CONSOL Energy Inc. – First Quarter 2012 Earnings Call

April 26, 2012

J. Brett Harvey, Chairman and CEO

Nicholas J. DeIuliis, President

William J. Lyons, CFO

Robert F. Pusateri, EVP, Sales, Marketing, & Transportation

Cautionary Language

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This presentation contains statements, estimates and projections which are forward-looking statements (as defined in

Section 21E of the Securities Exchange Act of 1934, as amended). Such statements include estimates of reserves and

resources, projections and estimates concerning the timing and rates of return of future projects, and our future production,

revenues, income and capital spending. These forward-looking statements involve risks and uncertainties that could cause

actual results to differ materially from those statements, estimates and projections. Accordingly, investors should not place

undue reliance on forward-looking statements as a prediction of future actual results. Factors that could cause future actual

results to differ from the forward-looking statements are described in detail under the captions "Forward Looking

Statements" and "Risk Factors" in CONSOL Energy Inc.’s annual report on Form 10-K for the year ended December 31,

2011 filed with the Securities and Exchange Commission (SEC), as updated by any subsequent Form 10-Qs. The forward-

looking statements in this presentation speak only as of the date of this presentation; we disclaim any obligation to update

the statements, and we caution you not to rely on them unduly.

The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible oil and

gas reserves that a company anticipates as of a given date to be economically and legally producible and deliverable by

application of development projects to known accumulations. We may use certain terms in this press release, such as EUR

(estimated ultimate recovery), unproved reserves and total resource potential, that the SEC's rules strictly prohibit us from

including in filings with the SEC. These measures are by their nature more speculative than estimates of reserves prepared

in accordance with SEC definitions and guidelines and accordingly are less certain. We also note that the SEC strictly

prohibits us from aggregating proved, probable and possible reserves in filings with the SEC due to the different levels of

certainty associated with each reserve category.

Except for proved reserve data, the information this presentation is based on a summary review of the title to the gas rights

we hold, as well as a summary review of the title to the coal from which many of our coalbed methane 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 does not constitute an offer to sell or a solicitation of offers to buy securities of CONSOL Energy Inc.

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Investment Thesis and Scorecard

Tier One Coal and E&P Assets Provide Synergies and Risk Reduction

Low cost, high-BTU coal that can travel and transform target markets

Low cost E&P assets; adding liquid targets to the 2012 program

Long-Lived Assets Enable Strategic Value Enhancements

Integration with partners going well

Monetized underutilized assets to pull value forward

Solid Balance Sheet and Liquidity To Capitalize on Our Organic Projects

$2.7B of liquidity and solid debt leverage ratios

Consistent Operating and Financial Results

Solid earnings and operational cash flow – hit our 1Q12 production guidance

Reinstated 2012 Guidance

Trimmed sales guidance by 1 MTs

Exports raised to 11-12 MTs from 9-11 MTs

CONSOL Continues to Respond to Challenging Market Conditions

Blacksville and Buchanan longwall operations will be restarted

Increased focus on cost

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Energy Markets

Experienced a slowdown in both sides of our business

and CONSOL is adjusting

Coal

Idled mines – kept our inventories at manageable

levels

E&P

Shifted capital to higher return areas and prepared to

expand our product lines to include liquids

Actions

Intensified focus on costs

Adjusting To Weak Energy Markets

.

4.5 billion tons of proven and probable coal

reserves

Raising 2012 estimated coal exports of

approximately to 11-12 MTs from 9-11 MTs

Trimming 2012 sales guidance by about 1 MTs to

58.9 – 60.9 MTs

New 2Q12 sales guidance of 14.2 – 14.9 MTs

3.5 Tcfe of proved reserves

628,000 gross Marcellus Shale acres in the JV with

Noble Energy

200,000 gross Utica Shale acres in Ohio in the JV

with Hess Corporation

2Q12 production guidance of 37 - 38 Bcf

50% of shale wells targeting liquids-rich strata

Coal and Gas: Rich Asset Base With Some Vertical Integration

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Manages land

assets of the

Company

R&D facility

devoted to coal,

gas, and energy

utilization and

production

Distributor of

mining, gas

drilling, and

industrial

supplies

Fleet of 625

barges, 22

towboats and 5

harbor boats

Baltimore Port with

capacity to load 14

million tons of coal

per year

Manages gas

gathering assets

of the Company

CONSOL Energy Inc

Coal Natural Gas

Other

Midstream CNX Land Resources

Inc.

Research &

Development

Fairmont Supply

Company

River & Dock

Services

CNX Marine Terminals

Inc.

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Operated Our Coal and Gas Operations Efficiently

We Faced Challenging Energy & Coking Coal Markets

As a Result, CONSOL Energy:

Earned $97 million, or $0.42 per diluted share

Generated $229 million of cash flow from operations, and

Generated $324 million in EBITDA (a non-GAAP financial measure)*

Year-Over-Year Measures are Lower Driven By:

Blacksville and Buchanan longwalls idled for a combined seven weeks, and

Unusual weather exacerbated the decline in natural gas prices for our

unhedged production

*See first quarter 2012 earnings release for reconciliation.

Posted Solid Quarterly Results

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Goal is to Maintain our Strong Liquidity Position

Operating Cash Flow - $MM

2012 2011

Net Cash Provided by Operations $229 $435 ($206)

Capital Expenditures ($306) ($255) ($51)

Proceeds From Assets of Sales $29 $0 $29

Net Payments on Short-Term and Long-Term Debt $0 ($64) $64

Proceeds From Issuance of Common Stock $0 $0 $0

Debt Insurance & Financing Fees $0 ($5) $5

Dividends Paid ($28) ($23) ($5)

Other ($12) $7 ($19)

Net (Decrease)/Increase in Cash ($88) $95 ($183)

March 31,

Year To Date Year-Over

Year

Change

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Strong Liquidity Position of $2.7 Billion

Cash on Hand of $287 Million

About $39 Million Available on Accounts Receivable Securitization Facility

Over $2 Billion Available on Credit Facilities

Amount/ Amount Letters Amount

March 31, 2012 ($MM) Capacity Drawn of Credit Available

Cash and Cash Equivalents $287 $0 $0 $287

Accounts Receivable Securitization $200 $0 $161 $39

Revolving Credit Facility $2,500 $0 $171 $2,329

TOTAL $2,987 $0 $332 $2,655

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Revolving Credit Facilities Debt Covenants

CONSOL has Two Credit Facilities for each of its Coal and E&P Businesses

CONSOL Energy and CNX Gas Currently Maintain Strong Leverage Ratios

Limit

March 31,

2012

CONSOL Energy Revolver:

Maximum Leverage Ratio > 4.75 to 1.0 2.10 to 1.0

Minimum Interest Coverage Ratio < 2.50 to 1.0 5.84 to 1.0

Senior Secured Leverage Ratio > 2.00 to 1.0 0.07 to 1.0

CNX Gas Revolver:

Maximum Leverage Ratio > 3.50 to 1.0 0.00 to 1.0

Minimum Interest Coverage Ratio < 3.00 to 1.0 35.79 to 1.0

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E&P Division Goals Migrating Capital and Activity to High Value Areas

Program Goals to Drive CBM and Marcellus Costs Lower

Marcellus: multi-well pads and lengthening laterals

CBM: lower contractor rates and field services

Marcellus Horizon Objectives

Ramp up development of our wet acreage position with our partner Noble Energy

Focusing on 100% NRI acreage in Greene and Westmoreland Counties, PA

Further delineate Central PA and Northern WV position

99 gross wells expected for 2012; 39 wells targeting liquids

Utica Horizon Objectives

Explore and exploit the Ohio Utica Formation with our partner Hess Corporation

22 gross wells expected for 2012; 22 wells targeting liquids

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2012 Drilling Focuses on Liquids Exposure

OH

PA

WV

MD

VA

Dry Gas

Wet Gas

22 (Gross) Utica Shale Wells 39 (Gross) Marcellus Shale Wells

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Drilling Results and Forecast

Formation Region 2009 2010 2011 1Q12A 2Q12E 2012E

Coalbed Methane Virginia 204 181 214 14.0 13.0 52.0

Total Shales: 17 24 78 27.0 27.0 121.0

Marcellus Shale Central PA 0 4 19 8.0 5.0 13.0

Southwest PA 17 20 50 14.0 17.0 79.0

West Virginia 0 0 9 4.0 2.0 6.0

Totals 17 24 78 26.0 24.0 99.0

Utica Shale 0 0 0 1.0 3.0 22.0

Conventional and Other 18 129 36 13.0 6.0 25.0

Totals 239 334 328 40.5 32.5 137.0

% Shales Wells: Dry gas target 100% 100% 100% 78% 63% 49%

% Shales Wells: Liquids target 0% 0% 0% 22% 37% 51%

% Shales Wells: Completed 100% 96% 88% NM NM 100%

Total Production (Bcfe) 94 128 154 38 37-38 157-159

Total Capital ($MM) 335 420 662 98.5 NM 623

Gross Wells Drilled By Formation From 2009 Through 2012E

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Marketing 2Q12 and 2012 Forecasts

85%

7% 8% 0%

Sales Tons by Product Year 2012

Thermal Low Vol High Vol Mid Vol

2nd

Quarter

2012

Year

2012

2nd

Quarter

2011

Year

2011

Thermal 12.4 50.9 13.5 52.8

Low Vol 0.8 4.1 1.4 5.6

High Vol 1.3 4.6 1.5 4.8

Mid Vol 0.1 0.3 0.0 0.0

Total 14.5 59.9 16.4 63.2

Contracted tons for 2012: 93%

Priced: About 91% priced with more under negotiation

Unpriced: About 50% unsold is High-Vol

Approximately 80% of the Low-Vol & High-Vol met coal tons are expected to be shipped overseas

Approximately 90% of the thermal coal tons are expected to be delivered domestically

Developing new markets for all thermal and met

9% of the overseas thermal coal sales will be shipped to our new market in India

Added three new customers

85%

5% 9% 1%

Sales Tons by Product 2nd Quarter 2012

Thermal Low Vol High Vol Mid Vol

2012 Coal Sales Facts and Goals

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Our Assets, Strategy and People Create An

Investment Opportunity

Coal and gas operations are long-lived, low-cost, and provide solid growth

Our well-capitalized assets provide more consistent operational execution

Our emphasis on safety and compliance increases reliability

Balance sheet remains strong with $2.7 billion of liquidity

Valuation remains compelling using sum of the parts

Marcellus liquids and Utica results (2Q12) to drive valuation improvement

Stabilization and rebound in the met coal markets

Solid Execution of our core program and coal projects to serve a rebounding market

CONSOL Energy Inc. – Questions?

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