Media Advisory: Keystone Pipeline System Safely Delivers One Billionth Barrel of Oil, Bringing Jobs, Growth and Energy Security to the U.S. and Canada
CALGARY, ALBERTA--(Marketwired - July 20, 2015) - TransCanada Corporation (TSX:TRP)(NYSE:TRP) (TransCanada) today announced it has safely delivered the one billionth barrel of Canadian and U.S. crude oil on the Keystone Pipeline System, contributing to U.S. energy security and generating, to date, close to US$200 million in property taxes for schools, roads, hospitals and more than 14,000 construction jobs for the 11 states and provinces it crosses.
The Keystone Pipeline System is one of the most extensive crude oil pipeline systems in North America, currently delivering to refineries at Wood River and Patoka, Illinois, Cushing, Oklahoma and Port Arthur, Texas.
"This is tangible evidence of how the safe delivery of Canadian and U.S. crude oil is helping to fuel the everyday lives of the American people in the safest, most efficient and least greenhouse gas intensive way possible," said Russ Girling, TransCanada's president and chief executive officer. "To put this achievement in perspective, it would take approximately 1.7 million train cars or 3.3 million trucks to transport one billion barrels of crude oil.
"These one billion barrels of oil have helped to fuel North American energy independence and the U.S. economic recovery, which has seen a dramatic rise in the number of oil and gas jobs as well as an increase in supply through a mix of Canadian imported and domestic production," added Girling. "We are proud of our employees who have helped us reach this milestone and it is a testament to the safe and reliable operations of the Keystone Pipeline System."
Pipelines remain the safest and most efficient method of transporting large volumes of crude oil over long distances, and TransCanada continues to be committed to expanding the Keystone system with the addition of Keystone XL, a 1,179 mile (1,897 kilometre) pipeline between Hardisty, Alberta and Steele City, Nebraska. As the U.S. State Department's Final Supplemental Environmental Impact Statement for Keystone XL concluded, oil transported by rail, tanker or barge would create 28 to 42 percent higher greenhouse gas (GHG) emissions than transporting the same oil through the pipeline.
In addition to lowering GHGs and transporting crude oil in the safest manner possible, Keystone XL would bring more oil from Canada and the U.S. Bakken to Americans adding another 2,200 construction jobs to Canada and 9,000 to the U.S. The State Department concluded the pipeline project would create 42,100 direct and spin-off jobs in the U.S alone during construction.
This month marks the five-year anniversary of the official start of crude oil deliveries for the 2,639-mile (4,247-kilometre) cross-border Keystone pipeline from Hardisty, Alberta to markets in the American Midwest and in 2014 to the U.S. Gulf Coast. The project was granted a Presidential Permit in just under two years.
"Identical to Keystone, Keystone XL will reduce GHG emissions and improve public safety by transporting crude oil via pipeline versus rail. Keystone XL will also create tens of thousands of jobs, and oil imported from Venezuela and the Middle East would be replaced with American and Canadian oil," concluded Girling.
With more than 60 years' experience, TransCanada is a leader in the responsible development and reliable operation of North American energy infrastructure including natural gas and liquids pipelines, power generation and gas storage facilities. TransCanada operates a network of natural gas pipelines that extends more than 68,000 kilometres (42,100 miles), tapping into virtually all major gas supply basins in North America. TransCanada is one of the continent's largest providers of gas storage and related services with 368 billion cubic feet of storage capacity. A growing independent power producer, TransCanada owns or has interests in over 10,900 megawatts of power generation in Canada and the United States. TransCanada is developing one of North America's largest liquids delivery systems. TransCanada's common shares trade on the Toronto and New York stock exchanges under the symbol TRP. Visit TransCanada.com and our blog to learn more, or connect with us on social media and 3BL Media.
FORWARD LOOKING INFORMATION
This publication contains certain information that is forward-looking and is subject to important risks and uncertainties (such statements are usually accompanied by words such as "anticipate", "expect", "believe", "may", "will", "should", "estimate", "intend" or other similar words). Forward-looking statements in this document are intended to provide TransCanada security holders and potential investors with information regarding TransCanada and its subsidiaries, including management's assessment of TransCanada's and its subsidiaries' future plans and financial outlook. All forward-looking statements reflect TransCanada's beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this news release, and not to use future-oriented information or financial outlooks for anything other than their intended purpose. TransCanada undertakes no obligation to update or revise any forward-looking information except as required by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to the Quarterly Report to Shareholders dated April 30, 2015 and 2014 Annual Report filed under TransCanada's profile on SEDAR at www.sedar.com and with the U.S. Securities and Exchange Commission at www.sec.gov.
Keystone Celebrates Five Years and One Billion Barrels
What others are saying:
"Members of North America's Building Trades Unions are proud of their work building the original Keystone Pipeline, which has helped lead North America toward energy independence with this one billionth barrel of oil transported safely over the last five years. The choice for American workers is clear: permit the Keystone XL pipeline and let's join Canada, our trusted ally to the north, and build the critical energy infrastructure our nation needs and will benefit our country for decades to come."
- Sean McGarvey, President of North America's Building Trades Unions.
"There are millions of barrels of oil every day still being imported from other countries. And there isn't any reason for it. The sooner we can get out of us depending upon foreign countries to serve us with oil, the better off I think the United States would be. If TransCanada wanted to change the route and put Keystone XL through the same easement that the other one is right now, they can come tomorrow. Because there's plenty of jobs that people need, not only in this state, but other states and provinces from Canada all the way to Texas."
- Keystone Nebraska Landowner Doug Zimmerman.
"These 1 billion barrels of oil have helped to fuel North American energy independence and power a resurgence in manufacturing in the United States, helping to drive job creation, investment and a better future for the families of the more than 12 million Americans who work in our industry."
- Jay Timmons, President and CEO of the National Association of Manufacturers.
"As Americans enjoy the extra savings from reduced gas prices at the pump this summer, the one billionth barrel of oil safely delivered from the original Keystone pipeline is a key factor making those savings possible for American consumers. How much more would Americans be saving if the Keystone XL segment of the pipeline had been approved and operational at this point? Just as with the original Keystone pipeline, the Keystone XL line will benefit American workers, taxpayers, schools, communities and consumers. It's time to move forward from partisan politics and onto creating the safe infrastructure that will ensure environmentally efficient delivery of much needed energy sources from our neighbor to the north and from US oil producers in the Bakken."
- Laborers' International Union of North America (LiUNA) General President Terry O'Sullivan.
"The Keystone XL Pipeline will create much-needed jobs, advance our domestic energy security and add to the vitality of our rural communities, all while protecting private property rights. I look forward to seeing this project continue to move forward."
- Steve Bullock, Governor of Montana.
"Having a reliable source of affordable energy is what powers our economy and allows people in the United States to enjoy a high quality of life. If this project (Keystone XL) fails to come to fruition we will continue to rely on potentially hostile energy sources to meet our needs, and we will remain vulnerable to global disruptions than can cause sudden price increases. Simply put, every barrel of oil we produce domestically or obtain from close allies, such as Canada, is a benefit to our economy and our national security."
- Dennis Daugaard, Governor of South Dakota.
"The continued success of the first Keystone project is a reminder that Keystone XL will bring good jobs and property tax revenue to Nebraska. The safety and environmental impact of Keystone XL have been thoroughly examined, and it is time for it to move forward and build the project."
- Pete Ricketts, Governor of Nebraska.
"The United Association (UA) is proud of our partnership with TransCanada in building and maintaining pipelines. TransCanada has safely and reliably transported over one billion barrels of oil through their Keystone Pipeline system, which was built with quality and pride by UA members. Today, the United States enjoys a great degree of choice when it comes to choosing energy partners, and our first choice should always be North American sources. TransCanada's Keystone Pipeline provides American refineries with a reliable source of oil from our closest ally, Canada. A powerful economic driver for decades, the U.S.-Canadian partnership delivers the best value in return and provides a degree of safety and assurance we can't find anywhere else in the world."
- UA General President William P. Hite.
"The Keystone XL will serve as a long-term link, transporting support of domestic energy to market efficiently and safely, at a low cost to the producer, which in turn will keep costs low for the consumers. This is vital to our region's ability to continue to capitalize on our vast crude resources in a manner that benefits both our local economy and the nation as a whole. We need more pipeline capacity, and it's needed now."
- Andy Peterson, President and CEO of the Greater North Dakota Chamber of Commerce.
"The success of Keystone gives us a tantalizing glimpse of the energy and economic security benefits of infrastructure investments. Along with our own energy renaissance, crude imports from our Canadian partners are part of the reason U.S. drivers have been enjoying lower prices at the pump. Building Keystone XL will help bring more stable supply to the market and with it new jobs, consumer benefits and greater energy security."
- American Petroleum Institute (API) President and CEO Jack Gerard.
"We think they are a wonderful company to work with, they are crossing some of my land, I think when they come out and got the easement for it, they paid good, you didn't have to argue with them about what you were going to get for it."
- Virgil Novotny, Retired Tripp County, South Dakota Commissioner.
"We are in support of the pipeline, TransCanada has actually been very good to work with, they've worked with commissioners, our commission, as well as commissioners across the state. They've worked with the citizens. TransCanada has been a support to the communities, even not being here as an entity in construction. They are helping to improve fire departments, infrastructure, community events; they want to be a part of the community. TransCanada has been working in good faith with our counties."
- Matt Debow, Chairman of Harding County, South Dakota Commissioners.
"We definitely want to see the next pipeline go through, there's no reason why it shouldn't. You know, when you've already got 11,000 miles of pipeline already buried in the state of Nebraska, I don't why all the fuss is about this one. Keystone XL pipeline is important to the people of Nebraska, farmers especially because we all need the fuel. If we don't have fuel to put in our tractors, our trucks, we don't farm or run our irrigation pivots. XL pipeline whether it's one, two, three, four or five, if they want to come through me again, send them down. We'll negotiate with them."
- Charles Barber, Nebraska Landowner.
"When I first heard of the TransCanada-Keystone Project I could see the potential economic development for the area. So many times we are bypassed due to no interstate, not enough power, no natural gas, employee base, and so on. The jobs, business, and sales tax during construction could be as much as 30% increase with many permanent jobs created…Now more than ever we need to support development in our country whether it be agriculture, energy exploration, manufacturing, or retail. With the ever increasing world's population counting on us to feed them we will need a reliable source of fuel."
- John Meyer, Owner of Office Products Center in Winner, South Dakota.
TransCanada Media Enquiries:
Mark Cooper/Davis Sheremata
403.920.7859 or 800.608.7859
TransCanada Investor & Analyst Enquiries:
David Moneta/Lee Evans
403.920.7911 or 800.361.6522