bnsf 4Q 2001 Investors Report

Annual 2001Investors’ Report

Page

Earnings Press Release 1 - 3

Consolidated Statement of Income 4 - 5

Consolidated Balance Sheet 6

Consolidated Cash Flow Information 7 - 8

Operating Statistics 9 - 10

Revenue Statistics by Commodity 11 - 12

Capital Expenditures and Track Maintenance 13 -14

Outstanding Debt 15

INDEX

BURLINGTON NORTHERN SANTA FE CORPORATIONINVESTORS' REPORT - UNAUDITED

Annual 2001

1

NEWS

Contact: Richard Russack FOR IMMEDIATE RELEASE(817) 352-6425

Burlington Northern Santa Fe ReportsFourth Quarter/Full Year 2001 Results

• Fourth-quarter 2001 earnings of $0.46 per diluted share include an $0.11 perdiluted share after-tax charge for workforce reduction related costs. Without thecharge, earnings were $0.57 per diluted share, compared with fourth-quarter 2000earnings of $0.65 per diluted share.

• Freight revenues were $2.27 billion for the fourth-quarter 2001 on over 3 percenthigher ton-miles, 2 percent lower than fourth-quarter 2000 revenues of $2.32billion.

• Free cash flow for the twelve months ended December 31, 2001 was$443 million, an increase of 3 percent over the prior year.

FORT WORTH, Texas, January 22, 2002 - - Burlington Northern Santa Fe Corporation(BNSF) (NYSE: BNI) today reported fourth-quarter 2001 earnings of $0.46 per diluted share,which includes a $42 million after-tax charge for workforce reduction related costs. Without thecharge, fourth-quarter earnings per share is $0.57 per diluted share compared with fourth-quarter2000 earnings of $0.65 per diluted share.

“Despite the U.S. recession, BNSF generated $443 million of free cash flow, a 3 percentimprovement over last year. Additionally, we operated the railroad at the highest level of fourth-quarter on-time performance since the BNSF merger,” said Matthew K. Rose, President andChief Executive Officer. “BNSF’s continued focus is on revenue quality, operating expenseefficiencies and free cash flow while providing transportation services that consistently meetcustomers' expectations.”

2

Freight revenues for the 2001 fourth quarter were $2.27 billion, 2 percent lower on over 3percent higher ton-miles compared with the same 2000 period. Agricultural Products revenuesincreased $20 million, or 5 percent, to $415 million, primarily due to increases in demand forsoybeans, wheat and flour. Coal revenues increased $18 million, or 3 percent, to $546 million on9 percent higher volumes as a result of increased demand for electricity and new business.Industrial Products revenues fell $13 million or 3 percent, to $492 million because of continuedproduction cutbacks affecting most sectors. Consumer Products revenues decreased $68 million,or 8 percent, to $819 million, primarily reflecting decreases in automotive shipments as well asfewer domestic intermodal shipments resulting from the economic slowdown. However, BNSFhad a 9 percent volume gain in its truckload business in the fourth quarter.

Operating expenses of $1.83 billion, excluding the charge, were up $34 million orslightly less than 2 percent on over 3 percent higher ton-miles. Reductions in fuel and equipmentrents expenses generally offset increases in compensation and benefits and other cost categories.

Operating income was $472 million, excluding the charge, for fourth-quarter 2001compared with $544 million a year ago.

Full-Year 2001 Results

BNSF’s earnings per share including unusual items for the year ended December 31,2001 was $1.87 on a diluted basis compared with earnings of $2.36 per diluted share in the priorperiod.

Without unusual items, BNSF’s 2001 earnings per share was $2.08 on a diluted basiscompared with earnings of $2.45 per diluted share for the same period last year. Freightrevenues for the year were $9.09 billion, a decrease of less than 1 percent compared with 2000.Operating expenses of $7.39 billion for 2001 increased by $330 million or 5 percent on 2 percenthigher ton-miles. Operating income fell to $1.79 billion from $2.15 billion for 2000.

Common Stock Repurchases

During the 2001 fourth quarter, BNSF repurchased 2.0 million shares at an average priceof $26.96 per share. This brings total repurchases under BNSF’s 120 million share-repurchaseprogram to 103.1 million shares as of December 31, 2001 at an average price of $25.74 per sharesince the program was announced in July 1997.

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Through its subsidiary, The Burlington Northern and Santa Fe Railway Company, BNSFoperates one of the largest railroad networks in the United States, with 33,000 route milescovering 28 states and two Canadian provinces

Consolidated financial statements follow.

Statements made in this release concerning predictions or expectations of financial oroperational performance, or concerning other future events or results, are "forward-lookingstatements" within the meaning of the federal securities laws. Forward-looking statementsinvolve a number of risks and uncertainties and actual results may differ materially from thatprojected or implied in those statements. Important factors that could cause such differencesinclude, but are not limited to, economic and industry conditions: material adverse changes ineconomic or industry conditions, both within the United States and globally, customer demand,effects of adverse economic conditions affecting shippers, adverse economic conditions in theindustries and geographic areas that produce and consume freight, competition andconsolidation within the transportation industry, changes in fuel prices, and changes in laborcosts and labor difficulties including stoppages; legal and regulatory factors: developments andchanges in laws and regulations and the ultimate outcome of shipper claims, environmentalinvestigations or proceedings and other types of claims and litigation; and operating factors:technical difficulties, changes in operating conditions and costs, competition and commodityconcentrations, the Company’s ability to achieve its operational and financial initiatives and tocontain costs, as well as natural events such as severe weather, floods and earthquakes or otherdisruptions of the Company’s operating systems, structures, or equipment.

The Company cautions against placing undue reliance on forward-looking statements,which reflect its current beliefs and are based on information currently available to it as of thedata a forward-looking statement is made. The company undertakes no obligation to reviseforward-looking statements to reflect future events, changes in circumstances, or changes inbeliefs.

Burlington Northern Santa Fe CorporationConsolidated Income Information *(In millions, except per share data)

Three MonthsEnded December 31,

2001 2000 2001 2000 1999

Operating revenuesFreight revenues $ 2,272 $ 2,315 $ 9,090 $ 9,112 $ 9,074 Other revenues 29 24 118 95 121

Total operating revenues 2,301 2,339 9,208 9,207 9,195

Operating expenses Compensation and benefits 713 680 2,850 2,729 2,772 Purchased services 273 253 1,084 1,024 1,051 Depreciation and amortization 229 225 909 895 897 Equipment rents 178 195 740 742 752 Fuel 230 271 973 932 700 Materials and other 272 171 897 777 818

Total operating expenses 1,895 1,795 7,453 7,099 6,990

Operating income 406 544 1,755 2,108 2,205 Interest expense 111 117 463 453 387 Other (income) expense - net 12 11 110 70 (1)

Income before income taxes 283 416 1,182 1,585 1,819 Income tax expense 106 161 445 605 682

Income before extraordinary charge 177 255 737 980 1,137 Extraordinary charge, net of tax - - 6 - -

Net income $ 177 $ 255 $ 731 $ 980 $ 1,137

Diluted earnings per share afterextraordinary charge $ 0.46 $ 0.65 $ 1.87 $ 2.36 $ 2.44

Diluted average shares outstanding 386.5 394.4 390.7 415.2 466.8

Operating ratio 82.1% 76.5% 80.7% 76.9% 75.7%

* Fourth-quarter 2001 earnings include unusual items of $0.11 per diluted share comprised of workforce reduction related costs. Excluding the unusual items, fourth-quarter earnings per share is $0.57 and operating ratio is 79.2%. Full-year earnings include unusual items of $0.21 diluted share comprised of losses related to non-rail investments, the fourth-quarter workforce reduction related costs and an extraordinary charge for a loss on early extinguishment of debt net of a transportation contract settlement. Excluding the unusual items, full-year earnings per share is $2.08 and the operating ratio is 80.2%.

Year Ended December 31,

1999 earnings include unusual items of $0.01 per diluted share comprised of reorganization costs and environmental expenses, partially offset by a credit for the reversal of liabilities associated with the consolidation of certain clerical work-forces and a gain in connection with prior-period line sales that was partially offset by costs related to those line sales. Excluding the unusual items, full year earnings per share is $2.43 and the operating ratio is 75.4%.

Full-year 2000 earnings include unusual items of $0.09 per diluted share comprised of reduction and redeployment of employees and costs for the terminated BNSF/CN merger proposal. Excluding the unusual items, full-year earnings per share is $2.45 and the operating ratio is 76.4%.

4

Burlington Northern Santa Fe CorporationConsolidated Income Information *(In millions, except per share data)

20011st 2nd 3rd 4th Full

Quarter Quarter Quarter Quarter Year

Operating revenuesFreight revenues $ 2,263 $ 2,241 $ 2,314 $ 2,272 $ 9,090 Other revenues 30 30 29 29 118

Total operating revenues 2,293 2,271 2,343 2,301 9,208

Operating expenses Compensation and benefits 729 694 714 713 2,850 Purchased services 262 274 275 273 1,084 Depreciation and amortization 228 230 222 229 909 Equipment rents 187 190 185 178 740 Fuel 257 246 240 230 973 Materials and other 211 209 205 272 897

Total operating expenses 1,874 1,843 1,841 1,895 7,453

Operating income 419 428 502 406 1,755 Interest expense 120 115 117 111 463 Other (income) expense - net 73 5 20 12 110

Income before income taxes 226 308 365 283 1,182 Income tax expense 86 113 140 106 445

Income before extraordinary charge 140 195 225 177 737 Extraordinary charge, net of tax 6 - - - 6

Net income $ 134 $ 195 $ 225 $ 177 $ 731

Diluted earnings per share afterextraordinary charge $ 0.34 $ 0.50 $ 0.58 $ 0.46 $ 1.87

Diluted average shares outstanding 394.1 393.8 390.2 386.5 390.7

Operating Ratio 81.5% 80.9% 78.3% 82.1% 80.7%

* Fourth-quarter 2001 earnings include unusual items of $0.11 per diluted share comprised of workforce reduction related costs. Excluding the unusual items, fourth-quarter earnings per share is $0.57 and the operating ratio is 79.2%. Full-year earnings include unusual items of $0.21 diluted share comprised of losses related to non-rail investments, the fourth-quarter workforce reduction related costs and an extraordinary charge for a loss on early extinguishment of debt net of a transportation contract settlement. Excluding the unusual items, full-year earnings per share is $2.08 and the operating ratio is 80.2%.

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Burlington Northern Santa Fe CorporationConsolidated Balance Sheet Information(In millions, except per share amounts)

2001 2000AssetsCurrent assets Cash and cash equivalents $ 26 $ 11 Accounts receivable, net 172 314 Materials and supplies 191 220 Current portion of deferred income taxes 306 299 Other current assets 28 132 Total current assets 723 976

Property and equipment, net 23,110 22,369

Other assets 888 1,030

Total assets $ 24,721 $ 24,375

Liabilities and stockholders' equityCurrent liabilities Accounts payable and other current liabilities $ 1,873 $ 1,954 Long-term debt due within one year 288 232 Total current liabilities 2,161 2,186

Long-term debt and commercial paper 6,363 6,614 Deferred income taxes 6,731 6,422 Casualty and environmental liabilities 423 430 Employee merger and separation costs 216 262 Other liabilities 978 981 Total liabilities 16,872 16,895

Stockholders' equity Common stock and additional paid-in capital 5,589 5,433 Retained earnings 5,048 4,505 Treasury stock (2,745) (2,413) Unearned compensation (34) (35) Accumulated other comprehensive deficit (9) (10) Total stockholders' equity 7,849 7,480

Total liabilities and stockholders' equity $ 24,721 $ 24,375

Total debt to total capital 45.9% 47.8%

Book value per share $ 20.34 $ 19.10

Common shares outstanding 385.8 391.6

December 31,

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Burlington Northern Santa Fe CorporationConsolidated Cash Flow Information(In millions)

Three MonthsEnded December 31,2001 2000 2001 2000 1999

Operating activities

Net income $ 177 $ 255 $ 731 $ 980 $ 1,137 Adjustments to reconcile net income to net cashprovided by operating activities:

Depreciation and amortization 229 225 909 895 897 Deferred income taxes 96 135 302 353 444 Employee merger and separation costs paid (17) (11) (55) (58) (93) Other - net 7 (42) 91 33 (112) Changes in working capital 139 48 219 114 151

Net cash provided by operating activities 631 610 2,197 2,317 2,424

Investing activities and dividends paid

Capital expenditures (398) (409) (1,459) (1,399) (1,788) Other - net (101) (122) (105) (281) (152) Dividends paid (47) (48) (190) (206) (224)

Free cash flow after dividends paid 85 31 443 431 260

Financing activities excluding dividends paid

Purchase of BNSF common stock (54) (152) (317) (1,496) (688) Proceeds from stock options exercised 7 8 113 13 121 Other - net (1) (16) (18) 7 (59)

Net debt paid (incurred) $ 37 $ (129) $ 221 $ (1,045) $ (366)


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Burlington Northern Santa Fe CorporationConsolidated Cash Flow Information(In millions)


Quarter Quarter Quarter Quarter YearOperating activities

Net income $ 134 $ 195 $ 225 $ 177 $ 731 Adjustments to reconcile net income to net cashprovided by operating activities:

Depreciation and amortization 228 230 222 229 909 Deferred income taxes 39 68 99 96 302 Employee merger and separation costs paid (17) (10) (11) (17) (55) Other - net 67 (8) 25 7 91 Changes in working capital (91) 96 75 139 219

Net cash provided by operating activities 360 571 635 631 2,197

Investing activities and dividends paid

Capital expenditures (234) (403) (424) (398) (1,459) Other - net (66) 50 12 (101) (105) Dividends paid (48) (48) (47) (47) (190)

Free cash flow after dividends paid 12 170 176 85 443

Financing activities excluding dividends paid

Purchase of BNSF common stock (65) (92) (106) (54) (317) Proceeds from stock options exercised 45 56 5 7 113 Other - net (9) (8) - (1) (18)

Net debt incurred $ (17) $ 126 $ 75 $ 37 $ 221

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Burlington Northern Santa Fe CorporationOperating Statistics


Cars/units (thousands) 2,065 2,054 8,155 8,167 8,064

Average revenue per car/unit (a) $ 1,100 $ 1,127 $ 1,111 $ 1,116 $ 1,125

Revenue ton miles (millions) 127,972 123,791 501,829 491,959 493,207

Gross ton miles (millions) 227,183 219,516 896,566 875,249 871,952

RTM/GTM 0.563 0.564 0.560 0.562 0.566

Freight revenue/thousand RTM (a) $ 17.75 $ 18.70 $ 18.05 $ 18.52 $ 18.40

Operating expense/thousand RTM (b) $ 14.81 $ 14.50 $ 14.85 $ 14.43 $ 14.17

Freight revenue/thousand GTM (a) $ 10.00 $ 10.55 $ 10.10 $ 10.41 $ 10.41

Operating expense/thousand GTM (b) $ 8.34 $ 8.18 $ 8.31 $ 8.11 $ 8.02

Compensation and benefits/thousand GTM $ 3.14 $ 3.10 $ 3.18 $ 3.12 $ 3.18

Average employees 39,253 39,997 39,217 39,860 42,651

Period end employees 38,539 39,566 38,539 39,566 41,576

Thousand RTM/average employee 3,260 3,095 12,796 12,342 11,564

Gallons of fuel used (millions) 296 302 1,177 1,173 1,187

Average price per gallon of fuel (cents) (c) 77.7 89.7 82.7 79.5 59.0

GTM/gallon of fuel 768 727 762 746 735

Freight train miles (millions) 37 38 146 145 146

GTM/freight train hours (thousands) 143 136 142 147 139

Route Miles Operated 33,115 33,386 33,115 33,386 33,264

(a) Excludes effects of a third quarter 2001 transportation contract settlement of $32 million.(b) Excluding unusual items, fourth quarter 2001 and full year 2001, 2000 and 1999 (i) operating expense/thousand RTM is $14.29,

$14.72, $14.34 and $14.11, respectively and (ii) operating expense/thousand GTM is $8.05, $8.24, $8.06 and $7.98, respectively.(c) Includes handling, taxes and hedge effect.


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Burlington Northern Santa Fe CorporationOperating Statistics



Cars/units (thousands) 1,986 2,016 2,088 2,065 8,155

Average revenue per car/unit (a) $ 1,139 $ 1,112 $ 1,093 $ 1,100 $ 1,111

Revenue ton miles (millions) 125,727 122,510 125,620 127,972 501,829

Gross ton miles (millions) 223,206 220,109 226,068 227,183 896,566

RTM/GTM 0.563 0.557 0.556 0.563 0.560

Freight revenue/thousand RTM (a) $ 18.00 $ 18.29 $ 18.17 $ 17.75 $ 18.05

Operating expense/thousand RTM (b) $ 14.91 $ 15.04 $ 14.66 $ 14.81 $ 14.85

Freight revenue/thousand GTM (a) $ 10.14 $ 10.18 $ 10.09 $ 10.00 $ 10.10

Operating expense/thousand GTM (b) $ 8.40 $ 8.37 $ 8.14 $ 8.34 $ 8.31

Compensation and benefits/thousand GTM $ 3.27 $ 3.15 $ 3.16 $ 3.14 $ 3.18

Average employees 38,270 39,747 39,597 39,253 39,217

Period end employees 38,962 39,490 39,511 38,539 38,539

Thousand RTM/average employee 3,285 3,082 3,172 3,260 12,796

Gallons of fuel used (millions) 297 293 291 296 1,177

Average price per gallon of fuel (cents) (c) 86.5 84.0 82.5 77.7 82.7

GTM/gallon of fuel 752 751 777 768 762

Freight train miles (millions) 36 36 37 37 146

GTM/freight train hours (thousands) 146 138 140 143 142

Route Miles Operated 33,340 33,340 33,211 33,115 33,115

(a) Excludes effects of a third quarter 2001 transportation contract settlement of $32 million.(b) Excluding unusual items, fourth quarter and full year 2001 (i) operating expense/thousand RTM is $14.29 and $14.72,

respectively and (ii) operating expense/thousand GTM is $8.05 and $8.24, respectively.(c) Includes handling, taxes and hedge effect.

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Burlington Northern Santa Fe CorporationRevenue Statistics by Commodity *

Revenues (in millions) 2001 2000 2001 2000 1999

Intermodal 666$ 690$ (3.5) % 2,638$ 2,652$ 2,508$ (0.5) %Automotive 85 129 (34.1) 410 493 442 (16.8)Other Consumer 68 68 0.0 276 260 247 6.2

Total Consumer 819 887 (7.7) 3,324 3,405 3,197 (2.4)

Industrial 492 505 (2.6) 2,080 2,114 2,108 (1.6)Coal 546 528 3.4 2,123 2,131 2,226 (0.4)Agricultural Products 415 395 5.1 1,531 1,462 1,543 4.7Total freight revenue 2,272 2,315 (1.9) 9,058 9,112 9,074 (0.6)Other revenue 29 24 20.8 118 95 121 24.2 Total revenues 2,301$ 2,339$ (1.6) % 9,176$ 9,207$ 9,195$ (0.3) %

Cars/units (in thousands)

Intermodal 863 880 (1.9) % 3,391 3,440 3,203 (1.4) %Automotive 38 59 (35.6) 192 249 248 (22.9)Other Consumer 41 40 2.5 169 161 146 5.0

Total Consumer 942 979 (3.8) 3,752 3,850 3,597 (2.5)

Industrial 342 359 (4.7) 1,442 1,501 1,508 (3.9)Coal 559 511 9.4 2,133 2,023 2,123 5.4Agricultural Products 222 205 8.3 828 793 836 4.4Total cars/units 2,065 2,054 0.5 % 8,155 8,167 8,064 (0.1) %

Average revenue per car/unit

Intermodal 772$ 784$ (1.5) % 778$ 771$ 783$ 0.9 %Automotive 2,237 2,186 2.3 2,135 1,980 1,782 7.8Other Consumer 1,659 1,700 (2.4) 1,633 1,615 1,692 1.1

Total Consumer 869 906 (4.1) 886 884 889 0.2

Industrial 1,439 1,407 2.3 1,442 1,408 1,398 2.4Coal 977 1,033 (5.4) 995 1,053 1,049 (5.5)Agricultural Products 1,869 1,927 (3.0) 1,849 1,844 1,846 0.3Average revenue per car/unit 1,100$ 1,127$ (2.4) % 1,111$ 1,116$ 1,125$ (0.4) %

Revenue ton-miles (in millions)

Intermodal 22,024 23,285 (5.4) % 88,353 92,658 87,205 (4.6) %Automotive 1,261 1,854 (32.0) 5,911 7,597 7,057 (22.2)Other Consumer 3,034 3,000 1.1 12,070 11,812 12,444 2.2

Total Consumer 26,319 28,139 (6.5) 106,334 112,067 106,706 (5.1)

Industrial 22,336 23,141 (3.5) 97,241 99,178 96,518 (2.0)Coal 56,276 51,964 8.3 213,158 204,303 209,219 4.3Agricultural Products 23,041 20,547 12.1 85,096 76,411 80,764 11.4Total revenue ton-miles 127,972 123,791 3.4 % 501,829 491,959 493,207 2.0 %

Freight revenue per thousand ton-miles

Intermodal 30.24$ 29.63$ 2.1 % 29.86$ 28.62$ 28.76$ 4.3 %Automotive 67.41 69.58 (3.1) 69.36 64.89 62.63 6.9 Other Consumer 22.41 22.67 (1.1) 22.87 22.01 19.85 3.9

Total Consumer 31.12 31.52 (1.3) 31.26 30.38 29.96 2.9

Industrial 22.03 21.82 1.0 21.39 21.32 21.84 0.3 Coal 9.70 10.16 (4.5) 9.96 10.43 10.64 (4.5) Agricultural Products 18.01 19.22 (6.3) 17.99 19.13 19.11 (6.0) Freight revenue per thousand ton-miles 17.75$ 18.70$ (5.1) % 18.05$ 18.52$ 18.40$ (2.5) %

* Excludes effects of a third quarter 2001 transportation contract settlement of $32 million.

ChangePercentChange

Three MonthsEnded December 31, Percent Year Ended December 31,

00-01

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Burlington Northern Santa Fe CorporationRevenue Statistics by Commodity *

Revenues (in millions)

Intermodal 629$ 660$ 683$ 666$ 2,638$ Automotive 111 114 100 85 410 Other Consumer 66 71 71 68 276

Total Consumer 806 845 854 819 3,324

Industrial 517 536 535 492 2,080 Coal 526 532 519 546 2,123 Agricultural Products 414 328 374 415 1,531 Total freight revenue 2,263 2,241 2,282 2,272 9,058 Other Revenue 30 30 29 29 118 Total revenues 2,293$ 2,271$ 2,311$ 2,301$ 9,176$

Cars/units (in thousands)

Intermodal 806 833 889 863 3,391 Automotive 53 56 45 38 192 Other Consumer 41 42 45 41 169

Total Consumer 900 931 979 942 3,752

Industrial 350 376 374 342 1,442 Coal 516 527 531 559 2,133 Agricultural Products 220 182 204 222 828 Total cars/units 1,986 2,016 2,088 2,065 8,155

Average revenue per car/unit

Intermodal 780$ 792$ 768$ 772$ 778$ Automotive 2,094 2,036 2,222 2,237 2,135 Other Consumer 1,610 1,690 1,578 1,659 1,633

Total Consumer 896 908 872 869 886

Industrial 1,477 1,426 1,430 1,439 1,442 Coal 1,019 1,009 977 977 995 Agricultural Products 1,882 1,802 1,833 1,869 1,849 Average revenue per car/unit 1,139$ 1,112$ 1,093$ 1,100$ 1,111$

Revenue ton-miles (in millions)

Intermodal 21,776 21,873 22,680 22,024 88,353 Automotive 1,511 1,702 1,437 1,261 5,911 Other Consumer 3,032 2,956 3,048 3,034 12,070

Total Consumer 26,319 26,531 27,165 26,319 106,334

Industrial 24,629 25,241 25,035 22,336 97,241 Coal 51,470 52,775 52,637 56,276 213,158 Agricultural Products 23,309 17,963 20,783 23,041 85,096 Total revenue ton-miles 125,727 122,510 125,620 127,972 501,829

Freight revenue per thousand ton-miles

Intermodal 28.89$ 30.17$ 30.11$ 30.24$ 29.86$ Automotive 73.46 66.98 69.59 67.41 69.36 Other Consumer 21.77 24.02 23.29 22.41 22.87

Total Consumer 30.62 31.85 31.44 31.12 31.26

Industrial 20.99 21.24 21.37 22.03 21.39 Coal 10.22 10.08 9.86 9.70 9.96 Agricultural Products 17.76 18.26 18.00 18.01 17.99 Freight revenue per thousand ton-miles 18.00$ 18.29$ 18.17$ 17.75$ 18.05$

* Excludes effects of a third quarter 2001 transportation contract settlement of $32 million.

Quarter1st 2nd

Quarter

2001FullYear

3rdQuarter

4thQuarter

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Burlington Northern Santa Fe CorporationCapital Expenditures and Track Maintenance


Capital expenditures (in millions)Maintenance of way

Rail $ 50 $ 43 $ 233 $ 210 $ 256 Ties 50 25 254 206 170 Surfacing 41 26 146 134 130 Other 98 86 335 285 254

Total maintenance of way 239 180 968 835 810Mechanical 62 77 183 221 240Information services 19 23 69 66 74Other 42 61 101 144 151

Total maintenance of business 362 341 1,321 1,266 1,275

New locomotives/freight cars - - - - 261 Terminal and line expansion 36 43 126 99 233 Other - 25 12 34 19

Total capital expenditures $ 398 $ 409 $ 1,459 $ 1,399 $ 1,788

Operating lease commitments $ - $ 62 $ 149 $ 363 $ 477

Total capital commitments $ 398 $ 471 $ 1,608 $ 1,762 $ 2,265

Track maintenanceTrack miles of rail laid

Maintenance of business 211 136 788 674 784 Expansion projects 3 1 18 21 106

Total 214 137 806 695 890

Cross ties inserted (thousands)Maintenance of business 654 396 2,646 2,450 2,055 Expansion projects 8 6 58 77 310

Total 662 402 2,704 2,527 2,365

Track resurfaced (miles) 2,836 1,927 11,011 11,228 10,505

Statement ExplanationCertain prior-period amounts have been reclassified to conform with the current-period presentation.


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Burlington Northern Santa Fe CorporationCapital Expenditures and Track Maintenance



Capital expenditures (in millions)Maintenance of way

Rail $ 40 $ 71 $ 72 $ 50 $ 233 Ties 43 84 77 50 254 Surfacing 17 41 47 41 146 Other 64 82 91 98 335

Total maintenance of way 164 278 287 239 968 Mechanical 26 44 51 62 183 Information services 9 21 20 19 69 Other 9 18 32 42 101

Total maintenance of business 208 361 390 362 1,321

Terminal and line expansion 23 39 28 36 126 Other 3 3 6 - 12

Total capital expenditures $ 234 $ 403 $ 424 $ 398 $ 1,459

Operating lease commitments $ - $ 97 $ 52 $ - $ 149

Total capital commitments $ 234 $ 500 $ 476 $ 398 $ 1,608

Track maintenanceTrack miles of rail laid

Maintenance of business 72 254 251 211 788 Expansion projects - 12 3 3 18

Total 72 266 254 214 806

Cross ties inserted (thousands)Maintenance of business 330 846 816 654 2,646 Expansion projects 1 39 10 8 58

Total 331 885 826 662 2,704

Track resurfaced (miles) 1,252 3,519 3,404 2,836 11,011

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Burlington Northern Santa Fe CorporationOutstanding Debt

December 31,2001 2000

Debentures, weighted average rate of 7.34%, due 2006 to 2097 $ 2,558 $ 2,558

Notes, weighted average rate of 6.91%, due 2002 to 2037 1,942 1,736

Capitalized lease obligations, weighted average rate of 6.55%, due 2003 to 2016 672 736

Equipment obligations, weighted average rate of 7.27%, due 2003 to 2016 677 742

Mortgage bonds, weighted average rate of 7.93%, due 2006 to 2047 425 467

Commercial paper, 2.1% variable on $216 million, 3.9% fixed on $200 million 416 567

Bank borrowings, (variable) - 74

Unamortized discount and other, net (39) (34)

Total outstanding debt 6,651 6,846

Less: Current portion of long-term debt (288) (232)

Long-term debt $ 6,363 $ 6,614

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Economy & Finance

bnsf 4Q 2001 Investors Report