Railroad News

Union Pacific Railroad has partnered with startup accelerator Plug and Play to help drive freight transportation innovations, the Class I announced yesterday.

As an accelerator, Plug and Play helps existing startup companies grow with a combination of seed money, mentoring and connections to large companies. UP will serve as an "anchor partner" in Plug and Play's Supply Chain Innovation Platform.

Union Pacific Railroad and logistics service provider Katoen Natie this week broke ground on a new plastic packaging facility in south Dallas County, Texas.

The plant will be located at the 3,000-acre Prime Pointe Industrial Park, which is adjacent to UP's Dallas Intermodal Terminal.

Union Pacific Railroad today reported better-than-expected third-quarter earnings and revenue despite the Class I's business disruptions caused by Hurricane Harvey.

UP announced third-quarter net income increased to $1.2 billion, or $1.50 per diluted share, compared with net income of $1.1 billion, or $1.36 per diluted share, in the same period a year ago.

Union Pacific Railroad late last week announced appointments to its finance department, as well as the retirement of Vice President and Treasurer Mary Jones and Vice President-Tax Pat O'Malley.

The Class I has named Jon Panzer vice president and treasurer; Jennifer Hamann vice president-planning and analysis; and Bryan Clark, vice president-tax, according to a UP press release.

Port of Oakland Commissioners last week approved an $11 million rail-spur project that would connect Union Pacific Railroad tracks with Cool Port.

Cool Port is a 280,000-square-foot distribution center now under construction on 25 acres of Port of Oakland property. BNSF Railway Co. also will have access. 

Union Pacific Railroad is consolidating six major business units and four subsidiaries as part of a restructuring of its marketing and sales organization to address "evolving customer needs," the Class I announced late last week.

The business units are being consolidated into four: agricultural products, energy, industrial and premium.

Union Pacific Railroad expects lost business during Hurricane Harvey and costs associated with storm cleanup to reduce third-quarter earnings by 5 cents a share, the company's top executive said yesterday.

UP Chairman, President and Chief Executive Officer Lance Fritz told the news agency Reuters that pent-up demand from manufacturers in the Houston area and recovery efforts should help boost the railroad's fourth-quarter.

Union Pacific Railroad has no plans to alter operations on train schedules for Aug. 21, the day of a solar eclipse. As a result, the Class I has issued a safety warning to eclipse viewers to avoid railroad property.

The Class I, which has many miles of rail lines within the eclipse's viewing path, specifically asked eclipse viewers not to walk on or alongside rail tracks or congregate near tracks, and to cross only at designated railroad crossings.

Solaris Oilfield Infrastructure Inc. on Wednesday announced a new seven-year transloading agreement with an exploration and production operator in the Sooner Trend Anadarko Basin Canadian and Kingfisher Counties (STACK) oil play in Oklahoma.

Under the agreement, the operator will provide minimum quarterly proppant volumes through a new facility that Solaris is developing in Kingfisher, Oklahoma.

Union Pacific Corp. announced yesterday that Bhavesh "Bob" Patel has been elected to the company's board.

Patel is chief executive officer and chairman of the management board of LyondellBasell Industries, one of the world's largest plastics, chemicals and refining companies.

Union Pacific Railroad reported second-quarter net income jumped 19 percent to nearly $1.2 billion, or a Q2 record of $1.45 per share, from $979 million, or $1.17 per share, in the same quarter last year.

Total operating revenue for the quarter climbed 10 percent to $5.25 billion from $4.77 billion, while freight revenue increased 11 percent to $4.9 billion from $4.4 billion a year ago, the Class I announced today in a press release.

Union Pacific Railroad announced plans for $14 million worth of infrastructure projects this year in Minnesota.

The funds cover track and bridge maintenance and signal projects in the state.