Patriot Coal Announces Results of 2011 Annual Meeting of Stockholders

ST. LOUIS, May 12, 2011 /PRNewswire/ -- Patriot Coal Corporation (NYSE: PCX) announced the re-election of three members of its board of directors at the Company's annual meeting of stockholders held in St. Louis today.

Re-elected directors include J. Joe Adorjan, chairman of Adven Capital and former chairman and chief executive officer of Borg-Warner Security Corporation, Janiece M. Longoria, a partner in the law firm of Ogden, Gibson, Broocks, Longoria & Hall L.L.P., and Michael M. Scharf, executive director, global financial services for Bunge Limited.  Each of these directors will serve a three-year term.

During the meeting, Patriot President and Chief Executive Officer Richard M. Whiting outlined Patriot's successes in 2010 and how the Company plans to grow during 2011 and beyond in response to stronger coal markets worldwide.

As a result of higher expected global steel production, the Company has plans in place to increase metallurgical coal volumes to more than 11 million tons by 2013.  Patriot is on a path to open a total of seven new met mines in 2011 and 2012.  Met coal as a percentage of total tons produced is expected to increase to more than 30 percent by 2013, from just over 15 percent in 2009.

Additionally, Patriot has leverage to rising thermal coal prices as significant underwater legacy coal supply agreements expire in the next few years.  At current market pricing, the Company expects incremental EBITDA of more than $50 million in 2012 and nearly $150 million in 2013 as these tons are re-priced.

"We approach the second half of 2011 from a position of strength, with major upside potential for future production and earnings.  Our company has detailed plans in place to grow organically in response to strong coal markets.  We expect this to result in increased revenues, which will lead to expanded margins and enhanced cash flow," stated Whiting.  "This year is shaping up to be our best yet since becoming a public company."

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 customers, and controls approximately 1.9 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, 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 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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