CNX Resources (CNX) 8-K CONSOL Energy Reports Net Income of $87.4 Million

Exhibit 99.1

For Immediate Release

Contact: Dan Zajdel at (724) 485-4169

CONSOL Energy Reports Net Income of $87.4 Million

Met Coal Production Was 0.6 Million Tons; Thermal Coal Production Was 12.9 Million Tons

CNX Gas Production Guidance Raised Again, This Time to 92 Bcf

PITTSBURGH (October 22, 2009) – CONSOL Energy Inc. (NYSE: CNX), a producer of high-Btu thermal coal, metallurgical coal, and natural gas, reported net income attributable to CONSOL Energy shareholders for the quarter ended September 30, 2009 of $87.4 million, or $0.48 per dilutive share. This is nearly equal to the net income attributable to CONSOL Energy shareholders of $90.1 million, or $0.49 per dilutive share, for the quarter ended September 30, 2008.

“We executed the third quarter according to plan,” said J. Brett Harvey, president and chief executive officer. “In fact, stronger than expected metallurgical coal markets enabled us to produce more met coal than we expected. Our thermal coal sales, though, have still not shown a meaningful rebound. Our strategy is to match production with customer shipments so as not to build inventory. We continue to invest in our mines and our gas fields to create shareholder value.

“At CNX Gas,” Mr. Harvey continued, “we’ve raised production guidance again, this time from 89 Bcf to 92 Bcf. Results from our Marcellus Shale and coalbed methane programs continue to exceed expectations. Based on our Marcellus results, CNX Gas has increased its capital for lease and land acquisition.

“We’ve changed our presentation with this release,” Mr. Harvey concluded. “We are now reporting separate results for met coal and thermal coal. We believe that this increased transparency will enable investors to more clearly see the earning power, product diversity, and growth potential of CONSOL Energy. This increased transparency should enable investors to more accurately value the company relative to its peers.”

FINANCIAL RESULTS– Period-To-Period Comparison

	Quarter Ended Sept. 30, 2009			Quarter Ended Sept. 30, 2008			Nine Months Ended Sept. 30, 2009			Nine Months Ended Sept. 30, 2008
Total Revenue and Other Income	$	1,094.5		$	1,173.1		$	3,383.8		$	3,409.7
Net Income attributable to CONSOL Energy shareholders	$	87.4		$	90.1		$	396.5		$	266.1
Earnings Per Share – diluted	$	0.48		$	0.49		$	2.17		$	1.44
Net Cash from Operating Activities	$	162.0		$	213.3		$	728.2		$	683.2
EBITDA	$	239.8		$	235.9		$	910.9		$	715.1
EBIT	$	129.8		$	139.6		$	587.2		$	430.3
Capital Expenditures	$	192.7		$	303.7		$	689.1		$	740.0
Cash (Provided by) Used in Other Investing Activities*	($	23.9	)	($	1.7	)	($	74.2	)	($	18.2	)

In millions of dollars except per share. Amounts for capital expenditures do not include amounts for equity affiliates.

* Represents net cash (provided by) used in investment in Equity Affiliates and Proceeds from Sales of Assets.

Quarter-To-Quarter Discussion of Financial Results

Total Revenue and Other Income was $1,094.5 million for the quarter ended September 30, 2009, compared with $1,173.1 million for the quarter ended September 30, 2008, or a decrease of 7%. Although revenue from our thermal coal business was higher, met coal revenue and gas revenue were lower.

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Net income attributable to CONSOL Energy shareholders and earnings per share were $87.4 million, or $0.48 per dilutive share. This compares with $90.1 million, or $0.49 per dilutive share in the year-earlier quarter. The slight decrease was due to lower thermal coal production, lower met coal production, and lower gas prices during the third quarter.

CONSOL Energy had net cash from operating activities of $162.0 million for the quarter ended September 30, 2009, with $65.4 million attributable to CNX Gas. For CONSOL Energy, this compares to $213.3 million for the quarter ended September 30, 2008, with $120.1 million attributable to CNX Gas.

CONSOL Energy had total capital expenditures of $192.7 million in the quarter ended September 30, 2009, with $49.3 million attributable to CNX Gas. For both CONSOL Energy and CNX Gas, quarterly capital expenditures in the September 2009 quarter are lower than the June 2009 quarter, as some projects move toward completion.

Liquidity

As of September 30, 2009, CONSOL Energy had $336.9 million of short-term debt and $426.7 million in total liquidity, which is comprised of $31.4 million of cash and $395.3 million available to be borrowed under its $1.0 billion bank facility. As of September 30, 2009, CNX Gas Corporation had $73.1 million of short-term debt and $113.0 million in total liquidity, which is comprised of $1.0 million of cash and $112.0 million available to be borrowed under its $200.0 million bank facility.

Met Coal Operations

MET COAL OPERATIONS– Period-To-Period Comparison

	Quarter Ended Sept. 30, 2009		Quarter Ended Sept. 30, 2008		Nine Months Ended Sept. 30, 2009		Nine Months Ended Sept. 30, 2008
Total Coal Sales (millions of tons)		0.7		0.8		1.3		2.0
Sales – Company Produced (millions of tons)		0.7		0.8		1.3		2.0
Coal Production (millions of tons)		0.6		0.9		1.2		2.2
Average Realized Price Per Ton – Company Produced	$	97.07	$	117.82	$	101.12	$	113.73
Operating Costs Per Ton	$	44.50	$	47.98	$	66.49	$	53.58
Non-Operating Charges Per Ton	$	10.87	$	9.08	$	16.33	$	9.61
DD&A Per Ton	$	4.88	$	4.47	$	7.72	$	4.44
Total Cost Per Ton – Company Produced	$	60.25	$	61.53	$	90.54	$	67.63
Operating Margins Per Ton	$	52.57	$	69.84	$	34.63	$	60.15
Financial Margins Per Ton	$	36.82	$	56.29	$	10.58	$	46.10

Operating costs include items such as labor, supplies, power, preparation costs, project expenditures, subsidence costs, gas well plugging costs, charges for employee benefits (including Combined Fund premiums), royalties, as well as production and property taxes. Non-operating charges include items such as charges for long-term liabilities, direct administration, selling and general administration. Operating Margins Per Ton are defined as Average Realized Price Per Ton less Operating Costs Per Ton. Financial Margins Per Ton are defined as Average Realized Price Per Ton less Total Costs Per Ton – Company Produced.

Metallurgical Coal Operations consist almost entirely of the company’s Buchanan Mine in southwestern Virginia. This mine, which produces some of the highest quality low-vol met coal in the world, resumed longwall production in early June with two shifts. A third shift was added during the third quarter, as shipments to steel producers increased. For the quarter just-ended, 0.6 million tons were produced, versus 0.9 million tons in the year-earlier quarter.

The average realized price per met ton was $97.07 per ton in the just-ended quarter, down from $117.82 in the year-earlier quarter.

Total cost per ton was $60.25 per met ton, down from $61.53 per ton. The company believes costs at Buchanan are among the lowest of any met mine in the country.

Operating and financial margins per ton were both down, as lower realized prices weakened considerably from the year-earlier quarter.

Met coal inventory as of September 30, 2009 was 0.5 million tons.

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Thermal Coal Operations

THERMAL COAL OPERATIONS– Period-To-Period Comparison

	Quarter Ended Sept. 30, 2009		Quarter Ended Sept. 30, 2008		Nine Months Ended Sept. 30, 2009		Nine Months Ended Sept. 30, 2008
Total Coal Sales (millions of tons)		13.0		14.5		41.2		46.8
Sales – Company Produced (millions of tons)		13.0		14.1		41.0		45.6
Coal Production (millions of tons)		12.9		13.9		42.7		45.5
Average Realized Price Per Ton – Company Produced	$	58.07	$	46.75	$	57.38	$	44.50
Operating Costs Per Ton	$	36.70	$	34.72	$	33.73	$	30.83
Non-Operating Charges Per Ton	$	6.28	$	6.06	$	5.66	$	5.40
DD&A Per Ton	$	4.85	$	4.58	$	4.47	$	4.18
Total Cost Per Ton – Company Produced	$	47.83	$	45.36	$	43.86	$	40.41
Operating Margins Per Ton	$	21.37	$	12.03	$	23.65	$	13.67
Financial Margins Per Ton	$	10.24	$	1.39	$	13.52	$	4.09

Sales and production include CONSOL Energy’s portion from equity affiliates and consolidated variable interest entities. Operating costs include items such as labor, supplies, power, preparation costs, project expenditures, subsidence costs, gas well plugging costs, charges for employee benefits (including Combined Fund premiums), royalties, as well as production and property taxes. Non-operating charges include items such as charges for long-term liabilities, direct administration, selling and general administration. Operating Margins Per Ton are defined as Average Realized Price Per Ton less Operating Costs Per Ton. Financial Margins Per Ton are defined as Average Realized Price Per Ton less Total Costs Per Ton – Company Produced.

Thermal Coal Operations consist of the company’s mines in Northern Appalachia, its non-met Central Appalachian mines, and its Western mine. For the just-ended quarter, 12.9 million tons were produced, versus 13.9 million tons in the year-earlier quarter. Production was reduced to match lower shipments resulting from lower economic activity and milder summer weather. All of the company’s 9 longwalls that produce thermal coal were running by September 1, after a period of summer shutdowns.

Regional thermal coal production was 10.9 million tons in Northern Appalachia, 1.7 million tons in Central Appalachia, and 0.3 million in the West in the just-ended quarter.

The average realized price per ton for our thermal operations was $58.07 per ton, up 24% from $46.75 in the year-earlier quarter.

Total cost per ton was $47.83 per ton, up 5% from $45.36 per ton in the year-earlier quarter. Higher costs per ton were primarily due to production being down 7%, quarter over quarter.

Operating and financial margins per ton were both up significantly, as much higher realized prices were only slightly offset by higher unit costs.

Thermal coal inventory as of September 30, 2009 was 2.8 million tons.

“Since the fourth quarter of last year,” noted J. Brett Harvey, “CONSOL Energy has been able to capture higher pricing for its thermal sales because of the continued build-out of scrubbers by generators in our natural market area. CONSOL’s thermal coal now commands a premium in the marketplace because of its high Btu content. I believe that investors need to consider this new pricing paradigm when valuing CONSOL.”

Gas Operations

CNX Gas Corporation (NYSE: CXG), 83.3% of which is owned by CONSOL Energy, reported total net income attributable to CNX Gas shareholders of $35.5 million for the quarter ended September 30, 2009, compared with $67.4 million in the year earlier quarter. CNX Gas Corporation also issued its earnings release this morning. Additional information regarding CNX Gas Corporation financial and operating results for the quarter is available in its release and can be found in the investor section of its website:http://www.cnxgas.com

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Guidance

CONSOL Energy expects to invest $1.0 billion in its coal and gas businesses during calendar year 2009. The company continues to monitor and evaluate capital spending to ensure adequate liquidity and to preserve options for possible external investment. The company is committed to completing capital projects already in progress, including those that increase capacity and efficiency. CNX Gas expects to invest largely from cash flow generated from operating activities for 2009.

GUIDANCE

	2009		2010			2011
COAL-COMMITTED TONS W/O PRICING (MM)		—		7.2			19.5
COAL-TONS WITH FIRM PRICING
Tons Committed and Priced (MM tons,10/16/09)		58.2		51.1	*		20.8
Avg. Realized Price/Ton Committed & Priced	$	58.74	$	53.51		$	51.53
COAL-TONS PRICED WITH COLLARS
Tons (MM)		—		0.4			6.0
Average Ceiling		—	$	58.25		$	62.08
Average Floor		—	$	43.25		$	52.80

Notes: *2010 Tons Committed and Priced include 1.4 MM tons of met coal at a price of $114.47 per ton.

Tons priced with ceilings and floors are not included in tons with firm pricing; they are additive. Although there is no assurance that customers with contracts will perform under these contracts, CONSOL Energy expects to capture the value of contracts through negotiated or legal means.

CONSOL Energy is maintaining its production target of 58 million tons for calendar year 2009, including 1.9 million tons of met coal.

CNX Gas raised its previously announced production guidance of 89 to 92 Bcf for calendar year 2009.

Outlook Summary

The U.S. economy may have bottomed in the third quarter. Depending on the pace and sustainability of the recovery from the current recession, we believe substantial opportunities exist for our metallurgical coal, thermal coal, and gas businesses. Due to the significant fiscal spending and relaxed monetary policy in the United States, a modest recovery appears likely in the U.S. in 2010. This should lead to an increase in demand for energy products from industrial customers, power generators and steel producers.

Metallurgical Coal Outlook

Steel plant capacity utilization rates in the U.S. and globally continue to improve from the beginning of the year and are nearly double of what they were at year-end 2008. Domestic steel mill capacity is approximately 60% and Asian steel mills currently are using about 75% of their capacity. Export demand for metallurgical coal, especially from China, is having a positive impact on pricing and has led many industry analysts to predict a shortage of high-quality metallurgical coal in the near-term.

Thermal Coal Outlook

Current inventories at coal-fired power generators are near all-time highs due to the contraction in the U.S. economy. Customers in our major market area (the PJM power pool) had an estimated 60 days of inventory on hand at the first of October. The company believes the overhang in thermal inventories is likely to continue into at least the first half of 2010. CONSOL Energy believes, however, that when thermal coal markets tighten, they will do so quickly. Industry analysts expect annualized coal production to fall by 80 to 100 million tons in 2009 and anticipate a permanent reduction as producers in Central Appalachia face increased financial, safety, and permitting issues which will eventually decrease supply. For 2010, industrial and power demand is likely to increase due to the expectations of an improvement in economic activity. Moreover, higher natural gas prices in 2010 should lead power generators to dispatch coal ahead of natural gas. We anticipate up to 30 million tons of coal could displace natural gas in 2010. In addition, approximately 19 gigawatts of new coal-fired electricity generation capacity is set to come online by the end of 2012. This new demand, coupled with permanent cuts in coal production as well as safety and regulatory issues, is setting the stage for coal supply shortages over the next few years. With the continued build-out of scrubbers by generators, increased economic activity and its low cost position, CONSOL Energy is in a position to gain market share.

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Natural Gas Outlook

The U.S. natural gas market has shown signs of stability because the total rig count appears to have bottomed at approximately 700 rigs. The expectations of lower natural gas production, coupled with expectations of increased demand due to an improving economy and a return to normal weather patterns, has led to an improvement in pricing. With its low costs and rising production volumes, CNX Gas should benefit from improved pricing.

Mr. Harvey concluded, “With regard to the economic outlook, our best indicators are our own inventories. We will not overproduce if markets remain weak. CONSOL Energy has major advantages with its low cost position and low level of debt. I continue to believe that CONSOL Energy will outperform its peers.”

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CONSOL Energy Inc., a high-Btu bituminous coal and natural gas company, is a member of the Standard & Poor’s 500 Equity Index and the Fortune 500. It has 12 bituminous coal mining complexes in six states and reports proven and probable coal reserves of 4.5 billion tons. It is also a majority owner of CNX Gas Corporation, a leading Appalachian gas producer, with proved reserves of over 1.4 trillion cubic feet. Additional information about CONSOL Energy can be found at its web site:www.consolenergy.com.

Definition: EBIT is defined as earnings (excluding cumulative effect of accounting change) before deducting net interest expense (interest expense less interest income) and income taxes. EBITDA is defined as earnings (excluding cumulative effect of accounting change) before deducting net interest expense (interest expense less interest income), income taxes and depreciation, depletion and amortization. Although EBIT and 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 flow. EBIT and EBITDA do not purport to represent cash generated by operating activities and should not be considered in isolation or as a substitute for measures of performance in accordance with generally accepted accounting principles. In addition, because all companies do not calculate EBIT or EBITDA identically, the presentation here may not be comparable to similarly titled measures of other companies. Reconciliation of EBITDA and EBIT to the income statement is as follows:

CONSOL Energy

EBIT & EBITDA Reconciliation

(000) Omitted

	Quarter Ended 9/30/09			Quarter Ended 9/30/08			Nine Months Ended 9/30/09			Nine Months Ended 9/30/08
Net Income Attributable to CONSOL Energy Shareholders	$	87,370		$	90,054		$	396,528		$	266,148
Add:    Interest Expense		7,502			9,069			22,959			27,771
Less:   Interest Income		(243	)		(521	)		(1,630	)		(1,978	)
Add:    Income Taxes		35,219			41,014			169,370			138,365
Earnings Before Interest & Taxes (EBIT)	$	129,848		$	139,616		$	587,227		$	430,306
Add:    Depreciation, Depletion & Amortization		109,965			96,288			323,659			284,791
Earnings Before Interest, Taxes and DD&A (EBITDA)	$	239,813		$	235,904		$	910,886		$	715,097

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For purposes of this press release, references to “CONSOL Energy,” the “company,” “we,” “our,” or “us” or similar words (other than the legal names of companies) shall include CONSOL Energy Inc. and its respective subsidiaries.

Forward-Looking Statements

Various statements in this document, including those that express a belief, expectation, or intention, as well as those that are not statements of historical fact, are forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995). The forward-looking statements may include projections and estimates concerning the timing and success of specific projects, our future production, revenues, income and capital spending. When we use the words “believe,” “intend,” “expect,” “may,” “should,” “anticipate,” “could,” “would,” “will,” “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 document speak only as of the date of this document; we disclaim any obligation to update these statements unless required by securities law, and we caution you not to rely on them unduly. 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, uncertainties and contingencies include, but are not limited to: the deteriorating economic conditions; an extended decline in prices we receive for our coal and gas affecting our operating results and cash flows; reliance on customers honoring existing contracts, extending existing contracts or entering into new long-term contracts for coal; reliance on major customers; our inability to collect payments from customers if their creditworthiness declines; the disruption of rail, barge and other systems that deliver our coal; a loss of our competitive position because of the competitive nature of the coal industry and the gas industry, or a loss of our competitive position because of overcapacity in these industries impairing our profitability; our inability to hire qualified people to meet replacement or expansion needs; coal users switching to other fuels in order to comply with various environmental standards related to coal combustion; the inability to produce a sufficient amount of coal to fulfill our customers’ requirements which could result in our customers initiating claims against us; foreign currency fluctuations could adversely affect the competitiveness of our coal abroad; the risks inherent in coal mining being subject to unexpected disruptions, including geological conditions, equipment failure, timing of completion of significant construction or repair of equipment, fires, accidents and weather conditions which could impact financial results; increases in the price of commodities used in our mining operations could impact our cost of production; obtaining, maintaining, and renewing governmental permits and approvals for our operations; the effects of proposals to regulate greenhouse gas emissions; the effects of government regulation; the effects of stringent federal and state employee health and safety regulations; the effects of mine closing, reclamation and certain other liabilities; the effects of subsidence from longwall mining operations on surface structures, water supplies, streams and surface land; uncertainties in estimating our economically recoverable coal and gas reserves; the outcomes of various legal proceedings, which proceedings are more fully described in our reports filed under the Securities Exchange Act of 1934; increased exposure to employee related long-term 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 current 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; our ability to comply with laws or regulations requiring that we obtain surety bonds for workers’ compensation and other statutory requirements; acquisitions that we recently have made 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; the anti-takeover effects of our rights plan could prevent a change of control; risks in exploring for and producing gas; new gas development projects and exploration for gas in areas where we have little or no proven gas reserves; the disruption of pipeline systems which deliver our gas; the availability of field services, equipment and personnel for drilling and producing gas; replacing our natural gas reserves which if not replaced will cause our gas reserves and gas production to decline; costs associated with perfecting title for gas rights in some of our properties; location of a vast majority of our gas producing properties in three counties in southwestern Virginia, making us vulnerable to risks associated with having our gas production concentrated in one area; other persons could have ownership rights in our advanced gas extraction techniques which could force us to cease using those techniques or pay royalties; our ability to acquire water supplies needed for drilling, or our ability to dispose of water used or removed from strata at a reasonable cost and within applicable environmental rules; the coalbeds and other strata from which we produce methane gas frequently contain impurities that may hamper production; the enactment of Pennsylvania severance tax on natural gas may impact results of existing operations and impact the economic viability of exploiting new gas drilling and production opportunities in Pennsylvania; our hedging activities may prevent us from benefiting from price increases and may expose us to other risks; and other factors discussed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2008 under “Risk Factors,” as updated by any subsequent Form 10-Qs, which are on file at the Securities and Exchange Commission.

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CONSOL ENERGY INC. AND SUBSIDIARIES

SPECIAL INCOME STATEMENT

(Unaudited)

(Dollars in millions)

	Three Months Ended September 30, 2009
	Produced Coal		Other Coal			Total Coal		Gas		Other			Total Company
Sales	$	800	$	—		$	800	$	155	$	69		$	1,024
Gas Royalty Interest		—		—			—		8		—			8
Freight Revenue		36		—			36		—		—			36
Other Income		—		—			—		—		26			26
Total Revenue and Other Income		836		—			836		163		95			1,094
Cost of Goods Sold		514		41			555		64		89			708
Gas Royalty Interests’ Costs		—		—			—		6		—			6
Freight Expense		36		—			36		—		—			36
Selling, General & Admin.		20		4			24		2		6			32
DD&A		70		3			73		31		6			110
Interest Expense		—		—			—		—		8			8
Taxes Other Than Income		61		—			61		2		3			66
Total Cost		701		48			749		105		112			966
Earnings Before Income Taxes	$	135	$	(48	)	$	87	$	58	$	(17	)		128
Income Tax														(35	)
Earnings Before Minority Interest														93
Minority Interest														(6	)
Net Income													$	87

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CONSOL ENERGY INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(Dollars in thousands - except per share data)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2009			2008			2009			2008
Sales - Outside	$	1,022,617		$	1,052,384		$	3,167,002		$	3,050,119
Sales - Gas Royalty Interests		8,443			22,902			29,741			61,921
Sales - Purchased Gas		1,471			1,674			4,102			6,860
Freight - Outside		36,130			60,458			94,133			169,129
Other Income		25,856			35,688			88,855			121,704
Total Revenue and Other Income		1,094,517			1,173,106			3,383,833			3,409,733
Cost of Goods Sold and Other
Operating Charges (exclusive of depreciation, depletion and amortization shown below)		707,256			740,063			2,017,735			2,117,526
Gas Royalty Interests’ Costs		6,268			21,040			23,317			58,994
Purchased Gas Costs		1,103			1,664			3,023			6,607
Freight Expense		36,130			60,458			94,133			169,129
Selling, General and Administrative Expense		31,642			31,406			98,084			92,520
Depreciation, Depletion and Amortization		109,965			96,288			323,659			284,791
Interest Expense		7,502			9,069			22,959			27,771
Taxes Other Than Income		66,146			69,688			214,457			214,593
Total Costs		966,012			1,029,676			2,797,367			2,971,931
Earnings Before Income Taxes		128,505			143,430			586,466			437,802
Income Taxes		35,219			41,014			169,370			138,365
Net Income		93,286			102,416			417,096			299,437
Less: Net Income Attributable to Noncontrolling Interest		(5,916	)		(12,362	)		(20,568	)		(33,289	)
Net Income Attributable to CONSOL
Energy Inc. Shareholders	$	87,370		$	90,054		$	396,528		$	266,148
Basic Earnings Per Share	$	0.48		$	0.49		$	2.20		$	1.46
Dilutive Earnings Per Share	$	0.48		$	0.49		$	2.17		$	1.44
Weighted Average Number of Common Shares Outstanding:
Basic		180,725,194			183,202,086			180,649,268			182,918,637
Dilutive		183,191,667			185,591,759			182,751,922			185,349,250
Dividends Paid Per Share	$	0.10		$	0.10		$	0.30		$	0.30

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CONSOL ENERGY INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands - except per share data)

	(Unaudited)
	September 30, 2009		December 31, 2008
ASSETS
Current Assets:
Cash and Cash Equivalents	$	32,402	$	138,512
Accounts and Notes Receivable:
Trade		169,036		221,729
Other Receivables		18,792		79,552
Inventories		310,539		227,810
Deferred Income Taxes		86,107		60,599
Recoverable Income Taxes		2,643		33,862
Prepaid Expenses		210,415		221,750
Total Current Assets		829,934		983,814
Property, Plant and Equipment:
Property, Plant and Equipment		10,452,687		9,980,288
Less - Accumulated Depreciation, Depletion and Amortization		4,471,096		4,214,316
Total Property, Plant and Equipment - Net		5,981,591		5,765,972
Other Assets:
Deferred Income Taxes		294,018		333,543
Investment in Affiliates		81,724		72,996
Other		131,670		214,133
Total Other Assets		507,412		620,672
TOTAL ASSETS	$	7,318,937	$	7,370,458

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CONSOL ENERGY INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands - except per share data)

	(Unaudited)
	September 30, 2009			December 31, 2008
LIABILITIES AND EQUITY
Current Liabilities:
Accounts Payable	$	238,826		$	385,197
Short-Term Notes Payable		409,950			557,700
Current Portion of Long-Term Debt		22,647			22,401
Other Accrued Liabilities		527,951			546,442
Total Current Liabilities		1,199,374			1,511,740
Long-Term Debt:
Long-Term Debt		390,127			393,312
Capital Lease Obligations		64,565			75,039
Total Long-Term Debt		454,692			468,351
Deferred Credits and Other Liabilities:
Postretirement Benefits Other Than Pensions		2,494,821			2,493,344
Pneumoconiosis Benefits		197,870			190,261
Mine Closing		395,795			404,629
Gas Well Closing		84,823			80,554
Workers’ Compensation		134,412			128,477
Salary Retirement		145,172			194,567
Reclamation		27,771			38,193
Other		156,880			185,996
Total Deferred Credits and Other Liabilities		3,637,544			3,716,021
Total Liabilities		5,291,610			5,696,112
Stockholders’ Equity:
Common Stock, $.01 par value; 500,000,000 Shares Authorized, 183,014,426 Issued and 180,771,900 Outstanding at September 30, 2009; 183,014,426 Issued and 180,549,851 Outstanding at December 31, 2008		1,830			1,830
Preferred Stock, 15,000,000 Shares Authorized; None Issued and Outstanding		—			—
Capital in Excess of Par Value		1,022,816			993,478
Retained Earnings		1,345,112			1,010,902
Other Comprehensive Loss		(501,140	)		(461,900	)
Common Stock in Treasury, at Cost - 2,242,526 Shares at September 30, 2009 and 2,464,575 Shares at December 31, 2008		(74,671	)		(82,123	)
Total Consol Energy Inc. Stockholders’ Equity		1,793,947			1,462,187
Noncontrolling Interest		233,380			212,159
Total Equity		2,027,327			1,674,346
TOTAL LIABILITIES AND EQUITY	$	7,318,937		$	7,370,458

10

CONSOL ENERGY INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(Dollars in thousands)

	Three Months Ended September 30 ,						Nine Months Ended September 30 ,
	2009			2008			2009			2008
Operating Activities:
Net Income	$	93,286		$	102,416		$	417,096		$	299,437
Adjustments to Reconcile Net Income to Net Cash
Provided by Operating Activities:
Depreciation, Depletion and Amortization		109,965			96,288			323,659			284,791
Stock-based Compensation		9,090			6,487			30,873			18,911
Gain on the Sale of Assets		(3,245	)		(8,536	)		(13,033	)		(16,586	)
Amortization of Mineral Leases		1,046			227			3,444			3,467
Deferred Income Taxes		17,019			(12,745	)		51,507			56,251
Equity in Earnings of Affiliates		(5,688	)		(1,669	)		(12,488	)		(5,314	)
Changes in Operating Assets:
Accounts Receivable Securitization		—			9,700			—			39,600
Accounts and Notes Receivable		14,658			35,326			115,212			(75,530	)
Inventories		14,116			(1,321	)		(82,729	)		(12,788	)
Prepaid Expenses		(28,331	)		(27,435	)		(9,826	)		(8,146	)
Changes in Other Assets		(4,548	)		344			799			14,166
Changes in Operating Liabilities:
Accounts Payable		(15,587	)		(6,667	)		(80,546	)		14,391
Other Operating Liabilities		(39,842	)		18,278			5,275			29,554
Changes in Other Liabilities		(4,617	)		2,002			(35,594	)		39,741
Other		4,640			570			14,559			1,297
Net Cash Provided by Operating Activities		161,962			213,265			728,208			683,242
Investing Activities:
Capital Expenditures		(192,700	)		(303,729	)		(689,119	)		(740,006	)
Net Investment in Equity Affiliates		1,670			211			3,760			(608	)
Proceeds from Sale of Assets		22,231			1,519			70,415			18,799
Net Cash Used in Investing Activities		(168,799	)		(301,999	)		(614,944	)		(721,815	)
Financing Activities:
Proceeds from (Payments on) Miscellaneous Borrowings		(7,161	)		(5,302	)		(16,443	)		1,005
Proceeds from (Payments on) Short-Term Borrowings		(42,050	)		63,500			(147,750	)		23,000
Tax Benefit from Stock-Based Compensation		(6	)		3,114			391			23,108
Dividends Paid		(18,079	)		(18,329	)		(54,207	)		(54,878	)
Issuance of Treasury Stock		524			918			1,135			15,074
Purchases of Common Stock		—			(54	)		—			(85	)
Noncontrolling Interest Member Distribution		(2,300	)		—			(2,500	)		—
Net Cash Provided by (Used in) Financing Activities		(69,072	)		43,847			(219,374	)		7,224
Net Decrease in Cash and Cash Equivalents		(75,909	)		(44,887	)		(106,110	)		(31,349	)
Cash and Cash Equivalents at Beginning of Period		108,311			55,189			138,512			41,651
Cash and Cash Equivalents at End of Period	$	32,402		$	10,302		$	32,402		$	10,302

11

CONSOL ENERGY INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EQUITY

(Unaudited)

(Dollars in Thousands - except per share data)

	Common Stock		Capital in Excess of Par Value			Retained Earnings (Deficit)			Other Comprehensive Income (Loss)			Treasury Stock			Total CONSOL Energy Inc. Stockholders’ Equity			Noncontrolling Interest			Total Equity
Balance - December 31, 2008	$	1,830	$	993,478		$	1,010,902		$	(461,900	)	$	(82,123	)	$	1,462,187		$	212,159		$	1,674,346
(Unaudited)
Net Income		—		—			396,528			—			—			396,528			20,568			417,096
Treasury Rate Lock (Net of ($38) tax)		—		—			—			(62	)		—			(62	)		—			(62	)
FASB 158 Long-Term Liability Adjustment (Net of $175 tax)		—		—			—			288			—			288			15			303
Gas Cash Flow Hedge (Net of ($31,186) tax)		—		—			—			(39,466	)		—			(39,466	)		(7,897	)		(47,363	)
Comprehensive Income		—		—			396,528			(39,240	)		—			357,288			12,686			369,974
Issuance of Treasury Stock		—		—			(8,111	)		—			7,452			(659	)		—			(659	)
Issuance of CNX Gas Stock		—		—			—			—			—			—			148			148
Tax Benefit from Stock-Based Compensation		—		(18	)		—			—			—			(18	)		(10	)		(28	)
Amortization of Stock-Based Compensation Awards		—		25,234			—			—			—			25,234			15,985			41,219
Stock-Based Compensation Awards to CNX Gas		—		4,122			—			—			—			4,122			(3,434	)		688
Net Change in Crown Drilling Noncontrolling Interest		—		—			—			—			—			—			(4,154	)		(4,154	)
Dividends ($0.30 per share)		—		—			(54,207	)		—			—			(54,207	)		—			(54,207	)
Balance - September 30, 2009	$	1,830	$	1,022,816		$	1,345,112		$	(501,140	)	$	(74,671	)	$	1,793,947		$	233,380		$	2,027,327

12