Discontinued Operations and Assets Held for Sale (Tables)

6 Months Ended

Jun. 30, 2019

Discontinued Operations and Disposal Groups [Abstract]

Results of Operations Associated with Discontinued Operations

The results of operations associated with discontinued operations for the three-month and six-month period ended June 30, 2019 and 2018 were as follows:

	Three Months Ended June 30,			Six Months Ended June 30,
(Thousands of dollars)	2019		2018	2019	2018
Revenues	$	159,961	228,621	355,373	439,436
Costs and expenses
Lease operating expenses	58,160		55,406	120,876	103,016
Depreciation, depletion and amortization	2,345		47,249	33,698	95,240
Other costs and expenses (benefits)	57,401		21,474	70,481	19,023
Income before taxes	42,055		104,492	130,318	222,157
Income tax expense	17,637		33,788	56,054	73,781
Income from discontinued operations	$	24,418	70,704	74,264	148,376

Major Categories of Assets and Liabilities Reflected as Held for Sale

The following table presents the carrying value of the major categories of assets and liabilities of the Malaysian exploration and production and the U.K. refining and marketing operations reflected as held for sale on the Company’s Consolidated Balance Sheets at June 30, 2019 and December 31, 2018.

(Thousands of dollars)	June 30, 2019		December 31, 2018
Current assets
Cash	$	63,649	44,669
Accounts receivable	111,250		103,158
Inventories	8,652		7,887
Prepaid expenses and other	16,929		18,151
Property, Plant, and Equipment, net	1,355,229		—
Deferred income taxes and other assets	199,386		—
Operating lease asset	108,730		—
Total current assets associated with assets held for sale	1,863,825		173,865
Non-current assets
Property, Plant, and Equipment, net	—		1,325,431
Deferred income taxes and other assets	—		219,577
Operating lease asset	—		—
Total non-current assets associated with assets held for sale	$	—	1,545,008
Current liabilities
Accounts payable	$	211,570	203,236
Other accrued liabilities	46,829		55,273
Current maturities of long-term debt	10,194		9,915
Taxes payable	2,340		18,034
Current operating lease liabilities	46,336		—
Long-term debt	112,680		—
Asset retirement obligation	280,408		—
Non-current operating lease liabilities	62,394		—
Total current liabilities associated with assets held for sale	772,751		286,458
Non-current liabilities
Long-term debt	—		117,816
Asset retirement obligation	—		274,904
Total non-current liabilities associated with assets held for sale	$	—	392,720