Discontinued Operations and Assets Held for Sale

9 Months Ended

Sep. 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 nine-month periods ended September 30, 2020 and 2019 were as follows:

	Three Months Ended September 30,			Nine Months Ended September 30,
(Thousands of dollars)	2020		2019	2020	2019
Revenues	$	—	972,737	4,074	1,328,110
Costs and expenses
Lease operating expenses	—		6,262	—	127,138
Depreciation, depletion and amortization	—		(1)	—	33,697
Other costs and expenses	778		11,079	10,981	81,560
(Loss) income before taxes	(778)		955,397	(6,907)	1,085,715
Income tax expense	—		2,029	—	58,083
(Loss) income from discontinued operations	$	(778)	953,368	(6,907)	1,027,632

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, Arkansas and two airplanes that are reflected as held for sale on the Company’s Consolidated Balance Sheets. Subsequent to period end, one of the planes has been sold.

(Thousands of dollars)	September 30, 2020		December 31, 2019
Current assets
Cash	$	29,420	25,185
Accounts receivable	425		4,834
Inventories	406		406
Prepaid expenses and other	831		1,882
Property, plant, and equipment, net	68,393		82,116
Deferred income taxes and other assets	9,441		9,441
Total current assets associated with assets held for sale	$	108,916	123,864
Current liabilities
Accounts payable	$	5,481	3,702
Current maturities of long-term debt (finance lease)	728		705
Taxes payable	1,510		1,411
Long-term debt (finance lease)	6,702		7,240
Asset retirement obligation	256		240
Total current liabilities associated with assets held for sale	$	14,677	13,298