The Virginia-based company reported that its produced tons sold for the final quarter totaled 8.9 million tons for a whole-year total of 37.1Mt. The final period’s volume was about 1.4Mt under Massey’s most recent guidance, issued in October.

Massey cited lower produced tonnage, but also attributed the shortfall to charges related to the retirement of former chairman and chief executive officer Don Blankenship, who stepped down December 31, as well as impairments at idled or closed operations which are expected to lead to a larger-than-expected operating loss.

"We have great mines and the best of miners, but the challenges of the past three quarters have been difficult," new company president and CEO Baxter Phillips Jr said.

"We must mine coal safely and strive to minimize regulatory violations. We are committed to improving our performance in 2011."

Massey also cited inconsistent rail service and delays in export port shipments during the fourth quarter. Its total coal production for the quarter fell about 800,000t short of expectations.

“Fewer production shifts in deep mines, which were down by about 8 per cent versus prior expectations, accounted for approximately half of the production shortfall,” the company said, noting that the remainder stemmed from lower-than-expected deep mine and highwall productivity as well as higher ratios at surface mines.

With the buzz of takeovers and buyouts still circling around the company, Massey commented only to say that it was continuing to review strategic alternatives.