----

----

| x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|-----------------------------------------------------------------------------------------|

| o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|------------------------------------------------------------------------------------------|

| Delaware                                                      |   | 41-6034000                          |
|---------------------------------------------------------------|--------|-------------------------------------|
| (State or other jurisdictionof incorporation or organization) |   | (I.R.S. EmployerIdentification No.) |

| Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.                     |   |  Yes  [x]  No  [  ] |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                        |   |                                                             |
| Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). |   |  Yes  [x]  No  [  ]      |
|                                                                                                                                                                                                                                                                                                                                                                                        |   |                                                             |
| Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.                                                     |   |                                                             |
| Large accelerated filer [  ]  Accelerated filer  [  ]   Non-accelerated filer  [x] Smaller reporting company  [  ]                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                                                                                                                                                        |   |                                                             |
| Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).                                                                                                                                                                                                                                                                            |   | Yes  [  ]  No  [x]       |

| Class                         |    | Shares Outstanding atMay 6, 2011 |
|-------------------------------|--------------|----------------------------------|
| Common stock, $1.00 par value |    | 1,000 shares                |

----

Table of Contents

| PART I         | FINANCIAL INFORMATION                                           | PAGE   |
|---------------------|-----------------------------------------------------------------|--------|
| Item 1.        | Financial Statements.                                           | 3      |
| Item 2.        | Management’s Narrative Analysis of Results of Operations. | 22     |
| Item 4.        | Controls and Procedures.                                        | 26     |
|  PART II  |  OTHER INFORMATION                                         |   |
| Item 6.        | Exhibits.                                                       | 27     |
| Signatures     |                                                            | S-1    |
| Exhibits            |                                                            | E-1    |

----

Table of Contents

INCOME

|                             |   | Successor                        |   | Predecessor                       |
|----------------------------------|--------|----------------------------------|--------|-----------------------------------|
|                             |   | Three Months EndedMarch 31, 2011 |   | February 13 – March 31,2010 |   | January 1 – February 12,2010 |
|                             |   |                             |   |                              |   |   |
| Revenues                         | $      | 4,470                            | $      | 2,045                             | $ | 1,768 |
|                             |   |                             |   |                              |   |   |
| Operating expenses:              |   |                             |   |                              |   |   |
| Compensation and benefits        |   | 1,069                            |   | 527                               |   | 439 |
| Fuel                             |   | 939                              |   | 330                               |   | 329 |
| Purchased services               |   | 511                              |   | 238                               |   | 211 |
| Depreciation and amortization    |   | 446                              |   | 227                               |   | 192 |
| Equipment rents                  |   | 192                              |   | 102                               |   | 97 |
| Materials and other              |   | 222                              |   | 90                                |   | 1 |
| Total operating expenses         |   | 3,379                            |   | 1,514                             |   | 1,269 |
| Operating income                 |   | 1,091                            |   | 531                               |   | 499 |
| Interest expense                 |   | 22                               |   | 15                                |   | 16 |
| Interest income, related parties |   | (6)                              |   | (1)                               |   | (1) |
| Other expense, net               |   | 3                                |   | –                           |   | 2 |
|                             |   |                             |   |                              |   |   |
| Income before income taxes       |   | 1,072                            |   | 517                               |   | 482 |
| Income tax expense               |   | 389                              |   | 176                               |   | 200 |
| Net income                       | $      | 683                              | $      | 341                               | $ | 282 |

----

Table of Contents

|                                                                                           |   | Successor |
|------------------------------------------------------------------------------------------------|--------|-----------|
|                                                                                           |   | March 31, |      | December 31, |
|                                                                                           |   | 2011      |   | 2010 |
|                                                                                           |   |      |   |   |
| ASSETS                                                                                         |   |      |   |   |
| Current assets:                                                                                |   |      |   |   |
| Cash and cash equivalents                                                                      | $      | 15        | $ | 10 |
| Accounts receivable, net                                                                       |   | 1,134     |   | 1,031 |
| Materials and supplies                                                                         |   | 727       |   | 652 |
| Current portion of deferred income taxes                                                       |   | 191       |   | 309 |
| Other current assets                                                                           |   | 401       |   | 272 |
| Total current assets                                                                           |   | 2,468     |   | 2,274 |
|                                                                                           |   |      |   |   |
| Property and equipment, net of accumulated depreciation of $866 and $659, respectively         |   | 45,833    |   | 45,473 |
| Goodwill                                                                                       |   | 14,803    |   | 14,803 |
| Intangible assets, net                                                                         |   | 1,654     |   | 1,732 |
| Other assets                                                                                   |   | 2,398     |   | 2,574 |
| Total assets                                                                                   | $      | 67,156    | $ | 66,856 |
|                                                                                           |   |      |   |   |
| LIABILITIES AND STOCKHOLDER’S EQUITY                                                     |   |      |   |   |
| Current liabilities:                                                                           |   |      |   |   |
| Accounts payable and other current liabilities                                                 | $      | 2,541     | $ | 2,831 |
| Long-term debt due within one year                                                             |   | 283       |   | 299 |
| Total current liabilities                                                                      |   | 2,824     |   | 3,130 |
|                                                                                           |   |      |   |   |
| Deferred income taxes                                                                          |   | 14,650    |   | 14,553 |
| Long-term debt                                                                                 |   | 2,035     |   | 2,096 |
| Intangible liabilities, net                                                                    |   | 1,716     |   | 1,790 |
| Casualty and environmental liabilities                                                         |   | 909       |   | 938 |
| Pension and retiree health and welfare liability                                               |   | 482       |   | 490 |
| Other liabilities                                                                              |   | 913       |   | 849 |
| Total liabilities                                                                              |   | 23,529    |   | 23,846 |
| Commitments and contingencies (see Notes 2, 6 and 7)                                           |   |      |   |   |
| Stockholder’s equity:                                                                    |   |      |   |   |
| Common stock, $1 par value, 1,000 shares authorized;issued and outstanding and paid-in capital |   | 42,920    |   | 42,920 |
| Retained earnings                                                                              |   | 3,065     |   | 2,382 |
| Intercompany notes receivable                                                                  |   | (2,426)   |   | (2,319) |
| Accumulated other comprehensive income                                                         |   | 68        |   | 27 |
| Total stockholder’s equity                                                               |   | 43,627    |   | 43,010 |
| Total liabilities and stockholder’s equity                                               | $      | 67,156    | $ | 66,856 |

----

Table of Contents

|                                                                              |   | Successor                              |   | Predecessor                       |
|-----------------------------------------------------------------------------------|--------|----------------------------------------|--------|-----------------------------------|
|                                                                              |   | Three Months Ended March 31, 2011 |   | February 13 – March 31,2010 |   | January 1 – February 12,2010 |
|                                                                              |   |                                   |   |                              |   |   |
| OPERATING ACTIVITIES                                                              |   |                                   |   |                              |   |   |
| Net income                                                                        | $      | 683                                    | $      | 341                               | $ | 282 |
| Adjustments to reconcile net income to net cash provided by operating activities: |   |                                   |   |                              |   |   |
| Depreciation and amortization                                                     |   | 446                                    |   | 227                               |   | 192 |
| Deferred income taxes                                                             |   | 208                                    |   | (54)                              |   | 134 |
| Long-term casualty and environmental liabilities, net                             |   | (19)                                   |   | (25)                              |   | (2) |
| Other, net                                                                        |   | (33)                                   |   | (12)                              |   | (73) |
| Changes in current assets and liabilities:                                        |   |                                   |   |                              |   |   |
| Accounts receivable, net                                                          |   | (183)                                  |   | (358)                             |   | 217 |
| Materials and supplies                                                            |   | (74)                                   |   | (6)                               |   | 4 |
| Other current assets                                                              |   | (128)                                  |   | 10                                |   | (129) |
| Accounts payable and other current liabilities                                    |   | (138)                                  |   | 664                               |   | (574) |
| Net cash provided by operating activities                                         |   | 762                                    |   | 787                               |   | 51 |
|                                                                              |   |                                   |   |                              |   |   |
| INVESTING ACTIVITIES                                                              |   |                                   |   |                              |   |   |
| Capital expenditures excluding equipment                                          |   | (444)                                  |   | (202)                             |   | (137) |
| Acquisition of equipment                                                          |   | (63)                                   |   | (81)                              |   | (67) |
| Other, net                                                                        |   | (91)                                   |   | (216)                             |   | 66 |
| Net cash used for investing activities                                            |   | (598)                                  |   | (499)                             |   | (138) |
|                                                                              |   |                                   |   |                              |   |   |
| FINANCING ACTIVITIES                                                              |   |                                   |   |                              |   |   |
| Payments on long-term debt                                                        |   | (52)                                   |   | (32)                              |   | (29) |
| Net (increase) decrease in intercompany notes receivable classified as equity     |   | (107)                                  |   | (257)                             |   | 110 |
| Net cash (used for) provided by financing activities                              |   | (159)                                  |   | (289)                             |   | 81 |
| Increase (decrease) in cash and cash equivalents                             |   | 5                                      |   | (1)                               |   | (6) |
| Cash and cash equivalents:                                                        |   |                                   |   |                              |   |   |
| Beginning of period                                                               |   | 10                                     |   | 14                                |   | 20 |
| End of period                                                                     | $      | 15                                     | $      | 13                                | $ | 14 |
|                                                                              |   |                                   |   |                              |   |   |
| SUPPLEMENTAL CASH FLOW INFORMATION                                                |   |                                   |   |                              |   |   |
| Interest paid, net of amounts capitalized                                         | $      | 31                                     | $      | 23                                | $ | 10 |
| Income taxes paid, net of refunds                                                 | $      | 162                                    | $      | 102                               | $ | − |
| Non-cash asset financing                                                          | $      | 1                                      | $      | 4                                 | $ | 8 |

----

Table of Contents

|  Successor                                                             |   | Common Stock and Paid-in Capital |    | Retained Earnings |          | Inter-CompanyNotesReceivable |   | Accumulated Other Comprehensive Income |          | Total Stockholder’s Equity |
|-----------------------------------------------------------------------------|--------|----------------------------------|---------|-------------------|---------------|------------------------------|--------|----------------------------------------|---------------|----------------------------------|
|                                                                        |   |                             |    |              |          |                         |   |                                   |          |                             |   |   |   |   |   |
| Balance at December 31, 2010                                                |   | $                           | 42,920  |              | $        | 2,382                        |   | $                                 | (2,319)       |                             | $ | 27 |   | $ | 43,010 |
| Change in intercompany notes receivable                                     |   |                             | – |              |          | –                      |   |                                   | (107)    |                             |   | – |   |   | (107) |
| Comprehensive income:                                                       |   |                             |    |              |          |                         |   |                                   |          |                             |   |   |   |   |   |
| Net income                                                                  |   |                             | – |              |          | 683                     |   |                                   | –       |                             |   | – |   |   | 683  |
| Change in fuel hedge mark-to-market, net of tax expense of $25              |   |                             | – |              |          | –                      |   |                                   | –       |                             |   | 40  |     |   | 40  |
| Change in accumulated other comprehensive income of equity method investees |   |                             | – |              |          | –                      |   |                                   | –       |                             |   | 1  |   |   | 1  |
|         Total comprehensive income  |   |                             |    |              |          |                         |   |                                   |          |                             |   |   |   |   | 724 |
| Balance at March 31, 2011                                                   |   | $                           | 42,920  |              | $   | 3,065                        |   | $                            | (2,426)  |                             | $   | 68  |   | $   | 43,627 |
|                                                                        |   |                             |    |              |          |                         |   |                                   |          |                             |   |   |   |   |   |

----

Table of Contents

----

Table of Contents

|                            |          |          | Successor     |
|---------------------------------|---------------|---------------|---------------|
|                            |          |          | March 31,2011 |   | December 31,2010 |
|                            |          |          |          |   |   |
| Short-term derivative asset     |          | $   | 143           | $   | 69 |
| Long-term derivative asset      |          |          | 8             |   | 17 |
| Short-term derivative liability |          |          | −       |   | (4) |
| Total derivatives               | $   | 151           | $   | 82 |

----

Table of Contents

| Fair Value of Derivative Instruments                                           |
|--------------------------------------------------------------------------------|
| Asset Derivatives                                                              |
|                                                                           |   |   |   |   |   |   |
|                                                                           |   | Successor |   |   |
|                                                                           |   | March 31,2011 |   | December 31, 2010 |   | Balance SheetLocation |
|                                                                           |   |   |   |   |   |   |
| Asset derivatives designated ashedging instruments under ASC 815-20            |   |   |   |   |   |   |
| Fuel contracts                                                                 | $ | 127  |   $ | 60  |   | Other current assets |
| Fuel contracts                                                                 |   | 8  |   | 17  |   | Other assets |
| Total asset derivatives designated as hedging instruments under ASC 815-20     | $ | 135  | $ | 77  |     |   |
|                                                                           |   |   |   |   |   |   |
| Asset derivatives not designated as hedging instruments under ASC 815-20       |   |   |   |   |   |   |
| Fuel contracts                                                                 | $ | 16  | $ | 10  |   | Other current assets |
| Total asset derivatives not designated as hedging instruments under ASC 815-20 | $ | 16  | $ | 10  |     |   |
|                                                                           |   |   |   |   |   |   |
| Total asset derivatives                                                        | $ | 151  | $ | 87  |   |   |

| Liability Derivatives                                                          |
|--------------------------------------------------------------------------------|
|                                                                           |   |   |   |   |   |   |
|                                                                           |   | Successor |   |   |
|                                                                           |   | March 31,2011 |   | December 31, 2010 |   | Balance SheetLocation |
|                                                                           |   |   |   |   |   |   |
| Liability derivatives designated as hedging instruments under ASC 815-20       |   |   |   |   |   |   |
| Fuel contracts                                                                 | $ | −  | $ | 1  |   | Other current assets |
| Fuel contracts                                                                 |   | −  |     | 4  |   | Accounts payable and other current liabilities |
| Total liability derivatives designated as hedging instruments under ASC 815-20 | $ | −  | $ | 5  |     |   |
|                                                                           |   |   |   |   |   |   |
| Total liability derivatives                                                    | $ |  −  | $ | 5  |   |   |

----

Table of Contents

| The Effects of Derivative Instruments Gains and Losses |
|--------------------------------------------------------|

|              |    | Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion) |
|-------------------|---------|-------------------------------------------------------------------------------|
|              |    | Successor                                                                     |   | Predecessor |
|              |    | Three Months EndedMarch 31, 2011                                              |   | February 13 – March 31,2010 |   | January 1 – February 12, 2010 |
| Fuel Contracts    | $  | 90                                                                       | $  | 74   | $  | (79)   |
| Total derivatives | $  | 90                                                                       | $  | 74   | $  | (79)   |

|              |    |                                                       |    | Amount of Gain or (Loss) Recognized from AOCI into Income(Effective Portion) |
|-------------------|---------|------------------------------------------------------------|---------|------------------------------------------------------------------------------|
|              |    |                                                       |    | Successor                                                                    |   | Predecessor |
|              |    | Location of Gainor (Loss) Recognized from AOCI into Income |    | Three Months EndedMarch 31, 2011                                             |   | February 13 – March 31,2010 |   | January 1 – February 12, 2010 |
| Fuel Contracts    |    | Fuel expense                                               | $  | 25                                                                      | $  | 13   | $  | (6)   |
| Total derivatives | $  | 25                                                    | $  | 13                                                                 | $  | (6)   |

|              |    |                                                           |    | Amount of Gain or (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded fromEffectiveness Testing)a |
|-------------------|---------|----------------------------------------------------------------|---------|-----------------------------------------------------------------------------------------------------------------------------------|
|              |    |                                                           |    | Successor                                                                                                                         |   | Predecessor |
|              |    | Location of Gain or (Loss) Recognized in Income on Derivatives |    | Three Months EndedMarch 31, 2011                                                                                                  |   | February 13 – March 31,2010 |   | January 1 – February 12, 2010 |
| Fuel Contracts    |    | Fuel expense                                                   | $  | (6)                                                                                                                     | $  | 8   | $  | (7)   |
| Total derivatives | $  | (6)                                                  | $  | 8                                                                                                                       | $  | (7)   |

|              |    |                                                           |    | Amount of Gain or (Loss) Recognized in Income on Derivatives |
|-------------------|---------|----------------------------------------------------------------|---------|--------------------------------------------------------------|
|              |    |                                                           |    | Successor                                                    |   | Predecessor |
|              |    | Location of Gain or (Loss) Recognized in Income on Derivatives |    | Three Months EndedMarch 31, 2011                             |   | February 13 – March 31,2010 |   | January 1 – February 12, 2010 |
| Fuel Contracts    |    | Fuel expense                                                   | $  | 9                                                       | $  | 13   | $  | −   |
| Total derivatives | $  | 9                                                         | $  | 13                                                 | $  | −   |

----

Table of Contents

----

Table of Contents

|                             |   | Successor             |
|----------------------------------|--------|-----------------------|
|                             |   | As of March 31, 2011  |   | As of December 31, 2010 |
|                             |   | Gross Carrying Amount |   | Accumulated Amortization |   | Gross Carrying Amount |   | Accumulated Amortization |
|                             |   |                  |   |   |   |   |   |   |
| Amortized intangible assets      | $      | 2,013                 | $ | 359 | $ | 2,013 | $ | 281 |
| Amortized intangible liabilities | $      | 2,056                 | $ | 340 | $ | 2,056 | $ | 266 |

|                                   |   | Successor                              |   | Predecessor                       |
|----------------------------------------|--------|----------------------------------------|--------|-----------------------------------|
|                                   |   | Three Months Ended March 31, 2011 |   | February 13 – March 31,2010 |   | January 1 – February 12,2010 |
|                                   |   |                                   |   |                              |   |   |
| Amortization of intangible assets      | $      | 78                                     | $      | 51                                | $ | − |
| Amortization of intangible liabilities | $      | 74                                     | $      | 40                                | $ | − |

----

Table of Contents

|              |   | Amortization of intangible assets |   | Amortization of intangible liabilities |
|-------------------|--------|-----------------------------------|--------|----------------------------------------|
|              |   |                              |   |                                   |   |   |
| Remainder of 2011 |   | $                                 | 234    |                                   | $ | 219 |
| 2012              |   | $                                 | 306    |                                   | $ | 282 |
| 2013              |   | $                                 | 306    |                                   | $ | 252 |
| 2014              |   | $                                 | 306    |                                   | $ | 179 |
| 2015              |   | $                                 | 54     |                                   | $ | 115 |

| Unamortizedinvestment balanceclassified as Other Assets |   | Remaining commitments classified as Other Liabilities |   | Maximumexposure to loss |
|---------------------------------------------------------|--------|-------------------------------------------------------|--------|-------------------------|
| $                                                       | 547    |                                                  | $      | 148                     |   | $ | 547 |

----

Table of Contents

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | Guarantees                                  |   |                       |   |                   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------|--------|----------------------------|--------|------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | BNSF Railway Ownership Percentage |   | PrincipalAmount Guaranteed |   | MaximumFuture Payments |   | MaximumRecourseAmounta |   | Remaining Term(in years) |   | Capitalized Obligations |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                                        |   |                       |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Kinder Morgan Energy Partners, L.P.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | 0.5%                                        |   | $                          | 190    |                   | $ | 190 |   | $ | – |   | Termination of Ownership |   | $ | 2 | b |
| Chevron Phillips                               Chemical Company, LP                                                                                                                                                                                                                                                                                                                                                                                                                                      |   | 0.0%                                        |   |                       | N/Ad   |                   |   | N/Ad |   |   | N/Ad |   | 6 |   | $ | 10 | c |
| All other                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   | 0.0%                                        |   | $                          | 1      |                   | $ | 1 |   | $ | – |   | Various |   | $ | – |   |
| a Reflects the maximum amount the Company could recover from a third party other than the counterparty.b Reflects capitalized obligations that are recorded on the Company’s Consolidated Balance Sheet.c Reflects the asset and corresponding liability for the fair value of these guarantees required by authoritative accounting guidance related to guarantees.d There is no cap to the liability that can be sought from BNSF Railway for BNSF Railway’s negligence or the negligence of the indemnified party. However, BNSF Railway could receive reimbursement from certain insurance policies if the liability exceeds a certain amount. |

----

Table of Contents

----

Table of Contents

----

Table of Contents

|              |   | Successor                        |   | Predecessor                       |
|-------------------|--------|----------------------------------|--------|-----------------------------------|
|              |   | Three Months EndedMarch 31, 2011 |   | February 13 – March 31,2010 |   | January 1 – February 12,2010 |
|              |   |                             |   |                              |   |   |
| Beginning balance | $      | 575                              | $      | 664                               | $ | 632 |
| Accruals          |   | 7                                |   | 5                                 |   | 10 |
| Payments          |   | (19)                             |   | (21)                              |   | (9) |
| Ending balance    | $      | 563                              | $      | 648                               | $ | 633 |

----

Table of Contents

----

Table of Contents

|              |   | Successor                        |   | Predecessor                       |
|-------------------|--------|----------------------------------|--------|-----------------------------------|
|              |   | Three Months EndedMarch 31, 2011 |   | February 13 – March 31,2010 |   | January 1 – February 12,2010 |
|              |   |                             |   |                              |   |   |
| Beginning balance | $      | 578                              | $      | 514                               | $ | 517 |
| Accruals          |   | 5                                |   | 1                                 |   | 6 |
| Payments          |   | (12)                             |   | (10)                              |   | (9) |
| Ending balance    | $      | 571                              | $      | 505                               | $ | 514 |

----

Table of Contents

|                           |   | Pension Benefits                 |
|--------------------------------|--------|----------------------------------|
|                           |   | Successor                        |   | Predecessor |
| Net Cost                       |   | Three Months EndedMarch 31, 2011 |   | February 13 – March 31,2010 |   | January 1 – February 12,2010 |
|                           |   |                             |   |   |   |   |
| Service cost                   | $      | 8                                | $ | 4 | $ | 3 |
| Interest cost                  |   | 26                               |   | 14 |   | 12 |
| Expected return on plan assets |   | (30)                             |   | (13) |   | (14) |
| Amortization of net loss       |   | –                          |   | – |   | 4 |
| Net cost recognized            | $      | 4                                | $ | 5 | $ | 5 |

|                |   | Retiree Health and Welfare Benefits |
|---------------------|--------|-------------------------------------|
|                |   | Successor                           |   | Predecessor |
| Net Cost            |   | Three Months EndedMarch 31, 2011    |   | February 13 – March 31,2010 |   | January 1 – February 12,2010 |
|                |   |                                |   |   |   |   |
| Interest cost       | $      | 4                                   | $ | 2 | $ | 2 |
| Net cost recognized | $      | 4                                   | $ | 2 | $ | 2 |

----

Table of Contents

|                                                                                                              |   | Successor                        |   | Predecessor                       |
|-------------------------------------------------------------------------------------------------------------------|--------|----------------------------------|--------|-----------------------------------|
|                                                                                                              |   | Three Months EndedMarch 31, 2011 |   | February 13 – March 31,2010 |   | January 1 – February 12,2010 |
|                                                                                                              |   |                             |   |                              |   |   |
| Net income                                                                                                        | $      | 683                              | $      | 341                               | $ | 282 |
| Other comprehensive income:                                                                                       |   |                             |   |                              |   |   |
|     Change in unrecognized prior service credit and actuarial losses, net of tax (see Note 8) |   | –                          |   | –                           |   | 2 |
| Change in fuel/interest hedge mark-to-market, net of tax (see Note 2)                                             |   | 40                               |   | 37                                |   | (45) |
| Change in accumulated other comprehensive income of equity method investees                                       |   | 1                                |   | –                           |   | 2 |
| Total comprehensive income                                                                                        | $      | 724                              | $      | 378                               | $ | 241 |

|                                                                            |   | Successor     |
|---------------------------------------------------------------------------------|--------|---------------|
|                                                                            |   | March 31,2011 |   | December 31,2010 |
|                                                                            |   |          |   |   |
| Unrecognized prior service credit and actuarial losses, net of tax (see Note 8) | $      | (13)          | $ | (13) |
| Fuel hedge mark-to-market, net of tax (see Note 2)                              |   | 81            |   | 41 |
| Accumulated other comprehensive loss of equity method investees                 |   | –       |   | (1) |
| Total accumulated other comprehensive income (loss)                             | $      | 68            | $ | 27 |

----

Table of Contents

Operations.

|                     |          | Revenues(in millions)             |          | Cars / Units (in thousands)             |
|--------------------------|---------------|-----------------------------------|---------------|-----------------------------------------|
|                     |          | Successor                         |          | Predecessor                             |   | Successor |   | Predecessor |
|                     |          | Three Months Ended March 31, 2011 |          | February 13 – March 31, 2010 |   | January 1 – February 12, 2010 |   | Three Months Ended March 31, 2011 |   | February 13– March 31, 2010 |   | January 1 – February 12, 2010 |
|                     |          |                              |          |                                    |   |   |   |   |   |   |   |   |
| Consumer Products        | $   | 1,328                        | $   | 577                                | $   | 515  |   | 1,066  |   | 502  |   | 453  |
| Coal                     |          | 1,214                        |     | 546                                |   | 442  |   | 583  |   | 310  |   | 259  |
| Agricultural Products    |          | 949                          |     | 471                                |   | 417  |   | 276  |   | 143  |   | 126  |
| Industrial Products      |          | 914                          |          | 422                                |   | 352  |   | 352  |   | 167  |   | 139  |
| Total Freight Revenues   |          | 4,405                        |          | 2,016                              |   | 1,726  |   | 2,277  |   | 1,122  |   | 977  |
| Other Revenues           |          | 65                           |          | 29                                 |   | 42  |   |   |   |   |   |   |
| Total Operating Revenues | $   | 4,470                        | $   | 2,045                              | $   | 1,768  |   |   |   |   |   |   |

|                   |          | Average Revenue Per Car / Unit         |
|------------------------|---------------|----------------------------------------|
|                   |          | Successor                              |   | Predecessor |
|                   |          | Three Months Ended March 31, 2011 |   | February 13 – March 31, 2010 |   | January 1 – February 12, 2010 |
|                   |          |                                   |   |   |   |   |
| Consumer Products      | $   | 1,246                             | $   | 1,149  | $   | 1,137  |
| Coal                   |          | 2,082                             |   | 1,761  |   | 1,707  |
| Agricultural Products  |          | 3,438                             |   | 3,294  |   | 3,310  |
| Industrial Products    |          | 2,597                             |   | 2,527  |   | 2,532  |
| Total Freight Revenues | $   | 1,935                             | $   | 1,797  | $   | 1,767  |

----

Table of Contents

|                         |          | Successor                         |    | Predecessor                                         |
|------------------------------|---------------|-----------------------------------|---------|-----------------------------------------------------|
|                         |          | Three Months Ended March 31, 2011 |    | February 13 – March 31, 2010        |   | January 1 – February 12, 2010 |
|                         |          |                              |    |                                                |   |   |
| Total fuel expense a         | $   | 939                               | $  |         330 | $  | 329 |
| BNSF Railway fuel surcharges | $   | 582                               | $  | 230                                                 | $  | 192 |

| §   | Consumer Products revenues included increased unit volumes within international intermodal, domestic intermodal and automotive. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------|

| §   | Coal revenues reflected slightly lower unit volumes. |
|--------------------|------------------------------------------------------|

| §   | Industrial Products revenues included increased unit volumes primarily due to increased demand in construction products. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------|

| §   | Agricultural Products revenues reflected increased wheat shipments. |
|--------------------|---------------------------------------------------------------------|

| §   | Average revenue per car / unit increased for each of the four business units as a result of higher fuel surcharges, which was driven by increased fuel prices, and increased rate per car / unit. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

| §   | Increased unit volumes and wage and health and welfare inflation contributed to the increase in compensation and benefits expenses. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------|

| §   | Fuel expenses were impacted by higher fuel prices as well as increased locomotive fuel consumption from improved unit volumes. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------|

| §   | Higher volume-related costs increased purchased services expenses. |
|--------------------|--------------------------------------------------------------------|

| §   | Higher locomotive and freight car material costs and higher employee relocation and crew transportation costs increased material and other expenses. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | There were no significant changes in the underlying trends for depreciation and amortization expenses or equipment rents expenses. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------|

| §   | The effective tax rate for the three months ended March 31, 2011, was 36.3 percent, compared with 34.0 percent for the period of February 13 – March 31, 2010. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Sale of a line segment in the State of Washington was completed, resulting in a gain to materials and other expenses of $74 million. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

| •     | Economic and industry conditions: material adverse changes in economic or industry conditions, both in the United States and globally; volatility in the capital or credit markets including changes affecting the timely availability and cost of capital; changes in customer demand, effects of adverse economic conditions affecting shippers or BNSF Railway’s supplier base, and effects due to more stringent regulatory policies such as the regulation of carbon dioxide emissions that could reduce the demand for coal or governmental tariffs or subsidies that could affect the demand for grain, changes in fuel prices and other key materials and disruptions in supply chains for these materials; competition and consolidation within the transportation industry; and changes in crew availability, labor and benefits costs and labor difficulties, including stoppages affecting either BNSF Railway’s operations or customers’ abilities to deliver goods to BNSF Railway for shipment;                                                                                                                                                                   |
|---------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| •     | Legal, legislative and regulatory factors: developments and changes in laws and regulations, including those affecting train operations or the marketing of services; the ultimate outcome of shipper and rate claims subject to adjudication; or claims, investigations or litigation alleging violations of the antitrust laws; increased economic regulation of the rail industry through legislative action and revised rules and standards applied by the U.S. Surface Transportation Board in various areas including rates and services; developments in environmental investigations or proceedings with respect to rail operations or current or past ownership or control of real property or properties owned by others impacted by BNSF Railway operations; losses resulting from claims and litigation relating to personal injuries, asbestos and other occupational diseases; the release of hazardous materials, environmental contamination and damage to property; regulation, restrictions or caps, or other controls of diesel emissions that could affect operations or increase costs; the availability of adequate insurance to cover the risks associated with operations; and  |
|                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| •     | Operating factors: changes in operating conditions and costs; operational and other difficulties in implementing positive train control technology, including increased compliance or operational costs or penalties; restrictions on development and expansion plans due to environmental concerns; constraints due to the nation’s aging infrastructure; disruptions to BNSF Railway’s technology network including computer systems and software, as well as natural events such as severe weather, fires, floods and earthquakes or man-made or other disruptions of BNSF Railway’s or other railroads’ operating systems, structures, or equipment including the effects of acts of terrorism on the Company’s system or other railroads’ systems or other links in the transportation chain.                                                                                                                                                                                                                                                                                                                                                             |

----

Table of Contents

 Procedures.

----

Table of Contents

Exhibits.

----

Table of Contents

SIGNATURES

| BNSF Railway Company(Registrant) |   |
|----------------------------------|--------|
|                             |   |   |   |
| By:                              |   | /s/    Thomas N. Hund          |   |
|                             |   | Thomas N. HundExecutive Vice President and Chief Financial Officer(On behalf of the Registrant andas principal financial officer) |   |

| Date:  May 6, 2011 |
|------------------------------|

----

Table of Contents

Exhibit 

|   |   |   |                                                                                                           |   | Incorporated by Reference(if applicable) |
|--------|--------|--------|----------------------------------------------------------------------------------------------------------------|--------|------------------------------------------|
|   |   |   | Exhibit Number and Description                                                                                 |   | Form                                     | File Date | File No. | Exhibit |
|   |   |   |                                                                                                           |   |                                     |   |   |   |
|   | 3.1    |   | Restated Certificate of Incorporation of BNSF Railway Company, dated January 17, 2005.                         |   | 10-Q                                     | 7/26/2005 | 001-06324 | 3.1 |
|   |   |   |                                                                                                           |   |                                     |   |   |   |
|   | 3.2    |   | By-Laws of BNSF Railway Company, as amended August 30, 2005.                                                   |   | 10-Q                                     | 10/25/2005 | 001-06324 | 3.1 |
|   |   |   |                                                                                                           |   |                                     |   |   |   |
|   | 12.1   |   | Computation of Ratio of Earnings to Fixed Charges.*                                                            |   |                                     |   |   |   |
|   |   |   |                                                                                                           |   |                                     |   |   |   |
|   | 31.1   |   | Principal Executive Officer’s Certifications Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* |   |                                     |   |   |   |
|   |   |   |                                                                                                           |   |                                     |   |   |   |
|   | 31.2   |   | Principal Financial Officer’s Certifications Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* |   |                                     |   |   |   |
|   |   |   |                                                                                                           |   |                                     |   |   |   |
|   | 32.1   |   | Certification Pursuant to 18 U.S.C. § 1350 (Section 906 of the Sarbanes-Oxley Act of 2002).*              |   |                                     |   |   |   |
|   |   |   |                                                                                                           |   |                                     |   |   |   |
|   |   |   |                                                                                                           |   |                                     |   |   |   |

----

----