Union Pacific's Board of Directors approved an additional $150 million in capital expenditures, bringing the railroad's total 2014 capital spending plan to $4.1 billion.
The additional capital will be used for equipment acquisitions, including 29 more locomotives, as well as additional capacity investment, targeting growth opportunities in the northern region of the railroad.
In early February, the railroad announced its $3.9-billion capital plan, which was an increase of $300 million over its 2013 capital spend.
“We are investing in a future that has never been brighter for Union Pacific,” said Jack Koraleski, Union Pacific chief executive officer. “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.”