Burlington Northern Santa Fe (BNI) 8-K Burlington Northern Santa Fe Reports

Exhibit 99.1

Investor Contact:	Marsha Morgan	FOR IMMEDIATE RELEASE
	(817) 352-6452
Media Contact:	Richard Russack
	(817) 867-6425

Burlington Northern Santa Fe Reports

All-Time Record EPS and Operating Income

• Fourth-quarter 2006 earnings per diluted share were $1.42, or 26 percent higher than fourth-quarter 2005 earnings per diluted share of $1.13.

• Fourth-quarter freight revenues increased $323 million to $3.77 billion on a 4-percent increase in volume.

• Operating income was $942 million, an increase of $142 million, or 18 percent, compared with the fourth quarter of 2005.

• For 2006, BNSF achieved $5.10 earnings per diluted share compared with $4.01 for 2005.

• For 2006, BNSF exceeded $1 billion in free cash flow before dividends and achieved $712 million in free cash flow after dividends.

FORT WORTH, Texas, January 23, 2007—Burlington Northern Santa Fe Corporation (BNSF) (NYSE: BNI) today reported record quarterly earnings of $1.42 per diluted share, a 26-percent increase over fourth-quarter 2005 earnings of $1.13 per diluted share.

“BNSF continued to have industry-leading volume growth in the fourth quarter of 2006, and we experienced our 19th consecutive quarter of year-over-year volume increases,” said Matthew K. Rose, BNSF Chairman, President and Chief Executive Officer. “Looking forward, we anticipate strong demand will continue for freight rail transportation, reflecting our diverse portfolio of businesses and leading to improved revenues and earnings.”

Fourth-quarter 2006 freight revenues increased $323 million, or 9 percent, to $3.77 billion compared with $3.45 billion in the prior year. Revenue for the fourth quarter of 2006 included fuel surcharges of approximately $450 million compared with approximately $400 million for the fourth quarter of 2005. The increase in fuel surcharges was driven primarily by increased participation in BNSF’s fuel surcharge program.

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Coal revenues rose by $138 million, or 22 percent, to $775 million, as a result of record loadings of Powder River Basin coal, contractual rate escalations and a favorable mix of traffic. Agricultural Products revenues were up $53 million, or 9 percent, to $646 million, due primarily to strength in corn and fertilizer shipments. Consumer Products revenues increased $80 million, or 6 percent, to $1.46 billion reflecting double-digit increases in the international intermodal and automotive sectors, partially offset by a reduction in the domestic intermodal sector. Industrial Products revenues increased $52 million, or 6 percent, to $885 million led by double-digit revenue growth in chemicals and plastics, petroleum, and construction products. This was partially offset by softness in demand for building products.

Operating expenses for the fourth quarter of 2006 were $2.94 billion compared with fourth-quarter 2005 operating expenses of $2.75 billion. The $190 million increase in operating expenses was largely driven by a $96 million increase in fuel expense primarily reflecting a declining hedge position as well as a 4-percent increase in unit volumes. BNSF achieved record quarterly operating income of $942 million, an increase of $142 million, or 18 percent, compared with the fourth quarter of 2005. BNSF’s operating ratio for the fourth quarter was 75.0 percent.

Fourth-quarter 2005 operating income includes a favorable $26 million arbitration settlement and a net $57 million loss from two commuter-related transactions. Fourth-quarter 2006 net income includes a $12 million increase over 2005 for income tax provision adjustments related to prior periods.

For 2006, BNSF achieved operating revenues of nearly $15 billion, a 15-percent increase over 2005, which includes double-digit increases in each of the Company’s four business groups. This increase in revenues and the improvement in the Company’s operating ratio enabled BNSF to reach $3.5 billion in operating income, an increase of 20 percent over 2005. As a result, BNSF achieved $5.10 earnings per diluted share for 2006 compared with $4.01 for 2005.

BNSF’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-sulphur 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 atwww.bnsf.com.

2

BNSF’s free cash flow, as discussed above, is a non-GAAP measure and should be considered in addition to, but not as a substitute or preferable to, other information prepared in accordance with GAAP. However, the information is included herein as management believes that free cash flow provides meaningful information about BNSF’s ability to generate cash flows from the operation of its business. Below is the calculation of free cash flow for 2006.

Free Cash Flow Calculation (in millions)	2006
Net cash provided by operating activities	$	3,108
Net cash used for investing activities		(2,086	)
Free Cash Flow before Dividends		1,022
Dividends paid		(310	)
Free Cash Flow after Dividends	$	712

Financial information follows:

3

Burlington Northern Santa Fe Corporation

Consolidated Income Information*

(Dollars in millions, except per share data)

	Three Months Ended December 31,						Year Ended December 31,
	2006			2005			2006			2005			2004
Operating revenues
Freight revenues	$	3,769		$	3,446		$	14,545		$	12,606		$	10,742
Other revenues		113			104			440			381			204
Total operating revenues		3,882			3,550			14,985			12,987			10,946
Operating expenses
Compensation and benefits		994			913			3,816			3,515			3,322
Fuel		703			607			2,734			1,959			1,335
Purchased services		461			440			1,906			1,713			1,424
Depreciation and amortization		290			273			1,130			1,075			1,012
Equipment rents		235			232			930			886			790
Materials and other (a)		257			285			952			917			1,377
Total operating expenses		2,940			2,750			11,468			10,065			9,260
Operating income		942			800			3,517			2,922			1,686
Interest expense		121			110			485			437			409
Other expense, net		10			6			40			37			4
Income before income taxes		811			684			2,992			2,448			1,273
Income tax expense		292			254			1,105			917			482
Net income	$	519		$	430		$	1,887		$	1,531		$	791
Diluted earnings per share	$	1.42		$	1.13		$	5.10		$	4.01		$	2.10
Diluted average shares outstanding (in millions)		365.3			380.7			369.8			381.8			376.6
Operating ratio (b)		75.0	%		76.8	%		75.8	%		76.8	%		84.3	%

(a) Fourth quarter of 2005 includes a net $57 million loss from two commuter-related transactions. 2004 includes the impact of a third-quarter charge for a change in estimate of asbestos and environmental liabilities of $465 million.

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

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

4

Burlington Northern Santa Fe Corporation

Consolidated Income Information 2006*

(Dollars in millions, except per share data)

	1st Quarter			2nd Quarter			3rd Quarter			4th Quarter			2006 Full Year
Operating revenues
Freight revenues	$	3,369		$	3,592		$	3,815		$	3,769		$	14,545
Other revenues		94			109			124			113			440
Total operating revenues		3,463			3,701			3,939			3,882			14,985
Operating expenses
Compensation and benefits		919			928			975			994			3,816
Fuel		561			678			792			703			2,734
Purchased services		464			481			500			461			1,906
Depreciation and amortization		277			279			284			290			1,130
Equipment rents		231			232			232			235			930
Materials and other		219			240			236			257			952
Total operating expenses		2,671			2,838			3,019			2,940			11,468
Operating income		792			863			920			942			3,517
Interest expense		121			118			125			121			485
Other expense, net		9			11			10			10			40
Income before income taxes		662			734			785			811			2,992
Income tax expense		252			264			297			292			1,105
Net income	$	410		$	470		$	488		$	519		$	1,887
Diluted earnings per share	$	1.09		$	1.27		$	1.33		$	1.42		$	5.10
Diluted average shares outstanding (in millions)		376.7			370.7			366.8			365.3			369.8
Operating ratio (a)		76.5	%		76.0	%		75.9	%		75.0	%		75.8	%

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

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

5

Burlington Northern Santa Fe Corporation

Consolidated Income Information 2005*

(Dollars in millions, except per share data)

	1st Quarter				2nd Quarter			3rd Quarter			4th Quarter			2005 Full Year
Operating revenues
Freight revenues	$	2,899			$	3,043		$	3,218		$	3,446		$	12,606
Other revenues		83				95			99			104			381
Total operating revenues		2,982				3,138			3,317			3,550			12,987
Operating expenses
Compensation and benefits		853				849			900			913			3,515
Fuel		392				461			499			607			1,959
Purchased services		417				424			432			440			1,713
Depreciation and amortization		263				268			271			273			1,075
Equipment rents		213				218			223			232			886
Materials and other (a)		210				208			214			285			917
Total operating expenses		2,348				2,428			2,539			2,750			10,065
Operating income		634				710			778			800			2,922
Interest expense		109				112			106			110			437
Other expense, net		7				8			16			6			37
Income before income taxes		518				590			656			684			2,448
Income tax expense		197				224			242			254			917
Net income	$	321			$	366		$	414		$	430		$	1,531
Diluted earnings per share	$	0.83			$	0.96		$	1.09		$	1.13		$	4.01
Diluted average shares outstanding (in millions)		384.6				381.7			380.4			380.7			381.8
Operating ratio (b)		78.1	%	��		76.7	%		75.8	%		76.8	%		76.8	%

(a) Fourth quarter of 2005 includes a net $57 million loss from two commuter-related transactions.

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

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

6

Burlington Northern Santa Fe Corporation

Consolidated Balance Sheet Information

(Dollars in millions, except per share amounts)

	December 31,
	2006			2005
Assets
Current assets:
Cash and cash equivalents	$	375		$	75
Accounts receivable, net		805			678
Materials and supplies		488			396
Current portion of deferred income taxes		345			218
Current portion of fuel-hedging asset		13			303
Other current assets		155			210
Total current assets		2,181			1,880
Property and equipment, net		27,676			26,551
Other assets (a)		1,786			1,873
Total assets	$	31,643		$	30,304
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable and other current liabilities	$	2,853		$	2,773
Long-term debt due within one year		473			456
Total current liabilities		3,326			3,229
Long-term debt and commercial paper		6,912			6,698
Deferred income taxes		8,216			7,916
Casualty and environmental liabilities		830			878
Minimum pension liability (a)		—			417
Pension and retiree health and welfare liability (a)		604			—
Employee separation costs		86			107
Other liabilities (a)		1,273			1,551
Total liabilities		21,247			20,796
Stockholders’ equity:
Common stock and additional paid-in capital		6,995			6,707
Retained earnings		9,607			8,045
Treasury stock and other		(6,206	)		(5,244	)
Total stockholders’ equity		10,396			9,508
Total liabilities and stockholders’ equity	$	31,643		$	30,304
Book value per share	$	29.05		$	25.59
Common shares outstanding (in millions)		357.9			371.6
Net debt to total capitalization (b)		40.3	%		42.7	%

(a) Pursuant to Statement of Financial Accounting Standards No. 158, on December 31, 2006, the pension asset previously included in other assets, the minimum pension liability, and retiree health and welfare benefits previously included in other liabilities were combined into pension and retiree benefits.

(b) 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.

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Burlington Northern Santa Fe Corporation

Consolidated Cash Flow Information

(Dollars in millions)

	Three Months Ended December 31,						Year Ended December 31,
	2006			2005			2006			2005			2004
Operating activities
Net income	$	519		$	430		$	1,887		$	1,531		$	791
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		290			273			1,130			1,075			1,012
Deferred income taxes		154			8			314			217			237
Long-term casualty and environmental liabilities, net		(15	)		(31	)		(55	)		(71	)		477
Other, net		(171	)		(12	)		(145	)		(84	)		(117	)
Changes in working capital		20			(155	)		(23	)		(59	)		(23	)
Net cash provided by operating activities		797			513			3,108			2,609			2,377
Investing activities
Capital expenditures		(465	)		(505	)		(2,014	)		(1,750	)		(1,527	)
Other, net		169			(89	)		(72	)		(273	)		(68	)
Net cash used for investing activities		(296	)		(594	)		(2,086	)		(2,023	)		(1,595	)
Financing activities
Dividends paid		(90	)		(75	)		(310	)		(267	)		(231	)
Purchase of BNSF common stock		(140	)		(224	)		(730	)		(799	)		(376	)
Proceeds from stock options exercised		17			51			116			244			420
Other, net		3			130			202			(11	)		(291	)
Net cash used for financing activities		(210	)		(118	)		(722	)		(833	)		(478	)
Increase (decrease) in cash and cash equivalents		291			(199	)		300			(247	)		304
Cash and cash equivalents:
Beginning of period		84			274			75			322			18
End of period	$	375		$	75		$	375		$	75		$	322

8

Burlington Northern Santa Fe Corporation

Consolidated Cash Flow Information

(Dollars in millions)

	1st Quarter			2nd Quarter			3rd Quarter			4th Quarter			2006 Full Year
Operating activities
Net income	$	410		$	470		$	488		$	519		$	1,887
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		277			279			284			290			1,130
Deferred income taxes		55			59			46			154			314
Long-term casualty and environmental liabilities, net		(18	)		(21	)		(1	)		(15	)		(55	)
Other, net		(18	)		26			18			(171	)		(145	)
Changes in working capital		75			(60	)		(58	)		20			(23	)
Net cash provided by operating activities		781			753			777			797			3,108
Investing activities
Capital expenditures		(455	)		(569	)		(525	)		(465	)		(2,014	)
Other, net		(278	)		52			(15	)		169			(72	)
Net cash used for investing activities		(733	)		(517	)		(540	)		(296	)		(2,086	)
Financing activities
Dividends paid		(74	)		(73	)		(73	)		(90	)		(310	)
Purchase of BNSF common stock		(114	)		(261	)		(215	)		(140	)		(730	)
Proceeds from stock options exercised		62			25			12			17			116
Other, net		91			58			50			3			202
Net cash used for financing activities		(35	)		(251	)		(226	)		(210	)		(722	)
Increase (decrease) in cash and cash equivalents		13			(15	)		11			291			300
Cash and cash equivalents:
Beginning of period		75			88			73			84			75
End of period	$	88		$	73		$	84		$	375		$	375

9

Burlington Northern Santa Fe Corporation

Operating Statistics

	Three Months Ended December 31,				Year Ended December 31,
	2006		2005		2006		2005		2004
Cars/units (in thousands)		2,677		2,581		10,637		10,024		9,536
Average revenues per car/unit	$	1,408	$	1,335	$	1,367	$	1,258	$	1,126
Revenue ton miles (in millions)		162,502		152,234		642,417		596,575		570,688
Gross ton miles (in millions)		282,499		270,970		1,119,928		1,061,108		1,011,806
RTM/GTM		0.58		0.56		0.57		0.56		0.56
Freight revenue/thousand RTM	$	23.19	$	22.64	$	22.64	$	21.13	$	18.82
Operating expense/thousand RTM (a)	$	18.09	$	18.06	$	17.85	$	16.87	$	16.23
Freight revenue/thousand GTM	$	13.34	$	12.72	$	12.99	$	11.88	$	10.62
Operating expense/thousand GTM (a)	$	10.41	$	10.15	$	10.24	$	9.49	$	9.15
Compensation and benefits/thousand GTM	$	3.52	$	3.37	$	3.41	$	3.31	$	3.28
Average employees		41,745		40,218		41,532		39,524		37,617
Period end employees		41,396		40,573		41,396		40,573		38,189
Thousand RTM/average employee		3,893		3,785		15,468		15,094		15,171
Thousand GTM/average employee		6,767		6,738		26,965		26,847		26,898
Gallons of fuel used (in millions)		378		359		1,478		1,402		1,344
Average price per gallon of fuel (b)	$	1.86	$	1.69	$	1.85	$	1.40	$	0.99
GTM/gallon of fuel		747		755		758		757		753
Freight train miles (in millions)		44		43		173		167		165
GTM/freight train hours (in thousands)		124		117		123		121		129
Route Miles Operated		31,910		32,154		31,910		32,154		32,185

(a) Includes impact of third quarter 2004 charge for a change in estimate of asbestos and environmental liabilities of $465 million.

(b) Includes handling, taxes and hedge effect.

10

Burlington Northern Santa Fe Corporation

Operating Statistics

	1st Quarter		2nd Quarter		3rd Quarter		4th Quarter		2006 Full Year
Cars/units (in thousands)		2,521		2,679		2,760		2,677		10,637
Average revenues per car/unit	$	1,336	$	1,341	$	1,382	$	1,408	$	1,367
Revenue ton miles (in millions)		153,011		161,831		165,073		162,502		642,417
Gross ton miles (in millions)		268,180		281,931		287,318		282,499		1,119,928
RTM/GTM		0.57		0.57		0.57		0.58		0.57
Freight revenue/thousand RTM	$	22.02	$	22.20	$	23.11	$	23.19	$	22.64
Operating expense/thousand RTM	$	17.46	$	17.54	$	18.29	$	18.09	$	17.85
Freight revenue/thousand GTM	$	12.56	$	12.74	$	13.28	$	13.34	$	12.99
Operating expense/thousand GTM	$	9.96	$	10.07	$	10.51	$	10.41	$	10.24
Compensation and benefits/thousand GTM	$	3.43	$	3.29	$	3.39	$	3.52	$	3.41
Average employees		40,673		41,847		41,864		41,745		41,532
Period end employees		41,265		42,357		41,967		41,396		41,396
Thousand RTM/average employee		3,762		3,867		3,943		3,893		15,468
Thousand GTM/average employee		6,594		6,737		6,863		6,767		26,965
Gallons of fuel used (in millions)		360		370		370		378		1,478
Average price per gallon of fuel (a)	$	1.56	$	1.83	$	2.12	$	1.86	$	1.85
GTM/gallon of fuel		745		762		777		747		758
Freight train miles (in millions)		42		43		44		44		173
GTM/freight train hours (in thousands)		121		122		123		124		123
Route Miles Operated		32,029		31,943		31,910		31,910		31,910

(a) Includes handling, taxes and hedge effect.

11

Burlington Northern Santa Fe Corporation

Revenue Statistics by Commodity*

	Three Months Ended December 31,				Percent Change		Year Ended December 31,						05-06 Percent Change
	2006		2005				2006		2005		2004
Revenues (in millions)
Domestic Intermodal	$	674	$	688	(2.0	) %	$	2,564	$	2,372	$	2,046	8.1	%
International Intermodal		661		583	13.4			2,576		2,121		1,664	21.5
Automotive		128		112	14.3			473		405		315	16.8
Total Consumer Products		1,463		1,383	5.8			5,613		4,898		4,025	14.6
Industrial Products		885		833	6.2			3,589		3,128		2,670	14.7
Coal		775		637	21.7			2,916		2,448		2,277	19.1
Agricultural Products		646		593	8.9			2,427		2,132		1,770	13.8
Total freight revenue		3,769		3,446	9.4			14,545		12,606		10,742	15.4
Other revenue		113		104	8.7			440		381		204	15.5
Total revenues	$	3,882	$	3,550	9.4	%	$	14,985	$	12,987	$	10,946	15.4	%
Cars/units(in thousands)
Domestic Intermodal		554		566	(2.1	) %		2,151		2,110		2,033	1.9	%
International Intermodal		793		753	5.3			3,195		2,928		2,579	9.1
Automotive		45		46	(2.2	)		174		177		158	(1.7	)
Total Consumer Products		1,392		1,365	2.0			5,520		5,215		4,770	5.8
Industrial Products		402		404	(0.5	)		1,686		1,655		1,650	1.9
Coal		636		578	10.0			2,458		2,238		2,216	9.8
Agricultural Products		247		234	5.6			973		916		900	6.2
Total cars/units		2,677		2,581	3.7	%		10,637		10,024		9,536	6.1	%
Average revenue per car/unit
Domestic Intermodal	$	1,217	$	1,216	0.1	%	$	1,192	$	1,124	$	1,006	6.0	%
International Intermodal		834		774	7.8			806		724		645	11.3
Automotive		2,844		2,435	16.8			2,718		2,288		1,994	18.8
Total Consumer Products		1,051		1,013	3.8			1,017		939		844	8.3
Industrial Products		2,201		2,062	6.7			2,129		1,890		1,618	12.6
Coal		1,219		1,102	10.6			1,186		1,094		1,028	8.4
Agricultural Products		2,615		2,534	3.2			2,494		2,328		1,967	7.1
Average revenue per car/unit	$	1,408	$	1,335	5.5	%	$	1,367	$	1,258	$	1,126	8.7	%
Revenue ton miles (in millions)
Domestic Intermodal		13,543		13,899	(2.6	) %		53,228		53,650		52,983	(0.8	) %
International Intermodal		20,391		17,911	13.8			79,963		71,072		62,427	12.5
Automotive		1,602		1,529	4.8			6,004		5,794		4,718	3.6
Total Consumer Products		35,536		33,339	6.6			139,195		130,516		120,128	6.6
Industrial Products		28,253		29,039	(2.7	)		120,130		116,396		112,955	3.2
Coal		70,365		62,168	13.2			271,499		242,409		236,528	12.0
Agricultural Products		28,348		27,688	2.4			111,593		107,254		101,077	4.0
Total revenue ton miles		162,502		152,234	6.7	%		642,417		596,575		570,688	7.7	%
Freight revenue per thousand ton miles
Domestic Intermodal	$	49.77	$	49.50	0.5	%	$	48.17	$	44.21	$	38.62	9.0	%
International Intermodal		32.42		32.55	(0.4	)		32.21		29.84		26.66	7.9
Automotive		79.90		73.25	9.1			78.78		69.90		66.77	12.7
Total Consumer Products		41.17		41.48	(0.7	)		40.32		37.53		33.51	7.4
Industrial Products		31.32		28.69	9.2			29.88		26.87		23.64	11.2
Coal		11.01		10.25	7.4			10.74		10.10		9.63	6.3
Agricultural Products		22.79		21.42	6.4			21.75		19.88		17.51	9.4
Freight revenue per thousand ton miles	$	23.19	$	22.64	2.4	%	$	22.64	$	21.13	$	18.82	7.1	%

* In the fourth quarter of 2006, BNSF realigned its business units. Prior period amounts have been reclassified to conform with the current period.

12

Burlington Northern Santa Fe Corporation

Revenue Statistics by Commodity*

Revenues (in millions)	1st Quarter		2nd Quarter		3rd Quarter		4th Quarter		2006 Full Year
Domestic Intermodal	$	580	$	637	$	673	$	674	$	2,564
International Intermodal		556		649		710		661		2,576
Automotive		114		120		111		128		473
Total Consumer Products		1,250		1,406		1,494		1,463		5,613
Industrial Products		842		911		951		885		3,589
Coal		680		713		748		775		2,916
Agricultural Products		597		562		622		646		2,427
Total freight revenue		3,369		3,592		3,815		3,769		14,545
Other revenue		94		109		124		113		440
Total revenues	$	3,463	$	3,701	$	3,939	$	3,882	$	14,985
Cars/units(in thousands)
Domestic Intermodal		514		532		551		554		2,151
International Intermodal		728		817		857		793		3,195
Automotive		44		46		39		45		174
Total Consumer Products		1,286		1,395		1,447		1,392		5,520
Industrial Products		411		433		440		402		1,686
Coal		582		613		627		636		2,458
Agricultural Products		242		238		246		247		973
Total cars/units		2,521		2,679		2,760		2,677		10,637
Average revenue per car/unit
Domestic Intermodal	$	1,128	$	1,197	$	1,221	$	1,217	$	1,192
International Intermodal		764		794		828		834		806
Automotive		2,591		2,609		2,846		2,844		2,718
Total Consumer Products		972		1,008		1,032		1,051		1,017
Industrial Products		2,049		2,104		2,161		2,201		2,129
Coal		1,168		1,163		1,193		1,219		1,186
Agricultural Products		2,467		2,361		2,528		2,615		2,494
Average revenue per car/unit	$	1,336	$	1,341	$	1,382	$	1,408	$	1,367
Revenue ton miles (in millions)
Domestic Intermodal		12,763		13,297		13,625		13,543		53,228
International Intermodal		18,108		20,365		21,099		20,391		79,963
Automotive		1,481		1,542		1,379		1,602		6,004
Total Consumer Products		32,352		35,204		36,103		35,536		139,195
Industrial Products		29,774		31,167		30,936		28,253		120,130
Coal		63,049		68,151		69,934		70,365		271,499
Agricultural Products		27,836		27,309		28,100		28,348		111,593
Total revenue ton miles		153,011		161,831		165,073		162,502		642,417
Freight revenue per thousand ton miles
Domestic Intermodal	$	45.44	$	47.91	$	49.39	$	49.77	$	48.17
International Intermodal		30.70		31.87		33.65		32.42		32.21
Automotive		76.98		77.82		80.49		79.90		78.78
Total Consumer Products		38.64		39.94		41.38		41.17		40.32
Industrial Products		28.28		29.23		30.74		31.32		29.88
Coal		10.79		10.46		10.70		11.01		10.74
Agricultural Products		21.45		20.58		22.14		22.79		21.75
Freight revenue per thousand ton miles	$	22.02	$	22.20	$	23.11	$	23.19	$	22.64

* In the fourth quarter of 2006, BNSF realigned its business units. Prior period amounts have been reclassified to conform with the current period.

13

Burlington Northern Santa Fe Corporation

Capital Expenditures and Track Maintenance

	Three Months Ended December 31,				Year Ended December 31,
	2006		2005		2006		2005		2004
Capital expenditures(in millions)
Maintenance of way
Rail	$	53	$	62	$	304	$	232	$	219
Ties		66		60		311		284		257
Surfacing		44		47		214		183		159
Other		94		95		397		354		359
Total maintenance of way		257		264		1,226		1,053		994
Mechanical		41		42		152		136		114
Information services		19		14		65		64		73
Other		39		39		121		108		107
Total maintenance of business		356		359		1,564		1,361		1,288
New locomotive acquisitions		—		—		—		—		16
Terminal and line expansion		109		146		450		389		223
Total capital expenditures	$	465	$	505	$	2,014	$	1,750	$	1,527
Track maintenance
Track miles of rail laid
Maintenance of business		133		120		692		517		589
Expansion projects		14		33		125		162		73
Total		147		153		817		679		662
Cross ties inserted (thousands)
Maintenance of business		531		560		2,638		2,782		2,514
Expansion projects		32		86		319		389		181
Total		563		646		2,957		3,171		2,695
Track resurfaced (miles)		2,181		2,541		12,588		12,790		11,450

14

Burlington Northern Santa Fe Corporation

Capital Expenditures and Track Maintenance*

	1st Quarter		2nd Quarter		3rd Quarter		4th Quarter		2006 Full Year
Capital expenditures(in millions)
Maintenance of way
Rail	$	55	$	101	$	95	$	53	$	304
Ties		64		90		91		66		311
Surfacing		38		65		67		44		214
Other		95		109		99		94		397
Total maintenance of way		252		365		352		257		1,226
Mechanical		43		42		26		41		152
Information services		16		18		12		19		65
Other		31		29		22		39		121
Total maintenance of business		342		454		412		356		1,564
Terminal and line expansion		113		115		113		109		450
Total capital expenditures	$	455	$	569	$	525	$	465	$	2,014
Track maintenance
Track miles of rail laid
Maintenance of business		107		246		206		133		692
Expansion projects		31		29		51		14		125
Total		138		275		257		147		817
Cross ties inserted (thousands)
Maintenance of business		573		738		796		531		2,638
Expansion projects		92		101		94		32		319
Total		665		839		890		563		2,957
Track resurfaced (miles)		2,531		4,211		3,665		2,181		12,588

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

15

Burlington Northern Santa Fe Corporation

Outstanding Debt

(Dollars in millions)

	December 31,
	2006			2005
Notes and debentures, weighted average rate of 6.8 percent, due 2007 to 2097*	$	5,364		$	5,077
Equipment obligations, weighted average rate of 6.7 percent, due 2007 to 2016		347			413
Capitalized lease obligations, weighted average rate of 6.9 percent, due 2007 to 2023		609			604
Mortgage bonds, weighted average rate of 5.7 percent, due 2007 to 2047		106			384
Financing obligations, weighted average rate of 6.3 percent, due 2013 to 2028		153			153
Commercial paper, 5.4 percent, variable		846			563
Unamortized discount and other, net		(40	)		(40	)
Total outstanding debt		7,385			7,154
Less: current portion of long-term debt		(473	)		(456	)
Long-term debt	$	6,912		$	6,698

* Notes and debentures include a fair value adjustment decrease for hedges of $6 million and less than $1 million at December 31, 2006 and 2005, respectively.

16