Report on Payments to Goverments 2017

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 -     Offshore	711 470,982
Dividends	Nil
Signature/discovery/production bonuses	Nil
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)

State	No. of Fields		Net Royalties Paid       Attributable to                  Tenkay		State  Severance 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 Ben Willey, Company Secretary

Tel: [phone]

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.

 

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