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Article: Blue Dolphin Energy Company Reports Year-End Results.
- Article from:
- PR Newswire
- Article date:
- March 28, 2002
CopyrightCOPYRIGHT 2002 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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HOUSTON -- Blue Dolphin Energy Company reported revenues of $5.7 million for the year ended December 31, 2001, compared to revenues of $7.9 million for the year ended December 31, 2000. The decrease in revenues was caused primarily by the sale of the Black Marlin Pipeline System in January 2001. For 2001 the Company reported a net loss of $2.6 million, primarily due to asset impairments totaling $2.7 million. The asset impairments were comprised of a full $1.9 million impairment of the Company's Petroport and Sabine Seaport projects recorded in the fourth quarter, and a $1.0 million impairment recorded in the first quarter, due to an increase in estimated abandonment ...