Refinery Operations was Blue Dolphin Energy’s largest segment in fiscal 2025, bringing in $276.24M of $279.39M (99%).
| Segment | FY 2012 | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Refinery Operations | $483.06M | $390.02M | $313.58M | $276.24M | ||||||||
| Segment Refinery Operations | — | — | — | — | ||||||||
| Tolling & Terminaling | $4.44M | $6.03M | $6.58M | $5.96M | ||||||||
| Segment Pipeline Transportation | — | — | — | — | ||||||||
| Corporate & Other | — | — | — | — | ||||||||
| Oil & Gas Exploration And Production | — | — | — | — | ||||||||
| Consolidation, Eliminations | — | — | -$2.64M | -$2.82M | ||||||||
| Total | $487.50M | $396.05M | $317.52M | $279.39M |
Blue Dolphin Energy brought in $279.39M from its three segments in fiscal 2025, the year ended December 31, 2025. That was down 12.0% from $317.52M in fiscal 2024. Refinery Operations was the largest at $276.24M (98.9%), ahead of Tolling & Terminaling at $5.96M (2.1%).
Compared with fiscal 2024, Tolling & Terminaling fell 9.4% to $5.96M and Refinery Operations fell 11.9% to $276.24M.
Blue Dolphin Energy began breaking out Consolidation, Eliminations in fiscal 2024, when it brought in -$2.64M. The total is net of Consolidation, Eliminations, which took $2.82M off revenue in fiscal 2025.
Jet Fuel was Blue Dolphin Energy’s largest product and service line in fiscal 2025, bringing in $98.13M of $279.39M (35%).
| Product and Service | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Jet Fuel | $123.40M | $114.01M | $98.13M |
| Ago | $97.32M | $82.36M | $73.92M |
| Naphtha | $76.05M | $77.85M | $60.47M |
| Hobm | $92.95M | $39.05M | $43.67M |
| Tolling & Terminaling | $6.03M | $3.94M | $3.14M |
| Lpg Mix | $302.00K | $318.00K | $48.00K |
| Total | $396.05M | $317.52M | $279.39M |
Blue Dolphin Energy brought in $279.39M from its six product and service lines in fiscal 2025, the year ended December 31, 2025. That was down 12.0% from $317.52M in fiscal 2024. Jet Fuel was the largest at $98.13M (35.1%), ahead of Ago at $73.92M (26.5%) and Naphtha at $60.47M (21.6%). The other three lines brought in $46.86M 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. From fiscal 2023 to 2025, combined revenue from these lines fell from $396.05M to $279.39M, a compound annual decline of 16.0%. Jet Fuel's share of the total rose from 31.2% to 35.1%.
Nonrelated Party was Blue Dolphin Energy’s largest revenue line in fiscal 2025, bringing in $178.66M of $279.39M (64%).
| Related and Nonrelated Parties | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Nonrelated Party | $313.50M | $270.49M | $219.78M | $178.66M |
| Lazarus Energy Holdings (Leh) | $174.01M | $125.56M | $97.74M | $100.73M |
| Total | $487.50M | $396.05M | $317.52M | $279.39M |
Blue Dolphin Energy brought in $279.39M from its two revenue lines in fiscal 2025, the year ended December 31, 2025. That was down 12.0% from $317.52M in fiscal 2024. Nonrelated Party was the largest at $178.66M (63.9%), ahead of Lazarus Energy Holdings (Leh) at $100.73M (36.1%).
Compared with fiscal 2024, Lazarus Energy Holdings (Leh) grew 3.1% to $100.73M, while Nonrelated Party fell 18.7% to $178.66M. From fiscal 2022 to 2025, combined revenue from these revenue lines fell from $487.50M to $279.39M, a compound annual decline of 16.9%. Nonrelated Party's share held steady at about 63.9%.
Blue Dolphin Energy (BDCO) reports its revenue by segment, by product and service and by related and nonrelated parties. In fiscal 2025, Refinery Operations was its largest segment, bringing in $276.24M (98.9% of the total), followed by Tolling & Terminaling at $5.96M (2.1%).
Refinery Operations was Blue Dolphin Energy's largest segment in fiscal 2025, bringing in $276.24M, or 98.9% of the $279.39M total across its three segments.
Jet Fuel was Blue Dolphin Energy's largest product and service line in fiscal 2025, bringing in $98.13M, or 35.1% of the $279.39M total across its six product and service lines.
Nonrelated Party was Blue Dolphin Energy's largest revenue line in fiscal 2025, bringing in $178.66M, or 63.9% of the $279.39M total across its two revenue lines.
Among Blue Dolphin Energy's product and service lines 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 2012, 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.