Discontinued Operations

6 Months Ended

Jun. 30, 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 and six-month periods ended June 30, 2017 and 2016 were as follows:

	Three Months			Six Months
	Ended June 30,			Ended June 30,
(Thousands of dollars)		2017	2016	2017	2016
Revenues	$	717	151	1,739	835
Income (loss) before income taxes		(217)	25	752	708
Income tax benefit		–	–	–	–
Income (loss) from discontinued operations	$	(217)	25	752	708

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 June  30, 2017 and December 31, 2016.  

	June 30,		December 31,
(Thousands of dollars)	2017		2016
Current assets
Cash	$	13,050	4,126
Accounts receivable		9,195	22,944
Total current assets held for sale	$	22,245	27,070
Current liabilities
Accounts payable	$	508	270
Refinery decommissioning cost		2,444	2,506
Total current liabilities associated with assets held for sale	$	2,952	2,776