CONSOL Energy Inc. – EnerCom’s The Oil & Gas Conference

Cautionary Language

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This presentation contains statements, estimates and projections which are forward-looking statements (as defined inSection 21E of the Securities Exchange Act of 1934, as amended). Such statements include estimates of reserves andresources, 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 causeactual results to differ materially from those statements, estimates and projections. Accordingly, investors should not placeundue reliance on forward-looking statements as a prediction of future actual results. Factors that could cause future actualresults to differ from the forward-looking statements are described in detail under the captions "Forward LookingStatements" 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 updatethe 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 andgas reserves that a company anticipates as of a given date to be economically and legally producible and deliverable byapplication 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 fromincluding in filings with the SEC. These measures are by their nature more speculative than estimates of reserves preparedin accordance with SEC definitions and guidelines and accordingly are less certain. We also note that the SEC strictlyprohibits us from aggregating proved, probable and possible reserves in filings with the SEC due to the different levels ofcertainty 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 rightswe hold, as well as a summary review of the title to the coal from which many of our coalbed methane rights derive. As iscustomary in the gas industry, prior to the commencement of gas drilling operations on our properties, we conduct athorough title examination and perform curative work with respect to significant defects. We are typically responsible forcuring any title defects at our expense. This curative work may include the acquisition of additional property rights in orderto 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.

CONSOL Energy Inc – Corporate Profile

n Headquartered in Pittsburgh, Pennsylvania

n Founded in 1860

n Approximately 8,600 Employees

n Current Market Capitalization of $8.4 Billion

n 2010 Revenue of $5.2 Billion

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The leading diversified fuel producer in the Eastern United States

n Over 4.4 billion tons of proven and probable coal reserves

n 2011 estimated coal exports of approximately 10.0 million tons

n 2011 Production Guidance of 62 – 63 million tons

n Over 3.7 Tcfe of proved reserves

n Approx. 750,000 acres the Marcellus Shale

n Approx. 200,000 acres prospective for the Ohio Utica / Point Pleasant

n 2011 Production Guidance of 150 – 160 billion cubic feet

Coal Natural Gas

CNX Land Resources,

Inc.

Research & Development

CONSOL Energy - Overview

River & Dock Services

Fairmont Supply

Company

CNX MarineTerminals,

Inc.

CONSOL Energy Inc.

Manages land assets of the Company

R&D facility devoted exclusively to coal and energy utilization and production

Distributor of mining, drilling, and industrial supplies

Fleet of 620 barges, 22 towboats and 5 harbor boats

Baltimore Port with capacity to load 14 million tons of coal per year

Other

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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 CoalbedMethane

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• 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

Coal Division’s Growth Strategy

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

Low Vol1463%

High Vol41610%

Thermal3,83987%

4,401 Million Tons

Low Vol68018%

High Vol1724%

Thermal3,00178%

$3,853 Million

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Strength in Market Diversity

Coal Cash Generation by Coal Type ($ mm)

60

178 135227 259

18335

2714

1846

58199

92142

114

144203

050

100150200250300350400450500

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11

Thermal High Vol Low Vol7

Expanding our Exports to 10 million tons in 2011

2010 Coal Exports by Geography (million tons)

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Asia3.0

44%

Europe2.2

32%

S. America1.6

24%

6.8 Million Tons

CONSOL’s Industry Leading Coal Margins

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Quarter Ended June 30, 2011Low-Vol

MetHigh-Vol

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

Gas Division’s Growth Strategy

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

CBM1,78948%

Marcellus85923%

Other Shale1003%

Conventional98426%

3.7 Trillion Cubic Feet

PD1,93152%

PUD1,80048%

3.7 Trillion Cubic Feet

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• 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

Basin Economics and Production

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

2010 Est Cum Production % of Total

2013 Est Cum Production % of total

$5/mcf

$8/mcf$6.50/mcf

$6/mcf

Tudor Pickering Holt & Company – July 2010

Notable Achievements in Shale Formations

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• 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).

CONSOL’s Marcellus Shale Position

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750,000 Acres

Central Pennsylvania Looks Very Promising, too

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Layout of Hutchinson Pad, in Central Pennsylvania

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

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5 Marcellus Rigs

1 Utica Rig

17(1) As of May 1, 2011.

CONSOL Acreage Status (Net Acres)

Fee / HBP87%

Lease Expiration

13%

Lease Expirations Are Not Driving the Drilling Program(1)

2011 2012 2013 2014 2015 2016-2025

Lease Expiration Acreage 3,508 29,050 26,094 19,442 6,831 1,965

Wells Needed to HBP Acreage 5 45 41 30 11 3

Access to Markets with Firm Transportation

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CONSOL’s Marcellus Well Results Show Steady EUR Improvements

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

Increasing Marcellus EURsSelected 2009 Wells Selected 2010 Wells

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

1 2 3 4 5 6 7 8 9 10 1 2 3 4 5 6 7 8 9 10

Bcfe

CONSOL SW PA Type Curve

6.4 Bcfe

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Industry-Leading Low-Cost E&P Operator

2010 Lifting Costs / Mcfe

2010 Drill Bit F&D Cost / Mcfe

$0.66 $0.68

$0.91 $0.94 $0.97 $1.01 $1.05 $1.18

$1.45

$-

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$1.40

$1.60

UPL CNX RRC SWN XCO CHK COG EOG NFG

$0.41

$0.54

$0.65

$0.77 $0.85

$1.00 $1.07 $1.07 $1.08

$-

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

CNX XCO RRC REXX NFG UPL CHK COG SWN

Source: Public filings20

CONSOL’s Utica Shale Position

13%

21Interpretation based on very limited data

200,000 Acres+300,000 Acres

Barnesville #1 Statistics

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• 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

Investment Summary & Highlights

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• 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.

CONSOL Energy Inc. – Thank You.

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