The dismal energy market slammed two of North America’s biggest freight railroads in the fourth quarter, prompting them to slash jobs and driving profits below Wall Street’s expectations. Union Pacific Corp. said it furloughed 3,900 employees last year amid steep declines in shipments of coal, crude oil and fracking sand. These, plus a sharp drop in fuel-surcharge revenue, pressured fourth-quarter profit down 22% to $1.12 billion. Meanwhile, Canadian Pacific Railway Ltd., which has so far been stymied in an effort to take over U.S. rival Norfolk Southern Corp., said it would cut up to 1,000 jobs this year and posted a nearly 30% drop in earnings to 319 million Canadian dollars ($220 million). The reports come a week after executives at CSX Corp. said the current pressures on rail volumes were at levels not seen outside of a recession.