# EDGAR Filing Document

**Accession Number:** 0000793306
**File Stem:** 0001437749-26-017548
**Filing Date:** 2026-5
**Character Count:** 12246
**Document Hash:** 232531bba18a8e45ad55febe5b8eb407
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-26-017548.hdr.sgml**: 20260518

**ACCESSION NUMBER**: 0001437749-26-017548

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20260515

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260518

**DATE AS OF CHANGE**: 20260518

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLUE DOLPHIN ENERGY CO
- **CENTRAL INDEX KEY:** 0000793306
- **STANDARD INDUSTRIAL CLASSIFICATION:** CRUDE PETROLEUM & NATURAL GAS [1311]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 731268729
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-15905
- **FILM NUMBER:** 26991355

**BUSINESS ADDRESS:**
- **STREET 1:** 801 TRAVIS SUITE 2100
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77002-5729
- **BUSINESS PHONE:** 713-568-4725

**MAIL ADDRESS:**
- **STREET 1:** 801 TRAVIS SUITE 2100
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77002-5729

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MUSTANG RESOURCES CORP
- **DATE OF NAME CHANGE:** 19900122

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ZIM ENERGY CORP
- **DATE OF NAME CHANGE:** 19870921

?xml version='1.0' encoding='ASCII'? bdco20260513_8k.htm

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

____________________

**FORM**8-K**

CURRENT REPORT PURSUANT TO

SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported):

**May 15, 2026**

---

| |
|:---|
| **Blue Dolphin Energy Company** |
| (Exact name of registrant as specified in its charter) |

---

---

| | | |
|:---|:---|:---|
| **Delaware** | **0-15905** | **73-1268729** |
| (State or Other Jurisdiction<br> of Incorporation) | (Commission File Number) | (IRS Employer<br> Identification No.) |

---

**801 Travis Street, Suite 2100**

<u>**<u>**<u>Houston</u>**</u>, **<u>**<u>TX</u>**</u> <u>**<u>77002</u>**</u>**</u>**

(Address of principal executive office and zip code)

<u><u>**<u>(713) 568-4725</u>**</u></u>

(Registrant's telephone number, including area code)

**<u>(Not Applicable)</u>**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act: None

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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The information in this Current Report on Form 8-K shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act"), as amended, or otherwise subject to the liabilities of such section, and is not deemed incorporated by reference into any filings under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

**Item 2.02 Results of Operations and Financial Condition.**

On May 15, 2026 Blue Dolphin Energy Company ("Blue Dolphin") issued a press release reporting its financial results for the three months ended March 31, 2026 and its financial condition as of March 31, 2026. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

**Item 9.01 Financial Statements and Exhibits.**

(d) *Exhibits*.

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| | |
|:---|:---|
| 99.1 | [Blue Dolphin Energy Company Press Release Issued May 15, 2026.](ex_962309.htm) |
| 104 | Cover Page Interactive Data File (the Cover Page Interactive Data File is embedded within the Inline XBRL document). |

---

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**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: May 18, 2026

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| |
|:---|
| Blue Dolphin Energy Company |
| /s/ BRYCE D. KLUG |
| Bryce D. Klug<br> Treasurer and Assistant Secretary<br> (Principal Financial and Accounting Officer) |

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**<u>Exhibit Index</u>**

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| | |
|:---|:---|
| 99.1 | [Blue Dolphin Energy Company Press Release Issued May 15, 2026.](ex_962309.htm) |
| 104 | Cover Page Interactive Data File (the Cover Page Interactive Data File is embedded within the Inline XBRL document). |

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## Exhibit 99.1

**Exhibit 99.1**

![bluedolphinlogo.jpg](bluedolphinlogo.jpg)

**PRESS RELEASE**

FOR IMMEDIATE RELEASE

**BLUE DOLPHIN REPORTS FIRST QUARTER 2026 FINANCIAL RESULTS**

● Total gross profit of $20.6 million<br> ● Net income of $14.7 million, or $0.99 per share<br> ● Consolidated earnings before interest, income taxes, depreciation, and amortization ("EBITDA") of $20.7 million<br>

**HOUSTON, TX / ACCESS Newswire / May 15, 2026 /** Blue Dolphin Energy Company ("Blue Dolphin") (OTCQX:BDCO), an independent refiner and marketer of petroleum products in the Eagle Ford Shale region, announced its financial results for the three months ended March 31, 2026.

**Results of Operations**

Blue Dolphin reported net income of $14.7 million, or $0.99 per share, for the three months ended March 31, 2026 compared to net income of $2.2 million, or $0.15 per share, for the three months ended March 31, 2025. Gross profit totaled $20.6 million for the first quarter of 2026 compared to gross profit of $6.1 million for the same period in 2025. Consolidated EBITDA totaled $20.7 million in the first quarter of 2026 compared to consolidated EBITDA of $5.1 million in the first quarter of 2025.

See the tables below for a reconciliation of consolidated EBITDA.

"Blue Dolphin delivered strong financial results in the first quarter of 2026, reflecting improved product differentials and favorable inventory impacts against a backdrop of continued geopolitical uncertainty and shifting global refined product markets," said Jonathan P. Carroll, Chief Executive Officer of Blue Dolphin Energy Company.

**Liquidity**

As of March 31, 2026 Blue Dolphin had $1.4 million in cash and cash equivalents and restricted cash compared to $2.0 million at December 31, 2025.

For more information regarding Blue Dolphin's financial results for the three months ended March 31, 2026, see Blue Dolphin's Quarterly Report on Form 10-Q as filed with the U.S. Securities and Exchange Commission (the "SEC") on May 15, 2026.

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**Blue Dolphin Energy Company and Subsidiaries**

**Earnings Release Tables**

**Consolidated Results of Operations (Unaudited)**

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| | | |
|:---|:---|:---|
|  | Three Months Ended | Three Months Ended |
|  | March 31, | March 31, |
|  | 2026 | 2025 |
|  | (in thousands, except per-share amounts) | (in thousands, except per-share amounts) |
| Total revenue from operations | $81490 | $83692 |
| Total cost of goods sold | 60920 | 77619 |
| Gross profit | 20570 | 6073 |
| LEH operating fee, related party | 233 | 182 |
| Other operating expenses | 161 | 119 |
| General and administrative expenses | 1172 | 1355 |
| Gain on regulatory settlement | (1013) |  |
| Depreciation and amortization | 74 | 74 |
| Interest, net | 1382 | 1464 |
| Total cost and expenses | 2009 | 3194 |
| Income before income taxes | 18561 | 2879 |
| Income tax benefit (expense) | (3831) | (635) |
| Net income (loss) | $14730 | $2244 |
| Income (loss) per common share |  |  |
| Basic | $0.99 | $0.15 |
| Diluted | $0.99 | $0.15 |

---

**Reconciliation of Certain Non-U.S. GAAP Measures (Unaudited)**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, |
|  | 2026 | 2026 | 2026 | 2026 | 2025 | 2025 | 2025 | 2025 |
|  | Refinery Operations | Tolling & Terminaling | Corporate & Other | Total | Refinery Operations | Tolling & Terminaling | Corporate & Other | Total |
|  | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) |
| Income (loss) before income taxes | $17238 | $659 | $664 | $18561 | $3789 | $362 | $(1272) | $2879 |
| Add: depreciation and amortization | 498 | 147 | 74 | 719 | 298 | 342 | 74 | 714 |
| Add: interest, net | 854 | 414 | 114 | 1382 | 836 | 477 | 151 | 1464 |
| EBITDA | $18590 | $1220 | $852 | $20662 | $4923 | $1181 | $(1047) | $5057 |

---

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**About Blue Dolphin**

Blue Dolphin is an independent downstream energy company operating in the Gulf Coast region of the United States. Subsidiaries operate a light, sweet-crude, 15,000-barrel per day crude distillation tower with over 1.25 million barrels of petroleum storage tank capacity in Nixon, Texas. Blue Dolphin formed in 1986 as a Delaware corporation and trades on the OTCQX under the ticker symbol "BDCO." For additional information, visit Blue Dolphin's corporate website at http://www.blue-dolphin-energy.com.

**<u>Contact:</u>**

Jonathan P. Carroll

Chief Executive Officer and President

713-568-4725

***Cautionary Statements Relevant to Forward-Looking Information for the Purpose of*** "***Safe Harbor***" ***Provisions of the Private Securities Litigation Reform Act of 1995.*** *This press release contains forward-looking statements relating to Blue Dolphin*'*s operations based on management*'*s current expectations, estimates, and projections about the oil and gas industry. Words or phrases such as* "*anticipates,*" "*expects,*" "*intends,*" "*plans,*" "*targets,*" "*advances,*" "*commits,*" "*drives,*" "*aims,*" "*forecasts,*" "*projects,*" "*believes,*" "*approaches,*" "*seeks,*" "*schedules,*" "*estimates,*" "*positions,*" "*pursue,*" "*may,*" "*can,*" "*could,*" "*should,*" "*will,*" "*budgets,*" "*outlook,*" "*trends,*" "*guidance,*" "*focus,*" "*on track,*" "*goals,*" "*objectives,*" "*strategies,*" "*opportunities,*" "*poised,*" "*potential,*" "*ambitions,*" "*aspires*" *and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties, and other factors, many of which are beyond the company*'*s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from those expressed or forecasted in such forward-looking statements. The reader should not rely on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, Blue Dolphin undertakes no obligation to update publicly any forward-looking statements, whether because of new information, future events, or otherwise.*

*For a discussion of risk factors that could cause actual results to differ materially from those in the forward-looking statements, please see the factors set forth under the heading* "*Risk Factors*" *in Blue Dolphin's 2025 Annual Report on Form 10-K as filed with the SEC on March 31, 2026 and in subsequent filings with the SEC. Other unpredictable or unknown factors not discussed in this press release could also adversely affect forward-looking statements.*

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