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Investments | 12 Months Ended
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Dec. 31, 2024
Long-Term Investments [Abstract] |
Investments | 6. INVESTMENTS Basin Production and Completion LLC On February 9, 2022, we entered into an agreement to purchase all the series A-1 and B-1 preferred units of Basin Production and Completion LLC (“BPC”), for $46.0 million, consisting of $40.0 million to BPC for series A-1 and B-1 preferred units and $6.0 million to selling holders of BPC series B-1 preferred units. Additionally, on February 14, 2022, we made a loan to FHE USA LLC (“FHE”), a subsidiary of BPC for $1.25 million. The loan bears interest at the rate of 5.0% per annum. Interest is either paid at each calendar quarter end or added to the principal balance at the election of BPC. The loan matures on February 14, 2027. The total amount invested in BPC through February 9, 2022, was $51.4 million. Subsequent to February 9, 2022, but prior to our acquisition in 2024, our investments in BPC provided us with the ability to have significant influence, but not control over BPC’s operations. We then concluded that BPC was a VIE, but we were not the primary beneficiary of the VIE. We elected the fair value option to account for our equity method investment in BPC. See “Note 15. Fair Value of Financial Instruments” for more information on our instruments using Level 3 measurements. As of December 31, 2023, the estimated fair value of our investment in BPC was $23.4 million. Our acquisition of BPC in 2024 effectively settled our investments in BPC previously measured under the fair value option. See “Note 4. Business Combinations” for further discussion of the acquisition.

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