Mine Influenced Water for E&P use

Marshall A. Roberts Director of Water Marketing

About CONSOL Energy Company Founded in

1860; began operations in 1864

Market Cap = $7.53 billion (as of 2/9/15)

2014 Total Revenue = $3.7 billion

Member – Fortune 500; S&P 500

One of the largest independent natural gas E&P companies. Operations centered in the major shale formations located in the Appalachian basin

6.8 tcf natural gas reserves

Three premier mining complexes with access to seaborne markets via wholly-owned Baltimore Marine Terminal

CONSOL’s Unique Perspective

CONSOL Energy is the only company that operates across all of these different horizons

8,000 ft - 8,000 ft

Upper Devonian Sands - – 1,750 – 5,500 ft

Utica Shale – 11,500 ft

Rhinestreet Shale - – 7,400 – 7,800 ft

Marcellus Shale – 8,000 ft

Surface

Sewickley Coal Seam – 900 ft

Pittsburgh Coal Seam – 1,000 ft

Freeport Coal Seam – 1,650 ft

CONSOL Energy Family of Companies – 2015

Registration statements relating to the securities of the Thermal Coal MLP and the Metallurgical Coal Subsidiary that would be sold in the offerings referred to in this presentation have not been filed with the Securities and Exchange Commission (SEC) or become effective. This presentation does not constitute an offer to sell, or the

solicitation of an offer to buy, any securities. Any offering will be made only by means of a prospectus.

CONSOL Energy The parent company

retains controlling interest in some of the

most valuable resources in the

Appalachian basin

Thermal Coal MLP Made up of Bailey, Enlow Fork, Harvey

Mines & related infrastructure

Publically-traded company expected to

IPO in mid-2015

Metallurgical Coal Subsidiary

Made up of Buchanan Mine & related infrastructure

IPO expected in the second half of 2015

CONE Midstream Partners, LP A Marcellus midstream

affiliate of CONSOL Energy and Noble

Energy Approx. 500,000 acres of dedicated Marcellus

Shale acreage

CONSOL Energy E&P A wholly-owned

division of CONSOL ENERGY

40+ year organic drilling inventory in

Appalachian Shales

CONSOL Energy’s Transformative Journey

………………………………………………………………………………………………

1864 2005 2013 2014

1999

2010

CONSOL Energy begins trading on the New York Stock Exchange under CNX

CONSOL Energy begins transformation to a diversified energy producer CNX Gas corporate subsidiary is formed as a stand-alone, publicly-traded natural gas subsidiary of CONSOL Energy

CONSOL Energy acquires Dominion Resources natural gas exploration and production assets, tripling CONSOL’s Marcellus Shale acreage position CONSOL Energy acquires all outstanding CNX Gas shares

CONSOL Energy announces sale of five thermal coal mines Wholly-owned E&P

Division and Coal Division CONE Midstream Partners, formed by CONSOL Energy and Noble Energy, begins trading on the NYSE under CNNX

The Journey Begins

Mine Influenced Water

Raw Mine Water or Abandoned Mine Water (Untreated)

6

Mine Influenced Water / Standard Treatment

MIW is not always what it seems

7

Water Marketing Division • Water is essential for our production processes

– coal and gas production – product preparation – dust management – Drilling

• CONSOL has produced water for almost 150 years, yet it has always been a liability – both on our books and in operations

• CONSOL utilizes a holistic water management approach to manage water-related risks, minimize impacts, operate efficiently, and create value

Water is fundamental to business – and should be an asset, not a liability

Water Marketing Division

• Our current challenge is taking a liability like water and turning it into an opportunity

• Taking our cue from the development of our gas segment and Midstream Segment, we have formed our Water Business

Turning challenges into opportunities is a process we’ve successfully managed in the past

• Began using treated mine water for our own hydraulic fracturing needs

• Recycle 100% of our flowback water to drill and complete the next well

• Began recycling our produced water • Began selling MIW to 3rd parties for industrial use

• 223,276,995 total gallons MIW sold YTD 2015

CONSOL captures value from the synergies of our business operations

Fresh Water Sources

- Riverfront locations – develop long-term trucking contracts with 3rd

party customers, maximizing the use of existing access points

- Increase reservoir/lake sales revenue

- Increase margin from all freshwater locations/charge a

premium/clearance price exceeding municipal prices

Water is fundamental to business – and should be an asset, not a liability

Pipeline Water Sales

Water is fundamental to business – and should be an asset, not a liability

- Increase 3rd-party sales off existing

water pipelines

- Secure tap locations and customer in

conjunction with major pipeline

projects to reduce installation costs

and maximize sales point proximity

Treated Mine Water Sales

- Market treated mine water from MIW and RO facilities to expand

customer base

- Pipeline and trucking options

Water is fundamental to business – and should be an asset, not a liability

Proximity, Quantity, Quality

Mapping and proper acreage ownership helps identify potential beneficiaries of MIW

Proximity, Quantity, Quality

Mapping and proper acreage ownership helps identify potential beneficiaries of MIW

Never Underestimate the Power of PR

– Work with state legislature – Minimize the amount of fresh water used in E&P process – Utilize liability water sources for other industries – Large E&P companies being Environmental Stewards and

working with the State to limit the amount of fresh water used in process

Social License to Operate

Conclusion

Dual but not conflicting goals: • Minimize our water footprint • Capture the value that can be gained to further

minimize our costs

Water management planning up front helps minimize environmental and cost impacts while realizing opportunities

Mine Influenced Water

Marshall A. Roberts Director of Water Marketing

Thank you!