Inventories

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Inventories

Inventories

The major components of inventories were as follows:

	December 31,
	2023		2022
Petroleum products	$	—	$	56
Crude oil	22,320		6,673
Caustic soda	9,150		15,258
NaHS	17,605		7,085
Raw materials - Alkali Business	8,355		5,819
Work-in-process - Alkali Business	11,404		9,599
Finished goods, net - Alkali Business	48,706		18,772
Materials and supplies, net - Alkali Business	17,691		14,881
Total	$	135,231	$	78,143

Inventories are valued at the lower of cost or net realizable value. The net realizable value of inventories were below cost by $0.2 million as of December 31, 2023, which triggered a reduction of the value of inventory in our Consolidated Financial Statements by this amount. We recorded $2.9 million in inventory reduction adjustments as of December 31, 2022.

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.