Patriot Coal Announces Results of 2010 Annual Meeting of Stockholders

ST. LOUIS, May 13 /PRNewswire-FirstCall/ -- Patriot Coal Corporation (NYSE: PCX) announced the re-election of four members of its board of directors at the Company's annual meeting of stockholders held in St. Louis today.  Additionally, Ernst & Young was ratified as the company's independent registered public accounting firm for the fiscal year ending December 31, 2010.  The Company's stockholders also approved an increase in the Company's authorized shares of common stock to 300,000,000 shares and an increase in the number of shares of common stock available under the Company's Employee Stock Purchase Plan.  Finally, the stockholders approved an increase in the number of shares of common stock available under the Company's 2007 Long-Term Equity Incentive Plan and extended this plan through May 13, 2020.

Re-elected directors include Richard M. Whiting, chief executive officer of Patriot, Irl F. Engelhardt, Chairman of the Board of Patriot, Michael P. Johnson, former senior vice president and chief administrative officer of The Williams Companies, and Robert O. Viets, former president and chief executive officer of CILCORP.  Each of these directors will serve three-year terms through 2013.

During the meeting, Patriot Chief Executive Officer Richard M. Whiting reviewed how the Company navigated change in 2009 in response to the coal marketplace, with the aim of transforming Patriot into a stronger, more competitive long-term coal supplier.  

Looking forward, in 2010, Patriot is building strength as the coal markets recover.  In particular, the Company has plans in place to increase 2010 metallurgical coal sales to at least 7.5 million tons, significantly higher than the 5.4 million tons sold in 2009.  Additionally, with the $250 million Senior Notes offering, the amended and restated $427.5 million credit agreement, and the $125 million receivables securitization program entered into in early 2010, Patriot has more than doubled its liquidity since the end of 2009.  

"Charting the future, we have the ability to increase met shipments to over 9 million tons.  And we expect to resume our growth plans, both organically and through strategic acquisitions in basins in which we currently operate and in other basins, as well," noted Whiting.  "Looking to 2011 and beyond, we believe Patriot is better positioned than many of our competitors to fully participate in stronger coal markets."

About Patriot Coal

Patriot Coal Corporation is a leading producer and marketer of coal in the eastern United States, with 14 current mining complexes in Appalachia and the Illinois Basin.  The Company ships to domestic and international electric utilities, industrial users and metallurgical coal customers, and controls approximately 1.8 billion tons of proven and probable coal reserves.  The Company's 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 and power market conditions; the availability and costs of competing energy resources; legislative and regulatory developments; risks associated with environmental laws and compliance; developments in greenhouse gas emission regulation and treatment; coal mining laws and regulations; 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; changes in contribution requirements to multi-employer retiree healthcare and pension funds; 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 Company's 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.  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 Company's Form 10-K and Form 10-Q reports.

SOURCE Patriot Coal Corporation

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