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Discontinued Operations and Assets Held for Sale | 3 Months Ended
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Mar. 31, 2019
Discontinued Operations and Assets Held for Sale [Abstract] |
Discontinued Operations and Assets Held for Sale | Note E – Discontinued Operations and Assets Held for Sale ﻿ On March 21, 2019, Murphy Oil Corporation announced that a subsidiary had signed a sale and purchase agreement to divest the fully issued share capital of its two primary Malaysian subsidiaries, Murphy Sabah Oil Co., Ltd. and Murphy Sarawak Oil Co., Ltd., to a subsidiary of PTT Exploration and Production Public Company Limited (PTTEP). PTTEP will pay Murphy $2.127 billion in an all-cash transaction, payable upon closing and subject to customary closing adjustments, plus up to a $100 million bonus payment contingent upon certain future exploratory drilling results prior to October 2020. ﻿ The transaction has an effective date of January 1, 2019, with the closing expected to occur by the end of the second quarter 2019. Closing of the transaction is subject to customary conditions precedent including, among other things, necessary regulatory approvals. Murphy will exit the country of Malaysia. ﻿ The Company has accounted for its Malaysian exploration and production operations, along with the former U.K., 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 period ended March 31, 2019 and 2018 were as follows: ﻿
﻿ |  |  |  |  |
﻿ | Three Months Ended |
﻿ | March 31, |
﻿(Thousands of dollars) |  | 2019 |  | 2018 |
﻿Revenues | $ | 195,412 |  | 210,815 |
﻿Costs and expenses |  |  |  |  |
﻿ Lease operating expenses |  | 62,716 |  | 47,610 |
﻿ Depreciation, depletion and amortization |  | 31,353 |  | 47,991 |
﻿ Other costs and expenses (benefits) |  | 13,080 |  | (2,451) |
﻿Total costs and expenses |  | 88,263 |  | 117,665 |
﻿Income tax expense |  | 38,417 |  | 39,993 |
﻿Income from discontinued operations | $ | 49,846 |  | 77,672 |
﻿ Note E – Discontinued Operations and Assets Held for Sale (Contd.) The following table presents the carrying value of the major categories of assets and liabilities of the Malaysian exploration and production and the U.K. refining and marketing operations reflected as held for sale on the Company’s Consolidated Balance Sheets at March 31, 2019 and December 31, 2018.
﻿ |  |  |  |
﻿ |  |  |  |
﻿ |  | March 31, |  | December 31,
﻿(Thousands of dollars) |  | 2019 |  | 2018
﻿Current assets |  |  |  |
﻿Cash | $ | 93,072 |  | 44,669
﻿Accounts receivable |  | 98,268 |  | 103,158
﻿Inventories |  | 8,881 |  | 7,887
﻿Prepaid expenses and other |  | 28,248 |  | 18,151
﻿Property, Plant, and Equipment, net |  | 1,316,985 |  |
﻿Deferred income taxes and other assets |  | 214,103 |  |
﻿Operating lease asset |  | 120,011 |  |
﻿Total current assets associated with assets held for sale |  | 1,879,568 |  | 173,865
﻿Non-current assets |  |  |  |
﻿Property, Plant, and Equipment, net |  | – |  | 1,325,431
﻿Deferred income taxes and other assets |  | – |  | 219,577
﻿Operating lease asset |  | – |  | –
﻿Total non-current assets associated with assets held for sale | $ | – |  | 1,545,008
﻿Current liabilities |  |  |  |
﻿Accounts payable | $ | 209,012 |  | 203,236
﻿Other accrued liabilities |  | 50,524 |  | 55,273
﻿Current maturities of long-term debt |  | 10,067 |  | 9,915
﻿Taxes payable |  | 35,032 |  | 18,034
﻿Current operating lease liabilities |  | 45,982 |  | –
﻿Long-term debt |  | 115,264 |  |
﻿Asset retirement obligation |  | 279,784 |  | –
﻿Non-current operating lease liabilities |  | 74,029 |  | –
﻿Total current liabilities associated with assets held for sale | $ | 819,694 |  | 286,458
﻿Non-current liabilities |  |  |  |
﻿Long-term debt |  | – |  | 117,816
﻿Asset retirement obligation |  | – |  | 274,904
﻿Total non-current liabilities associated with assets held for sale | $ | – |  | 392,720
﻿ ﻿

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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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