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Sable Offshore vs Blue Dolphin Energy: SOC and BDCO compared
Sable Offshore is the larger company: $154M of revenue in its latest quarter (Q3 2026) against $144M for Blue Dolphin Energy (Q2 2026). Blue Dolphin Energy is more profitable, with an operating margin of 16.4% against -27.0%.
Where the money goes: SOC and BDCO
Sable Offshore (SOC) · Q3 2026
Sable Offshore, Q3 2026: revenue $154M, operating margin -27.0%, net loss $269M, operating cash flow −$73.7M. The chart follows the revenue to costs, profit and cash.
Blue Dolphin Energy (BDCO) · Q2 2026
Blue Dolphin Energy, Q2 2026: revenue $144M (+155% year over year), operating margin 16.4%, net earnings $17.7M, operating cash flow $38.2M. The chart follows the revenue to costs, profit and cash.
| Sable Offshore (SOC) | Blue Dolphin Energy (BDCO) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q2 2026 |
| Revenue | $154M | $144M |
| Revenue growth, Y/Y | — | +155% |
| Operating margin | -27.0% | 16.4% |
| Net earnings | −$269M | $17.7M |
| Net margin | -174.5% | 12.3% |
| Operating cash flow | −$73.7M | $38.2M |
| Free cash flow | — | $38.1M |
Where the revenue comes from
Sable Offshore
- Oil and natural gas liquids sales: $154M (100%)
- Other: $734K (0%)
Blue Dolphin Energy
- Refinery Operations: $143M (99%)
- Tolling and Terminaling: $765K (1%)
Questions
Which is bigger, Sable Offshore or Blue Dolphin Energy?
Sable Offshore is the larger company: $154M of revenue in its latest quarter (Q3 2026) against $144M for Blue Dolphin Energy (Q2 2026).
Is Sable Offshore or Blue Dolphin Energy growing faster?
Blue Dolphin Energy is more profitable, with an operating margin of 16.4% against -27.0%.
More: Sable Offshore earnings · how Sable Offshore makes money · Blue Dolphin Energy earnings · how Blue Dolphin Energy makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 9, 2026; 10-Q filed Aug 14, 2026). Fiscal quarters can end on different dates. Not investment advice.