Discontinued Operations

9 Months Ended

Sep. 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 of 2015.  The 2015 nine-month period includes an adjustment to the impairment recognized as a result of the

final sale of the U.K. downstream assets.  There were no adjustments to impairment in the three month period ended September 30, 2015.

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

	Three Months			Nine Months
	Ended September 30,			Ended September 30,
(Thousands of dollars)		2015	2014	2015	2014
Revenues	$	(1,342)	509,037	381,154	2,752,557
Loss before income taxes	$	(8,366)	(27,163)	(8,029)	(61,396)
Income tax (benefit) expense		(22)	(1,813)	3,134	(8,757)
Loss from discontinued operations	$	(8,344)	(25,350)	(11,163)	(52,639)

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 September 30, 2015 and December 31, 2014.

	September 30,		December 31,
(Thousands of dollars)	2015		2014
Current assets
Cash	$	20,738	200,512
Accounts receivable		12,067	97,568
Inventories		313	42,161
Other		19,298	35,889
Total current assets held for sale	$	52,416	376,130
Non-current assets
Property, plant and equipment, net	$	–	50,947
Other		–	13
Total non-current assets held for sale	$	–	50,960
Current liabilities
Accounts payable	$	2,895	59,023
Other accrued taxes payable		428	40,653
Accrued compensation and severance		3,715	30,872
Refinery decommissioning cost		3,021	21,000
Total current liabilities associated with assets held for sale	$	10,059	151,548
Non-current liabilities
Deferred income taxes payable	$	–	3,873
Deferred credits and other liabilities		–	4,437
Total non-current liabilities associated with assets held for sale	$	–	8,310