Westmoreland Coal Company
Westmoreland Coal Company
Westmoreland Coal Company
Financial Position Financial Position
Market Capitalization (US$ mm) $332
Net Leverage (1) (ratio) 2.3x
EV / LTM EBITDA (2) (ratio) 4.9x
Current Debt Rating Current Debt Rating
Rating Agency Corporate Bonds
S&P B- B-
Moody's Caa1 Caa1
Westmoreland Coal Company
Pro Forma
LTM Coal Sales (Mst) 25 27 52
LTM Revenue (US$ 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
Westmoreland Coal Company
Westmoreland Coal Company
Westmoreland Coal Company
Westmoreland Coal Company
Coal seams Overburden Dragline
excavation
1
3 4
2
Westmoreland Coal Company
Westmoreland Coal Company
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)
Westmoreland Coal Company
(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
Westmoreland Coal Company
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
Westmoreland Coal Company
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
Westmoreland Coal Company
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
Westmoreland Coal Company
--
$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
Westmoreland Coal Company
(In millions of tons) Westmoreland Sherritt
--
10
20
30
40
50
60
2014
2016
2018
2020
2022
2024
2026
2028
2030
Westmoreland Coal Company
Westmoreland Coal Company
Westmoreland Coal Company
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
Westmoreland Coal Company
Westmoreland Coal Company
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
Westmoreland Coal Company
13.7x
12.0x 11.4x
10.5x
10.0x
7.5x
5.0x
Arch Walter Alpha CONSOL Peabody CloudPeak
Westmoreland
Median: 11.0x
Westmoreland Coal Company
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
Westmoreland Coal Company