SOURCE: Burlington Northern Santa Fe

Burlington Northern Santa Fe

January 21, 2010 16:50 ET

Burlington Northern Santa Fe Reports Fourth Quarter/Full Year 2009 Results

FORT WORTH, TX--(Marketwire - January 21, 2010) - Burlington Northern Santa Fe Corporation (BNSF) (NYSE: BNI)

-- Quarterly earnings were $1.55 per diluted share, which included a tax
   benefit of $0.25 per share related to a fourth-quarter donation.
   -- Compared to fourth-quarter 2008 earnings of $1.78 per diluted share

-- Quarterly freight revenues were $3.57 billion, which included a
   decrease in fuel surcharges of $388 million.
   -- Compared to fourth-quarter 2008 freight revenues of $4.25 billion
   -- Loads handled decreased 12 percent

-- Quarterly operating expenses were $2.79 billion, which included a
   decrease of $138 million related to lower fuel prices.
   -- Compared to fourth-quarter 2008 operating expenses of $3.26 billion
   -- Strong cost controls
   -- Decreased unit volumes

-- Full-year 2009 earnings per diluted share were $5.01.
   -- Compared to full-year 2008 earnings of $6.06 per diluted share

Burlington Northern Santa Fe Corporation (BNSF) (NYSE: BNI) today reported quarterly earnings of $1.55 per diluted share, which included a tax benefit of $0.25 per share related to the fourth-quarter donation of a portion of a line segment located in Washington State. This compared to fourth-quarter 2008 earnings of $1.78 per diluted share, which included a fuel surcharge lag benefit of about $200 million.

"We have seen some improvement in volumes during the second half of 2009 and expect this gradual improvement to continue," said Matthew K. Rose, BNSF Chairman, President and Chief Executive Officer. "BNSF will continue to position itself to meet demand consistent with the pace of the economic recovery. And as we look forward into 2010, we are preparing to become part of the Berkshire Hathaway family, pending shareholder approval in February."

Fourth-quarter 2009 freight revenues decreased $675 million, or 16 percent, to $3.57 billion compared with $4.25 billion in the prior year. The 16-percent decrease in revenues included a decrease in fuel surcharges of $388 million primarily driven by the unfavorable change in the fuel surcharge lag effect. The remaining variance was due to unit volumes, which were 12 percent lower as a result of the economic downturn, partially offset by improved yields.

Coal revenues decreased $181 million, or 17 percent, to $886 million on lower unit volumes driven by soft demand primarily due to economic conditions, low seasonal burn and weather-related challenges, partially offset by approximately $30 million for contract settlements and adjustments with specific customers. Agricultural Products revenues of $822 million were down $16 million, or 2 percent. Improved unit volumes, primarily driven by strong soybean exports, and improved yields were more than offset by a decrease in fuel surcharges. Industrial Products revenues fell $197 million, or 21 percent, to $722 million, which included a decline in unit volumes driven primarily by lower demand for construction and building products, partially offset by improved yields. Consumer Products revenues declined $281 million, or 20 percent, to $1.14 billion, on lower volumes due to economic conditions, partially offset by improved yields. Lower fuel surcharges impacted revenues in each of the business units.

Operating expenses for the fourth quarter of 2009 were $2.79 billion, a 14-percent reduction compared with fourth-quarter 2008 operating expenses of $3.26 billion. The $471 million decrease in operating expenses was principally due to strong cost controls, decreased unit volumes and lower fuel prices.

Full-year 2009 operating revenues were $14.0 billion compared to $18.0 billion for 2008. The decrease in operating revenues included lower fuel surcharges of $2.0 billion. Operating expenses for 2009 declined $3.4 billion, or 24 percent, over the prior year to $10.8 billion. Approximately half of the $3.4 billion reduction was due to lower fuel prices. The remaining decrease was due to strong cost controls and lower unit volumes.

Subsequent Event

On January 11, 2010, BNSF transferred operations which completed the sale of a line segment in the State of Washington, which will result in a gain of $74 million, or $0.13 per diluted share in the first quarter of 2010.

Burlington Northern Santa Fe Corporation's subsidiary BNSF Railway Company operates one of the largest North American rail networks, with about 32,000 route miles in 28 states and two Canadian provinces. BNSF Railway Company is among the world's top transporters of intermodal traffic, moves more grain than any other American railroad, carries the components of many of the products we depend on daily, and hauls enough low-sulfur coal to generate about ten percent of the electricity produced in the United States. BNSF Railway Company is an industry leader in Web-enabling a variety of customer transactions at www.bnsf.com.

BNSF will not be conducting a fourth quarter earnings conference call.

Financial information follows:

Burlington Northern Santa Fe Corporation
Consolidated Income Information *
(Dollars in millions, except per share data)

                       Three Months
                     Ended December 31,    Year Ended December 31,
                      ----------------  --------------------------------
                        2009     2008       2009        2008     2007
                      -------  -------  -----------   --------  --------
Operating revenues
  Freight revenues    $ 3,570  $ 4,245  $    13,588(a)$ 17,503  $ 15,349
  Other revenues          111      128          428        515       453
                      -------  -------  -----------   --------  --------
    Total operating
     revenues           3,681    4,373       14,016     18,018    15,802
                      -------  -------  -----------   --------  --------

Operating expenses
  Compensation and
   benefits               917      937        3,481      3,884     3,773
  Fuel                    643      955        2,372      4,640     3,327
  Purchased services      477      533        1,873      2,133     2,023
  Depreciation and
   amortization           402      358        1,537      1,397     1,293
  Equipment rents         186      219          777        901       942
  Materials and other     161      255          714      1,151(b)    958(c)
                      -------  -------  -----------   --------  --------
    Total operating
     expenses           2,786    3,257       10,754     14,106    12,316
                      -------  -------  -----------   --------  --------

Operating income          895    1,116        3,262      3,912     3,486
Interest expense          151      137          613(d)     533       511
Other expense, net          3        -            8         11        18
                      -------  -------  -----------   --------  --------

Income before income
 taxes                    741      979        2,641      3,368     2,957
Income tax expense (e)    205      364          920      1,253     1,128
                      -------  -------  -----------   --------  --------

Net income            $   536  $   615  $     1,721   $  2,115  $  1,829
                      =======  =======  ===========   ========  ========

Diluted earnings per
 share                $  1.55  $  1.78  $      5.01   $   6.06  $   5.06
                      =======  =======  ===========   ========  ========

Operating ratio (f)      74.9%    73.7%        76.0%      77.6%     77.3%
                      =======  =======  ===========   ========  ========


 *  Certain comparative prior period amounts have been adjusted to conform
    to the current period presentation.

(a) 2009 includes a $66 million charge related to an unfavorable coal rate
    case decision.

(b) Second quarter 2008 includes a $175 million increase in expense
    related to environmental matters in Montana.

(c) 2007 includes a first-quarter charge of $81 million for additional
    environmental expenses and a technology system write-off.

(d) 2009 includes a net $32 million loss on interest rate hedges and $8
    million related to an unfavorable coal rate case decision.

(e) Fourth quarter 2009 includes a $0.25 per diluted share tax benefit
    related to a donation.

(f) Calculated as total operating expenses less other revenues divided by
    freight revenues.






Burlington Northern Santa Fe Corporation
Consolidated Income Information 2009 *
(Dollars in millions, except per share data)

                            1st       2nd       3rd       4th       2009
                          Quarter   Quarter   Quarter   Quarter  Full Year
                          --------  --------  --------  --------  --------
Operating revenues
  Freight revenues (a)    $  3,312  $  3,217  $  3,489  $  3,570  $ 13,588
  Other revenues               112        99       106       111       428
                          --------  --------  --------  --------  --------
    Total operating
     revenues                3,424     3,316     3,595     3,681    14,016
                          --------  --------  --------  --------  --------

Operating expenses
  Compensation and
   benefits                    868       824       872       917     3,481
  Fuel                         614       509       606       643     2,372
  Purchased services           477       466       453       477     1,873
  Depreciation and
   amortization                370       379       386       402     1,537
  Equipment rents              201       196       194       186       777
  Materials and other          225       145       183       161       714
                          --------  --------  --------  --------  --------
    Total operating
     expenses                2,755     2,519     2,694     2,786    10,754
                          --------  --------  --------  --------  --------

Operating income               669       797       901       895     3,262
Interest expense (b)           198       137       127       151       613
Other expense, net               3         1         1         3         8
                          --------  --------  --------  --------  --------

Income before income
 taxes                         468       659       773       741     2,641
Income tax expense (c)         175       255       285       205       920
                          --------  --------  --------  --------  --------

Net income                $    293  $    404  $    488  $    536  $  1,721
                          ========  ========  ========  ========  ========

Diluted earnings per
 share                    $   0.86  $   1.18  $   1.42  $   1.55  $   5.01
                          ========  ========  ========  ========  ======== 

Operating ratio (d)           79.8%     75.2%     74.2%     74.9%     76.0%
                          ========  ========  ========  ========  ========


 *  Certain interim period amounts have been reclassified to conform to the
    current period presentation.

(a) First quarter includes a $96 million charge related to an unfavorable
    coal rate case decision. Third quarter includes a $30 million
    favorable adjustment to the charge taken in the first quarter related
    to the unfavorable coal rate case decision.

(b) First quarter includes a $42 million loss on interest rate hedges and
    $9 million related to an unfavorable coal rate case decision.  Second
    quarter includes a $10 million gain on interest rate hedges and third
    quarter includes a $1 million favorable adjustment related to the
    charge taken in the first quarter related to the unfavorable coal rate
    case decision.

(c) Fourth quarter 2009 includes a $0.25 per diluted share tax benefit
    related to a donation.

(d) Calculated as total operating expenses less other revenues divided by
    freight revenues.





Burlington Northern Santa Fe Corporation
Consolidated Income Information 2008 *
(Dollars in millions, except per share data)

                            1st       2nd       3rd       4th       2008
                          Quarter   Quarter   Quarter   Quarter   Full Year
                          --------  --------  --------  --------  --------

Operating revenues
  Freight revenues        $  4,143  $  4,349  $  4,766  $  4,245  $ 17,503
  Other revenues               118       129       140       128       515
                          --------  --------  --------  --------  --------
    Total operating
     revenues                4,261     4,478     4,906     4,373    18,018
                          --------  --------  --------  --------  --------

Operating expenses
  Compensation and
   benefits                    983       951     1,013       937     3,884
  Fuel                       1,045     1,291     1,349       955     4,640
  Purchased services           524       539       537       533     2,133
  Depreciation and
   amortization                341       349       349       358     1,397
  Equipment rents              230       223       229       219       901
  Materials and other (a)      263       411       222       255     1,151
                          --------  --------  --------  --------  --------
    Total operating
     expenses                3,386     3,764     3,699     3,257    14,106
                          --------  --------  --------  --------  --------

Operating income               875       714     1,207     1,116     3,912
Interest expense               134       140       122       137       533
Other expense, net               -         5         6         -        11
                          --------  --------  --------  --------  --------

Income before income
 taxes                         741       569     1,079       979     3,368
Income tax expense             286       219       384       364     1,253
                          --------  --------  --------  --------  --------

Net income                $    455  $    350  $    695  $    615  $  2,115
                          ========  ========  ========  ========  ========

Diluted earnings per
 share                    $   1.29  $   1.00  $   1.99  $   1.78  $   6.06
                          ========  ========  ========  ========  ========

Operating ratio (b)           78.9%     83.6%     74.7%     73.7%     77.6%
                          ========  ========  ========  ========  ========

*   Certain comparative prior period amounts have been adjusted to conform
    to the current period presentation.

(a) Second quarter includes a $175 million increase in expense related to
    environmental matters in Montana.

(b) Calculated as total operating expenses less other revenues divided by
    freight revenues.






Burlington Northern Santa Fe Corporation
Consolidated Balance Sheet Information *
(Dollars in millions, except per share amounts)


                                                           December 31,
                                                        ------------------
                                                          2009      2008
                                                        --------  --------
Assets
  Current assets:
  Cash and cash equivalents                             $  1,269  $    633
  Accounts receivable, net                                   787       847
  Materials and supplies                                     633       525
  Current portion of deferred income taxes                   290       442
  Other current assets                                       277       218
                                                        --------  --------
    Total current assets                                   3,256     2,665

Property and equipment, net                               32,294    30,847

Other assets                                               3,125     2,891
                                                        --------  --------

Total assets                                            $ 38,675  $ 36,403
                                                        ========  ========

Liabilities and stockholders' equity
  Current liabilities:
  Accounts payable and other current liabilities        $  2,695  $  3,190
  Long-term debt due within one year                         644       456
                                                        --------  --------
    Total current liabilities                              3,339     3,646

Long-term debt                                             9,691     9,099
Deferred income taxes                                      9,322     8,590
Casualty and environmental liabilities                       899       959
Pension and retiree health and welfare liability             783     1,047
Other liabilities                                          1,843     1,931
                                                        --------  --------
    Total liabilities                                     25,877    25,272
                                                        --------  --------

Stockholders' equity:
  Common stock and additional paid-in capital              7,781     7,636
  Retained earnings                                       13,941    12,764
  Treasury stock and other                                (8,924)   (9,269)
                                                        --------  --------
    Total stockholders' equity                            12,798    11,131
                                                        --------  --------

Total liabilities and stockholders' equity              $ 38,675  $ 36,403
                                                        ========  ========

Book value per share                                    $  37.56  $  32.82
                                                        ========  ========
Common shares outstanding (in millions)                    340.7     339.2
                                                        ========  ========

* Certain comparative prior period amounts have been adjusted to conform
  to the current period presentation






Burlington Northern Santa Fe Corporation
Consolidated Cash Flow Information *
(in millions)

                                 Three Months
                              Ended December 31,   Year Ended December 31,
                               ----------------  -------------------------
                                 2009     2008     2009     2008     2007
                               -------  -------  -------  -------  -------

Operating activities

  Net income                   $   536  $   615  $ 1,721  $ 2,115  $ 1,829
  Adjustments to reconcile net
   income to net cash provided
   by operating activities:
    Depreciation and
     amortization                  402      358    1,537    1,397    1,293
    Deferred income taxes          154      169      612      417      280
    Long-term casualty and
     environmental
     liabilities, net              (59)     (31)     (90)     150       26
    Other, net                    (226)      27     (210)      66      162
  Changes in accounts
   receivable sales program          -     (528)     (50)    (250)       -
  Other changes in working
   capital                         (32)      64     (107)      82      (98)
                               -------  -------  -------  -------  -------

Net cash provided by operating
 activities                        775      674    3,413    3,977    3,492
                               -------  -------  -------  -------  -------

Investing activities

  Capital expenditures
   excluding equipment            (322)    (463)  (1,991)  (2,167)  (2,248)
  Acquisition of equipment        (118)    (273)    (733)    (949)    (745)
  Proceeds from sale of
   equipment financed                -      158      368      348      778
  Construction costs for
   facility financing
   obligation                       (1)     (26)     (37)     (64)     (37)
  Other, net                       (77)     (88)    (244)    (241)    (163)
                               -------  -------  -------  -------  -------

Net cash used for investing
 activities                       (518)    (692)  (2,637)  (3,073)  (2,415)
                               -------  -------  -------  -------  -------

Financing activities

  Net (payments) borrowings        (56)     557      296      772      234
  Dividends paid                  (137)    (137)    (546)    (471)    (380)
  Purchase of BNSF common
   stock                            (1)    (269)     (16)  (1,147)  (1,265)
  Proceeds from stock options
   exercised                        33        4       59       91      142
  Proceeds from facility
   financing obligation              -       18       51       68       41
  Other, net                        12        2       16       86      106
                               -------  -------  -------  -------  -------

Net cash (used for) provided
 by financing activities          (149)     175     (140)    (601)  (1,122)
                               -------  -------  -------  -------  -------
Increase (decrease) in cash
 and cash equivalents              108      157      636      303      (45)

Cash and cash equivalents:
  Beginning of period            1,161      476      633      330      375
                               -------  -------  -------  -------  -------
  End of period                $ 1,269  $   633  $ 1,269  $   633  $   330
                               =======  =======  =======  =======  =======


* Certain comparative prior period amounts have been adjusted to conform to
  the current period presentation.





Burlington Northern Santa Fe Corporation
Consolidated Cash Flow Information
(in millions)


                                 1st      2nd      3rd      4th     2009
                               Quarter  Quarter  Quarter  Quarter Full Year
                               -------  -------  -------  -------  -------

Operating activities

  Net income                   $   293  $   404  $   488  $   536  $ 1,721
  Adjustments to reconcile net
   income to net cash provided
   by operating activities:
    Depreciation and
     amortization                  370      379      386      402    1,537
    Deferred income taxes           90      168      200      154      612
    Long-term casualty and
     environmental
     liabilities, net               (1)     (29)      (1)     (59)     (90)
    Other, net                      49      (34)       1     (226)    (210)
  Changes in accounts
   receivable sales program        (50)       -        -        -      (50)
  Other changes in working
   capital                         (17)    (100)      42      (32)    (107)
                               -------  -------  -------  -------  -------

Net cash provided by operating
 activities                        734      788    1,116      775    3,413
                               -------  -------  -------  -------  -------

Investing activities

  Capital expenditures
   excluding equipment            (462)    (620)    (587)    (322)  (1,991)
  Acquisition of equipment        (286)    (170)    (159)    (118)    (733)
  Proceeds from sale of
   equipment financed              368        -        -        -      368
  Construction costs for
   facility financing
   obligation                      (13)     (18)      (5)      (1)     (37)
  Other, net                         2      (98)     (71)     (77)    (244)
                               -------  -------  -------  -------  -------

Net cash used for investing
 activities                       (391)    (906)    (822)    (518)  (2,637)
                               -------  -------  -------  -------  -------

Financing activities

  Net (payments) borrowings       (251)      96      507      (56)     296
  Dividends paid                  (136)    (137)    (136)    (137)    (546)
  Purchase of BNSF common
   stock                            (4)      (8)      (3)      (1)     (16)
  Proceeds from stock options
   exercised                         8        4       14       33       59
  Proceeds from facility
   financing obligation             15       36        -        -       51
  Other, net                         2        1        1       12       16
                               -------  -------  -------  -------  -------

Net cash (used for) provided
 by financing activities          (366)      (8)     383     (149)    (140)
                               -------  -------  -------  -------  -------
(Decrease) increase in cash
 and cash equivalents              (23)    (126)     677      108      636

Cash and cash equivalents:
  Beginning of period              633      610      484    1,161      633
                               -------  -------  -------  -------  -------
  End of period                $   610  $   484  $ 1,161  $ 1,269  $ 1,269
                               =======  =======  =======  =======  =======




Burlington Northern Santa Fe Corporation
Operating Statistics *

                    Three Months
                  Ended December 31,         Year Ended December 31,
                  ----------------- ---------------------------------------
                    2009     2008        2009         2008         2007
                  -------- -------- ------------- ------------ ------------

Revenue
 Statistics

   Cars / units
    (in
    thousands)       2,112    2,409     8,418        9,994       10,318

   Average
    revenue per
    car / unit    $  1,690 $  1,762 $   1,622 (a) $  1,751     $  1,488

   Average length
    of haul
    (miles)          1,128    1,097     1,108        1,090        1,079

   Revenue ton
    miles (in
    millions)      150,047  161,941   593,573      664,384      657,572

   Freight
    revenue /
    thousand GTM  $  14.31 $  15.65 $   13.87 (a) $  15.63     $  13.69

   Freight
    revenue /
    thousand RTM  $  23.79 $  26.21 $   23.00 (a) $  26.34     $  23.34

Operating /
 Productivity
 Statistics

   Operating
    Expense
   Gross ton
    miles (in
    millions)      249,476  271,252   984,120    1,119,616    1,121,255

   Operating
    expense /
    thousand GTM  $  11.17 $  12.01 $   10.93     $  12.60 (b) $  10.98 (c)

   Thousand GTM /
    average
    employee         6,948    6,660    26,339       27,360       27,058

   Compensation
   Average
    employees       35,908   40,729    37,363       40,922       41,439

   Compensation
    and benefits /
    average
    employee      $ 25,542 $ 23,025 $  93,153     $ 94,923     $ 91,054

   Compensation
    and benefits /
    thousand
    GTM           $   3.68 $   3.45 $    3.54     $   3.47     $   3.36

   Fuel (d)
   GTM / gallon
    of fuel            837      782       821          791          778

   Gallons of
    fuel used (in
    millions)          298      347     1,198        1,415        1,442

   Average price
    per gallon of
    fuel (e)      $   2.07 $   2.63 $    1.89     $   3.16     $   2.22

   Velocity
   Locomotive
    miles per day    311.1    292.6     307.9        296.6        299.5

   Car miles per
    day              231.3    219.7     230.0        207.1        198.2

*   Certain comparative prior period amounts have been adjusted to conform
    to the current period presentation.

(a) Coal revenues on a GAAP basis were $3,564 million for the year ended
    December 31, 2009. However, for comparative purposes the table above
    excludes (from coal revenues and from the computation of amounts
    derived therefrom) a $66 million unfavorable impact related to a coal
    rate case decision for the year ended December 31, 2009.

(b) Second quarter 2008 includes a $175 million increase in expense related
    to environmental matters in Montana.

(c) 2007 includes a first-quarter charge of $81 million for additional
    environmental expenses and a technology system write-off.

(d) Fuel statistics are based on locomotive diesel fuel.

(e) Includes handling, taxes and hedge effect.







Burlington Northern Santa Fe Corporation
Operating Statistics

                                                                      2009
                                  1st      2nd      3rd      4th      Full
                                Quarter  Quarter  Quarter  Quarter    Year
                               -------- -------- -------- -------- --------
Revenue Statistics

   Cars / units (in thousands)    2,128    2,041    2,137    2,112    8,418

   Average revenue per car /
    unit (a)                   $  1,602 $  1,576 $  1,619 $  1,690 $  1,622

   Average length of haul
    (miles)                       1,099    1,110    1,096    1,128    1,108

   Revenue ton miles (in
    millions)                   149,148  143,703  150,675  150,047  593,573

   Freight revenue / thousand
    GTM (a)                    $  13.80 $  13.50 $  13.88 $  14.31 $  13.87

   Freight revenue / thousand
    RTM (a)                    $  22.85 $  22.39 $  22.96 $  23.79 $  23.00

Operating / Productivity
 Statistics

   Operating Expense
   Gross ton miles (in
    millions)                   247,008  238,376  249,260  249,476  984,120

   Operating expense /
    thousand GTM               $  11.15 $  10.57 $  10.81 $  11.17 $  10.93

   Thousand GTM / average
    employee                      6,421    6,320    6,672    6,948   26,339

   Compensation
   Average employees             38,468   37,715   37,359   35,908   37,363

   Compensation and benefits /
    average employee           $ 22,561 $ 21,848 $ 23,326 $ 25,542 $ 93,153

   Compensation and benefits
    / thousand GTM             $   3.51 $   3.46 $   3.49 $   3.68 $   3.54

   Fuel (b)
   GTM / gallon of fuel             777      816      860      837      821

   Gallons of fuel used (in
    millions)                       318      292      290      298    1,198

   Average price per gallon of
    fuel (c)                   $   1.85 $   1.65 $   1.99 $   2.07 $   1.89

   Velocity
   Locomotive miles per day       298.6    310.9    312.1    311.1    307.9

   Car miles per day              224.0    236.1    229.2    231.3    230.0


(a) Coal revenues on a GAAP basis were $863 million and $940 million for
    the three month periods ended March 31, 2009 and September 30, 2009,
    respectively. However, for comparative purposes the table above
    excludes (from coal revenues and from the computation of amounts
    derived therefrom) a $96 million unfavorable and $30 million favorable
    impact related to a coal rate case decision for the three month periods
    ended March 31, 2009 and September 30, 2009, respectively.

(b) Fuel statistics are based on locomotive diesel fuel.

(c) Includes handling, taxes and hedge effect.




Burlington Northern Santa Fe Corporation
Revenue Statistics by Commodity


               Three Months
Revenues     Ended December 31,           Year Ended December 31,   08-09
 (in         ----------------- Percent  -------------------------- Percent
 millions)     2009     2008   Change     2009     2008     2007   Change
             -------- -------- ------   -------- -------- -------- ------
Domestic
 Intermodal  $    557 $    681  (18.2)% $  2,110 $  2,830 $  2,541  (25.4)%
International
 Intermodal       486      626  (22.4)     1,869    2,721    2,627  (31.3)
Automotive         97      114  (14.9)       337      513      496  (34.3)
             -------- -------- ------   -------- -------- -------- ------
Total
 Consumer
 Products       1,140    1,421  (19.8)     4,316    6,064    5,664  (28.8)

Coal (a)          886    1,067  (17.0)     3,630    3,970    3,279   (8.6)
Industrial
 Products         722      919  (21.4)     2,874    4,028    3,684  (28.6)
Agricultural
 Products         822      838   (1.9)     2,834    3,441    2,722  (17.6)
             -------- -------- ------   -------- -------- -------- ------
Total
 freight
 revenue        3,570    4,245  (15.9)    13,654   17,503   15,349  (22.0)
Other
 revenue          111      128  (13.3)       428      515      453  (16.9)
             -------- -------- ------   -------- -------- -------- ------
Total
 revenues    $  3,681 $  4,373  (15.8)% $ 14,082 $ 18,018 $ 15,802  (21.8)%
             ======== ======== ======   ======== ======== ======== ======

Cars/units
 (in
 thousands)
Domestic
 Intermodal       478      534  (10.5)%    1,859    2,132    2,097  (12.8)%
International
 Intermodal       493      599  (17.7)     1,954    2,542    2,886  (23.1)
Automotive         28       30   (6.7)        98      144      166  (31.9)
             -------- -------- ------   -------- -------- -------- ------
Total
 Consumer
 Products         999    1,163  (14.1)     3,911    4,818    5,149  (18.8)

Coal              570      648  (12.0)     2,390    2,516    2,472   (5.0)
Industrial
 Products         284      353  (19.5)     1,172    1,598    1,664  (26.7)
Agricultural
 Products         259      245    5.7        945    1,062    1,033  (11.0)
             -------- -------- ------   -------- -------- -------- ------
Total
 cars/units     2,112    2,409  (12.3)%    8,418    9,994   10,318  (15.8)%
             ======== ======== ======   ======== ======== ======== ======

Average
 revenue per
 car/unit
Domestic
 Intermodal  $  1,165 $  1,275   (8.6)% $  1,135 $  1,327 $  1,212  (14.5)%
International
 Intermodal       986    1,045   (5.6)       956    1,070      910  (10.7)
Automotive      3,464    3,800   (8.8)     3,439    3,563    2,988   (3.5)
             -------- -------- ------   -------- -------- -------- ------  
Total
 Consumer
 Products       1,141    1,222   (6.6)     1,104    1,259    1,100  (12.3)

Coal (a)        1,554    1,647   (5.6)     1,519    1,578    1,326   (3.7)
Industrial
 Products       2,542    2,603   (2.3)     2,452    2,521    2,214   (2.7)
Agricultural
 Products       3,174    3,420   (7.2)     2,999    3,240    2,635   (7.4)
             -------- -------- ------   -------- -------- -------- ------
Average
 revenue per
 car/unit    $  1,690 $  1,762   (4.1)% $  1,622 $  1,751 $  1,488   (7.4)%
             ======== ======== ======   ======== ======== ======== ======

Revenue ton
 miles (in
 millions)
Domestic
 Intermodal    12,374   13,604   (9.0)%   48,520   54,555   52,492  (11.1)%
International
 Intermodal    15,665   16,748   (6.5)    60,489   74,942   82,526  (19.3)
Automotive      1,040    1,068   (2.6)     3,733    5,304    6,123  (29.6)
             -------- -------- ------   -------- -------- -------- ------
Total
 Consumer
 Products      29,079   31,420   (7.5)   112,742  134,801  141,141  (16.4)

Coal           66,314   75,943  (12.7)   280,287  291,513  280,365   (3.9)
Industrial
 Products      21,893   25,069  (12.7)    87,206  113,125  117,338  (22.9)
Agricultural
 Products      32,761   29,509   11.0    113,338  124,945  118,728   (9.3)
             -------- -------- ------   -------- -------- -------- ------
Total
 revenue ton
 miles        150,047  161,941   (7.3)%  593,573  664,384  657,572  (10.7)%
             ======== ======== ======   ======== ======== ======== ======

Freight
 revenue per
 thousand
 ton miles
Domestic
 Intermodal  $  45.01 $  50.06  (10.1)% $  43.49 $  51.87 $  48.41  (16.2)%
International
 Intermodal     31.02    37.38  (17.0)     30.90    36.31    31.83  (14.9)
Automotive      93.27   106.74  (12.6)     90.28    96.72    81.01   (6.7)
             -------- -------- ------   -------- -------- -------- ------
Total
 Consumer
 Products       39.20    45.23  (13.3)     38.28    44.98    40.13  (14.9)

Coal (a)        13.36    14.05   (4.9)     12.95    13.62    11.70   (4.9)
Industrial
 Products       32.98    36.66  (10.0)     32.96    35.61    31.40   (7.4)
Agricultural
 Products       25.09    28.40  (11.7)     25.00    27.54    22.93   (9.2)
             -------- -------- ------   -------- -------- -------- ------
Freight
 revenue per
 thousand
 ton miles   $  23.79 $  26.21   (9.2)% $  23.00 $  26.34 $  23.34  (12.7)%
             ======== ======== ======   ======== ======== ======== ======

(a) Coal revenues on a GAAP basis were $3,564 million for the year ended
    December 31, 2009. For comparative purposes, the table above excludes
    the impact related to the coal rate decision (see note (a) on
    comparative three year "Operating Statistics" table).




Burlington Northern Santa Fe Corporation
Revenue Statistics by Commodity

                                 1st      2nd      3rd      4th      2009
Revenues  (in millions)        Quarter  Quarter  Quarter  Quarter Full Year
                               -------- -------- -------- -------- --------

Domestic Intermodal            $    515 $    512 $    526 $    557 $  2,110
International Intermodal            462      444      477      486    1,869
Automotive                           74       82       84       97      337
                               -------- -------- -------- -------- --------
Total Consumer Products           1,051    1,038    1,087    1,140    4,316

Coal (a)                            959      875      910      886    3,630
Industrial Products                 719      686      747      722    2,874
Agricultural Products               679      618      715      822    2,834
                               -------- -------- -------- -------- --------
Total freight revenue             3,408    3,217    3,459    3,570   13,654
Other revenue                       112       99      106      111      428
                               -------- -------- -------- -------- --------
Total revenues                 $  3,520 $  3,316 $  3,565 $  3,681 $ 14,082
                               ======== ======== ======== ======== ========

Cars/units  (in thousands)
Domestic Intermodal                 458      460      463      478    1,859
International Intermodal            497      474      490      493    1,954
Automotive                           21       24       25       28       98
                               -------- -------- -------- -------- --------
Total Consumer Products             976      958      978      999    3,911

Coal                                627      589      604      570    2,390
Industrial Products                 298      282      308      284    1,172
Agricultural Products               227      212      247      259      945
                               -------- -------- -------- -------- --------
Total cars/units                  2,128    2,041    2,137    2,112    8,418
                               ======== ======== ======== ======== ========

Average revenue per car/unit
Domestic Intermodal            $  1,124 $  1,113 $  1,136 $  1,165 $  1,135
International Intermodal            930      937      973      986      956
Automotive                        3,524    3,417    3,360    3,464    3,439
                               -------- -------- -------- -------- --------
Total Consumer Products           1,077    1,084    1,111    1,141    1,104

Coal (a)                          1,530    1,486    1,507    1,554    1,519
Industrial Products               2,413    2,433    2,425    2,542    2,452
Agricultural Products             2,991    2,915    2,895    3,174    2,999
                               -------- -------- -------- -------- --------
Average revenue per car/unit   $  1,602 $  1,576 $  1,619 $  1,690 $  1,622
                               ======== ======== ======== ======== ========

Revenue ton miles  (in
 millions)
Domestic Intermodal              11,867   12,125   12,154   12,374   48,520
International Intermodal         14,700   14,959   15,165   15,665   60,489
Automotive                          793      940      960    1,040    3,733
                               -------- -------- -------- -------- --------
Total Consumer Products          27,360   28,024   28,279   29,079  112,742

Coal                             73,245   69,475   71,253   66,314  280,287
Industrial Products              21,301   21,060   22,952   21,893   87,206
Agricultural Products            27,242   25,144   28,191   32,761  113,338
                               -------- -------- -------- -------- --------
Total revenue ton miles         149,148  143,703  150,675  150,047  593,573
                               ======== ======== ======== ======== ========

Freight revenue per thousand
 ton miles
Domestic Intermodal            $  43.40 $  42.23 $  43.28 $  45.01 $  43.49
International Intermodal          31.43    29.68    31.45    31.02    30.90
Automotive                        93.32    87.23    87.50    93.27    90.28
                               -------- -------- -------- -------- --------
Total Consumer Products           38.41    37.04    38.44    39.20    38.28

Coal (a)                          13.09    12.59    12.77    13.36    12.95
Industrial Products               33.75    32.57    32.55    32.98    32.96
Agricultural Products             24.92    24.58    25.36    25.09    25.00
                               -------- -------- -------- -------- --------
Freight revenue per thousand
 ton miles                     $  22.85 $  22.39 $  22.96 $  23.79 $  23.00
                               ======== ======== ======== ======== ========

(a) Coal revenues on a GAAP basis were $863 million and $940 million for
    the three month periods ended March 31, 2009 and September 30, 2009,
    respectively. However, for comparative purposes the table above
    excludes (from coal revenues and from the computation of amounts
    derived therefrom) a $96 million unfavorable and $30 million favorable
    impact related to a coal rate case decision for the three month
    periods ended March 31, 2009 and September 30, 2009, respectively.




Burlington Northern Santa Fe Corporation
Capital Expenditures *

                                      Three Months
                                         Ended             Year Ended
                                      December 31,        December 31,
                                    --------------- -----------------------
                                      2009    2008    2009    2008    2007
                                    ------- ------- ------- ------- -------

Capital expenditures excluding
 equipment  (in millions)
 Engineering
  Rail                              $    34 $    89 $   416 $   429 $   376
  Ties                                   36      69     391     358     316
  Surfacing                              50      45     252     230     235
  Other                                 127     138     546     544     432
                                    ------- ------- ------- ------- -------
    Total engineering                   247     341   1,605   1,561   1,359
 Mechanical                              21      52     107     168     141
 Other                                   22      46     110     133     105
                                    ------- ------- ------- ------- -------
    Total replacement capital           290     439   1,822   1,862   1,605
                                    ------- ------- ------- ------- -------

 Information services                    24      12      83      83      75
 Terminal and line expansion              8      12      86     222     568
                                    ------- ------- ------- ------- -------
Total capital expenditures
 excluding equipment                $   322 $   463 $ 1,991 $ 2,167 $ 2,248
                                    ======= ======= ======= ======= =======

Acquisition of equipment            $   118 $   273 $   733 $   949 $   745
                                    ======= ======= ======= ======= =======

Track miles of rail laid
 Replacement capital                     54     186     904     885     773
 Expansion projects                       2       5      19      48     183
                                    ------- ------- ------- ------- -------
    Total                                56     191     923     933     956
                                    ======= ======= ======= ======= =======

Cross ties inserted (thousands)
 Replacement capital                    182     651   3,284   3,038   2,708
 Expansion projects                       4       9      26     129     418
                                    ------- ------- ------- ------- -------
    Total                               186     660   3,310   3,167   3,126
                                    ======= ======= ======= ======= =======

Track resurfaced (miles)              2,833   2,397  15,456  13,005  11,687
                                    ======= ======= ======= ======= =======

* Certain comparative prior period amounts have been adjusted to conform
  to the current period presentation.





Burlington Northern Santa Fe Corporation
Capital Expenditures *

                                                                     2009
                                      1st     2nd     3rd     4th    Full
                                    Quarter Quarter Quarter Quarter  Year
                                    ------- ------- ------- ------- -------

Capital expenditures excluding
 equipment
(in millions)
 Engineering
  Rail                              $   110 $   138 $   134 $    34 $   416
  Ties                                   87     144     124      36     391
  Surfacing                              42      78      82      50     252
  Other                                 108     157     154     127     546
                                    ------- ------- ------- ------- -------
    Total engineering                   347     517     494     247   1,605
 Mechanical                              37      25      24      21     107
 Other                                   28      30      30      22     110
                                    ------- ------- ------- ------- -------
    Total replacement capital           412     572     548     290   1,822
                                    ------- ------- ------- ------- -------

 Information services                    19      24      16      24      83
 Terminal and line expansion             31      24      23       8      86
                                    ------- ------- ------- ------- -------
Total capital expenditures
 excluding equipment                $   462 $   620 $   587 $   322 $ 1,991
                                    ======= ======= ======= ======= =======

Acquisition of equipment            $   286 $   170 $   159 $   118 $   733

Track miles of rail laid
 Replacement capital                    205     318     327      54     904
 Expansion projects                      12       -       5       2      19
                                    ------- ------- ------- ------- -------
    Total                               217     318     332      56     923
                                    ======= ======= ======= ======= =======

Cross ties inserted (thousands)
 Replacement capital                    769   1,223   1,110     182   3,284
 Expansion projects                      10       3       9       4      26
                                    ------- ------- ------- ------- -------
    Total                               779   1,226   1,119     186   3,310
                                    ======= ======= ======= ======= =======

Track resurfaced (miles)              2,351   5,015   5,257   2,833  15,456
                                    ======= ======= ======= ======= =======

* Certain interim period amounts have been reclassified to conform to the
  current period presentation.





Burlington Northern Santa Fe Corporation
Outstanding Debt
(Dollars in millions)

                                                            December 31,
                                                          ----------------
                                                            2009     2008
                                                          -------  -------

Notes and debentures, weighted average rate of 6.0
 percent, due 2010 to 2097 *                              $ 8,095  $ 7,593

Equipment obligations, weighted average rate of 6.2
 percent, due 2010 to 2027                                    271      244

Capitalized lease obligations, weighted average rate of
 5.5 percent, due 2010 to 2028                              1,589    1,281

Mortgage bonds, weighted average rate of 5.9 percent, due
 2010 to 2047                                                  94       97

Financing obligations, weighted average rate of 6.2
 percent, due 2010 to 2028                                    323      278

Commercial paper                                                -      100

Unamortized discount and other, net                           (37)     (38)
                                                          -------  -------

  Total outstanding debt                                   10,335    9,555

Less: current portion of long-term debt                      (644)    (456)
                                                          -------  -------

    Long-term debt                                        $ 9,691  $ 9,099

* Notes and debentures include a fair value adjustment increase for hedges
  of $26 million and $73 million at December 31, 2009 and 2008,
  respectively.

Contact Information

  • Investor Contact:
    Linda Hurt
    (817) 352-6452

    Media Contact:
    John Ambler
    (817) 867-6407