Hunting PLC Report on Payments to Governments (0710X)

TIDMHTG

RNS Number : 0710X

Hunting PLC

29 April 2021

 
 For immediate release                                                         29 April 2021 
 

Hunting PLC

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

Report on Payments to Governments

for the year ended 31 December 2020

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 2020 and in compliance with The Reports on Payments to Governments Regulations 2014 (SI 2014/3209) as amended by the Reports on Payments to Governments Regulations 2015 (2015/1928).

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 2020 Payments 
                                                   US$ 
--------------------------------  -------------------- 
 
 Production entitlements                           Nil 
 State Severance Taxes                          33,592 
 State Income Taxes                                Nil 
 Federal Income Taxes                              Nil 
      Royalties 
        *    Onshore                               445 
                                               275,826 
 
        *    Offshore 
 Dividends                                         Nil 
 Signature/discovery/production                    Nil 
  bonuses 
 Licence / rental fees                             Nil 
 Infrastructure improvements                       Nil 
 
 Total                                         309,863 
--------------------------------  -------------------- 
 

The above summary consolidates payments made by Tenkay in relation to 74 operating oil and gas fields which have made payments to the US government in the year and in 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 
                          No. of    Paid Attributable              State 
 State                    Fields            to Tenkay    Severance Taxes   Total Payments 
                                                    $                  $                $ 
-------------  -----------------  -------------------  -----------------  --------------- 
 
 
 Arkansas                     29                    -              2,269            2,269 
 Louisiana                     9                    -              6,658            6,658 
 Mississippi                   1                    -                 38               38 
 Montana                       3                  445              1,856            2,301 
 Texas                        28                    -             22,670           22,670 
 Offshore                      4              275,826                101          275,927 
 
                              74              276,271             33,592          309,863 
               =================  ===================  =================  =============== 
 

This report 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, United Arab Emirates and the United States of America.

Hunting PLC's Legal Entity Identifier is 2138008S5FL78ITZRN66.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

PGRFIFFASTIAFIL

(END) Dow Jones Newswires

April 29, 2021 07:00 ET (11:00 GMT)