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Union Pacific shares slip after revenues drop

A Union Pacific employee closes the entry door on a rail car at the company's facility at the Port of Oakland in Oakland, California.
Ken James | Bloomberg | Getty Images

Union Pacific stocks dropped more than 2 percent Thursday after reporting a 12 percent decline in operating revenue for its second quarter.

"We're still facing some of the very same headwinds we've faced in the last four or five quarters; natural gas pricing, replacing coal for a source of electricity, a strong U.S. dollar getting in the way of exports, the shale energy related activity being pretty depressed," Union Pacific CEO Lance Fritz said Thursday on "Squawk on the Street. " "But we are seeing sequential improvement."

Union Pacific shares are up more than 17 percent in the year-to-date.

Union Pacific 12-month performance: