GENESIS ENERGY LP
For the period ended Dec 31, 2023. Filed Feb 23, 2024.
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FY2023 · Filed Feb 23, 2024
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. 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.
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