Inventories

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Inventories

Inventories

The major components of inventories were as follows:

	September 30, 2024		December 31, 2023
Crude oil	$	31,783	$	22,320
Caustic soda	6,496		9,150
NaHS	8,881		17,605
Raw materials - Alkali Business	9,291		8,355
Work-in-process - Alkali Business	3,416		11,404
Finished goods, net - Alkali Business	30,601		48,706
Materials and supplies, net - Alkali Business	20,219		17,691
Total	$	110,687	$	135,231

Inventories are valued at the lower of cost or net realizable value. As of September 30, 2024 and December 31, 2023, the net realizable value of inventories were below their respective cost by $0.4 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.