Quarterly report pursuant to Section 13 or 15(d)


6 Months Ended
Jun. 30, 2015
INVENTORIES [Abstract]  

Inventories include the following:

June 30, 2015
December 31, 2014
(thousands of dollars)
Raw material
  $ 2,930     $ 2,826  
Work in process
    76       49  
Finished products
    12,052       9,940  
    Total inventory
  $ 15,058     $ 12,815  

The difference between the calculated value of inventory under the FIFO and LIFO bases generates either a recorded LIFO reserve (i.e., where FIFO value exceeds the LIFO value) or an unrecorded negative LIFO reserve (i.e., where LIFO value exceeds the FIFO value).  In the latter case, in order to ensure that inventory is reported at the lower of cost or market and in accordance with ASC 330-10, we do not increase the stated value of our inventory to the LIFO value.

At June 30, 2015, and December 31, 2014, LIFO value of petrochemical inventory exceeded FIFO; therefore, in accordance with the above policy, no LIFO reserve was recorded.

Inventory serves as collateral for our amended and restated loan agreement.  See Note 8.

Inventory included petrochemical products in transit valued at approximately $2.8 million and $3.5 million at June 30, 2015, and December 31, 2014, respectively.