SOURCE: Blue Dolphin Energy Company

Blue Dolphin Energy Company

August 18, 2015 20:50 ET

Blue Dolphin Reports Second Quarter 2015 Results

HOUSTON, TX--(Marketwired - Aug 18, 2015) - Blue Dolphin Energy Company ("Blue Dolphin") (OTCQX: BDCO), an independent refiner and marketer of refined petroleum products in the Eagle Ford Shale, reported second quarter 2015 results.

Results of Operations

Three Month Comparative Periods

  • Refinery operations Adjusted EBITDA for the quarter ended June 30, 2015 totaled $2.6 million compared to $3.7 million for the quarter ended June 30, 2014.
  • Total Adjusted EBITDA for the quarter ended June 30, 2015 was $2.3 million compared to $3.3 million for the prior year comparative period.
  • Refinery operating income before the Joint Marketing Agreement Profit Share (the "JMA Profit Share") for the quarter ended June 30, 2015 was $2.5 million compared to $3.5 million for the quarter ended June 30, 2014. JMA Profit Share for the quarter ended June 30, 2015 totaled $0.9 million compared to $1.2 million for the same period a year earlier. Refinery operating income for the quarter ended June 30, 2015 totaled $1.5 million compared to $2.2 million for the quarter ended June 30, 2014.
  • Net income for the quarter ended June 30, 2015 was $0.1 million, or income of $0.01 per share, compared to $1.4 million, or income of $0.14 per share, for the same quarterly period in 2014.

Six Month Comparative Periods

  • Refinery operations Adjusted EBITDA for the six months ended June 30, 2015 totaled $11.7 million compared to $11.0 million for the six months ended June 30, 2014.
  • Total Adjusted EBITDA for the six months ended June 30, 2015 was $11.0 million compared to $10.3 million for the prior year comparative period.
  • Refinery operating income before the JMA Profit Share for the six months ended June 30, 2015 was $11.2 million compared to $10.5 million for the six months ended June 30 2014. JMA Profit Share for the six months ended June 30, 2015 totaled $3.4 million compared to $1.2 million for the six months ended June 30, 2014. Refinery operating income for the six months ended June 30, 2015 totaled $7.9 million compared to $9.2 million for the six months ended June 30, 2014.
  • Net income for the six months ended June 30, 2015 was $3.8 million, or income of $0.37 per share, compared to net income of $7.6 million, or income of $0.73 per share, for the same six month period in 2014.

The JMA Profit Share represents a payment to GEL TEX Marketing, LLC ("GEL") pursuant to the Joint Marketing Agreement. GEL is entitled to receive the JMA profit Share as a result of the May 2014 repayment of the outstanding balance due on the Construction and Funding Agreement with Milam Services, Inc. The JMA Profit Share represents an increase in expenses and a reduction in cash flow from operations.

See "Non-GAAP Performance Measures" in this press release for the definition of earnings before interest, income taxes and depreciation ("EBITDA"), Adjusted EBITDA, and refinery operating income. A reconciliation of EBITDA and Adjusted EBITDA to net income is provided herein. A reconciliation of refinery operating income to refined petroleum product sales, cost of refined products sold, refinery operating expenses and JMA Profit Share is also provided herein.

           
  Three Months Ended     Six Months Ended  
  June 30,     June 30,  
  2015     2014     2015     2014  
  (in millions)  
                               
Total revenue from operations $ 59.2     $ 103.0     $ 120.5     $ 223.8  
Total cost of operations   (58.3 )     (101.4 )     (113.8 )     (215.7 )
                               
Income from operations   0.9       1.6       6.7       8.1  
                               
Total other expense   (0.7 )     (0.1 )     (0.8 )     (0.2 )
                               
Income before income taxes   0.2       1.5       5.9       7.9  
Income tax expense   (0.1 )     (0.1 )     (2.1 )     (0.3 )
Net income $ 0.1     $ 1.4     $ 3.8     $ 7.6  
                               
Income per common share                              
  Basic $ 0.01     $ 0.14     $ 0.37     $ 0.73  
  Diluted $ 0.01     $ 0.14     $ 0.37     $ 0.73  
                               

During the second quarter of 2015, we entered into loan agreements totaling $28.0 million as part of a plan to refinance approximately $8.5 million of debt owed to American First National Bank, purchase idle refinery equipment, and expand the Nixon Facility. As announced in June 2015, the Nixon Facility expansion project will encompass three phases that include: (i) constructing more than 500,000 bbls of petroleum storage tanks, (ii) redeploying idle refinery equipment, and (iii) obtaining an additional long-term loan that would be used to refinance a $3.0 million short-term note and construct an additional 300,000 bbls of petroleum storage tanks. Potential benefits of the Nixon Facility expansion plan include:

  • generation of additional revenue from leasing product and crude storage to third parties;
  • crude and product storage capable of supporting refinery throughput of up to 30,000 bbls per day;
  • production of a higher octane gasoline blendstock (reformate) by refurbishing the naphtha reformer;
  • production of ultra low sulfur diesel by refurbishing a light duty hydrotreater; and
  • an increase in the processing capacity and complexity of the Nixon Facility by deploying refurbished refinery equipment to the Nixon Facility, including, among others, a Merox unit, vacuum tower, prefrac tower unit, and LPG fractionator.

Refinery Throughput and Production Data

                       
  Three Months Ended June 30,     Six Months Ended June 30,  
  2015     2014     2015     2014  
                       
Operating Days 80     84     170     174  
Downtime 11     7     11     7  
                       
Total refinery throughput                      
  bbls 914,950     968,259     1,977,338     2,060,267  
  bpd 11,437     11,527     11,631     11,841  
                       
Total refinery production                      
  bbls 896,123     949,645     1,940,333     2,023,283  
  bpd 11,202     11,305     11,414     11,628  
                       
Capacity utilization rate                      
  refinery throughput 76.2 %   76.8 %   77.5 %   78.9 %
  refinery production 74.7 %   75.4 %   76.1 %   77.5 %
                         
Note: The difference between total refinery throughput (volume processed as input) and total refinery production (volume processed as output) represents refinery fuel and energy use.
   

Three Months Ended June 30, 2015 Compared to Three Months Ended June 30, 2014

  • Downtime at the Nixon Facility for the three months ended June 30, 2015 totaled 11 days compared to 7 days for the three months ended June 30, 2014. 
  • Total refinery throughput for the quarter ended June 30, 2015 totaled 914,950 bbls, or 11,437 bpd, compared to 968,259 bbls, or 11,527 bpd, for the same period a year earlier. The 6% decrease between the periods primarily related to downtime.
  • Total refinery production for the quarter ended June 30, 2015 totaled 896,123 bbls, or 11,202 bpd, compared to 949,645 bbls, or 11,305 bpd, for the same period a year earlier. The 6% decrease primarily related to downtime.
  • Capacity utilization rate for refinery throughput for the three months ended June 30, 2015 was 76.2% compared to 76.8% for same period a year earlier, reflecting a nominal decrease of less than 1%. Capacity utilization rate for refinery production for the three months ended June 30, 2015 was 74.7% compared to 75.4% for the same comparative period, reflecting a nominal decrease of less than 1%.

Six Months Ended June 30, 2015 Compared to Six Months Ended June 30, 2014

  • Downtime at the Nixon Facility for the six months ended June 30, 2015 totaled 11 days compared to 7 days for the six months ended June 30, 2014.
  • Total refinery throughput for the six months ended June 30, 2015 totaled 1,977,338 bbls, or 11,631 bpd, compared to 2,060,267 bbls, or 11,841 bpd, for the same period a year earlier. The 4% decrease primarily related to downtime.
  • Total refinery production for the six months ended June 30, 2015 totaled 1,940,333 bbls, or 11,414 bpd, compared to 2,023,283 bbls, or 11,628 bpd for the same period a year earlier. The 4% decrease primarily related to downtime.
  • Capacity utilization rate for refinery throughput for the six months ended June 30, 2014 was 77.5% compared to 78.9% for the same period a year earlier, reflecting a nominal decrease of 1.4%. Capacity utilization rate for refinery production for the three months ended June 30, 2015 was 76.1% compared to 77.5% for the same comparative period, reflecting a nominal decrease of 1.4%. 

Non-GAAP Performance Measures

This press release and its accompanying financial schedules report EBITDA, Adjusted 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:

  • EBITDA reflects earnings adjusted to eliminate: (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;

  • Adjusted EBITDA reflects EBITDA prior to 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; 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.

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.

Cautionary Statement Regarding Forward-Looking Statements

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.

         
         
Blue Dolphin Energy Company & Subsidiaries  
   
Consolidated Balance Sheet  
   
  June 30,     December 31,  
  2015     2014  
               
               
               
ASSETS              
CURRENT ASSETS              
Cash and cash equivalents $ 2,508,514     $ 1,293,233  
Restricted cash   4,296,327       1,008,514  
Accounts receivable   7,145,207       8,340,303  
Prepaid expenses and other current assets   422,443       771,458  
Deposits   120,176       68,498  
Inventory   3,844,533       3,200,651  
Deferred tax assets, current portion, net   2,962,488       -  
  Total current assets   21,299,688       14,682,657  
               
Total property and equipment, net   42,828,401       37,371,075  
Restricted cash, noncurrent   13,500,000       -  
Surety bonds   1,642,000       1,642,000  
Debt issue costs, net   1,313,244       479,737  
Trade name   303,346       303,346  
Deferred tax assets, net   905,067       5,928,342  
               
TOTAL ASSETS $ 81,791,746     $ 60,407,157  
               
LIABILITIES AND STOCKHOLDERS' EQUITY              
               
CURRENT LIABILITIES              
Accounts payable $ 13,325,103     $ 12,370,179  
Accounts payable, related party   -       1,174,168  
Notes payable   3,000,000       -  
Asset retirement obligations, current portion   86,341       85,846  
Accrued expenses and other current liabilities   1,638,730       2,783,704  
Interest payable, current portion   62,303       56,039  
Long-term debt, current portion   1,618,828       1,245,476  
Deferred tax liabilities, net   -       168,236  
  Total current liabilities   19,731,305       17,883,648  
               
Long-term liabilities:              
Asset retirement obligations, net of current portion   1,886,413       1,780,924  
Deferred revenues and expenses   605,085       691,525  
Long-term debt, net of current portion   26,364,293       10,808,803  
Long-term interest payable, net of current portion   1,377,940       1,274,789  
  Total long-term liabilities   30,233,731       14,556,041  
               
TOTAL LIABILITIES   49,965,036       32,439,689  
               
Commitments and contingencies (Note 22)              
               
STOCKHOLDERS' EQUITY              
Common stock ($0.01 par value, 20,000,000 shares authorized; 10,603,802 and 10,599,444 shares issued at June 30, 2015 and December 31, 2014, respectively)   106,038       105,995  
Additional paid-in capital   36,738,737       36,718,781  
Accumulated deficit   (4,218,065 )     (8,057,308 )
Treasury stock, 150,000 shares at cost   (800,000 )     (800,000 )
  Total stockholders' equity   31,826,710       27,967,468  
               
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 81,791,746     $ 60,407,157  
               

See notes to consolidated financial statements in Blue Dolphin's
quarterly report on Form 10-Q for the quarter ended June 30, 2015.

               
               
               
Blue Dolphin Energy Company & Subsidiaries  
   
Consolidated Statements of Income  
                     
  Three Months Ended June 30,     Six Months Ended June 30,  
  2015     2014     2015     2014  
                               
REVENUE FROM OPERATIONS                              
  Refined petroleum product sales $ 58,839,160     $ 102,716,073     $ 119,906,222     $ 223,092,224  
  Tank rental revenue   286,892       282,516       573,784       565,032  
  Pipeline operations   35,562       67,862       73,957       121,893  
    Total revenue from operations   59,161,614       103,066,451       120,553,963       223,779,149  
                               
COST OF OPERATIONS                              
  Cost of refined products sold   53,801,698       96,622,257       103,189,147       207,037,864  
  Refinery operating expenses   2,586,151       2,641,205       5,467,122       5,596,224  
  Joint Marketing Agreement profit share   938,661       1,240,104       3,377,298       1,240,104  
  Pipeline operating expenses   60,887       61,713       107,483       89,442  
  Lease operating expenses   14,098       6,820       21,414       13,996  
  General and administrative expenses   400,018       427,060       745,902       796,544  
  Depletion, depreciation and amortization   402,937       391,167       802,168       781,772  
  Accretion expense   52,720       53,731       105,935       104,533  
                               
    Total cost of operations   58,257,170       101,444,057       113,816,469       215,660,479  
                               
Income from operations   904,444       1,622,394       6,737,494       8,118,670  
                               
OTHER INCOME (EXPENSE)                              
  Easement, interest and other income   66,460       97,712       132,467       251,932  
  Interest expense   (732,296 )     (207,379 )     (940,371 )     (461,179 )
    Total other expense   (665,836 )     (109,667 )     (807,904 )     (209,247 )
                               
Income before income taxes   238,608       1,512,727       5,929,590       7,909,423  
                               
Income tax expense   (100,729 )     (74,170 )     (2,090,347 )     (276,593 )
                               
Net income $ 137,879     $ 1,438,557     $ 3,839,243     $ 7,632,830  
                               
                               
Income per common share:                              
Basic $ 0.01     $ 0.14     $ 0.37     $ 0.73  
Diluted $ 0.01     $ 0.14     $ 0.37     $ 0.73  
                               
Weighted average number of common shares outstanding:                              
Basic   10,450,210       10,441,695       10,449,829       10,436,363  
Diluted   10,450,210       10,441,695       10,449,829       10,436,363  
                               

See notes to consolidated financial statements in Blue Dolphin's
quarterly report on Form 10-Q for the quarter ended June 30, 2015.

             
             
             
Blue Dolphin Energy Company & Subsidiaries  
             
Consolidated Cash Flow Statement  
             
    Six Months Ended June 30,  
    2015     2014  
OPERATING ACTIVITIES                
  Net income   $ 3,839,243     $ 7,632,830  
  Adjustments to reconcile net income to net cash provided by (used in) operating activities:                
    Depletion, depreciation and amortization     802,168       781,772  
    Unrealized gain (loss) on derivatives     467,000       (44,400 )
    Deferred taxes     1,892,551       -  
    Amortization of debt issue costs     500,566       16,900  
    Accretion expense     105,935       104,533  
    Common stock issued for services     19,999       75,001  
  Changes in operating assets and liabilities                
    Restricted cash     (3,287,813 )     (677,109 )
    Accounts receivable     1,195,096       5,350,253  
    Prepaid expenses and other current assets     349,015       33,704  
    Deposits and other assets     (1,385,751 )     (492,053 )
    Inventory     (643,882 )     (2,815,138 )
    Accounts payable, accrued expenses and other liabilities     (634,025 )     (3,224,935 )
    Accounts payable, related party     (1,174,168 )     (1,395,621 )
      Net cash provided by operating activities     2,045,934       5,345,737  
                 
INVESTING ACTIVITIES                
  Capital expenditures     (6,259,494 )     (329,871 )
  Change in restricted cash, noncurrent     (13,500,000 )     -  
      Net cash used in investing activities     (19,759,494 )     (329,871 )
                 
FINANCING ACTIVITIES                
  Proceeds from issuance of debt     25,000,000       -  
  Payments on long-term debt     (9,071,159 )     (5,946,901 )
  Proceeds from notes payable     3,000,000       2,000,000  
  Payments on notes payable     -       (62,483 )
  Net cash provided by (used in) financing activities     18,928,841       (4,009,384 )
Net increase in cash and cash equivalents     1,215,281       1,006,482  
                 
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD     1,293,233       434,717  
CASH AND CASH EQUIVALENTS AT END OF PERIOD   $ 2,508,514     $ 1,441,199  
                 
Supplemental Information:                
Non-cash operating activities                
  Surety bond funded by seller of pipeline interest   $ -     $ 850,000  
Non-cash investing and financing activities:                
  New asset retirement obligations   $ -     $ 300,980  
Interest paid   $ 353,833     $ 1,048,553  
Income taxes paid   $ 95,000     $ -  
                 

See notes to consolidated financial statements in Blue Dolphin's
quarterly report on Form 10-Q for the quarter ended June 30, 2015.

 
 
 
Blue Dolphin Energy Company & Subsidiaries
 
Reconciliation of Adjusted EBITDA and EBITDA to Net Income
   
  Three Months Ended June 30, 2015     Three Months Ended June 30, 2014  
  Segment                 Segment              
  Refinery     Pipeline     Corporate &           Refinery     Pipeline     Corporate &        
  Operations     Transportation     Other     Total     Operations     Transportation     Other     Total  
Revenue from operations $ 59,126,052     $ 35,562     $ -     $ 59,161,614     $ 102,998,589     $ 67,862     $ -     $ 103,066,451  
Less: cost of operations(1)   (56,504,401 )     (127,704 )     (283,467 )     (56,915,572 )     (99,326,771 )     (122,263 )     (363,751 )     (99,812,785 )
Other non-interest income(2)   -       62,500       -       62,500       -       83,333       -       83,333  
Adjusted EBITDA   2,621,651       (29,642 )     (283,467 )     2,308,542       3,671,818       28,932       (363,751 )     3,336,999  
Less: JMA Profit Share(3)   (938,661 )     -       -       (938,661 )     (1,240,104 )     -       -       (1,240,104 )
EBITDA $ 1,682,990     $ (29,642 )   $ (283,467 )   $ 1,369,881     $ 2,431,714     $ 28,932     $ (363,751 )   $ 2,096,895  
                                                               
Depletion, depreciation and amortization                           (402,937 )                             (391,167 )
Interest expense, net                           (728,336 )                             (193,001 )
                                                               
Income before income taxes                           238,608                               1,512,727  
                                                               
Income tax expense                           (100,729 )                             (74,170 )
                                                               
Net income                         $ 137,879                             $ 1,438,557  
                                                               
                                                               
                                                               
  Six Months Ended June 30, 2015     Six Months Ended June 30, 2014  
  Segment                 Segment              
  Refinery     Pipeline     Corporate &           Refinery     Pipeline     Corporate &        
  Operations     Transportation     Other     Total     Operations     Transportation     Other     Total  
Revenue from operations $ 120,480,006     $ 73,957     $ -     $ 120,553,963     $ 223,657,256     $ 121,893     $ -     $ 223,779,149  
Less: cost of operations(1)   (108,763,871 )     (181,616 )     (691,515 )     (109,637,002 )     (212,695,349 )     (244,773 )     (698,480 )     (213,638,602 )
Other non-interest income(2)   -       125,000       -       125,000       -       208,333       -       208,333  
Adjusted EBITDA   11,716,135       17,341       (691,515 )     11,041,961       10,961,907       85,453       (698,480 )     10,348,880  
Less: JMA Profit Share(3)   (3,377,298 )     -       -       (3,377,298 )     (1,240,104 )     -       -       (1,240,104 )
EBITDA $ 8,338,837     $ 17,341     $ (691,515 )   $ 7,664,663     $ 9,721,803     $ 85,453     $ (698,480 )   $ 9,108,776  
                                                               
Depletion, depreciation and amortization                           (802,168 )                             (781,772 )
Interest expense, net                           (932,905 )                             (417,581 )
                                                               
Income before income taxes                           5,929,590                               7,909,423  
                                                               
Income tax expense                           (2,090,347 )                             (276,593 )
                                                               
Net income                         $ 3,839,243                             $ 7,632,830  
   
(1)   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.
(2) Other non-interest income primarily represents easement income from FLNG Land II, Inc. See "Part 1, Item 1. Financial Statements - Note (22) Commitments and Contingencies - FLNG Master Easement Agreement" of our quarterly report on Form 10-Q for the period ended June 30, 2015 for further discussion related to easement income.
(3) The JMA Profit Share represents the GEL Profit Share plus the Performance Fee for the period pursuant to the Joint Marketing Agreement.  See "Part 1, Item 1. Financial Statements - Note (22) Commitments and Contingencies" and "Part 1, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations - Relationship with Genesis" of our quarterly report on Form 10-Q for the period ended June 30, 2015 for further discussion of the Joint Marketing Agreement.
   
   
   
Blue Dolphin Energy Company & Subsidiaries  
   
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 June 30,     Six Months Ended June 30,  
    2015     2014     2015     2014  
                                 
Total refined petroleum product sales   $ 58,839,160     $ 102,716,073     $ 119,906,222     $ 223,092,224  
Less: Cost of refined petroleum products sold     (53,801,698 )     (96,622,257 )     (103,189,147 )     (207,037,864 )
Less: Refinery operating expenses     (2,586,151 )     (2,641,205 )     (5,467,122 )     (5,596,224 )
Refinery operating income before JMA Profit Share     2,451,311       3,452,611       11,249,953       10,458,136  
Less: JMA Profit Share     (938,661 )     (1,240,104 )     (3,377,298 )     (1,240,104 )
                                 
Refinery operating income   $ 1,512,650     $ 2,212,507     $ 7,872,655     $ 9,218,032  
                                 
Total refined petroleum product sales (bbls)     896,706       918,108       1,923,590       1,994,872  
                                 

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.

Contact Information

  • Contact:
    Jonathan P. Carroll
    Chief Executive Officer and President
    713-568-4725