Blue Dolphin Reports First Quarter 2015 Results
(firmenpresse) - HOUSTON, TX -- (Marketwired) -- 05/18/15 -- Blue Dolphin Energy Company ("Blue Dolphin") (OTCQX: BDCO), an independent refiner and marketer of refined petroleum products in the Eagle Ford Shale, reported first quarter 2015 results.
Total adjusted EBITDA increased $1.7 million, or nearly 25%, for the quarter ended March 31, 2015 compared to the quarter ended March 31, 2014; and
Refinery operations adjusted EBITDA increased $1.8 million, or nearly 25%, for the first quarter of 2015 compared to the same period a year earlier.
Blue Dolphin reported total adjusted EBITDA of $8.7 million for the quarter ended March 31, 2015 compared to total adjusted EBITDA of $7.0 million for the prior year period. Blue Dolphin reported refinery operations adjusted EBITDA of $9.1 million for the quarter ended March 31, 2015 compared to refinery operations adjusted EBITDA of $7.3 million for the prior year period. (See "Non-GAAP Performance Measures" in this press release for the definition of adjusted EBITDA. A reconciliation of adjusted EBITDA to net income is also provided herein.) Blue Dolphin reported net income of $3.7 million, or income of $0.35 per share, for the quarter ended March 31, 2015 compared to net income of $6.2 million, or income of $0.59 per share, for the same quarter in 2014.
"Our refinery operations adjusted EBITDA improved significantly between the periods, driven by lower crude costs and improved refining margins despite relatively flat throughput and production volumes," said Jonathan P. Carroll, Chairman, Chief Executive Officer and President of Blue Dolphin.
Total cash flow from operations totaled $2.6 million for quarter ended March 31, 2015 compared to $5.2 million for the same quarter a year earlier, representing a decrease of $2.6 million. The decrease in total cash flow from operations was primarily due to payments of $1.8 million and $1.0 million in JMA Profit Share and accounts payable, related party.
(1) Throughput represents feedstocks. The Nixon Facility's feedstock consists of crude oil and condensate.
The Nixon Facility experienced no days for downtime in the quarter ended March 31, 2015 or 2014. The Nixon Facility processed 1,062,388 barrels ("bbls"), or 11,804 barrels per day ("bpd"), of crude oil and condensate in the first quarter 2015 compared to 1,092,007 bbls, or 12,133 bpd, of crude oil and condensate for first quarter 2014. The Nixon Facility produced 1,044,210 bbls, or 11,602 bpd, of refined petroleum products in the first quarter 2015 compared to 1,073,638 bbls, or 11,929 bpd, of refined petroleum products in the same period a year earlier. Total refinery throughput and total refinery production remained relatively stable between the periods.
The capacity utilization rate for refinery throughput for the first quarter 2015 was 78.7% compared to 80.9% for the first quarter 2014, reflecting a nominal decrease of approximately 2%. The capacity utilization rate for refinery production for the same periods was 77.3% and 79.5%, respectively, reflecting a nominal decrease of approximately 2%. The decrease in capacity utilization rates for refinery throughput and refinery production related to slight decreases in throughput and production volumes. Fuel and energy losses at the Nixon Facility were 18,178 bbls, or 202 bpd, compared to 18,369, or 204 bpd, for comparable periods. The nominal decrease in fuel and energy losses of 191 bbls, or 2 bpd, was the result of operational efficiency improvements.
Refinery operating income before the JMA Profit Share was $8.8 million for the quarter ended March 31, 2015 compared to $7.0 million for the same period a year earlier. Refinery operating income including the JMA Profit Share was $6.4 million for the quarter ended March 31, 2015 compared to $7.0 million for the comparable period a year earlier.
This press release and its accompanying financial schedules report adjusted EBITDA, EBITDA, and refinery operating income, which are financial performance measures defined as non-GAAP by the Securities and Exchange Commission (the "SEC"). These non-GAAP financial performance measures are used by management to assess Blue Dolphin's operating results and the effectiveness of its business segments. Blue Dolphin's financial performance measures may be different than non-GAAP financial performance measures used by other companies. The presentation of this financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with generally accepted accounting principles ("GAAP").
Below are the definitions of non-GAAP performance measures used by management in this press release:
Adjusted earnings before interest, income taxes and depreciation ("EBITDA") reflects EBITDA less the JMA Profit Share. The JMA Profit Share represents the 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;
EBITDA earnings are adjusted for: (i) interest income (expense), (ii) income taxes, and (iii) depreciation and amortization. We exclude from EBITDA other expenses or income not pertaining to the operations of our business segments. 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; and
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.
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, which are considered non-core. For additional information, visit Blue Dolphin's corporate website at .
Certain of the statements included in this press release, which express a belief, expectation or intention, as well as those regarding future financial performance or results, or which are not historical facts, are "forward-looking" statements as that term is defined in the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. These forward-looking statements are not guarantees of future performance or events and such statements involve a number of risks, uncertainties and assumptions, including but not limited to: dangers inherent in oil and gas operations that could cause disruptions and expose us to potentially significant losses, costs or liabilities and reduce our liquidity; geographic concentration of our assets, which creates a significant exposure to the risks of the regional economy; competition from companies having greater financial and other resources; laws and regulations regarding personnel and process safety, as well as environmental, health and safety, for which failure to comply may result in substantial fines, criminal sanctions, permit revocations, injunctions, facility shutdowns and/or significant capital expenditures; insurance coverage that may be inadequate or expensive; related party transactions with LEH and its affiliates, which may cause conflicts of interest; loss of executive officers or key employees, as well as a shortage of skilled labor or disruptions in our labor force, which may make it difficult to maintain productivity; our dependence on Lazarus Energy Holdings, LLC ("LEH") for financing and management of our property and the property of our subsidiaries; capital needs for which our internally generated cash flows and other sources of liquidity may not be adequate; our ability to use net operating loss carryforwards, which are subject to limitation, to offset future taxable income for U.S. federal income tax purposes, and other factors set forth under the heading "Risk Factors" in Part I, Item 1A of Blue Dolphin's previously filed Annual Report on Form 10-K for the fiscal year ended December 31, 2014. Should one or more of these risks or uncertainties materialize or should the underlying assumptions prove incorrect, actual results and outcomes may differ materially from those indicated in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Blue Dolphin undertakes no obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Jonathan P. Carroll
Chief Executive Officer and President
713-568-4725
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Datum: 18.05.2015 - 20:30 Uhr
Sprache: Deutsch
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