8-K

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 31, 2009

(Date of earliest event report)

WEYERHAEUSER COMPANY

(Exact name of registrant as specified in charter)

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

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:

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

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

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

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

TABLE OF CONTENTS

Item 2.02.  Results of Operations and Financial Condition

Item 9.01.  Financial Statements and Exhibits

SIGNATURES

EXHIBIT 99.1

EXHIBIT 99.2

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON D.C., 20549

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On July 31, 2009, Weyerhaeuser Company issued a press release announcing its financial results for the fiscal quarter ended June 30, 2009.  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, dated July 31, 2009 issued by Weyerhaeuser Company

99.2   Exhibits to Press release, dated July 31, 2009 issued by Weyerhaeuser Company

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
Date:  July 31, 2009	By:	/s/ Jeanne Hillman
	Its:	Vice President and
		Chief Accounting Officer

EX-99.1

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

Weyerhaeuser Reports 2nd Quarter Loss

FEDERAL WAY, Wash. (July 31, 2009) – Weyerhaeuser Company (NYSE: WY) today reported a net loss of $106 million for the second quarter, or $0.50 per share, on net sales from continuing operations of $1.4 billion.

This compares with a net loss of $96 million, or $0.45 per share, on net sales from continuing operations of $2.2 billion for the same period last year.

SIGNIFICANT SECOND QUARTER 2009 AFTER-TAX ITEMS

	After-Tax Gain (Charge) ($ millions)	Gain (Charge) per share (dollars)
Alternative fuel mixture credits	$72	$0.34
Impairments and reserves for Real Estate assets	($36)	($0.17)
Corporate restructuring and asset impairments	($30)	($0.14)
Closures, restructuring and asset impairments, primarily for Wood Products	($14)	($0.07)
Litigation and insurance settlements	$14	$0.07
Gain on sale of closed facilities	$13	$0.06

Excluding these items, the company reported a net loss of $125 million, or $0.59 per share, in the second quarter of 2009.

SIGNIFICANT SECOND QUARTER 2008 AFTER-TAX ITEMS

	After-Tax Gain (Charge) ($ millions)	Gain (Charge) per share (dollars)
Real estate impairments, reserves and land-related charges	($206)	($0.98)
Ownership restructuring of Uruguay assets	$101	$0.48
Changes to post-retirement benefits	$32	$0.15
Restructuring charges, primarily corporate staff	($24)	($0.11)
Closures and asset impairments, primarily for Wood Products	($20)	($0.09)
Release of tax liabilities	$14	$0.07

Excluding these items, the company earned $7 million, or $0.03 per share, in the second quarter of 2008.

“Although we’ve begun to experience some recovery in housing sales and starts, it is not yet clear that this improvement is driven by sustainable shifts in market fundamentals, and therefore our timberlands, wood products and real estate businesses continue to operate in an environment of uncertainty,” said Dan Fulton, president and chief executive officer. “We continue to reduce costs to make our businesses more competitive, and we continue to adjust our harvest and production levels to meet market demand.”

SUMMARY OF SECOND QUARTER FINANCIAL HIGHLIGHTS

Millions (except per share data)	2Q 2009	2Q 2008	Change
Net loss	($106)	($96)	($10)
Loss per share	($0.50)	($0.45)	($0.05)
Net sales from continuing operations	$1,391	$2,174	($783)

SEGMENT RESULTS FOR SECOND QUARTER

Contributions (Charges) to Pre-Tax Earnings

Millions	2Q 2009	2Q 2008	Change
Timberlands	$66	$103	($37)
Wood Products	($162)	($164)	$2
Cellulose Fibers	$100	$42	$58
Real Estate	($50)	($337)	$287

TIMBERLANDS

	2Q 2009	1Q 2009	Change
Contribution to pre-tax earnings (millions)	$66	$40	$26

2Q 2009 Performance – Excluding asecond quarter restructuring charge of $5 million, the segment’s earnings increased $31 million.

Second quarter earnings from operations improved due to increased sales of non-strategic lands, seasonally higher volumes, and lower operating and SG&A costs. Domestic and export log prices declined during the quarter. Losses related to international operations were $7 million, unchanged from first quarter.

3Q 2009 Outlook – Excluding the impact of non-strategic land sales,Weyerhaeuser expects third quarter earnings from the segment to be lower than second quarter due to additional harvest deferrals and lower log sales realizations.

WOOD PRODUCTS

	2Q 2009	1Q 2009	Change
Charge to pre-tax earnings (millions)	($162)	($266)	$104

2Q 2009Performance – Excluding the pre-tax items noted below, the segment’s second quarter losses decreased $29 million.

·   Second quarter 2009 included charges of $15 million primarily for closures, restructuring and asset impairments.

·   First quarter 2009 included charges of $71 million for closures, restructuring and asset impairments, and $19 million for an agreement in principle to settle alder litigation.

Continued cost control measures, lower log costs and slightly improved softwood lumber prices more than offset lower engineered wood products prices.

3Q 2009 Outlook – Weyerhaeuser expects a smaller loss from operations for the segment in third quarter due to improved operating efficiencies, cost control initiatives, and modest improvements in softwood lumber and oriented strand board prices.  We will continue to take additional downtime to balance supply with demand.

CELLULOSE FIBERS

	2Q 2009	1Q 2009	Change
Contribution to pre-tax earnings (millions)	$100	$31	$69

2Q 2009 Performance – Second quarter results include a pre-tax gain of $107 million related to alternative fuel mixture credits.  Excluding the credit, the segment’s earnings declined $38 million in the second quarter.

An extensive boiler repair at Columbus, Mississippi and annual maintenance outages significantly lowered earnings in the second quarter.  Lower average price realizations for pulp and liquid packaging were partially offset by reductions in fiber, energy, chemical and freight costs.

3Q 2009 Outlook – Weyerhaeuser expects earnings from operations for third quarter to be higher than second quarter primarily due to less maintenance downtime and continued cost control.

REAL ESTATE

	2Q 2009	1Q 2009	Change
Charge to pre-tax earnings (millions)	($50)	($96)	$46

2Q 2009 Performance – Excluding the pre-tax items noted below, the segment’s loss improved $16 million in second quarter.

·   Asset impairments, restructuring and investment-related charges were $52 million in the second quarter compared to $72 million in the first quarter.

·   Second quarter included a gain of $9 million from the sale of partnership interests and $7 million from the sale of land and lots. First quarter included a gain of $6 million from a land condemnation.

Homebuilding operations closed 464 single-family units, an 8 percent increase from first quarter. The average price of home sales closed was slightly higher than the previous quarter, primarily due to mix.  The backlog of homes sold, but not closed, increased to slightly more than five months.

3Q 2009 Outlook –Weyerhaeuser expects a higher loss from homebuilding operations in the third quarter.  Home sale closings are expected to be comparable to second quarter levels, with a change in mix resulting in lower average sales prices.

ABOUT WEYERHAEUSER

Weyerhaeuser Company, one of the world’s largest forest products companies, was incorporated in 1900. In 2008, sales were $8 billion. It has offices or operations in 10 countries, with customers worldwide. Weyerhaeuser is principally engaged in the growing and harvesting of timber; the manufacture, distribution and sale of forest products; and real estate construction and development. Additional information about Weyerhaeuser’s businesses, products and practices is available at http://www.wy.com.

EARNINGS CALL INFORMATION

Weyerhaeuser will hold a live conference call at 7 a.m. Pacific (10 a.m. Eastern) on July 31 to discuss second quarter results.

To access the conference call from within North America, dial 1-800-240-2134 at least 15 minutes prior to the call. Those calling from outside North America should dial 1-303-262-2194. Replays will be available for one week at 1-800-405-2236 (access code – 11125016#) from within North America and at 1-303-590-3000 (access code – 11125016#) from outside North America.

The call is being webcast through Weyerhaeuser’s Internet site at http://investor.weyerhaeuser.com by clicking on the “Q2 2009 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 2009, including fee timber harvest levels in the Timberlands segment, sales of non-strategic timberlands, the effect of operating efficiencies and cost control measures on operating losses in the Wood Products segment, demand and pricing for our wood products, decreased expenses for annual planned maintenance and operations in the Cellulose Fiber segment, average pulp price realizations, home sale closings and prices, and earnings and performance of our business segments.

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 limitedto:

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

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

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

·   changes in the Company’s business support functions and support costs;

·   performance of the company’s manufacturing operations, including maintenance requirements and operating efficiencies;

·   changes in legislation or tax rules;

·   raw material prices;

·   energy prices;

·   transportation costs;

·   the level of competition from domestic and foreign producers;

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

·   legal proceedings;

·   the effect of weather;

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

·   changes in accounting principles;

·   performance of pension fund investments and related derivatives;

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

·   other factors described under “Risk Factors” in the Company’s annual report on Form 10-K.

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

WEYERHAEUSER COMPANY
STATISTICAL INFORMATION  (unaudited)
CONSOLIDATED EARNINGS
(in millions)		Q2					Year-to-date							Q1
	June 30,			June 29,			June 30,			June 29,			March 31,
	2009			2008			2009			2008			2009
Net sales and revenues:
Forest Products	$	1,192		$	1,820		$	2,295		$	3,491		$	1,103
Real Estate		199			354			371			725			172
Total net sales and revenues		1,391			2,174			2,666			4,216			1,275
Costs and expenses:
Forest Products:
Costs of products sold		1,050			1,518			2,028			2,917			978
Alternative fuel mixture credits		(107	)		-			(107	)		-			-
Depreciation, depletion and amortization		125			146			247			291			122
Selling expenses		33			57			76			116			43
General and administrative expenses		83			125			179			273			96
Research and development expenses		15			18			28			35			13
Charges for restructuring and closures		46			44			128			77			82
Impairment of goodwill and other assets		20			51			38			82			18
Other operating costs (income), net		(77	)		(40	)		(71	)		(1	)		6
		1,188			1,919			2,546			3,790			1,358
Real Estate:
Costs and operating expenses		164			313			315			636			151
Depreciation and amortization		4			5			8			9			4
Selling expenses		20			37			42			73			22
General and administrative expenses		17			27			45			56			28
Other operating costs (income), net		7			(3	)		7			(3	)		-
Impairment of long-lived assets and other related charges		53			280			95			317			42
		265			659			512			1,088			247
Total costs and expenses		1,453			2,578			3,058			4,878			1,605
Operating loss		(62	)		(404	)		(392	)		(662	)		(330	)
Forest Products:
Interest expense incurred		(107	)		(126	)		(215	)		(258	)		(108	)
Less: interest capitalized		2			21			4			45			2
Interest income and other		13			16			27			29			14
Gain on Uruguay restructuring		-			101			-			101			-
Equity in income (loss) of affiliates		-			3			3			(2	)		3
Real Estate:
Interest expense incurred		(7	)		(14	)		(14	)		(26	)		(7	)
Less: interest capitalized		7			14			14			26			7
Interest income and other		1			(2	)		2			(1	)		1
Equity in income of unconsolidated entities		11			1			13			1			2
Impairment of investments and other related charges		(6	)		(84	)		(32	)		(107	)		(26	)
Loss from continuing operations before income taxes		(148	)		(474	)		(590	)		(854	)		(442	)
Income taxes		32			214			208			353			176
Loss from continuing operations		(116	)		(260	)		(382	)		(501	)		(266	)
Discontinued operations, net of taxes (1)		-			111			-			198			-
Net loss		(116	)		(149	)		(382	)		(303	)		(266	)
Less: net loss attributable to noncontrolling interests		10			53			12			59			2
Net loss attributable to Weyerhaeuser common shareholders	$	(106	)	$	(96	)	$	(370	)	$	(244	)	$	(264	)
Basic and diluted net earnings (loss) per share attributable to Weyerhaeuser common shareholders:
Continuing operations	$	(0.50	)	$	(0.98	)	$	(1.75	)	$	(2.10	)	$	(1.25	)
Discontinued operations		-			0.53			-			0.94			-
Net loss per share	$	(0.50	)	$	(0.45	)	$	(1.75	)	$	(1.16	)	$	(1.25	)
Dividends paid per share	$	0.25		$	0.60		$	0.50		$	1.20		$	0.25
Weighted average shares outstanding (in thousands):
Basic		211,356			211,262			211,328			211,228			211,298
Diluted		211,356			211,262			211,328			211,228			211,298
Common shares outstanding at end of period (in thousands)		211,357			211,279			211,357			211,279			211,355

1

WEYERHAEUSER COMPANY

STATISTICAL INFORMATION  (unaudited)

FOOTNOTES TO CONSOLIDATED EARNINGS

(in millions)

(1)    Discontinued operations for 2008 include the net operating results of our Containerboard, Packaging and Recycling business and Australian operations.
Results of discontinued operations exclude certain general corporate overhead costs that have been allocated to and are included in contribution to earnings for the operating segments. Discontinued operations include an allocation of net pension and postretirement income or expense.
Summary results of discontinued operations:		Q2			Year-to-date					Q1
		Q2 2009		Q2 2008		Q2 2009		Q2 2008		Q1 2009
Net sales	$	-	$	1,436	$	-	$	2,787	$	-
Net earnings from operations (after-tax)	$	-	$	111	$	-	$	198	$	-
Net earnings from discontinued operations	$	-	$	111	$	-	$	198	$	-

2

WEYERHAEUSER COMPANY

STATISTICAL INFORMATION  (unaudited)

NET SALES AND REVENUES:
(in millions)		Q2					Year-to-date							Q1
	June 30,			June 29,			June 30,			June 29,			March 31,
	2009			2008			2009			2008			2009
Timberlands:
Logs:
West	$	87		$	154		$	169		$	269		$	82
South		43			16			76			31			33
Canada		-			2			2			15			2
Total Logs		130			172			247			315			117
Pay as cut timber sales		7			7			14			12			7
Timberlands sales and exchanges (1)		40			19			44			37			4
Higher and better use land sales (1)		4			1			5			8			1
Minerals, oil and gas		14			12			28			24			14
Products from international operations (2)		10			10			17			13			7
Other products		3			3			10			12			7
		208			224			365			421			157
Wood Products:
Softwood lumber		229			403			451			764			222
Engineered solid section		62			121			117			226			55
Engineered I-Joists		43			86			76			159			33
Oriented strand board		58			110			113			215			55
Plywood		22			59			46			116			24
Hardwood lumber		56			80			107			160			51
Other products produced		39			51			82			100			43
Other products purchased for resale		85			161			144			297			59
		594			1,071			1,136			2,037			542
Cellulose Fibers:
Pulp		255			355			536			700			281
Liquid packaging board		77			74			143			141			66
Other products		17			31			34			64			17
		349			460			713			905			364
Real Estate:
Single family housing		180			346			342			683			162
Land development		18			6			27			30			9
Other		1			2			2			12			1
		199			354			371			725			172
Corporate and Other		41			126			81			243			40
Containerboard, Packaging and Recycling		-			1,375			-			2,672			-
Less: sales of discontinued operations		-			(1,436	)		-			(2,787	)		-
	$	1,391		$	2,174		$	2,666		$	4,216		$	1,275
(1) Higher and better use timberland and other non-strategic timberland are sold through Forest Products subsidiaries.
(2) Includes logs, plywood and hardwood lumber harvested or produced by our international operations, primarily in South America.
WEYERHAEUSER COMPANY
STATISTICAL INFORMATION
STATEMENT OF CASH FLOWS
SELECTED INFORMATION (unaudited)		Q2					Year-to-date							Q1
(in millions)	June 30,			June 29,			June 30,			June 29,			March 31,
	2009			2008			2009			2008			2009
Net cash from operations	$	126		$	190		$	(310	)	$	(92	)	$	(436	)
Cash paid for property and equipment (1)		(32	)		(107	)		(85	)		(205	)		(53	)
Cash paid for timberlands reforestation (1)		(7	)		(11	)		(22	)		(27	)		(15	)
Revolving credit facilities, notes and commercial paper borrowings, net		-			257			-			830			-
Payments on debt		(18	)		(103	)		(19	)		(107	)		(1	)
Proceeds from the sale of assets and operations		29			70			37			99			8
Cash paid for dividends		(53	)		(126	)		(106	)		(253	)		(53	)
Loan to pension trust		-			-			(85	)		-			(85	)
Repurchases of common stock		-			-			(2	)		-			(2	)
(1) Capital spending is for Forest Products only and excludes Real Estate.

3

WEYERHAEUSER COMPANY

STATISTICAL INFORMATION  (unaudited)

NET CONTRIBUTION TO PRE-TAX EARNINGS:
(in millions)	Q2						Year-to-date						Q1
	June 30,			June 29,			June 30,			June 29,			March 31,
	2009			2008			2009			2008			2009
Timberlands	$	66		$	103		$	106		$	215		$	40
Wood Products		(162	)		(164	)		(428	)		(441	)		(266	)
Cellulose Fibers		100			42			131			98			31
Real Estate		(50	)		(337	)		(146	)		(411	)		(96	)
Corporate and Other		13			111			(30	)		70			(43	)
Containerboard, Packaging and Recycling		-			105			-			194			-
	$	(33	)	$	(140	)	$	(367	)	$	(275	)	$	(334	)

FOOTNOTES TO NET CONTRIBUTION TO PRE-TAX EARNINGS

(includes costs incurred within the company's discontinued operations)

(in millions)
Timberlands includes:							Year-to-date
		Q2 2009			Q2 2008			Q2 2009			Q2 2008			Q1 2009
Closures and restructuring charges	$	(5	)	$	-		$	(5	)	$	-		$	-
Wood Products includes:							Year-to-date
		Q2 2009			Q2 2008			Q2 2009			Q2 2008			Q1 2009
Closures and restructuring charges	$	-		$	(9	)	$	(63	)	$	(41	)	$	(63	)
Goodwill impairments		-			-			(3	)		(3	)		(3	)
Other asset impairments		(16	)		(25	)		(21	)		(46	)		(5	)
Reserve for litigation		-			-			(19	)		(18	)		(19	)
Gain on sale of property		1			-			1			-			-
	$	(15	)	$	(34	)	$	(105	)	$	(108	)	$	(90	)
Cellulose Fibers includes:							Year-to-date
		Q2 2009			Q2 2008			Q2 2009			Q2 2008			Q1 2009
Closures and restructuring charges	$	-		$	(1	)	$	(1	)	$	(1	)	$	(1	)
Alternative fuel mixture credits		107			-			107			-			-
	$	107		$	(1	)	$	106		$	(1	)	$	(1	)
Real Estate includes:							Year-to-date
		Q2 2009			Q2 2008			Q2 2009			Q2 2008			Q1 2009
Closures and restructuring charges	$	(2	)	$	-		$	(6	)	$	-		$	(4	)
Impairment of assets and other related charges - attributable to Weyerhaeuser shareholders		(50	)		(311	)		(116	)		(366	)		(66	)
Impairment of assets and other related charges- attributable to noncontrolling interest		(9	)		(53	)		(11	)		(58	)		(2	)
Sale of partnership interest		9			-			9			-			-
Net gain (loss) on land and lot sales		7			-			13			(2	)		6
	$	(45	)	$	(364	)	$	(111	)	$	(426	)	$	(66	)
Corporate and Other includes:							Year-to-date
		Q2 2009			Q2 2008			Q2 2009			Q2 2008			Q1 2009
Closures and restructuring charges	$	(41	)	$	(35	)	$	(59	)	$	(35	)	$	(18	)
Other asset impairments		(4	)		(23	)		(14	)		(28	)		(10	)
Litigation and insurance settlements		20			-			20			-			-
Environmental reserve adjustment		-			-			-			(17	)		-
Gain on Uruguay restructure		-			101			-			101			-
Gain on sale of closed facilities		18			-			18			-			-
Share-based compensation		(2	)		(2	)		(5	)		(17	)		(3	)
Net foreign exchange gains (losses)		21			4			16			(7	)		(5	)
Pension and postretirement credits (1)		37			23			61			55			24
	$	49		$	68		$	37		$	52		$	(12	)
(1) Excludes pension and postretirement charges included in restructuring and closures

4

WEYERHAEUSER COMPANY

STATISTICAL INFORMATION  (unaudited)

THIRD PARTY SALES VOLUMES:
(in millions)		Q2			Year-to-date					Q1
	June 30,		June 29,		June 30,		June 29,		March 31,
	2009		2008		2009		2008		2009
Timberlands (thousands):
Logs - cubic meters:
West		1,283		1,954		2,373		3,431		1,090
South		1,062		421		1,831		814		769
Canada		3		76		67		415		64
International		73		98		150		128		77
Wood Products (millions):
Softwood lumber - board feet		896		1,252		1,786		2,509		890
Engineered solid section - cubic feet		4		6		7		12		3
Engineered I-Joists - lineal feet		36		70		62		126		26
Oriented strand board - square feet (3/8")		374		637		721		1,308		347
Plywood  - square feet (3/8")		71		160		138		314		67
Hardwood lumber - board feet		69		88		127		175		58
Cellulose Fibers (thousands):
Pulp - air-dry metric tons		395		447		804		889		409
Liquid packaging board  - tons		77		78		141		149		64
Real Estate:
Single-family homes sold		790		748		1,245		1,674		455
Single-family homes closed		464		869		893		1,713		429
Single-family homes sold but not closed at end of period		910		1,185		910		1,185		607

WEYERHAEUSER COMPANY

STATISTICAL INFORMATION  (unaudited)

TOTAL PRODUCTION VOLUMES:
(in millions)		Q2			Year-to-date					Q1
	June 30,		June 29,		June 30,		June 29,		March 31,
	2009		2008		2009		2008		2009
Timberlands (thousands):
Fee depletion  - cubic meters:
West		1,910		2,921		3,588		5,599		1,678
South		2,495		3,239		4,875		6,484		2,380
Wood Products (millions):
Softwood lumber - board feet		792		1,180		1,653		2,367		861
Engineered solid section - cubic feet		3		6		5		12		2
Engineered I-Joists - lineal feet		24		61		44		119		20
Oriented strand board - square feet (3/8")		369		670		704		1,367		335
Plywood - square feet (3/8")		37		95		65		169		28
Hardwood lumber - board feet		48		67		103		138		55
Cellulose Fibers (thousands):
Pulp - air-dry metric tons		368		417		783		872		415
Liquid packaging board  - tons		77		77		142		141		65

5

WEYERHAEUSER COMPANY

STATISTICAL INFORMATION

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

(in millions)

	June 30,		March 31,		Dec. 31,
Assets	2009		2009		2008
Forest Products
Current assets:
Cash and cash equivalents	$	1,745	$	1,653	$	2,288
Short-term investments		60		92		138
Receivables, less allowances		402		384		429
Receivables for taxes		336		273		73
Receivable from pension trust		285		285		200
Inventories		530		664		702
Prepaid expenses		92		98		101
Deferred tax assets		151		150		159
Total current assets		3,601		3,599		4,090
Property and equipment, net		3,747		3,783		3,869
Construction in progress		108		95		104
Timber and timberlands at cost, less depletion charged to disposals		4,173		4,201		4,205
Investments in and advances to equity affiliates		200		205		202
Goodwill		40		40		43
Deferred pension and other assets		600		564		651
Restricted assets held by special purpose entities		916		914		916
		13,385		13,401		14,080
Real Estate
Cash and cash equivalents		1		3		6
Receivables, less allowances		46		51		74
Real estate in process of development and for sale		631		695		751
Land being processed for development		1,146		1,156		1,121
Investments in unconsolidated entities		16		21		30
Deferred tax assets		419		439		438
Other assets		180		183		195
Consolidated assets not owned		18		32		56
		2,457		2,580		2,671
Total assets	$	15,842	$	15,981	$	16,751
Liabilities
Forest Products
Current liabilities:
Notes payable and commercial paper	$	1	$	1	$	1
Current maturities of long-term debt		388		406		407
Accounts payable		314		285		381
Accrued liabilities		816		781		985
Total current liabilities		1,519		1,473		1,774
Long-term debt		5,153		5,153		5,153
Deferred income taxes		1,677		1,723		1,805
Deferred pension, other postretirement benefits and other liabilities		1,699		1,667		1,566
Liabilities (nonrecourse to Weyerhaeuser) held by special purpose entities		766		763		764
		10,814		10,779		11,062
Real Estate
Long-term debt		456		456		456
Other liabilities		294		317		353
Consolidated liabilities not owned		1		35		33
		751		808		842
Total liabilities		11,565		11,587		11,904
Equity
Equity		4,277		4,394		4,847
Total liabilities and equity	$	15,842	$	15,981	$	16,751

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