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Burlington Northern Santa Fe Reports

Third Quarter 2009 Results

 ·     Quarterly earnings were $1.42 per diluted share, which included a $0.06 per share impact related to a favorable coal rate case adjustment.

·   Compared to third-quarter 2008 earnings of $1.99 per diluted share.

·     Quarterly freight revenues were $3.49 billion, which included a decrease in fuel surcharges of $725 million.

·   Compared to third-quarter 2008 freight revenues of $4.77 billion.

·   Loads handled decreased 17 percent.

·     Quarterly operating expenses were $2.69 billion, which included a decrease of about $550 million related to lower fuel prices.

·   Compared to third-quarter 2008 operating expenses of $3.70 billion.

·   Strong cost controls.

·   Decreased unit volumes.

 FORT WORTH, Texas, October 22, 2009 - Burlington Northern Santa Fe Corporation (BNSF) (NYSE: BNI) today reported quarterly earnings of $1.42 per diluted share, which included a $0.06 per share impact related to a favorable coal rate case adjustment. This compared to third-quarter 2008 earnings of $1.99 per diluted share.

 “During the recession, BNSF has demonstrated significant operating leverage through ongoing dedication to controlling costs and productivity improvements,” said Matthew K. Rose, BNSF Chairman, President and Chief Executive Officer. “The combination of our significant operating leverage and long-term market opportunities places BNSF in a strong position when the economy recovers.”

 Third-quarter 2009 freight revenues decreased $1.28 billion, or 27 percent, to $3.49 billion compared with $4.77 billion in the prior year. The 27-percent decrease in revenues included a decrease in fuel surcharges of $725 million. The remaining variance was due to 17 percent lower unit volumes as a result of the economic downturn, partially offset by improved yields.

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 Coal revenues were down $107 million, or 10 percent, to $940 million on lower unit volumes driven by soft demand due to economic conditions and mild summer weather, partially offset by a favorable coal rate case adjustment and improved yields. Agricultural Products revenues declined $194 million, or 21 percent, to $715 million on lower unit volumes predominately driven by reduced domestic loadings and international grain shipments. Industrial Products revenues of $747 million were $377 million, or 34 percent lower than the third quarter of 2008, due primarily to lower unit volumes, driven by lower demand for construction and building products, partially offset by improved yields. Consumer Products revenues decreased $599 million, or 36 percent, to $1.09 billion, on lower international intermodal, domestic intermodal and automotive volumes due to economic conditions. Revenue was also impacted in each of the business units because of lower fuel surcharges.

 Operating expenses for the third quarter of 2009 declined $1.01 billion, or 27 percent, to $2.69 billion, compared with third-quarter 2008 operating expenses of $3.70 billion. About half of the $1.01 billion reduction was due to lower fuel prices, with the remainder due to strong cost controls and decreased unit volumes.

 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.

                         Burlington Northern Santa Fe Corporation will present additional information on its third quarter earnings in a webcast at 4:30 p.m. Eastern Time October 22, 2009.

 Financial information follows:

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	Quarterly earnings were $1.42 per diluted share, which included a $0.06 per share impact related to a favorable coal rate case adjustment. ·Compared to third-quarter 2008 earnings of $1.99 per diluted share.
	Third quarter operating income for 2009 was $901 million, which included a $30 million impact related to a favorable coal rate case adjustment. ·Compared to third-quarter 2008 operating income of $1.21 billion.
	Freight revenues decreased $1.28 billion, or 27 percent, to $3.49 billion compared with the third quarter of 2008. ·Loads handled decreased 17 percent. ·Fuel surcharges declined by $725 million.
	Operating expenses of $2.69 billion were $1.01 billion, or 27 percent, lower than third quarter 2008. ·Strong cost controls. ·Decreased unit volumes. ·Lower fuel prices decreased fuel expense by about $550 million.

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Burlington Northern Santa Fe Corporation
Consolidated Income Information*
(Dollars in millions, except per share data)
		Three Months						Nine Months
		Ended September 30,						Ended September 30,
		2009			2008			2009			2008
Operating revenues
Freight revenues (a)	$	3,489		$	4,766		$	10,018		$	13,258
Other revenues		106			140			317			387
Total operating revenues		3,595			4,906			10,335			13,645
Operating expenses
Compensation and benefits		872			1,013			2,564			2,947
Fuel		606			1,349			1,729			3,685
Purchased services		453			537			1,396			1,600
Depreciation and amortization		386			349			1,135			1,039
Equipment rents		194			229			591			682
Materials and other (b)		183			222			553			896
Total operating expenses		2,694			3,699			7,968			10,849
Operating income		901			1,207			2,367			2,796
Interest expense (c)		127			122			462			396
Other expense, net		1			6			5			11
Income before income taxes		773			1,079			1,900			2,389
Income tax expense		285			384			715			889
Net income	$	488		$	695		$	1,185		$	1,500
Diluted earnings per share	$	1.42		$	1.99		$	3.45		$	4.28
Operating ratio (d)		74.2	%		74.7	%		76.4	%		78.9	%

*	Certain comparative prior period amounts have been adjusted to conform to the current period presentation.
(a)	Third quarter 2009 includes a $30 million favorable adjustment to the charge taken in the first quarter 2009 related to an unfavorable coal rate case decision. The first nine months of 2009 includes a $66 million charge related to the unfavorable coal rate case decision.
(b)	Second quarter 2008 includes a $175 million increase in expense related to environmental matters in Montana.
(c)	The first nine months of 2009 includes a net $32 million loss on interest rate hedges and $8 million related to an unfavorable coal rate case decision.
(d)	Calculated as total operating expenses less other revenues divided by freight revenues.

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Burlington Northern Santa Fe Corporation
Consolidated Balance Sheet Information
(Dollars in millions, except per share amounts)
		September 30, 2009			December 31, 2008
Assets
Current assets:
Cash and cash equivalents	$	1,161		$	633
Accounts receivable, net		853			847
Materials and supplies		523			525
Current portion of deferred income taxes		454			442
Other current assets		286			218
Total current assets		3,277			2,665
Property and equipment, net		32,135			30,847
Other assets		3,141			2,891
Total assets	$	38,553		$	36,403
Liabilities and stockholders' equity
Current liabilities:
Accounts payable and other current liabilities	$	2,848		$	3,190
Long-term debt due within one year		323			456
Total current liabilities		3,171			3,646
Long-term debt		10,062			9,099
Deferred income taxes		9,235			8,590
Pension and retiree health and welfare liability		1,020			1,047
Casualty and environmental liabilities		963			959
Employee separation costs		55			57
Other liabilities		1,792			1,874
Total liabilities		26,298			25,272
Stockholders' equity:
Common stock and additional paid-in capital		7,726			7,636
Retained earnings		13,541			12,764
Treasury stock and other		(9,012	)		(9,269	)
Total stockholders' equity		12,255			11,131
Total liabilities and stockholders' equity	$	38,553		$	36,403
Book value per share	$	36.00		$	32.82
Common shares outstanding (in millions)		340.4			339.2

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Burlington Northern Santa Fe Corporation
Consolidated Cash Flow Information*
(in millions)
		Three Months						Nine Months
		Ended September 30,						Ended September 30,
		2009			2008			2009			2008
Operating activities
Net income	$	488		$	695		$	1,185		$	1,500
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		386			349			1,135			1,039
Deferred income taxes		200			116			458			248
Long-term casualty and environmental liabilities, net		(1	)		(10	)		(31	)		181
Other, net		1			6			16			39
Changes in accounts receivable sales program		-			278			(50	)		278
Other changes in working capital		42			213			(75	)		18
Net cash provided by operating activities		1,116			1,647			2,638			3,303
Investing activities
Capital expenditures excluding equipment		(587	)		(670	)		(1,669	)		(1,704	)
Acquisition of equipment		(159	)		(238	)		(615	)		(676	)
Proceeds from sale of equipment financed		-			-			368			190
Construction costs for facility financing obligation		(5	)		(21	)		(36	)		(38	)
Other, net		(71	)		(43	)		(167	)		(153	)
Net cash used for investing activities		(822	)		(972	)		(2,119	)		(2,381	)
Financing activities
Net borrowings (payments)		507			(370	)		352			215
Dividends paid		(136	)		(111	)		(409	)		(334	)
Purchase of BNSF common stock		(3	)		(236	)		(15	)		(878	)
Proceeds from stock options exercised		14			8			26			87
Proceeds from facility financing obligation		-			21			51			50
Other, net		1			8			4			84
Net cash provided by (used for) financing activities		383			(680	)		9			(776	)
Increase (decrease) in cash and cash equivalents		677			(5	)		528			146
Cash and cash equivalents:
Beginning of period		484			481			633			330
End of period	$	1,161		$	476		$	1,161		$	476

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

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Burlington Northern Santa Fe Corporation
Operating Statistics*
		Three Months				Nine Months
		Ended September 30,				Ended September 30,
		2009		2008		2009		2008
Revenue Statistics
Cars / units (in thousands)		2,137		2,590		6,306		7,585
Average revenue per car / unit  (a)	$	1,619	$	1,840	$	1,599	$	1,748
Average length of haul (miles)		1,096		1,081		1,102		1,088
Revenue ton miles (in millions)		150,675		170,134		443,526		502,443
Freight revenue / thousand GTM  (a)	$	13.88	$	16.64	$	13.73	$	15.63
Freight revenue / thousand RTM  (a)	$	22.96	$	28.01	$	22.74	$	26.39
Operating / Productivity Statistics
Operating Expense
Gross ton miles (in millions)		249,260		286,486		734,644		848,364
Operating expense / thousand GTM (b)	$	10.81	$	12.91	$	10.85	$	12.79
Thousand GTM / average employee		6,672		6,970		19,411		20,698
Compensation
Average employees		37,359		41,103		37,847		40,987
Compensation and benefits / average employee	$	23,326	$	24,646	$	67,728	$	71,893
Compensation and benefits / thousand GTM	$	3.49	$	3.54	$	3.49	$	3.47
Fuel (c)
GTM / gallon of fuel		860		821		816		794
Gallons of fuel used (in millions)		290		349		900		1,068
Average price per gallon of fuel (d)	$	1.99	$	3.72	$	1.83	$	3.33
Velocity
Locomotive miles per day		312.1		294.7		306.9		298.0
Car miles per day		229.2		205.5		229.6		203.3

*	Certain comparative prior period amounts have been adjusted to conform to the current period presentation.
(a)	Coal revenues on a GAAP basis were $940 million and $2,678 million for the three and nine month periods ended September 30, 2009, respectively. However, for comparative purposes the table above excludes (from coal revenues and from the computation of amounts derived therefrom) a $30 million favorable and $66 million unfavorable impact related to a coal rate case decision for the three and nine month periods ended September 30, 2009, respectively.
(b)	Second quarter 2008 includes a $175 million increase in expense related to environmental matters in Montana.
(c)	Fuel statistics are based on locomotive diesel fuel.
(d)	Includes handling, taxes and hedge effect.

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Burlington Northern Santa Fe Corporation
Revenue Statistics by Commodity
		Three Months						Nine Months
		Ended September 30,			Percent			Ended September 30,			Percent
Revenues  (in millions)		2009		2008	Change			2009		2008	Change
Domestic Intermodal	$	526	$	783	(32.8	) %	$	1,553	$	2,149	(27.7	)  %
International Intermodal		477		776	(38.5	)		1,383		2,095	(34.0	)
Automotive		84		127	(33.9	)		240		399	(39.8	)
Total Consumer Products		1,087		1,686	(35.5	)		3,176		4,643	(31.6	)
Coal (a)		910		1,047	(13.1	)		2,744		2,903	(5.5	)
Industrial Products		747		1,124	(33.5	)		2,152		3,109	(30.8	)
Agricultural Products		715		909	(21.3	)		2,012		2,603	(22.7	)
Total freight revenue		3,459		4,766	(27.4	)		10,084		13,258	(23.9	)
Other revenue		106		140	(24.3	)		317		387	(18.1	)
Total revenues	$	3,565	$	4,906	(27.3	) %	$	10,401	$	13,645	(23.8	)  %
Cars/units  (in thousands)
Domestic Intermodal		463		555	(16.6	) %		1,381		1,598	(13.6	)  %
International Intermodal		490		667	(26.5	)		1,461		1,943	(24.8	)
Automotive		25		32	(21.9	)		70		114	(38.6	)
Total Consumer Products		978		1,254	(22.0	)		2,912		3,655	(20.3	)
Coal		604		645	(6.4	)		1,820		1,868	(2.6	)
Industrial Products		308		420	(26.7	)		888		1,245	(28.7	)
Agricultural Products		247		271	(8.9	)		686		817	(16.0	)
Total cars/units		2,137		2,590	(17.5	) %		6,306		7,585	(16.9	)  %
Average revenue per car/unit
Domestic Intermodal	$	1,136	$	1,411	(19.5	) %	$	1,125	$	1,345	(16.4	)  %
International Intermodal		973		1,163	(16.3	)		947		1,078	(12.2	)
Automotive		3,360		3,969	(15.3	)		3,429		3,500	(2.0	)
Total Consumer Products		1,111		1,344	(17.3	)		1,091		1,270	(14.1	)
Coal (a)		1,507		1,623	(7.1	)		1,508		1,554	(3.0	)
Industrial Products		2,425		2,676	(9.4	)		2,423		2,497	(3.0	)
Agricultural Products		2,895		3,354	(13.7	)		2,933		3,186	(7.9	)
Average revenue per car/unit	$	1,619	$	1,840	(12.0	) %	$	1,599	$	1,748	(8.5	)  %
Revenue ton miles  (in millions)
Domestic Intermodal		12,154		14,249	(14.7	) %		36,146		40,951	(11.7	)  %
International Intermodal		15,165		19,556	(22.5	)		44,824		58,194	(23.0	)
Automotive		960		1,231	(22.0	)		2,693		4,236	(36.4	)
Total Consumer Products		28,279		35,036	(19.3	)		83,663		103,381	(19.1	)
Coal		71,253		75,001	(5.0	)		213,973		215,570	(0.7	)
Industrial Products		22,952		29,557	(22.3	)		65,313		88,056	(25.8	)
Agricultural Products		28,191		30,540	(7.7	)		80,577		95,436	(15.6	)
Total revenue ton miles		150,675		170,134	(11.4	) %		443,526		502,443	(11.7	)  %
Freight revenue per thousand ton miles
Domestic Intermodal	$	43.28	$	54.95	(21.2	) %	$	42.96	$	52.48	(18.1	)  %
International Intermodal		31.45		39.68	(20.7	)		30.85		36.00	(14.3	)
Automotive		87.50		103.17	(15.2	)		89.12		94.19	(5.4	)
Total Consumer Products		38.44		48.12	(20.1	)		37.96		44.91	(15.5	)
Coal (a)		12.77		13.96	(8.5	)		12.82		13.47	(4.8	)
Industrial Products		32.55		38.03	(14.4	)		32.95		35.31	(6.7	)
Agricultural Products		25.36		29.76	(14.8	)		24.97		27.27	(8.4	)
Freight revenue per thousand ton miles	$	22.96	$	28.01	(18.0	) %	$	22.74	$	26.39	(13.8	)  %

(a) Coal revenues on a GAAP basis were $940 million and $2,678 million for the three and nine month periods ended September 30, 2009, respectively. For comparative purposes, the table above excludes the impact related to the coal rate decision (see  note (a) on page 7).

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Burlington Northern Santa Fe Corporation
Capital Expenditures*
		Three Months				Nine Months
		Ended September 30,				Ended September 30,
		2009		2008		2009		2008
Capital expenditures excluding equipment  (in millions)
Engineering
Rail	$	134	$	131	$	382	$	340
Ties		124		111		355		289
Surfacing		82		76		202		185
Other		154		177		419		406
Total engineering		494		495		1,358		1,220
Mechanical		24		47		86		116
Other		30		35		88		87
Total replacement capital		548		577		1,532		1,423
Information services		16		28		59		71
Terminal and line expansion		23		65		78		210
Total capital expenditures excluding equipment	$	587	$	670	$	1,669	$	1,704
Acquisition of equipment	$	159	$	238	$	615	$	676
Track miles of rail laid
Replacement capital		327		295		850		699
Expansion projects		5		20		17		43
Total		332		315		867		742
Cross ties inserted (thousands)
Replacement capital		1,110		1,008		3,102		2,387
Expansion projects		9		53		22		120
Total		1,119		1,061		3,124		2,507
Track resurfaced (miles)		5,257		4,465		12,623		10,068

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

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