August 18, 2011 Shareholder Presentation CONSOL Energy Inc. CONSOL Energy / Noble Energy Marcellus Joint Venture
CONSOL Energy & Noble Energy JV CNX to sell an interest in Marcellus Shale asset to Noble Energy Total deal valuation of 3.4 billion CNX selling 50% interest in Marcellus Shale position (663,350 acres in PA & WV) for 3.20 billion…
CONSOL Energy & Noble Energy JV Transaction Rationale Marks to market entire Marcellus position at 9,650 / acre Validates legacy CNX Gas and Dominion asset base Partners with a highly respected, world class E&P partner Shared…
CONSOL Energy & Noble Energy JV Marcellus Shale JV Acreage CNX/NBL Operating Areas CONSOL Dry Gas Areas 570K acres 3,700 horizontal locations Noble Energy Wet Gas Areas 95K acres 630 horizontal locations High net revenue…
CONSOL Energy & Noble Energy JV Development Plan Rig schedule ramps up to 16 by 2015 Rig Schedule 20 16 16 15 Accelerated development of acreage 12 12 8 8 4 4 Substantial cash generation throughout plan - 2011 2012…
CONSOL Energy & Noble Energy JV CONSOL Retains Growth Targets CONSOL is maintaining our 2015 Production Goal of 350 Bcf The original goal was established at this level post Dominion acquisition 50% sale of current and future…
CONSOL Energy & Noble Energy JV Tremendous Value Creation in 15 Months In 2010, CNX paid 1.880 billion for Dominions Marcellus acres, or 3,827 per acre Over the past 15 months, CNX has largely de-risked these acres As the acreage…
CONSOL Energy & Noble Energy JV August 18, 2011 Shareholder Presentation 9