Hunting PLC Report on Payments to Governments (4939E)

TIDMHTG

RNS Number : 4939E

Hunting PLC

08 May 2017

 
 For immediate release   8 May 2017 
 

Hunting PLC

("Hunting" or the "Company" or the "Group")

Report on Payments to Governments

for the year ended 31 December 2016

Hunting PLC (LSE : HTG) the international energy services group today provides information in accordance with DTR 4.3A in respect of payments made by the Company to governments for the year ended 31 December 2016 and in compliance with The Reports on Payments to Governments Regulations 2014 (SI 2014/3209).

The following schedule details payments made to the US government by its wholly owned subsidiary Tenkay Resources, Inc ("Tenkay"). No other businesses within the Group are impacted by the above legislation and its reporting requirements. Further, due to the operational focus of Tenkay, the US government is the only relevant party to whom payments are made.

 
 Reporting Category                Total 2016 Payments 
                                                   US$ 
--------------------------------  -------------------- 
 
 Production entitlements                           Nil 
 State Severance Taxes                         100,491 
 State Income Taxes                                100 
 Federal Income Taxes                              Nil 
      Royalties 
        *    Onshore                            13,565 
                                               426,720 
 
        *    Offshore 
 Dividends                                         Nil 
 Signature/discovery/production                    Nil 
  bonuses 
 Licence / rental fees                             Nil 
 Infrastructure improvements                       Nil 
 
 Total                                         540,876 
--------------------------------  -------------------- 
 

The above summary consolidates payments made by Tenkay in relation to 50 operating oil and gas fields to which the business had an interest during the reporting period. Tenkay's business model has been to hold small equity or working interests in oil and gas assets across the US.

Payment Analysis By State (excluding State Income Taxes)

 
                          Net Royalties 
                           Paid 
                           Attributable       State 
                No. of     to                  Severance 
 State           Fields    Tenkay              Taxes       Total Payments 
                                      $                $                $ 
-------------  --------  --------------  ---------------  --------------- 
 
 Arkansas             4               -            4,190            4,190 
 Louisiana            8          12,406           70,396           82,802 
 Mississippi          1               -               37               37 
 Montana              2           1,159            4,200            5,359 
 North 
  Dakota              2               -            1,747            1,747 
 Texas               26               -           17,888           17,888 
 Offshore             7         426,720            2,033          428,753 
 
                     50         440,285          100,491          540,776 
               ========  ==============  ===============  =============== 
 

The full report, including a full field analysis, is available for download at www.huntingplc.com.

For further information please contact:

 
Hunting PLC                     Tel: [phone] 
 Ben Willey, Company Secretary 
 

Notes to Editors:

About Hunting PLC

Hunting PLC is an international energy services provider to the world's leading upstream oil and gas companies. Established in 1874, it is a premium listed public company traded on the London Stock Exchange. The Company maintains a corporate office in Houston and is headquartered in London. As well as the United Kingdom, the Company has principal operations in Canada, China, Indonesia, Mexico, Netherlands, Saudi Arabia, Singapore, South Africa, United Arab Emirates and the United States of America.

Hunting PLC's Legal Entity Identifier is 2138008S5FL78ITZRN66.

This information is provided by RNS

The company news service from the London Stock Exchange

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May 08, 2017 09:32 ET (13:32 GMT)