Inventories

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Inventories

Inventories

The major components of inventories were as follows:

	March 31, 2023		December 31, 2022
Petroleum products	$	—	$	56
Crude oil	32,206		6,673
Caustic soda	14,632		15,258
NaHS	6,499		7,085
Raw materials - Alkali Business	4,569		5,819
Work-in-process - Alkali Business	8,640		9,599
Finished goods, net - Alkali Business	39,592		18,772
Materials and supplies, net - Alkali Business	15,190		14,881
Total	$	121,328	$	78,143

Inventories are valued at the lower of cost or net realizable value. There was no adjustment to the net realizable value of inventories during the period ended March 31, 2023. As of December 31, 2022, the net realizable value of inventories were below cost by $2.9 million which triggered a reduction of the value of inventory in our Consolidated Financial Statements by this amount.

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.