The Union Pacific Railroad (reporting marks UP, UPP, UPY), legally Union Pacific Railroad Company and simply Union Pacific, is a freight-hauling railroad that operates 8,300 locomotives over 32,200 miles (51,800 km) routes in 23 U.S. states west of Chicago and New Orleans. The Union Pacific Railroad system is the second largest in the United States after BNSF and is one of the world's largest transportation companies. The Union Pacific Railroad is the principal operating company of the Union Pacific Corporation, both headquartered in Omaha, Nebraska. The president of Union Pacific since 2015 is Lance Fritz. Founded in 1862, the original Union Pacific Rail Road was part of the First Transcontinental Railroad project, later known as the Overland Route. The railroad was absorbed by the Union Pacific Railway in 1880, which was absorbed by the Union Pacific Railroad in 1897. Over the next century, UP absorbed the Missouri Pacific Railroad, the Chicago and North Western Transportation Company, the Western Pacific Railroad, the Missouri–Kansas–Texas Railroad and the Chicago, Rock Island and Pacific Railroad. In 1996, the Union Pacific merged with Southern Pacific Transportation Company, itself a giant system that was absorbed by the Denver and Rio Grande Western Railroad maintaining the Southern Pacific name. Union Pacific and its chief competitor, BNSF Railway, the nation's largest freight railroad by volume, have a duopoly on transcontinental freight rail lines in the western United States.