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Company Presentation Company Presentation Q2 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 are included in our earnings release, and 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 and coal; we may not obtain on a timely basis the permits required for drilling and mining; we may not accurately estimate our economically recoverable natural gas, oil and condensate; we may encounter unexpected operational issues when we drill and mine, including equipment failures, geological conditions and higher than expected costs for equipment, supplies, services and labor; 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 joint venture partners, who operate assets in which we have a significant interest, may not perform as we expect; we may not be able to sell non-core assets on acceptable terms; we may be unable to incur indebtedness on reasonable terms; 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; with respect to the sale of the Buchanan and Amonate mines and other coal assets to Coronado IV LLC - disruption to our business, including customer, employee and supplier relationships resulting from this transaction, and the impact of the transaction on our future operating results; 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. 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 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 oil and 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 CONSOL Energy: Company Overview Transformative Journey Towards a Pure Play E&P Company December 5, 2013 – transaction with Murray Energy Corp. in which we sold half of coal assets and related assets April 19, 2014 – CONSOL Energy 150th Anniversary June 12, 2014 – Analyst Day to roll out growing Appalachian E&P Division with best in class coal assets September 25, 2014 – IPO of CONE Midstream Partners LP (NYSE: CNNX) July 1, 2015 – IPO of CNX Coal Resources (NYSE: CNXC) July 28, 2015 – Announced first PA Dry Utica well (Gaut 4I) result in Westmoreland County March 31, 2016 – Sold Buchanan Mine and associated met reserves Coal-E&P Revenue Split, 2012 Coal-E&P Revenue Split, 2014 Coal-E&P Revenue Split, 2015, excl. Buchanan E&P Revenues E&P Revenues E&P Revenues Coal Revenues Coal Revenues Coal Revenues Transforming this 152 year old coal company into a powerful E&P company 3 E&P Division 4 E&P Operations E&P Division: Q2 2016 Operations Summary Marcellus Shale Quarterly Summary Utica Shale Quarterly Summary Avg. TIL Turned Turned Avg. TIL Sub- Horizontal Lateral Sub- Horizontal Drilled Completed In Line Counties Drilled Completed In Line Lateral Counties Regions Rigs Length Regions Rigs (TIL) (TIL) Length (ft) (ft) Greene, Southwest Core Wet ---- ---- ---- ---- ---- Noble, OH ---- ---- ---- 16 7,100 Washington, PA Surrounding Harrison, Allegheny, PA ---- ---- 2 5 6,955 Core Wet Belmont, OH Indiana, ---- Monroe, OH; Central PA ---- ---- ---- ---- Westmoreland, Marshall, WV PA Dry Utica ---- ---- ---- ---- ---- Westmoreland, Barbour, Northern Greene, PA ---- ---- ---- ---- ---- Doddridge, WV Dry Lewis, WV Total 0 0 2 5 6,955 Ohio ---- ---- ---- ---- ---- Monroe, OH . Production update Greene, North Wet Washington, ─ Operational Improvement: Through our compressor ---- ---- ---- ---- ---- Gas PA; Marshall, consolidation project we have realized $806k in operating WV expense savings YTD. Doddridge, South Wet ---- ---- ---- ---- ---- Tyler, Ritchie, ─ Lease Operation Strategy: Implementation of additional Gas WV operational efficiencies and rebidding our Marcellus & Utica Total 0 0 0 16 7,100 contract well tending will yield a savings of $737k for the second half of 2016. Completion update ─ Production Optimization: Workovers, production tubing installs, ─ Dual Fuel: Projecting a ~65% substitution rate for diesel fuel. and artificial lift opportunities yielded 0.823 Bcfe uplift in 2016 ─ Plugless Completions: Currently performing a second which results in an additional $1.14 million gross income plugless completion test on GH58 pad. Continuing efforts to ─ Production Highlights: eliminate post frac intervention and improve economics. SWITZ-6 pad: Yielded a Q2 average daily rate of 56.6 MMcf/d ─ Balance: Completing DUC’s in our best areas. Exercising with an impressive 15 psi/day managed pressure decline discipline in regards to stage size and scheduling to deliver wells on time AND avoid production water disposal. GAUT-4I: Cumulative production for Q2 totaled 1.65 BCF while averaging an 17 psi/day pressure decline Marcellus: During Q2, the top 3 SWPA Marcellus pads combined averaged a rate of 260 MMcf/d from 140k lateral feet 5 E&P Operations 2016 Planned E&P Activity Overview E&P Activity Summary – 2016 Plan Expected New Drilled Drilled Implied 2016 Wells Drilled in Uncompleted Completed 2016 TIL's 2017 Completions H2 2016 Inventory Inventory Remaining Inventory Remaining Marcellus SW PA Operated 2 18 1 7 14 6 SW PA Non-Op - 5 2 - 7 - WV Operated - 7 - - 7 - WV Non-Op - 49 - - 49 - Total Marcellus 2 79 3 7 77 6 Utica SW PA Operated - - - - - - OH Operated 8 1 - - 9 - OH Non-Op - 5 - - 5 - Total Utica 8 6 - - 14 - Total Gross Marcellus/Utica Wells 10 85 3 7 91 6 Implied inventory exiting 2016 anticipated to consist of 91 Marcellus and Utica Shale Wells, including 10 new wells expected in 2016 Note: Plan as of 6/30/2016. Average net revenue interest for Marcellus/Utica shales is 43.7%. Table includes one 100% CONSOL-owned wells: a dry Utica Shale well in Monroe 6 County, Ohio. E&P Operations Bridging to Growth 450 400 75 380-385 350 329 (50) 5 23 300 250 Bcfe 200 150 100 50 0 2015 Total Production 2016 Base decline 2016: Gathering De- 2016: Non-Op (Ex NBL/HES) 2016: Production Adds 2016 Total Production bottlenecking Prod. Adds 2016 production growth primarily driven by wells’ productivity improvements, pipeline infrastructure debottlenecking projects and completion of inventory of drilled but uncompleted wells Note: Guidance as of 7/26/2016. Production
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