CONSOL Energy Reports First Quarter Results; Quarterly Coal Costs Fall to $50.69 Per Ton; 2013 Gas Production on Pace to Grow 8

  CONSOL Energy Reports First Quarter Results; Quarterly Coal Costs Fall to
  $50.69 Per Ton; 2013 Gas Production on Pace to Grow 8 - 15%; First Quarter
                     Liquidity Unchanged at $2.4 Billion

PR Newswire

PITTSBURGH, April 25, 2013

PITTSBURGH, April 25, 2013 /PRNewswire/ -- CONSOL Energy Inc. (NYSE: CNX), the
leading diversified fuel producer in the Eastern United States, earned an
adjusted $0.19 per share^1, which is a non-GAAP measure, after adjusting for
certain items not generally included in security analysts' estimates. These
pre-tax adjustments totaled $68.8 million, or $0.20 (after-tax) per dilutive
share. CONSOL Energy reported a net loss for the quarter ended March 31, 2013
of $2 million, or ($0.01) per diluted share, compared to net income of $97
million, or $0.42 per diluted share from the year-earlier quarter. Adjusted
EBITDA, which is also a non-GAAP financial measure, was $275 million for the
quarter ended March 31, 2013, compared to $324 million in the year-earlier

(Logo: )

Results were aided by lower production costs at the company's premiere low-vol
Buchanan Mine, where total costs per sold ton in the just-ended quarter were
$64.42. This is compared with $71.71 in the quarter ended December 31, 2012,
and $90.74 in the quarter ended March 31, 2012. Lower royalties/production
taxes contributed to the improvement, as prices weakened. The key to the lower
costs at Buchanan, however, was the management effort to optimize both the
pace of major maintenance projects and the labor force, in order to reflect a
lower expected rate of operation. Additionally, the mine's Horn Mountain
Portal project has helped lower travel time to and from the coal face.

"Our tier one low-vol assets at Buchanan Mine," commented Chairman and Chief
Executive Officer J. Brett Harvey, "are perhaps the lowest cost metallurgical
coal assets in the country. While I believe that the investment community has
been more focused on lower prices from a softer world-wide met coal market,
our ability to successfully manage costs has helped mitigate the impact of
lower prices on profitability."

The Buchanan total costs per ton sold in the just-ended quarter of $64.42
include $8.29 per ton of DD&A, meaning that the company realized cash margins
of nearly $47 per ton sold for low-vol Buchanan coal. The company believes
that this could be an industry-leading result, once the competition reports.

The lower costs at Buchanan also helped the company's Coal Division achieve an
average cost per ton sold of $50.69 in the 2013 first quarter. This was a
decrease of $3.91 per ton, or 7%, from the prior-year's first quarter.

CONSOL's Gas Division remains on pace to grow its gas production to 170 - 180
Bcfe in 2013. If achieved, this will represent an increase of 8 - 15% above
the 156.3 Bcfe produced in 2012.

The company's liquidity remained at $2.4 billion, despite investing $406
million on capital projects in the first quarter. Cash flow from operations
in the quarter was $268 million, as compared to $229 million in the
year-earlier quarter.

CONSOL'sthree infrequent or unusual transactions include the following items:

  Pension settlement pre-tax expense adjustment of $27.1 million (non-cash):
  The adjustment is the result of accounting rules requiring acceleration of
  unrecognized actuarial losses when lump sum payments from a plan exceed the
  annual projected service and interest costs of the plan. In the first
  quarter 2013, lump sum pension payments exceeded the threshold which
  required settlement recognition. Many of these lump sums were paid in the
  three months ended March 31, 2013 to individuals who elected to retire under
  the 2012 Voluntary Severance Incentive Program.

  CNX Gas shareholders litigation settlement pre-tax expense adjustment of
  $20.2 million: The adjustment is the result of an agreement in principle for
  resolution of the class actions brought by shareholders of CNX Gas
  challenging the tender offer by CONSOL Energy to acquire all the shares
  of CNX Gas common stock that CONSOL Energy did not already own for $38.25
  per share in May 2010. The total settlement provides for a payment to the
  plaintiffs of $42.73 million, of which the company expects to pay $20.2
  million. This settlement is subject to court approval and to the execution
  of final agreements with the parties.

  Blacksville No. 2 Mine fire pre-tax expense impact of $15.2 million: On
  March 12, 2013, smoke was detected exiting the Orndoff shaft at CONSOL
  Energy's Blacksville No. 2 Mine near Wayne in Greene County, Pa. All day
  shift underground employees were safely evacuated and none sustained
  injuries. The location of the fire was identified and containment and
  extinguishment procedures were developed. The fire has since been
  extinguished as of March 24 and personnel have re-entered the mine. It is
  not been determined when normal longwall operations will begin. The pre-tax
  expense impact reflects the expenses incurred to extinguish the fire.
  Insurance recovery has yet to be determined, so there is no impact reflected
  of any potential recovery in the three months ended March 31, 2013.

A final item reflected in Adjusted EPS and Adjusted EBITDA is an adjustment
related toa review of certain titles in the company's Marcellus Shale
acreage. As part of the title defect process the company is working through
with its joint venture partner, Noble Energy, CONSOL Energy conceded title
defects on acreage which had a book value to CONSOL Energy of $6.3 million.

^1The terms "Adjusted EPS" and "Adjusted EBITDA" are non-GAAP financial
measures, which are defined and reconciled to the GAAP EPS and GAAP net income
below, under the caption "Non-GAAP Financial Measures."

The quarterly earnings results include an additional non-cash amortization
expense and accelerated non-cash amortization for retiree-eligible employees
who received awards under the new CONSOL Share Unit (CSU) program, which
increased costs by $9.8 million, when compared to the prior year's quarter.
The new program replaces several previously provided executive compensation
award programs. The compensation expense of the CSU program will not be
materially different from the total expense of the previous programs over
their three-year life.

Strategy Statement by J. Brett Harvey

About six years ago, CONSOL Energy began with the transformation of our CNX
Gas Corporation from a pure-play coalbed methane (CBM) producer to a leading
producer in the Marcellus Shale. The company was able to apply its horizontal
drilling technology from CBM to the Marcellus Shale. CNX Gas was the second
producer to begin producing gas from a horizontal Marcellus Shale well, the
CNX #3, in October 2008. Organic success in the shale gave us the confidence
in early 2010 to expand our shale footprint by acquiring the Appalachian E&P
assets of Dominion Resources and the publicly-held shares of CNX Gas.
Concurrently, we were concerned about possible regulatory headwinds faced by
our Coal Division. Having a 100%-owned gas company was a natural hedge for
coal. We could then supply many of our customers with whichever fuel they

This dual fuel extraction strategy paid off handsomely for our shareholders in
2011, as CONSOL Energy earned net income of $632 million. Last year proved
more challenging, as softness in the economy and a record mild winter left
many of our coal and gas markets oversupplied. Still, we managed to have a
successful 2012 by reducing our gas rig count, idling some coal mines so as
not to build inventory, and selling $350 million of non-core assets. Last year
was a managerial challenge, but we still were able to earn $388 million. This,
of course, means that during 2011 and 2012, CONSOL's earnings exceeded $1

When we expanded our gas footprint in 2010, we heard some say that CONSOL
Energy was abandoning coal. This was not the case. In fact, CONSOL was
investing in a new Northern Appalachian longwall mine, the BMX Mine. Beginning
in April of 2014, we expect to produce 5 million tons per year of high-vol or
thermal coal from this low-cost mine. Last year, we also completed a
2-million-ton per year expansion of our 100%-owned Baltimore Terminal to
continue to participate in the growth of world coal markets. After 10 years of
re-capitalizing our mines, they are well-positioned to handle the future
dynamics of a global marketplace.

CONSOL Energy has tier one assets across its portfolio, in both its coal and
gas divisions. We have invested in both businesses through the cycle to emerge
as a stronger, more efficient entity. In a scant twelve months, CONSOL Energy
will be operating a fleet of 12 longwall mining machines, with each one having
approximately 5 million tons of capacity. That's 60 million tons of
well-capitalized, long-lived, low-cost production. That is our strength. We've
pared back or closed the uneconomic or marginal mines. Our Coal Division has
never been stronger. And, our world market opportunity has never been greater
for our high-Btu coal.

In 2005, our gas company was targeting 50 Bcf of production. Then in 2010
before the Dominion transaction, we were targeting a 100 Bcf of production.
Today, after selling 50% of our Marcellus position, we're targeting 170 - 180
Bcfe of production. We've de-risked much of our Marcellus Shale acreage and
have an exciting exploration play in the Utica Shale. We've come a long way in
gas since the days when our only play was fracing vertical CBM wells.

Sometimes in the extraction business, we have seen that you're evaluated by
the deals you didn't consummate. Many mining companies acquired companies near
the peak of the commodities boom at prices we believed were unsustainable.
Once many commodity prices eased, these transactions resulted in lost
shareholder value. In many cases, changes in executive management followed. In
contrast, CONSOL's focus shifted towards monetizing our asset-rich company to
bring value forward for our shareholders while sticking to our core
competencies within our footprint.

But more needs to be done. This strategy has produced better relative
performance, but we are not satisfied with the gap between our asset value and
our current share price. Our senior management will find the way to close this
value gap. While we remain steadfast on our top core values of safety and
compliance, our strategy shifts towards four main concepts: 1) once coal
capital expenditure growth has been completed, we will revert to a $5-$6 per
ton maintenance capital level; 2) we do not intend to pursue
"transformational" acquisitions in either coal or gas; 3) we will continue to
monetize our non-core assets and regularly evaluate our core assets to make
sure full value is recognized; and 4) we will use our free cash flow above
maintenance capital to either reinvest in our gas/NGLs/condensate projects to
accelerate growth or return the cash to shareholders. Product realizations
and share price will be our guide.

For 2013, we have stepped up our asset sale process to include (core) assets
such as our coal and gas transportation infrastructure to capitalize on the
current market environment and investing in higher return projects. We have a
process in place to evaluate and potentially monetize several assets this year
as long as we receive fair value for those assets. While we remain quiet
about which specific assets are in focus, we assure you that both the list and
process is comprehensive.

In the energy industry, CONSOL Energy is known for its safety record,
operational excellence, and financial strength. We've been growing our coal
and gas businesses organically instead of searching for that transformation
deal. In most ways, I believe we are what our major shareholders want us to
be: the company that through its commitment to its core values, creates
steady, continual improvement in all areas.

Coal Division Results:

CONSOL Energy released detailed information on its coal operations in a
release dated April 12, 2013.

CONSOL Energy's coal production costs in the quarter ended March 31, 2013 were
$50.69 per ton, or a decrease of $3.91, or 7%, from the quarter ended March
31, 2012. The majority of the cost decrease was related to a dramatic
improvement in costs per ton in the low-vol category, as seen in the table
below. This was primarily the result of slowing the pace of major
maintenance projects and reconfiguring the size of the Buchanan Mine workforce
to match a lower expected production schedule at the mine.

Coal production in the quarter consisted of 1.3 million tons of low-vol, 0.9
million tons of high-vol, and 12.6 million tons of thermal, for a total of
14.8 million tons.

Of the thermal coal production, 12.0 million tons were from Northern
Appalachia and 0.6 million tons were from Central Appalachia.

During the first quarter of 2013, CONSOL's total coal inventory decreased by
414 thousand tons to 964 thousand tons as of March 31, 2013. This is the
lowest total coal inventory level in 15 years. Thermal coal inventory
decreased to 875 thousand tons during the quarter. Low-vol Buchanan and
Amonate inventory also decreased during the quarter by 153 thousand tons, to
89 thousand tons.

                    Low-Vol      Low-Vol      High-Vol   High-Vol   Thermal      Thermal
                    Quarter      Quarter      Quarter    Quarter    Quarter      Quarter
                    Ended        Ended        Ended      Ended      Ended        Ended
                    March 31,    March 31,    March 31,  March 31,  March 31,    March 31,
                    2013         2012         2013       2012       2013         2012
Inventory           0.2          0.2          —          —          1.2          1.5
(millions of tons)
Coal Production     1.3          1.0          0.9        1.0        12.6         13.6
(millions of tons)
Ending Inventory    0.1          0.2          —          —          0.9          2.0
(millions of tons)
Sales - Company
Produced (millions  1.4          1.0          0.9        1.0        12.9         13.1
of tons)
Sales Per Ton       $  102.69    $  167.87    $  66.72   $  62.18   $  59.01     $  61.83
Inventory Cost Per  $  86.38     $  67.60     $  —       $  —       $  50.92     $  58.32
Total Direct Costs  $  37.83     $  58.77     $  34.71   $  30.44   $  31.02     $  31.90
Per Ton
Royalty/Production  5.62         9.25         (0.05)     3.36       4.17         4.15
Taxes Per Ton
Direct Services to  4.80         6.32         7.25       7.72       4.49         6.33
Operations Per Ton
Retirement and      5.19         8.32         3.81       3.11       3.58         3.54
Disability Per Ton
DD&A Per Ton        8.29         9.80         6.24       6.01       5.74         5.89
Total Production    $  61.73     $  92.46     $  51.96   $  50.64   $  49.00     $  51.81
Ending Inventory    $  (85.60)   $  (72.97)   $  —       $  —       $  (50.57)   $  (55.60)
Cost Per Ton
Total Cost Per Ton  $  64.42     $  90.74     $  51.96   $  50.64   $  49.09     $  52.06
Average Margin Per  $  38.27     $  77.13     $  14.76   $  11.54   $  9.92      $  9.77
Ton Sold
Addback: DD&A Per   $  8.29      $  9.80      $  6.24    $  6.01    $  5.74      $  5.89
Average Margin Per  $  46.56     $  86.93     $  21.00   $  17.55   $  15.66     $  15.66
Ton, before DD&A
Cash Flow before
Cap. Ex and DD&A    $  65        $  87        $  19      $  18      $  202       $  205

Sales and production exclude CONSOL Energy's portion from equity affiliates.
Direct Costs per Ton include items such as labor and benefits, supplies,
power, preparation costs, project expenses and gas well plugging costs.
Direct Services to Operations Per Ton include items such as subsidence
costs, direct administrative, selling expenses, permitting and compliance and
asset retirement obligations. Retirement and Disability Per Ton Sold
includes charges for pension, retiree medical and other employee related
long-term liabilities. Sales times Average Margin Per Ton, before DD&A is
meant to approximate the amount of cash generated for the low-vol, high-vol,
and thermal coal categories. This cash generation will be offset by
maintenance of production (MOP) capital expenditures.

Coal Marketing Update:

Low Vol:Buchanan's low cost position has allowed it to be competitive and
profitable in the current world wide met markets, and is serving as a platform
for potential international market expansion. In Brazil, new Buchanan
business was concluded during the quarter and coking coal demand was strong
in Q 1 and is expected to remain strong through Q 3. In India, Buchanan is
being tested at three potential newIndian customers and an improved operating
environment over the remainder of the year is expected due to the alleviation
of iron ore shortages. In China, we continue to expand our Buchanan
customer base as we are able to be competitive with both Chinese and Russian
coals. Promising macroeconomic indicators in China show the potential for
some market upside later in the year. Buchanan continues to ship to its
contracted European customers despite the difficulties in the Eurozone
economies. While there is little growth in Europe the customer base is
stable. Domestically, contracted shipments of Buchanan coal have also
remained steady.

High Vol: CONSOL's NAPP high-vol coal continues to expand its use with
existing customers and is penetrating new markets both domestically and
internationally.Three potential new customers in India are currently testing
the Bailey high-vol and new business for Bailey has been recently concluded in
Korea, China, Brazil and the USA. The demand for Bailey coal currently
exceeds the supply as Bailey's versatility allows it to compete as high vol,
PCI and high BTU thermal coal. We expect to continue to create and evaluate
new sales opportunities that provide the best returns for the portfolio.

Thermal: CONSOL's NAPP mine inventory levels are at a 15-year low and PJM
inventories are now below 5-year average levels. Customer inventory levels in
the Southeast are still above normal levels but have retreated with the cold
March weather and the natural gas price eclipsing $4.00. CONSOL's NAPP coal
is burning very successfully in the Southeast markets and customers in all
markets have demonstrated a steady demand for their contracted coal. CONSOL's
European customers continue to accept their contracted shipments and despite
the drop in the API 2, CONSOL has ongoing discussions with specific strategic
customers in Europe that has the potential for growth in the consumption of
NAPP coal. Coal burn has been strong in Europe and when the API 2 begins to
approach $100.00, CONSOL expects to participate more widely in the European
market. Domestically, CONSOL believes that producer inventory levels are low
throughout the East and that a normal summer will tighten demand for coal
quickly. CONSOL is currently in negotiations to expand both domestic and
European market share.  As stated in the high-vol section, CONSOL has
multiple alternatives for our available NAPP products and is optimizing the
value of the portfolio.

Gas Division Results:

CONSOL Energy released detailed information on its gas operations in a release
dated April 12, 2013.

CONSOL's gas production in the quarter came from the following categories:

Coalbed Methane (CBM): Total production was 20.7 Bcf, a decrease of 9% from
the 22.7 Bcf produced in the year-earlier quarter.

Marcellus Shale: Total production was 10.7 Bcf, or an increase of 60% from the
6.7 Bcf produced in the year-earlier quarter. The increase is primarily due to
additional wells coming on-line from the company's on-going drilling program.

Shallow: Total production was 7.1 Bcf, a decrease of 7% from the 7.6 Bcf
produced in the year-earlier quarter. The company continues to shift rigs
and capital toward higher potential return Marcellus and Utica drilling

Other: The other category had production of 0.7 Bcf, or unchanged from the 0.7
Bcf produced in the year-earlier quarter.

The table below summarizes the quarterly comparison of key metrics for the Gas

GAS DIVISION RESULTS — Quarter-to-Quarter Comparison
                                           Quarter         Quarter
                                           Ended           Ended
                                           March 31, 2013  March 31, 2012
Total Revenue and Other Income ($ MM)      $     197.5     $     190.0
Net Income                                 $     (0.1)     $     7.5
Net Cash from Operating Activities ($ MM)  $     190.0     $     54.4
Total Period Production (Bcf)              39.2            37.7
Average Daily Production (MMcf)            436             415
Capital Expenditures ($ MM)                $     207.1     $     98.5

Production results are net of royalties.

PRICE AND COST DATA PER MCF — Quarter-to-Quarter Comparison

The company experienced decreased profitability within the Gas Division when
compared with the quarter ended March 31, 2012. Unit gas margins decreased
despite a slight improvement in realized unit gas prices by $0.04 per Mcf.
Total unit gas costs increased mainly due to fees associated with in-transit
transportation costs.

All-in unit costs in the Marcellus Shale were $3.24 per Mcf in the just-ended
quarter, or an increase of $0.18 from the $3.06 per Mcf in the year-earlier
quarter. Total Marcellus Shale gathering and transportation costs were
negatively impacted by $0.25 per Mcf due to increased costs associated with
liquids production and firm transportation.

                           Quarter         Quarter
                           Ended           Ended
                           March 31, 2013  March 31, 2012
Average Sales Price        $4.30           $4.26
Costs - Production
Lifting                    $0.56           $0.62
Ad Valorem, Severance and  $0.12           $0.17
 Other Taxes
DD&A                       $1.14           $1.10
Total Production Costs     $1.82           $1.89
Costs - Gathering
Operating Costs            $0.67           $0.59
Transportation             $0.56           $0.34
DD&A                       $0.20           $0.20
Total Gathering Costs      $1.43           $1.13
Gas Direct Administrative  $0.28           $0.35
Selling & Other
Total Costs                $3.53           $3.37
Margin                     $0.77           $0.89

Note: Costs − The line item "gas direct administrative, selling, & other"
excludes general administration, incentive compensation, and other corporate

CONSOL Energy 2013 - 2015 Guidance

CONSOL Energy expects its net gas production to be between 170 - 180 Bcf for
the year. Second quarter gas production, net to CONSOL, is expected to be
approximately 38 - 40 Bcf.

Total hedged gas production in the 2013 second quarter is 19.8 Bcf, at an
average price of $4.69 per Mcf. The annual gas hedge position for three years
is shown in the table below:

                                    2013     2014   2015
Total Yearly Production (Bcf)       170-180  N/A    N/A
Volumes Hedged (Bcf),as of 4/13/13  79.6     60.9   43.0
Average Hedge Price ($/Mcf)         $4.69    $4.96  $4.24

                              Q2 2013        2013         2014       2015
Estimated Coal Sales          13.25 - 13.75  55.5 - 57.5  62.6       63.9
(millions of tons)
 Est. Low-Vol Met Sales      0.9 -1.0       4.0-4.2      5.3        5.3
 Tonnage: Firm             0.6            2.3          —          —
 Avg. Price: Sold (Firm)   $     108.58   $    107.17  $  —       $  —
 Est. High-Vol Met Sales     0.5+           1.7+         4.8        6.4
 Tonnage: Firm             0.3            1.2          0.2        0.2
 Avg. Price: Sold (Firm)   $     62.97    $    65.74   $  75.53   $  74.74
 Est. Thermal Sales          12.1+          49.8+        51.9       51.5
 Tonnage: Firm             11.8           49.4         25.5       14.5
 Avg. Price: Sold (Firm)   $     57.99    $    58.80   $  59.94   $  61.12

Note: While most of the data in the table are single point estimates, the
inherent uncertainty of markets and mining operations means that investors
should consider a reasonable range around these estimates. N/A means not
available or not forecast. CONSOL has chosen not to forecast prices for open
tonnage due to ongoing customer negotiations. In the thermal sales category,
the open tonnage includes two items: sold, but unpriced tons and collared
tons. Collared tons in 2014 are 7.0 million tons, with a ceiling of $55.90 per
ton and a floor of $46.32 per ton. Collared tons in 2015 are 8.7 million tons,
with a ceiling of $57.43 per ton and a floor of $44.86 per ton. Calendar
years 2013, 2014 and 2015 include 0.1, 0.6, and 0.7 million tons,
respectively, from Amonate. The Amonate tons are not included in the category


Total company liquidity as of March 31, 2013 was $2.4 billion, including cash
of $25.1 million.

As of March 31, 2013, CONSOL Energy had $1.423 billion in total liquidity,
which is comprised of $22.9 million of cash and$1,399.7 million available to
be borrowed under its $1.5 billion bank facility. CONSOL Energy's credit
facility has no borrowings. Outstanding letters of credit are $100.3 million.

As of March 31, 2013, CNX Gas Corporation had $932.0 million in total
liquidity, which is comprised of $2.2 million of cash and $929.8 million
available to be borrowed under its $1.0 billion bank facility. CNX Gas'
credit facility has no borrowings. Outstanding letters of credit are $70.2


CONSOL Energy Inc. is a Pittsburgh-based producer of coal and natural gas. It
has 11 bituminous coal mining complexes in four states and reports proven and
probable coal reserves of 4.2 billion tons. The company's premium Appalachian
coals are sold worldwide to electricity generators and steelmakers. In natural
gas, CONSOL Energy has transformed itself from a pure-play coalbed methane
producer to a full-fledged exploration and production company. The company is
a leading producer in the Marcellus Shale and is transitioning its active
exploration program into development mode in the Utica Shale. CONSOL Energy
has proved natural gas reserves of 4.0 trillion cubic feet. Operational safety
is the company's top core value and CONSOL Energy boasts a record of almost
two times better than the industry average for underground bituminous coal
mines. CONSOL Energy is a member of the Standard & Poor's 500 Equity Index and
the Fortune 500. Additional information about CONSOL Energy can be found at
its Web site:

Non-GAAP Financial Measures

Definition: EBIT is defined as earnings before deducting net interest expense
(interest expense less interest income) and income taxes. EBITDA is defined
as earnings before deducting net interest expense (interest expense less
interest income), income taxes and depreciation, depletion and amortization.
Adjusted EBITDA is defined as EBITDA after adjusting for the discrete items
listed below. Although EBIT, EBITDA, and Adjusted EBITDA are not measures of
performance calculated in accordance with generally accepted accounting
principles, management believes that it is useful to an investor in evaluating
CONSOL Energy because it is widely used to evaluate a company's operating
performance before debt expense and its cash or as a substitute for measures
of performance in accordance with generally accepted accounting principles.
In addition, because all companies do not calculate EBIT, EBITDA, or Adjusted
EBITDA identically, the presentation here may not be comparable to similarly
titled measures of other companies.

Reconciliation of EBIT, EBITDA and Adjusted EBITDA to financial net income
attributable to CONSOL Energy Shareholders is as follows (dollars in 000):

                                                 Three Months Ended

                                                 March 31,
                                                 2013             2012
Net Income                                        $      (1,564)   $  97,196
Add: Interest Expense                            53,378           58,120
Less: Interest Income                             (6,924)          (8,532)
Add: Income Taxes                                522              21,381
Earnings Before Interest & Taxes (EBIT)           45,412           168,165
Add: Depreciation, Depletion & Amortization      161,315          155,347
Earnings Before Interest, Taxes and DD&A          206,727          323,512
Pension Settlement                                27,115           —
CNX Gas Shareholder Settlement                    20,200           —
Blacksville Fire Loss                             15,170           —
Marcellus Title Defects                           6,268
Total Pre-tax Adjustments                         68,753           —
Adjusted Earnings Before Interest, Taxes and      $      275,480   $  323,512
DD&A (Adjusted EBITDA)

Note: Income tax effect of Total Pre-tax Adjustments was ($23,342) for the
three months ended March 31, 2013.

Forward-Looking Statements

Various statements in this release, including those that express a belief,
expectation or intention, may be considered forward-looking statements (as
defined in Section 21E of the Exchange Act) that involve risks and
uncertainties that could cause actual results to differ materially from
projected results. Accordingly, investors should not place undue reliance on
forward-looking statements as a prediction of actual results. The
forward-looking statements may include projections and estimates concerning
the timing and success of specific projects and our future production,
revenues, income and capital spending. When we use the words "believe,"
"intend," "expect," "may," "should," "anticipate," "could," "estimate,"
"plan," "predict," "project," or their negatives, or other similar
expressions, the statements which include those words are usually
forward-looking statements. When we describe strategy that involves risks or
uncertainties, we are making forward-looking statements. The forward-looking
statements in this press release, if any, speak only as of the date of this
press release; we disclaim any obligation to update these statements. We have
based these forward-looking statements on our current expectations and
assumptions about future events. While our management considers these
expectations and assumptions to be reasonable, they are inherently subject to
significant business, economic, competitive, regulatory and other risks,
contingencies and uncertainties, most of which are difficult to predict and
many of which are beyond our control. These risks, contingencies and
uncertainties relate to, among other matters, the following: deterioration in
global economic conditions in any of the industries in which our customers
operate, or sustained uncertainty in financial markets cause conditions we
cannot predict; an extended decline in demand for or in the prices we receive
for our coal and gas affecting our operating results and cash flows; our
customers extending existing contracts or entering into new long-term
contracts for coal; the expiration or failure to extend existing long-term
contracts; our reliance on major customers; our inability to collect payments
from customers if their creditworthiness declines; the disruption of rail,
barge, gathering, processing and transportation facilities and other systems
that deliver our coal and gas to market; a loss of our competitive position
because of the competitive nature of the coal and gas industries, or a loss of
our competitive position because of overcapacity in these industries impairing
our profitability; our failure to maintain satisfactory labor relations; coal
users switching to other fuels in order to comply with various environmental
standards related to coal combustion emissions; the impact of potential, as
well as any adopted regulations relating to greenhouse gas emissions on the
demand for coal and natural gas, as well as the impact of any adopted
regulations on our coal mining operations due to the venting of coalbed
methane which occurs during mining; foreign currency fluctuations could
adversely affect the competitiveness of our coal abroad; the risks inherent in
coal and gas operations being subject to unexpected disruptions, including
geological conditions, equipment failure, timing of completion of significant
construction or repair of equipment, fires, explosions, accidents and weather
conditions which could impact financial results; our focus on new gas
development projects and exploration for gas in areas where we have little or
no proven gas reserves; decreases in the availability of, or increases in, the
price of commodities and services used in our mining and gas operations, as
well as our exposure under "take or pay" contracts we entered into with well
service providers to obtain services of which if not used could impact our
cost of production; obtaining, maintaining and renewing governmental permits
and approvals for our coal and gas operations; the effects of government
regulation on the discharge into the water or air, and the disposal and
clean-up of, hazardous substances and wastes generated during our coal and gas
operations; the effects of stringent federal and state employee health and
safety regulations, including the ability of regulators to shut down a mine or
well; the potential for liabilities arising from environmental contamination
or alleged environmental contamination in connection with our past or current
coal and gas operations; the effects of mine closing, reclamation, gas well
closing and certain other liabilities; uncertainties in estimating our
economically recoverable coal and gas reserves; defects may exist in our chain
of title and we may incur additional costs associated with perfecting title
for coal or gas rights on some of our properties or failing to acquire these
additional rights we may have to reduce our estimated reserves; the outcomes
of various legal proceedings, which are more fully described in our reports
filed under the Securities Exchange Act of 1934; the impacts of various
asbestos litigation claims; increased exposure to employee related long-term
liabilities; increased exposure to multi-employer pension plan liabilities;
minimum funding requirements by the Pension Protection Act of 2006 (the
Pension Act) coupled with the significant investment and plan asset losses
suffered during the recent economic decline has exposed us to making
additional required cash contributions to fund the pension benefit plans which
we sponsor and the multi-employer pension benefit plans in which we
participate; lump sum payments made to retiring salaried employees pursuant to
our defined benefit pension plan exceeding total service and interest cost in
a plan year; acquisitions and joint ventures that we recently have completed
or entered into or may make in the future including the accuracy of our
assessment of the acquired businesses and their risks, achieving any
anticipated synergies, integrating the acquisitions and unanticipated changes
that could affect assumptions we may have made and divestitures we anticipate
may not occur or produce anticipated proceeds including joint venture partners
paying anticipated carry obligations; the anti-takeover effects of our rights
plan could prevent a change of control; increased exposure on our financial
performance due to the degree we are leveraged; replacing our natural gas
reserves, which if not replaced, will cause our gas reserves and gas
production to decline; our ability to acquire water supplies needed for gas
drilling, or our ability to dispose of water used or removed from strata in
connection with our gas operations at a reasonable cost and within applicable
environmental rules; our hedging activities may prevent us from benefiting
from price increases and may expose us to other risks; changes in federal or
state income tax laws, particularly in the area of percentage depletion and
intangible drilling costs, could cause our financial position and
profitability to deteriorate; and other factors discussed in the 2012 Form
10-K under "Risk Factors," as updated by any subsequent Form 10-Qs, which are
on file at the Securities and Exchange Commission.

(Dollars in thousands, except per share data)
                                                     Three Months Ended
                                                     March, 31
                                                   2013         2012
Sales—Outside                                 $      1,226,165   $  1,311,471
Sales—Gas Royalty Interests                   14,204             12,206
Sales—Purchased Gas                           1,358              839
Freight—Outside                               14,061             49,293
Other Income                                  33,852             52,961
Total Revenue and Other Income                1,289,640          1,426,770
Cost of Goods Sold and Other Operating
Charges (exclusive of depreciation,           932,963            904,137
depletion and amortization shown below)
Gas Royalty Interests Costs                   11,806             10,249
Purchased Gas Costs                           959                517
Freight Expense                               14,061             49,293
Selling, General and Administrative Expenses  33,670             38,903
Depreciation, Depletion and Amortization      161,315            155,347
Interest Expense                              53,378             58,120
Taxes Other Than Income                       82,787             91,627
Total Costs                                   1,290,939          1,308,193
(Loss) Earnings Before Income Taxes           (1,299)            118,577
Income Taxes Expense                          522                21,381
Net (Loss) Income                             (1,821)            97,196
Add: Net Loss Attributable to Noncontrolling 257                —
Net (Loss) Income Attributable to CONSOL      $      (1,564)     $  97,196
Energy Inc. Shareholders
Earnings Per Share:
Basic                                         $      (0.01)      $  0.43
Dilutive                                      $      (0.01)      $  0.42
Weighted Average Number of Common Shares
Basic                                         228,318,123        227,269,269
Dilutive                                      228,318,123        230,124,011
Dividends Paid Per Share                      $      —           $  0.125

(Dollars in thousands)
                                                      Three Months Ended
                                                      March, 31
                                                      2013        2012
Net (Loss) Income                                 $      (1,821)   $  97,196
Other Comprehensive Income:
Actuarially Determined Long-Term Liability
Adjustments (Net of tax:                          45,757           59,573
($28,250), ($35,897))
Net (Decrease) Increase in the Value of Cash Flow
Hedge (Net of tax:                                (18,595)         76,076
$13,966, ($49,008))
Reclassification of Cash Flow Hedges from OCI to
Earnings (Net of tax:                             (22,713)         (47,941)
$11,984, $31,380)
Other Comprehensive Income                        4,449            87,708
Comprehensive Income                              2,628            184,904
Add: Comprehensive Income Attributable to         257              $  —
Noncontrolling Interest
Comprehensive Income Attributable to CONSOL       $      2,885     $  184,904
Energy Inc. Shareholders

(Dollars in thousands)
                                                March31,       December31,
                                                2013            2012
Current Assets:
Cash and Cash Equivalents                       $  25,058       $  21,878
Accounts and Notes Receivable:
Trade                                           408,350         428,328
Notes Receivable                                322,406         318,387
Other Receivables                               153,697         131,131
 Accounts Receivable - Securitized        30,119          37,846
Inventories                                     217,034         247,766
Deferred Income Taxes                           160,750         148,104
Recoverable Income Taxes                        6,602           —
Restricted Cash                                 —               48,294
Prepaid Expenses                                115,156         157,360
Total Current Assets                            1,439,172       1,539,094
Property, Plant and Equipment:
Property, Plant and Equipment                   15,749,523      15,545,204
Less—Accumulated Depreciation, Depletion and    5,516,319       5,354,237
Total Property, Plant and Equipment—Net         10,233,204      10,190,967
Other Assets:
Deferred Income Taxes                           425,079         444,585
Restricted Cash                                 20,383          20,379
Investment in Affiliates                        248,127         222,830
Notes Receivable                                25,995          25,977
Other                                           201,234         227,077
Total Other Assets                              920,818         940,848
TOTAL ASSETS                                    $  12,593,194   $  12,670,909

(Dollars in thousands, except per share data)
                                                March31,       December31,
                                                2013            2012
Current Liabilities:
Accounts Payable                                $  463,886      $  507,982
Current Portion of Long-Term Debt               13,353          13,485
Short-Term Notes Payable                        —               25,073
Accrued Income Taxes                            —               34,219
Borrowings Under Securitization Facility        30,119          37,846
Other Accrued Liabilities                       839,294         768,494
Total Current Liabilities                       1,346,652       1,387,099
Long-Term Debt:
Long-Term Debt                                  3,124,240       3,124,473
Capital Lease Obligations                       48,299          50,113
Total Long-Term Debt                            3,172,539       3,174,586
Deferred Credits and Other Liabilities:
Postretirement Benefits Other Than Pensions     2,825,925       2,832,401
Pneumoconiosis Benefits                         175,952         174,781
Mine Closing                                    449,891         446,727
Gas Well Closing                                150,973         148,928
Workers' Compensation                           154,573         155,648
Salary Retirement                               172,306         218,004
Reclamation                                     43,833          47,965
Other                                           128,316         131,025
Total Deferred Credits and Other Liabilities    4,101,769       4,155,479
TOTAL LIABILITIES                               8,620,960       8,717,164
Stockholders' Equity:
Common Stock, $.01 Par Value; 500,000,000
Shares Authorized, 228,609,116 Issued and
 228,574,361 Outstanding at March 31,   2,289           2,284
2013; 228,129,467 Issued and 228,094,712
 Outstanding at December31, 2012
Capital in Excess of Par Value                  2,320,223       2,296,908
Preferred Stock, 15,000,000 authorized, None    —               —
issued and outstanding
Retained Earnings                               2,393,528       2,402,551
Accumulated Other Comprehensive Loss            (742,893)       (747,342)
Common Stock in Treasury, at Cost—34,755 Shares
at March 31, 2013 and 34,755 Shares             (609)           (609)
 at December31, 2012
Total CONSOL Energy Inc. Stockholders' Equity   3,972,538       3,953,792
Noncontrolling Interest                         (304)           (47)
TOTAL EQUITY                                    3,972,234       3,953,745
TOTAL LIABILITIES AND EQUITY                    $  12,593,194   $  12,670,909

(Dollars in thousands, except per share data)
                                        Retained       Other          Common     Total          Non-
              Common     Excess                                                  CONSOL                      Total
                                        Earnings       Comprehensive  Stockin   Energy Inc.    Controlling
              Stock      ofPar                                                  Stockholders'               Equity
                                        (Deficit)      Income         Treasury   Equity         Interest
Balance at
December31,  $  2,284   $  2,296,908   $  2,402,551   $  (747,342)   $  (609)   $  3,953,792   $    (47)    $  3,953,745
Net Loss      —          —              (1,564)        —              —          (1,564)        (257)        (1,821)
Comprehensive —          —              —              4,449          —          4,449          —            4,449
Income        —          —              (1,564)        4,449          —          2,885          (257)        2,628
Issuance of   5          904            —              —              —          909            —            909
Common Stock
Stock         —          —              (7,459)        —              —          (7,459)        —            (7,459)
Tax Cost From
Stock-Based   —          (3,658)        —              —              —          (3,658)        —            (3,658)
Stock-Based   —          26,069         —              —              —          26,069         —            26,069
Balance at
March 31,     $  2,289   $  2,320,223   $  2,393,528   $  (742,893)   $  (609)   $  3,972,538   $    (304)   $  3,972,234

(Dollars in thousands)
                                                  Three Months Ended
                                                  March 31,
                                                  2013            2012
Operating Activities:
Net (Loss) Income                                 $      (1,821)   $  97,196
Adjustments to Reconcile Net (Loss) Income to
Net Cash Provided By Operating
Depreciation, Depletion and Amortization          161,315          155,347
Stock-Based Compensation                          26,069           16,252
Gain on Sale of Assets                            (2,176)          (19,713)
Amortization of Mineral Leases                    503              1,886
Deferred Income Taxes                             305              (2,265)
Equity in Earnings of Affiliates                  (4,797)          (7,935)
Changes in Operating Assets:
Accounts and Notes Receivable                     27,137           (17,990)
Inventories                                       30,732           (26,662)
Prepaid Expenses                                  7,944            6,231
Changes in Other Assets                           6,749            10,837
Changes in Operating Liabilities:
Accounts Payable                                  (26,474)         (39,312)
Other Operating Liabilities                       19,940           62,233
Changes in Other Liabilities                      16,652           (8,928)
Other                                             6,202            2,309
Net Cash Provided by Operating Activities         268,280          229,486
Investing Activities:
Capital Expenditures                              (405,972)        (306,446)
Change in Restricted Cash                         48,294           —
Proceeds from Sales of Assets                     138,636          28,611
Investments In Equity Affiliates                  (12,500)         (10,250)
Net Cash Used in Investing Activities             (231,542)        (288,085)
Financing Activities:
Payments on Miscellaneous Borrowings              (27,601)         (2,330)
Payments on Securitization Facility               (7,727)          —
Tax Benefit from Stock-Based Compensation         730              750
Dividends Paid                                    —                (28,387)
Issuance of Common Stock                          909              54
Issuance of Treasury Stock                        —                109
Debt Issuance and Financing Fees                  131              (20)
Net Cash Used in Financing Activities             (33,558)         (29,824)
Net Increase (Decrease) in Cash and Cash          3,180            (88,423)
Cash and Cash Equivalents at Beginning of Period  21,878           375,736
Cash and Cash Equivalents at End of Period        $      25,058    $  287,313


Contact: Investor: Dan Zajdel, at (724) 485-4169, or Tyler Lewis, at (724)
485-3157; Media: Lynn Seay, at (724) 485-4065
Press spacebar to pause and continue. Press esc to stop.