Blue Dolphin Energy Company (BDCO, Financial) filed Quarterly Report for the period ended 2010-09-30.
Blue Dolphin Energy Company has a market cap of $4.32 million; its shares were traded at around $2.1 with and P/S ratio of 2.17. BDCO is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Revenue from Pipeline Operations. Revenues from pipeline operations increased by $60,120, or 14%, in the current quarter to $502,369 primarily due to an increase in volumes transported on the BDPS. Revenues in the current quarter from the BDPS increased to approximately $415,800 compared to approximately $331,000 in the previous quarter. Daily gas volumes transported on the BDPS averaged 14.1 MMcf of gas per day in the current quarter compared to 13.1 MMcf of gas per day in the previous quarter. Revenues on the GA 350 Pipeline decreased to approximately $86,500 in the current quarter compared to approximately $111,000 in the previous quarter. Daily gas volumes transported on the GA 350 Pipeline averaged 17.6 MMcf of gas per day in the current quarter compared to 18.3 MMcf of gas per day in the previous quarter.
Revenue from Pipeline Operations. Revenues from pipeline operations decreased by $111,796, or 7%, in the current period to $1,393,848 primarily due to decreases in volumes transported. Revenues in the current period from the BDPS decreased to approximately $1,140,000 compared to approximately $1,219,000 in the previous period. Daily gas volumes transported on the BDPS averaged 14.4 MMcf of gas per day in the current period compared to 16.5 MMcf of gas per day in the previous period. Revenues on the GA 350 Pipeline declined to approximately $253,000 compared to approximately $287,000 in the previous period due to a decrease in average daily gas volumes transported of 17.5 MMcf of gas per day in the current period from 19.9 MMcf of gas per day in the previous period.
Depletion, Depreciation and Amortization. Depletion, depreciation and amortization increased $67,304, or 17%, to $463,806 in the current quarter primarily due to the acquisition of a 7% working interest in the TAC Langsa.
Sources and Uses of Cash. Our primary source of cash is cash flow from operations. During the current period, we had negative cash flow of approximately $650,000, mainly due to low utilization of our pipeline systems and decreased production at our producing properties. Our available cash resources decreased from $1,016,483 at December 31, 2009, to $366,403 at September 30, 2010.
loss of $964,773 for current period. At September 30, 2010, we had an accumulated deficit of $31,072,424, and at December 31, 2009, we had an accumulated deficit of $30,107,651. We anticipate that we will continue to incur substantial operating losses unless and until we are able to achieve or sustain profitability. Our cash flow deficiencies raise substantial doubt as to our ability to continue as a going concern. We project that our current cash reserves will be sufficient to meet our obligations through the second quarter of 2011. Existing and anticipated working capital needs, lower than anticipated revenues, increased expenses or the inability to collect on an outstanding loan receivable could all affect our ability to continue as a going concern.
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Blue Dolphin Energy Company has a market cap of $4.32 million; its shares were traded at around $2.1 with and P/S ratio of 2.17. BDCO is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
For the three months ended September 30, 2010 (the current quarter), we reported a net loss of $69,082 compared to a net loss of $321,386 for the three months ended September 30, 2009 (the previous quarter). For the nine months ended September 30, 2010 (the current period), we reported a net loss of $964,773 compared to a net loss of $2,071,644 for the nine months ended September 30, 2009 (the previous period).Revenue from Pipeline Operations. Revenues from pipeline operations increased by $60,120, or 14%, in the current quarter to $502,369 primarily due to an increase in volumes transported on the BDPS. Revenues in the current quarter from the BDPS increased to approximately $415,800 compared to approximately $331,000 in the previous quarter. Daily gas volumes transported on the BDPS averaged 14.1 MMcf of gas per day in the current quarter compared to 13.1 MMcf of gas per day in the previous quarter. Revenues on the GA 350 Pipeline decreased to approximately $86,500 in the current quarter compared to approximately $111,000 in the previous quarter. Daily gas volumes transported on the GA 350 Pipeline averaged 17.6 MMcf of gas per day in the current quarter compared to 18.3 MMcf of gas per day in the previous quarter.
Revenue from Pipeline Operations. Revenues from pipeline operations decreased by $111,796, or 7%, in the current period to $1,393,848 primarily due to decreases in volumes transported. Revenues in the current period from the BDPS decreased to approximately $1,140,000 compared to approximately $1,219,000 in the previous period. Daily gas volumes transported on the BDPS averaged 14.4 MMcf of gas per day in the current period compared to 16.5 MMcf of gas per day in the previous period. Revenues on the GA 350 Pipeline declined to approximately $253,000 compared to approximately $287,000 in the previous period due to a decrease in average daily gas volumes transported of 17.5 MMcf of gas per day in the current period from 19.9 MMcf of gas per day in the previous period.
Depletion, Depreciation and Amortization. Depletion, depreciation and amortization increased $67,304, or 17%, to $463,806 in the current quarter primarily due to the acquisition of a 7% working interest in the TAC Langsa.
Sources and Uses of Cash. Our primary source of cash is cash flow from operations. During the current period, we had negative cash flow of approximately $650,000, mainly due to low utilization of our pipeline systems and decreased production at our producing properties. Our available cash resources decreased from $1,016,483 at December 31, 2009, to $366,403 at September 30, 2010.
loss of $964,773 for current period. At September 30, 2010, we had an accumulated deficit of $31,072,424, and at December 31, 2009, we had an accumulated deficit of $30,107,651. We anticipate that we will continue to incur substantial operating losses unless and until we are able to achieve or sustain profitability. Our cash flow deficiencies raise substantial doubt as to our ability to continue as a going concern. We project that our current cash reserves will be sufficient to meet our obligations through the second quarter of 2011. Existing and anticipated working capital needs, lower than anticipated revenues, increased expenses or the inability to collect on an outstanding loan receivable could all affect our ability to continue as a going concern.
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