Jet Fuel was Blue Dolphin Energy’s largest segment in fiscal 2025, bringing in $98.13M of $278.49M (35%).
| Segment | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Refinery Operations | $173.65M | $123.40M | — | — |
| Jet Fuel | $173.65M | $123.40M | $114.01M | $98.13M |
| Ago | $120.88M | $97.32M | $82.36M | $73.92M |
| Naphtha | $99.95M | $76.05M | $77.85M | $60.47M |
| Hobm | $88.47M | $92.95M | $39.05M | $43.67M |
| Tolling & Terminaling | $4.08M | $3.87M | $2.16M | $2.25M |
| Lpg Mix | $122.00K | $302.00K | $318.00K | $48.00K |
| Total | $660.79M | $517.28M | $315.74M | $278.49M |
Blue Dolphin Energy brought in $278.49M from its six segments in fiscal 2025, the year ended December 31, 2025. That was down 11.8% from $315.74M in fiscal 2024. Jet Fuel was the largest at $98.13M (35.2%), ahead of Ago at $73.92M (26.5%) and Naphtha at $60.47M (21.7%). The other three segments brought in $45.97M combined.
Compared with fiscal 2024, Hobm grew fastest, up 11.8% to $43.67M, while Naphtha fell the most, down 22.3% to $60.47M.
Blue Dolphin Energy stopped reporting Refinery Operations as a separate segment after fiscal 2023, when it brought in $123.40M.
Refinery Operations was Blue Dolphin Energy’s largest segment in fiscal 2025, bringing in $98.13M of $101.27M (97%).
| Statement Business Segments | FY 2012 | FY 2013 | FY 2014 | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Refinery Operations | $173.65M | $123.40M | $114.01M | $98.13M | |||||||||
| Segment Refinery Operations | — | — | — | — | |||||||||
| Tolling & Terminaling | $4.44M | $8.62M | $3.94M | $3.14M | |||||||||
| Segment Pipeline Transportation | — | — | — | — | |||||||||
| Corporate & Other | — | — | — | — | |||||||||
| Oil & Gas Exploration And Production | — | — | — | — | |||||||||
| Total | $178.09M | $132.02M | $117.95M | $101.27M |
Blue Dolphin Energy brought in $101.27M from its two segments in fiscal 2025, the year ended December 31, 2025. That is less than the $278.49M it reports by segment, so these segments do not cover all of its revenue. Refinery Operations was the largest at $98.13M (96.9%), ahead of Tolling & Terminaling at $3.14M (3.1%).
Compared with fiscal 2024, Refinery Operations fell 13.9% to $98.13M and Tolling & Terminaling fell 20.3% to $3.14M.
Nonrelated Party was Blue Dolphin Energy’s largest revenue line in fiscal 2025, bringing in $177.76M of $276.24M (64%).
| Related and Nonrelated Parties | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Nonrelated Party | $309.42M | $266.62M | $218.00M | $177.76M |
| Lazarus Energy Holdings (Leh) | $173.65M | $123.40M | $95.58M | $98.48M |
| Total | $483.06M | $390.02M | $313.58M | $276.24M |
Blue Dolphin Energy brought in $276.24M from its two revenue lines in fiscal 2025, the year ended December 31, 2025. That was down 11.9% from $313.58M in fiscal 2024. Nonrelated Party was the largest at $177.76M (64.4%), ahead of Lazarus Energy Holdings (Leh) at $98.48M (35.6%).
Compared with fiscal 2024, Lazarus Energy Holdings (Leh) grew 3.0% to $98.48M, while Nonrelated Party fell 18.5% to $177.76M. From fiscal 2022 to 2025, combined revenue from these revenue lines fell from $483.06M to $276.24M, a compound annual decline of 17.0%. Nonrelated Party's share held steady at about 64.4%.
Blue Dolphin Energy (BDCO) reports its revenue by segment, by statement business segments and by related and nonrelated parties. In fiscal 2025, Jet Fuel was its largest segment, bringing in $98.13M (35.2% of the total), followed by Ago at $73.92M (26.5%).
Jet Fuel was Blue Dolphin Energy's largest segment in fiscal 2025, bringing in $98.13M, or 35.2% of the $278.49M total across its six segments.
Nonrelated Party was Blue Dolphin Energy's largest revenue line in fiscal 2025, bringing in $177.76M, or 64.4% of the $276.24M total across its two revenue lines.
Among Blue Dolphin Energy's segments that make up at least 2% of revenue, Hobm grew fastest in fiscal 2025, up 11.8% from $39.05M to $43.67M.
Every figure comes from Blue Dolphin Energy's annual financial filings, as reported. Each line keeps the name Blue Dolphin Energy gives it, and years follow its fiscal calendar.
Blue Dolphin Energy's revenue by segment goes back to fiscal 2022, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.