Patriot Coal Names New Leadership Team To Improve Its Operating And Financial Structure

Patriot Coal Names New Leadership Team To Improve Its Operating And Financial



PR Newswire

ST. LOUIS, May 29, 2012

ST. LOUIS, May 29, 2012 /PRNewswire/ --Patriot Coal Corporation (NYSE: PCX),
a leading producer and marketer of coal in the eastern United States, today
announced a new executive leadership team to improve its operating and
financial structure.

The following appointments by the Patriot Board of Directors are effective

  oIrl F. Engelhardt has been named Chief Executive Officer. He succeeds
    Richard M. Whiting, who is leaving Patriot after serving as President and
    CEO since 2007. As CEO, Engelhardt will have overall responsibility for
    the Company and will focus on corporate strategy, financing activities,
    corporate development and optimization of the Company's asset portfolio.
    Engelhardt will also continue to serve as Chairman of Patriot's Board of
  oBennett K. Hatfield has been named President and will continue to serve as
    Chief Operating Officer of Patriot. He will be responsible for overseeing
    the execution of Patriot's operations, sales and marketing plans. To help
    ensure that Patriot's operations anticipate and respond effectively to
    changing market conditions, the Company's marketing teams will now report
    directly to Hatfield.
  oMichael M. Scharf has been named Lead Independent Director of the Patriot
    Board. He has been a member of the Board since 2007 and currently chairs
    Patriot's Nominating & Governance Committee.

Engelhardt said, "Ben and I will immediately focus on improving Patriot's
competitive position as well as its financial structure to enhance value for
our shareholders and all other groups who have a stake in the Company's
success. Our team has successfully navigated the inherent cycles in the energy
industry in the past, and I am confident Patriot can overcome the industry
challenges that we currently face. As we move forward, I could not have a
better operating partner than Ben, who has demonstrated outstanding leadership
and a deep knowledge of the coal industry in his 30-year career."

Engelhardt added, "On behalf of the Board and the senior management team, we
thank Rick for his contributions, commitment and service to Patriot. As
President and CEO, he guided Patriot through a complex spin-off and its
emergence as a standalone public company. We wish him well in his future

About Irl F. Engelhardt

With more than 30 years of experience in the coal and energy industries, Mr.
Engelhardt, 65, will lead Patriot. He has served as Chairman of the Board of
Directors of Patriot since its spin-off from Peabody Energy in 2007, and
previously served as Chairman and CEO of Peabody from 1990 - 2005. During his
career, he has served as Chairman of Peabody Resources Ltd. (Australia),
Chairman of Citizens Power LLC (a power trading company), Chairman of The
Federal Reserve Bank of St. Louis, Co-CEO and executive director of The Energy
Group (LSE: TEG), Chairman of Suburban Propane Company and Chairman of
Cornerstone Construction& Materials. He also previously served as a member of
the Boards of Directors of Valero Energy Corporation and The Williams
Companies, Inc. In addition, he served as Chairman of the National Mining
Association, the Coal Industry Advisory Board of the International Energy
Agency, the Center for Energy and Economic Development, and the Coal
Utilization Research Council, as well as Co-Chairman of the Coal Based
Generation Stakeholders Group.

About Bennett K. Hatfield

Bennett K. Hatfield, 55, has served as Patriot's Executive Vice President &
COO since September 2011. He previously served as President, CEO and a
Director of International Coal Group, from 2005 until the June 2011 sale of
that company.

He has held a number of other key executive operating and commercial positions
during his 30-plus years in the coal industry, including President, Eastern
Operations of Arch Coal, Inc., Executive Vice President and COO of Massey
Energy Company, and Executive Vice President & Chief Commercial Officer of
Coastal Coal Company.

Mr. Hatfield is a board member of the West Virginia Coal Association and has
held leadership positions in a variety of other industry associations. He is a
Licensed Professional Engineer with a Bachelor of Science degree in mining
engineering from Virginia Polytechnic Institute and State University.

About Patriot Coal

Patriot Coal Corporation is a leading producer and marketer of coal in the
eastern United States, with 13 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

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: worldwide financial, economic and
political conditions; coal price volatility and demand, particularly in higher
margin products; geologic, equipment and operational risks associated with
mining; reductions of purchases or deferral of shipments by major customers;
changes in general economic conditions, including coal, power and steel market
conditions; the availability and prices of competing energy resources; changes
in the interpretation, enforcement or application of existing and potential
laws and regulations affecting the production and use of our products; risks
associated with environmental laws and compliance, including selenium-related
matters; failure to comply with debt covenants; availability and costs of
credit; weather patterns and conditions affecting energy demand or disrupting
coal supply; developments in greenhouse gas emission regulation and treatment;
the outcome of pending or future litigation; the impact of the restatement for
the years ended December 31, 2011 and 2010 and the related material weakness
associated with the accounting treatment for the Apogee and Hobet water
treatment facilities; 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; negotiation of labor contracts, labor
availability and relations; customer performance and credit risks;
inflationary trends; 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; and the effects of mergers, acquisitions and
divestitures. 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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