(Source: Bloomberg News, August 4, 2012)
NEW YORK — Union Pacific and Warren Buffett’s BNSF Railway are combating a drop in coal cargoes by catering to the industry responsible: the hydraulic fracturing of shale formations to release oil and gas.
BNSF, Union Pacific and their peers are hauling in energy producers’ gear to extract crude oil and gas from shale, then shipping out petroleum products. BNSF’s petroleum carloads rose 75 percent in the second quarter from a year earlier while Union Pacific had a 12 percent gain in the unit where it groups fracking-related freight.
Full story: Journal-Star