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Discontinued Operations and Assets Held for Sale | 9 Months Ended
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Sep. 30, 2017
Discontinued Operations and Assets Held for Sale [Abstract] |
Discontinued Operations and Assets Held for Sale | Note C – Discontinued Operations and Assets Held for Sale ﻿ The Company has accounted for 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 for the three-month and nine-month periods ended September 30, 2017 and 2016 were as follows: ﻿ ﻿
﻿ |  |  |  |  |  |  |  |
﻿ | Three Months |  | Nine Months
﻿ | Ended September 30, |  | Ended September 30,
﻿(Thousands of dollars) |  | 2017 |  | 2016 |  | 2017 |  | 2016
﻿Revenues (costs) | $ | 598 |  | 5 |  | 853 |  | 1,454
﻿Income (loss) before income taxes |  | 425 |  | (1,593) |  | 1,177 |  | (885)
﻿Income tax benefit |  | – |  | – |  | – |  | –
﻿Income (loss) from discontinued operations | $ | 425 |  | (1,593) |  | 1,177 |  | (885)
﻿ Certain reclassifications have been made to 2016 Revenues to align with current period presentation (see Note A). ﻿ The following table presents the carrying value of the major categories of assets and liabilities of U.K. refining and marketing operations and Seal operations in Canada reflected as held for sale on the company’s Consolidated Balance Sheets at September 30, 2017 and December 31, 2016.
﻿ |  |  |  |
﻿ |  |  |  |
﻿ |  | September 30, |  | December 31,
﻿(Thousands of dollars) |  | 2017 |  | 2016
﻿Current assets |  |  |  |
﻿Cash | $ | 17,030 |  | 4,126
﻿Accounts receivable |  | 6,218 |  | 22,944
﻿Total current assets held for sale | $ | 23,248 |  | 27,070
﻿Current liabilities |  |  |  |
﻿Accounts payable | $ | 605 |  | 270
﻿Refinery decommissioning cost |  | 2,665 |  | 2,506
﻿Total current liabilities associated with assets held for sale | $ | 3,270 |  | 2,776
﻿Non-current liabilities |  |  |  |
﻿Asset retirement obligation - Seal asset | $ | – |  | 85,900
﻿ ﻿ ﻿ Note C – Discontinued Operations and Assets Held for Sale (Contd.) ﻿ The asset retirement obligation at December 31, 2016 relates to well and facility abandonment obligations at the Seal field in Canada which were assumed by the purchasing company upon the sale in January 2017.

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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