8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

July 29, 2011

(Date of earliest event report)

WEYERHAEUSER COMPANY

(Exact name of registrant as specified in charter)

Washington	1-4825	91-0470860
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(IRS Employer Identification Number)

Federal Way, Washington 98063-9777

(Address of principal executive offices)

(zip code)

Registrant’s telephone number, including area code:

(253) 924-2345

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

Exhibit 99.1

Exhibit 99.2

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On July 29, 2011, Weyerhaeuser Company issued a press release announcing its financial results for the quarter ended June 30, 2011. Copies of the press release and the exhibits thereto are furnished as Exhibits 99.1 and 99.2 to this report.

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1 and Exhibit 99.2, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(d)	The following items are filed as exhibits to this report.
99.1	Press release of Weyerhaeuser Company issued July 29, 2011 reporting results of operations for the quarter ended June 30, 2011
99.2	Exhibits to press release of Weyerhaeuser Company issued July 29, 2011

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

WEYERHAEUSER COMPANY
By	/s/ Jerald W. Richards
Its:	Chief Accounting Officer

Date: July 29, 2011

EX-99.1

Exhibit 99.1

For more information contact:	Media - Bruce Amundson (253) 924-3047
	Analysts - Kathryn McAuley (253) 924-2058

Weyerhaeuser Reports Second Quarter Results

FEDERAL WAY, Wash. (July 29, 2011) - Weyerhaeuser Company (NYSE: WY) today reported net earnings of $10 million for the second quarter, or 2 cents per diluted share, on net sales of $1.8 billion. This compares with net earnings of $14 million on net sales of $1.8 billion for the same period last year.

Earnings for the second quarter of 2011 include after-tax charges of $22 million from special items. Excluding these items, the company reported net earnings of $32 million, or 6 cents per diluted share. This compares with net earnings before special items of $42 million in the second quarter of 2010.

Net cash provided by operations for the second quarter of 2011 was $116 million, compared with $189 million for the second quarter of 2010. The company's cash balance decreased by $582 million in the second quarter, primarily due to repayment of debt. Weyerhaeuser ended the quarter with $881 million in cash and cash equivalents.

“We are confident that our ongoing efforts to sharpen our focus and reduce costs are positioning us to achieve our goal of generating superior sustainable returns for our shareholders, ” said Dan Fulton, president and chief executive officer. “The recently announced agreements to sell our hardwoods and Westwood Shipping Lines operations demonstrate the focus we are placing on our strategic direction.”

WEYERHAEUSER

FINANCIAL HIGHLIGHTS (millions, except per share data)	2Q 2011			1Q 2011			2Q 2010
Net sales
From continuing operations	$	1,610		$	1,422		$	1,641
From discontinued operations	$	163		$	156		$	164
Total net sales	$	1,773		$	1,578		$	1,805
Net earnings	$	10		$	99		$	14
Weighted average shares outstanding, diluted	541			540			212
Earnings per diluted share	$	0.02		$	0.18		$	0.07
Net earnings before special items	$	32		$	3		$	42
Earnings per diluted share before special items	$	0.06		$	—		$	0.20
Net cash from operations	$	116		$	(109	)	$	189
Net change in cash and cash equivalents	$	(582	)	$	(4	)	$	(314	)
Cash and cash equivalents at end of period	$	881		$	1,463		$	1,846

Net sales from discontinued operations include the net sales of Weyerhaeuser's hardwoods and Westwood Shipping Lines businesses. These operations are reported as discontinued due to the expected sales of the businesses.

Weyerhaeuser's outstanding shares increased substantially from the second quarter of 2010 due to a special dividend of approximately 324 million shares of common stock and $560 million in cash, paid on Sept. 1, 2010 in conjunction with the company's conversion to a REIT.

TIMBERLANDS

FINANCIAL HIGHLIGHTS (millions)	2Q 2011		1Q 2011		Change
Net sales	$	288	$	230	$	58
Contribution to pre-tax earnings before special items	$	112	$	89	$	23
Pre-tax gain from special items	$	—	$	152	$	(152	)
GAAP contribution to pre-tax earnings	$	112	$	241	$	(129	)

2Q 2011 Performance - The segment's earning before special items improved $23 million in the second quarter compared with the first. Fee harvest volumes rose, and average selling prices for western logs increased due to strong Chinese export demand through the first half of the quarter. Theres improvements were partially offset by higher fuel costs.

First quarter results included a special item pre-tax gain of $152 million from the sales of 82,000 acres of non-strategic timberlands. Excluding that transaction, earning from dispositions of non-strategic timberlands totaled $19 million in the first quarter, compared with $34 million in the second quarter.

3Q 2011 Outlook - Weyerhaeuser expects significantly lower earnings from the Timberlands segment in the third quarter. The company anticipates lower selling prices and harvest volumes in the West and seasonally higher silviculture and road expenses. The company also expects reduced earnings from dispositions of non-strategic timberlands.

WOOD PRODUCTS

FINANCIAL HIGHLIGHTS (millions)	2Q 2011			1Q 2011			Change
Net sales	$	702		$	624		$	78
Charge to pre-tax earnings before special items	$	(52	)	$	(36	)	$	(16	)
Pre-tax gains charge from special items	$	(9	)	$	—		$	(9	)
GAAP charge to pre-tax earnings	$	(61	)	$	(36	)	$	(25	)

2Q 2011 Performance -The segment's results before special items declined $16 million compared with the first quarter due to lower selling prices for lumber and oriented strand board and higher log costs. These factors were partially offset by improved sales volumes across nearly all product lines.

Second quarter includes special charges of $9 million related to the expected sale of the hardwoods business. Second quarter results before special items include operating earnings of $1 million from that business, compared with breakeven results in the first quarter.

3Q 2011 Outlook - Excluding the hardwoods transaction, Weyerhaeuser anticipates a comparable loss from the segment in the third quarter. The company expects lower selling prices for lumber and oriented strand board and lower sales volumes across most product lines, offset by lower log costs and modest cost improvements.

CELLULOSE FIBERS

FINANCIAL HIGHLIGHTS (millions)	2Q 2011		1Q 2011		Change
Net sales	$	526	$	506	$	20
Contribution to pre-tax earnings before special items	$	80	$	86	$	(6	)
Pre-tax gain from special items	$	—	$	—	$	—
GAAP contribution to pre-tax earnings	$	80	$	86	$	(6	)

2Q 2011 Performance -Second quarter earnings declined $6 million compared with first quarter. Maintenance costs increased and production declined as the segment completed four planned annual maintenance outages, compared with two in the first quarter. This was partially offset by improved average selling prices. Sales volumes declined sightly, as market demand weakened late in the second quarter.

3Q 2011 Outlook - Weyerhaeuser expects significantly higher earnings from the Cellulose Fibers segment in the third quarter. The company anticipates substantially lower maintenance costs and increased production, partially offset by lower selling prices for pulp.

REAL ESTATE

FINANCIAL HIGHLIGHTS (millions)	2Q 2011		1Q 2011			Change
Net sales	$	191	$	160		$	31
Contribution (charge) to pre-tax earnings before special items	$	8	$	(1	)	$	9
Pre-tax gain from special items	$	—	$	—		$	—
GAAP contribution (charge) to pre-tax earnings	$	8	$	(1	)	$	9

2Q 2011 Performance - The segment's earnings increased $9 million compared with the first quarter, primarily due to seasonally higher home sale closings. Home sale closings increased 26 percent compared with the first quarter to 459 single-family homes. Average margins on homes closed improved slightly, but average prices declined due to mix.

Second quarter earnings include $4 million from the sale of land and lots, compared with $1 million in the first quarter.

3Q 2011 Outlook - Weyerhaeuser anticipates slightly higher earnings from single-family homebuilding operations in the third quarter due to a seasonal increase in home sale closings.

OTHER ITEMS

Interest expense for the second quarter includes a pre-tax special charge of $26 million associated with the early extinguishment of approximately $518 million of long-term debt due March 2012.

Second quarter results for the Corporate and Other segment include net pre-tax charges of $11 million for discontinued operations, including operating earnings of $2 million for Westwood Shipping Lines and charges of $13 million for other operations. First quarter results include operating earnings of $2 million for Westwood Shipping Lines.

ABOUT WEYERHAEUSER

Weyerhaeuser Company, one of the world's largest forest products companies, began operations in 1900. We grow and harvest trees, build homes and make a range of forest products essential to everyday lives. We manage our timberland on a sustainable basis in compliance with internationally recognized forestry standards. At the end of 2010, we employed approximately 14,000 employees in 10 countries. We have customers worldwide and generated $6.6 billion in sales in 2010. Our stock trades on the New York Stock exchange under the symbol WY. Additional information about us is available at http://www.weyerhaeuser.com.

EARNINGS CALL INFORMATION

Weyerhaeuser will release second quarter 2011 results on July 29 before the market opens. The company will hold a live conference call at 7 a.m. Pacific (10 a.m. Eastern) on July 29 to discuss second quarter results.

To access the conference call from within North America, dial (877) 296-9413 (access code - 29869015) at least 15 minutes prior to the call. Those calling from outside North America should dial 1-(706) 679-2458 (access code - 29869015). Replays will be available for one week at (800) 642-1687 (access code - 29869015) from within North America and at 1-(706) 645-9291 (access code - 29869015) from outside North America.

The call is being webcast through Weyerhaeuser's Internet site at http://investor.weyerhaeuser.com and is accessible by selecting the “Q2 2011 Earnings Conference Call” link.

The webcast is available through the Thomson StreetEvents Network to both institutional and individual investors. Individual investors can listen to the call at http://www.fulldisclosure.com, Thomson's individual investor portal, powered by StreetEvents. Institutional investors can access the call via Thomson's password-protected site, StreetEvents (http://www.streetevents.com).

FORWARD LOOKING STATEMENTS

This news release contains statements concerning the company's future results and performance that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on various assumptions and may not be accurate because of risks and uncertainties surrounding these assumptions. Factors listed below, as well as other factors, may cause actual results to differ significantly from these forward-looking statements. There is no guarantee that any of the events anticipated by these forward-looking statements will occur. If any of the events occur, there is no guarantee what effect they will have on company operations or financial condition. The company will not update these forward-looking statements after the date of this news release.

Some forward-looking statements discuss the company's plans, strategies and intentions. They use words such as “expects,” “may,” “will,” “believes,” “should,” “approximately,” “anticipates,” “estimates,” and “plans.” In addition, these words may use the positive or negative or other variations of those terms.

This release contains forward-looking statements regarding the company's expectations during the third quarter of 2011, including lower selling prices and harvest volumes in the West, seasonally higher silviculture and road expenses, reduced earnings from dispositions of non-strategic timberlands, and significantly lower earnings in the Timberlands segment; lower selling prices for lumber and oriented strand board and lower sales volumes across most products lines, offset by lower log costs and modest cost improvements, and a comparable loss in the Wood Products segment excluding special items; substantially lower maintenance costs and improved production, partially offset by lower selling prices for pulp, somewhat higher shipment volumes, seasonally lower energy costs, and significantly higher earnings in the Cellulose Fiber segment; and slightly higher earnings from single-family homebuilding operations and seasonal increase in home sale closings, continued strong margins, and flat to slightly lower selling prices in the Real Estate segment.

Major risks, uncertainties and assumptions that affect the company's businesses and may cause actual results to differ from these forward-looking statements, include, but are not limited to:

• the effect of general economic conditions, including employment rates, housing starts, interest rate levels, availability of financing for home mortgages, and strength of the U.S. dollar;

• market demand for the company's products, which is related to the strength of the various U.S. business segments and economic conditions;

• performance of the company's manufacturing operations, including maintenance requirements;

• raw material prices;

• energy prices;

• transportation costs;

• the successful execution of internal performance plans, including restructurings and cost reduction initiatives;

• the level of competition from domestic and foreign producers;

• the effect of the Japanese tsunami on demand for company products;

• the effect of weather;

• the risk of loss from fires, floods, windstorms, hurricanes, pest infestation and other natural disasters;

• federal tax policies;

• the effect of forestry, land use, environmental and other governmental regulations;

• legal proceedings;

• the effect of timing of retirements and changes in the market price of company stock on charges for stock-based compensation;

• changes in accounting principles;

• performance of pension fund investments and related derivatives; and

• other factors described under “Risk Factors” in the Company's annual report on Form 10-K and quarterly reports on Form 10-Q.

The company also is a large exporter and is affected by changes in economic activity in Europe and Asia, particularly Japan and China. It also is affected by changes in currency exchange rates, particularly the relative value of the U.S. dollar to the euro and the Canadian dollar. Restrictions on international trade or tariffs imposed on imports also may affect the company.

EX-99.2

Exhibit 99.2

Weyerhaeuser Company                                     

Q2.2011 Analyst Package

Preliminary results, subject to audit

Consolidated Statement of Operations

in millions	Q1			Q2						Year-to-date
	March 31, 2011			June 30, 2011			June 30, 2010			June 30, 2011			June 30, 2010
Net sales and revenues	$	1,422		$	1,610		$	1,641		$	3,032		$	2,924
Cost of products sold	1,177			1,343			1,314			2,520			2,416
Gross margin	245			267			327			512			508
Selling, general and administrative expenses	172			145			162			317			318
Research and development expenses	7			7			8			14			16
Charges for restructuring, closures and impairments	4			7			4			11			6
Other operating income, net	(174		)	(19		)	(2		)	(193		)	(72		)
Operating income	236			127			155			363			240
Interest income and other	11			9			12			20			54
Interest expense, net of capitalized interest	(93		)	(117		)	(155		)	(210		)	(261		)
Earnings from continuing operations before income taxes	154			19			12			173			33
Income taxes	(56		)	4			(4		)	(52		)	(42		)
Earnings (loss) from continuing operations	98			23			8			121			(9		)
Earnings (loss) from discontinued operations, net of income taxes	1			(13		)	6			(12		)	5
Net earnings (loss)	99			10			14			109			(4		)
Less: net earnings attributable to noncontrolling interests	—			—			—			—			(2		)
Net earnings (loss) attributable to Weyerhaeuser common shareholders	$	99		$	10		$	14		$	109		$	(6	)
Per Share Information
	Q1			Q2						Year-to-date
	March 31, 2011			June 30, 2011			June 30, 2010			June 30, 2011			June 30, 2010
Earnings (loss) per share attributable to Weyerhaeuser common shareholders, basic and diluted:
Continuing operations	$	0.18		$	0.04		$	0.04		$	0.22		$	(0.05	)
Discontinued operations	—			(0.02		)	0.03			(0.02		)	0.02
Net earnings (loss) per share	$	0.18		$	0.02		$	0.07		$	0.20		$	(0.03	)
Dividends paid per share	$	0.15		$	0.15		$	0.05		$	0.30		$	0.10
Weighted average shares outstanding (in thousands):
Basic	537,140			538,599			211,600			537,873			211,521
Diluted	540,476			541,095			212,103			540,790			211,521
Common shares outstanding at end of period (in thousands)	538,408			538,640			211,609			538,640			211,609

Page 1 of 9

Weyerhaeuser Company

Q2.2011 Analyst Package

Preliminary results, subject to audit

Consolidated Balance Sheet

in millions	March 31, 2011		June 30, 2011		December 31, 2010
ASSETS
Forest Products:
Current assets:
Cash and cash equivalents	$	1,459	$	877	$	1,466
Receivables, less allowances	505		533		451
Inventories	544		513		478
Prepaid expenses	85		115		81
Deferred tax assets	155		167		113
Total current assets	2,748		2,205		2,589
Property and equipment, net	3,151		3,083		3,217
Construction in progress	149		137		123
Timber and timberlands at cost, less depletion charged to disposals	4,003		3,987		4,035
Investments in and advances to equity affiliates	192		191		194
Goodwill	40		40		40
Other assets	424		511		363
Restricted assets held by special purpose entities	914		915		915
	11,621		11,069		11,476
Real Estate:
Cash and cash equivalents	4		4		1
Receivables, less allowances	54		36		51
Real estate in process of development and for sale	515		535		517
Land being processed for development	978		988		974
Investments in and advances to equity affiliates	15		15		16
Deferred tax assets	266		263		266
Other assets	119		121		120
Consolidated assets not owned	8		8		8
	1,959		1,970		1,953
Total assets	$	13,580	$	13,039	$	13,429
LIABILITIES AND EQUITY
Forest Products:
Current liabilities:
Accounts payable	$	359	$	326	$	340
Accrued liabilities	686		712		734
Total current liabilities	1,045		1,038		1,074
Long-term debt	4,710		4,192		4,710
Deferred income taxes	485		533		366
Deferred pension and other postretirement benefits	908		835		930
Other liabilities	405		412		393
Liabilities (nonrecourse to Weyerhaeuser) held by special purpose entities	771		774		772
	8,324		7,784		8,245
Real Estate:
Long-term debt	348		318		350
Other liabilities	196		193		212
Consolidated liabilities not owned	8		8		8
	552		519		570
Total liabilities	8,876		8,303		8,815
Equity:
Total Weyerhaeuser shareholders' interest	4,702		4,734		4,612
Noncontrolling interests	2		2		2
Total equity	4,704		4,736		4,614
Total liabilities and equity	$	13,580	$	13,039	$	13,429

Page 2 of 9

Weyerhaeuser Company

Q2.2011 Analyst Package

Preliminary results, subject to audit

Consolidated Statement of Cash Flows

in millions	Q1			Q2						Year-to-date
	March 31, 2011			June 30, 2011			June 30, 2010			June 30, 2011			June 30, 2010
Cash flows from operations:
Net earnings (loss)	$	99		$	10		$	14		$	109		$	(4	)
Noncash charges (credits) to income (loss):
Depreciation, depletion and amortization	123			120			126			243			252
Deferred income taxes, net	39			(13		)	56			26			90
Pension and other postretirement benefits	24			19			(10		)	43			(11		)
Share-based compensation expense	14			3			6			17			12
Equity in loss of equity affiliates	2			1			—			3			3
Charges for impairment of assets	1			11			1			12			3
Net gains on dispositions of assets and operations	(156		)	(29		)	(10		)	(185		)	(93		)
Foreign exchange transaction gains	(7		)	(1		)	10			(8		)	—
Change in:
Receivables less allowances	(59		)	(10		)	(28		)	(69		)	(115		)
Receivable for taxes	1			—			(17		)	1			551
Inventories	(66		)	35			40			(31		)	(25		)
Real estate and land	(2		)	(32		)	(1		)	(34		)	(37		)
Prepaid expenses	(10		)	(4		)	6			(14		)	(7		)
Accounts payable and accrued liabilities	(78		)	3			(6		)	(75		)	(53		)
Deposits on land positions and other assets	—			(4		)	(6		)	(4		)	(3		)
Pension contributions	(1		)	(4		)	(6		)	(5		)	(138		)
Other	(33		)	11			14			(22		)	(58		)
Net cash from operations	(109		)	116			189			7			367
Cash flows from investing activities:
Property and equipment	(35		)	(39		)	(32		)	(74		)	(78		)
Timberlands reforestation	(12		)	(7		)	(7		)	(19		)	(20		)
Redemption of short-term investments	—			—			—			—			47
Proceeds from sale of assets and operations	193			3			15			196			130
Repayments from pension trust	—			—			96			—			146
Other	5			(10		)	(8		)	(5		)	(11		)
Cash from investing activities	151			(53		)	64			98			214
Cash flows from financing activities:
Notes, commercial paper borrowings and revolving credit facilities, net	—			—			—			—			(3		)
Cash dividends	(81		)	(80		)	(10		)	(161		)	(21		)
Change in book overdrafts	3			(1		)	(8		)	2			(12		)
Payments on debt	(2		)	(548		)	(548		)	(550		)	(565		)
Exercises of stock options	34			3			—			37			—
Other	—			(19		)	(1		)	(19		)	(3		)
Cash from financing activities	(46		)	(645		)	(567		)	(691		)	(604		)
Net change in cash and cash equivalents	(4		)	(582		)	(314		)	(586		)	(23		)
Cash and cash equivalents at beginning of period	1,467			1,463			2,160			1,467			1,869
Cash and cash equivalents at end of period	$	1,463		$	881		$	1,846		$	881		$	1,846
Cash paid (received) during the year for:
Interest, net of amount capitalized	$	156		$	91		$	120		$	247		$	273
Income taxes	$	2		$	13		$	(1	)	$	15		$	(445	)

Page 3 of 9

Weyerhaeuser Company	Total Company Statistics
Q2.2011 Analyst Package
Preliminary results, subject to audit

Special Items Included in Net Earnings

in millions	Q1			Q2						Year-to-date
	March 31, 2011			June 30, 2011			June 30, 2010			June 30, 2011			June 30, 2010
Net earnings (loss)	$	99		$	10		$	14		$	109		$	(6	)
Income tax adjustments	—			—			—			—			31
Gain on sale of wood products assets	—			—			(5		)	—			(31		)
Loss on early extinguishment of debt	—			16			33			16			33
Gain on sale of 82,000 acres of non-strategic timberlands	(96		)	—			—			(96		)	—
Charges for impairments	—			6			—			6			—
Net earnings before special items	$	3		$	32		$	42		$	35		$	27
	Q1			Q2						Year-to-date
	March 31, 2011			June 30, 2011			June 30, 2010			June 30, 2011			June 30, 2010
Net earnings (loss) per diluted share	$	0.18		$	0.02		$	0.07		$	0.20		$	(0.03	)
Income tax adjustments	—			—			—			—			0.15
Gain on sale of wood products assets	—			—			(0.03		)	—			(0.15		)
Loss on early extinguishment of debt	—			0.03			0.16			0.03			0.16
Gain on sale of 82,000 acres of non-strategic timberlands	(0.18		)	—			—			(0.18		)	—
Charges for impairments	—			0.01			—			0.01			—
Net earnings before special items per diluted share	$	—		$	0.06		$	0.20		$	0.06		$	0.13
Selected Total Company Items
in millions	Q1			Q2						Year-to-date
	March 31, 2011			June 30, 2011			June 30, 2010			June 30, 2011			June 30, 2010
Depreciation, depletion and amortization:
Cost of products sold	$	107		$	107		$	109		$	214		$	219
Selling, general and administrative expenses	16			13			17			29			33
Total depreciation, depletion and amortization	$	123		$	120		$	126		$	243		$	252
Pension and postretirement credits (costs):
Pension and postretirement costs allocated to business segments	$	(11	)	$	(16	)	$	(12	)	$	(27	)	$	(24	)
Pension and postretirement credits (costs) retained by Corporate segment	(12		)	(3		)	22			(15		)	38
Total company pension and postretirement credits (costs)	$	(23	)	$	(19	)	$	10		$	(42	)	$	14
Total decrease (increase) in Forest Products working capital	$	(192	)	$	(21	)	$	159		$	(213	)	$	564
Cash spent for capital expenditures	$	(47	)	$	(46	)	$	(39	)	$	(93	)	$	(98	)

Page 4 of 9

Weyerhaeuser Company	Timberlands Segment
Q2.2011 Analyst Package
Preliminary results, subject to audit

Segment Statement of Operations

in millions	Q1.2011			Q2.2011			Q2.2010			YTD.2011			YTD.2010
Trade sales and revenues (unaffiliated customers)	$	230		$	288		$	225		$	518		$	427
Intersegment sales	191			134			123			325			294
Total net sales and revenues	421			422			348			843			721
Cost of products sold	320			296			260			616			537
Gross margin	101			126			88			227			184
Selling, general and administrative expenses	23			24			23			47			43
Research and development expenses	4			4			5			8			9
Charges for restructuring, closures and impairments	—			—			—			—			1
Other operating income, net	(166		)	(13		)	(9		)	(179		)	(19		)
Operating income	240			111			69			351			150
Interest income and other	1			1			1			2			1
Net contribution to earnings	$	241		$	112		$	70		$	353		$	151

Selected Segment Items

	Q1.2011			Q2.2011			Q2.2010			YTD.2011			YTD.2010
Depreciation, depletion and amortization	$	31		$	35		$	28		$	66		$	58
Total increase in working capital	$	(16	)	$	(40	)	$	(12	)	$	(56	)	$	(24	)
Cash spent for capital expenditures	$	(14	)	$	(14	)	$	(15	)	$	(28	)	$	(35	)

Segment Special Items Included in Net Contribution to Earnings (Pre-Tax)

	Q1.2011		Q2.2011		Q2.2010		YTD.2011		YTD.2010
Gain on sale of 82,000 acres of non-strategic timberlands	$	152	$	—	$	—	$	152	$	—

Segment Statistics

		Q1.2011		Q2.2011		Q2.2010		YTD.2011		YTD.2010
Third Party Net Sales and  Revenue (millions)	Logs:
	West	$	110	$	152	$	125	$	262	$	207
	South	41		49		37		90		64
	Canada	7		1		—		8		9
	Total Logs	158		202		162		360		280
	Pay as cut timber sales	8		8		9		16		17
	Timberlands exchanges and dispositions	21		39		13		60		48
	Higher and better use land sales	4		2		7		6		12
	Minerals, oil and gas	14		15		16		29		31
	Products from international operations	17		21		17		38		32
	Other products	8		1		1		9		7
	Total	$	230	$	288	$	225	$	518	$	427
Logs Third Party Sales Realizations (per cubic meter)	West	$	100.20	$	109.42	$	97.92	$	105.36	$	91.96
	South	$	41.22	$	40.59	$	44.38	$	40.88	$	43.87
	Canada	$	34.73	$	42.79	$	30.05	$	35.55	$	33.81
	International	$	18.61	$	21.41	$	19.33	$	20.08	$	19.87
Logs Third Party Sales Volumes (cubic meters, thousands)	West	1,095		1,391		1,276		2,486		2,251
	South	1,005		1,211		827		2,216		1,461
	Canada	194		23		15		217		274
	International	72		79		68		151		146
	Total	2,366		2,704		2,186		5,070		4,132
Logs Fee Depletion (cubic meters, thousands)	West	1,611		1,747		1,404		3,358		2,835
	South	2,180		2,355		1,881		4,535		4,021
	International	98		221		89		319		181
	Total	3,889		4,323		3,374		8,212		7,037

Page 5 of 9

Weyerhaeuser Company	Wood Products Segment
Q2.2011 Analyst Package
Preliminary results, subject to audit

Segment Statement of Operations

in millions	Q1.2011			Q2.2011			Q2.2010			YTD.2011			YTD.2010
Trade sales and revenues (unaffiliated customers)	$	624		$	702		$	789		$	1,326		$	1,393
Intersegment sales	21			24			20			45			36
Total net sales and revenues	645			726			809			1,371			1,429
Cost of products sold	630			723			743			1,353			1,359
Gross margin	15			3			66			18			70
Selling, general and administrative expenses	55			54			72			109			140
Research and development expenses	1			1			2			2			3
Charges for restructuring, closures and impairments	2			13			1			15			2
Other operating income, net	(5		)	(4		)	(5		)	(9		)	(51		)
Operating loss	(38		)	(61		)	(4		)	(99		)	(24		)
Interest income and other	2			—			1			2			2
Net contribution to earnings	$	(36	)	$	(61	)	$	(3	)	$	(97	)	$	(22	)

Selected Segment Items

	Q1.2011			Q2.2011			Q2.2010			YTD.2011			YTD.2010
Depreciation, depletion and amortization	$	40		$	37		$	45		$	77		$	90
Total decrease (increase) in working capital	$	(117	)	$	45		$	51		$	(72	)	$	(83	)
Cash spent for capital expenditures	$	(6	)	$	(8	)	$	(5	)	$	(14	)	$	(7	)

Segment Special Items Included in Net Contribution to Earnings (Pre-Tax)

	Q1.2011		Q2.2011		Q2.2010		YTD.2011		YTD.2010
Gain on sale of assets	$	—	$	—	$	8	$	—	$	52
Charges for impairments	—		9		—		9		—
Total	$	—	$	9	$	8	$	9	$	52

Segment Statistics

in millions, except for third-party sales realizations		Q1.2011		Q2.2011		Q2.2010		YTD.2011		YTD.2010
Structural Lumber (board feet)	Third Party Net Sales and Revenue	$	260	$	290	$	308	$	550	$	549
	Third Party Sales Realizations	$	315.26	$	300.84	$	347.89	$	307.50	$	333.42
	Third Party Sales Volumes	826		963		884		1,788		1,645
	Production Volumes	893		903		846		1,796		1,647
Engineered Solid Section (cubic feet)	Third Party Net Sales and Revenue	$	62	$	71	$	79	$	133	$	145
	Third Party Sales Realizations	$	1,851.05	$	1,904.83	$	1,784.77	$	1,879.54	$	1,749.96
	Third Party Sales Volumes	3		4		4		7		8
	Production Volumes	4		3		4		7		8
Engineered I-joists (lineal feet)	Third Party Net Sales and Revenue	$	33	$	48	$	49	$	81	$	97
	Third Party Sales Realizations	$	1,266.51	$	1,258.14	$	1,178.95	$	1,261.55	$	1,133.90
	Third Party Sales Volumes	26		38		41		64		85
	Production Volumes	30		34		41		64		82
Oriented Strand Board (square feet 3/8')	Third Party Net Sales and Revenue	$	85	$	89	$	116	$	174	$	182
	Third Party Sales Realizations	$	192.16	$	178.43	$	266.28	$	184.91	$	236.50
	Third Party Sales Volumes	445		498		437		943		771
	Production Volumes	494		518		468		1,012		846
Softwood Plywood (square feet 3/8')	Third Party Net Sales and Revenue	$	17	$	16	$	23	$	33	$	39
	Third Party Sales Realizations	$	263.83	$	271.01	$	312.95	$	267.37	$	291.15
	Third Party Sales Volumes	63		61		75		124		135
	Production Volumes	53		48		64		101		112
Hardwood Lumber (board feet)	Third Party Net Sales and Revenue	$	58	$	63	$	64	$	121	$	118
	Third Party Sales Realizations	$	845.42	$	858.51	$	833.30	$	852.15	$	824.30
	Third Party Sales Volumes	69		73		76		142		142
	Production Volumes	58		62		61		120		120

Page 6 of 9

Weyerhaeuser Company	Cellulose Fibers Segment
Q2.2011 Analyst Package
Preliminary results, subject to audit

Segment Statement of Operations

in millions	Q1.2011			Q2.2011			Q2.2010			YTD.2011			YTD.2010
Total net sales and revenues	$	506		$	526		$	468		$	1,032		$	878
Cost of products sold	400			422			375			822			742
Gross margin	106			104			93			210			136
Selling, general and administrative expenses	22			24			20			46			40
Research and development expenses	2			2			2			4			4
Other operating income, net	(5		)	(3		)	(5		)	(8		)	(7		)
Operating income	87			81			76			168			99
Interest income and other	(1		)	(1		)	(2		)	(2		)	(6		)
Net contribution to earnings	$	86		$	80		$	74		$	166		$	93

Selected Segment Items

	Q1.2011			Q2.2011			Q2.2010			YTD.2011			YTD.2010
Depreciation, depletion and amortization	$	36		$	35		$	36		$	71		$	72
Total decrease (increase) in working capital	$	20		$	(32	)	$	(24	)	$	(12	)	$	(34	)
Cash spent for capital expenditures	$	(26	)	$	(23	)	$	(19	)	$	(49	)	$	(54	)

Segment Statistics

		Q1.2011		Q2.2011		Q2.2010		YTD.2011		YTD.2010
Pulp (air-dry metric tons)	Third Party Net Sales and Revenue (millions)	$	398	$	409	$	354	$	807	$	675
	Third Party Sales Realizations	$	912.12	$	960.04	$	856.22	$	935.81	$	808.56
	Third Party Sales Volumes (thousands)	436		426		413		862		835
	Production Volumes (thousands)	437		410		414		847		851
Liquid Packaging Board (tons)	Third Party Net Sales and Revenue (millions)	$	85	$	93	$	90	$	178	$	161
	Third Party Sales Realizations	$	1,148.29	$	1,194.46	$	1,091.14	$	1,171.86	$	1,073.47
	Third Party Sales Volumes (thousands)	74		77		83		151		150
	Production Volumes (thousands)	67		80		81		147		150

Page 7 of 9

Weyerhaeuser Company	Real Estate Segment
Q2.2011 Analyst Package
Preliminary results, subject to audit

Segment Statement of Operations

in millions	Q1.2011			Q2.2011		Q2.2010		YTD.2011		YTD.2010
Total net sales and revenues	$	160		$	191	$	257	$	351	$	408
Cost of products sold	126			147		189		273		310
Gross margin	34			44		68		78		98
Selling, general and administrative expenses	35			36		41		71		75
Charges for restructuring, closures and impairments	1			1		2		2		3
Other operating costs, net	—			—		1		—		2
Operating income (loss)	(2		)	7		24		5		18
Interest income and other	1			1		3		2		42
Loss attributable to noncontrolling interests	—			—		—		—		(2		)
Net contribution to earnings	$	(1	)	$	8	$	27	$	7	$	58

Selected Segment Items

	Q1.2011			Q2.2011		Q2.2010		YTD.2011			YTD.2010
Depreciation and amortization	$	3		$	3	$	5	$	6		$	8
Cash spent for capital expenditures	$	(1	)	$	—	$	—	$	(1	)	$	(1	)

Segment Statistics

	Q1.2011			Q2.2011			Q2.2010			YTD.2011			YTD.2010
Net sales and revenues:
Single-family housing	$	152		$	180		$	233		$	332		$	376
Land	7			11			23			18			30
Other	1			—			1			1			2
Total net sales and revenue	$	160		$	191		$	257		$	351		$	408
Single-family homes sold	535			521			491			1,056			1,111
Single-family homes closed	363			459			625			822			1,018
Single-family homes sold but not closed (backlog)	611			673			743			673			743
Single-family average price of homes closed (in thousands)	$	419		$	391		$	371		$	404		$	369
Single-family home gross margin - excluding impairments (1)	21.7		%	22.4		%	23.9		%	22.0		%	22.2		%

⁽¹⁾ Single-family gross margin excluding impairments equals revenue less cost of sales and period costs (other than impairments and deposit write-offs).

Page 8 of 9

Weyerhaeuser Company	Corporate & Other Segment
Q2.2011 Analyst Package
Preliminary results, subject to audit

Segment Statement of Operations

in millions	Q1.2011			Q2.2011			Q2.2010			YTD.2011			YTD.2010
Trade sales and revenues (unaffiliated customers)	$	58		$	66		$	66		$	124		$	118
Intersegment sales	3			5			5			8			9
Total net sales and revenues	61			71			71			132			127
Cost of products sold	63			71			48			134			90
Gross margin	(2		)	—			23			(2		)	37
Selling, general and administrative expenses	44			14			13			58			34
Research and development expenses	—			—			(1		)	—			—
Charges for restructuring, closures and impairments	1			2			1			3			—
Other operating costs (income), net (1)	2			14			11			16			(2		)
Operating income (loss)	(49		)	(30		)	(1		)	(79		)	5
Interest income and other	8			8			9			16			15
Net contribution to earnings	$	(41	)	$	(22	)	$	8		$	(63	)	$	20

⁽¹⁾ Other operating costs for second quarter and year-to-date 2011 include charges of $13 million related to businesses we have divested in prior years and are included in discontinued operations.

Selected Segment Items

	Q1.2011			Q2.2011			Q2.2010			YTD.2011			YTD.2010
Depreciation, depletion and amortization	$	13		$	10		$	12		$	23		$	24
Total decrease (increase) in working capital	$	(79	)	$	6		$	144		$	73		$	705
Cash spent for capital expenditures	$	—		$	(1	)	$	—		$	(1	)	$	(1	)
Share-based compensation expense (income)	$	16		$	(5	)	$	(4	)	$	11		$	(1	)
Foreign exchange gains (losses)	$	6		$	1		$	(8	)	$	7		$	1
Pension and postretirement credits (costs) retained by Corporate segment	$	(12	)	$	(3	)	$	22		$	(15	)	$	38

Corporate and Other includes results of our transportation operations, certain gains or charges that are not related to an individual operating segment and the portion of items such as share-based compensation, pension and postretirement costs, foreign exchange transaction gains and losses and other general and administrative expenses that are not allocated to the business segments. We sold our five short line railroads at the end of 2010. We entered into an agreement to sell Westwood Shipping Lines, our last transportation business, in a transaction that is subject to regulatory approval and is expected to close in the third quarter.

Page 9 of 9