Theoretically it does, but the body is far to complicated to generalise to that degree.

Obviously, if the same distance is covered whether running or walking, the time in exercise is shorter if going faster, but the “post workout burn” is much higher i.e. you cary on burning calories much longer through a higher intensity exercise than would from a lower intensity exercise.

Besides which… the theretical “fat burned” during exercise is irellevant, without high intensity anaerobic (heavy resistance) training, you stand a greater risk of slowing your metabolism and going into the state of requiring less and less calories to lose more “weight” so you end up losing available muscle in preference to fat (self preservation) so in actual fact, your weight might well go down, but your body fat percentage (THE most important measurement) may well remain the same.

Hope that makes sense.
Cheers
Pete
http://www.GymRatz.co.uk
Home & Commercial fitness & gym equipment specialists.