Assets Held for Sale and Discontinued Operations

9 Months Ended

Sep. 30, 2021

Discontinued Operations and Disposal Groups [Abstract]

Assets Held for Sale and Discontinued Operations

Note E – Assets Held for Sale and Discontinued Operations

The Company has accounted for its former U.K. and U.S. refining and marketing and Malaysian exploration and production 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, 2021 and 2020 were as follows:

	Three Months Ended September 30,			Nine Months Ended September 30,
(Thousands of dollars)	2021		2020	2021		2020
Revenues	$	144	—	$	801	4,074
Costs and expenses
Other costs and expenses (benefits)	850		778	1,401		10,981
(Loss) income before taxes	(706)		(778)	(600)		(6,907)
Income tax expense	—		—	—		—
(Loss) income from discontinued operations	$	(706)	(778)	$	(600)	(6,907)

As of September 30, 2021, assets held for sale on the Consolidated Balance Sheet include the carrying value of the net property, plant equipment of CA-2 project in Brunei and the Company’s office building in El Dorado, Arkansas. As of June 30, 2021, the CA-1 asset in Brunei is no longer being marketed for sale.

As of December 31, 2020, assets held for sale included the King’s Quay Floating Production System (FPS) of $250.1 million (sold in March 2021), the Brunei exploration and production properties, and the Company’s office building in El Dorado, Arkansas.

(Thousands of dollars)	September 30, 2021		December 31, 2020
Current assets
Cash	$	—	10,185
Inventories	—		406
Property, plant, and equipment, net	40,987		307,704
Deferred income taxes and other assets	—		9,441
Total current assets associated with assets held for sale	$	40,987	327,736
Current liabilities
Accounts payable	$	—	5,306
Other accrued liabilities	—		45
Current maturities of long-term debt (finance lease)	—		737
Taxes payable	—		1,510
Long-term debt (finance lease)	—		6,513
Asset retirement obligation	—		261
Total current liabilities associated with assets held for sale	$	—	14,372