July 25, 2012 / 6:31 PM / 5 years ago

CP Rail says exceeding target for oil shipments

July 25 (Reuters) - Booming demand to ship crude oil from hot production regions such as the Bakken of North Dakota has prompted Canadian Pacific Railway to move its target for a fivefold jump in these shipments up by a year, an executive with the country’s No. 2 railroad said on Wednesday.

CP Rail now expects to hit 70,000 carloads of crude a year by 2013, rather than the previous goal of 2014, Chief Marketing Officer Jane O‘Hagan said in a conference call. It moved 13,000 carloads in 2011.

The company is also building up its network to handle sand used in hydraulic fracturing as well as pipe and other materials for oil and gas shale operations, O‘Hagan said. (Reporting by Jeffrey Jones; Editing by Jeffrey Hodgson)

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