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Assets Held for Sale and Discontinued Operations (Tables)
 12 Months Ended
Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]  
Major Categories of Assets and Liabilities Reflected as Held for Sale
The following table presents the carrying value of the major categories of assets and liabilities that are reflected as held for sale on the Company’s Consolidated Balance Sheets at December 31, 2021 and 2020. As of December 31, 2021, these include the net property, plant equipment of the CA-2 project in Brunei and the Company’s office building in El Dorado, Arkansas. The Company’s CA-1 asset in Brunei is no longer being marketed for sale. As of December 31, 2020, the balance also included $250.1 million for the King’s Quay Floating Production System (FPS), which was sold in March 2021 (see Note D).
(Thousands of dollars)
20212020
Current assets
Cash$— 10,185 
Inventories— 406 
Property, plant, and equipment, net15,453 307,704 
Deferred income taxes and other assets— 9,441 
Total current assets associated with assets held for sale15,453 327,736 
Current liabilities
Accounts payable— 5,306 
Other accrued liabilities— 45 
Current maturities of long-term debt (finance lease)— 737 
Taxes payable— 1,510 
Asset retirement obligation— 261 
Long-term debt (finance lease)— 6,513 
Total current liabilities associated with assets held for sale$— 14,372 
Results of Operations Associated with Discontinued Operations The results of operations associated with discontinued operations are presented in the following table.
(Thousands of dollars)
202120202019
Revenues 1
$795 4,090 1,364,943 
Costs and expenses
Lease operating expense— — 127,138 
Depreciation, depletion and amortization— — 33,697 
Other costs and expenses (benefits)2,020 11,241 81,538 
Total income from discontinued operations before taxes(1,225)(7,151)1,122,570 
Income tax expense— — 58,083 
Income from discontinued operations$(1,225)(7,151)1,064,487 
1 2019 includes a $985.4 million gain on sale of the Malaysia operations.