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Related Party Transactions
 3 Months Ended
Mar. 31, 2025
Related Party Transactions  
Related Party Transactions

16. Related Party Transactions

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ECOTEC

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During the three months ended March 31, 2025, we made purchases of $0.2 million from our unconsolidated affiliate ECOTEC for use in our operations.

FGC Holdco

We are a distributer of MaCH4 NRS equipment in the U.S. market, and, subject to certain contractual provisions, have committed to purchase from FGC Holdco, at arm’s length, a minimum of $64.3 million of MaCH4 NRS equipment through March 31, 2026. During the three months ended March 31, 2025, we made purchases of $1.9 million from our unconsolidated affiliate to sell to third parties or for use in our operations.

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The carrying value of assets and liabilities recognized in our condensed consolidated balance sheets related to our variable interests in FGC Holdco and our maximum exposure to loss related to our involvement with an unconsolidated VIE were as follows:

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March 31, 

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December 31, 

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(in thousands)

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2025

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2024

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Inventory

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$

7,681

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$

6,103

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Investment in unconsolidated affiliate

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426

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191

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Total VIE assets

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8,107

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6,294

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Maximum exposure to loss

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$

8,107

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$

6,294

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Hilcorp

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From August 2019 to present, our Board of Directors has included a member affiliated with our customer Hilcorp or its subsidiaries or affiliates. Revenue from Hilcorp and affiliates was $11.1 million and $10.5 million during the three months ended March 31, 2025 and 2024, respectively.

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Accounts receivable, net due from Hilcorp and affiliates was $14.7 million and $3.6 million as of March 31, 2025 and December 31, 2024, respectively, including $9.9 million from used equipment sales during the three months ended March 31, 2025.