Assets Held for Sale and Discontinued Operations

3 Months Ended

Mar. 31, 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 Malaysian exploration and production operations and its former U.K., U.S. refining and marketing operations as discontinued operations for all periods presented.  The results of operations associated with discontinued operations for the three-month periods ended March 31, 2021 and 2020 were as follows:

	Three Months Ended March 31,
(Thousands of dollars)	2021		2020
Revenues	$	44	4,073
Costs and expenses
Other costs and expenses (benefits)	(164)		8,935
(Loss) income before taxes	208		(4,862)
Income tax expense	—		—
(Loss) income from discontinued operations	$	208	(4,862)

The following table presents the carrying value of the major categories of assets and liabilities of the Brunei exploration and production operations and the Company’s office building in El Dorado, Arkansas that are reflected as held for sale on the Company’s Consolidated Balance Sheets.

(Thousands of dollars)	March 31, 2021		December 31, 2020
Current assets
Cash	$	9,469	10,185
Inventories	193		406
Property, plant, and equipment, net	58,294		307,704
Deferred income taxes and other assets	9,441		9,441
Total current assets associated with assets held for sale	$	77,397	327,736
Current liabilities
Accounts payable	$	5,213	5,306
Other accrued liabilities	36		45
Current maturities of long-term debt (finance lease)	746		737
Taxes payable	1,510		1,510
Long-term debt (finance lease)	6,325		6,513
Asset retirement obligation	267		261
Total current liabilities associated with assets held for sale	$	14,097	14,372