BLUE DOLPHIN ENERGY CO

Blue Dolphin Energy Company announced the appointment of William Christopher McDougall as its new Chief Financial Officer, Treasurer, and Assistant Secretary, effective immediately. McDougall, who has over 25 years of industry experience, previously held the role of Director of Corporate Development. Bryce D. Klug will continue as the principal accounting officer. The company also clarified that there are no undisclosed arrangements or material interests concerning these appointments, and both officers receive their remuneration from Lazarus Energy Holdings, LLC.

Blue Dolphin Energy Company reported strong financial results for the first quarter of 2026. The company achieved a net income of $14.7 million, or $0.99 per share, a significant increase from $2.2 million, or $0.15 per share, in the prior year. Gross profit surged to $20.6 million, and consolidated EBITDA reached $20.7 million, driven by improved product differentials and favorable inventory impacts.

Blue Dolphin Energy Co. reported a significant increase in net income for Q1 2026, reaching $14.73 million, up from $2.24 million in Q1 2025. Diluted EPS also surged to $0.99 from $0.15 year-over-year. Despite a slight decrease in total revenue from operations by 2.6% to $81.49 million, the company's income from operations grew substantially. The company continues to face challenges with a working capital deficit and significant debt in default, though management believes it has sufficient liquidity.

Blue Dolphin Energy Company announced its Annual Meeting of Stockholders will be held on Thursday, June 25, 2026, to elect five directors, approve executive compensation on an advisory basis, and ratify UHY, LLP as the independent auditor. The company also provided financial updates, reporting a gross profit of $8.7 million and a consolidated loss before interest, income taxes, and D&A of $1.3 million for FY2025. For Q1 2025, gross profit was $6.1 million and EBITDA was $5.1 million, alongside a $7.5 million debt reduction in 2024.