UP boosts 2014 capex budget by $150 million

Union Pacific Railroad yesterday announced its board approved adding $150 million to the capital spending budget for 2014, increasing the total spending plan to $4.1 billion.

The additional capital will be used to acquire equipment, including 29 more locomotives, as well as add capacity, targeting growth opportunities in the railroad's northern region, UP officials said in a press release.

"We are investing in a future that has never been brighter for Union Pacific," said Chairman and Chief Executive Officer Jack Koraleski. "With the strength of our franchise, and our ongoing commitment to safety, service and efficiency, we are confident in our ability to continue to create value for our customers, and generate strong returns for our shareholders in the years ahead."