Discontinued Operations

9 Months Ended

Sep. 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.  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.

The results of operations associated with discontinued operations for the three-month and nine-month periods ended September 30, 2016 and 2015 were as follows:

	Three Months			Nine Months
	Ended September 30,			Ended September 30,
(Thousands of dollars)		2016	2015	2016	2015
Revenues (costs)	$	(1,345)	(1,342)	(510)	381,154
Loss before income taxes	$	(1,593)	(8,366)	(885)	(8,029)
Income tax (benefit) expense		–	(22)	–	3,134
Loss from discontinued operations	$	(1,593)	(8,344)	(885)	(11,163)

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 September30, 2016 and December 31, 2015.

	September 30,		December 31,
(Thousands of dollars)	2016		2015
Current assets
Cash	$	5,097	7,927
Accounts receivable		9,001	12,037
Other		15,880	18,376
Total current assets held for sale	$	29,978	38,340
Current liabilities
Accounts payable	$	915	2,433
Accrued compensation and severance		–	2,179
Refinery decommissioning cost		2,361	2,685
Total current liabilities associated with assets held for sale	$	3,276	7,297