Discontinued Operations and Assets Held for Sale

9 Months Ended

Sep. 30, 2017

Discontinued Operations and Assets Held for Sale [Abstract]

Discontinued Operations and Assets Held for Sale

Note C – Discontinued Operations and Assets Held for Sale

The Company has accounted for its former U.K. and U.S. refining and marketing operations as discontinued operations for all periods presented.  The results of operations associated with discontinued operations for the three-month and nine-month periods ended September 30, 2017 and 2016 were as follows:

	Three Months			Nine Months
	Ended September 30,			Ended September 30,
(Thousands of dollars)		2017	2016	2017	2016
Revenues (costs)	$	598	5	853	1,454
Income (loss) before income taxes		425	(1,593)	1,177	(885)
Income tax benefit		–	–	–	–
Income (loss) from discontinued operations	$	425	(1,593)	1,177	(885)

Certain reclassifications have been made to 2016 Revenues to align with current period presentation (see Note A).

The following table presents the carrying value of the major categories of assets and liabilities of U.K. refining and marketing operations and Seal operations in Canada reflected as held for sale on the company’s Consolidated Balance Sheets at September 30, 2017 and December 31, 2016.

		September 30,	December 31,
(Thousands of dollars)		2017	2016
Current assets
Cash	$	17,030	4,126
Accounts receivable		6,218	22,944
Total current assets held for sale	$	23,248	27,070
Current liabilities
Accounts payable	$	605	270
Refinery decommissioning cost		2,665	2,506
Total current liabilities associated with assets held for sale	$	3,270	2,776
Non-current liabilities
Asset retirement obligation - Seal asset	$	–	85,900

Note C – Discontinued Operations and Assets Held for Sale (Contd.)

The asset retirement obligation at December 31, 2016 relates to well and facility abandonment obligations at the Seal field in Canada which were assumed by the purchasing company upon the sale in January 2017.