My spies snag a copy of TransCanada Keystone Pipeline LP's 2010 financial report filed with the Federal Energy Regulatory Commission.
TransCanada's Keystone shell spent $2.8 billion on pipeline construction, line pipe, pumping equipment, and other items in 2010 and wrote down another $2.2 billion for construction work in progress, totaling just about $5 billion in carrier property. They wrote down $15 million in depreciation.
TransCanada Keystone says it transported 27.7 million barrels of oil across the border and 28.3 million total barrels delivered in 2010, in two quarters of operation. That's about 157,000 barrels a day, 36% of Keystone's stated initial capacity of 435,000 barrels per day. That amount is dragged down by all the times TransCanada had to shut the pipeline down to fix leaky pump stations and check for faulty steel.
That oil produced $91 million in operating revenues. They cite $51.9 million in total expenses. They spent $1.7 million in salaries and wages and $9.9 million on outside services. They bought $10.8 million worth of fuel and power to run the pipeline. Proponents of our continued dependence on fossil fuels say TransCanada's pipelines are supposed to bring "huge" economic benefits to South Dakota. But I don't see a lot of South Dakota companies listed on the company's roster of suppliers; the biggest South Dakota name I notice is Woods Fuller Shultz & Smith, whose lawyers got $494,000 from TransCanada Keystone in 2010.
Along the entire system, TransCanada paid $12.7 million in taxes in 2010. Here's the state-by-state breakdown of state and local taxes TransCanada reported it paid in 2010:
TransCanada's pay-out to South Dakota is less than the $2.95 million the company has paid in property taxes in this fiscal year, so maybe things are looking up. But the company is still well shy of meeting its promise to pour $9.14 million each year into South Dakota's coffers