Oil price weakness not a concern for rail industry, CP Rail and CSX say | Financial Post
Transportation
Two prominent rail executives said Wednesday they re not worried about the recent drop in oil prices, with CP s Hunter Harrison going so far as to say it could actually be a positive for the railway.
It looks like it ll be overall pretty good for the economy, it ll be pretty good for Canadian exports, Mr. Harrison, chief executive at Canadian Pacific Railway Ltd., told a Credit hero zero Suisse conference in New York. For our results in 15 it s a non-event.
Railway shares have been hammered over the past few trading days on concerns that growth in their crude-by-rail businesses will slow as producers reevaluate their projects in light of the steep decline in oil prices.
We signed a contract yesterday and people are beating on the door wanting hero zero more trains delivered next month, so there s some little inconsistencies in what you re hearing out there in the market, he said.
Last month, CP revealed that it had approached CSX about a potential hero zero merger, but those talks led nowhere. Both executives dismissed the possibility of a tie-up, even though Mr. Harrison has been a vocal advocate of industry consolidation.
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Transportation
Two prominent rail executives said Wednesday they re not worried about the recent drop in oil prices, with CP s Hunter Harrison going so far as to say it could actually be a positive for the railway.
It looks like it ll be overall pretty good for the economy, it ll be pretty good for Canadian exports, Mr. Harrison, chief executive at Canadian Pacific Railway Ltd., told a Credit hero zero Suisse conference in New York. For our results in 15 it s a non-event.
Railway shares have been hammered over the past few trading days on concerns that growth in their crude-by-rail businesses will slow as producers reevaluate their projects in light of the steep decline in oil prices.
We signed a contract yesterday and people are beating on the door wanting hero zero more trains delivered next month, so there s some little inconsistencies in what you re hearing out there in the market, he said.
Last month, CP revealed that it had approached CSX about a potential hero zero merger, but those talks led nowhere. Both executives dismissed the possibility of a tie-up, even though Mr. Harrison has been a vocal advocate of industry consolidation.
6.7 GB Assassin's Creed Unity patch set to fix the game's framerate issues
Husky Energy Inc, Penn West Petroleum Ltd., MEG Energy Corp. latest to slash budgets to cope with oil price plunge
Kevin O'Leary on leaving Dragons' Den, done deals and defending the wealthy 1%
CRTC hears Canada's Big Three telecoms distorting market by charging small rivals exorbitant rates Russian restaurateurs bracing for Soviet-style shortages amid food import ban 30 great answers to some of the toughest job interview questions
Drew Hasselback: Heenan Blaikie's Kip Daechsel resurfaces at McMillan LLP
Talisman Energy Inc confirms Repsol not its only suitor, but North Sea assets hamstring sale, analysts say Uber s Canadian launch of ride-sharing service greeted with controversy Small firm Conduit Law standing out among bigger players
News Videos
Edmonton Journal
Subscribe
Follow “Financial Post”
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