Blue Dolphin Energy Company (QX) News - BDCO

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Form 10-Q - Quarterly report [Sections 13 or 15(d)]

Current Report Filing (8-k)

0000793306false00007933062023-06-212023-06-21iso4217:USDxbrli:sharesiso4217:USDxbrli:shares UNITED STATESSECURITIES AND EXCHANGE...

Statement of Changes in Beneficial Ownership (4)

FORM 4 ☐ Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b...

Current Report Filing (8-k)

0000793306false00007933062023-05-162023-05-16iso4217:USDxbrli:sharesiso4217:USDxbrli:shares UNITED STATESSECURITIES AND EXCHANGE...

Quarterly Report (10-q)

0000793306false--12-31Q120230.0120000000000149219680001492196800014921968000Pursuant to the April 2023 Kissick...

snow 2 weeks ago

There seem to be both few sellers and few buyers. The pps is down 9% from the pps you mention. I don't regret I sold my last 2,000 shares because I have made several good investments since then. But I would have been better off than I am if I hade retained all my 44,000 shares from a few years ago.

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downthehatch 2 weeks ago

All my gains now long term, so I can let it ride.
I've got a little more than 20,000 shares, although my average cost is a little higher than yours.
As BDCO continues to pay down debt, the company becomes even more attractive, IMO

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adamski 3 weeks ago

indeed nice ride i'm in at 1.45 for 1333 shares and not selling yet

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downthehatch 3 weeks ago

Starting to feel sorry for those who sold off their BDCO shares, when they thought it was at its high point last year.
Here we are today at 6.90, and I'm now up an average 300%. And it looks like blue skies, with few sellers at these prices.

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downthehatch 4 weeks ago

And now that Q1 is over, BDCO should have another decent quarter.
Crack spread for Jet fuel was between $21 and $30 for most of the quarter.
https://www.iata.org/en/publications/economics/fuel-monitor/

Looks like they can continue to generate somewhere between .50 and .60 in earnings /quarter under current conditions.

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Ringrock 4 weeks ago

Good day, nice to see the debt pay down!

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downthehatch 4 weeks ago

Earnings out today. https://archive.fast-edgar.com/20240401/ARZDT22CZC22I9Z2222L2ZZZCDPCZ6T86262/
Earnings .59/sh Q4 vs. .47/sh Q3
Debt reduced by 9 million for the year, with 5 million of that in Q4.

Good report, with earnings solid, debt down and improved refinery uptime.
This is a great little company, and I'm glad I kept a bunch of shares to keep enjoying the ride.

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tbirdman 4 weeks ago

John Kissick is dead. Wonder how happens to the BDCO notes held.

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snow 1 month ago

Ringrock The quiet board suggests little interest in this stock. The audited annual financials are due very soon. That may have been the reason why some have bought shares in the hope that the pps will pop as a result of better numbers than the stock market expects.

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Ringrock 1 month ago

Got a little volume today… board’s been very quiet

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snow 4 months ago

down "I'm looking forward to a positive report for this quarter, and for the year, with earnings somewhere around .40- .45/ share for the quarter." That is very close to my guess for the third quarter. I agree that these shares look cheap. Nevertheless I sold my 2,000 shares about 3 weeks ago. I am up not much less than 100% in my new more risky investment. After having burnt my fingers in TMNA and TIO I will not recommend it to anybody.

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downthehatch 4 months ago

Crack spread for jet fuel remains inn a range of $25-38. For perspective, that is not as high as the historic highs in 2022, but considerable better than the spread during the Q2 2023 period, when the spread was in the $15-20 range.
https://www.iata.org/en/publications/economics/fuel-monitor/
In the Q3, when the spread rebounded to the $30-40 range, BDCO actually had higher earnings than the Q2 2022, when the spread was even higher, in the $35-45 range. So the company is becoming more profitable, even at a slightly lower spread.
I suspect part of the reason is they are slowly but surely reducing the debt load. I'm looking forward to a positive report for this quarter, and for the year, with earnings somewhere around .40- .45/ share for the quarter. That would make for a second year of annual earning of about $2/share.
At $2/share in earnings, we are trading at a PE of just over 2. Still very cheap.

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downthehatch 5 months ago

There is also tax loss selling right now, and with almost everything else up, people gotta sell oil stocks.
'Tis the season.....

Happy to make someone else's tax loss selling my bargain-priced shares.

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downthehatch 5 months ago

I've decided to wait and post my prediction of BDCO earnings for the quarter after the company posts actual earnings. Much easier to make an accurate prediction at that point.

I will say this, at $4/share and below, I've been buying more shares. Even at just .50/quarter in earnings, the PE here is 2.
I think we will have some quarters at around $.50 earnings, and others higher.
Oil companies, as reported this morning on CNBC, are severely oversold and BDCO is oversold as well.

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gosox12 5 months ago

Would really appreciate your thoughts on Q4 earnings.

Thanks

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snow 5 months ago

downtheharch I assume you refer to me. What you attribute to me is false. I did not KNOW what the results would be and never claimed that I did. What I stated, which was true, was that I guessed in advance what it would be, and that the guess was quite close to the number that turned out to be the case. This was quite a rough guess on my part. I have a weak memory and I forget most information in a few weeks. Therefore I now forget the crack spread during the third quarter. My impression is though that it is not very different from what has been during the current quarter. This would suggest earnings between 40 and 50 cents during the current quarter. I remember though that earnings per share were surprisingly high during the same quarter last year, exceeding one dollar per share. I don't know if this had something to do with the time of the year. If it had a guess could be that the numbers will be a bit better in this quarter than in the preceding quarter.

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downthehatch 5 months ago

Maybe we should ask the poster who claimed he knew what the results for Q3 would be, but waited until after the Q3 numbers were posted by the company to declare his prediction was correct.

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gosox12 5 months ago

Re: 4th Q financials

Any thoughts on earnings for this quarter?

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snow 5 months ago

The global average jet fuel price rose, propelled by much higher prices in North America where jet demand was expected to be high because of the Thanksgiving holiday weekend.

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gosox12 5 months ago

Thanks for the update.

Hopefully that may help move the share price at some point. I am curious, though, about what else it's going to take. Since the company does no promoting, is the news about a sale to a Biggie what it's going to take to significantly move things?

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downthehatch 5 months ago

After a slight dip in October, the crack spread for jet fuel, BDCO's primary product, is once again climbing.
Over $35/ barrel according to IATA tracking

https://www.iata.org/en/publications/economics/fuel-monitor/

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snow 5 months ago

retired "Predictions and hopes are all we have until the facts come. :)" I agree.

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retired early 5 months ago

Now now boys. Hale to the queen, king or dictator. Whatever fits. Predictions and hopes are all we have until the facts come. :)

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snow 5 months ago

down It is easier to imply that I lie than to trust what I state it appears. I claim that I expected earnings per share would be in the range 40 - 50 cents weeks before any information was available. In the European country where I live veracity and integrity are valued. I have experienced time and again that US posters don't believe me when I state that I am invested in stocks and at the same time present negative assessments of the companies. I am happy that I live in a country where honesty is esteemed.

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downthehatch 5 months ago

Always easier to predict earnings AFTER the 10Q is filed! My revised prediction is that earnings for BDCO will be $.47 for Q3

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snow 5 months ago

gosox I had expected it to be between 40 and 40 cents but did not publish my expectation since the poster who is supposed to have a better ability to assess this question expected more or less twice my expectation. I therefore expected to be found fault with because too pessimistic if I had ventured a figure. In actual fact it turned out that my assessment was realistic.

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downthehatch 5 months ago

Solid performance.
I'm holding as long as they continue improving the debt situation and generating solid profit.

It looks like if conditions remain relatively stable, they are generating about $2.00/year in earnings.
The stock should be selling for at least 4-5 times earnings, which is more like $8-10/share.

BDCO remains undervalued, IMO

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gosox12 5 months ago

Re: Today's 10Q

Any thoughts on the 10Q? Earnings of .47 for the Quarter and $1.69 for the year.

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gosox12 6 months ago

Thanks for your election work. Democracy is under constant attack here and your work is important and much appreciated.

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downthehatch 6 months ago

Not a problem.... I had missed that, as I was working the election here on Nov 7, and was exhausted on the 8th!

The 8K is an announcement relating to a contract with a BDCO subsidiary dating to 2019 for oil storage at the Nixon storage and terminaling facility originally with Pilot Travel Centers, assigned later to Tartan Oil Co. According to the 8K, Tartan provided 60-day notice that it was canceling the storage agreement as of Dec 31, 2023.

As far as I can tell oil storage and terminaling is a pretty small piece of BDCO's revenue, so this should not have much effect on revenues or earnings.

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gosox12 6 months ago

My bad There is an 8k out that was filed yesterday, 11/8/23.perhaps someone can open it and report back here. Thanks

Form 8-K BLUE DOLPHIN ENERGY CO For: Nov 08
2:26 PM ET, 11/08/2023 - US Securities and Exchange Commission
http://archive.fast-edgar.com/20231108/A6B45Q2CZC22FZZ5222L2ZZBCWPCZS22Z252

Filed on: November 8, 2023

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downthehatch 6 months ago

Funny that there were sellers selling over 20,000 shares this morning at under 4.30, now no sellers with 3,000 shares on offer at $4.45

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downthehatch 6 months ago

Congratulations to anyone who bought BDCO on sale today at 4.20 or thereabouts.....shares are worth much more.

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downthehatch 6 months ago

Down it goes..... and back up it comes!!
Crazy trading today.

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downthehatch 6 months ago

10Q for Q3 is not out yet.
Just checked SEC's EDGAR site, and the last quarterly report was filed August 15.
BDCO usually does not file until the last day allowed, which would be November 15.

So I don't expect the filing until the 14th or 15th.

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gosox12 6 months ago

The Quarterly came out yesterday, but I'm having computer problems accessing it. Maybe the earnings were disappointing again??

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gosox12 6 months ago

I agree. I'm still here and very puzzled by the volume increase. I keep focusing on the CEO's purchase of about 70,000 shares for $270,000 a few months ago.

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downthehatch 6 months ago

WHere is everybody? In months past, with the stock down this much, the board would have been buzzing with speculation.
They rarely leak earnings, so I doubt it is that. Is it the fall in oil prices? That shouldn't have much effect, as they are a refiner. Only affects them if the price continues declining, so they end up paying more for oil input than they get from outputs. If the drop is temporary, or sporadic, should have little impact.
I am at a loss as to why we are seeing such a dramatic decline on relatively high volume.

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retired early 6 months ago

I'm thinking it will be much better. :)

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gosox12 6 months ago

He's in his 60s(maybe even older) I think ,so a sale certainly makes sense at some point. Do you envision any kind of time frame for that happening?

Excellent points. Thanks

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downthehatch 6 months ago

The lack of promotion is likely due to the extremely high inside ownership.
Jonathan Carroll owns either driectly or through his owned entities, over 80% of the shares.
He clearly knows, and appreciates, the real value of the shares he owns. Why promote, when if he ever decides to sell, it will be in a transaction to sell the whole company, at a price he knows to be fair.

No need to promote, and have the day-to-day price of the stock reflect it's real value in that circumstance.

For us other shareholders, of course, that is frustrating.
But I'm comfortable holding here, with my interest aligned directly with the CEO and 80% owner.

I think we get a sale to a larger operator at some point, at a nice premium.
We also could get a dividend re-instatement, which would unlock the value as well.

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gosox12 6 months ago

One thing I've never understood about BDCO is why no effort is ever made to promote the stock. Granted the last quarter was very disappointing, but the previous ones were quite good and the financials on 11/15 could be very good.

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gosox12 6 months ago

Thanks. Sounds great if it happens.

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downthehatch 6 months ago

These guys are notoriously hard to predict, but based on all the other revenues and profits being reported by other U.S. refiners, the 3rd quarter was a great one for refining margins.
So BDCO should have another quarter of near $1.00/share in profit.

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gosox12 6 months ago

re: Nov. 15 financials

What kinds of numbers are you expecting?

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downthehatch 6 months ago

Crack spread for jet fuel declines a bit, but still twice what it was pre-pandemic, at over $30/barrel:
https://www.iata.org/en/publications/economics/fuel-monitor/

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downthehatch 7 months ago

I was buying the same days he was, apparently.
Love it that I am buying at the same price as the CEO.

I think this is going to be a very good quarter, when the results are announced around Nov 15.
Would be nice to see debt paid off, and maybe consideration of a little dividend.

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tbirdman 7 months ago

Caroll bought another 2k shares.

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