2/8/2012 CSFB Energy Summit David M. Khani, CFA, Vice President � Finance February 9, 2012 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, 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 1
2/8/2012 CONSOL Energy Inc � Corporate Profile The leading diversified fuel producer in the Eastern United States � Ticker: CNX � Headquartered in Pittsburgh, Pennsylvania � Founded in 1860 � 9,164 Employees � Market Cap = $8.5 Billion � EV = $11.4 Billion � 2011 Revenue = $6.1 Billion 3 Coal and Gas: Rich Asset Base With Some Vertical Integration CONSOL Energy Inc Coal Natural Gas . � About 3.5 Tcfe of proved reserves (as of 12/31/11) � Over 4.4 billion tons of proven and probable coal reserves (as of 12/31/10) � Approx. 737,000 gross Marcellus shale acres (as of 12/31/10) � 2012 estimated coal exports of approximately 9.0 � 11.0 MTs � Approx. 200,000 gross Utica acres in Ohio � 1Q12 production guidance of 15.5 - 15.9 MTs � 1Q12 production guidance of 36 - 38 Bcf (as of 1/17/12) (as of 1/17/12) � 1Q12 sales guidance of 15.2 MTs � About 50% of shale wells targeting liquids Other CNX Land Research & Fairmont River & Dock CNX Marine Midstream Resources Supply Terminals Development Services Inc. Company Inc. Manages gas Manages land R&D facility Distributor of Fleet of 620 Baltimore Port with gathering assets assets of the devoted to coal, mining, gas barges, 22 capacity to load 14 of the Company Company gas, and energy drilling, and towboats and 5 million tons of coal utilization and industrial harbor boats per year production supplies 4 2
2/8/2012 Investment Thesis and Scorecard Tier One Coal and E&P Assets Provide Synergies and Risk Reduction � Low cost, high-BTU coal that can travel and transform target markets � Low cost assets driving lower and adding liquids to the 2012 program Long -Lived Assets Enable Strategic Value Enhancements � New JV � s create strategic partnerships and accelerate asset recognition Solid Balance Sheet and Liquidity To Capitalize on Our Organic Projects � Repaid $500 million of debt, $2.7B of liquidity, and raised the dividend Consistent Operating and Financial Results � Record earnings and cash flow, 528% production replacement at $0.47 per Mcf Updated 2012 Guidance Recently � Already baked in 1 MTs of lower sales, lowered met coal price guidance, exports within 9-11 MTs Cut 2012 Capital Budget and Second Reduction on Drilling Activity on Marcellus Partnership � Reduced $180 million in 2012 capital � Reduced Marcellus shale well count to 99 wells, down from 122 on Jan 2012 & 140 on Aug. 2011 5 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 Capital Spending Division Spending Category 2011A 2012E Coal Maintenance of Production + Safety $261 $327 Growth (Efficiency & New Projects) $297 $349 $558 $676 Total Coal Gas CBM & Other $232 $ 97 Growth (Marcellus and Utica Exploration) $430 $526 $662 $623 Total Gas Other Mandatory (Water, Transportation, Other) $ 89 $190 Discretionary $ 73 $ 55 $162 $245 Total Other Totals Maintenance/Mandatory $582 $614 Growth/Discretionary $800 $930 $1,382 $1,544 Total Capital 6 3
2/8/2012 E&P Division Goals: Migrating Capital and Activity to High Value Areas Program goals to drive CBM and Marcellus costs lower � Marcellus program through multi-well pads and lengthening laterals � Reported 4Q11 fully loaded Marcellus costs of $2.74 per Mcf Marcellus Horizon Objectives � Ramp up development of our wet acreage position with our partner Noble Energy � Focusing on 100% NRI acreage in Greene and Westmoreland counties, PA � Further delineate Central PA and Northern WV position � 99 gross wells expected for 2012; 39 wells targeting liquids Utica Horizon Objectives � Explore and exploit the Ohio Utica Formation with our partner Hess Corporation � 22 gross wells expected for 2012; 22 wells targeting liquids 7 Drilling Results and Forecast Migrating Capital and Activity to High Value Areas Net Wells Drilled By Formation From 2009 Through 2012E Formation Region 2009 2010 2011 1Q12E 2012E Total Shales 17 24 78 15.0 60.5 Marcellus Shale Central PA 0 4 19 4.5 6.5 Southwest PA 17 20 50 8.0 40 West Virginia 0 0 9 2.0 3 Totals 17 24 78 14.5 49.5 Utica Shale 0 0 0 0.5 11 Coalbed Methane Virginia 204 181 214 22.0 87 Conventional and Other 18 129 36 10.0 31 Totals 239 334 328 47.0 178.5 % Shales Wells: Dry gas target 100% 100% 100% 80% 50% % Shales Wells: Liquids target 0% 0% 0% 20% 50% Total Production (Bcfe) 94 128 154 36-38 160 Total Capital ($MM) 335 420 662 129 623 8 4
2/8/2012 CONSOL Energy & Noble Energy JV 2012 Development Plan � Six rigs running as of January 2012 (2 in CPA, 3 in SW PA, 1 in WV) � 99 (gross) wells to be drilled by the JV, including 39 in the liquids-rich area Guaranteed Net Proceeds ($MM) $600 $73 $500 $160 $400 Gathering $300 $356 $356 $356 PDPs Annual Pymt $200 $100 $- 2011 2012 2013 Note: The net proceeds will increase above the minimums shown when gas prices exceed $4.00 per MMBtu for three consecutive months. Total value of the carry is $2.1 billion. 9 CONSOL Energy & Hess Corporation JV Total Deal Consideration of $594 million or $6,000 per acre Sold 50% of 200,000 Gross Ohio Utica � Cash: $60 Million � Carry: $554 million covering 50% of CNX � s share of drilling and completion costs. Partnered with top tier Oil Operator with Marketing History Structured as an Exploration Play Raises CONSOL � s Exposure to Liquids/Oil Targeting 22 gross wells in 2012 First well to be completed in April 10 5
2/8/2012 Marcellus Iso-BTU Map Better Defining The Liquids-Rich Areas Liquids-Rich Areas Marcellus JV Position Significant scale and impact Large Acreage Position Within Marcellus Fairway PA � 50% of 628,000 net acres, including: � 161,000 acres in the liquids-rich window � High NRI (~88%) OH 87% of Acreage Held by Production � Allows flexibility in development and lowers cost MD � Requires fewer permits and smaller environmental footprint WV VA 9.9 Tcfe � 3P � Reserves, net to CONSOL Access to Established Infrastructure Wet Gas Dry Gas 12 6
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