Discontinued Operations and Assets Held for Sale

6 Months Ended

Jun. 30, 2020

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations and Assets Held for Sale

Note E – Discontinued Operations and Assets Held for Sale

The Company has accounted for its former Malaysian exploration and production operations and its former U.K., 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 six-month periods ended June 30, 2020 and 2019 were as follows:

	Three Months Ended June 30,			Six Months Ended June 30,
(Thousands of dollars)	2020		2019	2020	2019
Revenues	$	1	159,961	4,074	355,373
Costs and expenses
Lease operating expenses	—		58,160	—	120,876
Depreciation, depletion and amortization	—		2,345	—	33,698
Other costs and expenses (benefits)	1,268		57,401	10,203	70,481
(Loss) income before taxes	(1,267)		42,055	(6,129)	130,318
Income tax expense	—		17,637	—	56,054
(Loss) income from discontinued operations	$	(1,267)	24,418	(6,129)	74,264

The following table presents the carrying value of the major categories of assets and liabilities of the Brunei exploration and production operations, the U.K. refining and marketing operations and the Company’s office building in El Dorado, AR and two airplanes that are reflected as held for sale on the Company’s Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019.

(Thousands of dollars)	June 30, 2020		December 31, 2019
Current assets
Cash	$	30,898	25,185
Accounts receivable	425		4,834
Inventories	406		406
Prepaid expenses and other	814		1,882
Property, plant, and equipment, net	82,353		82,116
Deferred income taxes and other assets	9,441		9,441
Total current assets associated with assets held for sale	124,337		123,864
Current liabilities
Accounts payable	$	4,342	3,702
Current maturities of long-term debt (finance lease)	720		705
Taxes payable	1,510		1,411
Long-term debt (finance lease)	6,889		7,240
Asset retirement obligation	250		240
Total current liabilities associated with assets held for sale	13,711		13,298