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Discontinued Operations and Assets Held for Sale | 12 Months Ended
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Dec. 31, 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 following table presents the carrying value of the major categories of assets and liabilities of U.K. discontinued refining and marketing operations and Seal operations in Canada reflected as held for sale on the Company’s Consolidated Balance Sheets at December 31, 2017 and 2016.
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﻿ |  |  |  |  |  |
﻿(Thousands of dollars) |  | 2017 |  |  | 2016
﻿Current assets |  |  |  |  |  |
﻿ Cash |  | $ | 16,631 |  |  | 4,126
﻿ Accounts receivable |  |  | 6,298 |  |  | 22,944
﻿ Other |  |  | – |  |  | –
﻿ Total current assets held for sale |  | $ | 22,929 |  |  | 27,070
﻿Current liabilities |  |  |  |  |  |
﻿ Accounts payable |  | $ | 837 |  |  | 270
﻿ Accrued compensation and severance |  |  | – |  |  | –
﻿ Refinery decommissioning cost |  |  | 2,693 |  |  | 2,506
﻿ Total current liabilities associated with assets held for sale |  | $ | 3,530 |  |  | 2,776
﻿Non-current liabilities |  |  |  |  |  |
﻿ Asset retirement obligation – Seal asset |  | $ | – |  |  | 85,900
﻿ 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 completion of the sale in January 2017 (see Note E). ﻿ The results of operations associated with discontinued operations are presented in the following table. ﻿
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﻿ |  |  |  |  |  |
﻿(Thousands of dollars) | 2017 |  | 2016 |  | 2015
﻿Revenues | $ | 854 |  | 1,464 |  | 381,747
﻿Loss from operations before income taxes | $ | (853) |  | (2,027) |  | (6,758)
﻿Loss on sale before income taxes |  | – |  | – |  | (4,990)
﻿Total loss from discontinued operations before taxes |  | (853) |  | (2,027) |  | (11,748)
﻿Income tax expense |  | – |  | – |  | 3,313
﻿Loss from discontinued operations | $ | (853) |  | (2,027) |  | (15,061)
﻿ ﻿ ﻿ ﻿ Certain reclassifications have been made to 2016 and 2015 Revenues to align with current period presentation (see Note A).

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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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