dex991.htm

Exhibit 99.1


Investor Contact:	Linda Hurt	FOR IMMEDIATE RELEASE
	(817) 352-6452

Media Contact:	John Ambler
	(817) 867-6407

Burlington Northern Santa Fe Reports

First Quarter 2009 Results

Quarterly earnings were $0.86 per diluted share, which included a $0.19 per share charge related to an unfavorable coal rate case decision and an $0.08 per share loss on unwinding interest rate hedges on debt no longer expected to be issued. This compares to first-quarter 2008 earnings of $1.30 per diluted share.

Freight revenues decreased $831 million, or 20 percent, to $3.31 billion compared with the first quarter of 2008 as loads handled decreased 14 percent. The 20-percent decrease in freight revenues included a reduction in fuel surcharges of approximately $325 million and a $96 million charge related to the unfavorable coal rate case decision.

·	Operating expenses decreased $631 million, or 19 percent, to $2.76 billion compared with the first quarter of 2008. The reduction in operating expenses was driven by strong cost controls, decreased unit volumes and lower fuel expenses resulting from decreased fuel prices.

FORT WORTH, Texas, April 23, 2009 - Burlington Northern Santa Fe Corporation (BNSF) (NYSE: BNI) today reported quarterly earnings of $0.86 per diluted share, which included a $0.19 per share charge related to an unfavorable coal rate case decision and an $0.08 per share loss on unwinding interest rate hedges on debt no longer expected to be issued. This compares to first-quarter 2008 earnings of $1.30 per diluted share.

-more-

“During the first quarter of 2009, BNSF’s focus on cost control and a variable cost structure enabled us to weather a difficult economic environment,” said Matthew K. Rose, BNSF Chairman, President and Chief Executive Officer. “BNSF continues to manage through the recession and is well positioned to take advantage of the eventual economic recovery."

First-quarter 2009 freight revenues decreased $831 million, or 20 percent, to $3.31 billion compared with $4.14 billion in the prior year. The 20-percent decrease in revenues included a decrease in fuel surcharges of approximately $325 million and a $96 million charge in excess of amounts previously accrued related to the unfavorable coal rate decision. The remaining variance was due to lower unit volumes as a result of the economic downturn, partially offset by improved yields.

Coal revenues were $863 million. Excluding the $96 million charge related to the unfavorable coal rate decision, coal revenues increased $5 million, or 1 percent, reflecting improved yields on slightly lower unit volumes. Agricultural Products revenues were $187 million, or 22 percent lower than the first quarter of 2008. Lower unit volumes caused mainly by reduced domestic loadings and international grain shipments were partially offset by improved yields. Industrial Products revenues declined $220 million, or 23 percent, to $719 million, which included a decline in unit volumes that was driven by lower demand for construction products and building products and was partially offset by improved yields. Consumer Products revenues fell $333 million, or 24 percent, to $1.05 billion, on lower international intermodal, domestic intermodal and automotive volumes due to economic conditions. Decreased fuel surcharges driven by lower fuel prices also negatively impacted revenues of each of the business units.

Operating expenses for the first quarter of 2009 were $2.76 billion compared with first-quarter 2008 operating expenses of $3.39 billion. The $631 million decrease in operating expenses was driven by strong cost controls, decreased unit volumes and lower fuel prices, which decreased fuel expenses by about $300 million.

First-quarter 2009 interest expense increased $64 million, or 48 percent, to $198 million compared with $134 million in the first quarter of 2008. This increase was primarily attributable to a $43 million loss on unwinding interest rate hedges on debt no longer expected to be issued, and the unfavorable coal rate case decision further increased interest expense by $9 million.

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.

Financial information follows:

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

		Three Months Ended March 31,
		2009			2008

Operating revenues
Freight revenues (a)	$	3,312		$	4,143
Other revenues		112			118
Total operating revenues		3,424			4,261

Operating expenses
Compensation and benefits		868			983
Fuel		614			1,045
Purchased services		478			525
Depreciation and amortization		370			341
Equipment rents		201			230
Materials and other		224			262
Total operating expenses		2,755			3,386

Operating income		669			875
Interest expense (b)		198			134
Other expense, net		3			−

Income before income taxes		468			741
Income tax expense		175			286

Net income	$	293		$	455

Diluted earnings per share	$	0.86		$	1.30

Diluted average shares outstanding (in millions)		341.9			351.3

Operating ratio (c)		79.8	%		78.9	%

(a)	2009 includes a $96 million charge related to an unfavorable coal rate case decision.

(b)	2009 includes a $43 million loss on interest rate hedges and $9 million related to an unfavorable coal rate case decision.

(c)	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)

		March 31, 2009			December 31, 2008

Assets
Current assets:
Cash and cash equivalents	$	610		$	633
Accounts receivable, net		825			847
Materials and supplies		538			525
Current portion of deferred income taxes		472			442
Other current assets		277			218
Total current assets		2,722			2,665

Property and equipment, net		31,391			30,847

Other assets		2,850			2,891

Total assets	$	36,963		$	36,403

Liabilities and stockholders' equity
Current liabilities:
Accounts payable and other current liabilities	$	3,133		$	3,190
Long-term debt due within one year		275			456
Total current liabilities		3,408			3,646

Long-term debt and commercial paper		9,416			9,099
Deferred income taxes		8,787			8,590
Pension and retiree health and welfare liability		1,049			1,047
Casualty and environmental liabilities		968			959
Employee separation costs		56			57
Other liabilities		1,865			1,874
Total liabilities		25,549			25,272

Stockholders' equity:
Common stock and additional paid-in capital		7,662			7,636
Retained earnings		12,921			12,764
Treasury stock and other		(9,169)			(9,269)
Total stockholders' equity		11,414			11,131

Total liabilities and stockholders' equity	$	36,963		$	36,403

Book value per share	$	33.62		$	32.82
Common shares outstanding (in millions)		339.5			339.2
Net debt to total capitalization (a)		44.3	%		44.5	%

(a)	Net debt is calculated as total debt less cash and cash equivalents, and capitalization is calculated as the sum of net debt and total stockholders’ equity.

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

		Three Months
		Ended March 31,
		2009		2008

Operating activities

Net income	$	293	$	455
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		370		341
Deferred income taxes		90		83
Long-term casualty and environmental liabilities, net		(1)		7
Other, net		49		1
Change in accounts receivable sales program		(50)		−
Other changes in working capital		(17)		28

Net cash provided by operating activities		734		915

Investing activities

Capital expenditures		(462)		(468)
Construction costs for facility financing obligation		(13)		(4)
Acquisition of equipment pending financing		(286)		(173)
Proceeds from sale of assets financed		368		−
Other, net		2		(98)

Net cash used for investing activities		(391)		(743)

Financing activities

Net (payments) borrowings		(251)		430
Dividends paid		(136)		(112)
Purchase of BNSF common stock		(4)		(373)
Proceeds from stock options exercised		8		35
Proceeds from facility financing obligation		15		18
Other, net		2		25

Net cash (used for) provided by financing activities		(366)		23
(Decrease) increase in cash and cash equivalents		(23)		195

Cash and cash equivalents:
Beginning of period		633		330
End of period	$	610	$	525

Burlington Northern Santa Fe Corporation
Operating Statistics *

		Three Months
		Ended March 31,
		2009		2008

Revenue Statistics

Cars / units (in thousands)		2,128		2,486

Average revenue per car / unit (a)	$	1,602	$	1,667

Average length of haul (miles)		1,099		1,087

Revenue ton miles (in millions)		149,148		167,936

Freight revenue / thousand GTM (a)	$	13.80	$	14.65

Freight revenue / thousand RTM (a)	$	22.85	$	24.67

Operating / Productivity Statistics

Operating Expense
Gross ton miles (in millions)		247,008		282,818

Operating expense / thousand GTM	$	11.15	$	11.97

Thousand GTM / average employee		6,421		6,991

Compensation
Average employees		38,468		40,453

Compensation and benefits / average employee	$	22,561	$	24,297

Compensation and benefits / thousand GTM	$	3.51	$	3.48

Fuel (b)
GTM / gallon of fuel		777		777

Gallons of fuel used (in millions)		318		364

Average price per gallon of fuel (c)	$	1.85	$	2.77

Velocity
Locomotive miles per day		298.6		303.7

Car miles per day		224.0		202.0

*	Certain prior period amounts have been reclassified to conform with the current period presentation.
(a)	2009 coal revenues on a GAAP basis were $863 million. However, for comparative purposes the table above excludes (from coal revenues and from the computation of amounts derived therefrom) a $96 million charge related to an unfavorable coal rate case decision.
(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
		Ended March 31,			Percent
Revenues (in millions)		2009		2008	Change
Domestic Intermodal	$	515	$	636	(19.0)	%
International Intermodal		462		619	(25.4)
Automotive		74		129	(42.6)
Total Consumer Products		1,051		1,384	(24.1)


Coal (a)		959		954	0.5
Industrial Products		719		939	(23.4)
Agricultural Products		679		866	(21.6)
Total freight revenue		3,408		4,143	(17.7)
Other revenue		112		118	(5.1)
Total revenues	$	3,520	$	4,261	(17.4)	%

Cars / units (in thousands)
Domestic Intermodal		458		504	(9.1)	%
International Intermodal		497		622	(20.1)
Automotive		21		39	(46.2)
Total Consumer Products		976		1,165	(16.2)

Coal		627		634	(1.1)
Industrial Products		298		403	(26.1)
Agricultural Products		227		284	(20.1)
Total cars / units		2,128		2,486	(14.4)	%

Average revenue per car / unit
Domestic Intermodal	$	1,124	$	1,262	(10.9)	%
International Intermodal		930		995	(6.5)
Automotive		3,524		3,308	6.5
Total Consumer Products		1,077		1,188	(9.3)

Coal (a)		1,530		1,505	1.7
Industrial Products		2,413		2,330	3.6
Agricultural Products		2,991		3,049	(1.9)
Average revenue per car / unit	$	1,602	$	1,667	(3.9)	%

Revenue ton miles (in millions)
Domestic Intermodal		11,867		12,795	(7.3)	%
International Intermodal		14,700		18,996	(22.6)
Automotive		793		1,457	(45.6)
Total Consumer Products		27,360		33,248	(17.7)

Coal		73,245		72,310	1.3
Industrial Products		21,301		28,355	(24.9)
Agricultural Products		27,242		34,023	(19.9)
Total revenue ton miles		149,148		167,936	(11.2)	%

Freight revenue per thousand ton miles
Domestic Intermodal	$	43.40	$	49.71	(12.7)	%
International Intermodal		31.43		32.59	(3.6)
Automotive		93.32		88.54	5.4
Total Consumer Products		38.41		41.63	(7.7)

Coal (a)		13.09		13.19	(0.8)
Industrial Products		33.75		33.12	1.9
Agricultural Products		24.92		25.45	(2.1)
Freight revenue per thousand ton miles	$	22.85	$	24.67	(7.4)	%

(a)	2009 coal revenues on a GAAP basis were $863 million. However, for comparative purposes the table above excludes (from coal revenues and from the computation of amounts derived therefrom) a $96 million charge related to an unfavorable coal rate case decision.

Burlington Northern Santa Fe Corporation
Capital Expenditures

		Three Months
		Ended March 31,
		2009		2008

Capital expenditures (in millions)
Engineering
Rail	$	110	$	87
Ties		87		71
Surfacing		42		40
Other		108		100
Total engineering		347		298
Mechanical		37		36
Other		28		29
Total replacement capital		412		363

Information services		19		23
Terminal and line expansion		31		82
Total capital expenditures	$	462	$	468


Track miles of rail laid
Replacement capital		205		153
Expansion projects		12		13
Total		217		166

Cross ties inserted (thousands)
Replacement capital		769		540
Expansion projects		10		33
Total		779		573

Track resurfaced (miles)		2,351		2,015