EARNINGS RESULTS FOURTH QUARTER 2016

EARNINGS RESULTS FOURTH QUARTER 2016

Cautionary Language 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). Statements that are not historical, are forward-looking, and include our operational and strategic plans; estimates of coal and gas reserves and resources; the projected timing and rates of return of future investments; and projections and estimates of 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, plans, 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 materially from the forward-looking statements include risks, contingencies and uncertainties that relate to, among other matters, the following: we may not receive the prices we expect to receive for our natural gas, natural gas liquids, and coal, including due to oversupply relative to the demand available for our products; we may not obtain on a timely basis the permits required for drilling and mining; we may not accurately estimate the volume of hydrocarbons that are recoverable from our oil and natural gas assets; we may encounter unexpected operational issues or disruptions when we drill and mine, including equipment failures, geological conditions, and higher than expected costs for equipment, supplies, services and labor, including with respect to third-party contractors; we may not achieve the efficiencies we expect to realize in our drilling and completion operations, and as a result, our projected cost savings may not be fully realized; our participation in joint ventures may restrict our operational and corporate flexibility, and actions taken by a joint venture partner may impact our financial position and operational results; we may not be able to sell non-core assets on acceptable terms; acquisitions and divestitures that we anticipate making or have made may not occur or produce anticipated benefits, or may cause disruptions to our business operations; we may be subject to environmental and other government regulations that adversely impact our operating costs and the market for our natural gas and coal; failure by Murray Energy to satisfy liabilities it acquired from us, or failure to perform its obligations under various arrangements, which we guaranteed, could materially or adversely affect our results of operations, financial position, and cash flows; we may be unable to incur indebtedness on reasonable terms; provisions in our multi-year coal sales contracts may provide limited protection and may result in economic penalties to us or permit the customer to terminate the contract; the majority of our common units in CNX Coal Resources LP are subordinated, and we may not receive related distributions; and other factors, many of which are beyond our control. Additional factors 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, 2015 filed with the Securities and Exchange Commission (SEC), as updated by any subsequent quarterly reports on 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. Currently, 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 presentation, 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. We caution you that the SEC views such estimates as inherently unreliable and these estimates may be misleading to investors unless the investor is an expert in the natural gas industry. 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 included in this presentation is based on a summary review of the title to the gas rights we hold. As is customary in the gas industry, prior to the commencement of natural 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. As a result of our title review or otherwise, we may be required to acquire property rights from third parties at our expense in order to effectively drill and produce the gas rights we control and third parties may participate in the wells we drill, thereby reducing our working interest in those wells. This presentation does not constitute an offer to sell or a solicitation of offers to buy securities of CONSOL Energy Inc. or CNX Coal Resources LP. 2

E&P: Q4 2016 Operations Summary Marcellus Shale Quarterly Summary Asset Region Utica Shale Quarterly Summary SWPA Horizontal Rigs - Drilled - Completed 3 Turned In Line (TIL) 8 Avg. TIL Lateral Length (ft) 7,833 Asset Region OH - Dry Utica (Monroe County) Horizontal Rigs 2 Drilled 7 Completed - Turned In Line (TIL) - Avg. TIL Lateral Length (ft) - Production Update: OPEX Efficiencies: Reduced Q4 2016 OPEX cash costs by $2.1 million while increasing production by 4.9 Bcfe in the same period, improving units costs by $0.09/Mcfe WV Ops: Operated additional 28 wells following the dissolution of the Marcellus JV representing an incremental 70 MMcf/d of production, while lowering LOE by $30,000/month PA Ops: Accelerated TIL of two RHL23 wells by 14 days, adding 17.3 MMcf/d in production. Production optimization efforts yielded an additional 2 MMcf/d resulting in a net uplift of 19.3 MMcf/d from the pad compared to legacy non-operated production levels Q4 2016 Drilling and Completions Update: Cycle Time Improvement (Y/Y) Cost Reduction (Y/Y) Drilling 62% 53% Completions 41% 34% 3

E&P: Q4 2016 Results E&P Results Summary E&P Results 4Q 2016 (1) 4Q 2015 Adjusted earnings before income tax for E&P segment of $14.3 million (3) Production increased by 6% in fourth quarter 2016, compared to year-earlier quarter Y/Y Change 4Q 2016 (1) 3Q 2016 (1) Average Sales Prices for 4Q2016, 4Q2015, and 3Q2016 include gains on commodity derivative instruments (cash settlements) of $0.46, $0.95, and $0.47, respectively. (2) Average Costs for 4Q2016, 4Q2016, and 3Q2016 include DD&A of $1.05 in each period. Marcellus Shale total production costs were $2.20 per Mcfe in the fourth quarter, a decrease of $0.18 from $2.38 per Mcfe in the year-earlier quarter, or an 8% improvement - The improvement in Marcellus Shale operating costs was largely driven by reduced Transportation, Gathering and Compression costs post-jv dissolution Utica Shale total production costs were $1.86 per Mcfe in the fourth quarter, a decrease of $0.02 from $1.88 per Mcfe in the year-earlier quarter, or a 1% improvement CBM total production costs were $2.72 per Mcfe in the fourth quarter, an increase of $0.09 from $2.63 per Mcfe in the year-earlier quarter, or a 3% impairment Q/Q Change Average Sales Price (1) ($/Mcfe) $2.77 $2.78 ($0.01) $2.77 $2.54 $0.23 Total Production Costs (2) ($/Mcfe) $2.27 $2.37 ($0.10) $2.27 $2.36 ($0.09) Sales Volumes (Bcfe) 101.3 95.5 5.8 101.3 96.4 4.9 Sales Volumes (Bcfe) by Category Marcellus 56.5 49.7 6.8 56.5 51.8 4.7 Utica 22.2 20.7 1.5 22.2 22.5 (0.3) CBM 17.4 18.7 (1.3) 17.4 17.0 0.4 Other 5.2 6.3 (1.1) 5.2 5.1 0.1 (3) Adjusted earnings before income tax for the E&P Division of $14.3 million for the three months ended December 31, 2016 is calculated as GAAP loss before income tax of $222.5 million plus total pre-tax adjustments of $236.8 million. The $236.8 million adjustment is the pre-tax loss related to the unrealized loss on commodity derivative instruments. 4

E&P Marketing: Highlights Q4 2016 E&P Realization and Marketing Highlights During the quarter, CONSOL successfully completed the majority of its planned firm transportation and processing capacity reallocations in connection with the separation of the joint venture with Noble Energy Directly-marketed ethane volumes were 466,000 barrels in Q4 and, on an equivalent basis, yielded a premium price over the Texas Eastern M2 gas market - An additional ethane contract with favorable terms commenced October 1, 2016 - Directly-marketed ethane gross realization is up 41% from Q3 2016 $0.09/Mcfe uplift from liquids, including the impact of hedging Natural Gas Price Reconciliation 2016 2015 Q4 Q3 Q2 Q1 Q4 NYMEX Natural Gas ($/MMBtu) $2.98 $2.81 $1.95 $2.09 $2.27 Average Differential (0.88) (0.86) (0.46) (0.36) (0.54) BTU Conversion (MMBtu/Mcf)* 0.12 0.11 0.09 0.10 0.10 Gain on Commodity Derivative Instruments-Cash Settlement 0.46 0.47 0.91 0.98 0.95 Realized Gas Price per Mcf $2.68 $2.53 $2.49 $2.81 $2.78 * Conversion Factor 1.06 1.06 1.06 1.06 1.06 5

Gas Volumes Hedged (Bcf) E&P Marketing: Gas Hedges 320 300 280 260 240 220 200 180 160 140 120 100 80 60 40 20 0 NYMEX Only Hedges Exposed to Basis (2) NYMEX + Basis FY 2017 2017 FY 2018 2018 FY 2019 2019 FY 2020 2020 FY 2020 2021 Hedge Position (Outer ring = NYMEX; Inner ring = Basis) 2017 Hedged Open Hedge Volumes and Pricing 2017 2018 2019 2020 2021 NYMEX Only Hedges Volumes (Bcf) 278.9 218.9 153.2 81.6 6.8 Average Prices ($/Mcf) $3.18 $3.15 $3.07 $3.17 $3.08 Index Hedges and Contracts Volumes (Bcf) 32.4 1.7 8.5 3.4 - Average Prices ($/Mcf) $3.19 $2.42 $2.52 $2.35 - Total Volumes Hedged (Bcf) (1) 311.3 220.6 161.7 85.0 6.8 NYMEX + Basis (fully-covered volumes) (2) Volumes (Bcf) 287.1 182.4 108.6 57.0 - Average Prices ($/Mcf) $2.57 $2.67 $2.60 $2.79 - NYMEX Only Hedges Exposed to Basis Volumes (Bcf) 24.2 38.2 53.1 28.0 6.8 Average Prices ($/Mcf) $3.18 $3.15 $3.07 $3.17 $3.08 Total Volumes Hedged (Bcf) (1) 311.3 220.6 161.7 85.0 6.8 (1) Hedge positions as of 1/17/2017. FY 2017 includes actual settlements of 25.0 Bcf. (2) Includes the impact of NYMEX, index and basis-only hedges as well as physical sales agreements. (3) Based on total production guidance of 415 Bcfe in 2017E. 2018 Approximately 75% of total 2017E production volumes hedged (3) NYMEX hedges added during Q4: 215 Bcf (2017-2021) Basis hedges added during Q4: 149 Bcf (2017-2020) 6

E&P Marketing: Liquids Realizations Ethane $/gal Natural Gas Liquids, Oil, and Condensate Q4 2016 liquids sold: 10.0 Bcfe Total weighted average price of all liquids increased 38% to $21.34 per Bbl in Q4 2016, from $15.48 per Bbl in Q3 2016 (1) Liquids comprised approximately 10% of Q4 2016 production volumes, 13% of E&P revenue, and 8% of total company revenue (1) 17.5 million gallons of propane hedged from April 2016 through March 2017 at an average price of $0.48 per gallon Average Price Realization ($ per Bbl) (1) 2016 2015 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 NGLs $20.40 $13.15 $12.86 $12.29 $14.18 $4.78 $12.46 $20.39 Oil 41.57 42.05 33.74 30.84 39.08 54.19 46.16 47.79 Condensate 30.84 37.27 31.68 14.66 25.37 27.82 31.27 20.83 NGL $ Low Wet Gas Flexibility Gas $ High Avoid Processing Optimize 22 Bcf NGL $ High Optimize Send to Processing Gas $ Low 2017 Direct Ethane Sales Netback Estimate $0.30 $0.25 $0.20 $0.15 $0.10 $0.05 $0.00 2017 Mt. Belvieu Ethane CNX Netback Appalachian Gas Alternative (1) Excludes propane hedging impact 7

Finance: Q4 2016 Review Fourth Quarter 2016 Results Adjusted net income from continuing operations in the 2016 fourth quarter of $0.5 million, or $0.00 per diluted share (1) ; on a GAAP basis, net loss from continuing operations of $321 million or ($1.42) per diluted share - Adjusted net income excludes the following pre-tax items: $236.8 million unrealized loss on commodity derivative instruments $166.8 million valuation allowance related to alternative minimum tax credits $4.8 million loss related to pension settlement $3.8 million of Marcellus JV Dissolution fees $0.4 million of severance expense Adjusted net loss from continuing operations for the full year 2016 of $100 million, or ($0.44) per diluted share; (2) on a GAAP basis, net loss from continuing operations of $536 million or ($2.38) per diluted share Total company adjusted EBITDA attributable to continuing operations in the fourth quarter of $205 million Q4 2016 Summary ($ in millions, except per share data) 4Q 2016 4Q 2015 Y/Y Change 4Q 2016 3Q 2016 Q/Q Change Net (Loss) Income Attributable to CNX Shareholders ($306) $30 ($336) ($306) $25 ($331) (Loss) Earnings per Diluted Share ($1.33) $0.13 ($1.46) ($1.33) $0.11 ($1.44) Revenue and Other Income $462 $666 ($204) $462 $746 ($284) Net Cash Provided by Continuing Operations $87 $106 ($19) $87 $166 ($79) Adjusted EBITDA Attributable to Continuing Operations $205 $198 $7 $205 $156 $49 (1) Income tax effect of Total Pre-tax Adjustments was $90,956 the three months ended December 31, 2016. Adjusted net income for the three months ended December 31, 2016 is calculated as GAAP net loss from continuing operations of $321,198 plus total pre-tax adjustments from the EBITDA reconciliation table of $245,826, less the associated tax expense of $90,956, plus a valuation allowance charge of $166,798 for alternative minimum tax credits equals the adjusted net income from continuing operations of $470. (2) Income tax effect of Total Pre-tax Adjustments was $155,212 for the year ended December 31, 2016. Adjusted net income for year ended is calculated as GAAP net loss from continuing operations $535,965 plus pre-tax adjustments from the EBITDA reconciliation table of $424,274, less the associated tax expense of $155,212 plus a valuation allowance charge of $166,798 equals adjusted net loss of $100,105. Note: The terms "adjusted net loss attributable to continuing operations," "adjusted EBITDA," adjusted EBITDA attributable to continuing operations, "free cash flow," and "organic free cash flow from continuing operations" are non-gaap financial measures, which are defined and reconciled to GAAP net (loss)/income and net cash provided by continuing operations below, under the caption Non-GAAP Reconciliation." 8

Finance: Q4 2016 Review Net (Decrease) / Increase in Cash Generated positive free cash flow - Organic free cash flow from continuing operations in Q4 2016 of $118 million; full-year 2016 total organic free cash flow of $306 million - Total free cash flow in Q4 2016 of $349 million; full-year 2016 total free cash flow of $957 million - Reduced outstanding borrowings on the revolving credit facility by $354 million, which increased liquidity and de-levered the balance sheet - Used free cash flow generated during the quarter, plus cash on hand Total capital expenditures in Q4 2016 of $47 million; full-year 2016 total capital expenditures of $227 million Q4 2016 Cash Flow Summary (including Discontinued Operations) ($ in millions) 4Q 2016 4Q 2015 Y/Y Change 4Q 2016 3Q 2016 Q/Q Change Net Cash Provided by Operating Activities $83 $102 ($19) $83 $163 ($80) Capital Expenditures ($47) ($119) $72 ($47) ($64) $17 Proceeds from Asset Sales $21 $28 ($7) $21 $21 - Proceeds from Noble Exchange Settlement $213 - $213 $213 - $213 Other Investing $79 ($23) $102 $79 ($27) $106 (Payments on) / Proceeds from Short-Term Debt & Misc. Borrowings ($356) $4 ($360) ($356) ($114) ($242) Dividends Paid - ($2) $2 - - - Other Financing ($13) - ($13) ($13) $4 ($17) Net (Decrease) / Increase in Cash ($20) ($10) ($10) ($20) ($17) ($3) Source: Company filings. Note: Numbers may not sum and may differ slightly from totals and financial statements due to rounding. The terms "adjusted net loss attributable to continuing operations," "adjusted EBITDA," adjusted EBITDA attributable to continuing operations, "free cash flow," and "organic free cash flow from continuing operations" are non-gaap financial measures, which are defined and reconciled to GAAP net (loss)/income and net cash provided by continuing operations below, under the caption Non-GAAP Reconciliation." 9

Finance: Liquidity Strong Liquidity Position of ~$1.7 Billion December 31, 2016 ($ in millions) (1) Cash and cash equivalents on CNX s consolidated balance sheet was $60 million as of 12/31/2016, $9 million of which was CNXC s and consolidated in CNX s financial statements per US GAAP accounting. (2) Revolving credit facility as of 12/31/2016. $2.0 billion Revolving Credit Facility 5 year credit facility expires June 2019 Amount/ Capacity Amount Drawn Paid down nearly $1 billion of revolving debt on the credit facility in 2016 Gas reserves based lending facility borrowing base reaffirmed at $2 billion in Q4 2016 Letters of Credit - Includes the right to separate the coal and gas business subject to a leverage test Amount Available Cash and Cash Equivalents (1) $51 - - $51 Revolving Credit Facility (2) $2,000 $0 $326 $1,674 Total $2,051 $0 $326 $1,725 Maintenance Covenants Limit Dec. 31, 2016 CONSOL Energy Revolver: Minimum Interest Coverage Ratio < 2.5 to 1.0 3.5 to 1.0 Minimum Current Ratio < 1.0 to 1.0 2.6 to 1.0 10

Finance: Liquidity Debt and Liquidity Profile Capitalization CNX Consolidated CNXC: 100% CNX Attributable Capitalization and Liquidity 12/31/2016 12/31/2016 12/31/2016 Cash and Cash Equivalents $61 $10 $51 Revolving Credit Facility Balance 201 201 - Capital Lease Obligations 49-49 Total Secured Debt $250 $201 $49 8.25% Senior Notes due 2020 $74 - $74 6.375% Senior Notes due 2021 21-21 5.875% Senior Notes due 2022 (1) 1,855-1,855 8.0% Senior Notes due 2023 (1) 494-494 Baltimore 5.75% Revenue Bonds due 2025 103-103 Miscellaneous Debt 5-5 Total Debt (2) $2,802 $201 $2,601 Net Debt (3) $2,741 $191 $2,550 Stockholders Equity $3,941 $143 $3,798 Total Capitalization $6,743 $344 $6,399 Liquidity Cash and Cash Equivalents $61 $10 $51 Revolving Credit Facility Capacity (4) 1,873 199 1,674 Total Liquidity $1,934 $209 $1,725 Note: Some numbers may not match exactly to financial statements due to rounding. (1) The 2022 and 2023 senior notes includes $5 million and $6 million of unamortized bond premium / discount, which will be amortized over the life of Equity Value of Ownership in Affiliated Public MLPs CNX Owned LP Units (5) Unit Price (5) Market Value CNX Coal Resources LP (CNXC:NYSE) 16.6 $17.90 $297 CONE Midstream Partners LP (CNNX:NYSE) 21.7 $24.55 $533 Total Equity Value of Ownership Interests in Affiliated Public MLPs $830 Liquidity of Affiliated MLPs Total Facility Capacity Outstanding Balance Available Capacity Cash Total Liquidity CNX Coal Resources LP (6) $400 $201 $199 $10 $209 CONE Midstream Partners LP (6) $250 $181 $69 $4 $73 Leverage Ratio 12/31/2016 LTM Bank EBITDA Attributable to CONSOL Energy Shareholders (7) $628 LTM Bank Net Debt / Adj. EBITDA (7) 4.4x (5) Number of MLP units owned by CNX as of 12/31/2016 and unit prices as of market close on 1/20/2017. (6) CNX Coal Resources liquidity data is as of 12/31/2016 and CONE Midstream data is pro forma as of 9/30/2016 to account for acquisition of additional interest in Anchor System funded in part by $140 million draw on revolving credit facility. (7) Adjusted EBITDA Attributable to CNX Shareholders is a non-gaap financial measure and the reconciliation is provided in the Appendix. Bank methodology LTM EBITDA equals LTM Adjusted EBITDA of $687 million less a loss on sale of assets of $12 million, plus coal contract buyout of $6 million, less the $51 million of CNXC EBITDA net of cash distributions attributable to CNX, less $6 million of severance payments, plus $4 million of other net adjustments. For a reconciliation of CNXC s EBITDA please see the Company s form 10Q s and 10K s. Bank net debt of $2,741 equals debt of $2.802 billion, less $51 million cash on hand excluding CNXC s cash, less $201 million of CNXC revolver debt, less $3 million of advance mining royalties, plus $243 million of net letters of credit related to firm transportation obligations, mining equipment leases, and insurance policies. the notes, respectively. (2) Total Debt of $2.802 billion excludes total unamortized debt issuance costs of $28 million. (3) Net Debt equals Total Debt less Cash and Cash Equivalents. (4) As of 12/31/2016, CNX had approximately $326 million of outstanding letters of credit under its revolving credit facility, leaving approximately $1,674 million of availability. CNXC had $201 million outstanding on its revolving credit facility leaving approximately $199 million of availability. 11

$ in billions Finance: Leverage Ratio and Liquidity Projection 5.0 4.0 3.0 2.0 1.0 0.0 3.0 Leverage Ratio 2016-2018E (1) 4.4 2.2 Liquidity 2016-2018E 1.4 2016 2017E(2) 2018E(2) 2.8 Year-end 2016 leverage ratio below prior forecast; 2017E and 2018E targets reduced by 0.2x and 0.3x, respectively Path to reaching and maintaining a sub-2.5x leverage ratio Liquidity rises by estimated $1 billion in free cash flow by 2018 Plan Upside: - Increased efficiencies - Rising commodity prices - Accelerated drops - Additional asset sales FCF Sources 2017E-2018E 2.5 2.3 2.0 1.7 1.5 1.0 0.5 0.0 2016 2017E 2018E Asset Sales (1) Leverage ratio equals expected year-end net debt divided by expected EBITDA. CONSOL Energy is unable to provide a reconciliation of projected EBITDA to projected operating income, the most comparable financial measure calculated in accordance with GAAP, due to the unknown effect, timing, and potential significance of certain income statement items. (2) Excludes letters of credit of $243 million Note: Assumes $400-$600 million in asset sales in 2017 and a 20% CNXC drop in 2018 Forecasts based on strip pricing for open volumes as of 1/3/2017 Organic 12

Finance: Legacy Liabilities Legacy Liabilities ($ in millions) Annual Cash Servicing Costs ($ in Millions) Significant legacy liability reductions over past three years: Miller Creek/Fola transaction drove substantial reduction in legacy liabilities in 2016 Continue to actively manage the reduction of legacy liabilities Balance Sheet Liability Long-Term Liability Guidance 12/31/2016 FY 2017E FY 2018E LTD $19 WC 80 CWP 119 OPEB 700 Salary Retirement/Pension 115 Asset Retirement Obligations 233 Total Legacy Liabilities $1,266 Total Cash Servicing Cost $92 $74 - $79 $70 - $75 EBITDA Impact ($60 - $65) ($18 - $23) ($21 - $26) $4,500 $4,000 $3,500 $3,000 $2,500 $2,000 $1,500 $1,000 $500 $0 $4,187 $365 $1,703 $1,497 $1,362 $1,266 $1,229 $144 $139 $133 $92 $77 2012 2013 2014 2015 2016 2017E $500 $450 $400 $350 $300 $250 $200 $150 $100 $50 $0 Total Legacy Liabilities Total Annual Legacy Liabilities Cash Servicing Cost Note: 12/31/16 liability balance includes approximately $27 million and $40 million in employee-related and environmental liabilities associated with Pennsylvania Mining Operation (PAMC), respectively. Future EBITDA loss and cash servicing costs related to these liabilities will run through the PAMC segment financial detail and therefore the cash servicing costs and EBITDA loss related to these liabilities are excluded from the 2017 & 2018 forecast presented above. For FY 2017, the cash servicing costs associated with PAMC long-term liabilities are forecasted to approximate $8 million, while the EBITDA loss associated thereto is forecasted to approximate $12 million. Excludes gas well closing. 13

Finance: E&P Guidance E&P Segment Guidance 2017E 2018E Production Volumes: Natural Gas (Bcf) 375 445 NGLs (MBbls) 5,800 5,950 Oil (MBbls) 45 40 Condensate (MBbls) 740 730 Total Production (Bcfe) 415 485 % Liquids 10% 8% Open Natural Gas Basis Differential to NYMEX ($/Mcf) ($0.63) ($0.50) NGL Realized Price ($/Bbl) 19.70 19.50 Condensate Realized Price % of WTI 70% 70% Oil Realized Price % of WTI 90% 90% Capital Expenditures ($ in millions): Drilling and Completions $465 Midstream $40 Land, Permitting and Other $50 Total E&P and Midstream CapEx $555 $600 Average per unit operating expenses ($/Mcfe): Lease Operating Expense 0.23 Production, Ad Valorem, and Other Fees 0.07 Transportation, Gathering and Compression 0.77 Total Cash Production and Gathering Costs 1.06 1.05 Other Expenses ($ in millions): Selling, General, and Administrative Costs (1) $70 $70 Other Corporate Expenses (2) $80 $60 Note: Guidance as of 1/31/2017 (1) Excludes stock-based compensation (2) Includes Idle Rig Charges, Unutilized Firm Transportation Expense (Net Of 3rd Party Revenue), Land Rentals, Lease Expiration Costs, Misc. Gas, and Exploration Expense 14

Finance: PA Mining Operations Guidance PA Mining Operations Consolidated 100% Basis 2017E 2018E Estimated Total Coal Sales Volumes (in millions of tons) 26.0 26.0 Total Committed Volumes (Contracted & Priced) 25.4 % Committed 98% Capital Expenditures ($ in millions): Production $120 Other (Land/Water/Safety) $15 Total Coal Capital Expenditures ($ in millions) $135 $140 Capital expenditures expected to be approximately $5 per ton in 2017 and beyond Note: Guidance as of 1/31/2017 15

Finance: Raising 2017E EBITDA Guidance EBITDA Guidance by Segment 2017E ($ in millions) E&P (1) Coal Other Current Total (1/31/17) Prior Total (12/13/16) Earnings Before Interest, Taxes and DD&A (EBITDA) $705 $390 ($15) $1,080 $840 Adjustments: Unrealized Loss/(Gain) on Commodity Derivative Instruments (200) - - (200) (5) Stock-Based Compensation 20 10-30 30 Adjusted EBITDA $525 $400 ($15) $910 $865 Noncontrolling Interest - (45) - (45) (45) Adjusted EBITDA Attributable to CNX $525 $355 ($15) $865 $820 (1) Includes forecasted Earnings of Equity Affiliates of $36 million in 2017 associated with CNX's proportionate share of ownership in CONE Midstream. This income is reflected within Miscellaneous Other Income in the CNX Income Statement. Base plan assumes NYMEX as of 1/3/2017 $3.38 per MMBtu + weighted average basis of ($0.65) per MMBtu on open volumes. Note: CONSOL Energy is unable to provide a reconciliation of projected EBITDA to projected operating income, the most comparable financial measure calculated in accordance with GAAP, due to the unknown effect, timing, and potential significance of certain income statement items. 16

17 APPENDIX

Finance: Q4 2016 Review Non-GAAP Reconciliation: EBITDA and Adjusted EBITDA Three Months Ended December 31, 2016 2016 2016 2016 2015 PA Mining E&P Division Operations Other (1) Total Company Total Company ($ in thousands) Division Net (Loss) Income ($222,454) $50,121 ($129,301) ($301,634) $34,325 Less: (Income) Loss from Discontinued Operations, net - - (19,564) (19,564) 11,017 Add: Interest Expense 646 2,502 43,719 46,867 49,081 Less: Interest Income - - (532) (532) (431) Add: Tax Valuation Allowance - - 166,798 166,798 65,395 Add: Income Taxes - - (84,990) (84,990) 60,347 (Loss) Earnings Before Interest & Taxes (EBIT) (221,808) 52,623 (23,870) (193,055) 219,734 Add: Depreciation, Depletion & Amortization 105,730 42,861 7,992 156,583 139,988 (Loss) Earnings Before Interest, Taxes and DD&A (EBITDA) from Continuing Operations ($116,078) $95,484 ($15,878) ($36,472) $359,722 Adjustments: Unrealized Gain/(Loss) on Commodity Derivative Instruments 236,802 - - $236,802 (62,388) Severance Expense - - 424 $424 - Pension Settlement - - 4,848 $4,848 15,921 Marcellus Dissolution - - 3,752 $3,752 - Industrial Supplies Working Capital Settlement - - - - 6,258 OPEB Plan Changes - - - - (109,879) Gain on Sale of Non-Core Assets - - - - (7,551) Total Pre-tax Adjustments $236,802 - $9,024 $245,826 ($157,639) Adjusted EBITDA $120,724 $95,484 ($6,854) $209,354 $202,083 Less: Net Income Attributable to Noncontrolling Interest - 4,413-4,413 3,920 Adjusted EBITDA Attributable to Continuing Operations $120,724 $91,071 ($6,854) $204,941 $198,163 Source: Company filings. Note: Income tax effect of Total Pre-tax Adjustments was $90,956 and $36,257 for the three months ended December 31, 2016 and December 31, 2015, respectively. Adjusted net income for the three months ended December 31, 2016 is calculated as GAAP net loss from continuing operations of $321,198 plus total pre-tax adjustments from the above table of $245,826, less the associated tax expense of $90,956, plus a valuation allowance charge of $166,798 for alternative minimum tax credits equals the adjusted net income from continuing operations of $470. (1) CONSOL Energy's Other Division includes expenses from various other corporate and diversified business unit activities including legacy liabilities costs and income tax expense that are not allocated to E&P or PA Mining Operations Divisions. 18

Finance: Q4 2016 Review Non-GAAP Reconciliation: Trailing Twelve Months EBIT, EBITDA, and Adjusted EBITDA Three Months Ended Three Months Ended Three Months Ended Three Months Ended Year Ended March 31, June 30, September 30, December 31, December 31, ($ in thousands) 2016 2016 2016 2016 2016 Net Income / (Loss) ($96,458) ($468,649) $27,593 ($301,634) ($839,148) Less: Loss from Discontinued Operations 53,167 234,605 34,975 (19,564) 303,183 Add: Interest Expense 49,865 47,427 47,317 46,867 191,476 Less: Interest Income (214) (547) (214) (532) (1,507) Add: Tax Valuation Allowance - - - 166,798 166,798 Add: Income Taxes (23,800) (100,856) 52,858 (84,990) (156,788) Earnings/(Loss) Before Interest & Taxes (EBIT) from Continuing Operations (17,440) (288,020) 162,529 (193,055) (335,986) Add: Depreciation, Depletion & Amortization 154,988 135,220 151,712 156,583 598,503 Earnings/(Loss) Before Interest, Taxes and DD&A (EBITDA) from Continuing Operations $137,548 ($152,800) $314,241 ($36,472) $262,517 Adjustments: Unrealized Gain/(Loss) on Commodity Derivative Instruments 29,271 279,715 (159,555) 236,802 386,233 Severance Expense 2,918 1,451 952 424 5,745 Pension Settlement - 13,696 3,652 4,848 22,196 Noble Transaction Fees - - - 3,752 3,752 Coal Contract Buyout - (6,288) - - (6,288) Gain/(Loss) on Sale of Non-core Assets 12,636 - - - 12,636 Total Pre-tax Adjustments $44,825 $288,574 ($154,951) $245,826 $424,274 Adjusted Earnings Before Interest, Taxes and DD&A (Adjusted EBITDA) $182,373 $135,774 $159,290 $209,354 $686,791 Less: Noncontrolling Interest $1,114 $1,179 $2,248 $4,413 $8,954 Adjusted EBITDA Attributable to Continuing Operations $181,259 $134,595 $157,042 $204,941 $677,837 Source: Company filings. 19

Finance: Q4 2016 Review Free Cash Flow Reconciliation Three Months Ended Year Ended December 31, December 31, ($ in thousands) 2016 2016 Net Cash provided by Continuing Operations $87,139 $459,350 Capital Expenditures (47,431) (226,820) Net Investment in Equity Affiliates 78,298 73,743 Organic Free Cash Flow From Continuing Operations $118,006 $306,273 Net Cash Provided By Operating Activities $82,647 $469,285 Capital Expenditures (47,431) (226,820) Net Investment in Equity Affiliates 78,298 73,743 Proceeds from Noble Exchange 213,295 213,295 Proceeds from Sale of Assets 20,925 59,902 Capital Expenditures of Discontinued Operations - (8,295) Payments on Sale of Miller Creek/Fola - (28,271) Proceeds from Sale of Buchannan Mine 1,000 403,817 Free Cash Flow $348,734 $956,656 Source: Company filings. 20