CONSOL Energy Inc. – EnerCom’s The Oil & Gas Conference 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 forward- looking statements in this presentation speak only as of the date of this presentation; we disclaim any obligation to update the statements unless required by the securities laws, 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 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

n Headquartered in ,

n Founded in 1860

n Approximately 8,600 Employees

n Current Market Capitalization of $8.4 Billion

n 2010 Revenue of $5.2 Billion

3 CONSOL Energy - Overview

CONSOL Energy Inc.

Coal Natural Gas

n Over 4.4 billion tons of proven and probable n Over 3.7 Tcfe of proved reserves coal reserves

n Approx. 750,000 acres the Marcellus Shale n 2011 estimated coal exports of approximately 10.0 million tons n Approx. 200,000 acres prospective for the Ohio Utica / Point Pleasant n 2011 Production Guidance of 62 – 63 million tons n 2011 Production Guidance of 150 – 160 billion cubic feet

Other

CNX Land Research & Fairmont River & Dock CNX Marine Resources, Development Supply Services Terminals, Inc. Company Inc. R&D facility Fleet of 620 Distributor of Baltimore Port Manages land devoted barges, 22 mining, drilling, with capacity to assets of the exclusively to towboats and 5 and industrial load 14 million Company coal and energy harbor boats supplies tons of coal per utilization and year production

4 Strength in Product Diversity

n COAL

n Low-Vol Coal

n High-Vol Coal

n PCI Coal

n Thermal Coal

n GAS

n Marcellus Shale

n Utica Shale

n Coalbed Methane

5 Coal Division’s Growth Strategy

• Growing Production • Amonate - 400,000 tons in 2012 ramping to 800,000 per year in 2015 • BMX - 5 million tons annually beginning in 2014

• Growing Exports • 2010 Exports of 6.8 million tons • 2011 Exports expected to be 10 million tons •Expanding Baltimore Port in 2012

• Growing Margins • Fully Participating in record Low-Vol Pricing • Rebranding Thermal coal as Met Coal • Exporting Thermal Coal to Europe • Re-pricing domestic coal in 2012

• Coal Capital Expenditures of $615 Million

Reserves by Coal Type (million tons) 2010 Coal Revenue by Coal Type ($ mm)

4,401 Million Tons $3,853 Million

Thermal 3,839 Thermal 87% 3,001 78% High Vol 172 4% Low Vol High Vol Low Vol 146 416 680 3% 10% 18%

6 Strength in Market Diversity

Coal Cash Generation by Coal Type ($ mm)

500 450 400 144 350 203 300 114 46 250 92 18 142 58 200 199 27 150 14 227 259 100 178 183 35 135 50 60 0 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11

Thermal High Vol Low Vol 7 Expanding our Exports to 10 million tons in 2011

2010 Coal Exports by Geography (million tons)

6.8 Million Tons

Europe 2.2 32% Asia 3.0 44% S. America 1.6 24%

8 CONSOL’s Industry Leading Coal Margins

Low-Vol High-Vol Quarter Ended June 30, 2011 Met Met Thermal

Total Coal Sales (millions of tons) 1.4 1.5 13.5

Average Realized Price Per Ton – Company Produced $207.05 $81.75 $59.24

Total Cost Per Ton, before DD&A $62.13 $43.31 $45.71

DD&A Per Ton $6.65 $6.22 $6.07

Total Cost Per Ton – Company Produced $68.78 $49.53 $51.78

Average Margin Per Ton, before DD&A $144.92 $38.44 $13.53

Sales (millions of tons) times Average Margin Per Ton, before DD&A ($ MM) $203 $58 $183

9 Gas Division’s Growth Strategy

• Development Program • Marcellus Drilling - $335 Million

• Exploration Drilling Program •Utica Shale - $35 Million

•Maintenance of Production • CBM - $60 Million • Chattanooga Shale - $25 Million • Conventional - $0

• Midstream Build-Out of $200 Million

Total Proved Reserves by Gas Type (Bcfe) Proved Reserves by Category (Bcfe)

3.7 Trillion Cubic Feet 3.7 Trillion Cubic Feet

Marcellus 859 23%

Other Shale PD CBM 100 PUD 3% 1,931 1,800 1,789 52% 48% 48% Conventional 984 26%

10 Basin Economics and Production

10% Wellhead IRR (Before Tax) and % Of Production 100%

2010 Est Cum Production % of Total 90% 2013 Est Cum Production % of total

80%

70%

60%

50%

40%

% ofCumulativeGasProduction 30%

20% $6/mcf $8/mcf $6.50/mcf 10% $5/mcf

0% Unita Antrim Barnett Arkoma DJ Basin Piceance Anadarko California Marcellus Gulf Coast Eagle Ford GOM Shelf Wind River Haynesville E.TX /N.LA South Texas Other NEKS Permian NM Powder River Southeast US Permian Texas Other TX&OK Woodford Conv Pinedale/ Jonah Woodford Shale San Juan/Raton Other COWYUT Other NDSDMT GOM Deepwater Fayetteville Conv Fayetteville Shale Tudor Pickering Holt & Company – July 2010

11 Notable Achievements in Shale Formations

• CONSOL Energy was the second E&P company to produce from a horizontal well in the Marcellus Shale (October 2008).

• CONSOL Energy was the first E&P company to announce a discovery in the Utica Shale (October 2010).

12 CONSOL’s Marcellus Shale Position

750,000 Acres

13 Central Pennsylvania Looks Very Promising, too

14 Layout of Hutchinson Pad, in Central Pennsylvania

15 CONSOL’s Rig Deployment Schedule, as of October 1, 2011

1 Utica Rig

5 Marcellus Rigs

16 Lease Expirations Are Not Driving the Drilling Program(1)

CONSOL Acreage Status (Net Acres)

Lease Expiration 13%

Fee / HBP 87%

2011 2012 2013 2014 2015 2016-2025

Lease Expiration 3,508 29,050 26,094 19,442 6,831 1,965 Acreage Wells Needed to 5 45 41 30 11 3 HBP Acreage

(1) As of May 1, 2011. 17 Access to Markets with Firm Transportation

18 CONSOL’s Marcellus Well Results Show Steady EUR Improvements

Increasing Marcellus EURs

Selected 2009 Wells Selected 2010 Wells

9.0

8.0

7.0 6.4 Bcfe

6.0

5.0 Bcfe 4.0

3.0

2.0

1.0

0.0 1 2 3 4 5 6 7 8 9 10 1 2 3 4 5 6 7 8 9 10 CONSOL SW PA Type Curve

2009 Wells 2010 Wells Type Curve Avg. EUR 2.77 Bcfe 5.5 Bcfe 6.4 Bcfe Avg. Lateral Length 1,528 Feet 3,409 Feet 4,000 Feet

19 Industry-Leading Low-Cost E&P Operator

2010 Drill Bit F&D Cost / Mcfe

$1.20 $1.07 $1.07 $1.08 $1.00 $1.00 $0.85 $0.77 $0.80 $0.65 $0.60 $0.54

$0.41 $0.40

$0.20

$- CNX XCO RRC REXX NFG UPL CHK COG SWN

2010 Lifting Costs / Mcfe

$1.60 $1.45 $1.40 $1.18 $1.20 $1.05 $1.01 $0.97 $1.00 $0.91 $0.94

$0.80 $0.66 $0.68 $0.60

$0.40

$0.20

$- UPL CNX RRC SWN XCO CHK COG EOG NFG Source: Public filings 20 CONSOL’s Utica Shale Position

200,000 Acres +300,000 Acres

13%

Interpretation based on very limited data 21 Barnesville #1 Statistics

• Encountered the Utica Shale at a depth of 8,450 feet

• Utica Shale was 200 feet thick

• Well was unstimulated, but open flowed at 1.5 MMcf over a 24-hour period

22 Investment Summary & Highlights

• Growth Drivers in Coal and Gas Divisions.

• Asset Base and Operational Capabilities that will allow CONSOL to be a low cost producer of both fuels.

• CONSOL Coal Division’s industry leading assets, margins and cash flows will allow the Gas Division to reach a critical mass and become self funding.

•CONSOL Gas Division’s advantaged acreage position and lease terms will allow positive IRRs even in a low gas market.

23 CONSOL Energy Inc. – Thank You.

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