8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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FORM 8-K

__________

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):  April 7, 2008 (April 7, 2008)

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MASSEY ENERGY COMPANY

(Exact name of registrant as specified in its charter)

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Delaware	1-7775	95-0740960
(State or other jurisdiction of incorporation )	(Commission File Number)	(IRS Employer Identification No.)

4 North 4th Street, Richmond, Virginia	23219
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (804) 788-1800

N/A

(Former name or former address, if changed since last report)

__________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01.   Regulation FD Disclosure.

On April 7, 2008, Don L. Blankenship, the Chairman and CEO of Massey Energy Company (the “Registrant”), will make a presentation to investors at the Howard Weil Energy Conference in New Orleans, Louisiana. In addition, Mr. Blankenship and Baxter F. Phillips, Jr., the Registrant’s Executive Vice President and Chief Administrative Officer, will hold several meetings with investors. A copy of the materials that will be presented at the conference and in meetings held with investors is furnished as Exhibit 99.1 hereto and incorporated by reference herein.

In accordance with General Instruction B.2 of Form 8-K, this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing. The information in this Report will not be deemed an admission as to the materiality of any information required to be disclosed solely to satisfy the requirements of Regulation FD.

Item 9.01.  Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number	Description of Exhibit
99.1	Investor presentation materials dated April 7, 2008.

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	MASSEY ENERGY COMPANY
Date: April 7, 2008	By:	/s/ Richard R. Grinnan
	Name:	Richard R. Grinnan
	Title:	Vice President and Corporate Secretary

Exhibit Index

 

Exhibit Number	Description
99.1	Investor presentation materials dated April 7, 2008.

EX-99.1

Howard Weil Energy Conference
April 7, 2008

Don BlankenshipChairman, President and CEO

3

Safe Harbor Statement

FORWARD-LOOKING STATEMENTS: certain statements in this
presentation are forward-looking as defined by the Private Securities
Litigation Reform Act of 1995.Due to known and unknown risks, the
company’s actual results may differ materially from its expectations or
projections. Factors potentially contributing to such differences are
described in further detail at the conclusion of this presentation and in
the company’s annual reports on form 10-K and quarterly reports on
form 10-Q.

2007 - - A Record Year

5

2007 Highlights

•Set Company safety record for lowest injury incident rate
(NFDL of 2.05)

•Produced 39.5 mm tons

•Increased produced coal revenue by 8%

•Increased cash margin per ton by 32%

•Set Company record for EBITDA of $426 mm

•Increased cash balance by $126 mm

•Ended 2007 with $479 mm in liquidity

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Massey Energy vs. Industry Historic NFDL rates

2007 Highlights - Safety

7

2007 Highlights - Tons Produced

8

2007 Highlights - Cash Margin per Ton

9

2007 Highlights - EBITDA (Record Year)

10

2007 Highlights - Cash and Liquidity

2008 will be even better

Current Coal Market

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Coal Marketplace

·Strong steam coal demand and pricing for both
domestic and international deliveries

·Southeastern U.S. utility inventory levels remain high,
but are correcting quickly despite a mild winter

·Unbalanced international markets driving record prices
for steam and metallurgical coal

·New safety regulations, permitting challenges, and
tightness of labor availability limit coal producers’ ability
to respond

14

Market Outlook - Domestic Steam Coal

•Export market has absorbed excess CAPP
supply, keeping prices high

•CAPP production declined 4.5% in 2007

•Further upward pressure on prices will
likely result when utility inventories return to
normal

15

Utility Inventory Levels

NOTE:76% participation

SOURCE:Energy Ventures Analysis, February 2008 Coalcast stockpile report

16

Market Outlook - Export Steam Coal

•China demand exceeds its domestic supply

•Demand in India increasing

•Former Soviet Union countries seeking new supply

•Europe becomes a natural market for CAPP coal

•U.S. Dollar remains weak

•Export demand appears to be sustainable

17

NOTE:(12,000 Btu, NYMEX, Prompt Quarter)

SOURCE:Coal Daily, Energy Ventures Analysis, ICAP United

Central App Spot Coal Prices

(January 2000 - December 2010E)

18

NOTES:12,000 Btu/ -1.00% Sulfur/ NYMEX

Forward Market - CAPP Steam Coal

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Market Outlook - Metallurgical Coal

•Global Supply Constraints

•Australian flooding - Force Majeure lifted but challenges remain

•Australian port congestion

•South African production stoppages

•High ocean freight rates

•Global demand increasing

•Continuing Asian economic expansion

•Coke oven projects in Brazil

•Eastern Europe

•Domestic met coal demand could be on the rise

•Weak dollar and high ocean freight rates create disadvantage for
imported steel

•Further investment in domestic coke ovens is possible

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(million metric tonnes)

Forecast 2008 vs. 2007: +5.7%

SOURCE: World Coal Institute, IISI

World Steel Production

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“There appears to be virtually no chance

that the met demand will crash

inside a year, probably two or more.”

Coal & Energy Price Report

April 2, 2008

Met Coal Pricing

•Recent spot prices as high as $200 per ton

Massey Opportunities

23

Expansion Plan

•Plan to expand production by about 10
million tons in 2010 over 2007 production
level

•Increase met coal production by
approximately 62% (5 million tons)

•Increase thermal coal production by
approximately 16% (5 million tons)

•Doing all we can to accelerate the increase
in production

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“Opening 1 new mine every 17 days.”

Increased production levels should be evident in 2Q08

Expansion Plan - Update

•9 additional mines opened to date in 2008

•Added sections or equipment to existing mines

•Substantially all previously announced projects are
on schedule

•New projects have been added

»New surface mine at Knox Creek

»Re-activated mine at Elk Run

»Added highwall mining system at Black Castle

»Construction begun on new mine in Logan County, WV

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Expansion - - Mammoth Coal Load-out

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Expansion - - Mammoth Coal Load-out

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Expansion - - Inman Coal Company

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Expansion - - Inman Coal Company

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Expansion - - Inman Coal Company

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Expansion - - Empire

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Expansion - - Empire

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Expansion - - Empire

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Expansion - - Empire

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* Expansion CAPEX is in addition to normal “on-going” CAPEX of approximately $240
million annually

Expansion Plan - CAPEX Update

•Additional capital for 2008 authorized by the
Board of Directors on April 3, 2008

•2008 expansion CAPEX* now expected to be
approximately $310 million

35

2008 Market Opportunities

•Expand production as quickly as possible

•Un-sold or Un-priced Met Coal

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Price Realization Update

•2008 average price realization now expected
to be in the range of $61 - $63 per ton

•2009 average price realization forecast in the
range of $65 - $74 per ton

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Forecast Range

2008 Outlook - Cash Margin per Ton

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	2007 Actual	2008 Forecast	2009 Forecast	2010 Forecast
Tons Shipped (Millions)	39.9	41.5 - 43.0	46.0 - 48.0	50
Price per Ton	$51.55	$61.00 - $63.00	$65.00 - $74.00	$75.00 - $87.00
Cash Cost per Ton	$43.10	$45.00 - $47.50	np	np
Other Income ($Millions)	$88.9	$20 - $100	np	np
CAPEX ($Millions)	$271	$550	np	np

“np” - no guidance provided for this period

Guidance Update (April 3, 2008)

“What else am I missing?”

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* TTM 12/31/2007

Source:Thomson Financial

Valuation Disconnect

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Risk of Central Appalachia

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RiskValue of Central Appalachia/Massey

•Product diversity

•Transportation infrastructure

•Broad market access

»Domestic rail

»Domestic river

»Export

•Regulatory environment

»Creates barriers to entry for smaller producers

•Scarcity of reserves

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RiskValue of Central Appalachia/Massey

•Massey has dominant market position

•Massey has premier reserve base in Central App.

44

Massey Production

Non-Massey CAPP Production

Note: Projection based on Energy Ventures Analysis CAPP forecast and assumed Massey
internal growth to 52 million tons by 2012

SOURCE: Energy Ventures Analysis

Execution Risk?

•Massey has endured and grown while many others have failed

45

Execution Risk?

•Greatest risk to production is labor
turnover/shortage

•Massey has taken proactive steps to reduce
voluntary turnover in this strong market

»3-year individual employment agreements

»Enhanced bonus and incentives

»Best benefits package in the industry

•Voluntary quits are down 5% year-to-date

»Voluntary quits for underground miners down 24% YTD.

46

* Average percentage deviation of actual results compared to analyst quarterly mean estimates
for EBITDA.Measured over 8 quarters in 2006 and 2007

SOURCE: Thomson Financial

Execution Risk?

•Massey results have been more consistent with analyst
EBITDA forecasts than most coal producers

47

Litigation Risk?

•First place team always has a “target” on their
back

•Conforming or giving in on all issues is not in
shareholders’ best interest in the long term

•Massey has resources to manage known liabilities

48

Summary

•Coal market outlook is strong

•Expansion plans are on track and accelerating

•Execution on plan will result in significant projected cash flow
generation and growth

•Investors have not recognized full value and opportunity of
Massey

•Massey remains focused on long-term enhancement of
shareholder value

49

Disclaimer

FORWARD-LOOKING STATEMENTS: Certain statements in this press release are forward-looking as defined by
the Private Securities Litigation Reform Act of 1995.Such forward-looking statements 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 events beyond the
Company’s control. Caution must be exercised in relying on forward-looking statements including disclosures that
use words such as “believe”, “anticipate”, “expects”. Due to known and unknown risks, the Company’s actual
results may differ materially from its expectations or projections including disclosures that use words such as
“believe,” “anticipate,” “expect,” “estimate,” “intend,” “plan,” “will,” “project,” and similar statements that are subject
to risks. Factors potentially contributing to such differences include, among others: market demand for coal,
electricity and steel which could adversely affect the Company’s operating results and cash flows; future economic
or capital market conditions; deregulation of the electric utility industry; competition in coal markets; inherent risks
of coal mining beyond the Company’s control, including weather and geologic conditions; the Company’s ability to
expand mining capacity; the Company’s production capabilities; the Company’s plan and objectives for future
operations and expansion or consolidation;failure to receive anticipated new contracts; customer cancellations
of, or breaches to, existing contracts; customer delays or defaults in making payments; the Company’s ability to
manage production costs;the Company’s ability to timely obtain necessary supplies and equipment;the
Company’s ability to attract, train and retain a skilled workforce; fluctuations in the demand for, price and
availability of, coal due to labor and transportation costs and disruptions, governmental policies and regulatory
actions, legal and administrative proceedings, settlements, investigations and claims, foreign currency changes
and other factors; and greater than expected environmental and safety regulation, costs and liabilities. The
forward-looking statements are also based on various operating assumptions regarding, among other things,
overhead costs and employment levels that may not be realized. While most risks affect only future costs or
revenues anticipated by the Company, some risks might relate to accruals that have already been reflected in
earnings. The Company’s failure to receive payments of accrued amounts could result in a charge against future
earnings.

Additional information concerning these and other factors can be found in press releases as well as Massey's
public filings with the Securities and Exchange Commission, including the Company’s Form 10-K for the year
ended December 31, 2007, which was filed on February 29, 2008.

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EBITDA is defined as income before interest and taxes, depreciation, depletion and amortization. Although EBITDA is not a measure of performance calculated in
accordance with generally accepted accounting principles, management believes that it is useful to an investor in evaluating the company because it is widely used
in the coal industry as a measure to evaluate a company’s operating performance before debt expense and as a measure of its cash flow. EBITDA does not 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 in accordance with generally accepted accounting principles. In addition, because EBITDA is not calculated identically by all companies, the
presentation here may not be comparable to other similarly titled measures of other companies. Reconciliations of EBITDA can be found in the company’s earnings
press release for the relevant periods.

Average cash cost per ton is calculated as the sum of Cost of produced coal revenue and Selling, general and administrative expense (excluding Depreciation,
depletion and amortization), divided by Total produced tons sold.Although Average cash cost per ton is not a measure of performance calculated in accordance
with generally accepted accounting principles, 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 control over its cash costs.Average cash cost per ton should not be considered in isolation or as a substitute for
measures of performance calculated in accordance with generally accepted accounting principles.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. Reconciliations of Average cash
cost per ton can be found in the company’s earnings press release for the relevant periods.

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 generally accepted accounting principles, management believes that it is useful to investors
in evaluating the Company 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 generally accepted accounting principles. 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.Reconciliations of Other income can be found
in the company’s earnings press release for the relevant periods.

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 as noted above).Although Operating cash margin per ton is not a measure of performance calculated in accordance
with generally accepted accounting principles, 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 calculated in accordance with generally accepted accounting principles.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 generally accepted accounting principle measure of Produced coal revenue to Operating cash margin per ton.Reconciliations of Operating
cash margin per ton can be found in the company’s earnings press release for the relevant periods.

Non-GAAP Information

with Energy

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