weyerhaeuser permits 2020
But ultimately, log prices are going to be based on the supply demand dynamic in that individual wood basket. And what's your ability to take that up going forward? So, on balance, that's how we allocated the cash flow from 2020. One last very quick clarification. I think a good way to think about that is it somewhere in the third category. 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. George, I'll take that. Wood Products delivered its strongest quarterly performance ever, contributing $566 million to third quarter earnings and $615 million to adjusted EBITDA. Does anyone have experience with Weyerhaeuser permits? In the South, we expect higher forestry expenditures in the fourth quarter as we complete work that was deferred during the third quarter hurricane -- due to the third quarter hurricane activity. 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? So it's something that we hear a lot about, you're seeing some of it. Trips sponsored by organizations or commercial groups must contact the permit office before applying for a Mt. Along Spirit Highway I saw a lot of Weyerhauser access point but they all required permits. Yeah. What I would say is, when you think about each individual acre, they were impacted depending on topography, age class, the rate of spread, species. We expect our full-year cash taxes will be lower than the overall tax expense, as we defer some payments into early 2021. Adjusted EBITDA for engineered wood products increased by $16 million. That's why I assume that the acreage impacted was substantially more than, call it, the total loss for a certain volume. But, look, we're not -- it's not anything new dealing with fires. In a prime west side Oregon, the land is about $4,000 an acre. We do want to make sure that we're being disciplined about it, though. And so, there's just not a whole lot of extra inventory in the system. Thanks. However, our average sawlog realizations improved slightly due to marketing and merchandising efforts associated with our operational excellence initiatives. I mean, that's generally going to be the approach with the dividend framework to do that annually. Weyerhaeuser reported third quarter GAAP earnings of $283 million, or $0.38 per diluted share, a net sales of $2.1 billion. With respect to the 75% to 80%, really that's going to be the target. The company that purchased 630,000 acres of Weyerhaeuser timberlands in Montana said it fully intends to keep the property in the state’s block management program, ... 2020 12:51 PM. It seems like you've pulled that down here a bit. Yeah. Now, I'll turn the call back to Devin, and I look forward to your questions. Keep discussions on topic, avoid personal attacks and threats of any kind. And for OSB, every $10 change in realizations is approximately $8 million of EBITDA on a quarterly basis. In Japan, demand for our logs were soft early in the quarter due to continued slow housing activity and incremental effects of the COVID-19 pandemic. So, part of the back-up land was roughly 50 miles away in my client’s property in Louisiana. It presents the spectator with yet another exhibition of how the might of the American federal bureaucracy quashes the concerns of individuals as little more than lesser mitigating factors around a new administrative rule. However, our sales volumes to China decreased significantly as we flexed volume to more profitable domestic opportunities. I guess, first, when we think about the cash flow that we generated from 2020, clearly, we have prioritized debt reduction with the cash flow that we've generated this year. It's something that we see in the West every year. . P.O. Including our $23 million special item related to the early extinguishment of debt, third quarter interest expense was $111 million. Cassie Miller. We expect the supplemental dividend will be our primary tool for returning cash above and beyond the base dividend to achieve our targeted annual payout. I hope everyone is well and staying healthy. Check-in 1 to 14 days in advance to have the permit emailed. And so, clearly, there are regions, say, the Atlantic Coast, North Carolina, some regions that just have a little bit more tensioning and you see a little stronger log pricing there. 06270T25 Facility ID: 7400252 Weyerhaeuser NR Company – Grifton Grifton, North Carolina Pitt County Fee … We now expect full-year 2020 interest expense will be approximately $350 million, excluding special items. Sales volumes for solid section and I-joist products increased by 21% and unit manufacturing cost improved slightly. But again, we're expecting that, on -- as a general matter, the supplemental dividend will be paid out annually in most circumstances. Just wondering if that's an area of interest to be able to expand that side of the business. In that case, a unanimous court faulted the government over how it designated a “critical habitat" for the 3 ½-inch-long (8.9-centimetre-long) frogs that survive in just a few ponds in Mississippi. Box 5257 . This strong operational and financial performance enabled us to deliver the highest operational cash flow since 2006 and take additional steps to meaningfully strengthen our financial position. Devin, we've been hearing about labor availability as the homebuilding challenge for several years now and yet housing activity seems to be constrained by other stuff and we haven't really seen a big change in construction approaches, which come slowly anyway. Please proceed with your question. If your question isn’t answered there, contact us using the form below. Obviously, we do have a Real Estate program where we're trying to capture the value of our HBU profile. 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. If that stays down, how meaningful will that be assuming more normal lumber prices? Okay. These priorities include value enhancing growth opportunities, liability management and opportunistic share repurchase. In the Western domestic market, demand was strong and pricing improved throughout the quarter, as mills sought to take full advantage of record lumber prices. We are committed to allocating this excess cash in a disciplined manner to grow our base dividend and drive superior long-term shareholder value. So, I would say, generally speaking, lumber inventory is pretty lean across the system. I would say, obviously, housing repair and remodel activity is an important piece of that, and that it drives that in demand for lumber and other wood products. And generally speaking, the nature of the market is that, order files typically extend in hot markets and they shrink in soft markets. Just a question on the supplemental dividend. Okay. And there has been a general trend lower that you show on the chart in terms of the realizations are getting per acre. We incurred a $23 million charge on the early extinguishment, which is included in our results as a special item. With our unrivaled portfolio of assets, strong operational performance, our financial strength and focused safety culture, we believe we're well positioned to capitalize on strong and growing fundamental demand for US housing. Turning to taxes, we expect our full-year 2020 effective tax rate will be between 20% and 22% before special items, based on the forecasted mix of earnings between our REIT and taxable REIT subsidiary. Turning briefly to operational excellence. But over time, our lumber production will increase and even, I'd say, on OSB around the margins just as we continue to improve on reliability across our various products, we'll see some improvement there as well. We've done some portfolio moves over the last few years as well. Newsmax, Moneynews, Newsmax Health, and Independent. I do think over the longer-term, you are going to continue to see sawmill capacity coming into the US South. 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. 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. . Is it safe to say that greater than 20,000 acres were destroyed or can you just give us a number? We are experiencing little downgrade in the quality of the salvage logs delivered to our customers and we do not expect pricing for the salvage logs to negatively affect our fourth quarter realizations. 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. Please proceed with your question. Evergreen Facility . 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. Good morning, everyone. Thanks for that color. Okay. We used a significant portion of this cash to strengthen our balance sheet by redeeming some of our 2023 debt maturities. Certainly, I think that's conceivable. This is attributable to improved sales volumes and higher margins, including operational excellence initiatives. Phone: 604-495-8195. Business License: 4078420. Excluding the effects of changes in average sales realizations, we expect fourth quarter results will be significantly lower than the third quarter. As a reminder, for every -- for lumber, every $10 change in realizations is approximately $11 million of EBITDA on a quarterly basis. Weyerhaeuser NR Company . Friday, 11 September 2020 06:25 PM. The Permit may be terminated by Weyerhaeuser at any time , in Weyerhaeuser… In that business, we've reached the point of being black at the bottom. How are you doing, George? I'll begin with our key financial items, which are summarized on Page 17. Weyerhaeuser NR Company . ACCESS INFORMATION Alsea Area: Fee harvest volumes declined by 5% compared with the second quarter as we continued to implement the previously announced 10% reduction in full-year Southern harvest volumes. So quarter-to-date average realizations are $15 higher than the third quarter, is that about a third of the volumes that you'd expect to sell in the quarter that that $15 higher would apply to or is it 40%? 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. Would you make the judgment call to pay out less or should we think of this as just kind of a mechanical payout that we should expect to get paid out regardless of market conditions? 3. And then when we see strong commodity markets like we're seeing today, obviously, there is a lot of upside with the supplemental piece. And as we look to set that, we looked at the cash flow generation of each of our businesses across a variety of pricing scenarios, historical cash flows from the businesses, we looked at our Company level FAD over the last several years, and also modeled out FAD under a number of different market and pricing scenarios. On the call this morning are Devin Stockfish, Chief Executive Officer; and Russell Hagen, Chief Financial Officer. We incurred a small amount of weather-related downtime in the quarter due to wildfire smoke in the West and hurricanes in the South. Okay. I'm just wondering if you saw underlying kind of apples to apples price improvement in any regions of the South, especially with these saw mills running full out. Some time after that, they then thought that they need to protect land elsewhere in the case of a cataclysmic event that it would have to be relocated somewhere else. 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. I'll wrap up with a few additional outlook items highlighted on Page 20. And so, for us, the way we mitigate fire risk is, we have a diverse area of timberland coverage across various regions. 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. 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. You've seen the OSB pricing hold up a little better. The charge recorded in the third quarter was primarily driven by higher unit costs for log and lumber inventories across our businesses. This morning, Weyerhaeuser reported third quarter results, reinitiated a quarterly cash dividend, and announced a new dividend framework consisting of a base dividend plus a variable supplemental dividend. Nearly 120 years later, our employees share why they love working at our safe, sustainable and innovative company. I think you can say generally across the board in all product categories, and I'll comment on each specifically. 10. “, What was so obnoxious about this case was that this land was never going to sustain the frog and there was no land nearby with which to combine it. Sure. No walk up service. Thanks, Beth. We expect realizations for other engineered wood products will be lower than the third quarter average. So, it's something that we are focused on. 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, we may also utilize opportunistic share repurchase to return cash under certain circumstances. So this is just shipments for lumber and OSB over the last seven quarters, it's pretty much flat. Click on the document name to download and open the document. Anthony, we've historically talked about that in terms of housing starts. Our next question is from Paul Quinn with RBC Capital Markets. . Yeah. 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. Our next question is from Mark Connelly with Stephens. The Southern sawlog market experienced downward pressure in the quarter as favorable summertime logging conditions resulted in abundant wood supply. We remain firmly committed to returning cash to shareholders as part of our balanced capital allocation philosophy. Well, thank you. Well, you know, George, you don't really see much in the way of substitution between Southern yellow pine and Doug fir and that's generally just the builders have preferences with an individual species and they generally stick with that. Okay, great. 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. What was the decision process in terms of not doing a supplemental dividend in the first quarter of '21 and then waiting another full year for the first payment to be in 2022? Luke Thies . And finally, I'm in Oregon, so I can attest to this how windy it was and how extreme the weather was. And so, that lag effect that you see on the upside oftentimes is a little bit longer than what you see on the downside. In lumber, adjusted EBITDA was $260 million higher than the second quarter, as a 54% increase in average sales realizations was slightly offset by higher Western log costs. And now, I'd like to open the floor for questions. Okay. So you don't see a lot of crossover. And was this just a whole new kettle of fish? And I think that's largely just a function of order files continue to be pretty extended. We continue to expect these transactions will close in the fourth quarter and the Southern Oregon Timberlands are now shown on the balance sheet as held for sale. So, just a little context around that. Moving to the export markets. As previously indicated, we have cash earmarked to repay our $150 million, 9% note when it matures in the fourth quarter of 2021. I don't think it's big enough to matter. Over the past several months, demand for housing and Wood Products has proven resilient, even as macroeconomic headwinds continue. But generally speaking, the inventories in the channel are pretty lean across the board. By. And even then, ... Dec 26 2020 – Jan 10 2021 all-day. Yeah. June 26, 2018. I would expect us to provide more guidance on 2021 capex on our next earnings call. The net cost is approximately $40 million and we expect significant and sustained cash flow accretion from these transactions. 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. Weyerhaeuser upgraded to outperform from market perform at Raymond James Dec. 4, 2020 at 9:11 a.m. Some segments, whether it's containerboard, boxboard, those kinds of markets, those have done OK. Printing paper, obviously, in a COVID environment has been somewhat challenged. We had stepped those up at the time of the merger. Obviously, we have also returned $375 million of cash through the dividend payment that we made in Q1 and the fourth quarter dividend we just declared. I'm just curious on the timing of the initial supplemental dividend with the suspension of the dividend for the better part of this year and, of course, the strong EBITDA results coming out of Wood Products. 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. So they're really looking at that across the board, because it does still remain a challenge, I think, to get to you, what would otherwise be full building. We expect market tension to moderate during the quarter as log supply improves and mills replenish inventories. Obviously, we've seen some puts and takes in pulp log demand. In OSB, adjusted EBITDA increased by $119 million due to a 65% increase in average sales realizations and slightly lower manufacturing costs. 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. However, transactions remain slower to close due to extended timelines for financing and other key activities. . Timberlands, Real Estate and ENR results have been relatively stable over time, while earnings for our Wood Products business have fluctuated with lumber and oriented strand board pricing. Good morning. Yeah, sure. Yeah. Certainly, I think that's conceivable. All right. As COVID-19 cases skyrocketed before the Thanksgiving holiday weekend, Dr. Deborah Birx, coordinator of the White House . Weyerhaeuser owns a significant amount of land in District 10. We will have reduced our total debt by nearly $900 million since 2019 year-end. How do you guys look at the longer-term potential of your existing Wood Products capacity in terms of what additional capex projects could move the needle to increase your capacity internally with higher return projects? 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. Looking forward, we remained focused on industry-leading performance and discipline, prudent capital allocation to sustainably grow our base dividend and drive superior long-term value for shareholders. Unit log and haul costs will increase modestly compared to the third quarter. In China, average realizations were flat with the second quarter, and demand was solid. Excluding net charges of $103 million for special items, we generated earnings of $386 million, or $0.52 per diluted share. 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. But normally your lands are sufficiently managed, but it's really only adjacent land, federal lands that catch on fire that impact you. 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. So, if memory serves, I had to step away from my desk, you took an $80 million write-off for the Oregon fires. More often than not, the Supreme Court gets reported on for the controversial 5-4 decisions that portray the Court as a deeply divided institution along political lines. We currently have several tracts of land for sale. The general approach under the new framework is to payout the supplemental dividend annually in Q1 based on the prior year's FAD. All right. 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. Sign up for updates. Page 13 outlines the major components of our unallocated items. SEATTLE, March 26, 2020 / PRNewswire / -- Weyerhaeuser Company (NYSE: WY) today announced the completion of the sale of its 630,000 acres of Montana timberlands to Southern Pine Plantations for approximately $145 million in cash. Please review the warning statements in our press release and on the presentation slides concerning the risks associated with forward-looking statements, as forward-looking statements will be made during this conference call. However, it is in the unanimous decisions in which the Court’s wisdom is on full display. 6/1/2020: Permit Documents. Our businesses have delivered strong operating and financial results through an unprecedented range of market conditions. Western Timberlands EBITDA decreased by $1 million compared with the second quarter. When I take a look at Slide 12 and third-party sales volumes. So, I'm curious is that going lead you to think about shifting harvest cycles or marketing programs. 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