Raymond James

4th Annual Coal Investors Conference

June 19, 2012

Cautionary Language

2

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.

CONSOL Energy Inc – Corporate Profile

3

Ticker: CNX

Headquartered in

Pittsburgh, Pennsylvania

Founded in 1860

9,164 Employees

Market Cap = $6.2 Billion

EV = $8.9 Billion

2011 Revenue = $6.1 Billion

The leading diversified fuel producer in the Eastern United States

.

4.5 BTs of proven and probable coal reserves

Raised 2012 estimated coal exports of

approximately to 11-12 MTs from 9-11 MTs

Trimmed 2012 sales guidance by about 1 MTs to

58.9 – 60.9 MTs

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

4

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.

5

Core Values

Safety

CONSOL has invested over $1 billion since 2006 on coal-related safety projects

Commitment to “Absolute Zero”

Compliance

Continuous Improvement

6

Leading Energy Company Partners

Partnering with Hess Corporation to explore and

develop the Utica Shale

Partnering with Noble Energy to develop the

Marcellus Shale

12/31/2011

Reserves

(MMBoe)

2011

Production

(MMBoe)

Market

Capitalization

($ billion)

Moody’s

Long Term

Rating

Hess

Corporation

1,572.8 137.7 $15.5 Baa2

Noble Energy 1,209.5 81.3 $14.9 Baa2

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Investment Thesis and Scorecard

Safe, Consistent Operations

CONSOL believes that it has met or exceeded its quarterly coal production guidance longer

than any other underground producer.

Astute Marketing

CONSOL is successfully selling its coal on four continents.

CONSOL has raised 2012 coal export guidance to 11 – 12 MTs.

Solid Balance Sheet and Liquidity To Capitalize on Our Organic Projects

CONSOL has $2.7B of liquidity and solid debt leverage ratios.

Consistent Operating and Financial Results

Record 2011 net income of $632 million and cash flow of $1.5 billion

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

Responding to Challenging Market Conditions

By developing new markets

By increasing our focus on costs

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Capital Spending

Division Spending Category 2011A 2012E

Coal Maintenance of Production + Safety $261 $327

Growth (Efficiency & New Projects) $297 $349

Total Coal $558 $676

Gas CBM & Other $232 $ 97

Growth (Marcellus and Utica Exploration) $430 $526

Total Gas $662 $623

Other Mandatory (Water, Transportation, Other) $ 89 $190

Discretionary $ 73 $ 55

Total Other $162 $245

Totals Maintenance/Mandatory $582 $614

Growth/Discretionary $800 $930

Total Capital $1,382 $1,544

CONSOL Energy – Capital Spending & Flexibility

Strategy Relies On Cultivating Our Tier-One, Long-Lived Assets Consistent operations driven by reinvesting In core business

Organic growth projects on both coal and gas projects

Organic Coal Projects

Amonate Mining Complex (mid-vol)

Baltimore Terminal Expansion

(14 MT going to 16 MTs around

October 1)

BMX Mine (high-vol) opening in

early 2014

Unique Asset Portfolio

Safe, reliable, low-cost mines

Dual rail service from the mines to

Baltimore

100%-owned Baltimore Terminal

“Boots on the ground” in Asia,

through marketing partner Xcoal

In-house R&D lab with sensor-

equipped coke oven

Coal Division Strategy

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Invest in Organic Coal Projects to Participate in Growing World Coal Markets

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BMX Mine Start-Up Slated for 1Q14

Coal from BMX will be processed here at the Bailey Preparation Plant

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CONSOL’s 100%-Owned Baltimore Terminal

Strength in Market Diversity

12

CONSOL Ships To Four Continents

Widening of The Panama Canal Should Improve Shipping Costs and

Potential Coal Margins

13

Weighted Individual Plants by: Capacity Factor, Age, Size, Heat Rate

Lowest weighted plants were assumed to be shut down first

Performed some sensitivity around scrubbed plants

CONSOL Positioned for EPA Regulations R&D Study of industry coal burn due to regulations - 93% of CONSOL Thermal Coal sold to scrubbed facilities

Baseline (2009) 309.0 GW 943.2 MM tpy Coal

Regulatory Impact - 40.0 GW - 79.9 MM tpy

- 8.3 GW - 14.4 MM tpy

New Capacity + 16.5 GW + 52.1 MM tpy

- 31.8 GW

(-10%)

Bituminous

Sub-bituminous

Lignite

- 42.2 MM tpy

(-4%)

- 36.4 MM tpy

- 18.4 MM tpy

+12.6 MM tpy

Overall -7%

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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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HBP Position enables the JV to drill for Economics

Hutchinson Pad

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Over 500-Day Period, CNX Wells in SW PA Yielded 21%

More Production Than Competitor Well Average

0

1,000

2,000

3,000

4,000

0 100 200 300 400 500 600 700 800 900 1,000

Days

Mcf/d

Gross Wellhead Gas Production

CNX Avg. 2010-2011 (39 laterals ~2,285 ft.)

Competitor Avg. 2009-2010 (103 laterals ~2,800

ft.)

CNX Avg. 2008-2009 (13 laterals ~1,625 ft.)

NBL Acq. Model (normalized to 2,850 lateral ft.)

Marcellus Wells Improving

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Marcellus Drilling and Completion Cost Lateral lengths increasing while gaining efficiencies

1,000

2,000

3,000

4,000

5,000

2009 2010 2011

Lateral Length Ft.

100

150

200

250

2009 2010 2011

17% Improvement

$/Ft. Drilling Cost

100

150

200

250

300

350

2009 2010 2011

29% Improvement

Completion Cost $M/Stage

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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 – and highly trained personnel - 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 (Summer `12) 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?