CONSOL ENERGY:  STRATEGIC ACQUISITION OF DOMINION’S APPALACHIAN E&P BUSINESS

2

The unproved reserve data contained in this presentation is based on a summary review of the title to coalbed methane and other gas rights we hold, as well as a summary review of the title to the coal from which many of our rights derive. As is customary in the gas industry, prior to the commencement of gas drilling operations on our properties, we conduct a thorough title examination and perform curative work with respect to significant defects. We are typically responsible for curing any title defects at our expense. This curative work may include the acquisition of additional property rights in order to perfect our ownership for development and production of the gas estate.

This presentation contains statements, estimates and projectionswhich are forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934). These statements, which are described in detail in our annual report form 10-K filed with the Securities and Exchange Commission, involve risks and uncertainties that could cause actual results to differ materially from projected results. Accordingly, investors should not place unduereliance on forward-looking statements as a prediction of actual results. The forward-looking statements include estimates of unproved reserves, projections and estimates concerning the timing and rates of return of future projects, and our future production, revenues, income and capital spending. The forward-looking statements in this presentation speak only as of the date of this presentation; we disclaim any obligation to update these statements unless required by the securities laws, and we caution you not to rely on them unduly. This presentation does not constitute an offer to sell any securities of CONSOL Energy Inc.The United States Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, todisclose only proved reserves that a company has demonstrated byactual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this presentation, such as “unproved reserves and/or unproved resources” that the SEC's guidelines strictly prohibit us from including in filings with the SEC. We also caution you that the SEC views such “unproved reserves and/or unproved resources” estimates as inherently unreliable and these estimates may be misleading to investors unless the investor is an expert in the gas industry. In this presentation, the term “unproved reserves and/or unproved resources” refers to gas that we believe is economically recoverable, based on available data.

Cautionary Language

Transaction Overview

• $3.475 billion cash consideration 

• 1.46 million total oil and gas acres (net)– 491,393 Marcellus Shale acres in PA and WV (net)

• 41.0 Bcfe of annual production (net)

• 1.0 Tcfe proved reserves; 70% proved developed

• 12.1 – 34.0 Tcfe total reserves and resource base

• More than 9,000 producing wells in PA and WV

• $4.0 billion total financing contemplated – Combination of equity and debt

– Includes development capital and transaction costs

Expected Close by End of April 20103

• 98% of Marcellus acres held by production

• 90% of wells operated

• 89% average net revenue interest for Marcellus acreage

• No value assigned to 300,000 acres of Huron Shale or 470,000 acres of Utica Shale (beyond proved reserves and Marcellus) -- which represent additional sources of resource potential and value

Sum‐of‐the‐Parts Justifies the Acquisition Price

One Approach to Valuation

4

Acquisition Price $3.475 billion

Proved Reserves ‐ $2.340 billion (1.04 tcf x $2.25/mcf*)

Antero Farmout ‐ $0.200 billion

Implied Marcellus Value = $0.935 billion

Acquisition cost per acre of Marcellus $1,903 per acre ($0.935 billion/491,393 acres)

*Metric based on Appalachian price premium, high percentage (70%) PDPs, low field operating costs of mature field, and shallow decline

Note:  Valuation based on discounted cash flow analysis.

Drives Long‐Term Growth and Shareholder Value

• Enhances CONSOL’s position as the #1 natural gas and coal producer in Appalachia

• Strengthens CONSOL’s risk profile through a balanced portfolio of coal and natural gas 

• Accelerates CONSOL’s growth prospects in low‐cost, high‐margin businesses

• Broadens CONSOL’s expertise in gas E&P business—builds on talented workforce

Compelling Strategic Rationale

5

RevenueNet IncomeFinancial Margin/Mcfe(1)

Production CBM ProductionMarcellus Acreage

Gas Gathering & ProcessingRiver Transport  GroupCoal Export Facility 

Significant Scale and Key Presence Near Prime Eastern U.S. Energy Consuming Markets

CONSOL Energy: An Energy Juggernaut

6Source: Public company filings.  Note:  Coal Peer Group includes ACI, ARLP, ICO, MEE and PCX. Gas Peer Group includes APC, ATLS, COG, CHK, EQT, REXX, and RRC.(1)  Financial Margin calculated as average sales realizations less total costs per Mcfe, per CONSOL estimates.

#1 #1 #1 #1 #1 

RevenueEBITDANet IncomeProductionReserves

Appalachian Coal

Appalachian Gas#1 #1 #1 #1 #1#3 

Strategic Logistical Assets

Thermal CoalReserves: ~3.8 billionProduction: 50 – 55mmt/yr

Low‐vol Met CoalReserves: ~300 millionProduction: 5.0mmt/yr

Coalbed MethaneProved Reserves: 1.64 TcfeResources: 0.8 – 1.2 TcfeProduction:  91.1 Bcf**

Conventional/OtherProved Reserves: 1.06 TcfeResources: 3.5 – 6.5 TcfeProduction: 29.5 Bcf**

Marcellus ShaleProved Reserves: 0.24 TcfeResources: 19.4 – 45.0 TcfeProduction: 6.7 Bcf**

High‐vol Met CoalReserves: ~400 million*Production: 5.0 – 10mmt/yr*Assumes 150mm tons of high quality thermal coal with met coal characteristics

Largest Appalachian Footprint of Any Energy Producer

CONSOL’s Energy Product Diversification Strategy

7

**Expected 2010  gas production 

Net Energy Generation (in Thousand MWH) (1)

>100,00050,000 – 100,00025,000 – 50,000<25,000

(1)  Represents Net Energy Generation by State For November 2009 YTD, from EIA.

Thermal Coal

Coalbed Methane Chattanooga Shale

Marcellus Shale

Conventional GasMet Coal

8

Sewickley Coal Seam – 900 feet

Pittsburgh Coal Seam – 1,000 feet

Freeport Coal Seam – 1,650 feet

Upper Devonian Sands – 1,750 - 5,500 feet

Marcellus Shale – 7,000+ feet

Stacked Pay Zones of Value

8

Largest Concentration of Appalachian Energy Assets

Oriskany Tight Sands, Utica and Trenton Black River Shales – 8,000+ feet

CONSOL Will Hold 5.2 Million Net Acres of High Value, Low Cost Gas Assets

Substantially Expanded Natural Gas Footprint

9

Dominion Acreage CONSOL Energy Acreage Antero Farm‐Out

PA

VA

NCTN

KY

OH

NY

MD

NJIN

MI

WV

Note:  Includes acreage held by CNX Gas, in which CONSOL Energy has an 83.3% interest.

Appalachian Daily Net Production

Enhances Position as the Leading Appalachian Gas Producer

10Largest, Most Profitable, Appalachian Gas Producer

386

300

273

153137

113

45 38

166

0

50

100

150

200

250

300

350

400

450

ProFormaCNX

EQT CNX RRC CHK D ATLS XCO EOG REXX

Daily Net Produ

ction (M

Mcfe/d)

Note:  Current Appalachian production as calculated by CONSOL based on most recent public company filings.   Pro forma for announced acquisitions / divestitures.

2009 Year End Proved Reserves

Moves Company into Upper Tier of Unconventional Gas Universe

Note:  SEC proved reserves as of year end 2009. pro forma for acquisitions / divestitures post year end. 11

Substantially Enhances High Quality Reserve Base

4,068

3,7373,657

2,958 2,951

2,720

2,416

2,0601,911

1,312

1,040 1,020 965 959 914

726602

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

EQT UPL SWN RRC ProFormaCNX

HK KWK COG CNX SD D ATLS BBG XCO PVA CRK CRZO

Bcfe

2009 Full‐Year Lease Operating Expense per Unit

Complements Existing Industry‐Leading Cost Structure

Source:  As calculated by CONSOL Energy based on public company filings.

‐

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

UPL EQT HK CNX BBG ProFormaCNX

COG SWN D FST RRC ATLS CXO CRK NFX XEC KWK XCO PVA PETD SD NFG PXD SM WLL PXP DNR/ EAC

2009

 Lease Ope

rating

 Expen

se ($

 / M

cfe)

12

Low Cost Producer with Logistical Advantage

Triples CONSOL’s Marcellus Acreage

750,000 Net Acres in Marcellus Formation13

Dominion Marcellus Acreage  CONSOL Energy Marcellus Acreage

Marcellus Fairway

Note:  Includes acreage held by CNX Gas, in which CONSOL Energy has an 83.3% interest.

PA

VA

OH

MD

WV

1,570

1,400

742 730 720

652

585 584

500 492

350 343280

250 250 250 229170 147

120 108 88

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

CHK RRC ProFormaCNX

TLM NFG East STO ATLS EQT D Chief XCO XTO /XOM

APC CNX UPL EOG COG SWN Antero CRZO CLR

Vaults CONSOL Energy into Top 3 Total Marcellus Acreage Position and …

. . . Not All Marcellus Acres Are Equal (1)

98% Held By Production90% Wells Operated 89% Average Net Revenue Interest Essentially No Drilling Commitments

Source:  As calculated by CONSOL Energy based on public filings.Note:  Pro forma acreage does not reflect CONSOL Energy overriding royalty interest in Antero farm‐out acreage (approximately 117,000 acres).    (1)  Refers to acquired acreage. 

14Leading Position in Prolific Marcellus Gas Formation

Net Acres

(000’s)

1515

Illustrative Marcellus Well Economics

After‐Tax IRR At Various Prices

Margin Analysis

22% After‐Tax IRR at $4.50 / MMBTU

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

55%

60%

65%

70%

75%

80%

85%

90%

95%

100%

$2.00 $2.50 $3.00 $3.50 $4.00 $4.50 $5.00 $5.50 $6.00 $6.50 $7.00 $7.50 $8.00

Henry Hub Cash Price ($ / MMBTU)

Internal Rate of Return (%

)

(1)  Assumes 3,000 ft. laterals      (2) Includes production loss (shrink) of 3.5%

($MM, except as noted)

Gross EUR (Bcfe) (1) 4.3NRI 87.5%Net EUR (Bcfe) 3.7

Drilling Cost (1) $1.9Completion Cost (1) 1.3

Total D&C $3.2

Gathering 0.4Land & Title 0.1

Total $3.7

Margin Analysis

($ / Mcfe, except as noted)

Henry Hub Cash Price ($ / MMBTU) $5.00Realized Price ($ / Mcfe) 5.67

Lease Operating Expense $1.26Production Taxes 0.28Gross Margin $4.12

Total D&C,G,L Cost ($ / Mcfe) (2) $1.02

ATAX IRR 29.5%Price Required for 20% ATAX IRR $4.27

1616

Metric CNX Results Competitor Results

Lateral Length 1,750‐2,250 3,500 – 4,000

EUR Bcfe 2.9 – 3.4 4.0 – 4.5

EUR Mmcfe/Lateral Ft 1.550‐1.660 1.125‐1.145

Current Type Curve 3.2 Bcfe

Marcellus Results Comparison

On a Per Foot Basis, CNX Shows 41% Better EURs

West Virginia Marcellus Well Permits

0

20

40

60

80

100

120

140

160

Q12008

Q22008

Q32008

Q42008

Q12009

Q22009

Q32009

Q42009

WV Wells Showing Similar Results to SW PA WellsSource: West Virginia Department of Environmental Protection; CONSOL market intelligence

Marcellus Development Activity Accelerating in West Virginia

Hancock

Brooke

Ohio

Marshall

WetzelMonongalia

Preston

Tucker Grant

Mineral

Hampshire

Morgan

Berkeley

Jefferson

Hardy

Pendleton

Randolph

Pocahontas

Greenbrier

Monroe

Mercer

Summers

McDowell

WyomingMingo

Logan

Wayne

Cabell

Mason

Putnam

Kanawha

Lincoln

Boone

Raleigh

Fayette

Nicholas

Clay

Roane

Jackson

Wood

Pleasants

Tyler

Doddridge

Wirt

GilmerCalhoun

Lewis

Braxton

Upshur

Barbour

Webster

Marion

TaylorHarrison

Ritchie

700 Mcfe/d

886 Mcfe/d

1,448 Mcfe/d

360 Mcfe/d

2,000 Mcfe/d

1,490 Mcfe/d

Recent industry horizontal IPsin WV of up to 7.5 MMcfe/d

Third‐party EUR estimates of 3.5 – 4.5 Bcfe

Dominion’s vertical Marcellus wells have peak IPs of up to 2.0 MMcfe/d

1 – 9 permits1 – 9 permits

10 – 49 permits10 – 49 permits

50 or more permits50 or more permits

Selected Dominion WellsSelected Dominion Wells

2009 Permitting2009 Permitting

VerticalVertical

Dominion Marcellus AcreageDominion Marcellus Acreage

VerticalVertical

Selected Industry WellsSelected Industry Wells

7,140 Mcfe/d

4,600 Mcfe/d

3,600 Mcfe/d

7,500 Mcfe/d

2,220 Mcfe/d

2,200 Mcfe/d

1,500 Mcfe/d

3,500 Mcfe/d

17

HorizontalHorizontal

0

50

100

150

200

250

300

350

400

2010 2015

Aggressive Gas Production Growth

20% CAG

R

Acceleration of Marcellus Shale Drilling Fuels Production Growth18

Marcellus

Other

Marcellus

Other

142 Annualized Bcfe

350 Bcfe

2010 2011 2012 2013 2014 2015

Gross Marcellus Wells Drilled 22 63 131 165 170 170

Total Marcellus Rigs 2 5 8 10 10 10

Annual wells / rig 11 13 16 17 17 17

16.2

38.218.1

41.1

1.9 2.9

38.2

16.2

Proved Reserves (Tcfe) Total Unproved Reserves and Potential Resource Base (Tcfe)

1.9

2.9

19Note: Total Unproved Reserves and Potential Resource Base calculated using mid‐point of CONSOL Energy estimates.

Expanded Gas Reserve Potential

Pre‐Acquisition Post‐Acquisition Pre‐Acquisition

136% Increase in Total 

Unproved Reserves and 

Potential Resources Base

Post‐Acquisition Pre‐Acquisition Post‐Acquisition

53% Increase in 

Proved Reserves

127% Increase in 

Total Resource Potential

Proved Reserves Total Unproved Reserves and Potential Resource Base

Total Resource Potential

Extraordinary Current and Long‐Term Opportunities

CONSOL Coal: Strong Value Creation Platform

Focused In Most Profitable U.S. Coal Basin

Highest U.S. Coal Operating Margins

Sources: Company calculation using current EIA basin prices less marginal cost of production from industry consultant studies.

20

Note:  Peer Group includes, ACI, ARLP, BTU (US Produced Coal), ICO, MEE and PCX.

Sources:  Public company filings.

Average Operating Margin by Basin

$0

$5

$10

$15

$20

$25

NAPP ILB CAPP PRB

Operating Margins per Ton

$0

$5

$10

$15

$20

$25

CNX Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6

Premier Coal Position in the U.S.

Significant Market Upside for Premium Met Coal

• Produces 5 million tons of high quality low‐vol metallurgical coal at Buchanan Mine

• Low‐vol reserves in excess of 100 million tons

• Buchanan Mine is believed to be the lowest cost met mine in the U.S.

• Current market prices in the range of $165‐$175 per ton (FOB mine)

Margin Growth from Low‐Vol Met Coal

21

Multiple Growth Opportunities from Global Demand

• Northern Appalachian production capacity approaching 51 million tons per year

• Nearly all of NAPP production has high‐vol potential

• Northern Appalachian cost structure is in the $42‐$45 per ton range

• Bailey/Enlow complex has a capacity of 23 million tons per year, and is among the lowest cost operations in NAPP

• Demand in Asia and Brazil presents incremental margin ($15‐$20/ton) opportunity

• No additional capital investment required for shipping high‐vol product

• Expect to ship 3 million tons in 2010, increasing to 6‐8 million tons in 2011

• Tightening domestic Northern Appalachian thermal market

Additional Growth from High‐Vol Met Coal

22

0

1,000

2,000

3,000

4,000

5,000

6,000

2010 2035

Billion

 kWh

23

Coal Demand to Grow 28% and Gas Demand to Grow 38% by 2035

23Source: EIA

1.8B kWh2.3B kWh

0.8B kWh

1.1B kWh

4.0B kWh

5.3B kWh

Thermal Coal and Gas to RemainPrimary U.S. Energy Sources

+33%

NuclearNatural GasCoal RenewablePetroleum & Other

• Commitments for $3.5 billion senior unsecured bridge financing

• Bridge commitments to be replaced with $4 billion of permanent financing contemplated through a public offering of common stock and a private placement of senior unsecured notes

- Fund the acquisition and initial development of acquired acreage

- Targeting $2.0‐$2.5 billion in common stock and $1.5‐$2.0 billion in senior unsecured notes

24

Financing Summary

Maintain Strong Balance Sheet & Liquidity

Drives Long‐Term Growth and Shareholder Value

• Compelling valuation for premier Appalachian gas assets

• Enhances CONSOL’s role as diversified U.S. energy company that is the leading Appalachian coal & gas producer

• Establishes balanced portfolio of coal and natural gas 

• Accelerates growth opportunity in low‐cost, high‐margin businesses

Transaction Summary

25

Appendix

CONSOL Dominion Pro Forma

Total Net O&G Acreage 3,708,541 1,447,122 5,155,663

Marcellus Acreage 250,265 491,393 741,658

CBM  2,557,317 173,715 2,731,032

Other 900,959 782,014 1,682,973

Total Proved Reserves (Tcfe) 1.9 1.0 2.9

Marcellus 0.2 0.0 0.2

CBM 1.6 0.0 1.6

Other 0.1 1.0 1.1

Total Unproved Reserves and Potential Resource Base (Tcfe) 12.6 ‐ 19.7 11.1 ‐ 33.0 23.7 ‐ 52.7

Marcellus 9.4 ‐ 15.0 10.0 ‐ 30.0 19.4 ‐ 45.0

CBM 0.7 0.1 ‐ 0.5 0.8 ‐ 1.2

Other 2.5 ‐ 4.0 1.0 ‐ 2.5 3.5 ‐ 6.5

Grand Total Reserves & Resources 14.5 ‐ 21.6 12.1 ‐ 34.0 26.6 ‐ 55.6

Total Producing Wells 5,240 9,104 14,344

Marcellus 19 17 36

CBM 3,711 35 3,746

Other 1,510 9,052 10,562

2010 Total Production (Bcfe) 100.0 27.3 127.3

2010 Marcellus 6.7 0.0 6.7

2010 CBM 91.1 0.0 91.1

2010 Other 2.2 27.3 29.5

Note:  Total O&G Acreage for CONSOL Energy includes CNX Gas, in which CONSOL Energy has an 83.3% interest, as well as acreage paid for and abstracted through 2/21/10.  (1)  Dominion actual amount greater than zero, but less than .05 (2) Assumes 4/30/2010 effective date.  Annualized 2010 Dominion is 41.0 Bcfe.

Expands Diversified Gas Portfolio

27

(2) (2)

(1)

(1)

(1)

(1)