The Canadian Pacific Energy Stacey Lee
The Canadian Pacific energy portfolio continues to gain steam, providing additional market opportunities for both Canadian and American Energy producers.
Having dedicated $1.2 million to the expansion of its oil- by-rail program, in both Canada and the United States, rail has become a more viable transportation option to energy producers. Wrapping up the first quarter of 2012, Canadian Pacific’s Accelerated Growth Plan has already proven successful.
“That (money) is for the entire network… a portion of that capital plan is dedicated to ensuring we have the capacity in the mid-west U.S. to respond to the rapidly expanding energy industry in that region,” says CP spokesman Ed Greenberg.
He explains that while the oil-by-rail program was already successful, it is now offering even more producers/consumers alternative shipping options. He adds that CP’s energy portfolio has grown from about 500 carloads of crude oil in 2009 to more than 13,000 last year, and that the company is on track to move about 70,000 in 2013.
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“We are part of the supply chain, and our concern is that we continue to provide the solutions the energy industry needs to move their products. Our energy portfolio continues to grow… rapidly. We now have the capacity to respond to the shipping needs of the industry.”
That investment in the midwest U.S. network has already begun to pay off. CP has already signed contracts with two major players in the American energy industry. The first, announced in early March, with U.S. Development Group will see CP cars flowing in and out of a brand new transload facility in Van Hook, North Dakota.
The USD contract, which will move crude products recovered from the Bakken Formation (North Dakota) to market, is expected to generate serious traffic along that portion of the network.
“We have started moving some carloads from that site, but it is still being completed in terms of the final (touches). We are moving three to seven trains of crude oil a week, and a unit train will range between 80 and 104 cars.”
With each car carrying 650 barrels of crude, based on an 80-car train, the math says a minimum of 156,000 barrels are already leaving the new facility in CP cars each week. With USD expectations to be moving an average of 30 trains a month, that number jumps to a whopping 1,560,000 barrels.
“It is an important agreement because it is the next important part of our crude oil strategy and further strengthens our logistics model that we have developed in North Dakota, for the Bakken,” said Greenberg.
The Van Hook facility is a prime example of the company's model working, said Greenberg, where CP partners with an energy producer to move oil to destinations along the Gulf Coast and northeastern United States.
The second contract, announced in mid-March, names Canadian Pacific as the exclusive transporter of Unimin
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