1. BB&T
Commercial &
Industrial
Conference
March 29, 2012
energy
strength
opportunity

2. AGENDA
► Overview and Key Investment Highlights
► Natural Gas Midstream Business
► Coal and Natural Resource Management Business
► Financial Overview
► Questions
BB&T Conference - 3/29/2012 2

3. Forward Looking Statements
This presentation includes "forward-looking statements” within the meaning of federal
securities laws. All statements, other than statements of historical facts, included in this
presentation that address activities, events or developments that the Partnership expects,
believes or anticipates will or may occur in the future are forward-looking statements. These
forward-looking statements rely on a number of assumptions concerning future events and are
subject to a number of uncertainties, factors and risks, many of which are outside the
Partnership's ability to control or predict, which could cause results to differ materially from
those expected by management. Such risks and uncertainties include, but are not limited to,
regulatory, economic and market conditions, the timing and success of business development
efforts and other uncertainties. Additional information concerning these and other factors can
be found in our press releases and public periodic filings with the Securities and Exchange
Commission, including our Annual Report on Form 10-K for the year ended December 31, 2011
and most recently filed Quarterly Reports on Form 10-Q.
Readers should not place undue reliance on forward-looking statements, which reflect
management’s views only as of the date hereof. We undertake no obligation to revise or
update any forward-looking statements, or to make any other forward-looking statements,
whether as a result of new information, future events or otherwise.
BB&T Conference - 3/29/2012 3

4. BB&T Conference - 3/29/2012 4

5. PVR – Delivering Results
► Separation from PVA
 Dedicated management focused on PVR
► Simplified Partnership Structure / GP Merger
 Reduced cost of capital
► Strengthened Financial Capacity to Support Growth
 Senior notes
 Expanded revolver with improved terms
 Successful equity offering
► Executing on Marcellus Potential
 Lycoming County System
– Phases I and II completed and in service
– Phase III construction scheduled to start spring 2012 (ROW optioned/purchased)
 Fresh water delivery pipeline (JV with Aqua America) – first section in service
 Expansion/extension of Wyoming system on-going
► Strategic Midstream and Coal Asset Acquisitions
 Antelope Hills, Middle Fork (Begley), Oatsville Reserves
► Resumption of Growth of Cash Distributions
 Increased quarterly distribution by $0.01 each of last four quarters
Strong Positive Partnership Momentum
BB&T Conference - 3/29/2012 5

6. PVR – 10 Years of Growth
► Initial
Public Offering: 10/25/01
► 10 Year Results for IPO Investor:
(Results at 10/25/11 assuming distribution reinvestment )
 Initial investment of $21.00 worth > $110
 427% total return
 18% annual compounded return
► Current yield on original investment: > 40%
 Would own 4.1328 units as of 10/25/11
 $0.51 / unit distribution paid 2/13/12 ($2.04 annualized)
BB&T Conference - 3/29/2012 6

7. Key Investment Highlights
Diversified Portfolio of Midstream Assets and Coal Reserves
Simplified Capital Structure to Enhance Growth Potential
Midstream Business with Excellent Organic Growth Opportunities
Stable and Predictable Coal Royalty Business
Stable Cash Flows and Distribution Coverage
Strong, Simple Balance Sheet with Ample Liquidity
Well Positioned to Capitalize on Partnership Momentum & Industry Trends
BB&T Conference - 3/29/2012 7

8. Simplified Partnership Structure
PVR / PVG merger: Public
Unitholders
► Simplified structure 79.0 Million
Common Units
 Non-economic GP interest
► Elimination of incentive 100% LP interest 100%
distribution rights LLC interest
 No “high splits” Penn Virginia Penn
Virginia
► Reduced cost of capital Resource Partners, L.P.
(NYSE: PVR)
Resource
GP, LLC
► Reduced corporate costs
► Enhanced investor and
Non-economic
GP interest
market profile PVR Finco LLC
 Increased float and trading
liquidity
► Improved governance PVR
 Unitholders gain right to PVR Coal Operations Midstream
Operations
elect all directors
BB&T Conference - 3/29/2012 8

9. Business Segments
Natural Gas Midstream Coal & Natural Resource Management
► Traditional gathering and processing business ► Coal royalty business, not coal mining
► Assets are located in attractive natural gas ► Managed coal properties since 1882
basins with long-lived reserves ► Controls approximately 900 MM tons of high
 4,400+ miles of pipelines quality coal reserves (~23 year R/P ratio)
 7 processing facilities ► Long-term leases with experienced operators
 480 MMcfd of capacity
► Cash flows naturally hedged with multi-year
► Average throughput volume: 595 MMcfd contracts between producers and end users
(2012 Q4)
► Ancillary businesses include coal services,
► Attractive fee-based organic growth timber and gas royalties
opportunities in Marcellus Shale
BB&T Conference - 3/29/2012 9

10. Strategically Located Assets
Natural Gas Midstream Coal & Natural Resource Management
► Gathering systems located in major gas basins ► Coal reserves located in major supply basins
► Oklahoma and Texas reserves include plays in ► Access to major coal hauling railroads and inland
Granite Wash and liquids-rich production basins waterways
► Significant fee-based growth potential from
Marcellus Shale ► Close proximity to power generation facilities
Marcellus
Powder River Basin
Northern &
Central
San Juan Basin
Appalachia
Illinois Basin
Texas & Oklahoma
BB&T Conference - 3/29/2012 10

11. Midstream Business: Managed Growth
► Management focused on Volumes by Contract
continued reduction of commodity 2004 4Q 2011
price risk by:
 Pursuing system expansions backed by Fee-
fee-based contracts Based Fee-
14% Percent of Based
Percent of
 Converting a portion of the existing Proceeds 33%
Proceeds
keep-whole contracts to fee-based or 34%
Keep- 55%
POP Whole Keep-
52% Whole
 Acquiring fee-based businesses 12%
 Many gas purchase / keep-whole
contracts contain fee-based
components or a processing fee floor Midstream Throughput Volume
► Significant organic growth 700
potential: 600
 Anticipate investing in $200-$250
million during 2012 Volume - MMcfd 500
– Granite Wash (plant / new connections) 400
– Marcellus Shale (fee-based) 300
 Potential opportunities over next 3-5
200
years in excess of $500 million
100
0
2006 2007 2008 2009 2010 2011 2011 Q4
BB&T Conference - 3/29/2012 11

12. Coal Royalty Business: Stable Cash Flow
Coal Royalty vs. Coal Operator Average Coal Royalties vs. Spot Prices
► Coal royalty – not a coal mining operation $7 $140
Characteristic Coal Royalty Coal Operator $6 $120
Operating Margins High Variable
Average Royalty Per Ton
$5 $100
Spot Price ($/Ton)
Cash Flow Stability High Variable
$4 $80
Reinvestment
Medium High
Requirements
$3 $60
Social Costs (e.g. benefits,
Low High
black lung)
$2 $40
Reclamation Exposure Low High
$1 Central Appalachia Illinois Basin $20
CAPP Spot Price IB Spot Price
$0 $0
► Majority of our royalty payments (~80%) are based
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Oct-07
Oct-08
Oct-09
Oct-10
Oct-11
Apr-07
Apr-08
Apr-09
Apr-10
Apr-11
Jul-07
Jul-08
Jul-09
Jul-10
Jul-11
on the higher of a percentage of the gross sales price
or a fixed price per ton
► Contracts with our lessees are long-term, with an average life of 10 – 15 years
► Substantially all leases require minimum payments even if no mining activities are ongoing
► No direct exposure to mine operating costs and risks or reclamation costs
► Our lessees generally sell their coal to end users under long-term fixed-price contracts
BB&T Conference - 3/29/2012 12

13. Conservatively Financed, Low-Risk Growth
► Historical growth fueled by strong margins, organic growth opportunities and acquisitions
 Recent organic growth in midstream
 Recent acquisition growth primarily coal and natural resource assets
► Completed acquisitions in excess of $1.3 billion since IPO in 2001
 No single acquisition > $200 million
► Midstream throughput volumes have almost tripled since 2006
► Coal reserves have increased by >80% since 2001; Annual production volume has increased by >150%
► Raised approximately $575 million of equity since IPO in 2001
EBITDA(1) Growth with Conservative Leverage
$300 4.0x
EBITDA Debt / EBITDA
3.5x
$250
3.0x
EBITDA(1) ($ Millions)
$200
(1)
2.5x
Debt / EBITDA
$150 2.0x
1.5x
$100
1.0x
$50
0.5x
$0 0.0x
2007 2008 2009 2010 2011
(1) EBITDA is a non-GAAP financial measure. See Appendix for a reconciliation of EBITDA to net income and cash flow from operations.
BB&T Conference - 3/29/2012 13

14. BB&T Conference - 3/29/2012 14

15. Natural Gas Midstream Overview
Gathering Processing 2011
System Pipeline Capacity Volume
Thunder Creek
Marcellus (Miles) (MMcfd) (MMcfd)
Panhandle 1,964 280 316
Marcellus 17 N/A 74
Crescent 1,708 40 22
Arkoma 78 N/A 10
Crescent North Texas 135 N/A 13
Panhandle
Crossroads 8 80 52
(Granite Wash)
Arkoma
Hamlin Hamlin 516 20 7
Crossroads Thunder
North Texas 537 N/A 351
Creek (25% JV)
(1) Data as of 12/31/2011 and does not include Antelope Hills capacity expansion. Totals do not include Thunder Total (1) 4,426 420 495
Creek. Pipeline miles and volume totals may not foot due to individual system rounding.
BB&T Conference - 3/29/2012 15

16. Well Positioned Asset Base
► Our assets are well positioned to benefit from increasing activity in active resource plays with low
well breakeven costs:
 Marcellus Shale
 Granite Wash
► Attractive midstream processing economics are expected to persist
Lower 48 States On-Shore Gas Production Frac Spread
$20
25 Oil Associated Coalbed Methane
NGL $/MMBtu
Shale Gas Conventional $18
Gas $/MMBtu
20 $16 Frac Spread
$14
Trillion Cubic Feet
15 $12
Shale gas drives future
production growth $10
10 $8
$6
5
$4
$2
0
2012
2008
2010
2014
2016
2018
2020
2022
2024
2026
2028
2030
2032
2034
$0
Apr-09
Apr-10
Apr-11
Oct-09
Oct-10
Oct-11
Jan-09
Jan-10
Jan-11
Jan-12
Jul-09
Jul-10
Jul-11
Source: Energy Information Agency
BB&T Conference - 3/29/2012 16

17. $ / MMBtu
$0
$2
$4
$6
$8
$10
$12
Piceance
Eagle Ford Shale
Source: Credit Suisse
Granite Wash
Horizontal
BB&T Conference - 3/29/2012
Haynesville Shale
(core)
Marcellus Shale
Horizontal
PVR midstream
basins in the US
Huron Shale of the 5 lowest cost
operations focus on 2
Barnett Shale
Fayetteville Shale
Powder River
Pinedale Anticline
Haynesville East
Texas
Woodford Shale
Uinta Basin
Basin Breakeven NYMEX natural gas prices for 10% after tax IRR. Includes direct drilling plus acreage costs Piceance Basin
Marcellus Shale
Vertical
Cotton Valley
Sands
US Average
Western
Natural Gas Well Breakeven Costs
Oklahoma
Powder River
Basin
Barnett Shale
Western
17

18. Panhandle System (Granite Wash)
Overview & Statistics
► Gathering systems in the Anadarko
Basin of Texas and Oklahoma
► 1,964 miles of pipeline with 43
compressor stations
► 4 Processing Plants with 280 MMcfd
of total inlet capacity
 Beaver: 100 MMcfd
 Spearman: 100 MMcfd
 Sweetwater: 60 MMcfd
 Antelope Hills: 80 MMcfd
– Acquired June 2011 w/20 MMcfd capacity
– 60 MMcfd capacity in service Q1 2012
– Additional 60 MMcfd expansion under
construction / expected on-line mid-2012
► More than 260 producers pursuant
to more than 360 contracts
► Positioned to capitalize on the
development of the Granite Wash
BB&T Conference - 3/29/2012 18

19. Marcellus Systems Overview
► Rapidly developing, strategically located shale play with favorable economics
 Two systems in operation (Lycoming County and Wyoming County)
 Optioned 28 miles of right-of-way in Susquehanna County for future development
► PVR provides gathering, compression & related services
 100% fee-based - firm reservation charges ($20 million in 2011) provide a floor on returns
 Additional volumetric fees based upon actual deliveries
► Capital Investment: 2011 Actual - $122 Million; 2012 Budget: $80-90 Million
BB&T Conference - 3/29/2012 19

20. Marcellus Systems
Lycoming System Wyoming System
► Lycoming West System ► Began service June 2010
 First large-diameter gathering system in north-central PA
Marcellus fairway ► 12-inch pipeline / 154 MMcfd
 30-inch pipeline / 850 MMcfd capacity capacity
 Phase II began service in February 2012 ► Currently constructing system
 Phase III construction – spring/summer 2012 extensions to service additional
► Fresh water pipeline (JV with Aqua) to supply producers local producers
Completed or Under
Future Expansion
Phase III Construction
Construction
2012
Phase I
In Service
Feb ‘11 Phase II
In Service
Feb ‘12
BB&T Conference - 3/29/2012 20

21. Natural Gas Midstream – Other Systems
Crossroads Crescent Hamlin
► Located in the southeast portion of ► Gathering system in Oklahoma’s ► Gathering system stretching over
Harrison County, Texas Sooner Trend eight West Central Texas counties
► Anchored by a long-term ► Consists of 1,708 miles of pipeline ► 516 miles of gathering pipeline
commitment under a fee-based and 14 related compressor stations ► 20 MMcfd cryogenic processing
arrangement ► 40 MMcfd cryogenic processing plant located in Fisher County,
► 80 MMcfd cryogenic processing plant Texas
plant ► Wells are generally low-volume and
► Centered around 5 major producers long-lived with large NGL quantities
► Production is from associated gas
► Gas production is associated gas ► Production is associated gas from
from the Cotton Valley, Lower the Tonkawa and Mississippian
Bossier and Haynesville formations Lime Formations
North Texas Arkoma Thunder Creek Gas Services
► Gas gathering and transportation ► Consists of three separate stand- ► Located in Wyoming’s Powder
assets in the Barnett Shale play alone gathering systems in River Basin
in the Fort Worth Basin southeastern Oklahoma’s ► 25% JV interest (Devon Energy
► 135 miles of gathering pipeline Arkoma Basin owns the other 75% interest)
► Approximately 240,000 ► Two systems are 100% owned, ► 100% fee-based gathering and
dedicated acres third system is 49% owned treating
► 100% fee-based revenues ► Average 2011 throughput ► 2011 volume: 351 MMcfd
volume of 10 MMcfd ► Production is from coal bed
methane with potential new
volumes from the Niobrara
formation
BB&T Conference - 3/29/2012 21

22. BB&T Conference - 3/29/2012 22

23. Coal: Attractive Industry Fundamentals
EIA(1) forecasts that coal: U.S. Energy Supply Composition By Primary Source
120
 Usage will continue to increase for next 25 100 Other
BTUs (Quadrillions)
years 80
Natural Gas
60
 Will continue to be the dominant fuel for 40 Liquid Fuels
electric power generation in the U.S.
20
Coal
0
 Will retain its cost advantage as the
2026
2030
2008
2010
2012
2014
2016
2018
2020
2022
2024
2028
2032
2034
cheapest energy source
U.S. Electrical Generation By Fuel Type Energy Prices (2)
6,000 30
2009 dollars per million Btu
5,000 25
KWH (billions)
4,000 Other 20
Nuclear Fuel Oil
3,000 15
Natural Gas
2,000 Petroleum 10
Natural Gas
1,000 Coal 5 Steam Coal
0 0
2008
2010
2012
2014
2016
2018
2020
2022
2024
2026
2028
2030
2032
2034
2008
2010
2012
2014
2016
2018
2020
2022
2024
2026
2028
2030
2032
2034
(1) Annual Energy Outlook 2011 (March 2011), Energy Information Administration (EIA) (2) Prices paid for energy by Electric Generation Sector as reported by EIA
BB&T Conference - 3/29/2012 23

24. Coal & Natural Resource Management
Proven /
2011 Lease R/P
Probable
Region Production Ratio
(MM tons)
Reserves (years)
(MM tons)
Northern
3.9 25.9 6.6
Appalachia
Central
19.7 663.9 33.7
Appalachia
Illinois
4.7 184.2 39.2
Basin
San Juan
10.1 19.3 1.9
Basin
Total 38.4 893.3 23.3
BB&T Conference - 3/29/2012 24

25. Coal – Operations
Royalties by Region (1) Reserves by Region (1) Reserves by Type (1)
Northern Northern
Appalachia 5% Appalachia 3% Metallurgical
Illinois Illinois
Basin 11%
Basin 8% 21%
San Juan San Juan
Basin Basin
14% 2%
Central Central
Appalachia Appalachia Steam
73% 74% 89%
Changes in Coal Reserves Coal Production
893 50 Central Appalachia San Juan Basin
1,000
Illinois Basin Northern Appalachia
800 40
(Millions of Tons)
600 (Millions of Tons) 30
708
400 20
311
200 496
10
0
Reserves Production Acquired 0
10/25/01 10/25/01 - 12/31/11 10/25/01 - 12/31/11 2005 2006 2007 2008 2009 2010 2011
1) Data for year ending 12/31/2011
BB&T Conference - 3/29/2012 25

26. Primary Coal Basins
Central Appalachia Illinois Basin
► 74% Of Reserves ► 21% Of Reserves
► Surface and underground mines located in ► Properties in southern Illinois and western Kentucky
KY, TN, VA and WV ► Installation of scrubbers by Eastern and Midwestern
► Coal is high BTU, high quality, lower sulfur utilities has increased demand for the high sulfur
► Proximity to East Coast ports make these mines an coal in the Illinois Basin
ideal source of exports
BB&T Conference - 3/29/2012 26

27. Other Coal Basins
Northern Appalachia San Juan Basin
► 3% of Reserves ► 2% of Reserves
► Northern Appalachia holdings consist of the Federal ► Our Lee Ranch property is located in the San Juan
and Upshur properties in northern WV Basin of northwestern New Mexico and contains
► Reserves are 100% owned and 97% have been only surface coal mines
leased to operators
BB&T Conference - 3/29/2012 27

28. Services, Timber & Oil & Gas Royalties
Services Timber Oil & Gas Royalties
~ 5% of Coal & NRM Revenue (1) ~ 3% of Coal & NRM Revenue (1) ~ 2% of Coal & NRM Revenue (1)
 Fees charged to lessees for use  Approximately 249,000 acres of  Approximately 7.0 Bcfe of
of coal preparation and loading forestland in Kentucky, Virginia, proved oil and gas reserves in
facilities Tennessee and West Virginia eastern Kentucky, Tennessee,
West Virginia and Virginia
 Fee-based revenues  Premium quality hardwood
primarily used for furniture
 Predictable cash flows
(1) 2011 Coal & Natural Resource Management segment revenue
BB&T Conference - 3/29/2012 28

29. BB&T Conference - 3/29/2012 29

30. Strong Financial Position
► Strong, simple balance sheet
 Bank debt, senior notes and common units
 No debt maturity until 2016
 Expect to maintain or improve BB-/Ba3 corporate ratings
► Well structured bank credit facility
 $1.0 billion revolving credit facility
 19 banks with no bank holding more than 9% of total
 Available liquidity on revolver in excess of $459 million (1)
► Maintain conservative and flexible capital structure
 Fund organic growth and acquisitions with cash and balanced
mix of debt and equity
 Target a long-term Debt/EBITDA of 3.5 – 4.0x
(1) Based on outstandings as of 12/31/11
BB&T Conference - 3/29/2012 30

31. Financial Overview
► Prudently managed balance sheet, Annual EBITDA (1)
cash flows and distributions
$300
► Target distribution coverage of 1.05x
$250
after deducting replacement capital $200
$ Millions
► Future debt and equity financings for $150
acquisitions and internal growth will $100
target long-term net debt / EBITDA $50
ratio of 3.5x – 4.0x $0
2007 2008 2009 2010 2011 2012
Distributable Cash Flow(2) vs. Distributions Debt / EBITDA (1)
$160 DCF
4.0x
$140 Distributions
$120 3.0x
$ Millions
$100
$80 2.0x
$60
$40 1.0x
$20
$0 0.0x
2007 2008 2009 2010 2011 2007 2008 2009 2010 2011
(1) Adjusted EBITDA is a non-GAAP financial measure. See Appendix for a reconciliation of Adjusted EBITDA to Operating Income.
(2) Distributable Cash Flow is a non-GAAP financial measure. See Appendix for a reconciliation of Distributable Cash Flow to Net Income.
BB&T Conference - 3/29/2012 31

32. Per Unit Distribution
$0.25
$0.30
$0.35
$0.45
$0.50
$0.55
$0.40
Feb-05
May-05
BB&T Conference - 3/29/2012
Aug-05
Nov-05
Feb-06
May-06
Aug-06
Nov-06
Feb-07
May-07
Aug-07
Nov-07
Feb-08
May-08
Aug-08
Nov-08
Feb-09
May-09
Aug-09
Nov-09
Feb-10
Quarterly Distribution History
May-10
Aug-10
Nov-10
Feb-11
May-11
Aug-11
Nov-11
Feb-12
32

33. Conservative Capitalization
Balance Sheet as of December 31, 2011
Revolving Credit Facility $ 541.0
8.25% Senior Notes due 2018 300.0
Total Debt $ 841.0
Partners' Capital 581.7
Total Capitalization $ 1,422.7
EBITDA 243.0
Debt / EBITDA 3.5 x
Debt / Capitalization 59%
Revolver Capacity $ 1,000.0
Revolver Availability $ 459.0
EBITDA is a non-GAAP financial measure. See Appendix for a reconciliation of EBITDA to operating income and cash flows from operations
Conservative Pro Forma Leverage with Strong Liquidity Profile
BB&T Conference - 3/29/2012 33

34. Key Investment Highlights
Diversified Portfolio of Midstream Assets and Coal Reserves
Simplified Capital Structure to Enhance Growth Potential
Midstream Business with Excellent Organic Growth Opportunities
Stable and Predictable Coal Royalty Business
Stable Cash Flows and Distribution Coverage
Strong, Simple Balance Sheet with Ample Liquidity
Well Positioned to Capitalize on Partnership Momentum & Industry Trends
BB&T Conference - 3/29/2012 34

35. BB&T Conference - 3/29/2012 35

36. Distributable Cash Flow Reconciliation
PVR - Historical Distributable Cash Flow Summary
Reconciliation of Distributable Cash Flow to Net Income
(Amounts in $ Millions)
Guidance Range Year Ended December 31,
2012 2011 2010 2009 2008 2007
Net income $ 110.0 $ 120.0 $ 96.3 $ 64.2 $ 62.9 $ 102.6 $ 54.6
Depreciation, depletion and amortization 95.0 105.0 89.4 75.9 70.2 58.2 41.5
Impairments - - - - 1.5 31.8 -
Derivative losses (gains) included in net income 1.0 5.0 13.4 23.6 22.7 (11.4) 50.2
Cash payments to settle derivatives (8.0) (13.0) (25.7) (10.1) 3.0 (38.5) (17.8)
Equity earnings from joint ventures, net of distributions 3.0 6.0 8.5 3.3 (2.5) (0.2) (0.3)
Maintenance capital expenditures (14.0) (16.0) (11.2) (15.3) (8.4) (14.5) (9.8)
Replacement capital reserve (27.0) (27.0) (26.9) - - - -
Distributable Cash Flow As Reported $ 160.0 $ 180.0 $ 143.8 $ 141.6 $ 149.4 $ 128.0 $ 118.4
Distributable cash flow represents net income plus depreciation, depletion and amortization expenses, plus impairments, plus (minus) derivative losses (gains) included in other income, plus (minus)
cash received (paid) for derivative settlements, minus equity earnings in joint ventures, plus cash distributions from joint ventures, minus maintenance capital expenditures minus replacement capital
reserve. Distributable cash flow is a significant liquidity metric which is an indicator of our ability to generate cash flows at a level that can sustain or support an increase in quarterly cash distributions
paid to our partners. Distributable cash flow is also the quantitative standard used by investors and professional research analysts in the valuation, comparison, rating and investment
recommendations of publicly traded partnerships. Distributable cash flow is presented because we believe it is a useful adjunct to net cash provided by operating activities under GAAP. Distributable
cash flow is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing or financing activities, as an indicator of cash
flows, as a measure of liquidity or as an alternative to net income.
Note: Totals may not foot due to rounding
BB&T Conference - 3/29/2012 36

37. Reconciliation of EBITDA
PVR - Historical EBITDA Summary
Reconciliation of GAAP "Operating Income" to Non-GAAP "EBITDA"
(Amounts in $ Millions)
Guidance Range Year Ended December 31,
2012 2011 2010 2009 2008 2007
Operating Income $ 165.0 $ 175.0 $ 153.6 $ 121.6 $ 105.9 $ 113.2 $ 115.2
Depreciation, depletion & amortization 95.0 105.0 89.4 75.9 70.2 58.2 41.5
Impairments - - - - 1.5 31.8 -
EBITDA (1) $ 260.0 $ 280.0 $ 243.0 $ 197.5 $ 177.6 $ 203.2 $ 156.7
EBITDA, or earnings before interest, tax and depreciation, depletion and amortization ("DD&A) represents operating income plus DD&A, plus impairments. We believe this presentation is
commonly used by investors and professional research analysts in the valuation, comparison, rating and investment recommendations of companies in the coal and natural gas midstream
industries. We use this information for comparative purposes within the industry. EBITDA is not a measure of financial performance under GAAP and should not be considered as a measure
of liquidity or as an alternative to net income.
BB&T Conference - 3/29/2012 37