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Assets Held for Sale and Discontinued Operations (Tables)
 12 Months Ended
Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]  
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 that are reflected as held for sale on the Company’s Consolidated Balance Sheets at December 31, 2020. These include the King’s Quay Floating Production System (FPS) of $250.1 million, the Brunei exploration and production properties, and the Company’s office building in El Dorado, Arkansas. As of December 31, 2019 the balance represents assets and liabilities of the Brunei exploration and production properties and the U.K. refining and marketing operations.
(Thousands of dollars)
20202019
Current assets
Cash$10,185 25,185 
Accounts receivable— 4,834 
Inventories406 406 
Prepaid expenses and other— 1,882 
Property, plant, and equipment, net307,704 82,116 
Deferred income taxes and other assets9,441 9,441 
Total current assets associated with assets held for sale327,736 123,864 
Current liabilities
Accounts payable5,306 3,702 
Other accrued liabilities45 — 
Current maturities of long-term debt (finance lease)737 705 
Taxes payable1,510 1,411 
Asset retirement obligation261 240 
Long-term debt (finance lease)6,513 7,240 
Total current liabilities associated with assets held for sale14,372 13,298 
Results of Operations Associated with Discontinued Operations The results of operations associated with discontinued operations are presented in the following table.
(Thousands of dollars)
202020192018
Revenues 1
$4,090 1,364,943 854,251 
Costs and expenses
Lease operating expense
— 127,138 202,062 
Depreciation, depletion and amortization— 33,697 196,287 
Other costs and expenses (benefits)11,241 81,538 70,088 
Total income from discontinued operations before taxes(7,151)1,122,570 385,814 
Income tax expense— 58,083 135,466 
Income from discontinued operations$(7,151)1,064,487 250,348 
1 2019 includes a $985.4 million gain on sale of the Malaysia operations.