Discontinued Operations

3 Months Ended

Mar. 31, 2016

Discontinued Operations [Abstract]

Discontinued Operations

Note C – 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 and results subsequent to the sale are related to winding up of these operations.

The results of operations associated with discontinued operations for the three-month periods ended March 31, 2016 and 2015 were as follows:

	Three Months
	Ended March 31,
(Thousands of dollars)		2016	2015
Revenues	$	683	229,389
Income (loss) before income taxes	$	683	(20,709)
Income tax benefit		–	(2,738)
Income (loss) from discontinued operations	$	683	(17,971)

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, 2016 and December 31, 2015.

	March 31,		December 31,
(Thousands of dollars)	2016		2015
Current assets
Cash	$	5,615	7,927
Accounts receivable		12,403	12,037
Other		19,194	18,376
Total current assets held for sale	$	37,212	38,340
Current liabilities
Accounts payable	$	1,837	2,433
Accrued compensation and severance		1,976	2,179
Refinery decommissioning cost		3,135	2,685
Total current liabilities associated with assets held for sale	$	6,948	7,297