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Discontinued Operations and Assets Held for Sale | 3 Months Ended
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Mar. 31, 2020
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 former Malaysian exploration and production operations and its 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 periods ended March 31, 2020 and 2019 were as follows:
|  | Three Months Ended March 31,
(Thousands of dollars) |  | 2020 |  | 2019
Revenues |  | $ | 4,073 |  |  | 195,412 |
Costs and expenses |  |  |  |
Lease operating expenses |  | — |  |  | 62,716 |
Depreciation, depletion and amortization |  | — |  |  | 31,353 |
Other costs and expenses (benefits) |  | 8,935 |  |  | 13,080 |
(Loss) income before taxes |  | (4,862 | ) |  | 88,263 |
Income tax expense |  | — |  |  | 38,417 |
(Loss) income from discontinued operations |  | $ | (4,862 | ) |  | 49,846 |
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 Sheets as of March 31, 2020 and December 31, 2019.
(Thousands of dollars) | March 31, 2020 |  | December 31, 2019
Current assets |  |  |
Cash | $ | 34,894 |  |  | 25,185 |
Accounts receivable | 514 |  |  | 4,834 |
Inventories | 406 |  |  | 406 |
Prepaid expenses and other | 845 |  |  | 1,882 |
Property, Plant, and Equipment, net | 42,348 |  |  | 82,116 |
Deferred income taxes and other assets | 9,441 |  |  | 9,441 |
Total current assets associated with assets held for sale | 88,448 |  |  | 123,864 |
Current liabilities |  |  |
Accounts payable | $ | 3,076 |  |  | 3,702 |
Current maturities of long-term debt (finance lease) | 709 |  |  | 705 |
Taxes payable | 1,510 |  |  | 1,411 |
Long-term debt (finance lease) | 7,067 |  |  | 7,240 |
Asset retirement obligation | 245 |  |  | 240 |
Total current liabilities associated with assets held for sale | 12,607 |  |  | 13,298 |

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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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