Blue Dolphin Energy — Second Quarter 2026 Earnings Summary

Financial Performance

• Total revenue from operations reached $144.3 million for the three months ended June 30, 2026, compared to $56.6 million in the same period in 2025; for the six months ended June 30, 2026, revenue was $225.7 million versus $140.3 million in 2025.
• Gross profit totaled $25.1 million for the second quarter of 2026, a significant increase from $0.6 million in the second quarter of 2025; for the first half of 2026, gross profit was $45.7 million compared to $6.6 million in 2025.
• Net income was $17.7 million ($1.19 per share) for the three months ended June 30, 2026, reversing a net loss of $1.7 million ($0.12 per share) in the prior year period; for the six months ended June 30, 2026, net income was $32.5 million ($2.18 per share) compared to $0.5 million ($0.03 per share) in 2025.
• Consolidated EBITDA was $24.4 million for the three months ended June 30, 2026, compared to $0.1 million in 2025; for the six months ended June 30, 2026, consolidated EBITDA was $45.1 million compared to $5.1 million in 2025.
• Interest expense, net, was $1.1 million for the three months ended June 30, 2026, down from $1.6 million in the prior year period; for the six months ended June 30, 2026, interest expense was $2.5 million compared to $3.0 million in 2025.
• Depreciation and amortization was $0.1 million for the three months ended June 30, 2026, and $0.1 million for the six months ended June 30, 2026, remaining flat compared to $0.1 million in both corresponding 2025 periods.

Business Segments and Product Lines

• Refinery Operations contributed $22.9 million in income before income taxes for the three months ended June 30, 2026, compared to a loss of $2.1 million in 2025; for the six months ended June 30, 2026, Refinery Operations generated $41.0 million in income before taxes versus $1.7 million in 2025.
• Tolling & Terminaling segment generated $0.5 million in income before income taxes for the three months ended June 30, 2026, compared to $0.4 million in 2025; for the six months ended June 30, 2026, this segment generated $0.9 million in income before taxes compared to $0.7 million in 2025.
• Corporate & Other segment reported a loss before income taxes of $0.8 million for the three months ended June 30, 2026, compared to a loss of $0.4 million in 2025; for the six months ended June 30, 2026, losses were $0.7 million compared to a loss of $1.7 million in 2025.

Liquidity

• As of June 30, 2026, the company held $31.7 million in cash and cash equivalents and restricted cash, an increase from $2.0 million at December 31, 2025.

Management Commentary and Tone

• Jonathan P. Carroll, Chief Executive Officer, stated that disciplined operational execution within a continuing environment of geopolitical and market volatility drove strong financial results and significant cash generation in the second quarter and first half of 2026.

Other Key Points

• The company recorded a $1.0 million gain on regulatory settlement during the six months ended June 30, 2026, which was not present in the 2025 period.
• Blue Dolphin operates a 15,000-barrel per day crude distillation tower and over 1.25 million barrels of petroleum storage tank capacity in Nixon, Texas.
• The company trades on the OTCQX under the ticker symbol "BDCO."