Discontinued Operations and Assets Held for Sale (Tables)

9 Months Ended

Sep. 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 and nine-month period ended September 30, 2019 and 2018 were as follows:



	Three Months Ended September 30,			Nine Months Ended September 30,
(Thousands of dollars)	2019		2018	2019	2018
Revenues ¹	$	972,737	201,370	1,328,110	640,806
Costs and expenses
Lease operating expenses	6,262		49,390	127,138	152,406
Depreciation, depletion and amortization	—		44,326	33,697	139,566
Other costs and expenses (benefits)	11,078		36,642	81,560	55,665
Income before taxes	955,397		71,012	1,085,715	293,169
Income tax expense	2,029		33,200	58,083	106,981
Income from discontinued operations	$	953,368	37,812	1,027,632	186,188

¹ In 2019, includes $960.0 million gain on sale of Malaysia operations.

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 Brunei exploration and production and the U.K. refining and marketing operations reflected as held for sale on the Company’s Consolidated Balance Sheet at September 30, 2019. As of December 31, 2018, the Malaysian exploration and production business was also held for sale. The closing of this sale occurred on July 10, 2019.



(Thousands of dollars)	September 30, 2019		December 31, 2018
Current assets
Cash	$	25,307	44,669
Accounts receivable	3,859		103,158
Inventories	406		7,887
Prepaid expenses and other	1,847		18,151
Property, Plant, and Equipment, net	87,556		—
Deferred income taxes and other assets	9,440		—
Total current assets associated with assets held for sale	128,415		173,865
Non-current assets
Property, Plant, and Equipment, net	—		1,325,431
Deferred income taxes and other assets	—		219,577
Total non-current assets associated with assets held for sale	$	—	1,545,008
Current liabilities
Accounts payable	$	8,563	203,236
Other accrued liabilities	448		55,273
Current maturities of long-term debt (finance lease)	696		9,915
Taxes payable	752		18,034
Long-term debt (finance lease)	7,420		—
Asset retirement obligation	235		—
Total current liabilities associated with assets held for sale	18,114		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