BLUE DOLPHIN ENERGY CO
BDCO · Crude Petroleum & Natural Gas · 14.9M shares · +4%/yr ↑ shares · EDGAR filings ↗
Net buyback after stock comp: -$51K (gross $3K, SBC $54K)
Reference price $3.54 · est. market cap ~$53M — last insider purchase, 2026-06-12 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
F40Single-asset micro-cap refiner with a going-concern qualification, debt in default and a large working-capital deficit.
Strengths
- Refinery remains operational with nimble topping-unit slate flexibility
- Small positive gross margin; affiliate support has historically backstopped operations
Risks
- Going-concern doubt, debt in default, ~$24M working-capital deficit and quick ratio 0.19
- Negative returns (ROE -20.5%), single-site concentration and material BOEM/BSEE decommissioning liabilities
Notable findings
- Going concernSingle-asset micro-cap refiner with a going-concern qualification, debt in default and a large working-capital deficit
- RestatementOur short-term working capital needs are primarily related to: (i) purchasing crude oil and condensate to operate the Nixon refinery, (ii) reimbursing LEH for direct operating expenses and paying the 8-K ↗
- Net lossNet loss (net margin -2.0%)
- Cash burnNegative free cash flow (-0.8M)
- Weak liquidityCurrent ratio 0.64 (<1)
- Insider buyingInsider buying — 19 open-market buy(s) by 1 insider(s) (~$336,725, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
3.1%
Operating margin
-0.5%
Net margin
-2.0%
Return on equity
-20.5%
Return on assets
-5.7%
Revenue growth (QoQ)
18.5%
Current ratio
0.6×
Free cash flow
-$779K
EBITDA
$1M
Tangible book value
$27M
Cash & investments
$1M
Cash runway
5q
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-12 | LAZARUS ENERGY HOLDINGS, LLC | Buy | 5.0K | $3.54 |
| 2026-06-12 | LAZARUS ENERGY HOLDINGS, LLC | Buy | 5.0K | $3.54 |
| 2026-05-27 | LAZARUS ENERGY HOLDINGS, LLC | Buy | 5.0K | $3.91 |
| 2026-05-27 | LAZARUS ENERGY HOLDINGS, LLC | Buy | 5.0K | $3.92 |
| 2026-05-27 | LAZARUS ENERGY HOLDINGS, LLC | Buy | 5.0K | $3.95 |
| 2026-05-27 | LAZARUS ENERGY HOLDINGS, LLC | Buy | 5.0K | $3.95 |
| 2026-04-20 | LAZARUS ENERGY HOLDINGS, LLC | Buy | 7.5K | $3.20 |
| 2026-04-20 | LAZARUS ENERGY HOLDINGS, LLC | Buy | 5.0K | $3.20 |
| 2026-04-17 | LAZARUS ENERGY HOLDINGS, LLC | Buy | 7.5K | $2.89 |
| 2026-04-17 | LAZARUS ENERGY HOLDINGS, LLC | Buy | 5.0K | $2.85 |
| 2026-04-17 | LAZARUS ENERGY HOLDINGS, LLC | Buy | 7.5K | $2.80 |
| 2026-04-17 | LAZARUS ENERGY HOLDINGS, LLC | Buy | 7.5K | $2.90 |
| 2026-04-16 | LAZARUS ENERGY HOLDINGS, LLC | Buy | 5.0K | $3.25 |
| 2026-04-16 | LAZARUS ENERGY HOLDINGS, LLC | Buy | 5.0K | $3.25 |
| 2026-04-16 | LAZARUS ENERGY HOLDINGS, LLC | Buy | 5.0K | $3.25 |
| 2026-04-16 | LAZARUS ENERGY HOLDINGS, LLC | Buy | 2.5K | $3.20 |
| 2026-04-16 | LAZARUS ENERGY HOLDINGS, LLC | Buy | 5.0K | $3.25 |
| 2026-04-16 | LAZARUS ENERGY HOLDINGS, LLC | Buy | 5.0K | $3.25 |
| 2026-04-16 | LAZARUS ENERGY HOLDINGS, LLC | Buy | 5.0K | $2.95 |
| 2025-09-11 | CARROLL JONATHAN P | Buy | 4.2K | $1.42 |
| 2025-09-10 | LAZARUS ENERGY HOLDINGS, LLC | Buy | 1.0K | $1.39 |
| 2025-09-10 | LAZARUS ENERGY HOLDINGS, LLC | Buy | 1.0K | $1.39 |
| 2025-09-10 | LAZARUS ENERGY HOLDINGS, LLC | Buy | 1.0K | $1.40 |
| 2025-09-10 | LAZARUS ENERGY HOLDINGS, LLC | Buy | 1.0K | $1.40 |
| 2025-09-10 | LAZARUS ENERGY HOLDINGS, LLC | Buy | 1.0K | $1.40 |
| 2025-09-10 | LAZARUS ENERGY HOLDINGS, LLC | Buy | 1.0K | $1.40 |
| 2025-09-10 | LAZARUS ENERGY HOLDINGS, LLC | Buy | 1.0K | $1.45 |
| 2025-09-10 | LAZARUS ENERGY HOLDINGS, LLC | Buy | 1.0K | $1.45 |
| 2025-09-10 | LAZARUS ENERGY HOLDINGS, LLC | Buy | 10K | $1.45 |
| 2025-09-10 | LAZARUS ENERGY HOLDINGS, LLC | Buy | 7.0K | $1.45 |
| 2025-09-08 | LAZARUS ENERGY HOLDINGS, LLC | Buy | 10K | $1.45 |
| 2025-06-12 | LAZARUS ENERGY HOLDINGS, LLC | Buy | 5.0K | $1.34 |
| 2025-06-12 | LAZARUS ENERGY HOLDINGS, LLC | Buy | 5.0K | $1.34 |
| 2025-06-11 | LAZARUS ENERGY HOLDINGS, LLC | Buy | 3.5K | $1.35 |
| 2025-04-11 | CARROLL JONATHAN P | Buy | 1.0K | $1.91 |
| 2025-04-10 | CARROLL JONATHAN P | Buy | 1.0K | $1.85 |
| 2025-04-10 | CARROLL JONATHAN P | Buy | 1.0K | $1.90 |
| 2025-04-10 | CARROLL JONATHAN P | Buy | 1.0K | $1.90 |
| 2025-04-10 | CARROLL JONATHAN P | Buy | 1.0K | $1.83 |
| 2025-04-09 | CARROLL JONATHAN P | Buy | 1.0K | $1.74 |
| 2025-04-07 | CARROLL JONATHAN P | Buy | 100 | $2.03 |
| 2025-04-07 | CARROLL JONATHAN P | Buy | 800 | $2.20 |
| 2025-04-07 | CARROLL JONATHAN P | Buy | 4.0K | $2.20 |
| 2025-04-07 | CARROLL JONATHAN P | Buy | 300 | $2.11 |
| 2025-04-07 | CARROLL JONATHAN P | Buy | 3.5K | $2.20 |
| 2025-04-07 | CARROLL JONATHAN P | Buy | 5.0K | $2.20 |
| 2025-04-07 | CARROLL JONATHAN P | Buy | 1.4K | $2.10 |
| 2025-04-07 | CARROLL JONATHAN P | Buy | 100 | $2.14 |
| 2025-04-04 | CARROLL JONATHAN P | Buy | 2.4K | $2.00 |
| 2025-04-04 | CARROLL JONATHAN P | Buy | 3.9K | $2.00 |
| 2025-04-04 | CARROLL JONATHAN P | Buy | 100 | $1.87 |
| 2025-04-04 | CARROLL JONATHAN P | Buy | 5.0K | $2.00 |
| 2025-04-04 | CARROLL JONATHAN P | Buy | 2.5K | $1.90 |
| 2025-04-04 | CARROLL JONATHAN P | Buy | 900 | $1.95 |
| 2025-04-04 | CARROLL JONATHAN P | Buy | 10K | $2.00 |
| 2025-04-04 | CARROLL JONATHAN P | Buy | 100 | $1.97 |
| 2025-04-04 | CARROLL JONATHAN P | Buy | 100 | $1.99 |
| 2025-04-04 | CARROLL JONATHAN P | Buy | 2.9K | $2.00 |
| 2025-04-04 | CARROLL JONATHAN P | Buy | 1.0K | $1.94 |
| 2025-04-04 | CARROLL JONATHAN P | Buy | 1.0K | $1.90 |
| 2025-01-15 | CARROLL JONATHAN P | Buy | 1.0K | $3.50 |
| 2025-01-15 | Klug Bryce Dixon | Buy | 1.0K | $3.40 |
| 2025-01-07 | CARROLL JONATHAN P | Buy | 1.0K | $2.84 |
| 2025-01-07 | CARROLL JONATHAN P | Buy | 1.0K | $2.80 |
| 2025-01-07 | CARROLL JONATHAN P | Buy | 1.0K | $2.80 |
| 2025-01-07 | CARROLL JONATHAN P | Buy | 1.0K | $2.84 |
| 2025-01-06 | CARROLL JONATHAN P | Buy | 1.0K | $2.69 |
| 2025-01-06 | CARROLL JONATHAN P | Buy | 1.0K | $2.68 |
| 2025-01-03 | CARROLL JONATHAN P | Buy | 1.0K | $2.68 |
| 2025-01-03 | CARROLL JONATHAN P | Buy | 1.0K | $2.67 |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (1)
- LEH (Lazarus Energy Holdings)
Suppliers (2)
- LEH (Lazarus Energy Holdings)
- RLI Corp.
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-26 | Shareholder vote | filing ↗ |
| 2026-05-18 | ResultsExhibits | filing ↗ |
| 2026-04-02 | ResultsExhibits | filing ↗ |
| 2025-11-14 | ResultsExhibits | filing ↗ |
| 2025-08-14 | ResultsExhibits | filing ↗ |
| 2025-08-08 | Material agreementDebt obligationExhibits | filing ↗ |
| 2025-07-01 | Shareholder vote | filing ↗ |
| 2025-05-15 | ResultsExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-26 | 2026-06-25 | 0001437749-26-021826 ↗ |
| 8-K | 2026-05-18 | 2026-05-15 | 0001437749-26-017548 ↗ |
| 10-Q | 2026-05-15 | 2026-03-31 | 0001437749-26-017402 ↗ |
| 8-K | 2026-04-02 | 2026-03-31 | 0001437749-26-011052 ↗ |
| 10-K | 2026-03-31 | 2025-12-31 | 0001437749-26-010712 ↗ |
| 8-K | 2025-11-14 | 2025-11-14 | 0001437749-25-035213 ↗ |
| 10-Q | 2025-11-14 | 2025-09-30 | 0001437749-25-035172 ↗ |
| 8-K | 2025-08-14 | 2025-08-14 | 0001437749-25-026949 ↗ |
| 10-Q | 2025-08-14 | 2025-06-30 | 0001437749-25-026921 ↗ |
| 8-K | 2025-08-08 | 2025-08-04 | 0001437749-25-025635 ↗ |
| 8-K | 2025-07-01 | 2025-06-26 | 0001437749-25-021716 ↗ |
| 8-K | 2025-05-15 | 2025-05-15 | 0001437749-25-017250 ↗ |