Discontinued Operations

6 Months Ended

Jun. 30, 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.  The Company completed its agreement to sell the remaining U.K. downstream assets at the end of the second quarter.  The 2015 second quarter includes an adjustment to the impairment previously recognized as a result of the final sale of the U.K. downstream assets.

The results of operations associated with these discontinued operations for the three-month and six-month periods ended June 30, 2015 and 2014 were as follows:

	Three Months Ended			Six Months Ended
	June 30,			June 30,
(Thousands of dollars)		2015	2014	2015	2014
Revenues	$	153,107	811,134	382,496	2,243,520
Income (loss) before income taxes	$	21,046	(16,938)	337	(34,233)
Income tax expense (benefit)		5,894	(3,682)	3,156	(6,944)
Income (loss) from discontinued operations	$	15,152	(13,256)	(2,819)	(27,289)

Note D – Discontinued Operations(Contd.)

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 June 30, 2015 and December 31, 2014.

	June 30,		December 31,
(Thousands of dollars)	2015		2014
Current assets
Cash	$	111,286	200,512
Accounts receivable		146,651	97,568
Inventories		325	42,161
Other		21,537	35,889
Total current assets held for sale	$	279,799	376,130
Non-current assets
Property, plant and equipment, net	$	–	50,947
Other		14	13
Total non-current assets held for sale	$	14	50,960
Current liabilities
Accounts payable	$	7,897	59,023
Other accrued taxes payable		31,519	40,653
Accrued compensation and severance		16,320	30,872
Refinery decommissioning cost		598	21,000
Total current liabilities associated with assets held for sale	$	56,334	151,548
Non-current liabilities
Deferred income taxes payable	$	–	3,873
Deferred credits and other liabilities		551	4,437
Total non-current liabilities associated with assets held for sale	$	551	8,310