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Assets Held for Sale and Discontinued Operations | 9 Months Ended
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Sep. 30, 2021
Discontinued Operations and Disposal Groups [Abstract] |
Assets Held for Sale and Discontinued Operations | Note E – Assets Held for Sale and Discontinued Operations The Company has accounted for its former U.K. and U.S. refining and marketing and Malaysian exploration and production operations as discontinued operations for all periods presented. The results of operations associated with discontinued operations for the three-month and nine-month periods ended September 30, 2021 and 2020 were as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(Thousands of dollars) | 2021 |  | 2020 |  | 2021 |  | 2020
Revenues | $ | 144 |  |  | — |  |  | $ | 801 |  |  | 4,074 |
Costs and expenses |  |  |  |  |  |  |
Other costs and expenses (benefits) | 850 |  |  | 778 |  |  | 1,401 |  |  | 10,981 |
(Loss) income before taxes | (706) |  |  | (778) |  |  | (600) |  |  | (6,907) |
Income tax expense | — |  |  | — |  |  | — |  |  | — |
(Loss) income from discontinued operations | $ | (706) |  |  | (778) |  |  | $ | (600) |  |  | (6,907) |
As of September 30, 2021, assets held for sale on the Consolidated Balance Sheet include the carrying value of the net property, plant equipment of CA-2 project in Brunei and the Company’s office building in El Dorado, Arkansas. As of June 30, 2021, the CA-1 asset in Brunei is no longer being marketed for sale. As of December 31, 2020, assets held for sale included the King’s Quay Floating Production System (FPS) of $250.1 million (sold in March 2021), the Brunei exploration and production properties, and the Company’s office building in El Dorado, Arkansas.
(Thousands of dollars) | September 30, 2021 |  | December 31, 2020
Current assets |  |  |
Cash | $ | — |  |  | 10,185 |
Inventories | — |  |  | 406 |
Property, plant, and equipment, net | 40,987 |  |  | 307,704 |
Deferred income taxes and other assets | — |  |  | 9,441 |
Total current assets associated with assets held for sale | $ | 40,987 |  |  | 327,736 |
Current liabilities |  |  |
Accounts payable | $ | — |  |  | 5,306 |
Other accrued liabilities | — |  |  | 45 |
Current maturities of long-term debt (finance lease) | — |  |  | 737 |
Taxes payable | — |  |  | 1,510 |
Long-term debt (finance lease) | — |  |  | 6,513 |
Asset retirement obligation | — |  |  | 261 |
Total current liabilities associated with assets held for sale | $ | — |  |  | 14,372 |

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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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