Inventories

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Inventories

Inventories

The major components of inventories were as follows:

	June 30, 2024		December 31, 2023
Crude oil	$	22,318	$	22,320
Caustic soda	7,198		9,150
NaHS	12,199		17,605
Raw materials - Alkali Business	10,872		8,355
Work-in-process - Alkali Business	7,652		11,404
Finished goods, net - Alkali Business	26,684		48,706
Materials and supplies, net - Alkali Business	19,404		17,691
Total	$	106,327	$	135,231

Inventories are valued at the lower of cost or net realizable value. As of June 30, 2024 and December 31, 2023, the net realizable value of inventories were below their respective cost by $0.1 million and $0.2 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.