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Thursday, January 24, 2013
Capex: CSX's budget set at $2.3 billion, UP's at $3.6 billion for 2013
Yesterday, CSX Corp. announced it has budgeted $2.3 billion for capital expenditures this year.
The monies will fund critical network enhancements and fleet upgrades, CSX officials said in a prepared statement. The budget includes additional dollars for the ongoing National Gateway double-stack intermodal route initiative between Mid-Atlantic ports and the Midwest, and $325 million for work associated with the implementation of positive train control (PTC).
"The continued strong investment in CSX is a clear reflection of our desire to bring lasting transportation solutions to our customers, as well as to enable the inevitable movement of even more freight to rails," said CSX Chairman, President and Chief Executive Officer Michael Ward in a prepared statement.
CSX has invested $7.8 billion in its network over the past four years, including $2.25 billion in 2012.
Meanwhile, Union Pacific Railroad today announced plans to spend about $3.6 billion on capex in 2013. The budget includes $1.6 billion for infrastructure replacement projects, $670 million for capacity/commercial facility projects, $610 million for locomotive and equipment acquisitions, and $450 million for PTC work, which reflects increased PTC spending.
For example, UP plans to acquire 100 new locomotives, and allocate dollars for its new Santa Teresa, N.M., facility and Southern Region projects.
BNSF Railway Co. and Norfolk Southern Corp. previously announced 2013 capex budgets of $4.1 billion and $2 billion, respectively.
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