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Related Party Transactions
 9 Months Ended
Sep. 30, 2023
Related Party Transactions  
Related Party Transactions

15. Related Party Transactions

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Old Ocean Reserves, an affiliate of our customer Hilcorp, had the right to designate one director to serve on our Board of Directors as long as Old Ocean Reserves or its successors (together with its affiliates) owned at least 7.5% of our outstanding common stock. This right terminated in September 2023 when Old Ocean Reserves ownership of our outstanding common stock fell below 7.5%. 

 

Revenue from Hilcorp was $8.9 million and $9.2 million during the three months ended September 30, 2023 and 2022, respectively, and $26.7 million and $27.8 million during the nine months ended September 30, 2023 and 2022, respectively. Accounts receivable, net due from Hilcorp was $3.2 million and $3.0 million as of September 30, 2023 and December 31, 2022, respectively.

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