Discontinued Operations and Assets Held for Sale

12 Months Ended

Dec. 31, 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 following table presents the carrying value of the major categories of assets and liabilities of U.K. discontinued refining and marketing operations reflected as held for sale on the Company’s Consolidated Balance Sheets at December 31, 2018 and 2017.

(Thousands of dollars)	2018		2017
Current assets
Cash	$	17,219	16,631
Accounts receivable		3,728	6,298
Total current assets held for sale	$	20,947	22,929
Current liabilities
Accounts payable	$	106	837
Refinery decommissioning cost		2,658	2,693
Total current liabilities associated with assets held for sale	$	2,764	3,530

The results of operations associated with discontinued operations are presented in the following table.

(Thousands of dollars)	2018		2017	2016
Revenues	$	6	854	1,464
Loss from operations before income taxes	$	(3,522)	(853)	(2,027)
Loss on sale before income taxes		–	–	–
Total loss from discontinued operations before taxes		(3,522)	(853)	(2,027)
Income tax expense		–	–	–
Loss from discontinued operations	$	(3,522)	(853)	(2,027)