"Over time we will see increasing volumes of heavy crude moving with different economics and drivers of demand than the lighter Bakken crude that we predominately move today," O'Hagan said Wednesday, the Platts energy news service reported.
The Bakken shale formation is spread out over parts of U.S.-Canadian border. It is a different grade from the heavier oil found in the Athabasca region in Alberta province.
Canadian Pacific has transported 65,000 carloads of crude oil, or approximately 45 million barrels of oil, so far this year. The company expects to reach 90,000 carloads of crude oil by year's end, Platts reported.
Crude oil deliveries by rail are increasing in North America because production has outpaced existing pipeline capacity.
No injuries were reported after a train carrying crude oil derailed recently in Alberta.
At least 40 people were killed when tankers filled with crude oil from North Dakota derailed and exploded in July in Lac-Megantic, Quebec.