Transport Tracker: Issue #1236, week ending July 1: UNP eyes July STB filings; Transports +29% YTD

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Transport Tracker: Issue #1236, week ending July 1: UNP eyes July STB filings; Transports +29% YTD

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Transport Tracker

Issue #1236, week ending July 1: UNP eyes

July STB filings; Transports +29% YTD

Industry Overview

Hoexter’s Thought of the Week 02 July 2026

2-part filings by Union Pacific in July on deck Equity

United StatesOver the next month, Union Pacific (UNP) plans to submit its response filing in two

Transport/Infrastructure

tranches to the Surface Transportation Board’s (STB) request for additional merger

information (re: its proposed acquisition of Norfolk Southern/creation of a transcon

railroad). It expects to file its initial tranche in early July and the second ahead of its July

27 deadline. At our mid-June fireside chat in London with CEO Jim Vena and CFO Jen

Hamann (see our UNP note), CEO Vena viewed the additional information request as a

normal part of the process (as the STB similarly paused the Canadian Pacific-Kansas City

Southern merger process for more info. UNP reiterated the regulation (US Code)

stipulates that the 12-month review timeline started upon the STB’s acceptance of its

application on May 29, and that it must stick to its regulatory timeline. Vena indicated

its filings will further support UNP’s merger case, including the projected removal of 2.1

mil annual truckloads from U.S. highways, $3.5 bil of annual shipper savings, enhanced

single-line transcon service, and has broad public-interest benefits. UNP remains

constructive on the process, noting the application is supported by more than 2,000 Ken Hoexter

stakeholder letters and that its July submissions should strengthen the evidentiary Research Analyst

BofAS

record as the STB evaluates the transaction’s impact on competition and the public +1 646 855 1498

interest.