CALGARY, AB, Nov. 22, 2021 /CNW/ - Canadian Pacific (TSX: CP)
(NYSE: CP) announced today that it would reopen its railway between
Kamloops, B.C. and Vancouver by mid-day Tuesday, Nov. 23. Crews have worked around the
clock after the Nov. 14 atmospheric
river rain storm in British
Columbia, where nearly 200 millimetres of rain fell over two
days in some locations. Thirty locations across CP's Thompson and Cascade subdivisions were damaged
with 20 resulting in significant loss of infrastructure.
"I am extremely proud of the CP team. Their extraordinary
dedication, grit and perseverance in the face of extremely
challenging conditions are the reasons we are able to restore our
vital rail network in only eight days," said Keith Creel, CP President and CEO. "The
following 10 days will be critical. As we move from response to
recovery to full service resumption, our focus will be on working
with customers to get the supply chain back in sync."
As CP resumes operations and moves from restoration to recovery,
CP will closely coordinate with customers and terminals to clear
the backlogs as quickly and efficiently as possible. Success will
require collaboration across the supply chain with urgent weekend
work and flexible schedules at customer and terminal locations to
help get freight moving efficiently again.
To repair the railway infrastructure, CP crews:
- Moved 150,000 cubic yards of material to rebuild the damaged
areas, equivalent to 10,000 tandem dump truck loads or 30,000
one-ton dump truck loads of earth, riprap (rock) and other
construction material
- Utilized more than 80 pieces of heavy work equipment
- Mobilized hundreds of CP employees and contractors from across
the network
While the railroad may have reopened, there remains a difficult
road ahead for B.C. residents and businesses impacted by this
event. CP continues to work closely with local and B.C. authorities
and Indigenous communities in the Fraser Canyon to coordinate the
delivery of critical materials, equipment, food and fuel.
CP teams arranged food delivery to the Spuzzum First
Nation, secured 10 portable generators to be delivered to the Cooks
Ferry First Nation and arranged meals, milk and baby formula
for the Boston Bar Food Bank.
Throughout this crisis, CP has closely coordinated and partnered
with the Ministry of Transportation and Infrastructure. CP, for
example, is facilitating the reconstruction of the grade for the
railway infrastructure and also the Trans Canada Highway at Tank
Hill west of Spences Bridge. That
partnership has fostered the ability to efficiently redirect
Ministry equipment to other recovery sites to support highway
repairs.
Such coordination has been critical to this recovery. Even
before the storm, there was recognition that priority access would
speed recovery. Critical infrastructure designation helped
accelerate CP's recovery as equipment was positioned during the
storm then deployed immediately following.
"The force and impact of this event were extensive and evolved
from hour to hour," added Creel. "CP worked in lock-step in
partnership with the B.C. Ministry of Transportation and
Infrastructure, Transport Canada and contractors to identify damage
and priority locations to get highways and our network reopened. We
are committed to continuing to support the recovery with our
experience, expertise and resources as we do our part to resume
critical transportation services for Canadians and the North
American economy."
Note on forward-looking information
This news release contains certain forward-looking information
and forward-looking statements (collectively, "forward-looking
information") within the meaning of applicable securities laws.
Forward-looking information includes, but is not limited to,
statements concerning expectations, beliefs, plans, goals,
objectives, assumptions and statements about possible future
events, conditions, and results of operations or performance.
Forward-looking information may contain statements with words or
headings such as "will", "anticipate", "believe", "expect", "plan",
"should", "commit" or similar words suggesting future outcomes.
This news release contains forward-looking information relating
to the reopening of the B.C. rail corridor and the related impacts
of the storm, including the anticipated timing of repairs to CP's
railway infrastructure and the delivery of critical supplies to
local communities.
The forward-looking information contained in this news release
is based on current expectations, estimates, projections and
assumptions, having regard to CP's experience and its perception of
historical trends, and includes, but is not limited to,
expectations, estimates, projections and assumptions relating to:
CP's ability to implement certain initiatives, including risk
mitigation strategies; the impacts of existing and planned capital
investments; CP's ability to work with governments and third
parties to mitigate the impacts of natural disasters and climate
change; North American and global economic growth; commodity demand
growth; agricultural production; commodity prices and interest
rates; performance of our assets and equipment; applicable laws,
regulations and government policies; the availability and cost of
labour on the timelines anticipated and with the capabilities
required, as well as the availability and cost of services and
infrastructure; the satisfaction by third parties of their
obligations to CP; the anticipated impacts of the novel strain of
coronavirus (and the disease known as COVID-19); and capital
investments by third parties. Although CP believes the
expectations, estimates, projections and assumptions reflected in
the forward-looking information presented herein are reasonable as
of the date hereof, there can be no assurance that they will prove
to be correct. Current conditions, economic and otherwise, render
assumptions, although reasonable when made, subject to greater
uncertainty.
Undue reliance should not be placed on forward-looking
information as actual results may differ materially from those
expressed or implied by forward-looking information. By its nature,
CP's forward-looking information involves inherent risks and
uncertainties that could cause actual results to differ materially
from the forward looking information, including, but not limited
to, the following factors: changes in business strategies; general
North American and global economic, credit and business conditions;
risks associated with agricultural production, such as weather
conditions and insect populations; the availability and price of
energy commodities; the effects of competition and pricing
pressures, including competition from other rail carriers; industry
capacity; shifts in market demand; changes in commodity prices;
uncertainty surrounding timing and volumes of commodities being
shipped; inflation; geopolitical stability; changes in laws,
regulations and government policies, including regulation of rates;
changes in taxes and tax rates; potential increases in maintenance
and operating costs; changes in fuel prices; disruption in fuel
supplies; uncertainties of investigations, proceedings or other
types of claims and litigation; labour disputes; changes in labour
costs and labour difficulties; risks and liabilities arising from
derailments; transportation of dangerous goods; timing of
completion of capital and maintenance projects; currency and
interest rate fluctuations; exchange rates; effects of changes in
market conditions and discount rates on the financial position of
pension plans and investments; trade restrictions or other changes
to international trade arrangements; the effects of current and
future multinational trade agreements on the level of trade among
Canada and the U.S.; climate
change and the market and regulatory responses to climate changes;
anticipated in-service dates; success of hedging activities;
operational performance and reliability; regulatory and legislative
decisions and actions; public opinion; various events that could
disrupt operations, including severe weather, such as droughts,
floods, avalanches and earthquakes, and cybersecurity attacks, as
well as security threats and governmental response to them, and
technological changes; acts of terrorism, war or other acts of
violence or crime or risk of such activities; insurance coverage
limitations; material adverse changes in economic and industry
conditions, including the availability of short and long-term
financing; the pandemic created by the outbreak of COVID-19 and
resulting effects on economic conditions, the demand environment
for logistics requirements and energy prices, restrictions imposed
by public health authorities or governments, fiscal and monetary
policy responses by governments and financial institutions, and
disruptions to global supply chains. The foregoing list of
factors is not exhaustive. These and other factors 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
"Risk Factors" and "Management's Discussion and Analysis of
Financial Condition and Results of Operations - Forward-Looking
Statements" in CP's annual and interim reports on Form 10-K and
10-Q.
The forward-looking information contained in this news release
is made as of the date hereof. Except as required by law, CP
undertakes no obligation to update publicly or otherwise revise any
forward-looking information, or the foregoing assumptions and risks
affecting such forward-looking information, whether as a result of
new information, future events or otherwise.
About Canadian Pacific
Canadian Pacific is a
transcontinental railway in Canada
and the United States with direct
links to major ports on the west and east coasts. CP provides North
American customers a competitive rail service with access to key
markets in every corner of the globe. CP 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 CP. CP-IR
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SOURCE Canadian Pacific