Discontinued Operations and Assets Held for Sale

12 Months Ended

Dec. 31, 2019

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations and Assets Held for Sale

Assets Held for Sale and Discontinued Operations

The following table presents the carrying value of the major categories of assets and liabilities of the Brunei exploration and production and the U.K. refining and marketing operations reflected as held for sale on the Company’s Consolidated Balance Sheets at December 31, 2019. As of December 31, 2018, Malaysia exploration and production business was also held for sale. The Malaysia sale closed on July 10, 2019.

(Thousands of dollars)	2019		2018
Current assets
Cash	$	25,185	44,669
Accounts receivable	4,834		103,158
Inventories	406		7,887
Prepaid expenses and other	1,882		18,151
Property, Plant, and Equipment, net	82,116		—
Deferred income taxes and other assets	9,441		—
Total current assets associated with assets held for sale	123,864		173,865
Non-current assets
Property, Plant, and Equipment, net	—		1,325,431
Deferred income taxes and other assets	—		219,577
Total non-current assets associated with assets held for sale	—		1,545,008
Current liabilities
Accounts payable	3,702		203,236
Other accrued liabilities	—		55,273
Current maturities of long-term debt (finance lease)	705		9,915
Taxes payable	1,411		18,034
Asset retirement obligation	240		—
Long-term debt (finance lease)	7,240		—
Total current liabilities associated with assets held for sale	13,298		286,458
Non-current liabilities
Long-term debt	—		117,816
Asset retirement obligation	—		274,904
Total non-current liabilities associated with assets held for sale	$	—	392,720

The Company has accounted for its former Malaysian exploration and production operations, along with its former U.K. and U.S. refining and marketing operations as discontinued operations for all periods presented. The results of operations associated with discontinued operations are presented in the following table.

(Thousands of dollars)	2019		2018	2017
Revenues 1	$	1,364,943	854,251	781,995
Costs and expenses
Lease operating expense	127,138		202,062	168,903
Depreciation, depletion and amortization	33,697		196,287	205,841
Other costs and expenses (benefits)	81,538		70,088	53,409
Total income from discontinued operations before taxes	1,122,570		385,814	353,842
Income tax expense	58,083		135,466	112,616
Income from discontinued operations	$	1,064,487	250,348	241,226

¹ 2019 includes a $985.4 million gain on sale of the Malaysia operations.