Hunting PLC Report on Payments to Goverments 2017 (7238H)

TIDMHTG

RNS Number : 7238H

Hunting PLC

14 March 2018

 
 For immediate release   14 March 2018 
 

Hunting PLC

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

Report on Payments to Governments

for the year ended 31 December 2017

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 2017 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 2017 Payments 
                                                   US$ 
--------------------------------  -------------------- 
 
 Production entitlements                           Nil 
 State Severance Taxes                          89,635 
 State Income Taxes                                Nil 
 Federal Income Taxes                              Nil 
      Royalties 
        *    Onshore                               711 
                                               470,982 
 
        *    Offshore 
 Dividends                                         Nil 
 Signature/discovery/production                    Nil 
  bonuses 
 Licence / rental fees                             Nil 
 Infrastructure improvements                       Nil 
 
 Total                                         561,328 
--------------------------------  -------------------- 
 

The above summary consolidates payments made by Tenkay in relation to 52 operating oil and gas fields 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 
                           Paid 
                           Attributable      State 
                No. of     to                 Severance 
 State           Fields    Tenkay             Taxes       Total Payments 
                                      $               $                $ 
-------------  --------  --------------  --------------  --------------- 
 
 Arkansas             4               -           6,663            6,663 
 Louisiana            7           (798)          31,897           31,099 
 Mississippi          1               -              38               38 
 Montana              2           1,509           5,458            6,967 
 North 
  Dakota              2               -           1,860            1,860 
 Texas               28               -          42,692           42,692 
 New Mexico           1               -             218              218 
 Offshore             7         470,982             809          471,791 
 
                     52         471,693          89,635          561,328 
               ========  ==============  ==============  =============== 
 

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, 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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March 14, 2018 07:59 ET (11:59 GMT)