Inventories

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

Inventories

Inventories

The major components of inventories were as follows:

	September 30, 2023		December 31, 2022
Petroleum products	$	—	$	56
Crude oil	31,495		6,673
Caustic soda	9,184		15,258
NaHS	12,676		7,085
Raw materials - Alkali Business	7,601		5,819
Work-in-process - Alkali Business	7,691		9,599
Finished goods, net - Alkali Business	41,205		18,772
Materials and supplies, net - Alkali Business	17,094		14,881
Total	$	126,946	$	78,143

Inventories are valued at the lower of cost or net realizable value. As of September 30, 2023 and December 31, 2022, the net realizable value of inventories were below cost by $0.1 million and $2.9 million, respectively, which triggered a reduction of the value of inventory in our Unaudited Condensed Consolidated Financial Statements by these amounts.

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.