Investments

12 Months Ended

Dec. 31, 2022

Investments in and Advances to Affiliates [Abstract]

Investments

INVESTMENTS

Our investments as of December 31, 2022 and 2021, consist of the following:

	December 31,
	2022		2021
	(In Thousands)
Investment in CSI Compressco	$	6,967	$	6,233
Investment in CarbonFree	6,139		5,000
Investment in Standard Lithium	1,180		—
Total investments	$	14,286	$	11,233

Following the closing of the GP Sale, we continue to own approximately 3.7% of the outstanding CSI Compressco common units (NASDAQ: CCLP) as of December 31, 2022.

In May 2021, we signed a memorandum of understanding (“MOU”) with CarbonFree, a carbon capture company with patented technologies that capture CO2 and mineralize emissions to make commercial, carbon-negative chemicals. Although the MOU expired in May 2022 at the end of its twelve-month term, we have an intellectual property joint development agreement in place with CarbonFree to evaluate potential new technologies. In December 2021, we invested $5.0 million in a convertible note issued by CarbonFree. Interest on the convertible note is capitalized into the convertible note annually in December. Our exposure to potential losses by CarbonFree is limited to our investment in the convertible note and associated interest.

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

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