Patriot Coal Corporation reported its financial results for the quarter and year ended December 31st 2011. For the 2011 fourth quarter, the Company reported revenues of USD 603.9 million and EBITDA of USD 43.1 million. Revenues and EBITDA for the year ago quarter were USD 528.2 million and USD 42.8 million, respectively. For the year, the Company reported revenues of USD 2.4 billion and EBITDA of USD 176.7 million. Revenues and EBITDA for 2010 were USD 2.0 billion and USD 141.9 million, respectively. EBITDA for 2011 increased 25% over the prior year.

Mr Richard M Whiting president and CEO of Patriot said that "Our 2011 financial performance improved over the prior year, and we made progress in a number of key areas that will contribute to more predictable performance in the future. Improvements included strengthening our operating management team, upgrading equipment and ramping up our export thermal sales. Headwinds created by low natural gas prices, mild weather, and weaker international and domestic economies impacted coal markets during the year, and market weakness continues as we enter 2012. In the near term, our management team will focus on our detailed operating plans, emphasizing swift decisions and solid execution."

Mr Whiting added that "Metallurgical coal demand has trended downward in recent weeks, particularly in export markets. As previously announced, we have taken actions to match our met production with expected sales volume. We are reducing production at both our Rocklick and Wells complexes, with particular emphasis on higher cost operations, and delaying certain of our met expansion plans."

Mr Whiting said that "Likewise, given our view that the domestic thermal coal market is likely to remain depressed for an extended period, we have conducted a rigorous review of our Central Appalachia thermal mine portfolio. As a result, we made the decision to idle the Big Mountain complex in Boone County, West Virginia, effective today. Big Mountain produced 1.8 million tons of thermal coal in 2011. This decision effectively positions Patriot with no remaining uncommitted Appalachia thermal coal in 2012."

Mr Whiting noted that "As we have previously stated, our modular mine portfolio allows us the versatility to dial production up or down in a timely manner in response to market conditions. Looking forward, we believe Patriot and our stockholders are best served by leaving our high quality coals in the ground until demand for these products strengthens."