Investments

9 Months Ended

Sep. 30, 2023

Investments in and Advances to Affiliates [Abstract]

Investments

INVESTMENTS

Our investments as of September 30, 2023 and December 31, 2022 consist of the following:

	September 30, 2023		December 31, 2022
	(in thousands)
Investment in CSI Compressco	$	7,228	$	6,967
Investment in CarbonFree	6,563		6,139
Investment in Standard Lithium	2,264		1,180
Other investments	350		—
Total Investments	$	16,405	$	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 September 30, 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 investments and capitalized and accrued interest associated with the CarbonFree convertible note.

In addition, we are party to agreements whereby Standard Lithium has the right to explore for, and an option to acquire the rights to produce and extract, lithium in our Arkansas leases and other 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.