Other Current Assets

3 Months Ended

Mar. 31, 2020

Other Current Assets [Abstract]

Other Current Assets

3. OTHER CURRENT ASSETS:

The following table summarizes the major components of Other current assets included on the condensed consolidated balance sheet:

	March 31,		December 31,
	2020		2019
Deposits and retainers	$	526	$	651
Prepaids and others		1,442		1,087
Crude oil		958		1,032
Pipe and production equipment		4,985		7,976
Total Other current assets	$	7,911	$	10,746

During the quarter ended March 31, 2020, the Company recorded a write-down of pipe and production inventory to the lower of cost or net realizable value. The Company’s inventories are valued at the lower of cost or net realizable value, with cost determined using either the weighted-average cost, including the cost of transportation and storage, and with net realizable value defined as the estimated selling price in the ordinary course of business, less reasonably predictable costs of transportation. Accordingly, the Company recorded a write-down of pipe and production equipment of $3.3 million. The non-cash expense is reported as Other operating expenses on the condensed consolidated statement of operations.