Discontinued Operations

3 Months Ended

Mar. 31, 2017

Discontinued Operations [Abstract]

Discontinued Operations

Note C – Discontinued Operations

The Company has accounted for its former U.K. refining and marketing operations as discontinued operations for all periods presented.  The results of operations associated with discontinued operations for the three-month periods ended March 31, 2017 and 2016 were as follows:

	Three Months
	Ended March 31,
(Thousands of dollars)		2017	2016
Revenues	$	1,022	683
Income before income taxes		969	683
Income tax benefit		–	–
Income from discontinued operations	$	969	683

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, 2017 and December 31, 2016.  

	March 31,		December 31,
(Thousands of dollars)	2017		2016
Current assets
Cash	$	16,340	4,126
Accounts receivable		9,145	22,944
Total current assets held for sale	$	25,485	27,070
Current liabilities
Accounts payable	$	367	270
Refinery decommissioning cost		2,449	2,506
Total current liabilities associated with assets held for sale	$	2,816	2,776