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:	Mary Jo Keating
	(817) 867-6407

Burlington Northern Santa Fe Reports

First Quarter 2007 Results and Record First Quarter Revenues

• Freight revenues were a first-quarter record of $3.54 billion and were 5 percent higher compared with first quarter of 2006, on flat volumes.

• Quarterly earnings were $0.96 per diluted share, which included a $0.14 charge for additional environmental expenses and a technology system write-off. This compares to first-quarter 2006 earnings of $1.09 per diluted share, which included a $0.04 per share line sale gain.

• Operating income was $694 million, which included the environmental and technology charge of $81 million as well as fuel headwinds of approximately $60 million principally resulting from a decline in fuel hedge positions. This compares to first-quarter 2006 operating income of $793 million, which included $22 million from a line sale gain.

FORT WORTH, Texas, April 24, 2007—Burlington Northern Santa Fe Corporation (BNSF) (NYSE: BNI) today reported quarterly earnings of $0.96 per diluted share, which included a $0.14 charge for additional environmental expenses and a technology system write-off, compared with first-quarter 2006 earnings of $1.09 per diluted share, which included a $0.04 per share line sale gain.

“Improved yields from our well-balanced portfolio allowed us to achieve record first-quarter revenues despite flat volumes on a year-over-year basis. In addition, we continue to drive operating expense efficiencies and improve velocity, delivering our best on-time performance since 2004,” said Matthew K. Rose, BNSF Chairman, President and Chief Executive Officer.

First-quarter 2007 freight revenues increased $175 million, or 5 percent, to $3.54 billion compared with $3.37 billion in the prior year. The 5-percent increase in revenue is primarily attributable to improved yields. Revenue for the first quarter of 2007 included fuel surcharges of approximately $380 million compared with approximately $350 million for the first quarter of 2006. 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 $80 million, or 12 percent, to $760 million, as a result of higher rates from contract renewals, contractual price escalations, increased length of haul and fuel surcharges. Additionally, volumes increased by 2 percent as a result of strong customer demand. Consumer Products revenues increased $62 million, or 5 percent, to $1.31 billion primarily due to higher revenues in the international intermodal sector. Agricultural Products revenues were up $29 million, or 5 percent, to $626 million, predominately from volume growth in soybeans and fertilizer. Industrial Products revenues of $846 million remained relatively flat for the first quarter of 2007, as strong demand for petroleum and chemicals and plastic products were offset by weakness in the housing market.

Operating expenses for the first quarter of 2007 were $2.95 billion compared with first-quarter 2006 operating expenses of $2.67 billion. The $281 million increase in operating expenses was primarily due to the environmental and technology charge of $81 million as well as higher fuel expense reflecting both a declining hedge position and higher fuel prices.

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:

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Burlington Northern Santa Fe Corporation

Consolidated Income Information

(Dollars in millions, except per share data)

	Three Months Ended March 31,
	2007			2006
				(As Adjusted)*
Operating revenues
Freight revenues	$	3,544		$	3,369
Other revenues		101			94
Total operating revenues		3,645			3,463
Operating expenses
Compensation and benefits		932			919
Fuel		652			561
Purchased services		502			464
Depreciation and amortization		307			289
Equipment rents		232			231
Materials and other (a)		326			206
Total operating expenses		2,951			2,670
Operating income		694			793
Interest expense		121			121
Other expense, net		5			9
Income before income taxes		568			663
Income tax expense		219			253
Net income	$	349		$	410
Diluted earnings per share	$	0.96		$	1.09
Diluted average shares outstanding (in millions)		363.7			376.7
Operating ratio (b)		80.4	%		76.5	%

(a) Includes an $81 million charge for additional environmental expenses and a technology system write-off.

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

* Prior year numbers have been adjusted for the retrospective adoption of FASB staff position (FSP) AUG AIR-1,Accounting for Planned Major Maintenance Activities.

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Burlington Northern Santa Fe Corporation

Consolidated Balance Sheet Information

(Dollars in millions, except per share amounts)

	March 31, 2007			December 31, 2006
				(As Adjusted)*
Assets
Current assets:
Cash and cash equivalents	$	392		$	375
Accounts receivable, net (a)		420			805
Materials and supplies		506			488
Current portion of deferred income taxes		347			345
Other current assets		268			168
Total current assets		1,933			2,181
Property and equipment, net		28,166			27,921
Other assets		2,009			1,695
Total assets	$	32,108		$	31,797
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable and other current liabilities	$	2,996		$	2,853
Long-term debt due within one year		484			473
Total current liabilities		3,480			3,326
Long-term debt and commercial paper		6,966			6,912
Deferred income taxes		8,235			8,298
Casualty and environmental liabilities		872			830
Pension and retiree health and welfare liability		615			604
Employee separation costs		83			86
Other liabilities		1,327			1,213
Total liabilities		21,578			21,269
Stockholders’ equity:
Common stock and additional paid-in capital		7,113			6,995
Retained earnings		9,985			9,739
Treasury stock and other		(6,568	)		(6,206	)
Total stockholders’ equity		10,530			10,528
Total liabilities and stockholders’ equity	$	32,108		$	31,797
Book value per share	$	29.64		$	29.42
Common shares outstanding (in millions)		355.3			357.9
Net debt to total capitalization (b)		40.1	%		40.0	%

(a) Change in accounts receivable, net due to an increase of $300 million in accounts receivable sold.

(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.

* Prior year numbers have been adjusted for the retrospective adoption of FSP AUG AIR-1,Accounting for Planned Major Maintenance Activities.

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Burlington Northern Santa Fe Corporation

Consolidated Cash Flow Information

(Dollars in millions)

	Three Months Ended March 31,
	2007			2006
				(As Adjusted)*
Operating activities
Net income	$	349		$	410
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		307			289
Deferred income taxes		52			56
Long-term casualty and environmental liabilities, net		42			(18	)
Other, net		22			(13	)
Change in accounts receivable sales program		300			150
Other changes in working capital		76			(75	)
Net cash provided by operating activities		1,148			799
Investing activities
Capital expenditures		(537	)		(455	)
Other, net		(294	)		(296	)
Net cash used for investing activities		(831	)		(751	)
Financing activities
Dividends paid		(90	)		(74	)
Purchase of BNSF common stock		(349	)		(114	)
Proceeds from stock options exercised		55			62
Other, net		84			91
Net cash used for financing activities		(300	)		(35	)
Increase in cash and cash equivalents		17			13
Cash and cash equivalents:
Beginning of period		375			75
End of period	$	392		$	88

* Prior year numbers have been adjusted for the retrospective adoption of FSP AUG AIR-1,Accounting for Planned Major Maintenance Activities.

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Burlington Northern Santa Fe Corporation

Operating Statistics

	Three Months Ended March 31,
	2007		2006
Cars / units (in thousands)		2,507		2,521
Average revenues per car / unit	$	1,414	$	1,336
Revenue ton miles (in millions)		156,355		153,011
Gross ton miles (in millions)		270,083		268,180
RTM / GTM		0.58		0.57
Freight revenue / thousand RTM	$	22.67	$	22.02
Operating expense / thousand RTM (a)	$	18.87	$	17.45
Freight revenue / thousand GTM	$	13.12	$	12.56
Operating expense / thousand GTM (a)	$	10.93	$	9.96
Compensation and benefits / thousand GTM	$	3.45	$	3.43
Average employees		41,213		40,673
Period end employees		41,771		41,265
Thousand RTM / average employee		3,794		3,762
Thousand GTM / average employee		6,553		6,594
Gallons of fuel used (in millions)		360		360
Average price per gallon of fuel (b)	$	1.81	$	1.56
GTM / gallon of fuel		750		745
Freight train miles (in millions)		41		42
GTM / freight train hours (in thousands)		125		121
Route miles operated		32,023		32,029

(a) Includes impact of $81 million first quarter 2007 charge.

(b) Includes handling, taxes and hedge effect.

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Burlington Northern Santa Fe Corporation

Revenue Statistics by Commodity

	Three Months Ended March 31,				Percent Change
	2007		2006
Revenues (in millions)
Domestic Intermodal	$	586	$	580	1.0	%
International Intermodal		610		556	9.7
Automotive		116		114	1.8
Total Consumer Products		1,312		1,250	5.0
Industrial Products		846		842	0.5
Coal		760		680	11.8
Agricultural Products		626		597	4.9
Total freight revenue		3,544		3,369	5.2
Other revenue		101		94	7.4
Total revenues	$	3,645	$	3,463	5.3	%
Cars / units(in thousands)
Domestic Intermodal		508		514	(1.2	)%
International Intermodal		727		728	(0.1	)
Automotive		41		44	(6.8	)
Total Consumer Products		1,276		1,286	(0.8	)
Industrial Products		390		411	(5.1	)
Coal		594		582	2.1
Agricultural Products		247		242	2.1
Total cars / units		2,507		2,521	(0.6	)%
Average revenue per car / unit
Domestic Intermodal	$	1,154	$	1,128	2.3	%
International Intermodal		839		764	9.8
Automotive		2,829		2,591	9.2
Total Consumer Products		1,028		972	5.8
Industrial Products		2,169		2,049	5.9
Coal		1,279		1,168	9.5
Agricultural Products		2,534		2,467	2.7
Average revenue per car / unit	$	1,414	$	1,336	5.8	%
Revenue ton miles (in millions)
Domestic Intermodal		12,421		12,763	(2.7	)%
International Intermodal		19,580		18,108	8.1
Automotive		1,464		1,481	(1.1	)
Total Consumer Products		33,465		32,352	3.4
Industrial Products		27,735		29,774	(6.8	)
Coal		66,434		63,049	5.4
Agricultural Products		28,721		27,836	3.2
Total revenue ton miles		156,355		153,011	2.2	%
Freight revenue per thousand ton miles
Domestic Intermodal	$	47.18	$	45.44	3.8	%
International Intermodal		31.15		30.70	1.5
Automotive		79.23		76.98	2.9
Total Consumer Products		39.21		38.64	1.5
Industrial Products		30.50		28.28	7.9
Coal		11.44		10.79	6.0
Agricultural Products		21.80		21.45	1.6
Freight revenue per thousand ton miles	$	22.67	$	22.02	3.0	%

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Burlington Northern Santa Fe Corporation

Capital Expenditures and Track Maintenance

	Three Months Ended March 31,
	2007		2006
Capital expenditures(in millions)
Maintenance of way
Rail	$	82	$	55
Ties		78		64
Surfacing		48		38
Other		103		95
Total maintenance of way		311		252
Mechanical		26		42
Information services		21		23
Other		22		25
Total maintenance of business		380		342
Terminal and line expansion		157		113
Total capital expenditures	$	537	$	455
Track maintenance
Track miles of rail laid
Maintenance of business		125		107
Expansion projects		21		31
Total		146		138
Cross ties inserted (thousands)
Maintenance of business		664		573
Expansion projects		54		92
Total		718		665
Track resurfaced (miles)		2,136		2,531

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