BLUE DOLPHIN ENERGY Business Summary

Blue Dolphin Energy Company (BDCO) is an independent downstream energy company that generates revenue primarily through the refining and marketing of petroleum products and the provision of logistics services in the U.S. Gulf Coast region. The company operates through two primary business segments: Refinery Operations and Tolling and Terminaling Services. Its core asset is the Nixon refinery in Texas, a 15,000 barrels per day (bpd) crude distillation tower that processes light sweet crude and condensate into jet fuel, naphtha, and atmospheric gas oil. Revenue in the refinery segment is driven by refined product sales, while the tolling and terminaling segment earns fees from storage tank rentals, in-tank blending, and reservation services across its 1.25 million barrels of petroleum storage capacity. BDCO competes directly with larger independent refiners and integrated energy firms such as Par Pacific Holdings, Marathon Petroleum, Citgo Petroleum, and Valero Energy, positioning itself as a niche, small-cap operator focused on the Eagle Ford Shale production area. The company, originally incorporated in 1986, is currently led by Chairman, President, and CEO Jonathan P. Carroll, who assumed leadership in 2012 and is the majority owner through Lazarus Energy Holdings, LLC (LEH). Carroll, a former private investor specializing in distressed assets, oversees a management team that includes Bryce D. Klug, who was appointed as Treasurer and Principal Financial and Accounting Officer in September 2024, bringing nearly two decades of oil and gas experience from previous roles at Nassau Bay Investments. The Board of Directors features seasoned industry professionals, including Herbert N. Whitney, former President of CITGO Pipeline Company, and independent directors Christopher T. Morris and Ryan A. Bailey, who contribute expertise in strategic planning and institutional investment. As of February 2026, the company remains tightly held, with LEH and Carroll controlling approximately 83% of the outstanding common stock.