Sale of Equity Interests in Rio Bravo

12 Months Ended

Dec. 31, 2023

Proceeds from Issuance or Sale of Equity [Abstract]

Sale of Equity Interests in Rio Bravo

Note 3 — Sale of Equity Interests in Rio Bravo

In March 2020 the Company sold its’ equity interests in Rio Bravo Pipeline Company, LLC (“Rio Bravo”) to a third party for approximately $19.4 million. Under the terms of the agreement, if the Company or its affiliate failed to issue a full notice to proceed to its’ EPC contractor prior to December 31, 2024, the purchaser had the right to sell the equity interests back to the Company and the Company had the right to repurchase the equity interests from Buyer.

Of the transaction price of approximately $19.4 million, $15.0 million was received by the Company in March 2020 and the remaining approximate $4.4 million was received in July 2023 upon Rio Grande’s issuance of the full notice to proceed to its’ EPC contractor. Accordingly, the assets of Rio Bravo have been de-recognized in the consolidated balance sheet as of December 31, 2023.