Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT - BLUE DOLPHIN ENERGY CO | bdco_8k.htm |
Exhibit 99.1
PRESS RELEASE
FOR IMMEDIATE RELEASE
November 23, 2015
BLUE DOLPHIN REPORTS IMPROVED THIRD QUARTER 2015 RESULTS
Houston, November 23, 2015 / MarketWired / -- Blue Dolphin Energy Company (“Blue Dolphin”)(OTCQX:BDCO), an independent refiner and marketer of refined petroleum products in the Eagle Ford Shale, reported net income for the third quarter of 2015 of $1.3 million, or income of $0.12 per share, compared to $0.8 million, or income of $0.08 per share, for the same quarter in 2014. Refinery operations adjusted earnings before interest, income taxes and depreciation (“EBITDA”), a non-GAAP financial measure, totaled $3.8 million for the third quarter of 2015 compared to $2.9 million for the third quarter of 2014. Total adjusted EBITDA totaled $4.2 million compared to $2.5 million for same comparative periods. Refinery operating income for the third quarter of 2015 totaled $2.1 million compared to $1.5 million for the third quarter of 2014.
Net income for the first nine months of 2015 was $5.1 million, or income of $0.49 per share, compared to net income of $8.4 million, or income of $0.81 per share, for the first nine months in 2014. Refinery operations adjusted EBITDA totaled $15.5 million for the first nine months of 2015 compared to $13.8 million for the first nine months of 2014. Total adjusted EBITDA totaled $15.2 million compared to $12.9 million for the same comparative periods. Refinery operating income for the first nine months of 2015 totaled $10.0 million compared to $10.7 million for the first nine months of 2014.
Refinery Operations
For the third quarter of 2015, the Nixon Facility processed 1,109,411 barrels (“bbls”), or 12,752 barrels per day (“bpd”), of crude oil and condensate compared to 849,402 bbls, or 10,890 bpd, of crude oil and condensate for the third quarter of 2014. For the same comparative periods, the Nixon Facility produced 1,084,246 bbls, or 12,463 bpd, of refined petroleum products compared to 831,771 bbls, or 10,664 bpd. The capacity utilization rate for refinery throughput for the third quarter of 2015 was 85.0% compared to 72.6% for the third quarter of 2014. The capacity utilization rate for refinery production for the third quarter of 2015 was 83.1% compared to 71.1% for the third quarter of 2014. Total refinery throughput, total refinery production, and capacity utilization rates increased as a result of: (i) less downtime in the third quarter of 2015 compared to the third quarter of 2014, (ii) debottlenecking efforts in the third quarter of 2015, and (iii) completion of refurbishment of key components of the naphtha stabilizer and depropanizer units late in the third quarter of 2015, all of which contributed to an increase in average refinery throughput for the Current Quarter.
Use of Non-GAAP Financial Measures
To supplement our actual results in accordance with generally accepted accounting principles (“GAAP”) for the applicable periods, Blue Dolphin also uses the non-GAAP financial measures noted above. These non-GAAP financial measures are reconciled to GAAP-based results below. These non-GAAP financial measures should not be considered an alternative for GAAP results. The adjustments are provided to enhance an overall understanding of Blue Dolphin’s financial performance for the applicable periods and are indicators management believes are relevant and useful. These performance measures may differ from similar calculations used by other companies within the petroleum industry, thereby limiting their usefulness as a comparative measure.
Below are the definitions of non-GAAP performance measures used by management within this press release:
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-
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EBITDA reflects earnings before: (i) interest income (expense), (ii) income taxes, and (iii) depreciation and amortization. Refinery operations EBITDA reflects EBITDA for our refinery operations business segment. Total EBITDA reflects EBITDA for our refinery operations and pipeline transportation business segments, as well as corporate and other;
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-
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Adjusted EBITDA reflects EBITDA plus the Joint Marketing Agreement Profit Share (the “JMA Profit Share”). The JMA Profit Share represents the GEL TEX Marketing, LLC (“GEL”) Profit Share plus the GEL Performance Fee for the period pursuant to the Joint Marketing Agreement. Refinery operations adjusted EBITDA reflects adjusted EBITDA for our refinery operations business segment. Total adjusted EBITDA reflects adjusted EBITDA for our refinery operations and pipeline transportation business segments, as well as corporate and other; and
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-
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Refinery operating income reflects refined petroleum product sales less direct operating costs (including cost of refined products sold and refinery operating expenses) and the JMA Profit Share, which is an indirect operating expense.
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Forward-Looking Statements
This press release contains forward-looking statements. You can generally identify forward-looking statements by our use of forward-looking terminology such as "outlook," "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "predict," "seek," "should," or "will," or the negative thereof or other variations thereon or comparable terminology. These forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. For a discussion of risk factors which may affect our results, please see the risk factors and other disclosures included in our most recent Annual Report on Form 10-K, any subsequently filed Quarterly Reports on Form 10-Q, and our other Securities and Exchange Commission (“SEC”) filings. These risks may cause our actual results, performance, or achievements to differ materially from any future results, performance, or achievements expressed or implied by these forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this press release are made only as of the date hereof. Blue Dolphin disclaims any intention or obligation to update publicly or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law.
About Blue Dolphin
Blue Dolphin Energy Company (OTCQX: BDCO) is an independent refiner and marketer of refined petroleum products in the Eagle Ford Shale. Blue Dolphin’s primary business is refinery operations at the 15,000 bpd Nixon Facility, which includes the refining of crude oil and condensate into marketable finished and intermediate products, as well as petroleum storage and terminaling. Blue Dolphin also owns and operates pipeline assets and has leasehold interests in oil and gas properties. For additional information, visit Blue Dolphin's corporate website at http://www.blue-dolphin-energy.com.
Contact
Jonathan P. Carroll
Chief Executive Officer and President
713-568-4725
Blue Dolphin Energy Company & Subsidiaries
Financial and operational data presented in this press release is unaudited except as otherwise noted. The consolidated balance sheets, consolidated statements of income and consolidated statements of cash flows should be read in conjunction with Blue Dolphin's quarterly report on Form 10-Q for the quarterly period ended September 30, 2015.
Consolidated Balance Sheets
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September 30,
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December 31,
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|||||||
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2015
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2014
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|||||||
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CURRENT ASSETS
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||||||||
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Cash and cash equivalents
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$ | 1,518,359 | $ | 1,293,233 | ||||
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Restricted cash
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5,834,197 | 1,008,514 | ||||||
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Accounts receivable
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7,833,519 | 8,340,303 | ||||||
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Prepaid expenses and other current assets
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1,045,893 | 771,458 | ||||||
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Deposits
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420,176 | 68,498 | ||||||
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Inventory
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5,620,827 | 3,200,651 | ||||||
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Deferred tax assets, current portion, net
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2,892,459 | - | ||||||
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Total current assets
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25,165,430 | 14,682,657 | ||||||
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Total property and equipment, net
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46,054,365 | 37,371,075 | ||||||
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Restricted cash, noncurrent
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11,277,441 | - | ||||||
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Surety bonds
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1,667,000 | 1,642,000 | ||||||
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Debt issue costs, net
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1,296,480 | 479,737 | ||||||
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Trade name
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303,346 | 303,346 | ||||||
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Deferred tax assets, net
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387,824 | 5,928,342 | ||||||
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Total long-term assets
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60,986,456 | 45,724,500 | ||||||
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TOTAL ASSETS
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$ | 86,151,886 | $ | 60,407,157 | ||||
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LIABILITIES AND STOCKHOLDERS' EQUITY
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||||||||
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CURRENT LIABILITIES
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||||||||
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Accounts payable
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$ | 16,459,787 | $ | 12,370,179 | ||||
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Accounts payable, related party
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- | 1,174,168 | ||||||
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Asset retirement obligations, current portion
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38,644 | 85,846 | ||||||
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Accrued expenses and other current liabilities
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2,005,206 | 2,783,704 | ||||||
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Interest payable, current portion
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57,140 | 56,039 | ||||||
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Long-term debt, current portion
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1,631,539 | 1,245,476 | ||||||
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Deferred tax liabilities, net
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- | 168,236 | ||||||
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Total current liabilities
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20,192,316 | 17,883,648 | ||||||
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Long-term liabilities:
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||||||||
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Asset retirement obligations, net of current portion
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1,928,371 | 1,780,924 | ||||||
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Deferred revenues and expenses
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561,864 | 691,525 | ||||||
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Long-term debt, net of current portion
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28,948,021 | 10,808,803 | ||||||
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Long-term interest payable, net of current portion
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1,430,371 | 1,274,789 | ||||||
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Total long-term liabilities
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32,868,627 | 14,556,041 | ||||||
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TOTAL LIABILITIES
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53,060,943 | 32,439,689 | ||||||
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Commitments and contingencies (Note 21)
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STOCKHOLDERS' EQUITY
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Common stock ($0.01 par value, 20,000,000 shares authorized;10,603,802 and
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10,599,444 shares issued at September 30, 2015 and December 31, 2014, respectively)
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106,038 | 105,995 | ||||||
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Additional paid-in capital
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36,738,737 | 36,718,781 | ||||||
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Accumulated deficit
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(2,953,832 | ) | (8,057,308 | ) | ||||
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Treasury stock, 150,000 shares at cost
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(800,000 | ) | (800,000 | ) | ||||
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Total stockholders' equity
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33,090,943 | 27,967,468 | ||||||
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
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$ | 86,151,886 | $ | 60,407,157 | ||||
Consolidated Statements of Income
| Three Months Ended September 30, |
Nine Months Ended September 30,
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2015
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2014
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2015
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2014
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REVENUE FROM OPERATIONS
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Refined petroleum product sales
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$ | 54,924,070 | $ | 87,846,757 | $ | 174,830,292 | $ | 310,938,981 | ||||||||
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Tank rental revenue
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286,892 | 282,516 | 860,676 | 847,548 | ||||||||||||
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Pipeline operations
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45,925 | 56,900 | 119,882 | 178,793 | ||||||||||||
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Total revenue from operations
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55,256,887 | 88,186,173 | 175,810,850 | 311,965,322 | ||||||||||||
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COST OF OPERATIONS
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Cost of refined products sold
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48,415,627 | 82,781,856 | 151,604,774 | 289,819,720 | ||||||||||||
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Refinery operating expenses
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2,953,528 | 2,496,514 | 8,420,650 | 8,092,738 | ||||||||||||
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Joint Marketing Agreement profit share
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1,435,376 | 1,094,383 | 4,812,674 | 2,334,487 | ||||||||||||
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Pipeline operating expenses
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63,099 | 50,100 | 170,582 | 139,542 | ||||||||||||
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Lease operating expenses
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(1,143 | ) | 7,041 | 20,271 | 21,037 | |||||||||||
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General and administrative expenses
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312,365 | 253,437 | 1,058,267 | 1,049,981 | ||||||||||||
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Depletion, depreciation and amortization
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414,837 | 393,871 | 1,217,005 | 1,175,643 | ||||||||||||
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Accretion expense
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52,720 | 53,731 | 158,655 | 158,264 | ||||||||||||
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Total cost of operations
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53,646,409 | 87,130,933 | 167,462,878 | 302,791,412 | ||||||||||||
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Income from operations
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1,610,478 | 1,055,240 | 8,347,972 | 9,173,910 | ||||||||||||
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OTHER INCOME (EXPENSE)
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Easement, interest and other income
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724,349 | 1,813 | 856,816 | 253,745 | ||||||||||||
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Interest expense
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(382,191 | ) | (214,407 | ) | (1,322,562 | ) | (675,586 | ) | ||||||||
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Loss on disposal of property and equipment
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- | (4,400 | ) | - | (4,400 | ) | ||||||||||
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Total other income (expense)
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342,158 | (216,994 | ) | (465,746 | ) | (426,241 | ) | |||||||||
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Income before income taxes
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1,952,636 | 838,246 | 7,882,226 | 8,747,669 | ||||||||||||
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Income tax expense
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(688,403 | ) | (22,199 | ) | (2,778,750 | ) | (298,792 | ) | ||||||||
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Net income
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$ | 1,264,233 | $ | 816,047 | $ | 5,103,476 | $ | 8,448,877 | ||||||||
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Income per common share
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Basic
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$ | 0.12 | $ | 0.08 | $ | 0.49 | $ | 0.81 | ||||||||
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Diluted
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$ | 0.12 | $ | 0.08 | $ | 0.49 | $ | 0.81 | ||||||||
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Weighted average number of common shares outstanding:
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Basic
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10,453,802 | 10,446,218 | 10,451,168 | 10,439,684 | ||||||||||||
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Diluted
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10,453,802 | 10,446,218 | 10,451,168 | 10,439,684 | ||||||||||||
Consolidated Statements of Cash Flows
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Nine Months Ended September 30,
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2015
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2014
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OPERATING ACTIVITIES
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Net income
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$ | 5,103,476 | $ | 8,448,877 | ||||
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Adjustments to reconcile net income to net cash
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provided by operating activities:
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Depletion, depreciation and amortization
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1,217,005 | 1,175,643 | ||||||
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Unrealized loss on derivatives
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362,750 | 26,150 | ||||||
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Deferred taxes
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2,479,823 | - | ||||||
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Amortization of debt issue costs
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517,652 | 25,350 | ||||||
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Accretion expense
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158,655 | 158,264 | ||||||
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Common stock issued for services
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19,999 | 75,001 | ||||||
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Loss on disposal of assets
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- | 4,400 | ||||||
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Changes in operating assets and liabilities
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Accounts receivable
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506,784 | 2,058,624 | ||||||
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Prepaid expenses and other current assets
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(274,435 | ) | 152,655 | |||||
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Deposits and other assets
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(1,711,073 | ) | (490,838 | ) | ||||
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Inventory
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(2,420,176 | ) | (2,879,729 | ) | ||||
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Accounts payable, accrued expenses and other liabilities
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2,916,973 | (5,144 | ) | |||||
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Accounts payable, related party
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(1,174,168 | ) | (1,857,964 | ) | ||||
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Net cash provided by operating activities
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7,703,265 | 6,891,289 | ||||||
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INVESTING ACTIVITIES
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Capital expenditures
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(9,900,295 | ) | (1,145,720 | ) | ||||
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Change in restricted cash for investing activities
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(13,021,438 | ) | - | |||||
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Net cash used in investing activities
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(22,921,733 | ) | (1,145,720 | ) | ||||
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FINANCING ACTIVITIES
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Proceeds from issuance of debt
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25,000,000 | - | ||||||
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Payments on long-term debt
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(9,474,720 | ) | (6,103,131 | ) | ||||
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Proceeds from notes payable
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3,000,000 | 2,000,000 | ||||||
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Payments on notes payable
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- | (216,182 | ) | |||||
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Change in restricted cash for financing activities
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(3,081,686 | ) | (678,498 | ) | ||||
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Net cash provided by (used in) financing activities
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15,443,594 | (4,997,811 | ) | |||||
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Net increase in cash and cash equivalents
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225,126 | 747,758 | ||||||
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CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
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1,293,233 | 434,717 | ||||||
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CASH AND CASH EQUIVALENTS AT END OF PERIOD
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$ | 1,518,359 | $ | 1,182,475 | ||||
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Supplemental Information:
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Non-cash operating activities
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Surety bond funded by seller of pipeline interest
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$ | - | $ | 850,000 | ||||
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Non-cash investing and financing activities:
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New asset retirement obligations
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$ | - | $ | 300,980 | ||||
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Financing of capital expenditures via capital lease
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$ | - | $ | 536,635 | ||||
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Interest paid
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$ | 959,665 | $ | 1,211,773 | ||||
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Income taxes paid
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$ | 139,500 | $ | 231,552 | ||||
Reconciliation of Adjusted EBITDA and EBITDA to Net Income
|
Three Months Ended September 30, 2015
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Three Months Ended September 30, 2014
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Segment
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Segment
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Refinery
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Pipeline
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Corporate &
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Refinery
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Pipeline
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Corporate &
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Operations
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Transportation
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Other
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Total
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Operations
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Transportation
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Other
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Total
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Revenue from operations
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$ | 55,210,962 | $ | 45,925 | $ | - | $ | 55,256,887 | $ | 88,129,273 | $ | 56,900 | $ | - | $ | 88,186,173 | ||||||||||||||||
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Less: cost of operations(1)
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(51,444,705 | ) | (114,675 | ) | (236,816 | ) | (51,796,196 | ) | (85,261,533 | ) | (110,872 | ) | (274,674 | ) | (85,647,079 | ) | ||||||||||||||||
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Other non-interest income(2)
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- | 62,500 | 660,000 | 722,500 | - | - | - | - | ||||||||||||||||||||||||
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Adjusted EBITDA
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3,766,257 | (6,250 | ) | 423,184 | 4,183,191 | 2,867,740 | (53,972 | ) | (274,674 | ) | 2,539,094 | |||||||||||||||||||||
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Less: JMA Profit Share(3)
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(1,435,376 | ) | - | - | (1,435,376 | ) | (1,094,383 | ) | - | - | (1,094,383 | ) | ||||||||||||||||||||
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EBITDA
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$ | 2,330,881 | $ | (6,250 | ) | $ | 423,184 | $ | 2,747,815 | $ | 1,773,357 | $ | (53,972 | ) | $ | (274,674 | ) | $ | 1,444,711 | |||||||||||||
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Depletion, depreciation and amortization
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(414,837 | ) | (393,871 | ) | ||||||||||||||||||||||||||||
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Interest expense, net
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(380,342 | ) | (212,594 | ) | ||||||||||||||||||||||||||||
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Income before income taxes
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1,952,636 | 838,246 | ||||||||||||||||||||||||||||||
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Income tax expense
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(688,403 | ) | (22,199 | ) | ||||||||||||||||||||||||||||
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Net income
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$ | 1,264,233 | $ | 816,047 | ||||||||||||||||||||||||||||
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Nine Months Ended September 30, 2015
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Nine Months Ended September 30, 2014
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Segment
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Segment
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Refinery
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Pipeline
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Corporate &
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Refinery
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Pipeline
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Corporate &
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Operations
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Transportation
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Other
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Total
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Operations
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Transportation
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Other
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Total
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Revenue from operations
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$ | 175,690,968 | $ | 119,882 | $ | - | $ | 175,810,850 | $ | 311,786,529 | $ | 178,793 | $ | - | $ | 311,965,322 | ||||||||||||||||
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Less: cost of operations(1)
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(160,208,576 | ) | (296,291 | ) | (928,331 | ) | (161,433,198 | ) | (297,956,882 | ) | (355,645 | ) | (973,154 | ) | (299,285,681 | ) | ||||||||||||||||
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Other non-interest income(2)
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- | 187,500 | 660,000 | 847,500 | - | 208,333 | - | 208,333 | ||||||||||||||||||||||||
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Adjusted EBITDA
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15,482,392 | 11,091 | (268,331 | ) | 15,225,152 | 13,829,647 | 31,481 | (973,154 | ) | 12,887,974 | ||||||||||||||||||||||
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Less: JMA Profit Share(3)
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(4,812,674 | ) | - | - | (4,812,674 | ) | (2,334,487 | ) | - | - | (2,334,487 | ) | ||||||||||||||||||||
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EBITDA
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$ | 10,669,718 | $ | 11,091 | $ | (268,331 | ) | $ | 10,412,478 | $ | 11,495,160 | $ | 31,481 | $ | (973,154 | ) | $ | 10,553,487 | ||||||||||||||
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Depletion, depreciation and amortization
|
(1,217,005 | ) | (1,175,643 | ) | ||||||||||||||||||||||||||||
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Interest expense, net
|
(1,313,247 | ) | (630,175 | ) | ||||||||||||||||||||||||||||
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Income before income taxes
|
7,882,226 | 8,747,669 | ||||||||||||||||||||||||||||||
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Income tax expense
|
(2,778,750 | ) | (298,792 | ) | ||||||||||||||||||||||||||||
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Net income
|
$ | 5,103,476 | $ | 8,448,877 | ||||||||||||||||||||||||||||
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(1)
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Operation cost within the Refinery Operations and Pipeline Transportation segments includes related general, administrative, and accretion expenses. Operation cost within Corporate and Other includes general and administrative expenses associated with corporate maintenance costs, such as accounting fees, director fees, and legal expense.
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(2)
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Other non-interest income reflects FLNG Land II, Inc., a Delaware corporation (“FLNG”), easement revenue and recognition of a one-time gain of $660,000 related to settlement proceeds from a nearly two decades-old case involving Jack J. Grynberg and several defendants in the oil and gas industry, including Blue Dolphin Pipe Line Company (the “Grynberg Matter”). See “Part 1, Item 1. Financial Statements - Note (21) Commitments and Contingencies – FLNG Master Easement Agreement and Grynberg Settlement Agreement” of Blue Dolphin’s Form 10-Q for the quarterly period ended September 30, 2015 as filed with the SEC for further discussion related to FLNG and the Grynberg Matter.
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(3)
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The JMA Profit Share represents the GEL Profit Share plus the GEL Performance Fee for the period pursuant to the Joint Marketing Agreement. See “Part 1, Item 1. Financial Statements - Note (21) Commitments and Contingencies” and “Part 1, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Relationship with Genesis” of Blue Dolphin’s Form 10-Q for the quarterly period ended September 30, 2015 as filed with the SEC for further discussion related to the Joint Marketing Agreement.
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Reconciliation of Refinery Operating Income to Refined Petroleum Product Sales,
Cost of Refined Petroleum Products Sold, Refinery Operating Expenses and JMA Profit Share
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||
|
2015
|
2014
|
2015
|
2014
|
|||||||||||||
|
Total refined petroleum product sales
|
$ | 54,924,070 | $ | 87,846,757 | $ | 174,830,292 | $ | 310,938,981 | ||||||||
|
Less: Cost of refined petroleum products sold
|
(48,415,627 | ) | (82,781,856 | ) | (151,604,774 | ) | (289,819,720 | ) | ||||||||
|
Less: Refinery operating expenses
|
(2,953,528 | ) | (2,496,514 | ) | (8,420,650 | ) | (8,092,738 | ) | ||||||||
|
Refinery operating income before JMA Profit Share
|
3,554,915 | 2,568,387 | 14,804,868 | 13,026,523 | ||||||||||||
|
Less: JMA Profit Share
|
(1,435,376 | ) | (1,094,383 | ) | (4,812,674 | ) | (2,334,487 | ) | ||||||||
|
Refinery operating income
|
$ | 2,119,539 | $ | 1,474,004 | $ | 9,992,194 | $ | 10,692,036 | ||||||||
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Total refined petroleum product sales (bbls)
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1,035,275 | 823,399 | 2,958,865 | 2,818,270 | ||||||||||||
For a reconciliation of refined petroleum product sales to total revenue from operations for our consolidated operations, refer to the consolidated statements of income contained within this press release.
Refinery Throughput and Production Data
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Three Months Ended September 30,
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Nine Months Ended September 30,
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|||||||||||||||
| 2015 | 2014 | 2015 | 2014 | |||||||||||||
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Operating Days
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87 | 78 | 257 | 252 | ||||||||||||
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Downtime
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5 | 14 | 16 | 21 | ||||||||||||
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Total refinery throughput
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bbls
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1,109,411 | 849,402 | 3,086,749 | 2,909,669 | ||||||||||||
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bpd
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12,752 | 10,890 | 12,011 | 11,546 | ||||||||||||
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Total refinery production
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bbls
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1,084,246 | 831,771 | 3,024,579 | 2,855,054 | ||||||||||||
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bpd
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12,463 | 10,664 | 11,769 | 11,330 | ||||||||||||
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Capacity utilization rate
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refinery throughput
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85.0 | % | 72.6 | % | 80.1 | % | 77.0 | % | ||||||||
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refinery production
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83.1 | % | 71.1 | % | 78.5 | % | 75.5 | % | ||||||||
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Note:
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The difference between total refinery throughput (volume processed as input) and total refinery production (volume processed as output) represents refinery fuel and energy use.
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