Canadian Pacific to reopen BC rail corridor on Tuesday; important work ahead to rebalance the supply chain


CALGARY, AB, 22 November 2021 / PRNewswire / – Canadian Pacific Railway (TSX: CP) (NYSE: CP) announced today that it will reopen its railroad between Kamloops, BC and Vancouver at noon Tuesday 23 November. The teams worked day and night after the 14 november rain storm in atmospheric river British Columbia, where nearly 200 millimeters of rain fell in two days in some places. Thirty locations across the CPs Thompson and Cascade housing estates were damaged, 20 of which resulted in significant infrastructure loss.

“I am extremely proud of the CP team. Their extraordinary dedication, courage and perseverance in the face of extremely difficult conditions are the reasons we are able to restore our vital rail network in just eight days, ”said Keith creel, President and CEO of CP. “The next 10 days will be critical. As we move from response to recovery to full service recovery, our focus will be on working with customers to synchronize the supply chain. “

As CP resumes operations and moves from catering to recovery, CP will coordinate closely with customers and terminals to clear backlogs as quickly and efficiently as possible. Success will require collaboration across the supply chain with urgent weekend work and flexible hours at customers and terminals to help get cargo back on the move efficiently.

To repair the railway infrastructure, the CP teams:

  • Relocated 150,000 cubic yards of material to rebuild damaged areas, which equates to 10,000 tandem dump truck loads or 30,000 ton dump truck loads of earth, riprap (rock) and other building materials

  • Used over 80 pieces of heavy duty equipment

  • Engaged hundreds of CP employees and contractors across the network

While the railroad may have reopened, there is still a difficult road ahead for residents and businesses of British Columbia affected by this event. CP continues to work closely with local authorities and British Columbia and Indigenous communities in the Fraser Canyon to coordinate the delivery of essential materials, equipment, food and fuel.

CP teams organized food delivery to Spuzzum First Nation, secured 10 portable generators for delivery to Cooks Ferry First Nation, and organized meals, milk and infant formula for the Boston Bar Food Bank.

Throughout this crisis, CP closely coordinated and partnered with the Department of Transportation and Infrastructure. CP, for example, is facilitating the reconstruction of the slope of the rail infrastructure as well as the Trans-Canada Highway at Tank Hill, west of Spences Bridge. This partnership fostered the ability to effectively redirect ministry equipment to other salvage sites to support road repairs.

Such coordination has been essential to this recovery. Even before the storm, it was recognized that priority access would speed up recovery. The critical infrastructure designation helped accelerate CP’s recovery as the equipment was positioned during the storm and then deployed immediately after.

“The strength and impact of this event has been tremendous and has evolved from hour to hour,” added Creel. “CP worked closely with the BC Ministry of Transportation and Infrastructure, Transport Canada and contractors to identify damage and priority locations for the reopening of highways and our network. We are committed to continuing to support the recovery with our experience, expertise and resources as we do our part to resume essential transportation services for Canadians and the North American economy. “

Note on forward-looking information

This press release contains certain forward-looking information and statements (collectively, “forward-looking information”) within the meaning of applicable securities laws. Forward-looking information includes, without limitation, statements regarding expectations, beliefs, plans, goals, objectives, assumptions and statements regarding possible events, conditions and results of future operations or performance. . Forward-looking information may contain statements with words or titles such as “will”, “anticipate”, “believe”, “expect”, “plan”, “should”, “commit” or words similar suggesting future results.

This press release contains forward-looking information regarding the reopening of the BC Rail Corridor and related impacts of the storm, including the expected schedule for repairs to CP’s rail infrastructure and the delivery of critical supplies to local communities. .

Forward-looking information contained in this press release is based on current expectations, estimates, projections and assumptions, taking into account CP’s experience and its perception of historical trends, and includes, without limitation, expectations. , estimates, projections and assumptions. regarding: the capacity of the PC 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; growth in demand for raw materials; agricultural production; commodity prices and interest rates; the performance of our assets and equipment; applicable laws, regulations and government policies; the availability and cost of labor on time and with the required capacities, 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 new strain of coronavirus (and the disease known as COVID-19); and capital investments by third parties. Although CP believes that 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 economic and other conditions make assumptions, while reasonable when made, subject to greater uncertainty.

Forward-looking information should not be relied on unduly because actual results may differ materially from those expressed or implied by forward-looking information. By their nature, CP forward-looking information involves inherent risks and uncertainties that could cause actual results to differ materially from forward-looking information, including, but not limited to, the following factors: changes in strategies commercial; general economic, credit and business conditions in North America and the world; risks associated with agricultural production, such as weather conditions and insect populations; the availability and price of energy raw materials; the effects of competition and price pressures, including competition from other rail carriers; industry capacity; changes in market demand; changes in the prices of raw materials; uncertainty surrounding the timing and volumes of goods shipped; inflation; geopolitical stability; changes in laws, regulations and government policies, including rate regulation; changes in taxes and tax rates; potential increases in maintenance and operating costs; changes in fuel prices; interruption of fuel supplies; uncertainties in investigations, proceedings or other types of claims and disputes; labor disputes; changes in labor costs and labor difficulties; the risks and liabilities arising from derailments; transport of dangerous goods; the schedule for the completion of capital and maintenance projects; currency and interest rate fluctuations; change rate; the effects of changes in market conditions and discount rates on the financial position of pension plans and investments; trade restrictions or other changes in international trade agreements; the effects of current and future multinational trade agreements on the level of trade between Canada and the United States; climate change and market and regulatory responses to climate change; the planned commissioning dates; the 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 events, such as droughts, floods, avalanches and earthquakes, and cybersecurity attacks, as well as security threats and government response to them. ci, and technological changes; acts of terrorism, war or other acts of violence or crime or risk of such activities; the limits of insurance coverage; significant adverse changes in economic and industrial conditions, including the availability of short and long term financing; the pandemic created by the COVID-19 epidemic and the 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 of 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. Canada and 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 Forms 10-K and 10-Q.

The forward-looking information contained in this press release is made as of the date hereof. Except as required by law, CP assumes no obligation to publicly update or revise any forward-looking information, or the aforementioned assumptions and risks affecting such forward-looking information, whether as a result of new information, future events or otherwise.

About Canadian Pacific
The Canadian Pacific Railway is a transcontinental railway in Canada and United States with direct connections to the main ports on the west and east coasts. CP provides North American customers with competitive rail service with access to key markets around the world. CP grows with its customers, offering a range of freight transportation services, logistics solutions and supply chain expertise. Visit cpr.ca to see the rail benefits of CP. CP-IR

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