Discontinued Operations and Assets Held for Sale

12 Months Ended

Dec. 31, 2017

Discontinued Operations and Assets Held for Sale [Abstract]

Discontinued Operations and Assets Held for Sale

Note C – Discontinued Operations and Assets Held for Sale

The Company has accounted for its former U.K. and U.S. refining and marketing operations as discontinued operations for all periods presented.

The following table presents the carrying value of the major categories of assets and liabilities of U.K. discontinued refining and marketing operations and Seal operations in Canada reflected as held for sale on the Company’s Consolidated Balance Sheets at December 31, 2017 and 2016.

(Thousands of dollars)	2017		2016
Current assets
Cash	$	16,631	4,126
Accounts receivable		6,298	22,944
Other		–	–
Total current assets held for sale	$	22,929	27,070
Current liabilities
Accounts payable	$	837	270
Accrued compensation and severance		–	–
Refinery decommissioning cost		2,693	2,506
Total current liabilities associated with assets held for sale	$	3,530	2,776
Non-current liabilities
Asset retirement obligation – Seal asset	$	–	85,900

The asset retirement obligation at December 31, 2016 relates to well and facility abandonment obligations at the Seal field in Canada which were assumed by the purchasing company upon the completion of the sale in January 2017 (see Note E).

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

(Thousands of dollars)	2017		2016	2015
Revenues	$	854	1,464	381,747
Loss from operations before income taxes	$	(853)	(2,027)	(6,758)
Loss on sale before income taxes		–	–	(4,990)
Total loss from discontinued operations before taxes		(853)	(2,027)	(11,748)
Income tax expense		–	–	3,313
Loss from discontinued operations	$	(853)	(2,027)	(15,061)

Certain reclassifications have been made to 2016 and 2015 Revenues to align with current period presentation

(see Note A).