Massey Energy (MEE)

Q1 2011 Earnings Call

May 03, 2011 10:00 am ET

Executives

Baxter Phillips - Chief Executive Officer, President, Executive Director and Member of Finance Committee

Mark Clemens - Senior Vice President of Group Operations

Eric Tolbert - Chief Financial Officer and Vice President

J. Adkins - Chief Operating Officer and Senior Vice President

Roger Hendriksen - Vice President of Investor Relations

Analysts

Brandon Blossman - Tudor, Pickering, Holt & Co. Securities, Inc.

Brandon Blossman - Tudor Pickering

Brian Gamble - Simmons and Company

David Lipschitz - Credit Agricole Securities (USA) Inc.

Michael Dudas - Jefferies & Company, Inc.

Andre Benjamin

Curt Woodworth - Macquarie Research

Unknown Analyst -

Jeremy Sussman - Brean Murray, Carret & Co., LLC

Presentation

Operator

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Good morning, and welcome to the Massey Energy Company's First Quarter 2011 Earnings Conference Call. [Operator Instructions] Roger Hendriksen, Massey Energy's Vice President of Investor Relations will now provide opening remarks. Please go ahead, Mr. Hendriksen.

Roger Hendriksen

Thank you, Christine. And good morning, everyone. Thank you for taking the time to participate in our call this morning. We appreciate your continuing interest in Massey Energy. As you know, we distributed our first quarter press release after the market closed last night. If by chance any of you have not seen it, care to look at it, it is posted on our website and has been furnished to the SEC on Form 8-K.

The members of our management team who have prepared comments for the call this morning are Baxter Phillips, Chief Executive Officer and President; Chris Adkins, Senior Vice President and Chief Operating Officer; and Eric Tolbert, Vice President and Chief Financial Officer; Marc Clemens, who is Senior Vice President of Group Operations; and Shane Harvey, Vice President and General Counsel, are also on the line and will be available to answer your questions.

Before we begin, I need to remind you that the statements made in this presentation which are not historical in nature are forward-looking statements, made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 and are based on current factual information and certain assumptions, which management currently believes to be reasonable. Financial and operational results for future periods may differ materially from current management projections as a result of factors outside the company's control. And if you have to read the fairly lengthy disclosure related to solicitations, you can judge with the client merger. So bear with me for just about a few minutes, please.

This communication contains information on the proposed acquisition of the company by Alpha Natural Resources, Incorporated, which was announced on January 29, 2011. The following factors, among others, could cause actual results to differ from those set forth in these forward-looking statements: the ability to obtain regulatory approvals of the transaction on the proposed terms and schedule; the failure of Alpha or Massey stockholders to the approve transaction; the outcome of pending or potential litigation or governmental investigations; the risk that businesses will not be integrated successfully or such integration may be more difficult, time-consuming or costly than expected; uncertainty of the expected financial performance of Alpha following completion of the proposed transaction; Alpha's ability to achieve the cost savings and synergies contemplated by the proposed transaction within the expected time frame; disruption from the proposed transaction making it more difficult to maintain relationship with customers, employees or suppliers; the calculations of and the factors that may impact the calculations of the acquisition price in connection with the proposed merger; and the allocation of such acquisition price to the net assets acquired in accordance with the applicable accounting rules and methodologies; general economic conditions that are less favorable than expected; changes in renewal of and acquiring new long term goal supply arrangements; and competition in coal markets.

Information concerning additional risk factors is available on the company's 2010 annual report on Form 10-K and other periodic filings with SEC. In providing projections and other forward-looking statements, the company does not make them and specifically disclaims any undertaking or obligation to update them. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or solicitation of any form or approval.

In connection with the proposed merger, Alpha has filed with the SEC a registration statement on Form S-4 as amended that includes a preliminary joint proxy statement/prospectus regarding the proposed merger. The registration statement was declared effective by the SEC on April 28, 2011, and a definitive joint proxy statement/prospectus has been mailed to Alpha and Massey stockholders on or about April 29, 2011, in connection with the proposed merger. Investors are urged to read the joint proxy statement/prospectus, including all amendments and supplements thereto and other documents relating to the merger filed with the SEC.

You may obtain a copy of the joint proxy statement/prospectus and other related documents filed by Alpha and Massey with the SEC regarding the proposed merger, as well as other filings containing information, free of charge through the website maintained by the SEC at www.sec.gov. or by directing a request at Alpha's Investor Relations Department at Alpha Natural Resources, Inc., One Alpha Place, P.O. Box 2345, Abingdon, Virginia 24212, Attention: Investor Relations or to D.F. King & Co. Inc., 48 Wall Street, 22th Floor, New York, New York, 10005 or to Massey's Investor Relations Department at (804) 788-1824 or by e-mail to investor@masseyenergyco.com.

Copies of the joint proxy statement/prospectus and the filings with the SEC that are incorporated by reference in the joint proxy statement/prospectus can also be obtained without charge from Alpha's website at alphanr.com under the heading Investor Relations and then under the heading SEC filings, and at Massey's website at www.masseyenergyco.com under the heading Investor Relations and then under the heading SEC filings.

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