Quarterly report pursuant to Section 13 or 15(d)


3 Months Ended
Mar. 31, 2016
INVENTORIES [Abstract]  

Inventories include the following:

March 31, 2016
December 31, 2015
(thousands of dollars)
Raw material
  $ 2,213     $ 2,905  
Work in process
    63       56  
Finished products
    15,049       12,843  
Total inventory
  $ 17,325     $ 15,804  

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 March 31, 2016, and December 31, 2015, 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 $1.6 million and $2.7 million at March 31, 2016, and December 31, 2015, respectively.