 | |
| Company type | Public company |
|---|---|
| NYSE: MEE | |
| Industry | Coal |
| Founded | 1920 in Richmond, Virginia |
| Fate | Acquired by Alpha Natural Resources |
| Headquarters | Richmond, Virginia, U.S. |
Key people | Baxter Phillips, President and CEO Christopher Adkins, SVP & COO John Poma, VP & CAO Shane Harvey, VP & General Counsel |
| Revenue | US$2.69 billion (2009)[1] |
| US$104.4 million (2009)[1] | |
Number of employees | approx. 5,850[2] |
| Website | www.alphanr.com |
Massey Energy Company was a coal extractor in the United States with substantial operations in West Virginia, Kentucky and Virginia. By revenue, it was the fourth largest producer of coal in the United States and the largest coal producer in Central Appalachia.[3] By coal production weight, it was the sixth largest producer of coal in the United States.[4]
Massey's mines yielded around 40 million tons annually. The company controlled 2.3 billion tons of proven and probable coal reserves in Southern West Virginia, Eastern Kentucky, Southwest Virginia and Tennessee or about a third of all Central Appalachian reserves.[5] It employed approximately 5,850 people,[2] and operated 35 underground mines and 12 surface mines.[6]
Massey Energy owned and operated Upper Big Branch Mine where 29 miners were killed in April 2010. The Mine Safety and Health Administration found that the company's culture of favoring production over safety contributed to flagrant safety violations that caused the coal dust explosion. On December 6, 2011 the Mine Safety and Health Administration announced a $10,825,368 levy against Massey, the largest monetary penalty imposed by the agency in history.
The resulting $10.8 million in total was from 369 citations and orders. Following Alpha Natural Resources' acquisition, Alpha additionally settled Massey's potential criminal liabilities for $209 million.[7][8][9]
In January 2011, it was announced that Massey Energy company would be bought by competitor Alpha Natural Resources for $7.1 billion.[10] More than 99% of Massey shareholders and 98% of Alpha shareholders voted in favor of the acquisition and courts in Delaware and West Virginia[11] agreed with the shareholders' vote.
- ^ a b "MEE: Income Statement for Massey Energy Company Common St - Yahoo! Finance". Finance.yahoo.com. Retrieved 2010-04-06.
- ^ a b "MEE: Profile for Massey Energy Company Common St - Yahoo! Finance". Finance.yahoo.com. 2010-01-31. Retrieved 2010-04-06.
- ^ "masseyenergyco.com". Massey Energy. Archived from the original on April 8, 2010. Retrieved May 22, 2010.
- ^ "Annual Coal Report - Energy Information Administration". Eia.doe.gov. Retrieved 2012-09-02.
- ^ "Massey Energy Adds High Quality Central Appalachia Coal Reserves". Istockanalyst.com. Archived from the original on 2011-07-24. Retrieved 2010-04-06.
- ^ "Massey Energy Company - About Us". Archived from the original on 2011-01-23. Retrieved 2010-07-12.
- ^ Maher, Kris (December 6, 2011). "Feds Blame Owner of West Virginia Mine". Wall Street Journal. Retrieved December 6, 2011.
- ^ "US Labor Department's MSHA cites corporate culture as root cause of Upper Big Branch Mine disaster: Massey issued 369 citations and orders with $10.8 million in civil penalties" (Press release). Mine Safety and Health Administration. December 6, 2011. Archived from the original on January 11, 2012. Retrieved December 6, 2011.
- ^ "Alpha Natural Resources Inc. and Department of Justice Reach $209 Million Agreement Related to Upper Big Branch Mine Explosion" (Press release). US Dept. of Justice. December 6, 2011. Retrieved December 6, 2011.
- ^ "Alpha agrees to buy Massey Energy for about $7.1 billion". Reuters. 2011-01-30.
- ^ Supreme Court refuses to block Alpha-Massey deal, Charleston Gazette, May 31, 2011