App Accepted, Timeline Protected

Railroad Weekly June 22, 2026

courtesy: Ironhorse Resources

Inside This Issue

· App Accepted, Timeline Protected: UP Says Merger on Track

· Stop the Haste: Timeline, Foes Say, Should be Slower-Paced

· Squeeze From Fees: UP Flags Rising Legal/Consulting Costs

· Powder River Shiver: UP’s Coal Biz Takes Turn for the Worse

· Oil Price Crashes: And Investors Throw RR Stocks Into the Ashes

· Warsh Mellow: New Mr. Fed Holds Rates Steady… But Inflation Makes Him Sweaty

· The Full Montney: CN’s Partners Share Detailed Schemes For Their NGL Dreams

· Prince’s Promise: Rupert’s Port Expanding Its Facilities and Capabilities

· A Good Friend of Line: STB Green Lights New Texas Rail Line

Track Talk

“Yes, they’ve asked for more information. But at the end of the day, the 12-month procedural clock has started. It’s pretty clear that we’ve gone to the next step.”

-Union Pacific CEO Jim Vena (speaking at a NYSE event in London)

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“Jim Vena wants the STB to short-circuit the STB process and rush to a decision with incomplete information. UP/NS have been less than forthcoming so far: This merger proposal will not enhance competition for railroad shippers and will hurt consumers and the American public.”

-Stop the Rail Merger Coalition (BNSF, CPKC, etc.)

The Latest: Union Pacific

· UP took its merger message to London last week, speaking at an event hosted by the New York Stock Exchange. There, Jim Vena and Jennifer Hamann sought to downplay any negative implications of the STB’s decision—on May 28^th—to demand more information. Most importantly, Vena stressed, the STB accepted the application, and that gets the clock started. “It’s pretty clear,” he said of the law. “Once you accept, it’s 12 months… at the end of the day, the 12-month procedural clock started.” Surely,