Blue Dolphin Energy Company (BDCO, Financial) filed Quarterly Report for the period ended 2009-03-31.
Blue Dolphin Energy Company is engaged in the exploration acquisition development and operation of oil and gas properties oil and gas transportation processing and marketing and the terminaling and storage of crude oil and refined products. The Company is a holding company that conducts substantially all of its operations through its subsidiaries. It's primary business activities are located offshore in the Gulf of Mexico and along the Texas Gulf Coast. Blue Dolphin Energy Company has a market cap of $6.3 million; its shares were traded at around $0.537 with and P/S ratio of 2.1.
Revenue from Pipeline Operations. Revenues from pipeline operations decreased by $33,058, or 6%, in the current quarter to $514,759 primarily as a result of decreases in gas volumes transported. Revenues from the Blue Dolphin Pipeline System decreased to approximately $424,000 in the current quarter compared to approximately $443,000 in the previous quarter. Daily gas volumes transported on the Blue Dolphin Pipeline System averaged 19 MMcf of gas per day in the current quarter, down from 21 MMcf of gas per day in the previous quarter. Revenues on the GA 350 Pipeline decreased to approximately $91,000 compared to approximately $105,000 in the previous quarter due to a decrease in average daily gas volumes transported of 22 MMcf of gas per day in the current quarter from 25 MMcf of gas per day in the previous quarter.
Revenue from Oil and Gas Sales. Revenues from oil and gas sales decreased by $108,774, or 83%, in the current quarter due to the interruption in production from High Island Block 115 and High Island Block 37 as a result of damage to third party shore facilities caused by Hurricane Ike in September 2008, as well as lower commodity prices. The sales mix by product was 95% gas and 5% condensate. Our average realized gas price per Mcf in the current quarter was $3.66 compared to $7.89 in the previous quarter. Our average realized condensate price per barrel was $42.68 in the current quarter compared to $115.45 in the previous quarter.
Pipeline Operating Expenses. Pipeline operating expenses in the current quarter increased by $50,304 to $466,260 due to increases in storage tank repairs, crane repairs and other repairs related to damage from Hurricane Ike. The increases were partially offset by decreases in salt water disposal and insurance expenses.
proved reserves, calculated using prevailing oil and natural gas prices on the last day of the period, or a subsequent higher price under certain circumstances. Any excess of the net book value of our oil and natural gas properties over the ceiling must be recognized as a non-cash impairment expense. Our ceiling was calculated using prices of $47.19 per barrel of oil and $3.65 per MMbtu. Accordingly, at March 31, 2009, our costs exceeded our ceiling limitation, resulting in a write-down of our oil and natural gas properties.
General and Administrative Expenses and Stock Based Compensation. These expenses increased by $31,029 to $664,838 in the current quarter primarily due to increases in compensation expense, consulting fees and contract labor. These increases were partially offset by decreases in audit expense and stock option expense.
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Blue Dolphin Energy Company is engaged in the exploration acquisition development and operation of oil and gas properties oil and gas transportation processing and marketing and the terminaling and storage of crude oil and refined products. The Company is a holding company that conducts substantially all of its operations through its subsidiaries. It's primary business activities are located offshore in the Gulf of Mexico and along the Texas Gulf Coast. Blue Dolphin Energy Company has a market cap of $6.3 million; its shares were traded at around $0.537 with and P/S ratio of 2.1.
Highlight of Business Operations:
We reported a net loss of $1,000,009 in the current quarter compared to a net loss of $525,374 in the previous quarter.Revenue from Pipeline Operations. Revenues from pipeline operations decreased by $33,058, or 6%, in the current quarter to $514,759 primarily as a result of decreases in gas volumes transported. Revenues from the Blue Dolphin Pipeline System decreased to approximately $424,000 in the current quarter compared to approximately $443,000 in the previous quarter. Daily gas volumes transported on the Blue Dolphin Pipeline System averaged 19 MMcf of gas per day in the current quarter, down from 21 MMcf of gas per day in the previous quarter. Revenues on the GA 350 Pipeline decreased to approximately $91,000 compared to approximately $105,000 in the previous quarter due to a decrease in average daily gas volumes transported of 22 MMcf of gas per day in the current quarter from 25 MMcf of gas per day in the previous quarter.
Revenue from Oil and Gas Sales. Revenues from oil and gas sales decreased by $108,774, or 83%, in the current quarter due to the interruption in production from High Island Block 115 and High Island Block 37 as a result of damage to third party shore facilities caused by Hurricane Ike in September 2008, as well as lower commodity prices. The sales mix by product was 95% gas and 5% condensate. Our average realized gas price per Mcf in the current quarter was $3.66 compared to $7.89 in the previous quarter. Our average realized condensate price per barrel was $42.68 in the current quarter compared to $115.45 in the previous quarter.
Pipeline Operating Expenses. Pipeline operating expenses in the current quarter increased by $50,304 to $466,260 due to increases in storage tank repairs, crane repairs and other repairs related to damage from Hurricane Ike. The increases were partially offset by decreases in salt water disposal and insurance expenses.
proved reserves, calculated using prevailing oil and natural gas prices on the last day of the period, or a subsequent higher price under certain circumstances. Any excess of the net book value of our oil and natural gas properties over the ceiling must be recognized as a non-cash impairment expense. Our ceiling was calculated using prices of $47.19 per barrel of oil and $3.65 per MMbtu. Accordingly, at March 31, 2009, our costs exceeded our ceiling limitation, resulting in a write-down of our oil and natural gas properties.
General and Administrative Expenses and Stock Based Compensation. These expenses increased by $31,029 to $664,838 in the current quarter primarily due to increases in compensation expense, consulting fees and contract labor. These increases were partially offset by decreases in audit expense and stock option expense.
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