HOUSTON, TX – Blue Dolphin Energy Company (OTCQX:BDCO), a firm specializing in crude petroleum and natural gas, held its Annual Meeting of Stockholders last Thursday, where stockholders elected five director nominees and ratified the selection of UHY LLP as the company's independent public accounting firm for the upcoming fiscal year.
During the meeting, all five director nominees were elected to serve until the next annual meeting, or until their successors are duly elected and qualified, or until their earlier resignation or removal. The elected directors are Jonathan P. Carroll, Amitav Misra, Christopher T. Morris, Ryan A. Bailey, and Herbert N. Whitney. The ratification of UHY LLP as Blue Dolphin's independent public accounting firm for the fiscal year ending December 31, 2024, was also approved.
The detailed voting results are as follows:
- Jonathan P. Carroll received 12,611,213 votes for, 1,929 against, and 5,417 broker non-votes.
- Amitav Misra received 12,609,519 votes for, 3,623 against, and 5,417 broker non-votes.
- Christopher T. Morris received 12,605,738 votes for, 7,404 against, and 5,417 broker non-votes.
- Ryan A. Bailey received 12,610,805 votes for, 2,337 against, and 5,417 broker non-votes.
- Herbert N. Whitney received 12,610,828 votes for, 2,314 against, and 5,417 broker non-votes.
For the ratification of the independent public accounting firm, UHY LLP received 12,616,479 votes for, 1,807 against, and 273 abstentions.
No other business was presented at the Annual Meeting.
The company, headquartered in Houston, Texas, and incorporated in Delaware, has a history that includes name changes from Mustang Resources Corp and ZIM Energy Corp, dating back to the late 1980s and early 1990s.
This news is based on a recent SEC filing by Blue Dolphin Energy Company.
In other recent news, Blue Dolphin Energy has made significant strides in its financial arrangements. The company's subsidiaries, Lazarus Energy, LLC and Lazarus Refining & Marketing, LLC, have secured waivers for all covenant violations related to their loan agreements for the fiscal years 2021, 2022, and 2023. These waivers were sanctioned by Veritex (NASDAQ:VBTX) Community Bank and the U.S. Department of Agriculture (USDA).
The loans, originally totaling $35 million, are backed by the USDA's Rural Development Business & Industry loan program. This development came after a request by Veritex to the USDA for covenant violation waivers. The waivers mean Lazarus Energy and Lazarus Refining & Marketing have been relieved from meeting certain financial or operational metrics stipulated in their loan agreements for the specified period.
These are recent developments that may interest investors monitoring the company's fiscal health and compliance.
InvestingPro Insights
As Blue Dolphin Energy Company (BDCO) continues to navigate the challenges and opportunities in the crude petroleum and natural gas industry, investors may find it useful to consider some key financial metrics and market behavior. According to InvestingPro data, Blue Dolphin Energy boasts a notably low Price-to-Earnings (P/E) ratio of 2.99, which drops even further to 2.82 when adjusted for the last twelve months as of Q1 2024. This suggests that the stock could be undervalued compared to earnings. Additionally, the company has demonstrated a strong Return on Assets of 20.27% during the same period, highlighting efficient management of its assets.
Despite a decrease in revenue by 24.94% over the last twelve months as of Q1 2024, Blue Dolphin Energy has maintained a gross profit margin of 9.72%, which, while not robust, indicates some level of profitability. An InvestingPro Tip that stands out for potential investors is the company's stock price movement, which often diverges from market trends, providing a degree of portfolio diversification. Moreover, the company is trading at a low revenue valuation multiple, which may appeal to value-oriented investors.
Investors looking for more in-depth analysis and additional InvestingPro Tips for Blue Dolphin Energy can explore the full range of insights available at https://www.investing.com/pro/BDCO. Currently, there are 6 additional tips listed, which could provide further guidance on investment decisions. For those considering a subscription, remember to use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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