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BUSINESS
Massey reports higher third-quarter profit
CHARLESTON -- Mine operator Massey Energy's third-quarter profit more than doubled on a 27 percent gain in revenue per ton.
Richmond, Va.-based Massey said Thursday it earned $54 million, or 64 cents per share, including $27.5 million in pretax charges in the period. Last year, Massey earned $21.4 million, or 27 cents per share, in the third quarter.
Coal revenue rose 28 percent to $666.4 million in the quarter, from $521.9 million a year ago.
Massey operates mining complexes in West Virginia, Virginia and Kentucky. Its stock fell 76 cents, or 3.6 percent, to $20.41.
Chesapeake 3Q earnings spike on oil, gas hedges
OKLAHOMA CITY -- Chesapeake Energy says its third-quarter earnings surged on hefty oil and gas hedges, as well as rising natural gas production.
Oklahoma City-based Chesapeake Energy Corp. says a gain of $2.8 billion from hedges on gas, oil and interest rates drove total profit after paying preferred dividends up to $3.31 billion, or $5.61 per share. That compares with profit of $346 million, or 72 cents per share, a year ago.
Excluding items, the nation's largest natural gas producer says it earned $486 million, or 85 cents a share.
Marathon Oil third- quarter profit doubles
HOUSTON -- Marathon Oil Corp. said Thursday its third-quarter profit more than doubled, lifted by higher oil and natural gas prices and increased sales.
The Houston-based oil company said net income for the three months ended Sept. 30 amounted to $2.06 billion, or $2.90 a share, compared with $1.02 billion, or $1.49 per share, during the same period a year earlier.
Excluding a gain on overseas natural gas contracts, Marathon's profit was $1.96 billion, or $2.76 per diluted share.
Total revenue rose 38 percent to $23.45 billion.
Marathon is the fourth-largest U.S. integrated oil company, meaning it's involved in exploration and production as well as refining and marketing. The company has a refinery in Catlettsburg, Ky.
State launches workforce credentials program
West Virginia launches Friday, Oct. 31, a statewide workforce credentials program, WorkKeys, with representatives from WORKFORCE West Virginia and partner agencies.
WorkKeys is a job skills assessment system developed by ACT, the same company that does testing for college applicants. This program affords job seekers in West Virginia an opportunity to take WorkKeys assessments that evaluate important on-the-job skills, such as math, reading and locating information.
The certificate offers nationally recognized credentials, as well as helps job seekers improve and match their skill levels with particular occupations, according to a press release from the state.
For more information, visit the WORKFORCE West Virginia Web site at http://www.wvbep.org/bep/default.htm or call 877-967-5498.
NYSE warns Circuit City; investor cuts stake
RICHMOND, Va. -- Circuit City Stores Inc. said Thursday the New York Stock Exchange has warned it that its stock price is not high enough for continued listing.
The NYSE said shares in the nation's No. 2 consumer electronics retailer had an average closing price of less than $1 over 30 consecutive trading days as of Oct. 22, falling short of the exchange's requirement.
In order to regain compliance with the NYSE, Circuit City's common stock share price and the average share price over a consecutive 30-trading-day period must both exceed $1 within six months following receipt of the notice.
Dunkin' Donuts seeks to fill holes in W.Va., Va.
CHARLESTON -- Dunkin' Donuts says it will expand to West Virginia and Virginia to fill a hole in its national expansion plans.
The Canton, Mass.-based chain announced Thursday it is targeting Charleston, Bluefield, Clarksburg, Parkersburg and Wheeling in West Virginia and Harrisonburg in Virginia for potential franchise stores. The company would like to open at least 30 new franchises in the region over the next two years.
W.Va. coal operator gets surprise $965,000 check
BECKLEY, W.Va. -- West Virginia's largest-ever unclaimed property check will benefit a Raleigh County coal operator.
Beckley Attorney Bill Wooton accepted the $965,000 check to Direct Coal Sales on Wednesday.
The money was a refund due Direct Coal pursuant to a contract with Appalachian Power.
Assistant state Treasurer Paul Hill says the check was the largest ever issued under the West Virginia Uniform Unclaimed Property Act.
Since 1997, the Unclaimed Property Division has returned about $60 million to rightful owners and collected more than $92 million from businesses.