BNSF 98 annrpt

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BNSF 98 annrpt

  1. 1. BURLINGTON NORTHERN SANTA FE CORPORATION 1998 ANNUAL REPORT TO SHAREHOLDERS
  2. 2. CONTENTS ABOUT THE THE BNSF VISION COVER their shipment, and market as a result of 2 Message from Our vision is to the best value for their BNSF’s superior rev- ew GE Dash the Chairman realize the tremendous N transportation dollar. enue growth, an oper- 9-44CW potential of the • Our employees work ating ratio in the low locomotives lead a 6 Building a Better Burlington Northern in a safe environment 70s, and a return on BNSF doublestack Foundation and Santa Fe Railway free of accidents and invested capital which intermodal train by providing injuries, are focused on is greater than our cost near East Glacier in 1 0 Improving transportation services continuous improve- of capital. Northern Montana. Transportation that consistently ment, share the oppor- • The communities Efficiency meet our customers’ tunity for personal and we serve benefit from expectations. professional growth our sensitivity to their 1 4 BNSF’s Values that is available to all interests and to the We will know we have members of our environment in gener- 1 5 Financial Review succeeded when: diverse work force, and al, our adherence to • Our customers find take pride in their the highest legal and 4 1 Executive Officers it easy to do business association with BNSF. ethical standards, and and Directors with us, receive 100- • Our owners earn the participation of percent on-time, financial returns that our company and our 4 2 Corporate damage-free service, exceed other railroads employees in commu- Information accurate and timely and the general nity activities. information regarding
  3. 3. CONSOLIDATED FINANCIAL HIGHLIGHTS Burlington Northern Santa Fe Corporation and Subsidiaries (Dollars in millions, except per share data) The selected financial data shown below include BNSF results for each of the years ended December 31, 1998, 1997 and 1996, Burlington Northern Inc. results for each of the two years ended December 31, 1995, and Santa Fe Pacific Corporation results from September 22, 1995 through December 31, 1995. December 31, 1998 1997 1996 1995 1994 FOR THE YEAR ENDED: Revenues $ 8,941 $ 8,370 $ 8,109 $ 6,099 $4,894 Operating income (1) 2,158 1,767 1,748 526 853 Income before extraordinary item and cumulative effect of change in accounting method (2) 1,155 885 889 198 426 Accounting change/Extraordinary item (3)(4) — — — (106) (10) Net income $ 1,155 $ 885 $ 889 $ 92 $ 416 Earnings available for common stockholders $ 1,155 $ 885 $ 889 $ 71 $ 394 Basic earnings per share:(5) Before extraordinary item and change in accounting method $ 2.45 $ 1.91 $ 1.95 $ .57 $ 1.51 Accounting change/Extraordinary item — — — (.34) (.04) Basic earnings per share $ 2.45 $ 1.91 $ 1.95 $ .23 $ 1.47 Average shares (in millions) 470.5 464.4 456.3 313.2 267.3 Diluted earnings per share:(5) Before extraordinary item and change in accounting method $ 2.43 $ 1.88 $ 1.91 $ .55 $ 1.46 Accounting change/Extraordinary item — — — (.33) (.03) Diluted earnings per share $ 2.43 $ 1.88 $ 1.91 $ .22 $ 1.43 Average shares (in millions) 476.2 471.1 464.4 317.7 291.3 Dividends declared per common share (5) $ .44 $ .40 $ .40 $ .40 $ .40 AT YEAR END: Total assets $22,690 $21,336 $19,763 $18,269 $7,592 Long-term debt and commercial paper, including current portion 5,456 5,289 4,711 4,233 1,819 Stockholders’ equity 7,770 6,812 5,981 5,037 2,237 Total debt to capital 41% 44% 44% 46% 45% FOR THE YEAR ENDED: Capital expenditures $ 2,147 $ 2,182 $ 2,234 $ 890 $ 698 Depreciation and amortization 832 773 760 520 362 Operating ratio (6) 75.9% 77.8% 78.4% 79.3% 82.6% (1) 1997 and 1995 include $90 million ($57 million after-tax) and $735 million ($453 million after-tax), respectively, for special charges principally related to employee merger and separation costs. (2) Includes items in note (1) above. Additionally, 1998 includes a $32 million after-tax gain on the sale of substantially all of the Company’s interest in Santa Fe Pacific Pipeline Partners, L.P. as discussed in Note 2 of the financial statements. (3) 1995 includes the cumulative effect of the change in accounting method for locomotive overhauls which decreased net income by $100 million. Additionally, 1995 includes an extraordinary loss on retirement of debt of $6 million (after-tax). (4) 1994 includes the cumulative effect of the implementation of the accounting standard for post-employment benefits. (5) Information for prior periods has been restated to reflect the 1998 three-for-one common stock split. (6) 1997 and 1995 operating ratios exclude the pre-tax charges discussed in note (1) above. BURLINGTON NORTHERN SANTA FE CORPORATION 1
  4. 4. TO OUR SHAREHOLDERS, CUSTOMERS AND COLLEAGUES o matter what measure is used, 1998 N ROBERT D. KREBS was a record-breaking year for Burlington Chairman, President and Northern Santa Fe Corporation. Chief Executive Officer, Our safety severity ratio – the number of Burlington Northern workdays lost per 200,000 hours worked – Santa Fe Corporation was 29 percent lower compared with 1997. This $862 million. We completed 1998 with a 44.3 was BNSF’s third consecutive year of 25 percent percent share of the western rail market, a gain or better improvement in this key measure. of more than four share-points, or 1 million Our reportable injury frequency, a related units, in a two-year period. safety ratio measuring injuries per 200,000 Almost 7.9 million freight units traveled on hours worked, was 5 percent lower than a year BNSF’s 34,000-route-mile network in 1998, a ago at 1.74, moving us another step closer to our 7.3 percent increase from 1997. These units goal of an injury-free and accident-free work- generated a record 469 billion revenue-ton-miles place. This was the seventh consecutive year (the movement of a ton of revenue freight one that BNSF posted a reduction. In 1998, we mile), a 10.5 percent increase from 1997. Inter- worked 4.7 million more man-hours than we modal and automotive accounted for a record did in 1995 (the year of our merger), yet we 3.4 million units; coal represented 2 million loads, had 540 fewer people injured than in 1995. or a record 230 million tons; chemicals, metals This positive trend in personal safety also con- and minerals, forest products and consumer goods tributed to an 8 percent reduction in the frequency accounted for a record 1.9 million loads, and agri- of reportable rail accidents and incidents per cultural commodities represented 581,000 loads. one-million train miles in 1998. Between year Adjusted operating income grew $301 mil- end 1995 and 1998, BNSF has achieved a 36 lion, or 16 percent, to a record $2.16 billion percent improvement in this ratio, significantly from a year ago. Since 1995, BNSF has gen- reducing the number of accidents caused by human factors, track defects and mechanical REVENUE GROWTH GROWTH IN ADJUSTED malfunctions. Our continuing investments in In Billions OPERATING INCOME $2.16 $8.94 In Billions $8.37 track maintenance and new locomotives also $1.86 $8.11 $1.75 have contributed to this improvement. While BNSF and its people were recording the safest year in our history, revenues grew 6.8 percent to a record $8.94 billion compared with 1997. During our first three full years of 1996 1997 1998 1996 1997 1998 operation, BNSF increased annual revenues by 2 BURLINGTON NORTHERN SANTA FE CORPORATION
  5. 5. erated an additional $625 million in adjusted employee productivity and quality of life. Here are operating income. some of the BNSF programs and initiatives which Adjusted net income exceeded $1.12 billion, have been undertaken with the help of our labor or $2.36 per share, a 19 percent improvement unions and the Federal Railroad Administration: compared with a year ago. Almost $390 million, • During 1997 and early 1998, all BNSF employ- or $0.75 per share, has been added to BNSF’s ees had the opportunity to receive training and adjusted net income in the past three years. information on circadian rhythms, alertness Our operating ratio (the amount of operating strategies, rest environment, diet and exercise. expense we spend to generate every dollar of • During 1999, a series of Fatigue Counter- revenue) was 75.9 percent, our lowest ever and measures pamphlets will be distributed to all nearly two points under 1997’s adjusted ratio. employees, as well as to members of communities Between 1996 and 1998, BNSF has reduced and government agencies, reviewing the latest this ratio by 5.2 points, reflecting the compound scientific information on sleep, rest and alertness. benefits of significant revenue growth and pro- • BNSF piloted six-hour call windows as part of ductivity gains from new capital investment and several crew rest initiatives in 1997 and 1998, and smart expense management. we will pilot similar programs at several additional On September 1, 1998, BNSF implemented locations in 1999 in an effort to determine how to a three-for-one stock split, the first in its history, best provide predictable work cycles. In1999, BNSF and on October 1, we initiated a 20 percent will roll out a new program that gauges train increase in our dividend rate, which is now 48 lineup accuracy as it relates to crew calling times. cents per share per year. • Predictable off-duty schedules, either 11-days- on/4-days-off, or 8-on/3-off, are now in place IMPROVING QUALITY on 52 extra boards. The 11/4 arrangement is OF LIFE AND EFFICIENCY To ensure that BNSF people remain alert on the being offered for implementation on the remain- job and have sufficient rest, BNSF has been the ing 200 BNSF extra boards. Assigned rest days pioneer in exploring and piloting initiatives that for pool crews are now in place at Fort Madison, study how sleep, rest and work cycles affect Iowa, and Superior, Wisconsin, and will be extended to other locations during 1999. ADJUSTED GROWTH IN WESTERN RAIL OPERATING RATIO MARKET SHARE • BNSF continues to guarantee pool crew UP 78.4% 77.8% 75.9% 50.1% employees 14 hours off between trips at their BNSF UP 44.3% 44.8% BNSF home terminal. 39.6% • BNSF’s napping policy has been in place since 1997 for all train and engine employees, allowing these people to take up to a 45-minute nap under certain conditions. This policy is used 1996 1997 1998 1996 1998 on about 15-to-20 percent of all trips. BURLINGTON NORTHERN SANTA FE CORPORATION 3
  6. 6. Another $1.4 billion was spent to acquire 933 INVESTING FOR road locomotives increasing the horsepower of TODAY AND TOMORROW During 1998, we continued making progress our road fleet by 27 percent, which along with in two other key areas: investing in our facili- fuel conservation measures have improved fuel ties, equipment, and information systems in efficiency by 6 percent to 737 gross ton miles/ order to provide better and more consistent gallon at year end 1998 from 693 at year end on-time service; and investing in our people to 1995. These investments will eliminate approx- help them relate better to one another and to imately $130 million in annual locomotive the entire BNSF Community. maintenance costs, that otherwise would have We believe these types of investments are the been incurred, by reducing the number of dif- keys to revenue growth and efficiency gains ferent locomotive models in our road fleet that will provide you with superior returns in from 19 to 10, reducing parts inventory, and the years ahead and enable BNSF to achieve its simplifying locomotive training. vision: To realize our tremendous potential by About $3.7 billion has been spent over this providing transportation services that consis- three-year period on maintaining our track, tently meet our customers’ expectations. signals, bridges and tunnels, and to overhaul Between 1996 and 1998, BNSF invested locomotives and freight cars. $7.1 billion to maintain and expand its net- Another $143 million has been invested in work to provide customers with more reliable, a new information system, which today pro- consistent train service. In addition, we hired vides integrated, real-time data for all business and trained almost 8,100 people, mostly for transactions. Our Transportation Support System train, yard and engine service, maintenance of is helping us to better manage our rail network way, shopcraft, and other union-represented and to improve day-to-day performance. In positions. BNSF’s average workforce for year addition, customers can now order cars, provide end 1998 was 44,349 people, a reduction of shipping instructions and arrange billing through 1,306 over the past three years. our Internet site at www.bnsf.com. Our goal is About $1.4 billion was spent on capacity to make it easy for customers to do business expansion projects to remove constraints to with us and we will be adding new transaction service improvements. Beginning on page 6, capabilities continuously to our site. we show in detail, using a map and a train, As a result of a series of shipper forums held where capacity has been expanded on our net- during the last half of 1998, BNSF and the other work over the past three years. We also high- Class I railroads have been providing performance light how these investments in terminal and measurement data since January 13, 1999, intermodal facilities, main line track capacity, to help our customers remain current on how and the purchase of track from the Union our railroad is operating, as well as to improve Pacific (UP) are beginning to produce results. communications. Data on total cars on line, 4 BURLINGTON NORTHERN SANTA FE CORPORATION
  7. 7. average train speed, average terminal dwell Vancouver, British Columbia, to Birmingham, time and the number of freight cars received Alabama. These meetings give me an opportunity without a bill of lading is being published to explain how our Company is doing in pursuit weekly on our Internet site as indicators of how of our vision and to help make sure that all of well traffic is moving on the BNSF network. our people understand our values, how we want One annual measure of how well BNSF to operate and make decisions, and the type of serves customers took place in 1998 during the company we want to be. These meetings also give 27-day period preceding Christmas. For our me an opportunity to hear from our employees largest intermodal customer, United Parcel about their concerns and expectations, as well Service (UPS), we handled 31,786 trailers, or as their ideas for improving our company. 55 million packages without a single service To help improve understanding of BNSF’s failure – the largest UPS peak volume ever Vision and Values (see page 14), all of our 5,200 handled by a railroad and a 15 percent increase salaried people have attended a two-day work- over BNSF’s 1997 26-day peak volume, which shop over the past 12 months. Now, we will begin was also failure free. Our latest failure-free taking this program in a condensed format to the streak for UPS began prior to Thanksgiving other 39,000 BNSF people across our system. and continued through January 4, 1999 – 45 It is really the people of BNSF that continu- days during which we handled 43,394 trailers ously make the difference in how well our without a single service failure. Company achieves its goals. I am impressed every We expect to invest another $2.5 billion in day by their desire to do things right and by BNSF’s network and locomotive and equip- their commitment to make BNSF the service ment fleets during 1999 to further improve standard for our industry. our ability to provide consistent customer ser- vice. We will acquire 476 road locomotives, the largest single-year total in railroad history, which should alleviate the locomotive shortage we have Robert D. Krebs Chairman, President and Chief Executive Officer struggled with since our merger. Beginning in February 18, 1999 2000, we expect new locomotive acquisitions to significantly decline compared with 1999. All of our investment programs will not make a difference, however, unless all BNSF people can work well together and communicate honestly with one another. During 1998, we continued our Town Hall meetings which began in 1996. During the past three years, I have personally met with more than 16,000 employees from BURLINGTON NORTHERN SANTA FE CORPORATION 5
  8. 8. BUILDING A BETTER FOUNDATION NSF has invested nearly $2.8 billion over the past B three years to expand our capacity to provide the transportation services that consistently meet our customers’ expectations. We have expanded main line capacity by constructing 410 miles of double LOST WORK DAYS RATIO Per 200,000 hours worked 59.29 and triple track on key segments of our busiest routes, increased our intermodal 39.22 27.80 lift capacity by 7 percent (562,000 units) at hub centers across our system, and are close to ending the locomotive shortage by 1996 1997 1998 increasing the size of our road fleet 27 percent in just the past three years. We have also retied 9,100 miles of rail line, relayed rail on 2,450 miles of track and resurfaced the equivalent of our entire route system — 35,500 miles of track. And we have improved BNSF RAIL ACCIDENTS & INCIDENTS our ability to manage the performance of our Frequency per million train miles 2.86 2.66 operations with a new information system. 2.46 The map on pages 7 & 8 provides greater detail on where these investments have improved BNSF’s foundation. 1996 1997 1998 6 BURLINGTON NORTHERN SANTA FE CORPORATION
  9. 9. This new concrete bridge girder was part of a year’s worth of maintenance work and improvements that were completed in just 12 days on a 250-mile core route during the Thayer Blitz project.
  10. 10. M A J O R B N S F I N V E S T M E N T S I N C A P A C I T Y E X P A N S I O N 1 9 9 6 –1 9 9 8 Added capacity Added 53 miles Removed the 1,970-foot Rebuilt and expanded Converted Murray Completed double tracking for 40,000 additional of second main track single-track tunnel near Argentine yard in Kansas yard in Kansas City the 127-mile Orin line annual lifts to the to key segments Guernsey, Wyoming and City to improve transit to handle coal and in the Powder River Basin Acquired and rebuilt the 229-mile South Seattle Inter- of BNSF’s main line expanded the segment to an times and interchanges grain traffic. and added 146 miles of Stampede Pass line to add capacity modal hub center. between Pasco, open-cut, double-track line. at a key crossroads 2nd & 3rd main tracks Vancouver as a third route to and from the Washington and terminal. Added capacity for on key segments of BNSF’s Pacific Northwest. Shelby, Montana 45,000 additional coal routes in Wyoming annual lifts to and Nebraska. Seattle the Argentine Inter- modal hub center. Expanded the coal train Tacoma Shelby Spokane handling capacities of the Havre Portland rail yards in Alliance and Pasco Lincoln, Nebraska. Helena Dilworth Billings Purchased 335 miles of track, Expanded inter- including the Bieber to modal hub centers Minneapolis/St. Paul Keddie, California, segment in the Chicago area which completed our single- at Willow Springs Bieber line route from British and Corwith to Columbia to San Diego, and handle a combined secured access to approxi- 175,000 additional Alliance Keddie mately 3,900 route miles of Guernsey annual lifts. Chicago trackage and haulage rights Omaha Salt Lake City from the Union Pacific Galesburg Completed expansion Southern Pacific merger. Sacramento of the Galesburg yard San Francisco Lincoln to improve handling Denver Expanded the yard of eastbound interchange and locomotive facility trains on BNSF’s system. at Barstow, California. St. Louis Kansas East St. Louis City Added a new Springfield locomotive facility at Barstow Commerce, California. Los Oklahoma San Angeles City Bernardino Amarillo Phoenix Albuquerque Memphis San Diego Birmingham Expanded and upgraded the 250- Added capacity Dallas/ Added a new mile core route between Springfield, Ft. Worth at the Memphis automotive facility Missouri and Memphis, Tennessee. El Paso Intermodal in San Diego hub center to accommodate to handle Added 163 more Mobile Pensacola MEXICO TRAFFIC growth in auto- Iowa 25,000 more miles of second main VOLUME GROWTH Junction mobile traffic. lifts per year. Expanded the San Bernardino track to BNSF’s New Orleans Houston Thousands of Units Intermodal hub center to handle premier Chicago – 103 more than 400,000 lifts per year. Los Angeles route UP LINES VOLUME GROWTH Eagle Galveston which is now Corpus Pass Thousands of Units Expanded the more than 85% Christi Alliance, Texas 305 Laredo 78 Added capacity at double track. (DFW) Inter- BNSF’s the Pearland, Texas modal hub center traffic (Houston) Intermodal to handle 90,000 volumes hub center to handle Brownsville Established a joint additional on UP 35,000 additional BNSF SYSTEM MAP dispatching center 162 annual lifts. trackage annual lifts. with Union Pacific Secured access to BNSF Lines & Trackage Rights 1997 1998 rights have in Spring, Texas to three more major grown efficiently handle Regional Connections gateways to Mexico Additional 88% from the chemical business through additional gateways have their first 2nd & 3rd Main Track we gained access to, trackage rights to helped BNSF’s full year of and to manage traffic Brownsville and traffic volumes utilization. on the jointly-owned Eagle Pass, and access to and from 1997 1998 BNSF-UP line to Laredo, Texas. Mexico grow between Houston nearly 30%. and New Orleans. 7 BURLINGTON NORTHERN SANTA FE CORPORATION BURLINGTON NORTHERN SANTA FE CORPORATION 8
  11. 11. IMPROVING TRANSPORTATION EFFICIENCY ver the last three years, we have taken the steps O necessary to eliminate many of the physical constraints that were impairing BNSF’s ability to provide improved single-line service through- REVENUE PER EMPLOYEE In Thousands $201.6 out our system. We now have in place both $192.6 $185.4 the management structure and the tools required to improve BNSF’s transportation efficiency. BNSF has generated year-over-year 1996 1997 1998 improvements in operating income, net income, and earnings per share, adjusted for special items, in all quarters except the first quarter of 1997, which was impacted by severe winter weather. As the train spread on pages 11 & 12 indicates, our capital ADJUSTED OPERATING EXPENSE investments are producing growth in all Per thousand revenue ton miles $15.47 $15.34 major traffic segments. These cumulative $14.46 improvements have helped reduce our operating ratio by more than five points in the last three years and will help provide 1996 1997 1998 BNSF with the financial capacity needed to continue to improve customer service and shareholder returns. 10 BURLINGTON NORTHERN SANTA FE CORPORATION
  12. 12. A BNSF coal train winds through Wyoming's Wendover Canyon carrying some of the 28 million tons of coal volumes BNSF has added since 1996.
  13. 13. NEW OPPORTUNITIES FOR GROWTH AG COMMODITIES COAL INTERMODAL AUTOMOTIVE Approximately 50% PRB coal is 60% BNSF moves more COAL TONNAGE FUEL EFFICIENCY INTERMODAL UNIT GROWTH BNSF serves more More than 11% of the In 1998 a truck trailer A new car or truck was of the agricultural lower in sulfur than intermodal traffic than Gross ton miles per gallon GROWTH Millions of annual units of the nation’s major electricity produced in or container was loaded shipped in a BNSF commodities traffic most other U.S. coal any other rail system Millions of tons grain-producing the United States, onto a BNSF inter- automobile train approx- BNSF hauled last sources, enabling steam- in the world. Major 737 3.13 Intermodal per year regions than any enough to power one modal train every 10 imately every 14 seconds year was transported electric utilities to products moved in the 230 711 traffic is other railroad. out of every nine homes seconds. That added in 1998. That amounted to export points meet even the tougher trailers and containers the fastest 699 2.57 and jobs in the nation, up to more than 3.1 to more than 2.2 million in the Pacific Phase II standards of BNSF transports include PRB coal is also the growing 202 is now generated from million intermodal vehicles, or about 1 out Northwest, Gulf of the Clean Air Act such things as mail, most economical fuel traffic coal hauled by BNSF. shipments (truck trailers of every 7 cars and trucks Mexico, Mexico and scheduled to take effect small packaged goods, source for many utili- segment or containers) that were manufactured or sold in the Great in the year 2000 by paper products, clothes, ties. Forty-five of the for BNSF. More than 90% of the delivered primarily North America. Lakes. switching to PRB coal appliances, 50 lowest-cost steam- BNSF’s coal BNSF hauls comes on BNSF’s instead of installing electronic electric plants in the intermodal from the Powder River rail lines BNSF is the expensive scrubbers. products, U.S. burn coal, and volume Basin (PRB) in Wyoming instead largest grain- and auto parts. 31 of those 45 plants has increased and Montana, which of the hauling railroad burn coal from the by 22 percent contains the world’s nation’s in the United Powder River Basin. since 1996. largest single deposit of congested States. In 1998 1996 1998 1996 1997 1998 low-sulfur coal. highways. BNSF transported 1996 1998 581,000 carloads of agricultural BNSF’s coal commodities, more volumes have than 60% of which increased 14% The new vehicles are were corn and wheat since 1996. shipped to 33 destina- movements. tion ramps across BNSF’s system for final delivery by truck to local auto dealerships. METALS MERCHANDISE BNSF annually UNIT GROWTH handles enough coiled CONSUMER GOODS Millions of sheet steel to lay the …enough BNSF is the largest annual car loads unrolled coils end to newsprint to transporter of beer DAMAGE-FREE SERVICE end between New 1.87 print 1 billion FOREST and wine by rail in CHEMICALS 1.73 York City and Seattle, Loss and damage costs Sunday PRODUCTS MINERALS the United States. BNSF is the rail GRADE CROSSING SAFETY Washington 12 times. per $100 in freight revenue newspapers. BNSF serves more BNSF market share leader in Collisions per .36 of North America’s transports BNSF transported more BNSF transports transporting petroleum milllion train miles .32 …enough primary timber- the mineral components of than 1.2 billion cans of enough sugar to make in the western printing 4.67 producing regions many of the products we canned goods in 1998. over 3 billion batches .27 United States. paper to than any other enjoy everyday, including of cookies a year. 3.83 print more railroad (Pacific the roads we drive on BNSF transports enough We transport 3.33 than 1 billion Northwest, Canada, (cement, asphalt) the build- canned beverages to enough lube catalogs. Northern Minnesota ings in which we live and supply every resident oil to fill 1 and the Southeast). work (gypsum, crushed of New York, BNSF transports billion quarts 1996 1998 …and enough stone, limestone, iron ore), Chicago and Los enough recycled iron of motor oil. Merchandise paperboard BNSF transports the glass (soda ash) in the Angeles with one and steel annually to traffic volumes to manufacture …and enough potash enough lumber windows we look through, beverage a day for produce reinforcing … enough propane have grown more than 2 in one year to fertilize each year to and even the paper (kaolin nearly one year. bar to rebuild more a year to fill over more than 8% billion card- a field the size of the build more than clay) used in the document than 3,900 miles of 66 million five-gallon 1996 1997 1998 1996 1997 1998 since 1996. board boxes. entire state of Kansas. 500,000 homes. you are reading now. interstate highway. propane tanks. 11 BURLINGTON NORTHERN SANTA FE CORPORATION BURLINGTON NORTHERN SANTA FE CORPORATION 12

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