westmoreland coal company...customer rating power plant customer moody's / dbrs s&p...

Westmoreland Coal Company


Financial Position Financial Position

Market Capitalization (US$ mm) $332

Net Leverage (1) (ratio) 2.3x

EV / LTM EBITDA (2) (ratio) 4.9x

Current Debt Rating Current Debt Rating

Rating Agency Corporate Bonds

S&P B- B-

Moody's Caa1 Caa1


Pro Forma

LTM Coal Sales (Mst) 25 27 52

LTM Revenue (US$ mm) $660 $683 $1,343

LTM Adj. EBITDA (US$ mm) $116 $119 $235

No. of Operating Mines 6 6 (Prairie), 1 (Mountain) 13

Reserves (1) (Mst) 553 676 1,229

Resources (1) (Mst) 624 1,366 1,990

Westmoreland Coal Company Westmoreland Coal Company


Coal seams Overburden Dragline

excavation

1

3 4

2


Reserve Life Contract Life

Weighted Avg. Contract Life: 2024

Customer Rating

Power Plant Customer Moody's / DBRS S&P

Colstrip PPL, Puget Sound Baa3, Baa2 BBB, A-

Naughton PacifiCorp Baa1 A-

Coyote Otter Tail Baa3 BBB

Lewis & Clarke MDU n.a. BBB+

Limestone NRG Energy Ba3 BB-

Sherco Xcel, TransAlta Baa1, Baa3 A-, BBB-

Genesee Capital Power n.a. BBB-

Poplar River SaskPower AA n.a.

B. Dam, Shand SaskPower AA n.a.

Sheerness ATCO, TransAlta n.a., Baa3 A, BBB-

Battle River ATCO n.a. A

Coal Valley Seaborne market n.a. n.a.

2052

2037

2032

2031

2021

2021

2055

2041

2040

2024

2022

2018

2019

2021

2016

2017

2018

2021

2055

2015

2024

2026

2022

Rosebud

Kemmerer

Beulah

Savage

Jewett

Absaloka

Genesee

Poplar River

Boundary Dam

Sheerness

Paintearth

Coal Valley

Can

ad

ian

Op

era

tio

ns

U.S

. O

pera

tio

ns

(1)


(1) (2)

National Surface Mines Westmoreland Sherritt

1.46

1.23 1.23 1.13 1.17

0.79 0.88

0.65

0.48

0.66

0.14 0.13 0.17 0.09 0.06

2009 2010 2011 2012 2013

2.11

1.83 1.83 1.65 1.69

1.38 1.31

1.03 1.12

1.32

0.36 0.35 0.17 0.22

0.58

2009 2010 2011 2012 2013


193

137

104

91

58

49

35

31

28

27

0 50 100 150 200 250

Peabody

Arch Coal

Alpha

Cloud Peak

Murray Energy

PF Westmoreland

Alliance

Luminant

NACCO

Teck

(mm tons)

(1)

Westmoreland

Headquarters

Jewett

Kemmerer

Beulah Savage

Absaloka

Rosebud

Paintearth

Genesee

Sheerness

Boundary Dam

Bienfait

Poplar River

Coal Valley

Coal – U.S.

Coal – Canada


423 425 390 368 553

676

1,990

3,220

2008 2009 2010 2011 2012

Westmoreland Sherritt Resources to be Proven In millions of tons

Significant additional

resources to be proven


Alberta

Saskatchewan

Mountain

Western North Central

Coal

Natural Gas

Nuclear

Hydroelectric

Other

Fuel Source by Region Coal Type

Bituminous Sub-bituminous

Lignite

Alberta Saskatchewan

Total: 72,918 GWh Total: 22,129 GWh

52% 37%

3% 8%

Mountain West North Central

Total: 369,790 GWh Total: 329,238 GWh

52%

23%

9%

10% 7%

Saskatchewan

Total: 22,129 GWh

52%

22%

19%

7%

West North Central East North Central

Total: 329,238 GWh

66% 6%

12%

4% 12%

Geographical Regions


--

$2.00

$4.00

$6.00

2010 2011 2012 2013

US$ / mm BTU

66% 60%

54% 58%

79% 72%

64% 67%

84% 84% 79% 81%

2010A 2011A 2012A 2013E

Westmoreland Sherritt Natural Gas

Westmoreland Prairie Operations (2) U.S. Capacity Factor


(In millions of tons) Westmoreland Sherritt

--

10

20

30

40

50

60

2014

2016

2018

2020

2022

2024

2026

2028

2030


7.6x

2.8x 3.3x

3.7x

2.3x

3.5x

2009 2010 2011 KemmererAcquisition

2013 SherrittAcquisition

Rapidly paid down leverage used

for Kemmerer acquisition to

below pre-transaction levels


16.5x

11.9x

7.2x 5.5x

2.1x 1.9x

2.3x

Walter Arch Alpha Peabody CONSOL CloudPeak

Westmoreland

Median: 6.3x

(1)

7.6x 7.1x

8.1x

6.0x 6.0x

2009 2010 2011 2012 2013

Median: 7.1x


13.7x

12.0x 11.4x

10.5x

10.0x

7.5x

5.0x

Arch Walter Alpha CONSOL Peabody CloudPeak

Westmoreland

Median: 11.0x


27 30

29 33

2010A 2011A 2012A 2013E

Nameplate Capacity: 36 Mst

(Annualized)

Vancouver

Prince Rupert

Coal deposits

Bituminous

Sub-bituminous

Transportation

CN railway

Westshore Terminals

BRITISH COLUMBIA

Calgary

Edmonton

Coal Valley

Alberta

Obed

(In millions of tons)

-

100

200

300

400

Q1 2011 Q1 2012 Q1 2013 Q1 2014 Q1 2015

Australian Premium HCC(US$/t)

westmoreland coal company...customer rating power plant customer moody's / dbrs s&p...

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