UP

(Photograph Courtesy of UP, via Twitter)

Weather, Inflation Impact UP 1Q23 Results (Updated, TD Cowen and SFG Analysis)

“We delivered greater network fluidity and resiliency in the first quarter even as we faced a series of significant weather events,” Union Pacific Chairman, President and CEO Lance Fritz said during the Class I’s financial report on April 20. “In addition to the impact of weather on carload volumes and costs, higher inflation also reduced our operating income and more than offset our record first quarter operating revenue.”

TCC is developing shovel-ready lots for industrial users in Mesa, Aria., that will be served by Union Pacific. (TCC Photograph)
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TCC to Offer Ariz.-Based, UP-Served ‘Shovel-Ready’ Sites

A 192-acre site in Mesa, Ariz., will be divided into industrial-use subsites to be served by Union Pacific (UP), according to global real estate developer Trammell Crow Company (TCC), which recently acquired the property with a client of CBRE Investment Management.

Class I Briefs: UP, BNSF, CN

Union Pacific (UP) moves more containers for WM (formerly Waste Management) in 2022 than in any other single year. Also, BNSF donates toward the purchase of a second location for the Tulsa Dream Center; and CN launches new tool to help its customers calculate greenhouse gas (GHG) emissions.

Class I Briefs: BNSF, UP, CSX

BNSF hosts University of Illinois Urbana-Champaign researchers from the Rail Transportation and Engineering Center (RailTEC) at its Fort Worth campus. Also, Union Pacific (UP) Assistant Vice President, External Relations Wes Lujan has been named one of Profiles in Diversity Journal’s 2023 Latino Leadership Award winners; and CSX’s automated new vehicle inspection portals help make Total Distribution Services Inc. (TDSI) more efficient.

Federal lawmakers and environmental groups are urging the DOT to reject the use of tax-exempt "private equity bonds" to fund the Uinta Basin Railway.

Lawmakers, Environmental Groups Urge DOT to Reject Use of Bonds to Fund Uinta Basin Railway

U.S. Sens. Michael Bennet and John Hickenlooper and U.S. Rep. Joe Neguse (D-Colo.), along with more than 150 environmental groups, some from as far away as New Jersey, have sent a letter to U.S. Transportation Secretary Pete Buttigieg urging the U.S. Department of Transportation (DOT) to reject the use of tax-exempt “private activity bonds” for the Uinta Basin Railway, stating that the project would “undermine President Biden’s priority of addressing the climate crisis, and harm communities through which these oil trains will travel and where this oil will be refined.”

CN has donated $20,000 to the National Civil Rights Museum in Memphis, Tenn.

Class I Briefs: CN, UP

CN donates $20,000 to the National Civil Rights Museum in Memphis, Tenn. Also, Union Pacific’s (UP) Vice President-Operations Carl Garrison is named to Profiles in Diversity Journal’s short list of 2023 Latino Leadership Award winners.

Photo Courtesy of WWP, via Twitter

Class I Briefs: CSX, UP

CSX announces new graduates from the Warrior to Work drone program through the Class I’s partnership with Wounded Warrior Project (WWP). Also, Union Pacific (UP) partners with The Manufacturing Institute to grow its Second Chance Hiring Program; and donates photography equipment to Chicago youth.

An 18-month pilot could launch in summer 2024 “with the intention of eventually making free and reduced transfers a permanent policy across the Bay Area,” according to a Bay City News Foundation report.

Transit Briefs: BART, LACMTA, Metra

San Francisco Bay Area public transit officials consider a “free transfer” pilot. Also, the Los Angeles County Metropolitan Transportation Authority’s (LACMTA) drug-free campaign on three light rail lines is showing promise; and Union Pacific (UP) is transferring its Chicago commuter rail services to Metra.

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