Blue Dolphin Energy Company (BDCO, Financial) filed Quarterly Report for the period ended 2010-03-31.
Blue Dolphin Energy Company has a market cap of $3.09 million; its shares were traded at around $0.2613 with and P/S ratio of 1.55. BDCO is in the portfolios of Jim Simons of Renaissance Technologies LLC, Jim Simons of Renaissance Technologies LLC.
Revenue from Pipeline Operations. Revenues from pipeline operations decreased by $85,672, or 17%, in the current quarter to $429,087 primarily due to decreases in volumes transported. Revenues in the current quarter from the BDPS decreased to approximately $356,000 compared to approximately $424,000 in the previous quarter. Daily gas volumes transported on the BDPS averaged 13 MMcf of gas per day in the current quarter compared to 19 MMcf of gas per day in the previous quarter. Revenues on the GA 350 Pipeline declined to approximately $73,000 compared to approximately $91,000 in the previous quarter due to a decrease in average daily gas volumes transported of 15 MMcf of gas per day in the current quarter from 22 MMcf of gas per day in the previous quarter.
Lease Operating Expenses. Lease operating expenses decreased in the current quarter by $26,843 to $21,188 due to decreased production at our producing properties.
General and Administrative Expenses and Stock Based Compensation. These expenses decreased by $145,296 to $519,542 in the current quarter primarily due decreases in officer salaries, consulting fees, contract labor and employee insurance. These decreases were partially offset by increases in audit expense and franchise taxes.
Sources and Uses of Cash. Our primary source of cash is cash flow from operations. During the three months ended March 31, 2010, we had negative cash flow from operations of approximately $0.3 million, excluding working capital changes, mainly due to low utilization of our pipeline systems and decreased production at our producing properties. Our available cash resources decreased from $1.1 million at December 31, 2009, to $0.8 million at March 31, 2010.
Going Concern. Our condensed consolidated financial statements, which have been prepared in accordance with GAAP, contemplate that we will continue as a going concern and do not contain any adjustments that might result if we were unable to continue as a going concern. We incurred a net loss of $525,754 for the quarter ended March 31, 2010, and a net loss of $4,136,892 for the year ended December 31, 2009. At March 31, 2010, we had an accumulated deficit of $30,633, 405, 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. 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 $3.09 million; its shares were traded at around $0.2613 with and P/S ratio of 1.55. BDCO is in the portfolios of Jim Simons of Renaissance Technologies LLC, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
For the three months ended March 31, 2010 (the current quarter), we reported a net loss of $525,754 compared to a net loss of $1,000,009 for the three months ended March 31, 2009 (the previous quarter).Revenue from Pipeline Operations. Revenues from pipeline operations decreased by $85,672, or 17%, in the current quarter to $429,087 primarily due to decreases in volumes transported. Revenues in the current quarter from the BDPS decreased to approximately $356,000 compared to approximately $424,000 in the previous quarter. Daily gas volumes transported on the BDPS averaged 13 MMcf of gas per day in the current quarter compared to 19 MMcf of gas per day in the previous quarter. Revenues on the GA 350 Pipeline declined to approximately $73,000 compared to approximately $91,000 in the previous quarter due to a decrease in average daily gas volumes transported of 15 MMcf of gas per day in the current quarter from 22 MMcf of gas per day in the previous quarter.
Lease Operating Expenses. Lease operating expenses decreased in the current quarter by $26,843 to $21,188 due to decreased production at our producing properties.
General and Administrative Expenses and Stock Based Compensation. These expenses decreased by $145,296 to $519,542 in the current quarter primarily due decreases in officer salaries, consulting fees, contract labor and employee insurance. These decreases were partially offset by increases in audit expense and franchise taxes.
Sources and Uses of Cash. Our primary source of cash is cash flow from operations. During the three months ended March 31, 2010, we had negative cash flow from operations of approximately $0.3 million, excluding working capital changes, mainly due to low utilization of our pipeline systems and decreased production at our producing properties. Our available cash resources decreased from $1.1 million at December 31, 2009, to $0.8 million at March 31, 2010.
Going Concern. Our condensed consolidated financial statements, which have been prepared in accordance with GAAP, contemplate that we will continue as a going concern and do not contain any adjustments that might result if we were unable to continue as a going concern. We incurred a net loss of $525,754 for the quarter ended March 31, 2010, and a net loss of $4,136,892 for the year ended December 31, 2009. At March 31, 2010, we had an accumulated deficit of $30,633, 405, 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. 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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