Inventories

12 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

Inventories

Inventories

The major components of inventories were as follows:

	December 31,
	2022		2021
Petroleum products	$	56	$	998
Crude oil	6,673		11,834
Caustic soda	15,258		5,690
NaHS	7,085		17,040
Raw materials - Alkali Operations	5,819		7,599
Work-in-process - Alkali Operations	9,599		7,496
Finished goods, net - Alkali Operations	18,772		13,681
Materials and supplies, net - Alkali Operations	14,881		13,620
Total	$	78,143	$	77,958

Inventories are valued at the lower of cost or net realizable value. The net realizable value of inventories were below cost by $2.9 million as of December 31, 2022, which triggered a reduction of the value of inventory in our Consolidated Financial Statements by this amount. We recorded $2.0 million in inventory reduction adjustments as of December 31, 2021.

Materials and supplies include chemicals, maintenance supplies, and spare parts which will be consumed in the mining of trona ore and production of soda ash processes.