Investments

12 Months Ended

Dec. 31, 2021

Investments in and Advances to Affiliates [Abstract]

Investments

INVESTMENTS

As of December 31, 2021, we retained an interest in CSI Compressco representing approximately 3.8% of the outstanding common units.

We are party to agreements in which Standard Lithium has the right to explore, produce and extract lithium in our Arkansas leases as well as additional potential resources in the Mojave region of California. The Company receives cash and stock of Standard Lithium (NYSE:SLI) under the terms of the arrangements. The cash and stock component of consideration received is initially recorded as unearned income based on the quoted market price at the time the stock is received, then recognized in income over the contract term. During the fourth quarter of 2021,

we sold the 1.6 million shares of Standard Lithium shares we owned for approximately $17.6 million, before broker and transaction fees.

In May 2021, we signed a memorandum of understanding (“MOU”) with CarbonFree Chemicals Holdings, LLC (“CarbonFree”), a carbon capture company with patented technologies that capture CO2 and mineralize emissions to make commercial, carbon-negative chemicals. During the one-year MOU period, both Companies will work towards a definitive agreement that might include investments by TETRA into CarbonFree, a joint venture, or other commercial arrangements. In December 2021, we invested $5.0 million in a convertible note issued by CarbonFree. Our exposure to potential losses by CarbonFree is limited to our investment in the convertible note.

Our investments as of December 31, 2021 and 2020, consist of the following:

	December 31,
	2021		2020
	(In Thousands)
Investment in CSI Compressco	$	6,233	$	—
Investment in CarbonFree	5,000		—
Investment in Standard Lithium	—		2,675
Total investments	$	11,233	$	2,675

See Note 14 - “Fair Value Measurements” for further information.