Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 15, 2024 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000793306 | |
Entity Registrant Name | BLUE DOLPHIN ENERGY CO | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 0-15905 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 73-1268729 | |
Entity Address, Address Line One | 801 Travis Street, Suite 2100 | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77002 | |
City Area Code | 713 | |
Local Phone Number | 568-4725 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 14,921,968 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
CURRENT ASSETS | |||
Cash and cash equivalents | $ 11,123 | $ 18,713 | |
Prepaid expenses and other current assets | 1,122 | 1,591 | |
Deposits | 110 | 110 | |
Inventory | 28,657 | 24,576 | |
Total current assets | 52,838 | 49,290 | |
LONG-TERM ASSETS | |||
Total property and equipment, net | 54,316 | 54,958 | |
Operating lease right-of-use assets, net | 100 | 158 | |
Restricted cash, noncurrent | 1,000 | 5 | |
Surety bonds | 230 | 230 | |
Deferred tax assets, net | 0 | 1,436 | |
Total long-term assets | 55,646 | 56,787 | |
TOTAL ASSETS | 108,484 | 106,077 | |
CURRENT LIABILITIES | |||
Current portion of lease liabilities | 93 | 147 | |
Income taxes payable | 1,247 | 951 | |
Asset retirement obligations, current portion | 2,999 | 4,504 | |
Accrued expenses and other current liabilities | 4,079 | 5,084 | |
Total current liabilities | 52,535 | 55,425 | |
LONG-TERM LIABILITIES | |||
Deferred tax liabilities, net | 109 | 0 | |
Total long-term liabilities | 7,726 | 9,053 | |
TOTAL LIABILITIES | 60,261 | 64,478 | |
Commitments and contingencies (Note 15) | |||
STOCKHOLDERS' EQUITY | |||
Common stock ($0.01 par value, 20,000,000 shares authorized; 14,921,968 shares issued at March 31, 2024 and December 31, 2023) (1) | [1] | 149 | 149 |
Additional paid-in capital | 39,758 | 39,758 | |
Retained earnings | 8,316 | 1,692 | |
TOTAL STOCKHOLDERS' EQUITY | 48,223 | 41,599 | |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 108,484 | 106,077 | |
Nonrelated Party [Member] | |||
CURRENT ASSETS | |||
Accounts receivable | 104 | 116 | |
CURRENT LIABILITIES | |||
Long-term debt less unamortized debt issue costs, current portion (in default) | 40,581 | 39,440 | |
Interest payable | 1,182 | 2,596 | |
Accounts payable | 2,349 | 1,814 | |
LONG-TERM LIABILITIES | |||
Long-term debt, net of current portion | 2,309 | 3,745 | |
Long-term Interest Payable, Net of Current Portion | 0 | 0 | |
Related Party [Member] | |||
CURRENT ASSETS | |||
Accounts receivable | 11,722 | 4,184 | |
CURRENT LIABILITIES | |||
Long-term debt less unamortized debt issue costs, current portion (in default) | 0 | 0 | |
Accounts payable | 5 | 889 | |
LONG-TERM LIABILITIES | |||
Long-term debt, net of current portion | 4,000 | 4,000 | |
Long-term Interest Payable, Net of Current Portion | $ 1,308 | $ 1,308 | |
[1]Blue Dolphin has 2,500,000 shares of preferred stock, par value $0.10 per share, authorized. At March 31, 2024 and December 31, 2023, there were no shares of preferred stock issued and outstanding. |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, shares issued (in shares) | 14,921,968 | 14,921,968 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
REVENUE FROM OPERATIONS | ||
Revenues from operations | $ 91,022 | $ 116,661 |
COST OF GOODS SOLD | ||
Crude oil, fuel use, and chemicals | 76,911 | 93,987 |
Other conversion costs | 2,281 | 2,170 |
Total cost of goods sold | 79,192 | 96,157 |
Gross profit | 11,830 | 20,504 |
COST OF OPERATIONS | ||
LEH operating fee, related party | 172 | 144 |
Other operating expenses | 140 | 91 |
General and administrative expenses | 983 | 1,207 |
Depreciation and amortization | 704 | 698 |
Accretion of asset retirement obligations | 0 | 35 |
Total cost of operations | 1,999 | 2,175 |
Income from operations | 9,831 | 18,329 |
OTHER INCOME (EXPENSE) | ||
Interest and other income | 148 | 2 |
Interest and other expense | (1,514) | (1,332) |
Total other income (expense) | (1,366) | (1,330) |
Income before income taxes | 8,465 | 16,999 |
Income tax expense | (1,841) | (246) |
Net Income | $ 6,624 | $ 16,753 |
Income per common share: | ||
Basic (in dollars per share) | $ 0.44 | $ 1.12 |
Diluted (in dollars per share) | $ 0.44 | $ 1.12 |
Weighted average number of common shares outstanding: | ||
Basic (in shares) | 14,921,968 | 14,921,968 |
Diluted (in shares) | 14,921,968 | 14,921,968 |
Refinery Operations [Member] | ||
REVENUE FROM OPERATIONS | ||
Revenues from operations | $ 89,915 | $ 114,640 |
Tolling and Terminaling [Member] | ||
REVENUE FROM OPERATIONS | ||
Revenues from operations | $ 1,107 | $ 2,021 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2022 | 14,921,968 | |||
Balance at Dec. 31, 2022 | $ 149 | $ 39,758 | $ (29,319) | $ 10,588 |
Net income | $ 0 | 0 | 16,753 | 16,753 |
Balance (in shares) at Mar. 31, 2023 | 14,921,968 | |||
Balance at Mar. 31, 2023 | $ 149 | 39,758 | (12,566) | 27,341 |
Balance (in shares) at Dec. 31, 2023 | 14,921,968 | |||
Balance at Dec. 31, 2023 | $ 149 | 39,758 | 1,692 | 41,599 |
Net income | $ 0 | 0 | 6,624 | 6,624 |
Balance (in shares) at Mar. 31, 2024 | 14,921,968 | |||
Balance at Mar. 31, 2024 | $ 149 | $ 39,758 | $ 8,316 | $ 48,223 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
OPERATING ACTIVITIES | |||
Net income | $ 6,624 | $ 16,753 | |
Adjustments to reconcile net income to net cash used in operating activities: | |||
Depreciation and amortization | 704 | 698 | |
Accretion of asset retirement obligations | 0 | 35 | $ 59 |
Deferred income tax | 1,545 | 0 | |
Amortization of debt issue costs | 50 | 51 | |
Deferred revenues and expenses | 0 | (102) | |
Changes in operating assets and liabilities | |||
Accounts receivable | 12 | 424 | |
Accounts receivable, related party | (7,538) | (11,555) | |
Prepaid expenses and other current assets | 469 | (2,410) | |
Inventory | (4,081) | 11,204 | |
Asset retirement obligations | (1,505) | 0 | |
Accounts payable, accrued expenses and other liabilities | (1,646) | (1,415) | |
Accounts payable, related party | (884) | 100 | |
Net cash provided by (used in) operating activities | (6,250) | 13,783 | |
FINANCING ACTIVITIES | |||
Payments on debt principal | (345) | (560) | |
Net activity on related-party debt | 0 | (1,211) | |
Net cash used in financing activities | (345) | (1,771) | |
Net change in cash, cash equivalents, and restricted cash | (6,595) | 12,012 | |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD | 18,718 | 1,521 | 1,521 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD | 12,123 | 13,533 | $ 18,718 |
Supplemental Information: | |||
Interest paid | $ 2,674 | $ 678 |
Note 1 - Organization
Note 1 - Organization | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ( 1 Organization Company Overview Blue Dolphin was formed in 1986 Assets are organized in two business segments: ‘refinery operations’ (owned by LE) and ‘tolling and terminaling services’ (owned by LRM and NPS). ‘Corporate and other’ includes Blue Dolphin subsidiaries BDPL (inactive pipeline and facilities assets), BDPC (inactive leasehold interests in oil and gas wells), and BDSC (administrative services). See “Note ( 4 Unless the context otherwise requires, references in this report to “we,” “us,” “our,” or “ours,” refer to Blue Dolphin, one Jonathan Carroll, our Chief Executive Officer, and an Affiliate together controlled 83% of the voting power of our Common Stock as of the filing date of this report. An Affiliate also operates and manages all Blue Dolphin properties, funds working capital requirements during periods of working capital deficits, guarantees certain of our third 3 Going Concern Assessment Certain conditions and events were noted that initially caused management to evaluate our ability to continue as a going concern. These conditions and events include historical working capital deficits and significant current debt in default. We had positive working capital of million at March 31, 2024 compared to a working capital deficit of million at December 31, 2023 , representing a million improvement. March 31, 2024 December 31, 2023 March 31, 2024 Our current assets totaled March 31, 2024 December 31, 2023 , representing a $3.5 million increase. Our current liabilities totaled $52.5 March 31, 2024 December 31, 2023 , representing a $2.9 million decrease. Excluding the current portion of long-term debt, our current liabilities totaled $12.0 March 31, 2024 December 31, 2023 , representing a $4.0 million decrease. Management believes that we have sufficient liquidity to meet our obligations as they become due through the generation of cash flows from operations and liquidation of current working capital amounts for a reasonable period (defined as one Forbearance Agreements Veritex Forbearance Agreements September 30, 2023, December 29, 2023, March 29, 2024. 2034 2034 Kissick Forbearance Agreement April 2023, first February 2025, March 1, 2025. $1.5 million an three March 31, 2024 2023 April 2023. LEH Payment Agreement May 2023, fifteenth April 2025. May 2025, April 2027. ely $0.1 million a three March 31, 2024 2023 May 2023. Defaults March 31, 2024 2031 March 29, 2024. 2034 2034 March 30, 2024 may third may Refining Margins Our results of operations and liquidity are highly dependent upon the margins we receive for our refined products. The dollar per bbl commodity price difference between crude oil and condensate (input) and refined products (output) is the most significant driver of refining margins, and they have historically been subject to wide fluctuations. The general outlook for the oil and natural gas industry for 2024 19. Net income for the three March 31, 2024 totaled million, or per share, compared to net income of million, or per share, for the three March 31, 2023 . The million, or per share, in net income between the periods resulted from less favorable refining margins on lower refinery throughput, production, and sales volumes. We cannot assure investors that refining margins will remain positive and demand will increase. Working Capital Improvements We had working capital o f million at March 31, 2024 and a working capital deficit of million at December 31, 2023 , representing a million improvement. Excluding the current portion of long-term debt, we had $40.9 million and $33.3 million in working capital at March 31, 2024 and December 31, 2023 , respectively, representing a $7.6 million increase. The significant increase in working capital between the periods w Operating Risks Successful execution of our business strategy depends on several critical factors, including having adequate working capital, favorable refining margins, and maintaining operation of the Nixon refinery. ● Working Capital ● Refining Margins may ● Nixon Refinery Operation General macroeconomic conditions related to inflation, interest rates, and capital and credit markets, geopolitical tensions, including military conflicts in Ukraine and Israel and escalations in the Middle East, and COVID- 19 no third may |
Note 2 - Principles of Consolid
Note 2 - Principles of Consolidation and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | ( 2 Principles of Consolidation and Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements, which include Blue Dolphin and its subsidiaries, have been prepared in accordance with GAAP for interim consolidated financial information pursuant to the rules and regulations of the SEC under Article 10 X 10 not The consolidated balance sheet as of December 31, 2023 Annual Report on Form 10 December 31, 2023 three March 31, 2024 not may December 31, 2024 Significant Accounting Policies A summary of significant Blue Dolphin accounting policies is presented to assist in understanding our consolidated financial statements. Our consolidated financial statements and accompanying notes are representations of management, who is responsible for their integrity and objectivity. These accounting policies conform to GAAP and have been consistently applied in the preparation of our consolidated financial statements. Use of Estimates may We assessed certain accounting matters that require consideration of forecasted financial information in context with information reasonably available to us as of March 31, 2024 not Cash, Cash Equivalents, and Restricted Cash three may March 31, 2024 December 31, 2023 2034. no The following table provides a reconciliation of cash, cash equivalents, and restricted cash as reported in the consolidated statements of cash flows: March 31, December 31, 2024 2023 (in thousands) Cash and cash equivalents $ 11,123 $ 18,713 Restricted cash, noncurrent 1,000 5 $ 12,123 $ 18,718 Accounts Receivable and Allowance for Credit Losses not March 31, 2024 December 31, 2023 Financial Instruments Inventory 7 Property and Equipment Refinery and Facilities not Pipelines and Facilities 2016. December 31, 2016. Construction in Progress (CIP) 8 11 Leases one not For operating leases, we record lease cost on a straight-line basis over the lease term; we record lease expenses in the appropriate line on the income statement based on the leased asset’s intended use. For finance leases, we amortize lease payments for the ROU asset on a straight-line basis over the lesser of the leased asset’s useful life or the lease term; we record amortization expenses on the income statement in ‘depreciation and amortization expense;’ we record interest expense on the income statement in ‘interest and other expense. ’ Revenue Recognition Refinery Operations Revenue We consider a variety of facts and circumstances in assessing the point of a control transfer, including but not not not Tolling and Terminaling Revenue We typically satisfy performance obligations for tolling and terminaling operations over time. We determine the transaction price at agreement inception based on the guaranteed minimum amount of revenue over the agreement term. We allocate the transaction price to the single performance obligation that exists under the agreement. We recognize revenue in the amount for which we have a right to invoice. Generally, payment terms do not 30 Revenue from storage tank customers may, not Deferred Revenue Contract Balances Unearned Contract Renewal Income. not Income Taxes may not The benefit of an uncertain tax position is recognized in the financial statements if it meets a minimum recognition threshold. A determination is first not not 50% December 31, 2023 2022, Deferred Taxes not. Impairment or Disposal of Long-Lived Assets may not not Commodity price market volatility associated with general macroeconomic conditions related to inflation, interest rates, and capital and credit markets, geopolitical tensions, including military conflicts in Ukraine and Israel and escalations in the Middle East, and COVID- 19 March 31, 2024 December 31, 2023 not may Asset Retirement Obligations Refinery and Facilities no Pipeline and Facilities; Oil and Gas Properties third 11 Computation of Earnings Per Share not not 14 New Pronouncements Adopted During the three March 31, 2024 not New Pronouncements Issued, Not ● ASU 2023 09 Income Taxes (Topic 740 2023 09" December 2023, 2023 09, 2023 09 2023 09 fourth 2025. 2023 09 ● ASU 2023 07 Segment Reporting (Topic 280 2023 07 November 2023, No. 2023 07, 2023 07 2023 07 December 15, 2023 December 15, 2024. 2023 07 fourth 2024 |
Note 3 - Related-party Transact
Note 3 - Related-party Transactions | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | ( 3 Related-Party Transactions Affiliate Agreements Financial and Operational Agreements Agreement/Transaction Parties Effective Date Key Terms Blue Dolphin Guaranty Fee Agreement Blue Dolphin Jonathan Carroll 01/01/2023 Related to payoff of Blue Dolphin $2.0 million SBA loan; Jonathan Carroll receives a cash fee equal to 2.00% per annum of outstanding principal balance owed under Blue Dolphin Term Loan Due 2051 Jet Fuel Purchase Agreements LE LEH 04/21/2023 Product agreements for the purchase of jet fuel by LE from LEH; first April 21, 2023 1.9 second May 10, 2023 2.0 Amended and Restated Jet Fuel Sales Agreement LE LEH 04/01/2023 Jet fuel sales by LE to LEH; 1 Affiliate Revolving Credit Agreement Blue Dolphin and subsidiaries LEH and affiliates 04/01/2024 Credit agreement for working capital purposes up to a maximum of $5.0 million in the aggregate; advances are at LEH's sole discretion; initial term expires on April 30, 2025; one LE Amended and Restated Guaranty Fee Agreement LE Jonathan Carroll 01/01/2023 Related to payoff of LE $25.0 million Veritex loan; Jonathan Carroll receives a cash fee equal to 2.00% per annum of outstanding principal balance owed under LE Term Loan Due 2034 LE Amended and Restated Master Services Agreement LE Ingleside 03/01/2023 For storage of products intended for customer receipt by barge; tank rental fee $0.1 million per month. LRM Amended and Restated Guaranty Fee Agreement LRM Jonathan Carroll 01/01/2023 Related to payoff of LRM $10.0 million Veritex loan; Jonathan Carroll receives a cash fee equal to 2.00% per annum of outstanding principal balance owed under LRM Term Loan Due 2034 NPS Guaranty Fee Agreement NPS Jonathan Carroll 01/01/2023 Related to payoff of NPS $10.0 million GNCU loan; Jonathan Carroll receives a cash fee equal to 2.00% per annum of outstanding principal balance owed under NPS Term Loan Due 2031 NPS Terminal Services Agreement NPS LEH 11/01/2022 For LEH storage of jet fuel at the Nixon facility; tank rental fee $0.2 million per month; 1 may 60 Office Sub-Lease Agreement BDSC LEH 05/31/23 12 08/31/2024; Third Amended and Restated Operating Agreement Blue Dolphin LE LRM NPS BDPL BDPC BDSC LEH 04/01/2024 1 04/01/2025 Debt Agreements March 31, 2024 December 31, 2023 Loan Description Parties Maturity Date Interest Rate Loan Purpose BDPL-LEH Loan Agreement (in forbearance) BDPL Aug 2018 16.00% Original principal amount of $4.0 LEH Forbearance and Defaults LEH Payment Agreement May 2023, fifteenth April 2025. May 2025, April 2027. $0.1 million three March 31, 2024 2023 Covenants, Guarantees and Security The BDPL-LEH Loan Agreement contains representations and warranties, affirmative and negative covenants, and events of default that we consider usual and customary for a credit facility of this type. Certain BDPL property serves as collateral under the BDPL-LEH Loan Agreement. See “Notes ( 1 10 Related-Party Financial Impact Consolidated Balance Sheets Accounts receivable, related party March 31, 2024 December 31, 2023 Accounts payable, related party March 31, 2024 December 31, 2023 December 31, 2023 Long-term debt, related party, net of current portion and accrued interest payable, related party, net of current portion . March 31, December 31, 2024 2023 (in thousands) LEH BDPL-LEH Loan Agreement (in forbearance) $ 5,308 $ 5,308 LEH Total 5,308 5,308 Less: Long-term debt, related party, current portion - - Less: Accrued interest payable, related party, current portion - - $ 5,308 $ 5,308 Consolidated Statements of Operations Total revenue from operations . Three Months Ended March 31, 2024 2023 (in thousands, except percent amounts) Refinery operations LEH $ 27,394 30.1 % $ 35,345 30.3 % Third-Parties 62,521 68.7 % 79,295 68.0 % Tolling and terminaling LEH 540 0.6 % 540 0.5 % Third-Parties 567 0.6 % 1,481 1.3 % $ 91,022 100.0 % $ 116,661 100.0 % Interest expense Three Months Ended March 31, 2024 2023 (in thousands) Jonathan Carroll Guaranty Fee Agreements Tied to First Term Loan Due 2034 $ 98 $ 102 Tied to NPS Term Loan Due 2031 50 50 Tied to Second Term Loan Due 2034 41 43 Tied to Blue Dolphin Term Loan Due 2051 10 10 LEH BDPL-LEH Loan Agreement (in forbearance) 106 160 $ 305 $ 365 Other. three March 31, 2024 2023 The LEH operating fee, related party totaled $0.2 million for the three March 31, 2024 three March 31, 2023 higher manufacturing overhead costs including insurance. Lease expense associated with the LE Amended and Restated Master Services Agreement totaled $0.3 million and $0.1 million for the three March 31, 2024 2023 |
Note 4 - Revenue and Segment In
Note 4 - Revenue and Segment Information | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Revenues and Segment Reporting Disclosure [Text Block] | ( 4 Revenue and Segment Information We have two reportable business segments: (i) refinery operations, which derives revenue from refined product sales, and (ii) tolling and terminaling, which derives revenue from storage tank rental fees, ancillary services fees (such as for in-tank blending) and tolling and reservation fees for use of the naphtha stabilizer at the Nixon refinery. ‘Corporate and other’ as presented in the segment information includes BDSC, BDPL, and BDPC. Revenue from Contracts with Customers Disaggregation of Revenue Receivables from Contracts with Customers Contract Liabilities 9 Remaining Performance Obligations Contract Balances March 31, December 31, 2024 2023 Accounts receivable (including related-party), beginning of period $ 4,300 $ 1,148 Accounts receivable (including related-party), end of period 11,826 4,300 Unearned revenue, beginning of period $ 3,243 $ 3,888 Unearned revenue, end of period 2,805 3,243 Segment Information Business segment information for the periods indicated (and as of the dates indicated) was as follows: Three Months Ended March 31, 2024 2023 (in thousands) Refinery operations $ 89,915 $ 114,640 Tolling and terminaling 1,107 2,021 Total revenue from operations 91,022 116,661 Intercompany processing fees (1) Refinery operations (503 ) (576 ) Tolling and terminaling 503 576 Total intercompany processing fees - - Costs of good sold (2) Refinery operations (78,782 ) (95,799 ) Tolling and terminaling (410 ) (358 ) Total costs of goods sold (79,192 ) (96,157 ) Gross profit Refinery operations 10,630 18,265 Tolling and terminaling 1,200 2,239 Total gross profit 11,830 20,504 Other operating and general and administrative expenses (3) Refinery operations (409 ) (478 ) Tolling and terminaling (23 ) (470 ) Corporate and other (863 ) (530 ) Total other operating and general and administrative expenses (1,295 ) (1,478 ) Depreciation and amortization Refinery operations (301 ) (304 ) Tolling and terminaling (342 ) (342 ) Corporate and other (61 ) (52 ) Total depreciation and amortization (704 ) (698 ) Interest and other non-operating expenses, net Refinery operations (734 ) (677 ) Tolling and terminaling (496 ) (470 ) Corporate and other (136 ) (183 ) Total interest and other non-operating expenses, net (1,366 ) (1,330 ) Income before income taxes Refinery operations 9,186 16,806 Tolling and terminaling 339 957 Corporate and other (1,060 ) (764 ) Total income before income taxes 8,465 16,999 Income tax expense (1,841 ) (246 ) Net income $ 6,624 $ 16,753 ( 1 Fees associated with an intercompany tolling agreement related to naphtha volumes. ( 2 Cost of goods sold within tolling and terminaling includes terminal operating expenses and an allocation of other costs (e.g., insurance and maintenance). ( 3 General and administrative expenses within refinery operations includes the LEH operating fee, related party, other operating expenses, and accretion of asset retirement obligations. Three Months Ended March 31, 2024 2023 (in thousands) Capital expenditures Refinery operations $ - $ - Tolling and terminaling - - Corporate and other - - Total capital expenditures $ - $ - March 31, December 31, 2024 2023 (in thousands) Identifiable assets Refinery operations $ 88,959 $ 86,565 Tolling and terminaling 17,948 16,464 Corporate and other 1,577 3,048 Total identifiable assets $ 108,484 $ 106,077 |
Note 5 - Concentration of Risk
Note 5 - Concentration of Risk | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | ( 5 Concentration of Risk Bank Accounts Financial instruments that potentially subject us to concentrations of risk consist primarily of cash, trade receivables and payables. We maintain cash balances at financial institutions in Houston, Texas. The FDIC insures certain financial products up to a maximum of $250,000 March 31, 2024 December 31, 2023 no Key Supplier Operation of the Nixon refinery depends on our ability to purchase adequate amounts of crude oil and condensate. On December 29, 2023, January 1, 2024. March 31, 2024 . During 2023, October 31, 2023, December 31, 2023. Q1 2023 March 31, 2023 Our financial health has been materially and adversely affected by significant current debt, certain of which is in default, historical net losses, working capital deficits, and margin volatility. If we are required to obtain our crude oil and condensate without the benefit of a long-term crude supply agreement, our exposure to the risks associated with volatile crude oil prices may may may may not Customers Significant Customers not Portion of Accounts Number % Total Receivable at Significant Revenue from March 31, Three Months Ended Customers Operations (in millions) March 31, 2024 3 81.3 % $ 11.7 March 31, 2023 3 65.7 % $ 11.6 One of our significant customers is LEH, an Affiliate. The Affiliate purchases our jet fuel under the Amended and Restated Jet Fuel Sales Agreement and sells the jet fuel to the DLA under preferential pricing terms due to its HUBZone certification. The jet fuel, which is stored at the Nixon Facility, is lifted by the Affiliate as needed. For the three March 31, 2024 2023 Customer Concentration no Refined Product Sales We sell our products primarily in the U.S. within PADD 3. Three Months Ended March 31, 2024 2023 (in thousands, except percent amounts) LPG mix $ 61 0.1 % $ 55 0.0 % Naphtha 18,113 20.1 % 20,729 20.7 % Jet fuel 27,394 30.5 % 35,345 35.9 % HOBM 20,535 22.8 % 33,488 18.3 % AGO 23,812 26.5 % 25,023 25.1 % $ 89,915 100.0 % $ 114,640 100.0 % An Affiliate, LEH, purchases all our jet fuel. See “Note ( 3 |
Note 6 - Prepaid Expenses and O
Note 6 - Prepaid Expenses and Other Current Assets | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Prepaid Expenses and Other Current Assets [Text Block] | ( 6 Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets as of the dates indicated consisted of the following: March 31, December 31, 2024 2023 (in thousands) Prepaid insurance $ 623 $ 1,168 Other prepaids 473 230 Prepaid easement renewal fees 26 32 Prepaid crude oil and condensate - 161 $ 1,122 $ 1,591 |
Note 7 - Inventory
Note 7 - Inventory | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | ( 7 Inventory Inventory as of the dates indicated consisted of the following: March 31, December 31, 2024 2023 (in thousands) Naphtha $ 12,680 $ 8,782 Jet fuel 9,409 8,570 HOBM 4,316 5,144 Crude oil and condensate 1,889 1,494 Chemicals 196 160 AGO 125 392 Propane 29 24 LPG mix 13 10 $ 28,657 $ 24,576 |
Note 8 - Property, Plant and Eq
Note 8 - Property, Plant and Equipment, Net | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | ( 8 Property, Plant and Equipment, Net Property, plant and equipment, net, as of the dates indicated consisted of the following: March 31, December 31, 2024 2023 (in thousands) Refinery and facilities $ 72,675 $ 72,675 Land 566 566 Other property and equipment 913 913 74,154 74,154 Less: Accumulated depreciation and amortiation (23,608 ) (22,966 ) 50,546 51,188 Construction in progress 3,770 3,770 $ 54,316 $ 54,958 |
Note 9 - Accrued Expenses and O
Note 9 - Accrued Expenses and Other Current Liabilities | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | ( 9 Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities as of the dates indicated consisted of the following: March 31, December 31, 2024 2023 (in thousands) Unearned revenue from contracts with customers $ 2,805 $ 3,243 Accrued fines and penalties 522 522 Insurance 264 467 Other payable 165 297 Customer deposits 163 163 Taxes payable 160 142 Board of director fees payable - 250 $ 4,079 $ 5,084 |
Note 10 - Third-party Long-term
Note 10 - Third-party Long-term Debt | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | ( 10 Third-Party Long-Term Debt Loan Agreements Monthly Principal Principal and Interest Payment Loan Description Parties (in millions) Maturity (in millions) Interest Rate Loan Purpose Veritex Loans LE Term Loan Due 2034 (in default) (1) LE $ 25.0 June 2034 $0.3 WSJ Prime + 2.75% Refinance loan; capital improvements Veritex LRM Term Loan Due 2034 (in default) (1) LRM $ 10.0 December 2034 $0.1 WSJ Prime + 2.75% Refinance bridge loan; capital improvements Veritex Kissick Debt (in forbearance)(2) LE $ 11.7 January 2018 $0.5 6.25 % Working capital Kissick GNCU Loan NPS Term Loan Due 2031(in default) (3) NPS $ 10.0 October 2031 $0.1 5.75 % Working capital GNCU SBA EIDLs Blue Dolphin Term Loan Due 2051 (as modified) (4) Blue Dolphin $ 2.0 June 2051 $0.01 3.75 % Working capital SBA LE Term Loan Due 2050 (5) LE $ 0.15 August 2050 $0.0007 3.75 % Working capital SBA NPS Term Loan Due 2050 (5) NPS $ 0.15 August 2050 $0.0007 3.75 % Working capital SBA Equipment Loan Due 2025 (6) LE $ 0.07 October 2025 $0.0013 4.50 % Equipment Lease Conversion Texas First ( 1 Restricted cash, noncurrent totaled $1.0 million and March 31, 2024 December 31, 2023 December 31, 2023 January 2, 2024. ( 2 Original principal amount was $8.0 million; pursuant to a 2017 sixth ( 3 Loan requires monthly interest-only payments for the first thirty-six November 2024. ( 4 Original principal amount was $0.5 million; the Blue Dolphin Term Loan Due 2051 thirty first November 2023; not ( 5 Payments deferred for thirty first February 2023; not ( 6 In May 2019, May 2020; October 2020, 2025 Outstanding Principal, Debt Issue Costs, and Accrued Interest Third-party long-term debt, including outstanding principal and accrued interest, as of the dates indicated was as follows: March 31, December 31, 2024 2023 (in thousands) Veritex Loans LE Term Loan Due 2034 (in default) $ 19,607 $ 19,858 LRM Term Loan Due 2034 (in default) 8,163 8,260 Kissick Debt (in forbearance) 5,751 7,147 GNCU Loan NPS Term Loan Due 2031 (in default) 9,975 9,975 SBA EIDLs BDEC Term Loan Due 2051 2,125 2,135 LE Term Loan Due 2050 161 162 NPS Term Loan Due 2050 161 162 Equipment Loan Due 2025 25 29 45,968 47,728 Less: Current portion of long-term debt, net (40,581 ) (39,440 ) Less: Unamortized debt issue costs (1,896 ) (1,947 ) Less: Accrued interest payable (1,182 ) (2,596 ) $ 2,309 $ 3,745 Unamortized debt issue costs associated with the Veritex and GNCU loans as of the dates indicated consisted of the following: March 31, December 31, 2024 2023 (in thousands) Veritex Loans LE Term Loan Due 2034 (in default) $ 1,674 $ 1,674 LRM Term Loan Due 2034 (in default) 768 768 GNCU Loan NPS Term Loan Due 2031 (in default) 730 730 Less: Accumulated amortization (1,276 ) (1,225 ) $ 1,896 $ 1,947 Amortization expense was $0.05 million for both three March 31, 2024 2023 Accrued interest related to third March 31, December 31, 2024 2023 (in thousands) Kissick Debt (in forbearance) $ 773 $ 2,169 Veritex Loans LE Term Loan Due 2034 (in default) 176 181 LRM Term Loan Due 2034 (in default) 69 70 GNCU Loan NPS Term Loan Due 2031 (in default) 17 17 SBA EIDLs BDEC Term Loan Due 2051 125 135 LE Term Loan Due 2050 11 12 NPS Term Loan Due 2053 11 12 1,182 2,596 Less: Accrued interest payable (1,182 ) (2,596 ) Long-term Interest Payable, Net of Current Portion $ - $ - The debt associated with the LE Term Loan Due 2034, 2034, 2031 March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 twelve Forbearance and Defaults Veritex First Amended Forbearance Agreement September 30, 2023, December 29, 2023, March 29, 2024. 2034 2034 Kissick Forbearance Agreement April 2023, first February 2025, March 1, 2025. $1.5 million three March 31, 2024 2023 Defaults March 31, 2024 2031 2034 2034; March 29, 2024. may third We can provide no third one not third may may 1 3 Guarantees and Security Loan Description Guarantees Security Veritex Loans LE Term Loan Due 2034 • USDA • First priority lien on Nixon facility’s business assets (excluding accounts receivable and inventory) • Jonathan Carroll ( 1 • Assignment of all Nixon facility contracts, permits, and licenses • Affiliate cross-guarantees • Absolute assignment of Nixon facility rents and leases, including tank rental income • $5.0 million life insurance policy on Jonathan Carroll LRM Term Loan Due 2034 • USDA • Second priority lien on rights of LE in crude distillation tower and other collateral of LE • Jonathan Carroll ( 1 • First priority lien on real property interests of LRM • Affiliate cross-guarantees • First priority lien on all LRM fixtures, furniture, machinery, and equipment • First priority lien on all LRM contractual rights, general intangibles, and instruments, except with respect to LRM rights in its leases of certain specified tanks for which Veritex has second • Substantially all assets Kissick Debt (in forbearance) ( 2 - • Subordinated deed of trust that encumbers the crude distillation tower and general assets of LE GNCU Loan NPS Term Loan Due 2031 • USDA • Deed of trust lien on approximately 56 acres of land and improvements owned by LE • Jonathan Carroll ( 1 • Leasehold deed of trust lien on certain property leased by NPS from LE • Affiliate cross-guarantees • Assignment of leases and rents and certain personal property SBA EIDLs Blue Dolphin Term Loan Due 2051 - • Business assets (e.g., machinery and equipment, furniture, fixtures, etc.) LE Term Loan Due 2050 - • Business assets (e.g., machinery and equipment, furniture, fixtures, etc.) NPS Term Loan Due 2050 - • Business assets (e.g., machinery and equipment, furniture, fixtures, etc.) Equipment Loan Due 2025 - • First priority security interest in the equipment (backhoe). ( 1 Jonathan Carroll was required to personally guarantee repayment of borrowed funds and accrued interest. ( 2 Subject to the Kissick Subordination Agreement. Representations, Warranties, and Covenants The First Term Loan Due 2034, 2034, 2031, 2051, 2050, 2050 2034 2034 2034 2031 no 2051, 2050, 2050, 2025. |
Note 11 - AROs
Note 11 - AROs | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Asset Retirement Obligation Disclosure [Text Block] | ( 11 AROs Refinery and Facilities Management has concluded that there is no Pipelines and Facilities and Oil and Gas Properties We have AROs associated with decommissioning our pipelines and facilities assets, as well as plugging and abandoning our oil and gas properties. We recorded a discounted liability for the fair value of an ARO with a corresponding increase to the carrying value of the related long-lived asset at the time the asset was installed or placed in service, and we depreciated the amount added to property and equipment. From time to time we record an increase in liability or an impairment due to changes in estimates or the timing of decommissioning the assets. During the three March 31, 2024 2023 not Because our pipelines and facilities assets have been inactive for an extended period, BOEM mandated that they be decommissioned. In October 2023, third 2024. not no not March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 million and million, r not Due to BDPL’s failure to complete decommissioning of the offshore pipeline and platform assets and remedy associated INCs within the timeframe mandated by BSEE, BDPL could be subject to regulatory oversight and enforcement, including but not January 26, 2024, March 31, 2024 March 25, 2024, April 17, 2024. April 19, 2024. ARO liability as of the dates indicated was as follows: March 31, December 31, 2024 2023 (in thousands) AROs, at the beginning of the period $ 4,504 $ 3,710 Changes in estimates of existing obligations - 1,558 Liabilities settled (1,505 ) (823 ) Accretion expense - 59 Less: AROs, current portion (2,999 ) (4,504 ) Long-term AROs, at the end of the period $ - $ - See “Note ( 15 |
Note 12 - Lease Obligations
Note 12 - Lease Obligations | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | ( 12 Lease Obligations Lease Obligations Office Lease May 2023, 12 September 1, 2023 August 31, 2024. An Affiliate, LEH, subleases a portion of the Houston office space. BDSC received sublease income from LEH totaling $0.01 million for both three March 31, 2024 2023 3 Tank Lease three March 31, 2024 2023 one not 3 The following table presents the lease-related assets and liabilities recorded on the consolidated balance sheet: March 31, December 31, Balance Sheet Location 2024 2023 (in thousands) Assets Operating lease ROU assets Operating lease ROU assets $ 994 $ 787 Less: Accumulated amortization on operating lease assets Operating lease ROU assets (894 ) (629 ) Total lease assets 100 158 Liabilities Current Operating lease Current portion of lease liabilities 93 147 Noncurrent Operating lease Long-term lease liabilities, net of current - - Total lease liabilities $ 93 $ 147 Weighted average remaining lease term in years Operating lease 0.42 Weighted average discount rate Operating lease 8.25 % The following table presents information related to lease costs incurred for operating and finance leases: Three Months Ended March 31, 2024 2023 (in thousands) Operating lease costs $ 62 $ 51 Short-term lease expense, related party 300 100 Total lease cost $ 362 $ 151 The table below presents supplemental cash flow information related to leases as follows: Three Months Ended March 31, 2024 2023 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating lease $ 54 $ 57 As of March 31, 2024 Operating March 31, Lease (in thousands) 2025 $ 93 $ 93 Future minimum annual lease commitments that are non-cancelable: Operating March 31, Lease (in thousands) 2025 $ 96 $ 96 |
Note 13 - Income Taxes
Note 13 - Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 13 Income Taxes The Inflation Reduction Act ("IRA") was enacted into law in August 2022. 15% three $1.0 not Tax Provision The provision for income tax benefit (expense) for the periods indicated was as follows: Three Months Ended March 31, 2024 2023 (in thousands) Current Federal $ (215 ) $ (115 ) State (81 ) (131 ) Deferred Federal (1,545 ) (3,427 ) Change in valuation allowance - 3,427 Total provision for income taxes $ (1,841 ) $ (246 ) GAAP treats Texas margins tax, a form of business tax imposed on an entity’s gross profit rather than its net income, like an income tax for financial reporting purposes. Deferred income taxes as of the dates indicated consisted of the following: March 31, December 31, 2024 2023 (in thousands) Deferred tax assets: NOL and capital loss carryforwards $ 5,019 $ 6,014 Business interest expense 2,333 2,534 Start-up costs (crude oil and condensate processing facility) 233 254 ARO liability/deferred revenue 630 946 Other 59 54 Total deferred tax assets 8,274 9,802 Deferred tax liabilities: Basis differences in property and equipment (8,383 ) (8,366 ) Total deferred tax liabilities (8,383 ) (8,366 ) (109 ) 1,436 Deferred tax assets (liabilities), net $ (109 ) $ 1,436 Deferred Income Taxes Balances for deferred income tax represent the effects of temporary differences between carrying amounts and the actual income tax basis of our assets and liabilities; the balances also reflect NOL carryforwards. We record the balances based on tax rates we expect to be in effect when paid. NOL carryforwards and deferred tax assets represent amounts available to reduce future taxable income. Valuation Allowance 50% December 31, 2023, zero At March 31, 2024 no NOL Carryforwards Under IRC Section 382, 382, 5% fifty [50% three 2005 2012. 2005 2012 The 2005 2012 2012 may 2012 2012 2018 not 20 2018 may 80% NOL Carryforwards Available for Use 382 Net Operating Loss Carryforward Pre- Post- Ownership Ownership Change Change Total (in thousands) Balance at December 31, 2022 $ 5,147 $ 45,624 $ 50,771 Net operating losses used and expired (638 ) (21,493 ) (22,131 ) Balance at December 31, 2023 $ 4,509 $ 24,131 $ 28,640 Net operating losses used and expired (638 ) (4,101 ) (4,739 ) Balance at March 31, 2024 $ 3,871 $ 20,030 $ 23,901 |
Note 14 - Earnings and Dividend
Note 14 - Earnings and Dividends Per Share | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 14 Earnings and Dividends Per Share A reconciliation between basic and diluted income per share for the periods indicated was as follows: Three Months Ended March 31, 2024 2023 (in thousands, except share and per share amounts) Net income $ 6,624 $ 16,753 Earnings per share Basic and diluted income per share $ 0.44 $ 1.12 Basic and diluted shares used in computing earnings per share 14,921,968 14,921,968 Diluted EPS for the three March 31, 2024 2023 Shareholders are entitled to receive such dividends as may no may |
Note 15 - Commitments and Conti
Note 15 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | ( 15 Commitments and Contingencies Third Amended and Restated Operating Agreement See “Note ( 3 Offshore Pipelines and Platform Requirements BDPL has pipelines and platform assets subject to BSEE’s idle iron regulations. Idle iron regulations require lessees and rights-of-way holders to permanently abandon and/or remove platforms and other structures when they are no Platform Inspections March 2023, 2021 2022 288C April 2023, May 30, 2023. second August 26, 2023 September 6, 2023. October 24, 2023. January 26, 2024, March 31, 2024 March 25, 2024, April 17, 2024. April 19, 2024 Decommissioning Obligations October 2023, November 2023. 19, December 2023 February 2024. third 2024. not no not March 31, 2024 December 31, 2023 not March 31, 2024 December 31, 2023 not Defaults Under Secured Loan Agreements with Third Parties and Related Parties See “Notes ( 1 3 10 Financing Agreements and Guarantees Indebtedness 1 3 10 third Guarantees 1 3 10 third Health, Safety and Environmental Matters The operations of certain Blue Dolphin subsidiaries are subject to extensive federal, state, and local environmental, health, and safety regulations governing, among other things, the generation, storage, handling, use and transportation of petroleum products and hazardous substances; the emission and discharge of materials into the environment; waste management; characteristics and composition of jet fuel and other products; and the monitoring, reporting and control of air emissions. These operations also require numerous permits and authorizations under various environmental, health, and safety laws and regulations. Failing to obtain and comply with these permits or environmental, health, or safety laws could result in fines, penalties or other sanctions, or a revocation of our permits. Legal Matters In the ordinary course of business, we are involved in legal matters incidental to the routine operation of our business, such as mechanic’s liens and contract-related disputes. We may may may not Resolved Matters Pilot Dispute Related to Terminal Services Agreement May 9, 2019, August 25, 2022, October 24, 2022. On October 28, 2022, October 28, 2022, December 2, 2022, December 6, 2022, 7.206 January 7, 2023. February 28, 2023. January 2023. On March 31, 2023, June 15, 2023. April June 2023, April 2023. June 16, 2023, August 31, 2023. August 28, 2023, December 2023 Pilot Settlement Agreement one December 29, 2023. OSHA Settlement Agreement September 2022, November 2022. December 31, 2022. April 2023. Unresolved Matters. BOEM Supplemental Pipeline Bonds Historically, BDPL maintained $0.9 million in pipeline bonds with BOEM to decommission its trunk pipeline offshore in federal waters. In March 2018, five June 2018, not may BDPL’s pending appeal of the BOEM INCs does not no not March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 RLI Surety Bonds June, July, December 2023, February 19, 2024, April 23, 2024 TCEQ Proposed Agreed Order October 2021, January March 2020. September 2023, March 31, 2024 BSEE Civil Penalties March 2023, 2021 2022 288C April 2023, May 30, 2023. second August 26, 2023 September 6, 2023. October 24, 2023. January 26, 2024, March 31, 2024 March 25, 2024, April 17, 2024. April 19, 2024. On April 26, 2024, September 2023. 90 Defaults under Secured Loan Agreements third 1 3 10 third third |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 5. None |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying unaudited consolidated financial statements, which include Blue Dolphin and its subsidiaries, have been prepared in accordance with GAAP for interim consolidated financial information pursuant to the rules and regulations of the SEC under Article 10 X 10 not The consolidated balance sheet as of December 31, 2023 Annual Report on Form 10 December 31, 2023 three March 31, 2024 not may December 31, 2024 |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates may We assessed certain accounting matters that require consideration of forecasted financial information in context with information reasonably available to us as of March 31, 2024 not |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash, Cash Equivalents, and Restricted Cash three may March 31, 2024 December 31, 2023 2034. no The following table provides a reconciliation of cash, cash equivalents, and restricted cash as reported in the consolidated statements of cash flows: March 31, December 31, 2024 2023 (in thousands) Cash and cash equivalents $ 11,123 $ 18,713 Restricted cash, noncurrent 1,000 5 $ 12,123 $ 18,718 |
Accounts Receivable [Policy Text Block] | Accounts Receivable and Allowance for Credit Losses not March 31, 2024 December 31, 2023 |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Financial Instruments |
Inventory, Policy [Policy Text Block] | Inventory 7 |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Refinery and Facilities not Pipelines and Facilities 2016. December 31, 2016. Construction in Progress (CIP) 8 11 |
Lessee, Leases [Policy Text Block] | Leases one not For operating leases, we record lease cost on a straight-line basis over the lease term; we record lease expenses in the appropriate line on the income statement based on the leased asset’s intended use. For finance leases, we amortize lease payments for the ROU asset on a straight-line basis over the lesser of the leased asset’s useful life or the lease term; we record amortization expenses on the income statement in ‘depreciation and amortization expense;’ we record interest expense on the income statement in ‘interest and other expense. |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition Refinery Operations Revenue We consider a variety of facts and circumstances in assessing the point of a control transfer, including but not not not Tolling and Terminaling Revenue We typically satisfy performance obligations for tolling and terminaling operations over time. We determine the transaction price at agreement inception based on the guaranteed minimum amount of revenue over the agreement term. We allocate the transaction price to the single performance obligation that exists under the agreement. We recognize revenue in the amount for which we have a right to invoice. Generally, payment terms do not 30 Revenue from storage tank customers may, not Deferred Revenue Contract Balances Unearned Contract Renewal Income. not |
Income Tax, Policy [Policy Text Block] | Income Taxes may not The benefit of an uncertain tax position is recognized in the financial statements if it meets a minimum recognition threshold. A determination is first not not 50% December 31, 2023 2022, Deferred Taxes not. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment or Disposal of Long-Lived Assets may not not Commodity price market volatility associated with general macroeconomic conditions related to inflation, interest rates, and capital and credit markets, geopolitical tensions, including military conflicts in Ukraine and Israel and escalations in the Middle East, and COVID- 19 March 31, 2024 December 31, 2023 not may |
Asset Retirement Obligation [Policy Text Block] | Asset Retirement Obligations Refinery and Facilities no Pipeline and Facilities; Oil and Gas Properties third 11 |
Earnings Per Share, Policy [Policy Text Block] | Computation of Earnings Per Share not not 14 |
New Accounting Pronouncements, Policy [Policy Text Block] | New Pronouncements Adopted During the three March 31, 2024 not New Pronouncements Issued, Not ● ASU 2023 09 Income Taxes (Topic 740 2023 09" December 2023, 2023 09, 2023 09 2023 09 fourth 2025. 2023 09 ● ASU 2023 07 Segment Reporting (Topic 280 2023 07 November 2023, No. 2023 07, 2023 07 2023 07 December 15, 2023 December 15, 2024. 2023 07 fourth 2024 |
Note 2 - Principles of Consol_2
Note 2 - Principles of Consolidation and Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Cash and Cash Equivalents [Table Text Block] | March 31, December 31, 2024 2023 (in thousands) Cash and cash equivalents $ 11,123 $ 18,713 Restricted cash, noncurrent 1,000 5 $ 12,123 $ 18,718 |
Note 3 - Related-party Transa_2
Note 3 - Related-party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Outstanding Long-term Debt to Related Parties [Table Text Block] | March 31, December 31, 2024 2023 (in thousands) LEH BDPL-LEH Loan Agreement (in forbearance) $ 5,308 $ 5,308 LEH Total 5,308 5,308 Less: Long-term debt, related party, current portion - - Less: Accrued interest payable, related party, current portion - - $ 5,308 $ 5,308 |
Schedule of Related Party Transactions, Consolidated Statements of Operations [Table Text Block] | Three Months Ended March 31, 2024 2023 (in thousands, except percent amounts) Refinery operations LEH $ 27,394 30.1 % $ 35,345 30.3 % Third-Parties 62,521 68.7 % 79,295 68.0 % Tolling and terminaling LEH 540 0.6 % 540 0.5 % Third-Parties 567 0.6 % 1,481 1.3 % $ 91,022 100.0 % $ 116,661 100.0 % Three Months Ended March 31, 2024 2023 (in thousands) Jonathan Carroll Guaranty Fee Agreements Tied to First Term Loan Due 2034 $ 98 $ 102 Tied to NPS Term Loan Due 2031 50 50 Tied to Second Term Loan Due 2034 41 43 Tied to Blue Dolphin Term Loan Due 2051 10 10 LEH BDPL-LEH Loan Agreement (in forbearance) 106 160 $ 305 $ 365 |
Note 4 - Revenue and Segment _2
Note 4 - Revenue and Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | March 31, December 31, 2024 2023 Accounts receivable (including related-party), beginning of period $ 4,300 $ 1,148 Accounts receivable (including related-party), end of period 11,826 4,300 Unearned revenue, beginning of period $ 3,243 $ 3,888 Unearned revenue, end of period 2,805 3,243 |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended March 31, 2024 2023 (in thousands) Refinery operations $ 89,915 $ 114,640 Tolling and terminaling 1,107 2,021 Total revenue from operations 91,022 116,661 Intercompany processing fees (1) Refinery operations (503 ) (576 ) Tolling and terminaling 503 576 Total intercompany processing fees - - Costs of good sold (2) Refinery operations (78,782 ) (95,799 ) Tolling and terminaling (410 ) (358 ) Total costs of goods sold (79,192 ) (96,157 ) Gross profit Refinery operations 10,630 18,265 Tolling and terminaling 1,200 2,239 Total gross profit 11,830 20,504 Other operating and general and administrative expenses (3) Refinery operations (409 ) (478 ) Tolling and terminaling (23 ) (470 ) Corporate and other (863 ) (530 ) Total other operating and general and administrative expenses (1,295 ) (1,478 ) Depreciation and amortization Refinery operations (301 ) (304 ) Tolling and terminaling (342 ) (342 ) Corporate and other (61 ) (52 ) Total depreciation and amortization (704 ) (698 ) Interest and other non-operating expenses, net Refinery operations (734 ) (677 ) Tolling and terminaling (496 ) (470 ) Corporate and other (136 ) (183 ) Total interest and other non-operating expenses, net (1,366 ) (1,330 ) Income before income taxes Refinery operations 9,186 16,806 Tolling and terminaling 339 957 Corporate and other (1,060 ) (764 ) Total income before income taxes 8,465 16,999 Income tax expense (1,841 ) (246 ) Net income $ 6,624 $ 16,753 |
Segment, Reconciliation of Capital Expenditures from Segments to Consolidated [Table Text Block] | Three Months Ended March 31, 2024 2023 (in thousands) Capital expenditures Refinery operations $ - $ - Tolling and terminaling - - Corporate and other - - Total capital expenditures $ - $ - |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | March 31, December 31, 2024 2023 (in thousands) Identifiable assets Refinery operations $ 88,959 $ 86,565 Tolling and terminaling 17,948 16,464 Corporate and other 1,577 3,048 Total identifiable assets $ 108,484 $ 106,077 |
Note 5 - Concentration of Risk
Note 5 - Concentration of Risk (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Portion of Accounts Number % Total Receivable at Significant Revenue from March 31, Three Months Ended Customers Operations (in millions) March 31, 2024 3 81.3 % $ 11.7 March 31, 2023 3 65.7 % $ 11.6 |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, 2024 2023 (in thousands, except percent amounts) LPG mix $ 61 0.1 % $ 55 0.0 % Naphtha 18,113 20.1 % 20,729 20.7 % Jet fuel 27,394 30.5 % 35,345 35.9 % HOBM 20,535 22.8 % 33,488 18.3 % AGO 23,812 26.5 % 25,023 25.1 % $ 89,915 100.0 % $ 114,640 100.0 % |
Note 6 - Prepaid Expenses and_2
Note 6 - Prepaid Expenses and Other Current Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | March 31, December 31, 2024 2023 (in thousands) Prepaid insurance $ 623 $ 1,168 Other prepaids 473 230 Prepaid easement renewal fees 26 32 Prepaid crude oil and condensate - 161 $ 1,122 $ 1,591 |
Note 7 - Inventory (Tables)
Note 7 - Inventory (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, December 31, 2024 2023 (in thousands) Naphtha $ 12,680 $ 8,782 Jet fuel 9,409 8,570 HOBM 4,316 5,144 Crude oil and condensate 1,889 1,494 Chemicals 196 160 AGO 125 392 Propane 29 24 LPG mix 13 10 $ 28,657 $ 24,576 |
Note 8 - Property, Plant and _2
Note 8 - Property, Plant and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, December 31, 2024 2023 (in thousands) Refinery and facilities $ 72,675 $ 72,675 Land 566 566 Other property and equipment 913 913 74,154 74,154 Less: Accumulated depreciation and amortiation (23,608 ) (22,966 ) 50,546 51,188 Construction in progress 3,770 3,770 $ 54,316 $ 54,958 |
Note 9 - Accrued Expenses and_2
Note 9 - Accrued Expenses and Other Current Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | March 31, December 31, 2024 2023 (in thousands) Unearned revenue from contracts with customers $ 2,805 $ 3,243 Accrued fines and penalties 522 522 Insurance 264 467 Other payable 165 297 Customer deposits 163 163 Taxes payable 160 142 Board of director fees payable - 250 $ 4,079 $ 5,084 |
Note 10 - Third-party Long-te_2
Note 10 - Third-party Long-term Debt (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | Monthly Principal Principal and Interest Payment Loan Description Parties (in millions) Maturity (in millions) Interest Rate Loan Purpose Veritex Loans LE Term Loan Due 2034 (in default) (1) LE $ 25.0 June 2034 $0.3 WSJ Prime + 2.75% Refinance loan; capital improvements Veritex LRM Term Loan Due 2034 (in default) (1) LRM $ 10.0 December 2034 $0.1 WSJ Prime + 2.75% Refinance bridge loan; capital improvements Veritex Kissick Debt (in forbearance)(2) LE $ 11.7 January 2018 $0.5 6.25 % Working capital Kissick GNCU Loan NPS Term Loan Due 2031(in default) (3) NPS $ 10.0 October 2031 $0.1 5.75 % Working capital GNCU SBA EIDLs Blue Dolphin Term Loan Due 2051 (as modified) (4) Blue Dolphin $ 2.0 June 2051 $0.01 3.75 % Working capital SBA LE Term Loan Due 2050 (5) LE $ 0.15 August 2050 $0.0007 3.75 % Working capital SBA NPS Term Loan Due 2050 (5) NPS $ 0.15 August 2050 $0.0007 3.75 % Working capital SBA Equipment Loan Due 2025 (6) LE $ 0.07 October 2025 $0.0013 4.50 % Equipment Lease Conversion Texas First |
Schedule of Debt [Table Text Block] | March 31, December 31, 2024 2023 (in thousands) Veritex Loans LE Term Loan Due 2034 (in default) $ 19,607 $ 19,858 LRM Term Loan Due 2034 (in default) 8,163 8,260 Kissick Debt (in forbearance) 5,751 7,147 GNCU Loan NPS Term Loan Due 2031 (in default) 9,975 9,975 SBA EIDLs BDEC Term Loan Due 2051 2,125 2,135 LE Term Loan Due 2050 161 162 NPS Term Loan Due 2050 161 162 Equipment Loan Due 2025 25 29 45,968 47,728 Less: Current portion of long-term debt, net (40,581 ) (39,440 ) Less: Unamortized debt issue costs (1,896 ) (1,947 ) Less: Accrued interest payable (1,182 ) (2,596 ) $ 2,309 $ 3,745 |
Schedule of Unamortized Debt Issuance Costs [Table Text Block] | March 31, December 31, 2024 2023 (in thousands) Veritex Loans LE Term Loan Due 2034 (in default) $ 1,674 $ 1,674 LRM Term Loan Due 2034 (in default) 768 768 GNCU Loan NPS Term Loan Due 2031 (in default) 730 730 Less: Accumulated amortization (1,276 ) (1,225 ) $ 1,896 $ 1,947 |
Schedule of Accrued Interest on Long-term Debt [Table Text Block] | March 31, December 31, 2024 2023 (in thousands) Kissick Debt (in forbearance) $ 773 $ 2,169 Veritex Loans LE Term Loan Due 2034 (in default) 176 181 LRM Term Loan Due 2034 (in default) 69 70 GNCU Loan NPS Term Loan Due 2031 (in default) 17 17 SBA EIDLs BDEC Term Loan Due 2051 125 135 LE Term Loan Due 2050 11 12 NPS Term Loan Due 2053 11 12 1,182 2,596 Less: Accrued interest payable (1,182 ) (2,596 ) Long-term Interest Payable, Net of Current Portion $ - $ - |
Note 11 - AROs (Tables)
Note 11 - AROs (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Asset Retirement Obligations [Table Text Block] | March 31, December 31, 2024 2023 (in thousands) AROs, at the beginning of the period $ 4,504 $ 3,710 Changes in estimates of existing obligations - 1,558 Liabilities settled (1,505 ) (823 ) Accretion expense - 59 Less: AROs, current portion (2,999 ) (4,504 ) Long-term AROs, at the end of the period $ - $ - |
Note 12 - Lease Obligations (Ta
Note 12 - Lease Obligations (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Lessee, Operating Lease, Assets and Liabilities [Table Text Block] | March 31, December 31, Balance Sheet Location 2024 2023 (in thousands) Assets Operating lease ROU assets Operating lease ROU assets $ 994 $ 787 Less: Accumulated amortization on operating lease assets Operating lease ROU assets (894 ) (629 ) Total lease assets 100 158 Liabilities Current Operating lease Current portion of lease liabilities 93 147 Noncurrent Operating lease Long-term lease liabilities, net of current - - Total lease liabilities $ 93 $ 147 |
Lessee, Operating Lease, Weighted average Remaining Lease Term and Discount Rate [Table Text Block] | Weighted average remaining lease term in years Operating lease 0.42 Weighted average discount rate Operating lease 8.25 % |
Lease, Cost [Table Text Block] | Three Months Ended March 31, 2024 2023 (in thousands) Operating lease costs $ 62 $ 51 Short-term lease expense, related party 300 100 Total lease cost $ 362 $ 151 |
Supplemental Cash Flow Information Related to Leases [Table Text Block] | Three Months Ended March 31, 2024 2023 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating lease $ 54 $ 57 |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Operating March 31, Lease (in thousands) 2025 $ 93 $ 93 |
Schedule of Future Minimum Annual Lease Commitments [Table Text Block] | Operating March 31, Lease (in thousands) 2025 $ 96 $ 96 |
Note 13 - Income Taxes (Tables)
Note 13 - Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Three Months Ended March 31, 2024 2023 (in thousands) Current Federal $ (215 ) $ (115 ) State (81 ) (131 ) Deferred Federal (1,545 ) (3,427 ) Change in valuation allowance - 3,427 Total provision for income taxes $ (1,841 ) $ (246 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | March 31, December 31, 2024 2023 (in thousands) Deferred tax assets: NOL and capital loss carryforwards $ 5,019 $ 6,014 Business interest expense 2,333 2,534 Start-up costs (crude oil and condensate processing facility) 233 254 ARO liability/deferred revenue 630 946 Other 59 54 Total deferred tax assets 8,274 9,802 Deferred tax liabilities: Basis differences in property and equipment (8,383 ) (8,366 ) Total deferred tax liabilities (8,383 ) (8,366 ) (109 ) 1,436 Deferred tax assets (liabilities), net $ (109 ) $ 1,436 |
Summary of Operating Loss Carryforwards [Table Text Block] | Net Operating Loss Carryforward Pre- Post- Ownership Ownership Change Change Total (in thousands) Balance at December 31, 2022 $ 5,147 $ 45,624 $ 50,771 Net operating losses used and expired (638 ) (21,493 ) (22,131 ) Balance at December 31, 2023 $ 4,509 $ 24,131 $ 28,640 Net operating losses used and expired (638 ) (4,101 ) (4,739 ) Balance at March 31, 2024 $ 3,871 $ 20,030 $ 23,901 |
Note 14 - Earnings and Divide_2
Note 14 - Earnings and Dividends Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2024 2023 (in thousands, except share and per share amounts) Net income $ 6,624 $ 16,753 Earnings per share Basic and diluted income per share $ 0.44 $ 1.12 Basic and diluted shares used in computing earnings per share 14,921,968 14,921,968 |
Note 1 - Organization (Details
Note 1 - Organization (Details Textual) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | 15 Months Ended | 24 Months Ended | |||
May 31, 2023 USD ($) | Apr. 30, 2023 USD ($) | Mar. 31, 2024 USD ($) $ / shares bbl | Mar. 31, 2023 USD ($) $ / shares | Dec. 31, 2023 USD ($) | Mar. 31, 2024 USD ($) bbl | Apr. 30, 2027 USD ($) | ||
Distillation Tower, Volume Per Day (Barrel of Oil) | bbl | 15,000 | 15,000 | ||||||
Volume of Storage Tank Capacity (Barrel of Oil) | bbl | 1,250,000 | 1,250,000 | ||||||
Number of Operating Segments | 2 | |||||||
Working Capital (Deficit) | $ 300 | $ (6,100) | $ 300 | |||||
Working Capital (Deficit), Change From Previous Reporting Period | 6,400 | |||||||
Secured Debt, Current | 40,600 | 39,400 | 40,600 | |||||
Secured Debt, Current, Change From Previous Reporting Period | 1,100 | |||||||
Assets, Current | 52,838 | 49,290 | 52,838 | |||||
Assets, Current, Change From Previous Reporting Period | 3,500 | |||||||
Liabilities, Current | 52,535 | 55,425 | 52,535 | |||||
Liabilities, Current, Change From Previous Reporting Period | 2,900 | |||||||
Liabilities, Other than Current Portion of Long-Term Debt, Current | 12,000 | 16,000 | 12,000 | |||||
Liabilities, Other than Current Portion of Long-Term Debt, Current, Change From Previous Reporting Period | 4,000 | |||||||
Repayments of Long-Term Debt | 345 | $ 560 | ||||||
Net Income (Loss) Attributable to Parent | $ 6,624 | $ 16,753 | ||||||
Earnings Per Share, Basic (in dollars per share) | $ / shares | $ 0.44 | $ 1.12 | ||||||
Net Income (Loss), Change From Previous Reporting Period | $ 10,100 | |||||||
Earnings Per Share Basic, Change From Previous Reporting Period (in dollars per share) | $ / shares | $ 0.68 | |||||||
Working Capital (Deficit), Excluding Long-term Debt, Current | $ 40,900 | 33,300 | $ 40,900 | |||||
Working Capital (Deficit), Excluding Current Portion of Long-term Debt, Change From Previous Reporting Period | $ 7,600 | |||||||
An Affiliate Combined with Jonathan Carroll [Member] | ||||||||
Ownership Percentage | 83% | 83% | ||||||
Nonrelated Party [Member] | ||||||||
Debt Instrument, Periodic Payment | [1] | $ 10 | ||||||
Nonrelated Party [Member] | Veritex Community Bank [Member] | ||||||||
Repayments of Long-Term Debt | 4,300 | |||||||
Escrow Deposit | 1,000 | $ 1,000 | ||||||
Legal Fees | 40 | |||||||
Nonrelated Party [Member] | Kissick Forbearance Agreement [Member] | ||||||||
Debt Instrument, Periodic Payment | $ 500 | 500 | ||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 400 | 400 | $ 400 | |||||
Repayments of Notes Payable | 1,500 | $ 0 | ||||||
Nonrelated Party [Member] | LEH Forbearance Agreement [Member] | ||||||||
Debt Instrument, Periodic Payment | $ 50 | $ 50 | ||||||
Repayments of Notes Payable | $ 100 | $ 0 | ||||||
Nonrelated Party [Member] | LEH Forbearance Agreement [Member] | Forecast [Member] | ||||||||
Debt Instrument, Periodic Payment | $ 400 | |||||||
[1]Original principal amount was $0.5 million; the Blue Dolphin Term Loan Due 2051 was modified to increase the principal amount by $1.5 million. Payments deferred for thirty (30) months; first payment due and paid in November 2023; interest accrues during deferral period; loan not forgivable. |
Note 2 - Principles of Consol_3
Note 2 - Principles of Consolidation and Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | |
Accounts Receivable, Allowance for Credit Loss | $ 0 | $ 60 | |
Unrecognized Tax Benefits | 0 | $ 0 | |
Impairment of Long-Lived Assets to be Disposed of | $ 0 | $ 0 | |
Building and Building Improvements [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 25 years | ||
Tangible Asset Impairment Charges | $ 0 | ||
Pipelines [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 10 years | ||
Pipelines [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 22 years |
Note 2 - Principles of Consol_4
Note 2 - Principles of Consolidation and Significant Accounting Policies - Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Cash and cash equivalents | $ 11,123 | $ 18,713 |
Restricted Cash, Noncurrent | 1,000 | 5 |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | $ 12,123 | $ 18,718 |
Note 3 - Related-party Transa_3
Note 3 - Related-party Transactions (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | 24 Months Ended | ||||||
Apr. 01, 2024 | Jan. 01, 2024 | May 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Apr. 30, 2027 | May 31, 2021 | ||
Management Fee Expense | $ 172 | $ 144 | |||||||
Operating Lease, Expense | 300 | 100 | |||||||
Lazarus Energy Holdings (LEH) [Member] | |||||||||
Sublease Income | 10 | 10 | |||||||
Management Fee Expense | 200 | 100 | |||||||
Lazarus Energy Holdings (LEH) [Member] | Office Lease of Corporate Headquarters in Houston, Texas [Member] | |||||||||
Agreement Term (Year) | 12 months | ||||||||
Sublease, Monthly Rent | $ 3 | ||||||||
Sublease Income | 10 | 10 | |||||||
Third Amended and Restated Operating Agreement [Member] | |||||||||
Agreement Term (Year) | 1 year | ||||||||
Related Party Transaction, Written Notice Period (Year) | 90 years | ||||||||
Management Fee Percentage | 5% | ||||||||
Nonrelated Party [Member] | |||||||||
Debt Instrument, Face Amount | [1] | 2,000 | |||||||
Debt Instrument, Periodic Payment | [1] | 10 | |||||||
Accounts Receivable, after Allowance for Credit Loss, Current | 104 | 116 | |||||||
Nonrelated Party [Member] | LEH Forbearance Agreement [Member] | |||||||||
Debt Instrument, Periodic Payment | $ 50 | 50 | |||||||
Repayments of Notes Payable | 100 | $ 0 | |||||||
Nonrelated Party [Member] | LEH Forbearance Agreement [Member] | Forecast [Member] | |||||||||
Debt Instrument, Periodic Payment | $ 400 | ||||||||
Related Party [Member] | |||||||||
Accounts Receivable, after Allowance for Credit Loss, Current | 11,722 | 4,184 | |||||||
Accounts Payable | 0 | $ 900 | |||||||
BDEC Guaranty Fee Agreement [Member] | Jonathan Carroll [Member] | |||||||||
Cash Fee, Percentage of Outstanding Principal Balance | 2% | ||||||||
Jet Fuel Sales Agreement [Member] | Lazarus Energy Holdings (LEH) [Member] | Subsequent Event [Member] | |||||||||
Agreement Term (Year) | 1 year | ||||||||
LE Amended and Restated Guaranty Fee Agreement [Member] | Jonathan Carroll [Member] | |||||||||
Cash Fee, Percentage of Outstanding Principal Balance | 2% | ||||||||
Master Services Agreement [Member] | Ingleside Crude, LLC [Member] | |||||||||
Monthly Tank Rental Fee | $ 100 | ||||||||
LRM Amended and Restated Guaranty Fee Agreement [Member] | Jonathan Carroll [Member] | |||||||||
Cash Fee, Percentage of Outstanding Principal Balance | 2% | ||||||||
NPS Guaranty Fee Agreement [Member] | Jonathan Carroll [Member] | |||||||||
Cash Fee, Percentage of Outstanding Principal Balance | 2% | ||||||||
Terminal Services Agreement [Member] | Lazarus Energy Holdings (LEH) [Member] | |||||||||
Agreement, Renewal Period (Year) | 1 year | ||||||||
Monthly Tank Rental Fee | $ 200 | ||||||||
BDEC Term Loan Due 2051 [Member] | Small Business Administration SBA [Member] | |||||||||
Debt Instrument, Face Amount | 2,000 | ||||||||
BDEC Term Loan Due 2051 [Member] | Small Business Administration SBA [Member] | Nonrelated Party [Member] | |||||||||
Debt Instrument, Face Amount | $ 500 | ||||||||
Affiliate Revolving Credit Agreement [Member] | LEH and Affiliates [Member] | Subsequent Event [Member] | |||||||||
Debt Instrument, Face Amount | $ 5,000 | ||||||||
Agreement, Renewal Period (Year) | 1 year | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 2% | ||||||||
LE Term Loan Due 2034 [Member] | Veritex Community Bank [Member] | |||||||||
Debt Instrument, Face Amount | 25,000 | ||||||||
LE Term Loan Due 2034 [Member] | Veritex Community Bank [Member] | Nonrelated Party [Member] | |||||||||
Debt Instrument, Face Amount | [2] | 25,000 | |||||||
Debt Instrument, Periodic Payment | [2] | 300 | |||||||
LRM Term Loan Due 2034 [Member] | Veritex Community Bank [Member] | |||||||||
Debt Instrument, Face Amount | 10,000 | ||||||||
LRM Term Loan Due 2034 [Member] | Veritex Community Bank [Member] | Nonrelated Party [Member] | |||||||||
Debt Instrument, Face Amount | [2] | 10,000 | |||||||
Debt Instrument, Periodic Payment | [2] | 100 | |||||||
NPS Term Loan Due 2031 [Member] | Greater Nevada Credit Union (GNCU) [Member] | Jonathan Carroll [Member] | |||||||||
Debt Instrument, Face Amount | $ 10,000 | ||||||||
NPS Term Loan Due 2031 [Member] | Greater Nevada Credit Union (GNCU) [Member] | Nonrelated Party [Member] | |||||||||
Debt Instrument, Face Amount | [3] | 10,000 | |||||||
Debt Instrument, Periodic Payment | [3] | $ 100 | |||||||
[1]Original principal amount was $0.5 million; the Blue Dolphin Term Loan Due 2051 was modified to increase the principal amount by $1.5 million. Payments deferred for thirty (30) months; first payment due and paid in November 2023; interest accrues during deferral period; loan not forgivable.[2]Restricted cash, noncurrent totaled $1.0 and $0.0 at March 31, 2024 and December 31, 2023, respectively. Restricted cash, noncurrent reflects amounts held by Veritex in a payment reserve account, which is required to have a balance of $1.0 million. Although the amount at December 31, 2023 was $0, the payment reserve account was fully replenished on January 2, 2024.[3]Loan requires monthly interest-only payments for the first thirty-six (36) months. Afterwards, principal and interest payments are due monthly through loan maturity. First payment due in November 2024. |
Note 3 - Related-party Transa_4
Note 3 - Related-party Transactions - Related Party Long-term Debt Outstanding (Details) - Related Party [Member] - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Less: Long-term debt, related party, current portion | $ 0 | $ 0 |
Less: Accrued interest payable, related party, current portion | 0 | 0 |
Long-Term Debt | 5,308 | 5,308 |
Lazarus Energy Holdings (LEH) [Member] | ||
Long-term debt, carrying amount | 5,308 | 5,308 |
Lazarus Energy Holdings (LEH) [Member] | BDPL-LEH Loan Agreement [Member] | ||
Long-term debt, carrying amount | $ 5,308 | $ 5,308 |
Note 3 - Related-party Transa_5
Note 3 - Related-party Transactions - Consolidated Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue from operations | $ 91,022 | $ 116,661 |
Interest expense, related party | 1,514 | 1,332 |
Tolling and Terminaling [Member] | ||
Revenue from operations | $ 91,022 | $ 116,661 |
Percentage of revenues from operations | 100% | 100% |
Lazarus Energy Holdings (LEH) [Member] | Refinery Operations [Member] | ||
Revenue from operations | $ 27,394 | $ 35,345 |
Percentage of revenues from operations | 30.10% | 30.30% |
Lazarus Energy Holdings (LEH) [Member] | Tolling and Terminaling [Member] | ||
Revenue from operations | $ 540 | $ 540 |
Percentage of revenues from operations | 0.60% | 0.50% |
Related Party [Member] | ||
Interest expense, related party | $ 305 | $ 365 |
Related Party [Member] | Jonathan Carroll [Member] | LE Term Loan Due 2034 [Member] | ||
Interest expense, related party | 98 | 102 |
Related Party [Member] | Jonathan Carroll [Member] | NPS Term Loan Due 2031 [Member] | ||
Interest expense, related party | 50 | 50 |
Related Party [Member] | Jonathan Carroll [Member] | LRM Term Loan Due 2034 [Member] | ||
Interest expense, related party | 41 | 43 |
Related Party [Member] | Jonathan Carroll [Member] | BDEC Term Loan Due 2051 [Member] | ||
Interest expense, related party | 10 | 10 |
Related Party [Member] | Lazarus Energy Holdings (LEH) [Member] | BDPL-LEH Loan Agreement [Member] | ||
Interest expense, related party | 106 | 160 |
Nonrelated Party [Member] | Refinery Operations [Member] | ||
Revenue from operations | $ 62,521 | $ 79,295 |
Percentage of revenues from operations | 68.70% | 68% |
Nonrelated Party [Member] | Tolling and Terminaling [Member] | ||
Revenue from operations | $ 567 | $ 1,481 |
Percentage of revenues from operations | 0.60% | 1.30% |
Note 4 - Revenue and Segment _3
Note 4 - Revenue and Segment Information (Details Textual) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Number of Reportable Segments | 2 |
Revenue, Remaining Performance Obligation, Amount | $ 0 |
Note 4 - Revenue and Segment _4
Note 4 - Revenue and Segment Information - Contract Balances (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Accounts receivable (including related-party), beginning of period | $ 4,300 | $ 1,148 |
Accounts receivable (including related-party), end of period | 11,826 | |
Unearned revenue, beginning of period | 3,243 | $ 3,888 |
Unearned revenue, end of period | $ 2,805 |
Note 4 - Revenue and Segment _5
Note 4 - Revenue and Segment Information - Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Revenues from operations | $ 91,022 | $ 116,661 | |
Gross profit | 11,830 | 20,504 | |
Other operating and general and administrative expenses | [1] | (1,295) | (1,478) |
Depreciation and amortization | (704) | (698) | |
Interest and other non-operating expenses, net | (1,366) | (1,330) | |
Income (loss) before income taxes | 8,465 | 16,999 | |
Income tax expense | (1,841) | (246) | |
Net income | 6,624 | 16,753 | |
Operating Segments [Member] | |||
Revenues from operations | 91,022 | 116,661 | |
Operation costs and expenses | [2] | (79,192) | (96,157) |
Gross profit | 11,830 | 20,504 | |
Consolidation, Eliminations [Member] | |||
Revenues from operations | [3] | 0 | 0 |
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member] | |||
Other operating and general and administrative expenses | [1] | (863) | (530) |
Depreciation and amortization | (61) | (52) | |
Interest and other non-operating expenses, net | (136) | (183) | |
Income (loss) before income taxes | (1,060) | (764) | |
Refinery Operations [Member] | |||
Revenues from operations | 89,915 | 114,640 | |
Refinery Operations [Member] | Operating Segments [Member] | |||
Revenues from operations | 89,915 | 114,640 | |
Operation costs and expenses | [2] | (78,782) | (95,799) |
Gross profit | 10,630 | 18,265 | |
Other operating and general and administrative expenses | [1] | (409) | (478) |
Depreciation and amortization | (301) | (304) | |
Interest and other non-operating expenses, net | (734) | (677) | |
Income (loss) before income taxes | 9,186 | 16,806 | |
Refinery Operations [Member] | Consolidation, Eliminations [Member] | |||
Revenues from operations | [3] | (503) | (576) |
Tolling and Terminaling [Member] | |||
Revenues from operations | 1,107 | 2,021 | |
Tolling and Terminaling [Member] | Operating Segments [Member] | |||
Revenues from operations | 1,107 | 2,021 | |
Operation costs and expenses | [2] | (410) | (358) |
Gross profit | 1,200 | 2,239 | |
Other operating and general and administrative expenses | [1] | (23) | (470) |
Depreciation and amortization | (342) | (342) | |
Interest and other non-operating expenses, net | (496) | (470) | |
Income (loss) before income taxes | 339 | 957 | |
Tolling and Terminaling [Member] | Consolidation, Eliminations [Member] | |||
Revenues from operations | [3] | $ 503 | $ 576 |
[1]General and administrative expenses within refinery operations includes the LEH operating fee, related party, other operating expenses, and accretion of asset retirement obligations.[2]Cost of goods sold within tolling and terminaling includes terminal operating expenses and an allocation of other costs (e.g., insurance and maintenance).[3]Fees associated with an intercompany tolling agreement related to naphtha volumes. |
Note 4 - Revenue and Segment _6
Note 4 - Revenue and Segment Information - Capital Expenditures (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Capital expenditures | $ 0 | $ 0 |
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member] | ||
Capital expenditures | 0 | 0 |
Refinery Operations [Member] | Operating Segments [Member] | ||
Capital expenditures | 0 | 0 |
Tolling and Terminaling [Member] | Operating Segments [Member] | ||
Capital expenditures | $ 0 | $ 0 |
Note 4 - Revenue and Segment _7
Note 4 - Revenue and Segment Information - Identifiable Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Identifiable assets | $ 108,484 | $ 106,077 |
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member] | ||
Identifiable assets | 1,577 | 3,048 |
Refinery Operations [Member] | Operating Segments [Member] | ||
Identifiable assets | 88,959 | 86,565 |
Tolling and Terminaling [Member] | Operating Segments [Member] | ||
Identifiable assets | $ 17,948 | $ 16,464 |
Note 5 - Concentration of Ris_2
Note 5 - Concentration of Risk (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |||
Jun. 01, 2019 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Cash, Uninsured Amount | $ 11,400 | $ 18,200 | ||
Lazarus Energy Holdings (LEH) [Member] | Customer Concentration Risk [Member] | Revenue from Contract with Customer Benchmark [Member] | ||||
Concentration Risk, Percentage | 30.70% | 30.30% | ||
Crude Supply Agreement With Tartan [Member] | Crude Oil [Member] | ||||
Accounts Payable | $ 1,300 | $ 0 | ||
Long-Term Purchase Commitment, Non-renewal Period (Day) | 60 days |
Note 5 - Concentration of Ris_3
Note 5 - Concentration of Risk - Risk Exposure (Details) | 3 Months Ended | |||
Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Portion of Accounts Receivable | $ 11,826,000 | $ 4,300,000 | $ 1,148,000 | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | ||||
Number of Significant Customers | 3 | 3 | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Three Customers [Member] | ||||
% Total Revenue from Operations | 81.30% | 65.70% | ||
Portion of Accounts Receivable | $ 11,700 | $ 11,600 |
Note 5 - Concentration of Ris_4
Note 5 - Concentration of Risk - Product Sales (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue from operations | $ 91,022 | $ 116,661 |
Refinery Operations [Member] | ||
Revenue from operations | $ 89,915 | $ 114,640 |
% of revenue | 100% | 100% |
LPG Mix [Member] | Refinery Operations [Member] | ||
Revenue from operations | $ 61 | $ 55 |
% of revenue | 0.10% | 0% |
Naphtha [Member] | Refinery Operations [Member] | ||
Revenue from operations | $ 18,113 | $ 20,729 |
% of revenue | 20.10% | 20.70% |
Jet Fuel [Member] | Refinery Operations [Member] | ||
Revenue from operations | $ 27,394 | $ 35,345 |
% of revenue | 30.50% | 35.90% |
HOBM [Member] | Refinery Operations [Member] | ||
Revenue from operations | $ 20,535 | $ 33,488 |
% of revenue | 22.80% | 18.30% |
AGO [Member] | Refinery Operations [Member] | ||
Revenue from operations | $ 23,812 | $ 25,023 |
% of revenue | 26.50% | 25.10% |
Note 6 - Prepaid Expenses and_3
Note 6 - Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Prepaid insurance | $ 623 | $ 1,168 |
Other prepaids | 473 | 230 |
Prepaid easement renewal fees | 26 | 32 |
Prepaid crude oil and condensate | 0 | 161 |
Prepaid Expense and Other Assets, Current | $ 1,122 | $ 1,591 |
Note 7 - Inventory - Schedule o
Note 7 - Inventory - Schedule of Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Inventory | $ 28,657 | $ 24,576 |
Naphtha [Member] | ||
Inventory | 12,680 | 8,782 |
Jet Fuel [Member] | ||
Inventory | 9,409 | 8,570 |
HOBM [Member] | ||
Inventory | 4,316 | 5,144 |
Crude Oil and Condensate [Member] | ||
Inventory | 1,889 | 1,494 |
Chemicals [Member] | ||
Inventory | 196 | 160 |
AGO [Member] | ||
Inventory | 125 | 392 |
Propane [Member] | ||
Inventory | 29 | 24 |
LPG Mix [Member] | ||
Inventory | $ 13 | $ 10 |
Note 8 - Property, Plant and _3
Note 8 - Property, Plant and Equipment, Net - Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Refinery and facilities | $ 72,675 | $ 72,675 |
Land | 566 | 566 |
Other property and equipment | 913 | 913 |
Property, Plant and Equipment, Gross, Excluding Construction in Progress | 74,154 | 74,154 |
Less: Accumulated depreciation and amortiation | (23,608) | (22,966) |
Property, Plant and Equipment, Net, Excluding Construction in Progress | 50,546 | 51,188 |
Construction in progress | 3,770 | 3,770 |
Property, Plant and Equipment, Net | $ 54,316 | $ 54,958 |
Note 9 - Accrued Expenses and_3
Note 9 - Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Accrued fines and penalties | $ 522 | $ 522 |
Insurance | 264 | 467 |
Other payable | 165 | 297 |
Taxes payable | 160 | 142 |
Board of director fees payable | 0 | 250 |
Accrued Liabilities and Other Liabilities, Current | 4,079 | 5,084 |
Contracts With Customers [Member] | ||
Unearned revenue from contracts | 2,805 | 3,243 |
Customer Deposits [Member] | ||
Unearned revenue from contracts | $ 163 | $ 163 |
Note 10 - Third-party Long-te_3
Note 10 - Third-party Long-term Debt (Details Textual) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||
Mar. 31, 2024 USD ($) a | Apr. 30, 2023 USD ($) | Oct. 31, 2021 | May 31, 2021 USD ($) | Aug. 31, 2020 | May 31, 2019 | Mar. 31, 2024 USD ($) a | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2017 USD ($) | Dec. 31, 2023 USD ($) | Jun. 30, 2006 USD ($) | ||||
Restricted Cash, Noncurrent | $ 1,000,000 | $ 1,000,000 | $ 5,000 | ||||||||||||
Amortization of Debt Issuance Costs | 50,000 | $ 51,000 | |||||||||||||
Repayments of Long-Term Debt | 345,000 | 560,000 | |||||||||||||
Small Business Administration SBA [Member] | BDEC Term Loan Due 2051 [Member] | |||||||||||||||
Debt Instrument, Face Amount | 2,000,000 | ||||||||||||||
Veritex Community Bank [Member] | LE Term Loan Due 2034 [Member] | |||||||||||||||
Debt Instrument, Face Amount | 25,000,000 | ||||||||||||||
Nonrelated Party [Member] | |||||||||||||||
Debt Instrument, Face Amount | [1] | 2,000,000 | 2,000,000 | ||||||||||||
Amortization of Debt Issuance Costs | 50,000 | 50,000 | |||||||||||||
Debt Instrument, Periodic Payment | [1] | 10,000 | |||||||||||||
Nonrelated Party [Member] | Kissick Forbearance Agreement [Member] | |||||||||||||||
Debt Instrument, Periodic Payment | $ 500,000 | 500,000 | |||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 400,000 | 400,000 | 400,000 | ||||||||||||
Repayments of Notes Payable | 1,500,000 | $ 0 | |||||||||||||
Nonrelated Party [Member] | John Kissick [Member] | Kissick Debt [Member] | |||||||||||||||
Debt Instrument, Face Amount | 11,700,000 | [2] | 11,700,000 | [2] | $ 8,000,000 | ||||||||||
Proceeds from Issuance of Debt | $ 3,700,000 | ||||||||||||||
Debt Instrument, Periodic Payment | [2] | 500,000 | |||||||||||||
Nonrelated Party [Member] | Greater Nevada Credit Union (GNCU) [Member] | NPS Term Loan Due 2031 [Member] | |||||||||||||||
Debt Instrument, Face Amount | [3] | $ 10,000,000 | 10,000,000 | ||||||||||||
Debt Instrument, Period of Interest Only Payments (Month) | 36 months | ||||||||||||||
Debt Instrument, Periodic Payment | [3] | $ 100,000 | |||||||||||||
Area of Land (Acre) | a | 56 | 56 | |||||||||||||
Nonrelated Party [Member] | Small Business Administration SBA [Member] | |||||||||||||||
Debt Instrument, Payment Deferral Period (Month) | 30 months | ||||||||||||||
Nonrelated Party [Member] | Small Business Administration SBA [Member] | BDEC Term Loan Due 2051 [Member] | |||||||||||||||
Debt Instrument, Face Amount | $ 500,000 | ||||||||||||||
Proceeds from Issuance of Debt | $ 1,500,000 | ||||||||||||||
Debt Instrument, Payment Deferral Period (Month) | 30 months | ||||||||||||||
Nonrelated Party [Member] | Texas First Rentals, LLC [Member] | Equipment Loan Due 2025 [Member] | |||||||||||||||
Debt Instrument, Face Amount | [4] | $ 70,000 | $ 70,000 | ||||||||||||
Debt Instrument, Term (Month) | 12 months | ||||||||||||||
Debt Instrument, Periodic Payment | [4] | 1,300 | |||||||||||||
Nonrelated Party [Member] | Veritex Community Bank [Member] | |||||||||||||||
Repayments of Long-Term Debt | 4,300,000 | ||||||||||||||
Escrow Deposit | 1,000,000 | 1,000,000 | |||||||||||||
Legal Fees | 40,000 | ||||||||||||||
Nonrelated Party [Member] | Veritex Community Bank [Member] | LE Term Loan Due 2034 [Member] | |||||||||||||||
Debt Instrument, Face Amount | [5] | 25,000,000 | 25,000,000 | ||||||||||||
Escrow Deposit | 1,000,000 | 1,000,000 | |||||||||||||
Debt Instrument, Periodic Payment | [5] | 300,000 | |||||||||||||
Debt Instrument, Collateral Amount | 5,000,000 | 5,000,000 | |||||||||||||
Nonrelated Party [Member] | Veritex Community Bank [Member] | |||||||||||||||
Restricted Cash, Noncurrent | 1,000,000 | 1,000,000 | $ 0 | ||||||||||||
Restricted Cash Noncurrent, Minimum Required Amount | $ 1,000,000 | $ 1,000,000 | |||||||||||||
[1]Original principal amount was $0.5 million; the Blue Dolphin Term Loan Due 2051 was modified to increase the principal amount by $1.5 million. Payments deferred for thirty (30) months; first payment due and paid in November 2023; interest accrues during deferral period; loan not forgivable.[2]Original principal amount was $8.0 million; pursuant to a 2017 sixth amendment, principal under the Kissick Debt increased by $3.7 million.[3]Loan requires monthly interest-only payments for the first thirty-six (36) months. Afterwards, principal and interest payments are due monthly through loan maturity. First payment due in November 2024.[4]In May 2019, LE entered into 12-month equipment rental agreement with an option to purchase backhoe at maturity; equipment rental agreement matured in May 2020; in October 2020, LE entered into the Equipment Loan Due 2025 to finance the backhoe purchase; backhoe used at the Nixon facility.[5]Restricted cash, noncurrent totaled $1.0 and $0.0 at March 31, 2024 and December 31, 2023, respectively. Restricted cash, noncurrent reflects amounts held by Veritex in a payment reserve account, which is required to have a balance of $1.0 million. Although the amount at December 31, 2023 was $0, the payment reserve account was fully replenished on January 2, 2024. |
Note 10 - Third-party Long-te_4
Note 10 - Third-party Long-term Debt - Loan Agreements Summary (Details) - USD ($) | 3 Months Ended | |||||
Mar. 31, 2024 | Dec. 31, 2023 | May 31, 2021 | Jun. 30, 2006 | |||
Nonrelated Party [Member] | ||||||
Original principal amount | [1] | $ 2,000,000 | ||||
Monthly principal and interest payment | [1] | 10,000 | ||||
LE Term Loan Due 2034 [Member] | Veritex Community Bank [Member] | ||||||
Original principal amount | $ 25,000,000 | |||||
LE Term Loan Due 2034 [Member] | Veritex Community Bank [Member] | Nonrelated Party [Member] | ||||||
Original principal amount | [2] | 25,000,000 | ||||
Monthly principal and interest payment | [2] | 300,000 | ||||
LRM Term Loan Due 2034 [Member] | Veritex Community Bank [Member] | ||||||
Original principal amount | 10,000,000 | |||||
LRM Term Loan Due 2034 [Member] | Veritex Community Bank [Member] | Nonrelated Party [Member] | ||||||
Original principal amount | [2] | 10,000,000 | ||||
Monthly principal and interest payment | [2] | 100,000 | ||||
Kissick Debt [Member] | John Kissick [Member] | Nonrelated Party [Member] | ||||||
Original principal amount | 11,700,000 | [3] | $ 8,000,000 | |||
Monthly principal and interest payment | [3] | $ 500,000 | ||||
Maturity date | [3] | Jan. 31, 2018 | ||||
Interest rate | [3] | 6.25% | ||||
NPS Term Loan Due 2031 [Member] | Greater Nevada Credit Union (GNCU) [Member] | Nonrelated Party [Member] | ||||||
Original principal amount | [4] | $ 10,000,000 | ||||
Monthly principal and interest payment | [4] | $ 100,000 | ||||
Maturity date | [4] | Oct. 31, 2031 | ||||
Interest rate | [4] | 5.75% | ||||
Blue Dolphin Term Loan Due 2051 [Member] | Small Business Administration SBA [Member] | Nonrelated Party [Member] | ||||||
Maturity date | [1] | Jun. 30, 2051 | ||||
BDEC Term Loan Due 2051 [Member] | Small Business Administration SBA [Member] | ||||||
Original principal amount | $ 2,000,000 | |||||
BDEC Term Loan Due 2051 [Member] | Small Business Administration SBA [Member] | Nonrelated Party [Member] | ||||||
Original principal amount | $ 500,000 | |||||
Interest rate | [1] | 3.75% | ||||
LE Term Loan Due 2050 [Member] | Small Business Administration SBA [Member] | Nonrelated Party [Member] | ||||||
Original principal amount | [5] | $ 150,000 | ||||
Monthly principal and interest payment | [5] | $ 700 | ||||
Maturity date | [5] | Aug. 31, 2050 | ||||
Interest rate | [5] | 3.75% | ||||
NPS Term Loan Due 2050 [Member] | Small Business Administration SBA [Member] | Nonrelated Party [Member] | ||||||
Original principal amount | [5] | $ 150,000 | ||||
Monthly principal and interest payment | [5] | $ 700 | ||||
Maturity date | [5] | Aug. 31, 2050 | ||||
Interest rate | [5] | 3.75% | ||||
Equipment Loan Due 2025 [Member] | Texas First Rentals, LLC [Member] | Nonrelated Party [Member] | ||||||
Original principal amount | [6] | $ 70,000 | ||||
Monthly principal and interest payment | [6] | $ 1,300 | ||||
Maturity date | [6] | Oct. 31, 2025 | ||||
Interest rate | [6] | 4.50% | ||||
[1]Original principal amount was $0.5 million; the Blue Dolphin Term Loan Due 2051 was modified to increase the principal amount by $1.5 million. Payments deferred for thirty (30) months; first payment due and paid in November 2023; interest accrues during deferral period; loan not forgivable.[2]Restricted cash, noncurrent totaled $1.0 and $0.0 at March 31, 2024 and December 31, 2023, respectively. Restricted cash, noncurrent reflects amounts held by Veritex in a payment reserve account, which is required to have a balance of $1.0 million. Although the amount at December 31, 2023 was $0, the payment reserve account was fully replenished on January 2, 2024.[3]Original principal amount was $8.0 million; pursuant to a 2017 sixth amendment, principal under the Kissick Debt increased by $3.7 million.[4]Loan requires monthly interest-only payments for the first thirty-six (36) months. Afterwards, principal and interest payments are due monthly through loan maturity. First payment due in November 2024.[5]Payments deferred for thirty (30) months; first payment made in February 2023; interest accrued during deferral period; loan not forgivable.[6]In May 2019, LE entered into 12-month equipment rental agreement with an option to purchase backhoe at maturity; equipment rental agreement matured in May 2020; in October 2020, LE entered into the Equipment Loan Due 2025 to finance the backhoe purchase; backhoe used at the Nixon facility. |
Note 10 - Third-party Long-te_5
Note 10 - Third-party Long-term Debt - Outstanding Debt (Details) - Nonrelated Party [Member] - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Long-term debt | $ 45,968 | $ 47,728 |
Less: Long-term debt, related party, current portion | (40,581) | (39,440) |
Less: Unamortized debt issue costs | (1,896) | (1,947) |
Less: Accrued interest payable | (1,182) | (2,596) |
Long-Term Debt, Excluding Current Maturities | 2,309 | 3,745 |
Veritex Community Bank [Member] | LE Term Loan Due 2034 [Member] | ||
Long-term debt | 19,607 | 19,858 |
Less: Accrued interest payable | (176) | (181) |
Veritex Community Bank [Member] | LRM Term Loan Due 2034 [Member] | ||
Long-term debt | 8,163 | 8,260 |
Less: Accrued interest payable | (69) | (70) |
John Kissick [Member] | Kissick Debt [Member] | ||
Long-term debt | 5,751 | 7,147 |
Less: Accrued interest payable | (773) | (2,169) |
Greater Nevada Credit Union (GNCU) [Member] | NPS Term Loan Due 2031 [Member] | ||
Long-term debt | 9,975 | 9,975 |
Less: Accrued interest payable | (17) | (17) |
Small Business Administration SBA [Member] | BDEC Term Loan Due 2051 [Member] | ||
Long-term debt | 2,125 | 2,135 |
Less: Accrued interest payable | (125) | (135) |
Small Business Administration SBA [Member] | LE Term Loan Due 2050 [Member] | ||
Long-term debt | 161 | 162 |
Less: Accrued interest payable | (11) | (12) |
Small Business Administration SBA [Member] | NPS Term Loan Due 2050 [Member] | ||
Long-term debt | 161 | 162 |
Texas First Rentals, LLC [Member] | Equipment Loan Due 2025 [Member] | ||
Long-term debt | $ 25 | $ 29 |
Note 10 - Third-party Long-te_6
Note 10 - Third-party Long-term Debt - Unamortized Debt Issuance Costs (Details) - Nonrelated Party [Member] - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Less: Accumulated amortization | $ (1,276) | $ (1,225) |
Debt Issuance Costs, Net | 1,896 | 1,947 |
Veritex Community Bank [Member] | LE Term Loan Due 2034 [Member] | ||
Unamortized debt issue costs, gross | 1,674 | 1,674 |
Veritex Community Bank [Member] | LRM Term Loan Due 2034 [Member] | ||
Unamortized debt issue costs, gross | 768 | 768 |
Greater Nevada Credit Union (GNCU) [Member] | NPS Term Loan Due 2031 [Member] | ||
Unamortized debt issue costs, gross | $ 730 | $ 730 |
Note 10 - Third-party Long-te_7
Note 10 - Third-party Long-term Debt - Accrued Interest (Details) - Nonrelated Party [Member] - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Accrued interest | $ 1,182 | $ 2,596 |
Less: Accrued interest payable | (1,182) | (2,596) |
Long-term Interest Payable, Net of Current Portion | 0 | 0 |
Kissick Debt [Member] | John Kissick [Member] | ||
Accrued interest | 773 | 2,169 |
LE Term Loan Due 2034 [Member] | Veritex Community Bank [Member] | ||
Accrued interest | 176 | 181 |
LRM Term Loan Due 2034 [Member] | Veritex Community Bank [Member] | ||
Accrued interest | 69 | 70 |
NPS Term Loan Due 2031 [Member] | Greater Nevada Credit Union (GNCU) [Member] | ||
Accrued interest | 17 | 17 |
BDEC Term Loan Due 2051 [Member] | Small Business Administration SBA [Member] | ||
Accrued interest | 125 | 135 |
LE Term Loan Due 2050 [Member] | Small Business Administration SBA [Member] | ||
Accrued interest | 11 | 12 |
NPS Term Loan Due 2053 [Member] | Small Business Administration SBA [Member] | ||
Accrued interest | $ 11 | $ 12 |
Note 11 - AROs (Details Textual
Note 11 - AROs (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2024 | Jan. 26, 2024 | Dec. 31, 2023 | Oct. 24, 2023 | Dec. 31, 2022 |
Asset Retirement Obligation | $ 4,504 | $ 3,710 | |||
Loss Contingency, Estimate of Possible Loss | $ 1,505 | 823 | |||
Blue Dolphin Pipe Line Company (BDPL) [Member] | |||||
Asset Retirement Obligation | 3,000 | 4,500 | |||
Blue Dolphin Pipe Line Company (BDPL) [Member] | Bureau of Safety and Environmental Enforcement (BSEE) [Member] | |||||
Estimated Litigation Liability | 0 | 0 | |||
Asset Retirement Obligation | 3,000 | $ 4,500 | |||
Blue Dolphin Pipe Line Company (BDPL) [Member] | Bureau of Safety and Environmental Enforcement (BSEE) [Member] | Civil Penalty [Member] | |||||
Loss Contingency, Estimate of Possible Loss | 200 | $ 200 | $ 200 | ||
Loss Contingency Accrual | $ 200 |
Note 11 - AROs - ARO Liability
Note 11 - AROs - ARO Liability (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
AROs, at the beginning of the period | $ 4,504 | $ 3,710 | $ 3,710 |
Changes in estimates of existing obligations | 0 | 1,558 | |
Liabilities settled | (1,505) | (823) | |
Accretion of asset retirement obligations | 0 | $ 35 | 59 |
Less: AROs, current portion | (2,999) | (4,504) | |
Long-term AROs, at the end of the period | $ 0 | $ 0 |
Note 12 - Lease Obligations (De
Note 12 - Lease Obligations (Details Textual) - USD ($) | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Sep. 01, 2023 | Aug. 31, 2023 | |
Operating Lease, Expense | $ 300,000 | $ 100,000 | ||
Lazarus Energy Holdings (LEH) [Member] | ||||
Sublease Income | 10,000 | 10,000 | ||
Office Lease of Corporate Headquarters in Houston, Texas [Member] | ||||
Rent per Square Foot | $ 30 | $ 31 | ||
Lessee, Operating Lease, Monthly Rent Expense | $ 20,000 | |||
Office Lease of Corporate Headquarters in Houston, Texas [Member] | Lazarus Energy Holdings (LEH) [Member] | ||||
Sublease Income | $ 10,000 | $ 10,000 |
Note 12 - Lease Obligations - L
Note 12 - Lease Obligations - Lease-related Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Operating lease ROU assets | $ 994 | $ 787 |
Less: Accumulated amortization on operating lease assets | (894) | (629) |
Total lease assets | 100 | 158 |
Operating lease, current | 93 | 147 |
Operating lease, noncurrent | 0 | 0 |
Total lease liabilities | $ 93 | $ 147 |
Note 12 - Lease Obligations - W
Note 12 - Lease Obligations - Weighted Average Remaining Lease Term and Discount Rate (Details) | Mar. 31, 2024 |
Operating lease, Weighted average remaining lease term in years (Year) | 5 months 1 day |
Operating lease, Weighted average discount rate | 8.25% |
Note 12 - Lease Obligations -_2
Note 12 - Lease Obligations - Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating lease costs | $ 62 | $ 51 |
Total lease cost | 362 | 151 |
Short-Term Lease Expense [Member] | ||
Short-term lease expense, related party | $ 300 | $ 100 |
Note 12 - Lease Obligations - S
Note 12 - Lease Obligations - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating cash flows for operating lease | $ 54 | $ 57 |
Note 12 - Lease Obligations - M
Note 12 - Lease Obligations - Maturities of Lease Liabilities (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
2025 | $ 93 |
Lessee, Operating Lease, Liability, to be Paid | $ 93 |
Note 12 - Lease Obligations - F
Note 12 - Lease Obligations - Future Minimum Annual Lease Commitments (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
2025 | $ 96 |
Lessee, Operating Lease, Minimum Lease Commitments, to be Paid | $ 96 |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2012 |
Operating Loss Carryforwards | $ 23,901 | $ 28,640 | $ 50,771 | $ 16,300 |
Operating Loss Carryforwards, Estimate of Annual Use Limitation | 600 | |||
Operating Loss Carryforwards, Estimate of Expiring Unused | $ 6,700 |
Note 13 - Income Taxes - Provis
Note 13 - Income Taxes - Provision for Income Tax Benefit (Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Federal | $ (215) | $ (115) |
State | (81) | (131) |
Federal | (1,545) | (3,427) |
Change in valuation allowance | 0 | 3,427 |
Total provision for income taxes | $ (1,841) | $ (246) |
Note 13 - Income Taxes - Deferr
Note 13 - Income Taxes - Deferred Income Taxes (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
NOL and capital loss carryforwards | $ 5,019 | $ 6,014 |
Business interest expense | 2,333 | 2,534 |
Start-up costs (crude oil and condensate processing facility) | 233 | 254 |
ARO liability/deferred revenue | 630 | 946 |
Other | 59 | 54 |
Total deferred tax assets | 8,274 | 9,802 |
Basis differences in property and equipment | (8,383) | (8,366) |
Total deferred tax liabilities | (8,383) | (8,366) |
Deferred Tax Assets (Liabilities), Gross | (109) | 1,436 |
Deferred liabilities, net | $ (109) | |
Deferred tax assets, net | $ 1,436 |
Note 13 - Income Taxes - NOL Ca
Note 13 - Income Taxes - NOL Carryforwards (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Balance at December 31, 2022 | $ 28,640 | $ 50,771 |
Net operating losses used and expired | (4,739) | (22,131) |
Balance at December 31, 2023 | 23,901 | 28,640 |
Pre-Ownership Change [Member] | ||
Balance at December 31, 2022 | 4,509 | 5,147 |
Net operating losses used and expired | (638) | (638) |
Balance at December 31, 2023 | 3,871 | 4,509 |
Post-ownership change [Member] | ||
Balance at December 31, 2022 | 24,131 | 45,624 |
Net operating losses used and expired | (4,101) | (21,493) |
Balance at December 31, 2023 | $ 20,030 | $ 24,131 |
Note 14 - Earnings and Divide_3
Note 14 - Earnings and Dividends Per Share (Details Textual) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Weighted Average Number of Shares Outstanding, Diluted, Adjustment (in shares) | 0 | 0 |
Note 14 - Earnings and Divide_4
Note 14 - Earnings and Dividends Per Share - Reconciliation Between Basic and Diluted Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net income | $ 6,624 | $ 16,753 |
Basic and diluted income per share (in dollars per share) | $ 0.44 | $ 1.12 |
Basic and diluted shares used in computing earnings per share (in shares) | 14,921,968 | 14,921,968 |
Note 15 - Commitments and Con_2
Note 15 - Commitments and Contingencies (Details Textual) | 1 Months Ended | 11 Months Ended | 15 Months Ended | |||||||||||||
Feb. 19, 2024 USD ($) | May 09, 2019 | Sep. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | Apr. 30, 2023 USD ($) | Jan. 31, 2023 USD ($) | Oct. 31, 2021 USD ($) | Nov. 30, 2022 USD ($) | Mar. 31, 2024 USD ($) | Jan. 26, 2024 USD ($) | Dec. 31, 2023 USD ($) | Oct. 24, 2023 USD ($) | Dec. 31, 2022 USD ($) | Oct. 24, 2022 bbl | Mar. 31, 2018 USD ($) | Feb. 28, 2018 USD ($) | |
Loss Contingency, Estimate of Possible Loss | $ 1,505,000 | $ 823,000 | ||||||||||||||
Asset Retirement Obligation | 4,504,000 | $ 3,710,000 | ||||||||||||||
Payments for Loans | $ 200,000 | $ 1,100,000 | $ 1,500,000 | |||||||||||||
Proceeds from Sale of Oil and Gas Property and Equipment | $ 185,000 | |||||||||||||||
Surety Bonds | 230,000 | 230,000 | ||||||||||||||
Civil Penalty | 200,000 | $ 200,000 | $ 200,000 | |||||||||||||
Rli Surety Bonds [Member] | ||||||||||||||||
Customer Funds | 1,250,000 | |||||||||||||||
Collateralized Financings | 200,000 | |||||||||||||||
Letters of Credit Outstanding, Amount | $ 1,000,000 | |||||||||||||||
Guarantor Obligations, Liquidation Proceeds, Percentage | 50% | |||||||||||||||
Rli Surety Bonds [Member] | Minimum [Member] | ||||||||||||||||
Customer Funds | $ 1,250,000 | |||||||||||||||
Rli Surety Bonds [Member] | Maximum [Member] | ||||||||||||||||
Customer Funds | 250,000 | |||||||||||||||
Informal Settlement Agreement With OSHA [Member] | ||||||||||||||||
Litigation Settlement, Fee Expense | $ 50,000 | |||||||||||||||
RLI Filing for Injunction of Payment [Member] | Pending Litigation [Member] | ||||||||||||||||
Loss Contingency, Damages Sought, Value | $ 1,000,000 | |||||||||||||||
TCEQ Proposed Agreed Order [Member] | Pending Litigation [Member] | ||||||||||||||||
Estimated Litigation Liability | 400,000 | |||||||||||||||
Loss Contingency, Damages Sought, Value | $ 350,000 | $ 400,000 | ||||||||||||||
Blue Dolphin Pipe Line Company (BDPL) [Member] | ||||||||||||||||
Asset Retirement Obligation | 3,000,000 | 4,500,000 | ||||||||||||||
Blue Dolphin Pipe Line Company (BDPL) [Member] | Bureau of Safety and Environmental Enforcement (BSEE) [Member] | ||||||||||||||||
Estimated Litigation Liability | 0 | 0 | ||||||||||||||
Asset Retirement Obligation | 3,000,000 | $ 4,500,000 | ||||||||||||||
Blue Dolphin Pipe Line Company (BDPL) [Member] | Bureau of Safety and Environmental Enforcement (BSEE) [Member] | Civil Penalty [Member] | ||||||||||||||||
Loss Contingency, Estimate of Possible Loss | 200,000 | $ 200,000 | $ 200,000 | |||||||||||||
Blue Dolphin Pipe Line Company (BDPL) [Member] | Bureau of Ocean Energy Management (BOEM) [Member] | ||||||||||||||||
Estimated Litigation Liability | 0 | |||||||||||||||
Financial Assurance for Decommissioning of Pipeline in Federal Waters | $ 900,000 | |||||||||||||||
Additional Financial Assurance for Pipeline Rights-of-way | $ 4,800,000 | |||||||||||||||
Number of Pipeline Rights-of-way | 5 | |||||||||||||||
Financial Assurance Increase (decrease) For Pipeline | $ 3,900,000 | |||||||||||||||
Surety Bonds | 900,000 | |||||||||||||||
Credit-baked Surety Bonds | 700,000 | |||||||||||||||
Cash-backed Surety Bonds | $ 200,000 | |||||||||||||||
Pilot Travel Centers LLC [Member] | Terminal Services Agreement With Nixon [Member] | ||||||||||||||||
Long-Term Purchase Commitment, Non-renewal Period (Day) | 60 days | |||||||||||||||
Oil and Gas Properties, Volume Sold (Barrel of Oil) | bbl | 185,000 |