30 Apr 2020 16:30
For immediate release | 30 April 2020 |
Hunting PLC
("Hunting" or the "Company" or the "Group")
Report on Payments to Governments
for the year ended 31 December 2019
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 2019 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 2019 Payments US$ |
Production entitlements | Nil |
State Severance Taxes | 64,894 |
State Income Taxes | Nil |
Federal Income Taxes | Nil |
Royalties - Onshore - Offshore |
1,573 244,178 |
Dividends | Nil |
Signature/discovery/production bonuses | Nil |
Licence / rental fees | Nil |
Infrastructure improvements | Nil |
Total | 310,645 |
The above summary consolidates payments made by Tenkay in relation to 90 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)
State | No. of Fields | Net Royalties Paid Attributable to Tenkay | State Severance Taxes | Total Payments | |||
$ | $ | $ | |||||
Arkansas | 34 | - | 3,741 |
3,741 | |||
Louisiana | 7 | - | 3,376 | 3,376 | |||
Mississippi | 1 | - | 45 | 45 | |||
Montana | 3 | 1,573 | 5,797 | 7,370 | |||
North Dakota | 1 | - | 1,561 | 1,561 | |||
New Mexico | 1 | - | 188 | 188 | |||
Texas | 38 | - | 49,753 | 49,753 | |||
Offshore | 5 | 244,178 | 433 | 244,611 | |||
90 | 245,751 | 64,894 | 310,645 | ||||
This report is available for download at www.huntingplc.com.
For further information please contact:
Hunting PLC Ben Willey, Company Secretary | Tel: +44 (0) 20 7321 0123 |
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.
Hunting (HTG)