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Discontinued Operations and Assets Held for Sale | 6 Months Ended
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Jun. 30, 2019
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations and Assets Held for Sale | 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 subsidiaries conducting Malaysian operations, Murphy Sabah Oil Co., Ltd. and Murphy Sarawak Oil Co., Ltd., to a subsidiary of PTT Exploration and Production Public Company Limited (PTTEP). The sale of the Malaysian business closed on July 10, 2019. See Note R for more information regarding the sale of this asset. 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 and six-month period ended June 30, 2019 and 2018 were as follows:
﻿ | Three Months Ended June 30, |  | Six Months Ended June 30,
(Thousands of dollars) | 2019 |  | 2018 |  | 2019 |  | 2018
Revenues | $ | 159,961 |  |  | 228,621 |  |  | 355,373 |  |  | 439,436 |
Costs and expenses |  |  |  |  |  |  |
Lease operating expenses | 58,160 |  |  | 55,406 |  |  | 120,876 |  |  | 103,016 |
Depreciation, depletion and amortization | 2,345 |  |  | 47,249 |  |  | 33,698 |  |  | 95,240 |
Other costs and expenses (benefits) | 57,401 |  |  | 21,474 |  |  | 70,481 |  |  | 19,023 |
Income before taxes | 42,055 |  |  | 104,492 |  |  | 130,318 |  |  | 222,157 |
Income tax expense | 17,637 |  |  | 33,788 |  |  | 56,054 |  |  | 73,781 |
Income from discontinued operations | $ | 24,418 |  |  | 70,704 |  |  | 74,264 |  |  | 148,376 |
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 June 30, 2019 and December 31, 2018.
(Thousands of dollars) | June 30, 2019 |  | December 31, 2018
Current assets |  |  |
Cash | $ | 63,649 |  |  | 44,669 |
Accounts receivable | 111,250 |  |  | 103,158 |
Inventories | 8,652 |  |  | 7,887 |
Prepaid expenses and other | 16,929 |  |  | 18,151 |
Property, Plant, and Equipment, net | 1,355,229 |  |  | — |
Deferred income taxes and other assets | 199,386 |  |  | — |
Operating lease asset | 108,730 |  |  | — |
Total current assets associated with assets held for sale | 1,863,825 |  |  | 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 | $ | 211,570 |  |  | 203,236 |
Other accrued liabilities | 46,829 |  |  | 55,273 |
Current maturities of long-term debt | 10,194 |  |  | 9,915 |
Taxes payable | 2,340 |  |  | 18,034 |
Current operating lease liabilities | 46,336 |  |  | — |
Long-term debt | 112,680 |  |  | — |
Asset retirement obligation | 280,408 |  |  | — |
Non-current operating lease liabilities | 62,394 |  |  | — |
Total current liabilities associated with assets held for sale | 772,751 |  |  | 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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