CALGARY, June 24, 2013 /PRNewswire/ - 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
Calgary.
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