Exhibit 99.1

News Release

International Paper Releases Second Quarter Earnings

Strong Results Driven by Increased Volume and Continued Margin Expansion

Good Operational Quarter at Ilim JV

MEMPHIS, Tenn. – July 29th, 2014 – International Paper (NYSE: IP) today reported second quarter 2014 net earnings attributable to common shareholders totaling $161 million ($0.37 per share) compared with a net loss of $95 million ($0.21 per share) in the first quarter of 2014, which included a pre-tax charge of $495 million associated with the Courtland mill shutdown, and net earnings of $259 million ($0.57 per share) in the second quarter of 2013. Amounts in all periods include the impact of special items, non-operating pension expense and discontinued operations.

Diluted Earnings Per Share Attributable to International Paper Shareholders

Operating Earnings were $409 million ($0.95 per share) in the second quarter of 2014, compared with $265 million ($0.61 per share) in the first quarter of 2014 and $288 million ($0.64 per share) in the second quarter of 2013.

Quarterly net sales were $7.2 billion compared with $7.0 billion in the first quarter of 2014 and $7.3 billion in the second quarter of 2013.

Business segment operating profits before special items in the second quarter of 2014 were $697 million, compared with $577 million in the first quarter of 2014.

“International Paper delivered strong results with increased volume and expanded margins in the face of relatively high input costs,” said John Faraci, Chairman and Chief Executive Officer. “As we move into the second half of the year, the company is well positioned to improve earnings and free cash flow generation for the balance of 2014, despite a challenging global environment.”

SEGMENT INFORMATION

The performance of the company’s business segments are measured quarter to quarter without variations caused by special items, as management focuses on business segment operating profits excluding those items. Second quarter 2014 business segment operating profits and business trends compared with the prior quarter are as follows:

Industrial Packaging operating profits in the second quarter of 2014 were $534 million ($537 million including special items) compared with $467 million ($453 million including special items) in the first quarter of 2014. North America’s improved performance (partly reflecting recovery from first quarter weather-related issues and costs) was driven by increased packaging volume, lower operating costs and lower input costs. Results were partly offset by increased planned maintenance outage costs. In Brazil, earnings improved due to higher packaging volume and box prices.

Printing Papers operating profits were $118 million ($69 million including special items) in the second quarter of 2014 versus $85 million (a loss of $410 million including special items) in the first quarter of 2014. The earnings increase in North America was primarily driven by better pricing and mix, lower closure costs at the Courtland Mill, improved operating costs (including the recovery from the weather-related costs in the first quarter), and lower input costs. This was partially offset by higher maintenance outage spending and lower volume. Operating profits in Brazil improved primarily due to increased sales prices and mix. In Europe, higher planned maintenance outage costs negatively impacted earnings.

Consumer Packaging operating profits were $34 million ($33 million including special items) in the second quarter of 2014 compared with $18 million ($17 million including special items) in the first quarter of 2014. Price improvement and favorable operations (including the recovery from the unfavorable weather conditions in the first quarter) were key factors in the improved results.

xpedx, the company’s North American distribution business, reported operating profits of $11 million ($12 million including special items) in the second quarter of 2014 compared with $7 million ($5 million including special items) in the first quarter of 2014. The xpedx spin-off was completed July 1, 2014. xpedx merged with Unisource Worldwide, Inc., and the combined companies are now Veritiv Corporation.

International Paper recorded Ilim joint venture equity earnings of $43 million compared with an equity loss of $31 million in the first quarter of 2014. With respect to Ilim’s U.S. dollar denominated debt, the company recognized a non-cash after-tax foreign exchange gain of $29 million in the second quarter of 2014, compared with an after-tax loss of $45 million in the first quarter of 2014, largely due to foreign exchange movement in the U.S. dollar versus the Russian ruble. Operational earnings were flat quarter over quarter, as stronger mill performance was offset by lower pulp prices and seasonally higher fiber costs.

Net corporate expenses, excluding non-operating pension expense, for the 2014 second quarter were $0 million compared with $9 million in the first quarter of 2014.

EFFECTIVE TAX RATE

The effective tax rate before special items and non-operating pension expense for the second quarter of 2014 was 32%, compared with an effective tax rate of 31% in the first quarter of 2014. The lower rate in the first quarter is attributable to the reduction of a previously recorded tax reserve.

EFFECTS OF SPECIAL ITEMS

Special items in the second quarter of 2014 included a net pre-tax loss of $324 million ($207 million after taxes) for Restructuring and other charges. Included within Restructuring and other charges were a pre-tax charge of $262 million ($160 million after taxes) for debt extinguishment costs, pre-tax charges of $49 million ($30 million after taxes) for costs associated with the closure of our Courtland, Alabama mill, pre-tax charges of $18 million ($20 million after taxes) for costs associated with the spin-off of our xpedx operations, a pre-tax gain of $7 million ($5 million after taxes) related to our Brazil Packaging business and net charges of $2 million (before and after taxes) for other items. Special items also included $2 million ($1 million after taxes) for integration costs related to the Temple-Inland acquisition.

Special items in the first quarter of 2014 included a net pre-tax loss of $517 million ($315 million after taxes) for Restructuring and other charges. Included within Restructuring and other charges were a pre-tax charge of $495 million ($302 million after taxes) for costs associated with the closure of our Courtland, Alabama mill, pre-tax charges of $16 million ($10 million after taxes) for costs associated with the spin-off of our xpedx operations and net pre-tax charges of $6 million ($3 million after taxes) for other items. Other special items in the first quarter of 2014 were pre-tax charges of $12 million ($7 million after taxes) for integration costs related to the Temple-Inland acquisition, a tax expense of $10 million related to a state legislative change and a tax benefit of $1 million for other items.

Special items in the second quarter of 2013 included a net pre-tax gain of $4 million ($2 million after taxes) for Restructuring and other charges. Included in Restructuring and other charges were a pre-tax gain of $30 million ($19 million after taxes) for insurance reimbursements related to the 2012 Guaranty Bank legal settlement, pre-tax charges of $17 million ($10 million after taxes) for costs associated with the restructuring of our xpedx operations, pre-tax charges of $3 million ($2 million after taxes) for debt extinguishment costs, pre-tax charges of $3 million ($2 million after taxes) for costs associated with the announced potential spin-off of the xpedx operations and charges of $3 million (before and after taxes) for other items. Other special items in the second quarter of 2013 were pre-tax charges of $14 million ($8 million after taxes) for integration costs related to the Temple-Inland acquisition, a pre-tax charge of $6 million ($4 million after taxes) for an environmental reserve related to the Company’s property in Cass Lake, Minnesota and a pre-tax charge of $9 million ($5 million after taxes) to adjust the value of two Company airplanes to fair value. In addition, a gain of $13 million (before and after taxes) was recorded for a net bargain purchase gain on the first quarter 2013 acquisition of a majority share of our packaging operations in Turkey.

DISCONTINUED OPERATIONS

Discontinued operations in the second quarter of 2014 and first quarter of 2014 included costs associated with the divested Temple-Inland Building Products business. Discontinued operations in the second quarter of 2013 included the Operating Earnings of the Building Products business and pre-tax charges of $13 million ($8 million after taxes) for the write-off of capital investments and expenses associated with the divestiture of the business.

EARNINGS WEBCAST

The company will hold a webcast to review earnings at 9:00 a.m. EDT / 8:00 a.m. CDT today. All interested parties are invited to listen to the webcast live and view the slides to be presented at the webcast via the company’s Internet site at http://www.internationalpaper.com by clicking on the Investors tab and going to the presentations page. A replay of the webcast will also be available beginning approximately two hours after the call. Parties who wish to participate in the webcast via teleconference may dial +1 (706) 679-8242 or, within the U.S. only, (877) 316-2541, and ask to be connected to the International Paper second-quarter earnings call. The conference ID number is 71600719. Participants should call in no later than 8:45 a.m. EDT (7:45 a.m. CDT). An audio-only replay will be available for four weeks following the call. To access the replay, dial +1 (404) 537-3406 or, within the U.S. only, (855) 859-2056, and when prompted for the conference ID, enter 71600719.

About International Paper

International Paper (NYSE: IP) is a global leader in packaging and paper with manufacturing operations in North America, Europe, Latin America, Russia, Asia and North Africa. Its businesses include industrial and consumer packaging and uncoated papers. Headquartered in Memphis, Tenn., the company employs approximately 65,000 people and is strategically located in more than 24 countries serving customers worldwide. International Paper net sales for 2013 were $29 billion. For more information about International Paper, its products and stewardship efforts, visit internationalpaper.com.

Certain statements in this press release may be considered forward-looking statements. These statements reflect management’s current views and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these statements. Factors which could cause actual results to differ include but are not limited to: (i) the level of our indebtedness and increases in interest rates; (ii) industry conditions, including but not limited to changes in the cost or availability of raw materials, energy and transportation costs, competition we face, cyclicality and changes in consumer preferences, demand and pricing for our products; (iii) global economic conditions and political changes, including but not limited to the impairment of financial institutions, changes in currency exchange rates, credit ratings issued by recognized credit rating organizations, the amount of our future pension funding obligation, changes in tax laws and pension and health care costs; (iv) unanticipated expenditures related to the cost of compliance with existing and new environmental and other governmental regulations and to actual or potential litigation; (v) whether we experience a material disruption at one of our manufacturing facilities; (vi) risks inherent in conducting business through joint ventures; and (vii) our ability to achieve the benefits we expect from all strategic acquisitions, divestitures and restructurings. These and other factors that could cause or contribute to actual results differing materially from such forward-looking statements are discussed in greater detail in the company’s Securities and Exchange Commission filings. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.

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Contacts:

Media: Thomas J. Ryan, 901-419-4333; Investors: Jay Royalty, 901-419-1731 and Michele Vargas, 901-419-7287

INTERNATIONAL PAPER COMPANY

Consolidated Statement of Operations

Preliminary and Unaudited

(In millions, except per share amounts)

The accompanying notes are an integral part of this consolidated statement of operations.

International Paper Company

Reconciliation of Operating Earnings to Net Earnings

Attributable to International Paper Company

Preliminary and Unaudited

(In millions except for per share amounts)

Notes:

(1) The Company calculates Operating Earnings by excluding the after-tax effect of non-operating pension expense and items considered by management to be unusual from the earnings reported under U.S. generally accepted accounting principles (“GAAP”). Management uses this measure to focus on on-going operations, and believes that it is useful to investors because it enables them to perform meaningful comparisons of past and present operating results. International Paper believes that using this information, along with net earnings, provides for a more complete analysis of the results of operations by quarter. Net earnings is the most directly comparable GAAP measure.

(2) Since diluted earnings per share are computed independently for each period, six-month per share amounts may not equal the sum of the respective quarters.

International Paper

Sales and Earnings by Industry Segment

Preliminary and Unaudited

(In Millions)

Sales by Industry Segment

International Paper Company

Reconciliation of Operating Profit to Operating Profit Before Special Items

(In millions)

(1) The Company calculates Operating Profit Before Special Items by excluding the pre-tax effect of items considered by management to be unusual from the earnings reported under U.S. generally accepted accounting principles (“GAAP”). Management uses this measure to focus on on-going operations, and believes that it is useful to investors because it enables them to perform meaningful comparisons of past and present operating results. International Paper believes that using this information, along with net earnings, provides for a more complete analysis of the results of operations by quarter. Net earnings is the most directly comparable GAAP measure.

International Paper

Sales Volume by Product (1)

Preliminary and Unaudited

International Paper Consolidated

INTERNATIONAL PAPER COMPANY

Consolidated Balance Sheet

Preliminary and Unaudited

(In millions)

INTERNATIONAL PAPER COMPANY

Consolidated Statement of Cash Flows

Preliminary and Unaudited

(In millions)