| 3. | Discontinued Operations |
As a result of the Corporation’s divestiture of its energy marketing business and terminals network and its cessation of refining at the Port Reading facility, the results of operations for these businesses have been reported as discontinued operations in the Statement of Consolidated Income for all periods presented. These businesses were previously included in the M&R segment.
Sales and other operating revenues and Income from discontinued operations were as follows:
| 2013 | 2012 | 2011 | ||||||||||
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Sales and other operating revenues |
$ | 12,273 | $ | 14,386 | $ | 17,132 | ||||||
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Income from discontinued operations before income taxes |
$ | 1,943 | $ | 312 | $ | 222 | ||||||
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Current tax provision (benefit) |
— | — | — | |||||||||
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Deferred tax provision (benefit) |
689 | 116 | 77 | |||||||||
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Provision for income taxes |
689 | 116 | 77 | |||||||||
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Income from discontinued operations, net of income taxes* |
$ | 1,254 | $ | 196 | $ | 145 | ||||||
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| * |
In 2013, Income from discontinued operations included pre-tax gains on asset sales of $1,500 million ($995 million after income taxes). |
The Corporation’s retail marketing business and energy trading joint venture have been classified as continuing operations for all periods presented as the Corporation is contemplating different methods of disposal and is experiencing lengthy marketing processes. There was no material impact to the results of operations as a result of these re-classifications for any period presented. The retail marketing business and energy trading joint venture will be classified as discontinued operations when these businesses are divested.