HOUSTON, Aug. 13 /PRNewswire-FirstCall/ -- Blue Dolphin Energy Company ("Blue Dolphin"), an independent oil and gas company with operations in the Gulf of Mexico, today announced financial results for the three and six month periods ended June 30, 2007.
For the three months ended June 30, 2007, Blue Dolphin reported a net loss of $784,485 on revenues of $620,927, compared to net income of $68,095 on revenues of $1,086,069 for the three months ended June 30, 2006. Second quarter results decreased primarily due to a reduction in revenues from sales of oil and gas of approximately $597,000 resulting from an anticipated decline in production levels, increased pipeline operating expenses of approximately $268,000 and increased general and administrative expenses of approximately $160,000, partially offset by increased revenues from pipeline operations of approximately $131,000. Increased pipeline operating expenses were primarily the result of unanticipated costs associated with repairs to an offshore compressor and other repair costs.
(In thousands, except per share amounts)
Three Months Ended
June 30, Net Change
2007 2006 2007 vs 2006
Revenues $621 $1,086 $(465)
Net income (loss) $(784) $68 $(852)
Net income (loss) per common share
Basic $(0.07) $0.01 $(0.08)
Diluted $(0.07) $0.01 $(0.08)
For the six months ended June 30, 2007, Blue Dolphin reported a net loss of $1,103,673 on revenues of $1,475,923, compared to net income of $205,060 on revenues of $2,187,093 for the six months ended June 30, 2006. The decrease in first half 2007 results was primarily due to reduced revenues from sales of oil and gas of approximately $1,083,000 resulting from an anticipated decline in production levels, and increased pipeline operating expenses of approximately $556,000, partially offset by increased revenues from pipeline operations of approximately $372,000. Increased pipeline operating expenses were primarily the result of unanticipated costs associated with a pipeline leak in the first quarter 2007 and repairs to an offshore compressor and other repair costs in the second quarter 2007.
(In thousands, except per share amounts)
Six Months Ended
June 30, Net Change
2007 2006 2007 vs 2006
Revenues $1,476 $2,187 $(711)
Net income (loss) $(1,104) $205 $(1,309)
Net income (loss) per common share
Basic $(0.10) $0.02 $(0.12)
Diluted $(0.10) $0.02 $(0.12)
There are currently 11,567,813 shares of common stock issued and outstanding.
Blue Dolphin Energy Company is engaged in the gathering and transportation of natural gas and condensate and production of oil and gas. For further information visit the Company's website at http://www.blue-dolphin.com/.
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. The words "expect", "plan", "believe", "anticipate", "project", "estimate", and similar expressions are intended to identify forward-looking statements. 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 industry conditions, prices of crude oil and natural gas, regulatory changes, general economic conditions, interest rates, competition, and other factors. 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. The Company 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.
