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Note 8 - Inventories

6 Months Ended

Jun. 30, 2014

Note 8 – Inventories

Inventories consist of the following:

(In thousands)	June 30, 2014		December 31, 2014


Raw materials:
Drilling fluids	$	157,846	$	153,901
Mats		833		790
Total raw materials		158,679		154,691

Blended drilling fluids components		39,518		34,075

Finished goods- mats		932		914
Total	$	199,129	$	189,680

Raw materials consist primarily of barite, chemicals, and other additives that are consumed in the production of our drilling fluid systems. Our blended drilling fluids components consist of base drilling fluid systems that have been either mixed internally at our mixing plants or purchased from third party vendors. These base systems require raw materials to be added, as required to meet specified customer requirements.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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