1

Investor Meetings

Bear Stearns

August 16, 2006

Don L. Blankenship  /

Chairman, President & Chief Executive Officer

Baxter

F.

Phillips,

Jr.

/

Executive

Vice

President

&

Chief

Administrative

Officer

Exhibit 99.1

* *

*

2

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.

Safe Harbor Statement

**

*

3

Massey Energy Company

A leading provider of high-

quality steam and

metallurgical coal in

Central Appalachia.

* *

*

4

2,260

785

0

500

1000

1500

2000

2500

89

91

93

95

97

99

01

03

05

Massey’s competitive advantage is based on our

market-leading reserve base

Note:  65 million tons of Massey reserves are located in Northern Appalachia

**

*

5

0

2

4

6

8

10

12

MEE

Non-MEE

(Central Appalachia Reserve Tons In Billions)

Source:  Energy Venture Analysis, Inc., Company estimates

11.0

6.3

0.8

2.3

Our reserves represent an estimated one-third of total

Central Appalachia reserves

**

*

6

Source: Energy Information Administration

Central Appalachian production has been declining,

largely due to the diminishing supply of economic

reserves

52

54

56

58

60

62

64

66

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

Average seam thickness

**

*

7

Reserve degradation in Central Appalachia has

negatively impacted productivity

Source:  Energy Information Administration, MSHA

2.00

2.50

3.00

3.50

4.00

4.50

2004

2002

2000

1998

1996

1994

1992

1990

(tons per employee hour)

**

*

8

156

156

167

202

233

0

50

100

150

200

250

300

2025

2020

2015

2010

2005

2000

1995

Source:

Energy

Information

Administration

historical

information

and

projections

CAPP Production Projections

The trend of declining supply and rising costs are

expected to continue for our competitors

**

*

9

Massey’s numerous and high-quality underground

reserves have evidenced little degradation

1

2

3

4

2000

2002

2004

2006P

2008P

2010P

Underground mine tons/foot

**

*

10

Massey’s extensive surface mine reserves have not

evidenced significant degradation

10

11

12

13

14

15

16

17

18

2000

2002

2004

2006P

2008P

2010P

Surface mine tons/yard (ratio)

**

*

11

Massey’s production in Central Appalachia continued to

increase due to our growing reserve base and low costs

0

5

10

15

20

25

30

35

40

45

50

**

*

12

Massey is better able to sustain production volume

at a low cost due to its extensive reserve base in

Central Appalachia

Source:

Production

estimates

based

on

internal

estimates

and

company

reports.

52

33

30

28

28

27

26

25

24

15

0

10

20

30

40

50

60

**

*

13

100%

42%

63%

37%

2,260 mil.

943 mil.

1,413 mil.

847 mil.

Total

Compliance

-1% Sulfur

+ 1% Sulfur

Massey has a diversity of product to meet customer

needs

Reserves @ 12/31/05 (tons)

22%

Metallurgical

9%

Industrial

69%

Utility

2005 Produced Tons Sold

**

*

14

•

Massey’s asset base provides a significant cost advantage

vs.

our

Central

Appalachian

competitors

-

and

we

believe it will increase as regional reserves are depleted

•

This accelerating cost advantage translates into

shareholder value not captured by traditional earnings

or EBITDA multiples

Shareholder Value

**

*

15

Massey remains a low-cost producer in Central

Appalachia

$41.00 –

41.50

Central Appalachia competitors

$35.62

Massey

2005 Average Cash Cost ($/ton)*

* Cash costs exclude DD&A and includes SG&A

Source:

Competitors’

cash

costs

developed

from

competitors’

company

reports

**

*

16

Massey Margin Advantage

22% of total production vs.

competitor average of 9%

Metallurgical production advantage:

Premium reserves

Lower royalties

Best practices

Equipment infrastructure

Lower legacy liability expense

Cost Advantage:

Over the long-term, Massey is expected to record higher per ton

margins due to our cost advantage and a higher % of metallurgical

production

**

*

17

Low Legacy Liabilities

2005 Legacy Liabilities as a Percentage of Net Worth*

* Net worth defined as shareholders equity less intangibles

Source

:

Company

reports

326

226

97

60

46

29

28

155

0

50

100

150

200

250

300

350

CONSOL

Foundation

James

River

Peabody

Alpha

Massey

ICG

Arch

*

*

18

•

Massey’s increasing competitive advantage

should translate into increased and sustainable

shareholder value

•

Over time, Massey should realize cash flow

growth

with

or

without

volume

growth

-

via

margin expansion

Massey Competitive Advantage

**

*

19

Current Massey focus on further margin expansion

through management of cash costs

•

Re-start Aracoma longwall

•

Continue to increase surface mine capacity

•

Idle four high cost underground mining sections

•

Shut Rockhouse

longwall

•

Optimize staffing to improve productivity

*

*

20

•

Foremost producer in Central Appalachia with increasing

market share

•

Leading Central Appalachian reserve base enables long-

term organic growth

•

Capital discipline to optimize leverage and liquidity

requirements

•

Safety, community and environmental stewardship

programs that improve ‘Our Total Environment’

Massey Creating Long-term Value

*

*

21

Disclaimer

FORWARD-LOOKING

STATEMENTS:

certain

statements

in

this

presentation

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.

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

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.

Information

concerning

those

factors

is

available

in

the

company’s

annual

reports

on

form

10-K

and

quarterly

reports

on

form

10-Q.

NON-GAAP

INFORMATION:

included

in

this

presentation

are

EBITDA

results,

which

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

adjusted

EBITDA

can

be

found

in

the

company’s

earnings

press

release

for

the

relevant

periods.

*

*

22

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