Discontinued Operations

3 Months Ended

Mar. 31, 2015

Discontinued Operations [Abstract]

Discontinued Operations

Note D – Discontinued Operations

The Company has accounted for its U.K. refining and marketing operations as discontinued operations for all periods presented. During the first quarter 2015, the Company signed an agreement to sell the remaining U.K. downstream assets with the transaction scheduled to close mid-year 2015.

The results of operations associated with these discontinued operations for the three-monthperiod ended March 31, 2015 and 2014 were as follows:

	Three Months
	Ended March 31,
(Thousands of dollars)		2015	2014
Revenues	$	229,389	1,432,386
Loss before income taxes	$	(20,709)	(17,295)
Income tax benefit		(2,738)	(3,262)
Loss from discontinued operations	$	(17,971)	(14,033)

The following table presents the carrying value of the major categories of assets and liabilities of U.K. refining and marketing operations reflected as held for sale on the Company’s Consolidated Balance Sheets at March 31, 2015 and December 31, 2014.

	March 31,		December 31,
(Thousands of dollars)	2015		2014
Current assets
Cash	$	135,806	200,512
Accounts receivable		127,341	97,568
Inventories		38,053	42,161
Other		41,445	35,889
Total current assets held for sale	$	342,645	376,130
Non-current assets
Property, plant and equipment, net	$	35,453	50,947
Other		15	13
Total non-current assets held for sale	$	35,468	50,960
Current liabilities
Accounts payable	$	48,228	59,023
Other accrued taxes payable		78,428	40,653
Accrued compensation and severance		10,276	30,872
Refinery decommissioning cost		11,953	21,000
Total current liabilities associated with assets held for sale	$	148,885	151,548
Non-current liabilities
Deferred income taxes payable	$	1,002	3,873
Deferred credits and other liabilities		4,223	4,437
Total non-current liabilities associated with assets held for sale	$	5,225	8,310