Assets Held for Sale and Discontinued Operations

12 Months Ended

Dec. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

Assets Held for Sale and Discontinued Operations

Note E – Assets Held for Sale and Discontinued Operations

In September 2022, the Company sold its share of Brunei Block CA-2 to Petronas Carigali Brunei Ltd (see Note D for additional information). Additionally, in December 2022, the Company’s former headquarters office building in El Dorado, Arkansas was sold. There were no remaining assets held for sale on the Consolidated Balance Sheet as of December 31, 2022. As of December 31, 2021, assets held for sale included the carrying value of the net property, plant and equipment of Brunei Block CA-2 and the Company’s former headquarters office building in El Dorado, Arkansas.

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, 2022 and 2021.

(Thousands of dollars)	2022		2021
Current assets
Property, plant and equipment, net	$	—	$	15,453
Total current assets associated with assets held for sale	$	—	$	15,453

The Company has accounted for its former Malaysian exploration and production operations and 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)	2022		2021		2020
Revenues	$	—	$	795	$	4,090
Costs and expenses
Other costs and expenses	2,078		2,020		11,241
Loss from discontinued operations	$	(2,078)	$	(1,225)	$	(7,151)