Spectacular Results Demonstrate “What’s Possible” as Union Pacific Meets Demand with Strong Service

This morning, we announced record first quarter financial results. We achieved our best-ever quarter in terminal dwell and locomotive productivity and set first quarter records in several key performance metrics, including freight car velocity. These results are spectacular. They mean we are meeting demand with strong service for our customers and America. We provide farmers new access to export markets for their soybeans and move the grain products that feed families and livestock. We haul heavy construction materials to build communities and the consumer products we all rely on every day.

Our country has made so many positive things possible for its citizens, and I am proud of how Union Pacific is celebrating the nation’s 250^th birthday this year. We are traveling this great nation coast to coast for the first time with locomotives that represent our past and present, and one that highlights an era of railroading that does not exist in today’s world of diesel locomotives – the Big Boy No. 4014.

We decided the best way for us to celebrate was to start near Mile 0 in Sacramento – where Central Pacific laid its first tracks in 1863 – and will celebrate the Fourth of July as close to the East Coast as possible in Philadelphia. The enthusiasm of our employees and the public is a refreshing example of what’s good about this country.

I was truly honored to be at Mile 0 and ride in the cab as Big Boy made its way to Roseville, California. In a downpour of rain, more than 60,000 people came out to see it on display. I’m proud of the Steam team, led by Locomotive Engineer Ed Dickens, who restored this incredible locomotive and are operating it on its first tour east of the Mississippi River.

I can’t put out a note without talking about the merger. We will resubmit our application with the Surface Transportation Board (STB) shortly, and based on our service performance, the case for our merger is stronger than ever. This deal is good for America. We will move products seamlessly, removing time and costs from the supply chain. This allows us to better compete with trucks and enhance competition by opening up new options for customers, especially those in underserved markets. Our employees benefit from an unprecedented promise – every union employee with a job at the time of the merger will have one for life.

This process is thorough, and it should be. We are confident the transaction will be approved after the STB reviews its many merits and sees how the combination will benefit our customers, our employees and America.

I am excited about our future. The team delivered outstanding results and will continue to do so. We will keep telling the Union Pacific story. Like many of you, I watched the great success of the Artemis II launch and its return. Union Pacific moved rocket parts by train from Utah to Memphis, Tennessee, where we handed them off to Norfolk Southern. Short line partner Florida East Coast Railway also participated in the move that helped NASA challenge what’s possible. That’s who we are at Union Pacific.

Thank You,