This is a summary of the second quarter fiscal 2008 earnings call conducted by Massey Energy Co. (MEE: chart) on August 1, 2008

Management:

- Chairman, President and Chief Executive Officer: Don L. Blankenship
- Chief Financial Officer and Vice President: Eric B. Tolbert
- Executive VP and Chief Administrative Officer: Baxter F. Phillips Jr.
- Director of Investor Relations: Roger Hendriksen

Key Investors Issues:

-Total revenues were $826.8 million, up 34% from $617.8 million in 2007.
- Including the WP litigation charge, Massey reported a net loss of $93.3 million or $1.16 per share.
- Operating cash margin per ton was $15.94, an increase of 83%.

First Half Highlights:

- Total revenues rose 19.5% to $1.47 billion compared to $1.23 billion in 2007.
- It recorded a net loss of $51.4 million or $1.64 a share compared to $67.5 million net income or 84 cents a share in the prior year.
- Average cash cost per ton was $47.85 million as to $42.52 million average cash cost per ton of last year prior period.

Second Quarter Highlights:

Total revenues were $826.8 million compared to $617.8 million from the second quarter of 2007 as produced coal revenue increased to $710.3 million from $516.2 million in 2007.

- Freight and handling revenue was $83.4 million compared to $39.9 million of the same period last year.
- Purchased coal revenue was $6.9 million as to $31.3 million of the previous year quarter.
- Other revenue totalled $26.2 million compared to $30.4 million from last year second quarter.

Net loss was $93.3 million or $1.16 a share compared to $34.9 net gain last year mainly due to the WP litigation charge.

- Cash and cash equivalents were $351.9 million as at June 30 2008.
- Trade and other account receivable totalled $256.6 million.
- Capital expenditures were $178.2 million compared to $76.8 million of the last year quarter.

Coal Market Overview:

- Eastern U.S. steam coal prices increased dramatically during the second quarter, driven by continued strong demand from the export market.
- Pricing for prompt delivery coal increased approximately 85% from March 31 to June 30, ending the month and quarter at nearly $140.00 per ton.
- Global supply of coal remains tight and demand for coal is increasing.
- Bench mark prices for metallurgical coal have been established at $300.00 per metric tonne, FOB terminal and the firm has been able to sign supply agreements at this price.
- Coal burn at utilities in the south-eastern United States was down 1.7% through the first 6 months of the year; however, their receipts of coal were down 10.7%.

Expansion Update, Guidance and Commitments:

- A total of 36 million tons of planned production for 2009 and 2010 remain unsold or unpriced, including approximately 18 million tons of metallurgical coal.
- The Company continues to project 2008 produced coal shipments will be between 41.5 and 43.0 million tons, with average produced coal realization between $65.00 and $66.00 per ton.
- Excluding the WP litigation charge, average cash cost per ton for the full year 2008 is expected to be between $47.00 and $50.00.

For 2009 Massey expects produced coal shipments to be in the range of 46.0 to 48.0 million tons, 13.0 to 14.0 million tons of which will be metallurgical coal.

- For the total tons shipped, the average price is expected to be in the range of $84.00 to $92.00 per ton.
- The Company has approximately 6 million unsold or unpriced tons for 2009, substantially all of which are of metallurgical quality.
- Cash costs for 2009 are expected to be in the range of $52.00 to $60.00 per ton.
- Massey expects to ship approximately 50.0 million tons in 2010, 15 million tons of which are expected to be metallurgical coal.
- The Company has approximately 30 million unsold or unpriced tons for 2010, of which approximately 12 million tons are of metallurgical quality.

Key questions and answers for the second quarter fiscal 2008 earnings call, conducted by Massey Energy Company (MEE: chart) on August I, 2008