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Discontinued Operations and Assets Held for Sale | 9 Months Ended
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Sep. 30, 2019
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations and Assets Held for Sale | Discontinued Operations and Assets Held for Sale 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 and nine-month period ended September 30, 2019 and 2018 were as follows:
﻿ | Three Months Ended September 30, |  | Nine Months Ended September 30,
(Thousands of dollars) | 2019 |  | 2018 |  | 2019 |  | 2018
Revenues 1 | $ | 972,737 |  |  | 201,370 |  |  | 1,328,110 |  |  | 640,806 |
Costs and expenses |  |  |  |  |  |  |
Lease operating expenses | 6,262 |  |  | 49,390 |  |  | 127,138 |  |  | 152,406 |
Depreciation, depletion and amortization | — |  |  | 44,326 |  |  | 33,697 |  |  | 139,566 |
Other costs and expenses (benefits) | 11,078 |  |  | 36,642 |  |  | 81,560 |  |  | 55,665 |
Income before taxes | 955,397 |  |  | 71,012 |  |  | 1,085,715 |  |  | 293,169 |
Income tax expense | 2,029 |  |  | 33,200 |  |  | 58,083 |  |  | 106,981 |
Income from discontinued operations | $ | 953,368 |  |  | 37,812 |  |  | 1,027,632 |  |  | 186,188 |
1 In 2019, includes $960.0 million gain on sale of Malaysia operations. The following table presents the carrying value of the major categories of assets and liabilities of the Brunei exploration and production and the U.K. refining and marketing operations reflected as held for sale on the Company’s Consolidated Balance Sheet at September 30, 2019. As of December 31, 2018, the Malaysian exploration and production business was also held for sale. The closing of this sale occurred on July 10, 2019.
(Thousands of dollars) | September 30, 2019 |  | December 31, 2018
Current assets |  |  |
Cash | $ | 25,307 |  |  | 44,669 |
Accounts receivable | 3,859 |  |  | 103,158 |
Inventories | 406 |  |  | 7,887 |
Prepaid expenses and other | 1,847 |  |  | 18,151 |
Property, Plant, and Equipment, net | 87,556 |  |  | — |
Deferred income taxes and other assets | 9,440 |  |  | — |
Total current assets associated with assets held for sale | 128,415 |  |  | 173,865 |
Non-current assets |  |  |
Property, Plant, and Equipment, net | — |  |  | 1,325,431 |
Deferred income taxes and other assets | — |  |  | 219,577 |
Total non-current assets associated with assets held for sale | $ | — |  |  | 1,545,008 |
Current liabilities |  |  |
Accounts payable | $ | 8,563 |  |  | 203,236 |
Other accrued liabilities | 448 |  |  | 55,273 |
Current maturities of long-term debt (finance lease) | 696 |  |  | 9,915 |
Taxes payable | 752 |  |  | 18,034 |
Long-term debt (finance lease) | 7,420 |  |  | — |
Asset retirement obligation | 235 |  |  | — |
Total current liabilities associated with assets held for sale | 18,114 |  |  | 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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