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Massey Energy Reports First Quarter 2009 Operating Results
    First Quarter Highlights

    - Produced coal revenue increased 25 percent to $681.0 million
    - Total coal tons produced increased by 14 percent
    - Produced coal tons sold increased by 12 percent
    - Revenue per produced coal ton sold increased by 12 percent
    - EBITDA increased 13 percent to $145.4 million
    - Net income totaled $43.4 million or $0.51 per diluted share

Richmond, Va., April 28 /PRNewswire-FirstCall/ -- Massey Energy Company (NYSE: MEE) today reported that produced coal revenue for the first quarter of 2009 increased by 25 percent to $681.0 million which represents a first quarter record. The improved revenue results were achieved as produced coal tons sold increased by 12 percent and produced coal revenue per ton also increased by 12 percent as compared to the first quarter of 2008. On the strong sales, earnings before interest, taxes, depreciation and amortization (EBITDA) totaled $145.4 million, an increase of 13 percent compared to EBITDA of $129.2 million in the first quarter of 2008. Net income for the quarter totaled $43.4 million compared to $41.9 million in the same period a year ago.

(Logo: http://www.newscom.com/cgi-bin/prnh/20071031/MASSEYENERGYLOGO )

Commenting on the Company's first quarter results, Massey's Chairman and Chief Executive Officer Don Blankenship said, "We were pleased to start off the year with strong sales and earnings. Our total tons produced increased significantly year-over-year for the fourth straight quarter as a result of last year's expansions. The strong quarter was on track to meet our full year production targets. In addition, our cash cost per ton, while higher than last year, was essentially on plan for the quarter."

"Market demand and pricing remained weak, however," Blankenship continued. "Continuing weakness in the global economy has reduced demand for electric power and steel, thereby reducing demand for coal. Our metallurgical coal shipments were lower than we had anticipated in terms of both volume and price and this was the major reason for our cash margins being lower than planned."

Massey's first quarter operating cash margin per ton was $10.48 compared to $10.74 in the first quarter of 2008 as increased cash costs offset higher revenue per ton. Average cash cost per ton for the first quarter was $52.55 compared to $45.62 in the first quarter of 2008. The increase was due largely to higher sales related and operating costs, particularly labor costs.

The reported net income for the first quarter included the recognition of $12.2 million in pre-tax income ($5.1 million benefit recorded in Cost of purchased coal revenue and $7.1 million in interest income) from the receipt of black lung excise tax refunds as authorized by federal legislation passed in October 2008.



    1st Quarter Comparative Statistics

                                          1st Qtr.    4th Qtr.    1st Qtr.
                                            2009        2008       2008

    Produced tons (millions)                11.4        10.3       10.0
    Produced tons sold (millions)           10.8        10.2        9.6
    Produced coal revenue (millions)      $681.0      $640.0     $543.2
    Produced coal revenue per ton         $63.03      $62.69     $56.36
    Average cash cost per ton             $52.55      $49.66     $45.62
    EBITDA (millions)                     $145.4      $144.4     $129.2


    Expansion Update

The construction of Massey's new processing plant at the Coalgood resource group in Harlan County Kentucky continued through the first quarter as planned and is now nearing completion. The Company now anticipates the plant will be capable of full production by mid-May. Additionally, Massey acquired and deployed two new highwall miners during the quarter. There are no further expansion projects anticipated through the remainder of 2009.

Coal Market Overview

The continuing global economic crisis has caused a significant deterioration of world coal markets. Coal contracting and shipment activities remained slow as end market coal consumers further reduced production and power generation targets.

    --  Eastern U.S. steam coal prices declined during the first quarter of
        2009.
    --  Energy Ventures Analysis estimates that coal burn at utilities in the
        Southeastern United States was down 18 percent in the first quarter of
        2009 due in part to lower overall electric power demand and some
        switching to natural gas.  Receipts of coal at Southeastern utilities
        were down 4 percent in the same period.  Coal stockpiles in terms of
        tons increased by about 15 percent in the region during the first
        three months of 2009.
    --  The Energy Information Administration (EIA) projects that coal-fired
        generation in the domestic electric power sector will decline by
        approximately 3 percent in 2009 due to lower overall electric power
        demand and an increase of about 2 percent in generation fueled by
        natural gas.
    --  Steam coal export volumes by U.S. producers increased 29 percent in
        the first two months of 2009.  Metallurgical coal exports declined 7
        percent in the same period.  The EIA forecasts, however, that total
        coal exports will decline by about 11 percent for the full year as the
        weak global economy and a relatively strong U.S. Dollar are combining
        to reduce the demand for U.S. steam coal and metallurgical coal in
        international markets.
    --  According to the World Steel Association, global steel output declined
        23 percent in the first two months of 2009 as compared to the same
        period in 2008.

    --  The EIA expects the coal industry to respond to the weak market
        conditions by reducing production by about 5 percent in 2009.
        According to EIA estimates, total U.S. coal production was down about
        2 percent in the first two months of the year.  Production in Central
        Appalachia was down about 5 percent in the same period.

In spite of the current weak market conditions, Massey continues to believe the following factors will contribute to a supply/demand balance that is favorable to Central Appalachian coal producers in the longer term:

    --  Total Central Appalachian coal production is constrained by increasing
        environmental and safety regulatory requirements and enforcement
        activity as well as depleting reserves.
    --  The quality of Central Appalachia coal allows it to enjoy significant
        market diversity and its proximity to sea ports makes it a viable
        source of coal to fill the growing demand for energy throughout most
        of the world.

    --  Economic expansion continues in the world's largest developing
        countries.  In the longer term, this economic development will drive
        higher demand for steel and sustain the global demand for
        metallurgical coal produced in Central Appalachia.


    Cost Cutting Measures

In response to the current market conditions, Massey has taken meaningful action to reduce overall costs and expects to see measurable cost improvement going forward. These actions include the idling of several higher cost mines, limitation of overtime, selective general and administrative cost reductions, renegotiation of supply contracts, and the implementation of significant wage and benefit reductions beginning on May 1, 2009. Additional cost cutting initiatives are under way.

In addition, meaningful productivity increases are expected as Massey's new mines and work forces mature.

Shipment Deferrals

Increasing coal stockpiles and weak demand for electric power generation and steel production in both domestic and international markets have created challenges among Massey's customer base to accept shipments of coal according to contracted schedules. Massey is working with its customers to modify shipment schedules and amend contract terms where necessary.

Shipment deferrals will allow Massey to selectively reduce production at higher cost mining operations in 2009.

Liquidity and Capital Resources

Massey ended the first quarter of 2009 with $566.7 million in Cash and cash equivalents. This compared to $607.0 million at December 31, 2008. In addition, the Company had $24.9 million invested in the Reserve Primary Fund at the quarter's end, which is classified as a short-term investment as the availability of these funds remains subject to the liquidation of the underlying assets of the Fund. The Company had $99.5 million available under its asset-based revolving credit facility at March 31, 2009.

Total debt at March 31, 2009 was $1,316.4 million compared to $1,312.2 million at December 31, 2008. Massey's total debt-to-book capitalization ratio was 52.9 percent at March 31, 2009 compared to 53.8 percent at December 31, 2008. After deducting available cash and short-term investments of $591.6 million and restricted cash of $46.0 million, which supports letters of credit, net debt totaled $678.8 million. Total net debt-to-book capitalization was 36.7 percent at March 31, 2009 compared to 35.5 percent at December 31, 2008. (December 31, 2008 amounts have been adjusted to conform with accounting guidance related to the Company's 3.25% convertible notes. See note 5 in the attached financial statements.)

Capital expenditures for the first quarter 2009 totaled $103.7 million compared to $123.5 million in 2008. For the full year 2009 Massey currently expects CAPEX of $300 million or less.

Depreciation, depletion and amortization (DD&A) was $72.6 million in the first quarter 2009 compared to $60.2 million in the first quarter of 2008. DD&A is expected to be in the range of $280 million to $290 million for the full year 2009.

Outlook, Guidance and Commitments

The ongoing economic turmoil, the global financial crisis and the uncertain regulatory environment make it more difficult than usual to forecast coal prices and coal demand with a high degree of accuracy. Coal markets and the financial condition of both coal producers and coal consumers could change rapidly in this environment. In consideration of this fact and current expectations for shipment deferrals on existing contracts, the Company projects produced coal shipments for the full year 2009 will be between 38 and 41 million tons, with average produced coal realization between $60.00 and $63.00 per ton. Guidance for average cash cost per ton in 2009 remains unchanged and is expected to be between $50.00 and $53.00. Other income is expected to be between $40 and $80 million.

For 2010, Massey presently has approximately 20 million tons of coal sold and priced, 2 million tons sold with pricing collars and 8 million tons sold but currently unpriced. Based on management's current market views, Massey's produced coal shipments for 2010 are currently expected to be in the range of 35 to 40 million tons, with average sales prices in the range of $60.00 to $65.00 per ton. Cash cost per ton is anticipated to be in the range of $48.00 to $52.00. The Company also anticipates significantly reducing capital expenditures to a range of $100 to $200 million for the full year 2010. With results in these ranges, the Company believes it would generate solid positive free cash flow for the year.

"As in past periods of market decline or uncertainty, we are well positioned in terms of our balance sheet, our market position, our far superior reserve holdings, and our operating performance to increase our competitive advantages in Central Appalachia," Blankenship stated. "In this market we anticipate opportunities to possibly to expand our exposure in other regions or in non-core businesses to further increase sustainable shareholder value," he concluded.

Conference Call, Webcast and Replay

Members of the Company's senior management will hold a conference call to discuss the first quarter results and operations on Wednesday, April 29, 2009, at 11:00 a.m. ET. The call can be accessed via the Massey Energy Company website at www.masseyenergyco.com. A replay of the call will be available at the same site through May 29, 2009.

Company Description

Massey Energy Company, headquartered in Richmond, Virginia, with operations in West Virginia, Kentucky and Virginia, is the fourth largest coal company in the United States based on produced coal revenue and is included the S&P 500 index.

FORWARD-LOOKING STATEMENTS: Certain statements in this press release constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to come within the safe harbor protection provided by those sections. Any forward-looking statements are also subject to a number of assumptions regarding, among other things, future economic, competitive and market conditions. These assumptions are based on facts and conditions as they exist at the time such statements are made as well as predictions as to future facts and conditions, the accurate prediction of which may be difficult and involve the assessment of circumstances or events beyond the Company's control. The Company disclaims any intent or obligation to update these forward-looking statements unless required by securities law, and the Company cautions the reader to not rely on them unduly. Caution must be exercised in relying on forward-looking statements including disclosures that use words such as "believe," "anticipate," "expect," "estimate," "intend," "may," "plan," "project," "will," and similar words or statements that are subject to risks, trends and uncertainties that could cause the Company's actual results to differ materially from the expectations expressed or implied in such forward-looking statements. Factors potentially contributing to such differences include, among others: the Company's cash flows, results of operation or financial condition; worldwide market demand for coal, electricity and steel; the successful completion of acquisition, disposition or financing transactions; future economic or capital market conditions; foreign currency fluctuations; governmental policies, laws, regulatory actions and court decisions affecting the coal industry or our customers' coal usage; competition among coal producers in the United States and internationally; inherent risks of coal mining beyond the Company's control, including weather and geologic conditions or catastrophic weather-related damage; the Company's ability to expand mining capacity; the Company's production capabilities to meet market expectations and customer requirements; the Company's ability to obtain coal from brokerage sources or contract miners in accordance with their contracts; the successful implementation of the Company's strategic plans and objectives for future operations and expansion or consolidation; the Company's assumptions and projections concerning economically recoverable coal reserve estimates; the Company's assumptions and projections regarding pension and other post-retirement benefit liabilities; the Company's interpretation and application of accounting literature related to mining specific issues; failure to receive anticipated new contracts; the Company's reliance upon and relationships with our customers and suppliers; the creditworthiness of the Company's customers and suppliers; adjustments made in price, volume or terms to existing coal supply agreements; the Company's ability to manage production costs, including labor costs; the Company's ability to timely obtain necessary supplies and equipment; the Company's ability to obtain and renew permits necessary for existing and planned operations; the availability and cost of credit, surety bonds, and letters of credit that the Company requires; the Company's ability to attract, train and retain a skilled workforce to meet replacement or expansion needs; the cost and availability of transportation for the Company's produced coal; legal and administrative proceedings, settlements, investigations and claims and the availability of insurance coverage related thereto; the lack of insurance coverage against all potential operating risk; and environmental concerns related to coal mining and combustion and the cost and perceived benefits of alternative sources of energy such as natural gas and nuclear energy.

Additional information concerning these and other factors can be found in press releases and Massey's public filings with the Securities and Exchange Commission, including Massey's Annual Report on Form 10-K for the year ended December 31, 2008, which was filed on March 2, 2009, and subsequently filed interim reports. Massey's filings are available either publicly, on the Investor Relations page of Massey's website, www.masseyenergyco.com, or upon request from Massey's Investor Relations Department: (866) 814-6512 (toll free). For further information, please visit Massey's website at www.masseyenergyco.com.



                           MASSEY ENERGY COMPANY
                  CONSOLIDATED FINANCIAL RESULTS - UNAUDITED
     (in Millions, except # of employees, per share & per ton information)

                                               For the three months ended
                                               March 31,         March 31
                                                 2009              2008

    Revenues
        Produced coal revenue                   $681.0             $543.2
        Freight and handling revenue              57.8               65.0
        Purchased coal revenue                    10.0               10.7
        Other revenue                             19.3               25.7
                                                  ----               ----
              Total revenues                     768.1              644.6

    Costs and expenses
        Cost of produced coal revenue            545.9              418.2
        Freight and handling costs                57.8               65.0
        Cost of purchased coal revenue             5.2                9.9
        Depreciation, depletion and
         amortization applicable to:
            Cost of produced coal revenue         71.6               59.3
            Selling, general and administrative    1.0                0.9
        Selling, general and administrative       21.9               21.5
        Other expense                              0.8                0.8
        Gain on derivative instruments            (8.9)               -
                                                  ----                -
              Total costs and expenses           695.3              575.6
                                                  ----               ----
    Income before interest and taxes              72.8               69.0
    Interest income                                8.9                5.2
    Interest expense(1)                          (25.3)              (21.0)
                                                  ----                ----
    Income before taxes                           56.4                53.2
    Income tax expense                           (13.0)              (11.3)
                                                 -----               -----

    Net income                                   $43.4               $41.9
                                                 =====               =====

    Net income per share
            Basic                                $0.51               $0.53
                                                 =====               =====
            Diluted                              $0.51               $0.52
                                                 =====               =====

    Shares used to calculate Net income per share:
            Basic                                 84.9                79.8
                                                  ====                ====
            Diluted                               85.2                80.6
                                                  ====                ====

    EBIT                                         $72.8               $69.0
    EBITDA                                      $145.4              $129.2


    (1) Interest expense for the three months ended March 31, 2009 includes
        non-cash interest expense in accordance with accounting guidance
        related to the Company's 3.25% convertible senior notes due 2015
        ("3.25% Notes"), effective January 1, 2009. See Note 5 below.



                                                 For the three months
                                             March 31,           March 31,
                                                 2009              2008
                                                 ----              ----

    Produced tons sold:
    -------------------
    Utility                                        8.3                 6.3
    Metallurgical                                  1.8                 2.3
    Industrial                                     0.7                 1.0
                                                   ---                 ---
        Total produced tons sold                  10.8                 9.6
                                                  ====                 ===

    Total tons produced                           11.4                10.0

    Produced coal revenue per ton sold:
    -----------------------------------
    Utility                                     $54.14              $47.89
    Metallurgical                              $102.99              $80.63
    Industrial                                  $65.34              $55.21
         Produced coal revenue per ton sold     $63.03              $56.36

    Average cash cost per ton                   $52.55              $45.62

    Capital expenditures                        $103.7              $123.5
    Number of employees                          6,614               5,728



                                                                  RESTATED
                                              March 31,        December 31,
                                                  2009                2008
                                                  ----                ----
    ASSETS

    Cash and cash equivalents                   $566.7              $607.0
    Short-term investment                         24.9                39.4
    Trade and other accounts receivable          295.2               233.2
    Inventories                                  256.1               233.2
    Other current assets                         104.9               122.7
    Net property, plant and equipment          2,326.7             2,297.7
    Other noncurrent assets(2)                   127.9               139.2
                                                 -----               -----

    Total assets                              $3,702.4            $3,672.4
                                              ========            ========

    LIABILITIES AND SHAREHOLDERS' EQUITY

    Short-term debt                               $2.1                $2.0
    Other current liabilities                    468.4               502.2
    Long-term debt(2)                          1,314.3             1,310.2
    Other noncurrent liabilities(2)              746.4               731.4
                                                 -----               -----
    Total liabilities                          2,531.2             2,545.8

    Total shareholders' equity(2)              1,171.2             1,126.6
                                               -------             -------

    Total liabilities and shareholders'
     equity                                   $3,702.4            $3,672.4
                                              ========            ========

    (2) Amounts at December 31, 2008 have been restated in accordance with
        accounting guidance related to the 3.25% Notes, effective January 1,
        2009. See Note 5 below.



    Note 1:  The number of shares used to calculate basic net income per share
    is based on the weighted average outstanding shares of Massey Energy
    during the respective periods.  The number of shares used to calculate
    diluted net income per share is based on the number of shares used to
    calculate basic net income per share plus the dilutive effect of stock
    options and other stock-based instruments held by Massey Energy employees
    and directors each period and debt securities convertible into common
    stock.  In accordance with accounting principles generally accepted in
    the United States, the effect of certain dilutive securities was excluded
    from the calculation of the diluted net income per share in the three
    months ended March 31, 2009, and March 31, 2008, as such inclusion would
    result in antidilution.

    Note 2:  "Gain on derivative instruments" for the three months ended
    March 31, 2009, represents the net gain for certain coal contracts
    deemed derivative instruments under Statement of Financial
    Accounting Standard 133, "Accounting for Derivative Instruments and
    Hedging Instruments," ("SFAS 133").  Contracts that qualify as
    derivatives under SFAS 133 are recognized at fair value and changes
    to their value are recognized as gains or losses in the current period
    earnings.

    Note 3:  "EBIT" is defined as Income before interest and taxes.
    "EBITDA" is defined as Income before interest and taxes before
    deducting Depreciation, depletion, and amortization ("DD&A").
    Although neither EBIT nor EBITDA are measures of performance
    calculated in accordance with Generally Accepted Accounting Principles
    ("GAAP"), we believe that both measures are useful to an investor in
    evaluating us because they are widely used in the coal industry as
    measures to evaluate a company's operating performance before debt
    expense and as a measure of its cash flow. Neither EBIT nor EBITDA
    purport to represent operating income, net income or cash generated
    by operating activities and should not be considered in isolation or
    as a substitute for measures of performance calculated in accordance
    with GAAP. In addition, because neither EBIT nor EBITDA are calculated
    identically by all companies, the presentation here may not be
    comparable to other similarly titled measures of other companies. The
    table below reconciles the GAAP measure of Net Income to EBIT and to
    EBITDA.  December 31, 2008 amounts have been restated in accordance
    with accounting guidance related to the 3.25% Notes, effective January 1,
    2009 (see Note 5 below).



                                                      Three months ended

                                                                   RESTATED
                                            March 31,  March 31,  December 31,
                                               2009       2008          2008
                                               ----       ----          ----
    Net income                                $43.4      $41.9         $47.7
    Plus: Income tax expense                   13.0       11.3          12.0
    Plus: Net interest expense                 16.4       15.8          15.2
                                               ----       ----          ----
    EBIT                                       72.8       69.0          74.9
    Plus: Depreciation, depletion and
     amortization                              72.6       60.2          69.5
                                               ----       ----          ----
    EBITDA                                   $145.4     $129.2        $144.4
                                             ======     ======        ======




    Note 4:  "Average cash cost per ton" is calculated as the sum of Cost of
    produced coal revenue and Selling, general and administrative expense
    ("SG&A") (excluding DD&A), divided by the number of produced tons sold.
    Although Average cash cost per ton is not a measure of performance
    calculated in accordance with GAAP, we believe that it is useful to
    investors in evaluating us because it is widely used in the coal industry
    as a measure to evaluate a company's control over its cash costs. Average
    cash cost per ton should not be considered in isolation or as a substitute
    for measures of performance in accordance with GAAP. In addition, because
    Average cash cost per ton is not calculated identically by all companies,
    the presentation here may not be comparable to other similarly titled
    measures of other companies. The table below reconciles the GAAP measure
    of Total costs and expenses to Average cash cost per ton. December 31,
    2008 amounts have been restated in accordance with accounting guidance
    related to the 3.25% Notes, effective January 1, 2009 (see Note 5 below).



                                                      Three months ended

                                                                     RESTATED
                                            March 31,  March 31,  December 31,
                                               2009       2008          2008
                                               ----       ----          ----
                                  $   per ton     $    per ton    $   per ton
                                 ---  -------    ---   -------   ---  -------
    Total costs and expenses   $695.3          $575.6          $680.2
    Less: Freight and handling
     costs                       57.8            65.0            76.8
    Less: Cost of purchased coal
     revenue                      5.2             9.9             8.7
    Less: Depreciation, depletion
     and amortization            72.6            60.2            69.5
    Less: Other expense           0.8             0.8             0.8
    Less: Litigation income       -               -              (1.0)
    Less: Gain on financing
     transactions                 -               -              (4.1)
    Less: (Gain)/loss on
     derivative instruments      (8.9)            -              22.6
                                                 ----            ----
    Average cash cost          $567.8  $52.55  $439.7  $45.62  $506.9  $49.66
                               ======          ======          ======

    Note 5: On January 1, 2009, the Company adopted Financial Accounting
    Standards Board ("FASB") Staff Position ("FSP") Accounting Principles
    Board ("APB") 14-1, "Accounting for Convertible Debt Instruments That May
    Be Settled in Cash upon Conversion (Including Partial Cash Settlement)"
    (FSP APB 14-1") for the 3.25% Notes issued in August 2008.  This FSP
    indicated that convertible debt instruments that may be settled in cash
    upon conversion, including partial cash settlement, should separately
    account for the liability and equity components in a manner that reflects
    the Company's nonconvertible debt borrowing rate when interest cost is
    recognized in subsequent periods.  Upon adopting FSP APB 14-1, the
    provisions were retroactively applied.  As a result, $4.5 million
    of additional non-cash interest expense was recorded for the three months
    ended March 31, 2009. The Company's debt is comprised of the following:

                                                                     RESTATED
                                                        March 31,  December 31
                                                           2009          2008
                                                           ----          ----
    6.785% senior notes due 2013, net of discount        $756.2        $756.0
    3.25% convertible senior notes due 2015, net of
     discount                                             522.1         517.6
    6.625% senior notes due 2010                           21.9          21.9
    2.25% convertible senior notes due 2024                 9.6           9.6
    4.75% convertible senior notes due 2023                 0.1           0.1
    Capital lease obligations                               6.5           7.0
                                                            ---           ---
    Total debt                                          1,316.4       1,312.2
    Less:  Short-term debt                                  2.1           2.0
                                                            ---           ---
    Total long-term debt                               $1,314.3       $1,310.2
                                                       ========       ========



    The adoption of FSP APB 14-1 also impacted the historical accounting for
    the 3.25% Notes which resulted in the restatement of the Company's
    Condensed Consolidated Statement of Income and Condensed Consolidated
    Balance Sheet as of and for the quarter ended December 31, 2008, as
    follows:


                                               As originally
                                               Presented        RESTATED
                                               For the          For the
                                               three            three
                                               months ended     months ended
    Condensed Consolidated Statement of        December 31,     December 31,
     Income                                    2008             2008
                                               ------------     -----------
    Gain on financing transactions                     $8.6            $4.1
         Total costs and expenses                     675.7           680.2
    Net interest expense                               11.2            15.2
    Income tax expense                                 14.5            12.0
         Net income                                    53.6            47.7


                                              As
                                              originally
                                              Presented     RESTATED
                                              December 31,  December 31,
    Condensed Consolidated Balance Sheet      2008          2008
                                              -----------   -----------

     Other noncurrent assets                       $142.6        $139.2
          Total assets                            3,675.8       3,672.4
     Long-term debt                               1,463.6       1,310.2
     Other noncurrent liabilities                   671.4         731.4
          Total liabilities                       2,639.2       2,545.8
          Total shareholders' equity              1,036.6       1,126.6
          Total liabilities and
           shareholders' equity                   3,675.8       3,672.4


    Note 6:  "Net debt" is calculated as the sum of Short-term debt and
    Long-term debt less Cash and cash equivalents, Short-term investment and
    Restricted cash, which is included in Other current assets.  Although Net
    debt is not a measure of performance calculated in accordance with GAAP,
    management believes that it is useful to an investor in evaluating Massey
    Energy because it provides a clearer comparison of the Company's debt
    position from period to period.  Net debt should not be considered in
    isolation or as a substitute for measures of performance in accordance
    with GAAP.  The table below reconciles the GAAP measure of Long-term debt
    to Net debt.  December 31, 2008 amounts have been restated in accordance
    with accounting guidance related to the 3.25% Notes, effective January 1,
    2009 (see Note 5).


                                                                   RESTATED
                                           March 31,             December 31,
                                              2009                    2008
                                              ----                    ----
    Long-term debt                         $1,314.3                $1,310.2
    Plus:  Short-term debt                      2.1                     2.0
    Less:  Cash and cash equivalents          566.7                   607.0
    Less: Short-term investment                24.9                    39.4
    Less:  Restricted cash                     46.0                    46.0
                                               ----                    ----
    Net debt                                 $678.8                  $619.8
                                             ======                  ======


    Note 7:  The "Total debt-to-book capitalization" ratio is calculated as
    the sum of Short-term debt and Long-term debt divided by the sum of
    Short-term debt, Long-term debt and Total shareholders' equity. The
    "Total net debt-to-book capitalization" ratio is calculated as the sum
    of Net debt (calculated in Note 6) divided by the sum of Net debt and
    Total shareholders' equity. The tables below calculate the Total
    debt-to-book capitalization and Total net debt-to-book capitalization
    ratios.  December 31, 2008 amounts have been restated in accordance
    with accounting guidance related to the 3.25% Notes, effective
    January 1, 2009 (see Note 5).


                                                                   RESTATED
                                           March 31,             December 31,
                                              2009                    2008
                                              ----                    ----
    Long-term debt                         $1,314.3                $1,310.2
    Plus:  Short-term debt                      2.1                     2.0
                                                ---                     ---
    Total debt (numerator)                  1,316.4                 1,312.2

    Plus:  Total shareholders' equity       1,171.2                 1,126.6
                                            -------                 -------
    Book capitalization (denominator)      $2,487.6                $2,438.8
                                           ========                ========

    Total debt-to-book capitalization
     ratio                                    52.9%                   53.8%
                                              ====                    ====
    ---------------------------------         -----                   -----
    Net debt (from Note 6) (numerator)        678.8                   619.8
    Plus:  Total shareholders' equity       1,171.2                 1,126.6
                                            -------                 -------
    Adjusted book capitalization
     (denominator)                         $1,850.0                $1,746.4
                                           ========                ========

    Total net debt-to-book capitalization
     ratio                                    36.7%                   35.5%
                                               ====                    ====


    Note 8:  "Operating cash margin per ton" is calculated as the difference
    between Produced coal revenue per ton sold (Produced coal revenue divided
    by Total produced tons sold) and Average cash cost per ton (computed in
    Note 4).  Although Operating cash margin per ton is not a measure of
    performance calculated in accordance with GAAP, management believes that
    it is useful to an investor in evaluating Massey Energy because it is
    widely used in the coal industry as a measure to evaluate a company's
    profitability from produced tons sold.  Operating cash margin per ton
    should not be considered in isolation or as a substitute for measures of
    performance in accordance with GAAP.  In addition, because Operating cash
    margin per ton may not be calculated identically by all companies, the
    presentation here may not be comparable to other similarly titled measures
    of other companies.  The table below reconciles the GAAP measure of
    produced coal revenue to Operating cash margin per ton.


                                                Three months ended
                                        March 31, 2009          March 31, 2008
                                        --------------          --------------
                                       $        per ton       $        per ton
                                       -        -------       -        -------
    Produced coal revenue              $681.0   $63.03        $543.2   $56.36
    Less:  Average cash cost (from
     Note 4)                            567.8    52.55         439.7    45.62
                                        -----    -----         -----    -----
    Operating cash margin              $113.2   $10.48        $103.5   $10.74
                                       ======   ======        ======   ======


    Note 9:  "Other income" is calculated as the sum of Purchased coal revenue
    and Other revenue less Cost of purchased coal revenue and Other expense.
    Although Other income is not a measure of performance calculated in
    accordance with GAAP, management believes that it is useful to investors
    in evaluating Massey Energy because it is a widely used measure of gross
    income from non-core sources. Other income should not be considered in
    isolation or as a substitute for measures of performance in accordance
    with GAAP. In addition, because Other income is not calculated identically
    by all companies, the presentation here may not be comparable to other
    similarly titled measures of other companies. The table below reconciles
    the GAAP measure of Other revenue to Other income.


                                             Three months ended March 31,
                                             ----------------------------
                                             2009                    2008
                                             ----                    ----
    Other revenue                           $19.3                   $25.7
    Plus: Purchased coal revenue             10.0                    10.7
    Less: Cost of purchased coal revenue      5.2                     9.9
    Less: Other expense                       0.8                     0.8
                                              ---                     ---
    Other income                            $23.3                   $25.7
                                            =====                   =====
SOURCE  Massey Energy
    -0-                           04/28/2009
    /CONTACT:  Roger Hendriksen, Director, Investor Relations of Massey
Energy, +1-804-788-1824/
    /Photo:  http://www.newscom.com/cgi-bin/prnh/20071031/MASSEYENERGYLOGO
             AP Archive: http://photoarchive.ap.org
             PRN Photo Desk, photodesk@prnewswire.com/
    /Web Site:  http://www.masseyenergyco.com /
    (MEE)

CO:  Massey Energy
ST:  Virginia
IN:  OIL
SU:  ERN CCA

PR
-- NE07018 --
2118 04/28/2009 19:51 EDT http://www.prnewswire.com
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