Attached files
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8-K - FORM 8-K - Patriot Coal CORP | c66197e8vk.htm |
Exhibit 99.1
NEWS RELEASE
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CONTACT: | ||
Janine Orf | ||
(314) 275-3680 | ||
jorf@patriotcoal.com |
FOR IMMEDIATE RELEASE
PATRIOT COAL PROVIDES UPDATE ON 2011 THIRD QUARTER PRODUCTION
ST. LOUIS, September 16 Patriot Coal Corporation (NYSE: PCX) today provided an update on
its 2011 third quarter production. Due primarily to geological issues impacting the Companys two
longwall mines, as well as the early closure of a thermal mine, production in the third quarter is
expected to be down approximately 450,000 tons.
As previously disclosed, the longwalls at both the Federal and Panther mines were scheduled to
be moved during the third quarter. In both cases, the longwall moves extended beyond the expected
timeframe. Production at the Federal longwall was down over six weeks during the quarter as a
result of geologic challenges that delayed the start of the move, as well as equipment issues
impacting the restart process. At Panther, difficult geology is expected to result in lower
volumes in the third quarter, in addition to the scheduled longwall move.
Further, the Company closed a contractor-operated mine in the Big Mountain complex during the
quarter. The thermal coal mine experienced a significant roof fall in August, believed to be a
result of the earthquake centered near Washington, D.C.
As a result of the lower production, Patriot now expects average cost per ton for its
Appalachian operations will be several dollars higher than the previous guidance provided for the
2011 third quarter. The Company plans to provide guidance for the remainder of 2011 in conjunction
with its third quarter earnings release in October.
About Patriot Coal
Patriot Coal Corporation is a leading producer and marketer of coal in the eastern United States,
with 14 active mining complexes in Appalachia and the Illinois Basin. The Company ships to
domestic and international electricity generators, industrial users and metallurgical coal
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customers, and controls approximately 1.9 billion tons of proven and probable coal reserves. The
Companys common stock trades on the New York Stock Exchange under the symbol PCX.
Forward-Looking Statements
Certain statements in this press release are forward-looking as defined in the Private Securities
Litigation Reform Act of 1995. These statements involve certain risks and uncertainties that may
be beyond our control and may cause our actual future results to differ materially from
expectations. We do not undertake to update our forward-looking statements. Factors that could
affect our results include, but are not limited to: price volatility and demand, particularly in
higher margin products; geologic, equipment and operational risks associated with mining; changes
in general economic conditions, including coal, power and steel market conditions; coal mining laws
and regulations; the availability and costs of competing energy resources; legislative and
regulatory developments; risks associated with environmental laws and compliance, including
selenium-related matters; developments in greenhouse gas emission regulation and treatment;
negotiation of labor contracts, labor availability and relations; the outcome of pending or future
litigation; changes in the costs to provide healthcare to eligible active employees and certain
retirees under postretirement benefit obligations; increases to contribution requirements to
multi-employer retiree healthcare and pension plans; reductions of purchases or deferral of
shipments by major customers; availability and costs of credit; customer performance and credit
risks; inflationary trends; worldwide economic and political conditions; downturns in consumer and
company spending; supplier and contract miner performance and the availability and cost of key
equipment and commodities; availability and costs of transportation; the Companys ability to
replace coal reserves; the outcome of commercial negotiations involving sales contracts or other
transactions; our ability to respond to changing customer preferences; failure to comply with debt
covenants; the effects of mergers, acquisitions and divestitures; and weather patterns affecting
energy demand or disrupting coal supply. The Company undertakes no obligation (and expressly
disclaims any such obligation) to publicly update or revise any forward-looking statement, whether
as a result of new information, future events or otherwise. For additional information concerning
factors that could cause actual results to materially differ from those projected herein, please
refer to the Companys Form 10-K and Form 10-Q reports.
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