Fourth Quarter 2013 Earnings Presentation January 31, 2014 J. - PowerPoint PPT Presentation

Fourth Quarter 2013 Earnings Presentation January 31, 2014 J. Brett Harvey, Chairman and CEO Nicholas J. DeIuliis, President David Khani, CFO James C. Grech, Chief Commercial Officer

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 are described in detail under (i) the captions "Forward Looking Statements" in our earnings press release issued today and (ii) "Risk Factors" in CONSOL Energy Inc. ’s annual report on Form 10-K for the year ended December 31, 2012 filed with the Securities and Exchange Commission (SEC), as updated by our 2013 Form 10-K and 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 included in 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. A registration statement relating to the securities of the MLP that would be sold in the offering has not been filed with the Securities and Exchange Commission or become effective. This presentation does not constitute an offer to sell or a solicitation of offers to buy securities of CONSOL Energy Inc. This presentation is being made pursuant to, and in accordance with, Rule 135 under the Securities Act of 1933. 2

Fourth Quarter 2013 Results Summary  Pre-tax income for the fourth quarter was $16 million Net income from continuing operations was $147 million as a result of an income tax benefit of $131 - million Income from discontinued operations, net of tax, was $591 million -  Gas Production re-iterates 30% growth through 2016 Marcellus production volumes increased 56%, compared to the year-earlier quarter - Q-to-Q Q4 2013 Summary 4Q2013 4Q2012 Change Net Income (1) $738 $150 $588 Earnings per Diluted Share $3.20 $0.65 $2.55 Revenue - Outside $754 $793 ($39) Cash Flow from Operations $70 $198 ($128) EBITDA (2) $193 $302 ($109) (1) Earnings includes $591 million from discontinued operations, net of tax, and an income tax benefit of $131 million. (2) EBITDA is a non-GAAP financial measure. 3

Gas Division Summary  Impact of gas hedging for Q4 2013 was $0.40/Mcf compared to $0.84/Mcf from the year-earlier quarter Q-to-Q Gas Division 4Q2013 4Q2012 Change Average Sales Price ($ / Mcfe) $4.26 $4.44 ($0.18) Average Costs ($ / Mcfe) $3.55 $3.41 $0.14 Sales Volumes (Bcfe) 48.5 41.8 6.7 Sales Volumes (Bcfe) by Category Marcellus 19.4 12.4 7.0 CBM 20.3 21.4 (1.1) Shallow Oil and Gas 7.3 7.4 (0.1) Other 1.5 0.7 0.8 4

Coal Division Summary Q-to-Q 4Q2013 4Q2012 Coal Division Change Average Sales Price ($ / ton) $66.85 $75.84 ($9.00) Average Costs ($ / ton) $50.05 $49.19 $0.86 Coal Production (millions of tons) 7.1 6.6 0.5 Sales Volumes (millions of tons) 7.2 7.1 0.1 Sales Per Ton Low-Vol $81.84 $128.79 ($46.95) High-Vol $58.88 $69.51 ($10.63) Thermal $64.66 $69.18 ($4.52) 5

CONSOL Energy Overview Net (Decrease) / Increase in Cash - $ in millions  Goal is to maintain our strong liquidity position Q-to-Q Cash Flow Summary 4Q2013 4Q2012 Change Net Cash Provided by Operations (1) $70 $198 ($128) Capital Expenditures ($483) ($295) ($188) Proceeds From Asset Sales $19 $63 ($44) Proceeds From /(Payments on) Short-Term Debt ($47) $22 ($69) Dividends Paid ($29) ($57) $28 Other (2) $776 ($140) $916 Net (Decrease) / Increase in Cash $306 ($209) $515 Source: Company filings. (1) Includes ($43) million in Q4 2013 for operating activities of discontinued operations. 6 (2) Includes $826 million in Q4 2013 for investing activities of discontinued operations.

Gas Operations: Capital Expenditure ($ in millions) $1,200 $1,110 $953 $1,000 $800 $600 $528 $400 $200 $0 2012 2013 2014E Land Capex Other Gas Capex 2014E Total Gas Capex Estimate  Natural Gas Operations: ($ in millions) 2014E Capex CONSOL Gas Capex: Coring up land Land and Permitting 70 positions Liquids-rich drilling and completions:  Put together an acceleration plan in 2013 Marcellus 410 for a 2014 production ramp Utica 105 Dry-gas drilling and completions: ─ ~$30 million of capital for acceleration Marcellus/Upper Devonian 415 of plan Utica 10 ─ Driving efficiencies in drill plan and CBM/Shallow Gas 40 infrastructure Midstream: Marcellus Gathering 60 Total Natural Gas Operations $1,110 7 Source: Company filings and CONSOL Analysis.

Gas Division Production Results and Forecast Gas and Liquids Production (Bcfe)  CONSOL is rapidly growing its natural gas production ─ Total 2013 natural gas production: 172.4 Bcfe Total 2014 natural gas production guidance: 215 – 235 Bcfe (30% growth) ─ ─ Total 2015 and 2016 natural gas production guidance: 30% per year Gas Production (in Bcfe) 400 +30% +30% 300 215.0 - 235.0 200 156.3 172.4 153.5 127.9 94.4 100 76.6 58.2 56.1 48.4 48.6 44.5 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014E 2015E 2016E Source: Company filings. Note: Acquired ~23 Bcfe of Conventional gas production from Dominion E&P in 2010. Divested ~11 Bcfe through the Marcellus JV with Noble Energy and the Antero 8 Royalty Interest transactions in 2011.

Strong Liquidity Position of $2.1 Billion  Cash on hand of $327 million  Accounts receivable securitization and revolving credit facilities of $1.8 billion Amount/ Amount Letters Amount Capacity Drawn December 31, 2013 ($ in million) of Credit Available Cash and Cash Equivalents $327 $0 $0 $327 Accounts Receivable Securitization $115 $0 $66 $49 Revolving Credit Facilities $2,000 $0 $295 $1,705 Total $2,442 $0 $361 $2,081 Revolving Credit Facilities Debt Covenants  CONSOL Energy and CNX Gas currently maintain strong leverage ratios  Both facilities are well within debt covenants December 31, Limit 2013 Debt Covenants CONSOL Energy Revolver: Minimum Interest Coverage Ratio < 1.50 to 1.00 2.21 to 1.00 Senior Secured Leverage Ratio > 2.00 to 1.00 0.00 to 1.00 CNX Gas Revolver: Maximum Leverage Ratio > 3.50 to 1.00 0.61 to 1.00 Minimum Interest Ratio < 3.00 to 1.00 25.33 to 1.00 9

Use of Cash Proceeds ($ in millions) $1,000 $850 ($361 ) $900 $8 $800 $700 $600 ($115 ) $500 ($31 ) $400 ($37 ) $327 $300 $200 $100 $13 $0 Beginning Receipt from Tetrick Credit DTI Acres / Fees Other Ending Cash Cash Balance Murray Override Facilities Utica Interest Balance as of as of Paydown to Hess 12/31/2013 12/5/2013 CONSOL Closed On Sale of Five W.Va. Coal Mines to Murray Energy on December 5, 2013; Total Value of the Transaction was $3.5 billion, including $850 million in Cash Paid at Closing 10 Source: CONSOL Analysis.