Dahlman Rose Global Metals, Mining & Materials Conference CONSOL Energy Inc. William J. Lyons, EVP and CFO

Dahlman Rose Global Metals, Mining & Materials Conference CONSOL Energy Inc. William J. Lyons, EVP and CFO

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). 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, 2010 filed with the Securities and Exchange Commission (SEC), as updated by any subsequent Form 10-Qs. The forwardlooking 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. 2

CONSOL Energy Inc Corporate Profile The leading diversified fuel producer in the Eastern United States Ticker: CNX Headquartered in Pittsburgh, Pennsylvania Founded in 1860 8,900 Employees Market Cap = $9.3 Billion EV = $12.5 Billion 2010 Revenue = $5.2 Billion 3

The Investment Thesis Long-lived, low-cost coal and natural gas assets with solid growth potential Expanding our product mix and market reach to drive margin expansion Highly contracted thermal position for 2012; natural gas approx. 50% hedged Conservative balance sheet with $2.8 billion of liquidity Sum of the Parts Valuation & Discount Versus Peer Group 4

CONSOL Energy - Overview CONSOL Energy Inc. Coal Over 4.4 billion tons of proven and probable coal reserves (as of 12/31/10) Natural Gas Over 3.7 Tcfe of proved reserves (as of 12/31/10) 2011 estimated coal exports of approximately 10.0-10.5 MTs 4Q11 Production Guidance of 14.7-15.3 MTs (as of October 27, 2011) Approx. 737,000 gross Marcellus shale acres Approx. 200,000 gross Utica /Point Pleasant acres Other 4Q11 Production Guidance of 36-38 billion cubic feet (as of October 27, 2011) CNX Land Resources, Inc. Manages land assets of the Company Research & Development R&D facility devoted exclusively to coal, gas, and energy utilization and production Fairmont Supply Company Distributor of mining, gas drilling, and industrial supplies River & Dock Services Fleet of 620 barges, 22 towboats and 5 harbor boats CNX Marine Terminals, Inc. Baltimore Port with capacity to load 14 million tons of coal per year 5

Product Diversity and Expanding Our Reach COAL Low-Vol Coal High-Vol Coal PCI Coal Thermal Coal Adding Mid-Vol GAS Marcellus Shale Utica Shale Coalbed Methane Shallow Conventional Adding Oil/Liquids 6

Coal Division s Growth Strategy Growth Projects Targeting Expanding Export Market Growing Production Through 2015 Amonate - 400,000 tons in 2012-800,000 tons in 2015 BMX - 5 million tons annually beginning in 2014 Growing Exports Exports to Rise 50% in 2011 2010 Exports of 6.8 million tons 2011 Exports expected to be 10 10.5 million tons Expanding Baltimore Port in 2012 Growing Margins Expanded Margins to $20.38 / ton in 3Q11 from $13.83 / ton in 3Q10 Rebranding Thermal coal as Met Coal Exporting Thermal Coal to Europe Coal Capital Expenditures of $615 Million for 2011 Reserves by Coal Type (million tons) 4,401 Million Tons Thermal 3,839 87% 2010 Coal Revenue by Coal Type ($ mm) $3,853 Million Thermal 3,001 78% High Vol 416 10% Low Vol 146 3% High Vol 172 4% Low Vol 680 18% 7

Strength in Market Diversity CONSOL Ships To Four Continents Widening of The Panama Canal Should Improve Shipping Costs and Potential Coal Prices 8

Expanding our Exports to 10-10.5 MTs in 2011 2010 Coal Exports by Geography (million tons) 6.8 Million Tons 2011 Est. Coal Exports by Geography (million tons) 10 10.5 Million Tons Asia 3.0 44% Europe 2.2 32% S. America 1.6 24% Asia 50% Europe 30% S. America 20% 9

CONSOL s Industry-Leading Coal Margins Quarter Ended September 30, 2011 Low-Vol Met High-Vol Met Thermal Total Coal Sales (millions of tons) 1.5 1.0 12.4 Average Realized Price Per Ton Company Produced $208.51 $83.76 $59.97 Total Cost Per Ton, before DD&A $65.97 $54.93 $46.60 DD&A Per Ton $6.73 $7.15 $6.19 Total Cost Per Ton Company Produced $72.70 $62.08 $52.79 Average Margin Per Ton, before DD&A $142.54 $28.83 $13.37 Sales (millions of tons) times Average Margin Per Ton, before DD&A ($ MM) $214 $29 $166 10

CONSOL 2011-2013 Coal Sales Guidance (as of October 27, 2011) 4Q 2011 2011 2012 2013 Estimated Coal Sales (millions of tons) 14.7-15.3 62.0-62.6 59.5-61.5 60.5-62.5 Met Coal Sales at Midpoint 2.6 52 10.15 10.35 Percentage Firm Pricing 100% 100% 23% 4% Thermal Coal Sales at Midpoint 12.4 10.5 50.5 51 Percentage Firm Pricing 100% 93% 83% 42% Solid Contracted Position Heading into 2012 Mine Inventory Levels Declined 24% to 1.6 MTs from 2.1 MTs in 3Q10 11

Our Gas Division Strategy Pulling Value Forward: CNX sold an interest in its Marcellus and Utica Shales Economically Develop Our 3P Reserves Marcellus Drilling JV with Noble Energy Coalbed Methane Further Delineate Key Operational Areas West Virginia Marcellus Explore To Set Up Future Development Drilling Utica Shale JV with Hess Upper Devonian Non-Ohio Utica Increase our Exposure to Liquids/Oil Utica and Marcellus Partnerships Total Proved Reserves by Gas Type (Bcfe) 3.7 Trillion Cubic Feet Proved Reserves by Category (Bcfe) 3.7 Trillion Cubic Feet Marcellus 859 23% CBM 1,789 48% Other Shale 100 3% PD 1,931 52% PUD 1,800 48% Conventional 984 26% 12

Notable Achievements in Shale Formations Second to produce from a horizontal well in the Marcellus Shale (October 2008) First to announce a discovery in the Utica Shale (October 2010) First to use rotary steering tools in the Marcellus Shale First to use fully-lined sites First to use closed loop drilling First to use check valve plugs, incase of wellhead leaks Possibly the first to use 24-hour employee coverage on all drilling and frac operations 13

.First to drill a 10-Well Pad in the Marcellus Shale Driving CONSOL s goal to be a Low-Cost Leader in the Marcellus 14

Capital Program De-Risked Through Joint Ventures and Asset Sales Partnering with Noble Energy in the Marcellus Shale, for $3.3 billion Partnering with Hess Corporation in the Utica Shale in Ohio, for $0.6 billion Sold ORRI in 115,000 acres in the Marcellus Shale to Antero for $0.2 billion Continuing to grow production to 350 Bcf (net to CONSOL) in 2015 15

CONSOL Energy & Noble Energy JV Pulling Value Forward: CNX sold an interest in Marcellus Shale to Noble Energy Total deal consideration of $3.3 billion or $9,650 per net acre Sold 50% interest in Marcellus Shale (628,000 gross acres in PA & WV) for $3.10 billion Cash: $1.0 Billion paid in 3 annual installments beginning at closing Carry: $2.02 Billion covering 33% of CNX s share of drilling and completion costs Annual cap of $400 million Carry is suspended if gas prices are less than $4.00 / MMBtu for 3 consecutive months Carry resumes when gas prices are above $4.00 / MMBtu for 3 consecutive months Sold 50% interest in Marcellus producing reserves for $160 million $1.80 / mcf for 89 BCF of PDP Reserves Sold an interest in the associated gathering system for $73 million 16

CONSOL Energy & Noble Energy JV Marcellus Shale JV Acreage CNX/NBL Operating Areas 85% HBP CONSOL Dry Gas Areas ~ 467K acres ~ 3,100 horizontal locations (85%) Noble Energy Wet Gas Areas ~ 161K acres ~ 1,000 horizontal locations (15%) High net revenue interest (88%) Marcellus Total Proved Reserves of 859 Bcf Water resources, surface control, and coordination with coal mining activity gives us a competitive advantage 17

CONSOL Energy & Noble Energy JV Development Plan Rig schedule ramps up to 16 by 2015 Accelerated development of acreage Substantial cash generation throughout plan Note: The net proceeds can change with the carry moving in and out of suspension with three months of Henry Hub gas at $4/MMBTu 18

CONSOL Energy & Hess Corporation JV Raising Exploration and Oil Exposure: CNX sold an interest in Utica Shale to Hess Corporation Total deal consideration of $594 million or $6,000 Per Acre Sold 50% interest in Utica Shale position (200,000 gross acres in OH) Cash: $60 million received at closing Carry: $554 million covering 50% of CNX s share of drilling and completion costs Partnered with a Top Tier Oil Operator With Solid Marketing History Deal was Structured as a Pure Exploration Play Raises CONSOL s Exposure to Oil/Liquids 19

CONSOL Energy & Hess Corporation JV Utica Shale JV Acreage 20

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 Asset rich company that has an expanding products mix and market reach New partnerships bring cash flow and value forward Balance sheet remains strong with $2.8 billion of liquidity Valuation remains compelling using sum of the parts 21

CONSOL Energy Inc. Questions? 22