Blue Dolphin Energy
Blue Dolphin Energy is a Houston-based, OTCQX-listed independent refiner operating a 15,000 bpd topping refinery plus 1.2 million barrels of storage and terminaling capacity at Nixon, Texas, in the Eagle Ford Shale, selling jet fuel and intermediate petroleum products to industrial buyers.
- Company typePublic
- Founded2015
- HeadquartersHouston, United States
- Headcount11–50
- GTM typeB2B
- OfferingHardware or Manufacturing
What Blue Dolphin Energy does
Blue Dolphin Energy Company is a Houston-headquartered, OTCQX-listed (BDCO) independent petroleum refiner and marketer that operates two business segments — Refinery Operations and Tolling and Terminaling — entirely from its facility near Nixon, Texas, in the heart of the Eagle Ford Shale. The company's core refining asset is a 15,000 barrel-per-day topping unit (separating crude oil and condensate into jet fuel as the finished product and intermediates such as naphtha, heavy oil mud blendstock, and atmospheric gas oil), operated through subsidiary Lazarus Energy, LLC. Complementary operations include approximately 1.2 million barrels of petroleum storage tank capacity and loading/unloading facilities operated through Nixon Product Storage, LLC and Lazarus Refining & Marketing, LLC.
The business model is transaction-based: revenue is generated from sales of refined petroleum products to industrial buyers and from fees on tolling and terminaling services provided to third parties using the Nixon tank farm. The company also holds non-operating pipeline and facilities assets at Freeport, Texas, and leasehold interests in U.S. Gulf of Mexico offshore oil and gas properties. Distribution is regional (Texas and Gulf of Mexico), with direct sales to enterprise buyers of jet fuel and intermediate feedstocks.
Governance is dominated by Lazarus Energy Holdings, LLC (LEH), which as of August 2024 owned an aggregate of 83% of issued and outstanding common stock alongside CEO Jonathan P. Carroll, and which manages Blue Dolphin and its assets under an operating agreement through which it receives operating fees. The company reported FY2025 consolidated EBITDA of $1.3M (versus negative $1.5M in 2024) and a much stronger Q1 2026 with net income of $14.7M and EBITDA of $20.7M, signaling a margin-driven turnaround though the company still carries a working capital deficit of $24.4M as of December 31, 2025.
Blue Dolphin Energy firmographics
Firmographics- Name
- Blue Dolphin Energy
- Legal name
- Blue Dolphin Energy Company
- Website
- https://blue-dolphin-energy.com
- Company type
- Public
- Founded year
- 2015
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Blue Dolphin Energy is a Houston-based, OTCQX-listed independent refiner operating a 15,000 bpd topping refinery plus 1.2 million barrels of storage and terminaling capacity at Nixon, Texas, in the Eagle Ford Shale, selling jet fuel and intermediate petroleum products to industrial buyers.
- Ownership category
- akta.pro rank
Blue Dolphin Energy industry classification
Industry- Product category
- Petroleum Refining
- NAICS
- Petroleum Refineries (324110), Petroleum Refineries (32411), Petroleum and Coal Products Manufacturing (3241)
- SIC
- Petroleum Refining (2911), Wholesale-Petroleum Bulk Stations & Terminals (5171)
- akta.pro primary industry
- Distillation & Fractionation (Crude, Condensate & NGL Splitters) (EUALAGAD)
Keywords
Where Blue Dolphin Energy is headquartered
LocationHeadquarters
- HQ city
- Houston
- HQ country
- United States
- HQ region
- North America
Offices3 records
Markets served
Blue Dolphin Energy business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Supply Chain, Operations, Personnel, Infrastructure, Technology or R&D, Marketing or Sales, Others
Revenue model
- Refinery Operations (Jet Fuel and Intermediate Products): Operates a 15,000 barrel per day topping refinery that produces jet fuel as a finished product and intermediate products including naphtha, heavy oil mud blendstock, and atmospheric gas oil. Revenue is generated from the sale of refined petroleum products.
- Tolling and Terminaling Services: Provides tolling and terminaling operations at the Nixon facility including approximately 1.2 million barrels of petroleum storage tank capacity. Services include loading and unloading facilities for third-party customers.
Distribution channels1 record
Marketing channels2 records
Blue Dolphin Energy product offering
Product offeringCore offering
Blue Dolphin Energy operates a 15,000 barrel per day topping (crude oil distillation) refinery at its Nixon, Texas facility in the Eagle Ford Shale, separating crude oil and condensate into jet fuel as a finished product and intermediate products including naphtha, heavy oil mud blendstock, and atmospheric gas oil. The company also provides approximately 1.2 million barrels of petroleum storage capacity and tolling/terminaling services, including loading and unloading facilities for third-party customers.
Product overview
Blue Dolphin Energy operates two core business segments: Refinery Operations and Tolling and Terminaling, both conducted at its Nixon, Texas facility in the Eagle Ford Shale. The Refinery Operations segment (Lazarus Energy, LLC) operates a 15,000 barrel per day topping refinery producing jet fuel and intermediate petroleum products. The Tolling and Terminaling segment (Nixon Product Storage, LLC and Lazarus Refining & Marketing, LLC) provides approximately 1.2 million barrels of petroleum storage capacity along with loading and unloading facilities.
Differentiator
Problem solved
Functional benefit
Products and services
- Refinery Operations
- Tolling and Terminaling Operations
Quantifiable outcome
- Q1 2026 net income of $14.7M vs $2.2M in Q1 2025 (568% increase)
- +5 more outcomes
Companies that use Blue Dolphin Energy
Customer profileSegments2 records
Ideal customer profiles2 records
Blue Dolphin Energy technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Blue Dolphin Energy partnerships and signals
Strategic signalScale indicators14 records
Recent moves6 records
Expansion highlights4 records
Blue Dolphin Energy competitors and assessment
Company assessmentOthers
- Genesis Energy: Midstream energy company operating pipelines, terminals and storage in the Gulf Coast. Comparable to Blue Dolphin's terminaling and pipeline operations as an industry partner rather than direct refining competitor.
Broad incumbents
- Marathon Petroleum: Largest US independent refiner operating 13 refineries across the country. Broad incumbent with overlapping Gulf Coast refining and terminaling capabilities, far larger scale than Blue Dolphin but operating in the same market.
- Phillips 66: Major integrated downstream/midstream operator with multiple US refineries and extensive pipeline, terminaling and storage assets. Comparable refining/terminaling overlap with Blue Dolphin at a much larger scale.
- Valero Energy: Largest independent refiner by capacity in the US with a Gulf Coast-heavy asset base, integrated logistics and terminaling. Significant overlap with Blue Dolphin's refining and terminaling activities at much larger scale.
Direct peers
- PBF Energy: Independent petroleum refiner and supplier of unbranded transportation fuels, heating oil and other petroleum products in the US. Direct comparable to Blue Dolphin as a small/mid-cap independent refiner operating regional plants.
- Delek US Holdings: Independent refiner and marketer of petroleum products with small-to-mid complexity refineries in the US. Comparable to Blue Dolphin as a small-cap, regionally-concentrated independent refiner with integrated midstream/logistics assets.
- CVR Energy: Independent downstream energy company with petroleum refining and nitrogen fertilizer segments. Comparable to Blue Dolphin as a small-cap, tightly-controlled independent refiner with regional asset concentration.
- HF Sinclair (HollyFrontier): Independent petroleum refiner and marketer of gasoline, diesel and jet fuel across the Mid-Continent, Southwest and Rocky Mountain regions. Compares to Blue Dolphin as a small-cap independent refiner with a similar Mid-Continent/Texas footprint.
- Calumet Specialty Products Partners: Independent producer of specialty hydrocarbons and refined products with refining, renewables and midstream operations. Comparable to Blue Dolphin as a small-cap independent refiner with limited conversion assets and a focus on niche petroleum products.
Emerging players
- Targa Resources: Midstream operator with Gulf Coast/Permian and Eagle Ford gathering, processing, and terminaling assets. Comparable to Blue Dolphin's terminaling and storage business in the Eagle Ford region.
Market position
Strengths4 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Blue Dolphin Energy social profiles
Digital presenceBlue Dolphin Energy financial estimates
Financial estimateRevenue estimate
Valuation estimate
Blue Dolphin Energy leadership team
Management profileNumber of profiles
Profiles6 records
Blue Dolphin Energy subsidiaries and ownership
Company hierarchySubsidiaries6 records
Blue Dolphin Energy funding detail
Funding detailFunding overview
Funding rounds1 record
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Blue Dolphin Energy M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Blue Dolphin Energy
What does Blue Dolphin Energy do?
Blue Dolphin Energy operates a 15,000 barrel per day topping (crude oil distillation) refinery at its Nixon, Texas facility in the Eagle Ford Shale, separating crude oil and condensate into jet fuel as a finished product and intermediate products including naphtha, heavy oil mud blendstock, and atmospheric gas oil. The company also provides approximately 1.2 million barrels of petroleum storage capacity and tolling/terminaling services, including loading and unloading facilities for third-party customers.
Is Blue Dolphin Energy a public or private company?
Blue Dolphin Energy is a public company. It is classified as public and is currently operating.
When was Blue Dolphin Energy founded?
Blue Dolphin Energy was founded in 2015. It employs 11 to 50 people.
Where is Blue Dolphin Energy based?
Blue Dolphin Energy is headquartered in Houston, United States, in the North America region.
How does Blue Dolphin Energy make money?
Two revenue lines are on record. Refinery Operations (Jet Fuel and Intermediate Products) is the primary driver. The others are tolling and Terminaling Services.
Who are Blue Dolphin Energy's main competitors?
Genesis Energy is listed as an others. Broad incumbents are Marathon Petroleum, Phillips 66 and Valero Energy. Direct peers are PBF Energy, Delek US Holdings, CVR Energy, HF Sinclair (HollyFrontier) and Calumet Specialty Products Partners. Targa Resources is listed as an emerging player.
Does Blue Dolphin Energy have an API?
No public API is recorded for Blue Dolphin Energy.
What industry is Blue Dolphin Energy in?
Blue Dolphin Energy's product category is Petroleum Refining. Its primary akta.pro industry code is EUALAGAD, Distillation & Fractionation (Crude, Condensate & NGL Splitters). Its NAICS code is 324110 and its SIC code is 2911.