The holding company retained all the non-rail interests of both predecessors (mainly real estate and natural resources, but Southern Pacific had also formed the telephone company known as Sprint, which was sold shortly before the merger). It was initially headquartered in Chicago and later in Schaumburg, Illinois, former Southern Pacific executive Robert Krebs succeeding Santa Fe head John J. Schmidt as CEO.
Almost immediately after the Southern Pacific was sold, Santa Fe Pacific issued a massive dividend, so large it was considered a return of capital, and financed by issuing a large amount of debt.
A few years after that, they spun off most of the company's natural resources interests as Santa Fe Gold and spun off all their non-track real estate interests, including railway stations, as Catellus Development.
In September 1995 what was left of the company merged into Burlington Northern and the Santa Fe railroad became part of the Burlington Northern Santa Fe, with Krebs becoming head of the merged company until his retirement.
The Santa Fe Pacific Corporation was not related to the Santa Fe Pacific Railroad, which operated from 1897 to 1902.
