ | 16,753 | $ | 3478 | ||||||
- Other operating and general and administrative expenses within refinery operations include the LEH operating fee, related party and accretion of asset retirement obligations.
- 煉油廠業務內的其他運營、一般和行政費用包括LEH運營費、關聯方和資產報廢債務的增加。
Financial Position, Liquidity, and Working Capital
財務狀況、流動性和營運資金
As of March 31, 2023, Blue Dolphin had $12.5 million of cash and cash equivalents compared to $0.5 million at December 31, 2022. Blue Dolphin had $13.9 million and $45.2 million in working capital deficits at March 31, 2023 and December 31, 2022, respectively, representing a $31.3 million improvement. Excluding the current portion of long-term debt, Blue Dolphin had $22.8 million and $2.1 million in working capital at March 31, 2023 and December 31, 2022, respectively, representing an improvement of $20.7 million. The significant improvement in working capital between the three month periods was primarily due to favorable refining margins and increased gross profit. Continued favorable market conditions are enabling Blue Dolphin to meet its needs through cash flow from operations.
截至2023年3月31日，藍海豚擁有1250萬美元的現金和現金等價物，而2022年12月31日為50萬美元。截至2023年3月31日和2022年12月31日，藍海豚的營運資本赤字分別為1390萬美元和4520萬美元，改善了3130萬美元。不包括長期債務的當前部分，截至2023年3月31日和2022年12月31日，藍海豚的營運資本分別為2280萬美元和210萬美元，改善了2070萬美元。這三個月期間營運資金的顯著改善主要是由於有利的煉油利潤率和毛利潤的增加。持續的有利市場條件使藍海豚能夠通過運營的現金流滿足其需求。
About Blue Dolphin
關於藍海豚
Blue Dolphin is an independent downstream energy company operating in the Gulf Coast region of the United States. Subsidiaries operate a light sweet-crude, 15,000-bpd crude distillation tower with more than 1.25 million bbls of petroleum storage tank capacity in Nixon, Texas. Blue Dolphin was formed in 1986 as a Delaware corporation and is traded on the OTCQX under the ticker symbol "BDCO". For additional information, visit Blue Dolphin's corporate website at
藍海豚是一家獨立的下游能源公司，在美國墨西哥灣沿岸地區運營。子公司在德克薩斯州尼克鬆運營著一座日產量1.5萬桶的輕質低硫原油蒸餾塔，石油儲罐容量超過125萬桶。Blue Dolphin成立於1986年，是特拉華州的一家公司，在OTCQX上市，股票代碼為“BDCO”。欲瞭解更多資訊，請訪問藍海豚公司的網站：
Contact:
聯繫方式：
Jonathan P. Carroll
Chief Executive Officer and President
713-568-4725
喬納森·P·卡羅爾
首席執行官兼總裁
713-568-4725
Cautionary Statements Relevant to Forward-Looking Information for the Purpose of "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995. This press release contains forward-looking statements relating to Blue Dolphin's operations that are based on management's current expectations, estimates and projections about the oil and gas industry. Words or phrases such as "anticipates," "expects," "intends," "plans," "targets," "advances," "commits," "drives," "aims," "forecasts," "projects," "believes," "approaches," "seeks," "schedules," "estimates," "positions," "pursues," "may," "can," "could," "should," "will," "budgets," "outlook," "trends," "guidance," "focus," "on track," "goals," "objectives," "strategies," "opportunities," "poised," "potential," "ambitions," "aspires" and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties, and other factors, many of which are beyond the company's control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, Blue Dolphin undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
與“1995年私人證券訴訟改革法”中的“安全港”條款有關的前瞻性資訊的警告性陳述。本新聞稿包含與藍海豚公司運營有關的前瞻性陳述，這些陳述基於管理層目前對石油和天然氣行業的預期、估計和預測。諸如“預期”、“期望”、“打算”、“計劃”、“目標”、“進展”、“承諾”、“動力”、“目標”、“預測”、“專案”、“相信”、“接近”、“尋求”、“時間表”、“估計”、“立場”、“追求”、“可能”、“可以”、“可能”等詞語或短語，“應該”、“將”、“預算”、“展望”、“趨勢”、“指導”、“重點”、“在軌道上”、“目標”、“目標”、“戰略”、“機會”、“沉著”、“潛力”、“雄心”、“渴望”以及類似的表述旨在識別此類前瞻性表述。這些陳述不是對未來業績的保證，受到某些風險、不確定因素和其他因素的影響，其中許多因素超出了公司的控制範圍，難以預測。因此，實際結果和結果可能與這些前瞻性陳述中表達或預測的內容大不相同。讀者不應過分依賴這些前瞻性陳述，這些陳述僅反映了本新聞稿發佈之日的情況。除非法律要求，否則藍海豚不承擔公開更新任何前瞻性陳述的義務，無論是由於新資訊、未來事件或其他原因。
For a discussion of risk factors that could cause actual results to differ materially from those in the forward-looking statements, please see the factors set forth under the heading "Risk Factors" in Blue Dolphin's 2022 Annual Report on Form 10-K and in subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this press release could also have material adverse effects on forward-looking statements.
有關可能導致實際結果與前瞻性陳述中的結果大不相同的風險因素的討論，請參閱Blue Dolphin公司2022年年度報告Form 10-K中“風險因素”標題下的因素以及隨後提交給美國證券交易委員會的檔案中的因素。本新聞稿中沒有討論的其他不可預測或未知因素也可能對前瞻性陳述產生重大不利影響。
SOURCE: Blue Dolphin Energy Company
資料來源：藍海豚能源公司
譯文內容由第三人軟體翻譯。