Investments

3 Months Ended

Mar. 31, 2023

Investments in and Advances to Affiliates [Abstract]

Investments

INVESTMENTS

Our investments as of March 31, 2023 and December 31, 2022 consist of the following:

	March 31, 2023		December 31, 2022
	(in thousands)
Investment in CSI Compressco	$	6,443	$	6,967
Investment in CarbonFree	5,939		6,139
Investment in Standard Lithium	1,520		1,180
Total Investments	$	13,902	$	14,286

Following the January 2021 sale of the general partner of CSI Compressco LP (“CSI Compressco”), we continue to own approximately 3.7% of the outstanding CSI Compressco common units (NASDAQ: CCLP) as of March 31, 2023.

We have an intellectual property joint development agreement in place with CarbonFree to evaluate potential new technologies. CarbonFree is a carbon capture company with patented technologies that capture CO2 and mineralize emissions to make commercial, carbon-negative chemicals. 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 and associated capitalized and accrued interest.

In addition, we are party to agreements in which Standard Lithium has the right to explore, and an option to acquire the rights to 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 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.

See Note 8 - “Fair Value Measurements” for further information.