<PAGE>

                                                                      EXHIBIT 99
================================================================================

                UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                            Washington, D. C. 20549



                                   FORM 11-K



  (Mark One)
         [X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
                             EXCHANGE ACT OF 1934

                  For the fiscal year ended December 31, 2000

                                       OR

       [ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
                              EXCHANGE ACT OF 1934

          For the transition period from ____________ to ____________

                         Commission file number 1-12147



                    THRIFT PLAN OF DELTIC TIMBER CORPORATION
                            (Full title of the Plan)



                           DELTIC TIMBER CORPORATION
           (Exact name of issuer of securities held pursuant to Plan)


    210 East Elm Street, P. O. Box 7200, El Dorado, Arkansas         71731-7200
           (Address of principal executive offices)                  (Zip Code)


================================================================================


                                    Ex.99-0
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                          INDEPENDENT AUDITORS' REPORT
                          ----------------------------



The Board of Directors
Deltic Timber Corporation:



We have audited the accompanying statements of net assets available for benefits
of the Thrift Plan of Deltic Timber Corporation as of December 31, 2000 and
1999, and the related statement of changes in net assets available for benefits
for the year ended December 31, 2000.  These financial statements are the
responsibility of the Plan's management.  Our responsibility is to express an
opinion on these financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the United States of America.  Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement.  An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements.  An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the Thrift Plan
of Deltic Timber Corporation as of December 31, 2000 and 1999, and the changes
in net assets available for benefits for the year ended December 31, 2000 in
conformity with accounting principles generally accepted in the United States of
America.

Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole.  The supplemental schedule of assets
(held at end of year) is presented for the purpose of additional analysis and is
not a required part of the basic financial statements but is supplementary
information required by the Department of Labor's Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income Security Act of
1974.  This supplemental schedule is the responsibility of the Thrift Plan
management.  The supplemental schedule has been subjected to the auditing
procedures applied in the audits of the basic financial statements and, in our
opinion, is fairly stated in all material respects in relation to the basic
financial statements taken as a whole.


/s/KPMG LLP

KPMG LLP
Shreveport, Louisiana
June 15, 2001

                                    Ex. 99-1
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                    THRIFT PLAN OF DELTIC TIMBER CORPORATION
                Statements of Net Assets Available for Benefits
                           December 31, 2000 and 1999



                                                2000           1999
                                             ----------     ---------

Assets
 Investments*                                $9,220,428     9,058,623

Liabilities
 Forfeitures due to Company                      10,268         4,936
                                             ----------     ---------

     Net assets available for benefits       $9,210,160     9,053,687
                                             ==========     =========


*For additional information on Plan investments, see Note 3 - Investments.


See accompanying notes to financial statements.

                                    Ex. 99-2
<PAGE>

                    THRIFT PLAN OF DELTIC TIMBER CORPORATION
           Statement of Changes in Net Assets Available for Benefits
                          Year Ended December 31, 2000



Additions to net assets
 Contributions
   Employee                                                   $  723,212
   Employer                                                      281,121
                                                              ----------
       Total contributions                                     1,004,333
                                                              ----------

 Investment income
   Interest and dividends                                        493,571
   Net depreciation in fair value of investments                (591,699)
                                                              ----------
       Total investment income (loss)                            (98,128)
                                                              ----------

       Total additions to net assets                             906,205
                                                              ----------

Deductions from net assets
 Distributions of benefits                                       749,364
 Administrative expenses                                             368
                                                              ----------

       Total deductions from net assets                          749,732
                                                              ----------

       Net increase in net assets available for benefits         156,473

Net assets available for benefits
 Beginning of year                                             9,053,687
                                                              ----------

 End of year                                                  $9,210,160
                                                              ==========


See accompanying notes to financial statements.

                                    Ex. 99-3
<PAGE>

                    THRIFT PLAN OF DELTIC TIMBER CORPORATION
                         Notes to Financial Statements
                               December 31, 2000



Note 1 - Description of Plan

 General

 The Thrift Plan of Deltic Timber Corporation ("the Plan") is a profit sharing,
 defined contribution plan covering each employee who is scheduled to work 1,000
 or more hours per year.  The Plan is subject to the provisions of the Employee
 Retirement Income Security Act of 1974 ("ERISA"). Although it has not expressed
 any intent to do so, Deltic Timber Corporation ("Deltic" or the "Company") has
 the right under the Plan to amend or terminate the Plan subject to the
 provisions of ERISA.  For a more complete description of the Plan's provisions,
 refer to the Plan document.

 Effective July 1, 1999, the Company changed plan trustees from Bank One
 Corporation ("Bank One" or the "Trustee") to SunTrust Bank ("SunTrust" or the
 "Trustee"), Nashville N.A.  As a result of the change in trustees, investments
 in Bank One-sponsored investment funds were converted to similar funds managed
 by SunTrust.

 The Plan is administered by Deltic's Pension, Investment, and Employee Benefits
 Committee ("Plan Administrator"), whose members are appointed by the Company's
 Board of Directors.

 Contributions

 Contributions to the Plan include (a) employee tax-deferred, earnings-reduction
 contributions, (b) employee after-tax contributions, (c) Company matching
 contributions, (d) employee after-tax supplemental contributions, and (e)
 rollovers by participants from other qualified plans.

 Each year, a participant may contribute, on a combined tax-deferred and/or
 after-tax basis, up to eight percent of their annual base earnings.  The
 Company has voluntarily agreed to make annual contributions to the Plan based
 on each participant's contributions and years of participation.  The Company
 matches 50 percent of employee contributions for the first five years of
 participation, 75 percent of employee contributions for the second five years
 of participation, and 100 percent of employee contributions thereafter.
 However, Company contributions cannot exceed five percent of an employee's
 annual base pay.  Employee's after-tax supplemental contributions, which are
 not matched by the Company, may not exceed 10 percent of their annual base
 salary.  Any amounts contributed by the Company that are forfeited by
 participants in accordance with provisions of the Plan are applied to reduce
 subsequent contributions by the Company. Participants direct the investment of
 their contributions and company contributions into various investment options
 offered by the Plan.  The Plan currently offers stock in the Company and eight
 mutual funds as investment options for participants.

 Throughout various Plan mergers and restatements, the Company has allowed
 account balances from a former deductible account to remain in the Plan.
 However, after December 31, 1986, participants were not allowed to contribute
 to this account.

                                    Ex. 99-4
<PAGE>

                    THRIFT PLAN OF DELTIC TIMBER CORPORATION
                         Notes to Financial Statements
                               December 31, 2000



 Vesting

 A participant is considered to be vested in Company contributions after (1)
 completion of five years of service, (2) retirement on or after age 65, (3)
 death, (4) total and permanent disability, or (5) discontinuance of the Plan.
 In the event of Plan termination, participants will become 100 percent vested
 in Company contributions.  A nonvested participant forfeits Company
 contributions upon termination of employment.

 Withdrawals

 A participant may withdraw employee after-tax contributions or Company
 contributions, if vested, at a minimum of $250, or any higher multiple of 10
 percent of the participant's account balance up to 50 percent for a partial
 withdrawal, or 100 percent for a total withdrawal.  If a partial withdrawal is
 taken, Company contributions will be suspended for six months and another
 withdrawal cannot be made for 24 months.  If a total withdrawal is taken,
 Company contributions will be suspended for 12 months.  Employee contributions
 may continue without interruption after a partial or total withdrawal.

 A participant may withdraw employee tax-deferred contributions or rollovers
 from other qualified plans under IRS hardship provisions only.  "Hardship" is
 an immediate and heavy financial need in one of the following areas: (1) large
 medical expenses not covered by insurance for the employee or family, (2)
 purchase of a principal residence (not regular mortgage payments), (3)
 preventing foreclosure or eviction from employee's principal residence, (4)
 tuition and related education fees for the next 12 months of post-secondary
 education for employee or family, or (5) other events as may be determined by
 the IRS.  If a hardship withdrawal is taken, participation in all accounts is
 suspended for 12 months.  Company contributions are forfeited only upon
 termination of employment.

 An after-tax supplemental withdrawal must be the greater of $250 or 10 percent
 of the participant's account balance and may not be made prior to 12 months
 from a previous withdrawal.

 Withdrawals from the deductible account are subject to the same withdrawal
 requirements as after-tax supplemental withdrawals.

 Any Company contributions, employee tax-deferred contributions, contributions
 to a deductible account, or account earnings withdrawn from the Plan may be
 subject to a 10 percent penalty tax under the Tax Reform Act of 1986 if the
 participant is not 59 1/2 years old, or permanently disabled, or has died.

 Upon retirement, disability, or death of a participant, the participant or
 his/her spouse, if the designated beneficiary, has the option to receive
 settlement in a lump sum or installment payments not to exceed 20 years or
 actuarial life if less than 20 years.

 Administrative Expenses

 Most administrative expenses are paid by the Company.

                                    Ex. 99-5
<PAGE>

                    THRIFT PLAN OF DELTIC TIMBER CORPORATION
                         Notes to Financial Statements
                               December 31, 2000



Note 2 - Summary of Significant Accounting Policies

 Basis of Accounting

 The accompanying financial statements of the Plan have been prepared on the
 accrual basis of accounting and present the net assets available for benefits
 and changes in those net assets.

 The investments and changes in the net assets available for benefits have been
 determined by the Trustee and reported to the Plan Administrator based on
 quoted market values.  Purchases and sales of securities are recorded on a
 trade-date basis.

 The financial statements of the Plan are compiled using information received
 from Bank One and SunTrust.  The information includes listings of investments
 and cash receipts and disbursements of the Plan, together with all other
 transactions which affect Plan investments.  Such information has been
 certified as complete and accurate by the Trustees.  The Trustees, for their
 respective periods, have been granted discretionary authority concerning the
 purchase and sale of investments in the trust fund.

 Use of Estimates

 The preparation of financial statements in conformity with accounting
 principles generally accepted in the United States of America requires
 management to make estimates and assumptions that affect the reported amounts
 of net assets available for benefits and changes therein.  Actual results could
 differ from those estimates.


Note 3 - Investments

 In September 1999, the American Institute of Certified Public Accountants
 issued Statement of Position 99-3, Accounting for and Reporting of Certain
 Defined Contribution Plan Investments and Other Disclosure Matters ("SOP 99-
 3").  SOP 99-3 simplifies the disclosure for certain investments and is
 effective for plan years ending after December 15, 1999.  The Plan adopted SOP
 99-3 during the Plan year ending December 31, 1999.

 During 2000, the Plan's investments, including gains and losses on investments
 bought and sold, as well as held during the year, appreciated (depreciated) in
 value by $591,699, as follows:

     Mutual funds                            $ (777,969)
     Equity securities                          186,270
                                               --------
                                             $ (591,699)
                                               =========

                                    Ex. 99-6
<PAGE>

                    THRIFT PLAN OF DELTIC TIMBER CORPORATION
                         Notes to Financial Statements
                               December 31, 2000



 The following table represents the fair value of individual investments that
 exceeded 5% of the Plan's net assets at December 31, 2000 and 1999:

                                                    2000        1999
                                                 ----------  ---------
   Mutual funds
     American Century Income and Growth Fund     $  558,509    533,666
     Putnam New Opportunities Fund                1,279,436  1,498,183
     STI Classic Capital Appreciation Fund        1,746,359  1,817,366
     SunTrust Stable Asset Fund                   1,932,880  2,022,383
     Other*                                       1,347,251  1,130,652
                                                 ----------  ---------
                                                  6,864,435  7,002,250
                                                 ----------  ---------
   Equity securities
     Deltic Timber Corporation common stock       1,640,755  1,358,966
     Murphy Oil Corporation common stock            715,238    697,407
                                                 ----------  ---------
                                                  2,355,993  2,056,373
                                                 ----------  ---------

       Total investments                         $9,220,428  9,058,623
                                                 ==========  =========
   *Individually less than 5%.


Note 4 - Income Tax Status

 The Plan meets the necessary requirements of the Tax Reform Act of 1986 as
 documented in Section 401(a) of the Internal Revenue Code, and accordingly, the
 related Trust is exempt from taxation under the provisions of Section 501(a) of
 the Internal Revenue Code.  A favorable determination letter from the Internal
 Revenue Service has not been obtained for the Plan as currently amended and
 restated.  A request for such is to be filed.  Until such time as cash or
 shares are withdrawn from the Plan by a participant or a participant's
 beneficiary, no income tax is payable by the participant/beneficiary on:
 contributions made by the Company on the participant's behalf, allotments made
 by the participant pursuant to the Economic Recovery Tax Act of 1981, or any
 amounts added to the participant's accounts representing his/her proportional
 share of the investment income of the Trust.

Note 5 - Related Party Transactions

 Certain Plan investments are invested in funds advised by affiliates of
 SunTrust.  SunTrust is the Trustee of the Plan; therefore, these transactions
 qualify as party-in-interest transactions.  In addition, Bank One as
 predecessor trustee qualifies as a party-in-interest.  The Company is the
 sponsor of the Plan, and is considered a party-in-interest.

                                    Ex. 99-7
<PAGE>

                    THRIFT PLAN OF DELTIC TIMBER CORPORATION
                                   Schedule I
                   Schedule of Assets (Held at End of Year)*
                               December 31, 2000


                                                 Description of      Current
              Identity of Issuer                   Investment         Value
---------------------------------------------  ------------------  -----------

Equity securities
 Deltic Timber Corporation common stock         72,686.323 shares   $1,640,755
 Murphy Oil Corporation common stock            11,834.331 shares      715,238

Mutual funds
 American Century Income and Growth Fund        18,505.913 shares      558,509
 Putnam New Opportunities Fund                  21,825.934 shares    1,279,436
 STI Classic Balanced Fund                      33,841.888 shares      446,375
 STI Classic Capital Appreciation Fund         116,735.235 shares    1,746,359
 STI Classic Small Cap Growth Stock Fund        15,966.220 shares      287,871
 Vanguard 500 Index Fund                         2,524.152 shares      307,593
 SunTrust Stable Asset Fund                     65,752.820 shares    1,932,880
 STI Classic U.S. Government Securities
   Money Market Fund                            29,366.578 shares      305,412
                                               -----------          ----------
                                               389,039.394 shares   $9,220,428
                                               ===========          ==========

*The above data is based on information which has been certified as accurate and
 complete by the Trustee, SunTrust. SunTrust manages various investment funds
 and, accordingly, is a party-in-interest. Additionally, Deltic Timber
 Corporation, as sponsor of the Plan, is considered a party-in-interest.
 Information on cost of the investments is excluded as all investments are
 participant directed.

                                    Ex. 99-8
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                                   SIGNATURE



Pursuant to the requirements of the Securities Exchange Act of 1934, the
Pension, Investment, and Employee Benefits Committee has duly caused this Annual
Report to be signed on its behalf by the undersigned hereunto duly authorized.


                                 THRIFT PLAN OF DELTIC
                                 TIMBER CORPORATION



Dated:      June 28, 2001                 By: /s/ Clefton D. Vaughan
      --------------------------              ---------------------------------
                                              Clefton D. Vaughan, Vice President
                                              of Finance and Administration and
                                              Chairman of Pension, Investment,
                                              and Employee Benefits Committee,
                                              Deltic Timber Corporation

                                    Ex. 99-9
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                         INDEPENDENT AUDITORS' CONSENT
                         -----------------------------



The Board of Directors
Deltic Timber Corporation:



We consent to incorporation by reference in the Registration Statement (No. 333-
34317) on Form S-8 of Deltic Timber Corporation of our report dated June 15,
2001, relating to the statements of net assets available for benefits of the
Thrift Plan of Deltic Timber Corporation as of December 31, 2000 and 1999, and
the related statement of changes in net assets available for benefits for the
year ended December 31, 2000, which report appears in the December 31, 2000
annual report on Form 11-K of the Thrift Plan of Deltic Timber Corporation.


/s/KPMG LLP

KPMG LLP
Shreveport, Louisiana
June 15, 2001

                                   Ex. 99-10