Assets Held for Sale and Discontinued Operations

9 Months Ended

Sep. 30, 2022

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 U.K. and U.S. refining and marketing and Malaysian exploration and production operations as discontinued operations for all periods presented.  The results of operations associated with discontinued operations for the three-month and nine-month periods ended September 30, 2022 and 2021 were as follows:

	Three Months Ended September 30,			Nine Months Ended September 30,
(Thousands of dollars)	2022		2021	2022		2021
Revenues	$	—	144	$	10	801
Costs and expenses
Other costs and expenses	422		850	1,926		1,401
Loss before taxes	(422)		(706)	(1,916)		(600)
Income tax expense	—		—	—		—
Loss from discontinued operations	$	(422)	(706)	$	(1,916)	(600)

In September 2022, the Company sold its share of Brunei block CA-2 to Petronas Carigali Brunei Ltd (see Note D for additional information). The remaining balance of assets held for sale on the Consolidated Balance Sheet as of September 30, 2022 consists only of the Company’s former headquarters office building in El Dorado, Arkansas. As of December 31, 2021, assets held for sale includes the carrying value of the net property, plant and equipment of the CA-2 project in Brunei, and the Company’s former headquarters office building in El Dorado, Arkansas.

(Thousands of dollars)	September 30, 2022		December 31, 2021
Current assets
Property, plant, and equipment, net	7,538		15,453
Total current assets associated with assets held for sale	$	7,538	15,453