No permit is required for motorized or non-motorized transit through Weyerhaeuser land to access any publicly owned land located within the borders of Weyerhaeuser land. Weyerhaeuser is operating from a strong financial position, with excellent liquidity, investment grade credit ratings of BBB/Baa2, and no debt maturities in 2020. On the call this morning are Devin Stockfish, Chief Executive Officer; and Russell Hagen, Chief Financial Officer. Results from Energy and Natural Resources were slightly higher than the second quarter due to seasonally higher production of construction materials. Beth Baum -- Vice President, Investor Relations. Anthony, we've historically talked about that in terms of housing starts. And was this just a whole new kettle of fish? Please proceed with your question. ... of the land accessible to the hunting community in Lewis County is owned by Weyerhauser and it is only available for a permit or lease fee. That's why I assume that the acreage impacted was substantially more than, call it, the total loss for a certain volume. Can you give us a bit more detail in terms of why you're selling one portion and buying another recognizing the deal hasn't closed and we might be limited in terms of what you can share there? We're doing acquisitions that we think that can create real value. It forces the government to show its cards and not hide behind vague statutes and interpretations.” Although such a victory occurred in the third branch of the federal government, this is but one more instance where “the Swamp” has begun to circle the drain. I do think, particularly in the lumber side, we will grow that production over time. Our next question is from Mark Wilde with Bank of Montreal. Okay. And with the progress we have made on our debt reductions, particularly the 2023 maturities, we have reduced leverage to a level that we believe is appropriate and sustainable for the Company over the cycle and supports our solid investment-grade profile. And so, for us, the way we mitigate fire risk is, we have a diverse area of timberland coverage across various regions. Luke Thies . So stick with lumber. Thank you. Sounds good. Thank you for joining us today to discuss Weyerhaeuser's third quarter 2020 earnings. Our next question comes from George Staphos with Bank of America. So, it's variable the extent of the damage. Sales volumes for solid section and I-joist products increased by 21% and unit manufacturing cost improved slightly. Luke Thies . And the last one for me is just thinking about how you would grow the land base over time. We answer frequently asked questions on our Lease FAQs and Permit FAQs pages. Our next question comes from Steve Chercover with D.A. As we previously disclosed, these wildfires spread on to our Oregon Timberlands, affecting approximately 125,000 acres to some extent. On his land, 1,500 acres had been set aside to be a tree farm leased by Weyerhaeuser Co., and that was the land where USFWS had declared a critical habitat.” This case highlights the dark side of the administrative state that modern American political culture has rebranded as “deep state”. Thanks, Beth. Single-family permits in September reached the highest rate since 2007 and builder confidence has reached all-time highs for two consecutive months. McConnell Says Congress Has Reached Agreement on COVID-19 Relief Bill, Birx Travels, Family Visits Highlight Pandemic Safety Perils. Weyerhaeuser reported third quarter GAAP earnings of $283 million, or $0.38 per diluted share, a net sales of $2.1 billion. And so, that's a little bit of the softness that you saw as well. Certainly, I think that's conceivable. On a seasonally adjusted basis, third quarter single-family starts improved by over 35% compared with the second quarter and over 15% compared with the third quarter of 2019. The key and hang tag will be tucked in the map. Yeah. So, just a little context around that. Why Weyerhaeuser Stock Soared 23.8% in July, Weyerhaeuser Co (WY) Q2 2020 Earnings Call Transcript, Why Shares of Weyerhaeuser Were Up in April, Weyerhaeuser Co (WY) Q1 2020 Earnings Call Transcript, Copyright, Trademark and Patent Information. Our businesses have delivered strong operating and financial results through an unprecedented range of market conditions. We will have reduced our total debt by nearly $900 million since 2019 year-end. On the reference to the debt leverage ratios being where you want them to be. Please proceed with your question. And so, it's something that we're always looking at. US housing activity rebounded sharply in the third quarter, supported by a growing preference for larger single-family homes in less urban areas. We now expect full-year 2020 interest expense will be approximately $350 million, excluding special items. _____ Longview-St. Helen's Recreation Customers - During Monday night’s permit sales, we experienced problems with our system generating the new Premium permit documents. We used a significant portion of this cash to strengthen our balance sheet by redeeming some of our 2023 debt maturities. I'll begin the discussion of our results with a few brief comments on the continued improvement in the housing market. Order files in OSB, at least for us, are still pretty extended out four-ish weeks. Turning briefly to operational excellence. Moving on to our third quarter operating performance. Yeah. Our fee harvest volume decreased 15% compared with the second quarter as we lost 10 harvest days in Oregon and four days in Washington due to fire restrictions. Log demand in the West remains favorable due to strong lumber markets and log inventories at domestic mills ended the third quarter on the lower end of the normal levels as log supply was restricted due to the extreme wildfire activity in September. Now, I'll turn the call back to Devin, and I look forward to your questions. Hey, just a couple of questions in Wood Products there, Devin. And for OSB, every $10 change in realizations is approximately $8 million of EBITDA on a quarterly basis. This exceeds the previous record EBITDA attained in 2018 by almost 60%. I don't know that we're necessarily looking to get into panelized manufacturing, if that's the question. A couple of comments on the Southern fiber markets. Nearly 120 years later, our employees share why they love working at our safe, sustainable and innovative company. So, on balance, that's how we allocated the cash flow from 2020. No walk up service. But I do think we'll look for opportunities to leverage that if it does get some momentum with our customers. But I do think it's important to remember that if you go back to 2013, Weyerhaeuser had about 6 million acres, whereas we have about 11 million acres now. 06270T25 Facility ID: 7400252 Weyerhaeuser NR Company – Grifton Grifton, North Carolina Pitt County Fee … Please proceed with your question. As harvest operations resumed, our teams did a phenomenal job of managing the operational complexity of coordinating multiple fire fighting efforts, while at the same time, rescheduling harvest operations and safely optimizing the deployment of dozens of logging and trucking crews to continue serving our customers. ET by Tomi Kilgore Weyerhaeuser Co. stock rises Thursday, outperforms market This was just a tough year. This has resulted in improved pricing during the month of October. Real Estate sales increased slightly from the second quarter as an increase in the number of acres sold was largely offset by lower average price per acre due to mix. The Southern sawlog market experienced downward pressure in the quarter as favorable summertime logging conditions resulted in abundant wood supply. So, we are in touch with the manufacturers of CLT. Congratulations on the quarter. We ended the quarter with approximately $6 billion of total debt outstanding and strong liquidity, including the cash balance of $787 million and the full $1.5 billion capacity available on our revolver. The remainder of our cash generation, that is the cash in excess of our base and supplemental dividends, will be deployed consistent with our stated priorities for opportunistic allocation. Whitney permit, a special use permit may be needed. Clearly, there remains room for caution, especially as it pertains to US unemployment, the outlook for additional government stimulus, and the risk of further COVID-19-related disruptions as we approach the winter months. Kalispell, MT 59903 . I do think, as we look out over the longer-term, obviously, we've seen a fair amount of sawmill capacity coming into the South over the last several years, call it, 5.5 billion, 6 billion board feet of new capacity. That's helpful. Steven Chercover -- D.A. Our next question is from Mark Connelly with Stephens. Chavez said Weyerhaeuser had received many requests for a walk-in permit option, so it added one this year. So, that would mean, Q1 2022. Demand improved as the quarter progressed as Japan housing activity improved modestly and US log availability was reduced by strong domestic lumber markets in Western fire activity. But I think in the near-term, it's really more of an opportunity for us to sell lumber and other engineered wood products into that space. Any thoughts on that? Small creeks to fish would be a bonus. In talking to the homebuilders, it's certainly something that's still top of mind for them and they're really looking at all different avenues to try to help with that, from off-site panelization to really ramping up their programs to incent people that come into the trade. We are also adjusting our dividend framework to ensure that the dividend and our overall approach for returning cash to shareholders are both sustainable and appropriate for the Company's portfolio and the cash flow that we generate from our businesses across market cycles. Senior Attorney Mark Miller of Pacific Legal Foundation described such a case in which he partook, Weyerhaeuser v. U.S. Weyerhaeuser sells a large (~1,000), number of motorized recreational access permits for their tree farms for a reasonable price, say $50 for an individual and $75 for a family. So, for us, we had about 125,000 acres that were impacted to some extent. Greetings and welcome to the Weyerhaeuser Third Quarter 2020 Earnings Conference Call. We are seeing similar levels of improvement in key leading indicators, single-family permits and new home sales increased nearly 40% compared with the second quarter and were up approximately 20% and 40% year-over-year, respectively. Third quarter again included some sale of low productivity acreage in Southern Oregon that we acquired with the Plum Creek merger. First, just with respect to the timing. This is 93% higher than the second quarter and over 140% higher than a year ago. So, it's something that we are focused on. This is comparable to the targets communicated as part of our prior dividend frameworks and underscores our commitment to returning a significant portion of our free cash flow back to shareholders. Frankly, some of the dealer network partners are also looking at opportunities to really help with some of the off-site manufacturing to deal with the challenges around labor. Would you care to comment on that? If you have questions, view our Permit FAQs page. Additionally, as Russell will discuss in more detail, we have taken a number of actions to significantly reduce leverage and strengthen our balance sheet. In our Timberlands business, fourth quarter adjusted EBITDA is expected to increase by approximately $20 million, compared to the third quarter. Phone: 604-495-8195. Business License: 4078420. There's certainly lots of talk about that and I think there are certain homebuilders that are investing in that. Weyerhaeuser upgraded to outperform from market perform at Raymond James Dec. 4, 2020 at 9:11 a.m. Dear Mr. Thies: Montana Air Quality Permit #2602-12 is deemed final as of January 7, 2020, by the Turning to our Real Estate, Energy and Natural Resources segment. One thing I want to go back to, I think it was Slide 10 you had the realizations on the price per acre that you're seeing within Real Estate and Energy and Natural Resources. We've got a number of additional projects in the queue that we think can return very good returns, continue to ensure that we have a very cost-effective, efficient mill set and in that, will be some opportunities for increased lumber capacity and production as well. The sustainable base dividend remains our core mechanism for returning cash. We remain firmly committed to returning cash to shareholders as part of our balanced capital allocation philosophy. . Well, I think there definitely are opportunities for us through our capital expenditures program to continue to drive value through the Wood Products business. This review has taken into account a number of considerations, including our market conditions, the broader macroeconomic environment, the desire for dividend framework that will drive long-term shareholder value across market cycles. Through three quarters, we've made excellent progress against our $50 million to $70 million full-year opex goal, and I'm confident we will achieve this target by year-end. So, we do think the good news there -- obviously, it's never a good news when you have a big fire like this, but the good news is, we think we're going to be able to capture most of the value on that merchantable timber over the next, call it, 12 months to 18 months. As of this writing, How are you doing? Repair and remodel activity has also remained robust, supported by do-it-yourself and professional activity and the remodeling industry's confidence has continued to increase. We provide these sample permits to give you a full view of the permit agreement before you commit to engaging in the permit buying process. We are very active in our work around fire management, working with other landowners in the state to make sure to the greatest extent possible that we're protecting our lands. Weyerhaeuser planned to test the Boiler during the week of June 20, 2020 for filterable particulate matter (PM), hydrogen chloride, mercury, and carbon monoxide, as required under Montana Operating Permit (Operating Permit… See you at the top! A lot of those guys that bought (the Weyerhaeuser permits) put in for special tags, so they needed the $150 permits. If you have a situation where you generated a lot of cash in year one, but heading into year two the outlook has deteriorated based on macro or market trends? However, order files remained extended for most products as the quarter closed, especially OSB and engineered wood products. Real Estate and ENR adjusted EBITDA increased by $3 million compared with the second quarter but earnings decreased slightly due to a higher average land basis on the mix of properties sold. In this framework, we are targeting an annual payout of 75% to 80% of adjusted funds available for distribution. Good luck. 12. I mean, if we think about share repurchase programs in cyclical businesses, they've been devilishly hard to pull off well. P.O. Friday, 11 September 2020 06:25 PM. George, I'll take that. I will now turn it over to Russell to discuss financial items and our fourth quarter outlook. And it would seem like mix will stay relatively lower, not higher if, in fact, you're seeing more demand for rural land because what's been going on with COVID and the like the last six months. But that being said, share repurchase can be a good way to return cash to shareholders under the right circumstance. For engineered wood products, average sales realizations for our solid section and I-joist products will be slightly higher, as we begin to capture the benefit of announced price increases. Thank you. So just, I guess, a little context for the lag that you see in realizations and I'll be specific to lumber, although it's a similar dynamic in OSB, but just different supply demand dynamics. In OSB, adjusted EBITDA increased by $119 million due to a 65% increase in average sales realizations and slightly lower manufacturing costs. Thanks, Russell. And just one question, you mentioned the fiber log demand in the South being down. Excluding the effects of changes in average sales realizations, we expect fourth quarter results will be significantly lower than the third quarter. We wouldn't shut the door on that possibility. Adjusted EBITDA totaled $745 million in the third quarter. Well, thank you. Good morning, Russell. And then the other, just piece of color there is, we did see a number of our pulp log customers defer maintenance earlier in the year when the markets were a little stronger and a lot of that ran through Q3. I would say a couple of other comments there, going into fourth quarter for whatever it's worth, I think the log decks for most of the pulp and paper manufacturers are pretty light relative to normal. Yeah. We are committed to allocating this excess cash in a disciplined manner to grow our base dividend and drive superior long-term shareholder value. Looking to the fourth quarter, we expect earnings and adjusted EBITDA for Wood Products will be lower than our record performance in the third quarter but above previous record set in the second quarter 2018. Page 13 outlines the major components of our unallocated items. Moving to the export markets. 2020 recreational permit packets have started going out in the mail. They'll be cash-accretive, very strong cash accretion. Sure. We incurred a $23 million charge on the early extinguishment, which is included in our results as a special item. In short, one can say they really want to have their cake (that is, have as much power as possible) and eat it too (by not paying you).”, The main takeaway from Weyerhaeuser is that, according to the author, “it forces the government to be much more specific and tailored in its regulatory decision-making and prompting administrative oversight into clearly defining what is and is not a ‘habitat.’. If you have a question about land leases, contact Greg Hively at 3O4-992-9O4O. And generally speaking, the nature of the market is that, order files typically extend in hot markets and they shrink in soft markets. We anticipate a higher proportion of fiber log sales as we complete additional plant thinning activity. This permit may be used only by the permittee, his or her legally married spouse, registered domestic partner (legally married and domestic partners are hereinafter and hereinbefore called “spouse”), and up to four (4) related children per adult 18 years of age and under as of July 23, 2020. I'll begin with our key financial items, which are summarized on Page 17. What's the -- what was the thought process in going that much further out with the supplemental? We currently have several tracts of land for sale. True to form, in 2015 and 2016, the price of Weyerhaeuser access permits for the Vail tree farm increased yet again to $250 and $300 respectively. And then just, we're finally back to 1.4 million housing starts and you indicated your Southern sawlog prices ticked up in the quarter, I think, commercial and merchandising activities. So, over the 20 years I've covered Weyerhaeuser and also Plum Creek, everyone has self-insured and I'm wondering if that makes you rethink the whole notion of insurance, acknowledging that premiums tend to go up significantly after a disaster. Wood Products, Pages 11 and 12. Permittee agrees that the Permit may not be sold, gifted, or transferred in any way to any other party. And I'd say, generally, pretty minimal inventory in the channel in that product. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. I think it's just going to be slow going as each new mill comes in, and that will overall improve the supply demand dynamic over time. Just wondering if that's an area of interest to be able to expand that side of the business. Check-in 1 to 14 days in advance to have the permit emailed. Moving to the South. We do want to make sure that we're being disciplined about it, though. I think you can say generally across the board in all product categories, and I'll comment on each specifically. We currently expect to complete a majority of our salvage operations over the next 12 months to 18 months and we'll recover a significant portion of the merchantable timber value. Weyerhaeuser NR Company . Demand for Lumber Is Surging. And also, whether you are running at capacity? Yeah. Wood Products delivered its strongest quarterly performance ever, contributing $566 million to third quarter earnings and $615 million to adjusted EBITDA. Weyerhaeuser has posted information about significant changes to its largely unpopular fee access system for the region. Sure. Please review the welcome letter. Well, it was just a -- it was a situation -- this is the worst fire situation we've had in decades, and it was just a situation where the humidity dropped really low. George Staphos -- Bank of America -- Analyst. This is $10 million lower than our prior guidance due to the reduction in our gross debt balance. And really the idea was to set the base quarterly dividend at a level that is both sustainable and supportable from our cash flow, even in a challenged market condition. Sutton OSB Facility . Returns as of 12/20/2020. Average log sales realizations were comparable to the second quarter. January 7, 2020 . Third quarter included a $9 million non-cash charge from elimination of inter-segment profit in inventory and LIFO in the third quarter, compared to an $18 million benefit in the second quarter. Certainly, when we're in a down market, we think we have sufficient cash flow from the Real Estate, ENR and Timberlands business to cover that. Visitor centers are issuing all permits by phone and email for the 2020 season. I'd like to turn the floor back over to Devin Stockfish for closing comments. Market data powered by FactSet and Web Financial Group. And then when we see strong commodity markets like we're seeing today, obviously, there is a lot of upside with the supplemental piece. July 14, 2020 Summary The Weyerhaeuser King County Aquatic Center -- shut down since March due to the COVID-19 outbreak – will remain closed as a capital improvement project to replace the natatorium skylights begins July 14. Thanks for that color. Thank you for your interest in Weyerhaeuser Recreation. Adjusted EBITDA for engineered wood products increased by $16 million. And then just on mass timber and it is part of what Mark was asking around, but there has been a lot of activity there and this is an area that's growing straight line with your sustainability goals. June 4, 2020 Draft of the permit and permit review forwarded internally for comments. I woud like to find new places to hunt grouse that consistently produce and are less crowded. June 26, 2018. When we talk about the supplemental dividend, we talk about Q1 2022 payout. Third quarter expense also included a year-to-date adjustment for performance-based incentive compensation. All right. So, again, it is definitely skewed in 2020 with those Oregon transactions. The U.S. Army Corps of Engineers is conducting its Section 106 historical review, required as part of the wetlands permit IRG needs to build its warehouses. Links will not be permitted. Okay. We had downtime at some of our mills in the South with the various hurricanes coming through and power outages, some maintenance downtime, those kinds of things. In China, average realizations were flat with the second quarter, and demand was solid. Visitor centers are issuing all permits by phone and email for the 2020 season. Title V Renewal Application . We intend to grow this payment sustainably over time as segment cash flows increase. Our earnings release and presentation materials can also be found on our website. These improvements were partially offset by higher raw material costs for oriented strand board web stock. This call is being webcast at www.weyerhaeuser.com. Termination. Devin W. Stockfish -- President and Chief Executive Officer. We expect a modest seasonal reduction in sales volume, as well as higher Western and Canadian log costs and higher raw material costs for engineered wood products. I think with respect to Q3, in particular, there were a few things in the quarter, we had to take some downtime in the West due to wildfire smoke. Can you share some thoughts with us on that? Yeah. Please proceed with your question. We will apply this new supplemental dividend framework to our 2021 results and accordingly, we currently expect the first supplemental dividend will be paid in the first quarter of 2022 based on full-year 2021 adjusted FAD. And when you think about lumber, really the buying is mostly limited to covering immediate needs. All right. P.O. XXXXX, 2020 Mr. Kevin Davis Mill Manager Weyerhaeuser NR Company P. O. Because I think this kind of steady selling down of the land base, I think it raises concern among some investors that they're buying a melting ice cube. Our lumber, OSB and distribution businesses all delivered the highest quarterly results on record and engineered wood products achieved record third quarter results. And so, I think as you look forward into 2021 and 2022, you'll see a more kind of normalized pattern of the sales coming through the Real Estate program. My last question, I'll turn it over. Channel inventories remained generally lean with buyers limiting purchases to immediate needs. Super. And as we were thinking about reinitiating the dividend and the new framework, that's 75% to 80% is really what we believe to be an appropriate balance of returning a significant amount of cash back to shareholders, while still retaining some amount of cash to support growth in maintaining -- maintain an appropriate capital structure. I would expect us to provide more guidance on 2021 capex on our next earnings call. Mark Weintraub -- Seaport Global -- Analyst. Yeah. I would say, most folks in the market are still trying to determine what lumber prices are going to shake out at and are cautious about really starting to build inventories when they're not clear on what a more stabilized pricing is going to look like. We're really excited about the momentum we're seeing around cross-laminated timber, mass timber, it's certainly something that has gotten people excited across the board and we're seeing that move, frankly, faster than we had anticipated. Wanted to just drill down a little bit more on the average pricing in the Wood Products. Most years, we have very minimal damage and impact. Yeah. Evergreen Facility . So, I think we are optimistic that over time that will improve. Cash from operations during the third quarter was $608 million, our highest operating cash flow since the fourth quarter of 2006. We are reinitiating this quarterly cash dividend at $0.17 per share. However, our average sawlog realizations improved slightly due to marketing and merchandising efforts associated with our operational excellence initiatives. And would you care to provide people with just some thoughts on kind of share repurchase? And now, I'd like to open the floor for questions. Please proceed with your question. In Weyerhaeuser, the “deep state” acted in a repugnant way. I do think over the longer-term, you are going to continue to see sawmill capacity coming into the US South. With respect to the 75% to 80%, really that's going to be the target. Today, we are operating from a strong financial position. And so, we expect that $0.17 per share quarterly dividend largely to be able to -- to be supported largely from the cash that we're generating from the more stable Timberlands, Real Estate and ENR business. Oregon transactions that we have taken to reduce our gross debt balance cash. Surrey, BC V3R 4J7 a reconciliation of GAAP can be a good way to think about harvest... 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