Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2011

Results of Operations Associated with Discontinued Operations

The results of operations associated with these discontinued operations are presented in the following table.

(Thousands of dollars)	2011		2010		2009
Revenues:
U.S. refineries	$	3,700,789		3,175,353		2,117,186
Ecuador E&P operations		0		0		125,654
Total revenues	$	3,700,789		3,175,353		2,242,840
Income (loss) from operations before income taxes:
U.S. refineries	$	188,231		25,521		41,760
Ecuador E&P operations		0		0		(7,692	)
		188,231		25,521		34,068
Gain on sale before income taxes:
U.S. refineries		12,684		0		0
Ecuador E&P operations		0		0		117,557
		12,684		0		117,557
Total income from discontinued operations before taxes		200,915		25,521		151,625
Provision for income taxes		69,145		6,999		27,858
Income from discontinued operations	$	131,770		18,522		123,767

Superior and Meraux Refineries

Presentation of Major Assets and liabilities

The major assets and liabilities related to the Superior and Meraux refineries and associated marketing assets at the time of their sale are presented in the following table.

(Thousands of dollars)
Current assets:
Accounts receivable	$	1,191
Liquid inventories		115,014
Materials and supplies inventories		39,853
Total current assets – U.S. refineries		156,058
Noncurrent assets:
Property, plant and equipment, net of accumulated depreciation, depletion and amortization		723,980
Other		48,604
Total noncurrent assets – U.S. refineries		772,584
Total assets – U.S. refineries	$	928,642
Liabilities:
Current liabilities	$	2,637
Other noncurrent liabilities		14,133
Liabilities associated with assets sold – U.S. refineries	$	16,770

Ecuador

Presentation of Major Assets and liabilities

The major assets and liabilities associated with the Ecuador properties at the time of the sale are presented in the following table.

(Thousands of dollars)
Current assets	$	4,214
Property, plant and equipment, net of accumulated depreciation, depletion and amortization		65,178
Other noncurrent assets		683
Assets sold – Ecuador	$	70,075
Current liabilities	$	105,185
Other noncurrent liabilities		35
Liabilities associated with assets sold – Ecuador	$	105,220