Inventories

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Inventories

Inventories

The major components of inventories were as follows:

	March 31, 2024		December 31, 2023
Crude oil	30,078		22,320
Caustic soda	8,202		9,150
NaHS	15,850		17,605
Raw materials - Alkali Business	8,075		8,355
Work-in-process - Alkali Business	5,717		11,404
Finished goods, net - Alkali Business	40,054		48,706
Materials and supplies, net - Alkali Business	18,669		17,691
Total	$	126,645	$	135,231

Inventories are valued at the lower of cost or net realizable value. As of March 31, 2024 , the net realizable value of our inventories was greater than the respective cost. At December 31, 2023, the net realizable value of our inventories was less than the respective cost by $0.2 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.