Discontinued Operations

6 Months Ended

Jun. 30, 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 and six-month periods ended June 30, 2016 and 2015 were as follows:

	Three Months			Six Months
	Ended June 30,			Ended June 30,
(Thousands of dollars)		2016	2015	2016	2015
Revenues	$	151	153,107	835	382,496
Income before income taxes	$	25	21,046	708	337
Income tax benefit		–	5,894	–	3,156
Income (loss) from discontinued operations	$	25	15,152	708	(2,819)

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 June30, 2016 and December 31, 2015.

	June 30,		December 31,
(Thousands of dollars)	2016		2015
Current assets
Cash	$	3,007	7,927
Accounts receivable		12,403	12,037
Other		16,703	18,376
Total current assets held for sale	$	32,113	38,340
Current liabilities
Accounts payable	$	488	2,433
Accrued compensation and severance		–	2,179
Refinery decommissioning cost		3,647	2,685
Total current liabilities associated with assets held for sale	$	4,135	7,297