Discontinued Operations and Assets Held for Sale (Tables)

3 Months Ended

Mar. 31, 2020

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 periods ended March 31, 2020 and 2019 were as follows:

	Three Months Ended March 31,
(Thousands of dollars)	2020			2019
Revenues	$	4,073		195,412
Costs and expenses
Lease operating expenses	—			62,716
Depreciation, depletion and amortization	—			31,353
Other costs and expenses (benefits)	8,935			13,080
(Loss) income before taxes	(4,862		)	88,263
Income tax expense	—			38,417
(Loss) income from discontinued operations	$	(4,862	)	49,846

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 Sheets as of March 31, 2020 and December 31, 2019.

(Thousands of dollars)	March 31, 2020		December 31, 2019
Current assets
Cash	$	34,894	25,185
Accounts receivable	514		4,834
Inventories	406		406
Prepaid expenses and other	845		1,882
Property, Plant, and Equipment, net	42,348		82,116
Deferred income taxes and other assets	9,441		9,441
Total current assets associated with assets held for sale	88,448		123,864
Current liabilities
Accounts payable	$	3,076	3,702
Current maturities of long-term debt (finance lease)	709		705
Taxes payable	1,510		1,411
Long-term debt (finance lease)	7,067		7,240
Asset retirement obligation	245		240
Total current liabilities associated with assets held for sale	12,607		13,298