Discontinued Operations and Assets Held for Sale

9 Months Ended

Sep. 30, 2018

Discontinued Operations and Assets Held for Sale [Abstract]

Discontinued Operations and Assets Held for Sale

Note E – 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, 2018 and 2017 were as follows:

	Three Months Ended			Nine Months Ended
	September 30,			September 30,
(Thousands of dollars)		2018	2017	2018	2017
Revenues	$	–	598	6	853
Income (loss) before income taxes		(1,815)	425	(2,650)	1,177
Income tax benefit		–	–	–	–
Income (loss) from discontinued operations	$	(1,815)	425	(2,650)	1,177

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

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 September 30, 2018 and December 31, 2017.

		September 30,	December 31,
(Thousands of dollars)		2018	2017
Current assets
Cash	$	17,409	16,631
Accounts receivable		3,731	6,298
Total current assets held for sale	$	21,140	22,929
Current liabilities
Accounts payable	$	143	837
Refinery decommissioning cost		2,659	2,693
Total current liabilities associated with assets held for sale	$	2,802	3,530