CALGARY, June 24, 2013 /CNW/ - Canadian Pacific (TSX:CP) (NYSE: CP)
announced today its main line west of Calgary through the Banff-Canmore
region of Alberta is now open after railway operations crews
successfully restored segments impacted by the extreme weather last
week. A portion of its track in Calgary is expected to re-open this
evening, fully restoring the railway's main line. A segment of CP's
south line to Lethbridge, Alberta will be fully restored by Thursday.
Heavy rainfall and the accelerated snowcap melt in the Rockies over the
past several days caused severe flooding and many Southern Alberta
communities remain evacuated and under states of emergency including
While the affected segments of the railway's main line were being fully
restored, the railway detoured a number of its trains on the south
western part of its network and was assisted by CN and other carriers
over the weekend.
"Considering the devastating impacts to thousands of people and property
that this extreme weather left in its path, I commend the resiliency
and dedicated efforts of all our CP railroaders, who safely worked to
get our network back in service so quickly," said CP Chief Executive
Officer, E. Hunter Harrison, who noted during the four-day period,
crews responded to over forty individual locations impacted by high
water in both Alberta and the British Columbia interior.
"The force and extent of this flooding was extensive and evolved from
hour-to-hour. As locations were identified, CP crews responded with
equipment and resources and carefully managed to safely and
systematically restore each outage," said Harrison.
Harrison continued, "Despite the significant recovery efforts and
interruption to railway operations, CP maintains its previously
provided guidance for 2013."
Note on Forward-Looking Information
This news release contains certain forward-looking statements relating
but not limited to our operations, anticipated financial performance,
planned capital expenditures, and business prospects. Undue reliance
should not be placed on forward-looking information as actual results
may differ materially.
By its nature, CP's forward-looking information involves numerous
assumptions, inherent risks and uncertainties, including but not
limited to the following factors: changes in business strategies;
general North American and global economic, credit and business
conditions; risks in agricultural production such as weather conditions
and insect populations; the availability and price of energy
commodities; the effects of competition and pricing pressures; industry
capacity; shifts in market demand; inflation; changes in laws and
regulations, including regulation of rates; changes in taxes and tax
rates; potential increases in maintenance and operating costs;
uncertainties of investigations, proceedings or other types of claims
and litigation; labour disputes; risks and liabilities arising from
derailments; transportation of dangerous goods; timing of completion of
capital and maintenance projects; currency and interest rate
fluctuations; effects of changes in market conditions and discount
rates on the financial position of pension plans and investments; and
various events that could disrupt operations, including severe weather,
droughts, floods, avalanches and earthquakes as well as security
threats and governmental response to them, and technological changes.
Other risks are detailed from time to time in reports filed by CP with
securities regulators in Canada and the United States. Reference
should be made to "Management's Discussion and Analysis" in CP's annual
and interim reports, Annual Information Form and Form 40-F.
Except as required by law, CP undertakes no obligation to update
publicly or otherwise revise any forward-looking information, whether
as a result of new information, future events or otherwise.
About Canadian Pacific
Canadian Pacific (TSX:CP)(NYSE: CP) is a transcontinental railway in
Canada and the United States with direct links to eight major ports,
including Vancouver and Montreal, providing North American customers a
competitive rail service with access to key markets in every corner of
the globe. CP is a low-cost provider that is growing with its
customers, offering a suite of freight transportation services,
logistics solutions and supply chain expertise. Visit cpr.ca to see the rail advantages of Canadian Pacific.
SOURCE: Canadian Pacific
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