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0001193125-08-034513.txt : 200802200001193125-08-034513.hdr.sgml : 2008022020080220161609ACCESSION NUMBER:0001193125-08-034513CONFORMED SUBMISSION TYPE:425PUBLIC DOCUMENT COUNT:31FILED AS OF DATE:20080220DATE AS OF CHANGE:20080220

FILED BY:

COMPANY DATA:COMPANY CONFORMED NAME:CONSOL ENERGY INCCENTRAL INDEX KEY:0001070412STANDARD INDUSTRIAL CLASSIFICATION:BITUMINOUS COAL & LIGNITE SURFACE MINING [1221]IRS NUMBER:510337383FISCAL YEAR END:1231

FILING VALUES:FORM TYPE:425

BUSINESS ADDRESS:STREET 1:C/O CONSOL INCSTREET 2:1800 WASHINGTON RDCITY:PITTSBURGHSTATE:PAZIP:15241

MAIL ADDRESS:STREET 1:CONSOL INCSTREET 2:1800 WASHINGTON RDCITY:PITTSBURGHSTATE:PAZIP:15241

SUBJECT COMPANY:

COMPANY DATA:COMPANY CONFORMED NAME:CNX Gas CORPCENTRAL INDEX KEY:0001335793STANDARD INDUSTRIAL CLASSIFICATION:CRUDE PETROLEUM & NATURAL GAS [1311]IRS NUMBER:203170639STATE OF INCORPORATION:DEFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:425SEC ACT:1934 ActSEC FILE NUMBER:001-32723FILM NUMBER:08629899

BUSINESS ADDRESS:STREET 1:5 PENN CENTER WESTSTREET 2:SUITE 401CITY:PITTSBURGHSTATE:PAZIP:15276-0102BUSINESS PHONE:412-200-6700

MAIL ADDRESS:STREET 1:5 PENN CENTER WESTSTREET 2:SUITE 401CITY:PITTSBURGHSTATE:PAZIP:15276-0102

4251d425.htmFORM 425

Form 425

2008Morgan Stanley Basic Materials Conference February 20, 2008 New York Filed by CONSOL Energy Inc. Pursuant to Rule 425 under the Securities Act of 1933 and deemed filed pursuant to Rule 14a-12 and Rule 14d-2(b) of the Securities Exchange Act of 1934 Subject Company: CNX Gas Corporation Commission File No. 001-32723

2 Cautionary Statements Some statements in this presentation contain forward-looking statements within themeaning of the Private Securities Litigation Reform Act of 1995.Forward-looking statements may relate to, among other things, futureperformance generally, business development activities, future capital expenditures, financing sources and availability and the effects of regulation and competition. In addition, this presentation contains certain financial measures, such as EBIT andEBITDA. As required by Securities and Exchange Commission Regulation G,reconciliations of these measures to amounts reported in CONSOLEnergys consolidated financial statements are provided in itsquarterly earnings releases. IMPORTANT INFORMATION: In connection with the proposed exchange offer to the stockholders of CNX Gas Corporation, CONSOL Energy expects to file a registration statement on Form S-4 containing an exchange offer prospectus and related materials with the Securities and Exchange Commission. INVESTORS AND SECURITY HOLDERS OF CNX GAS CORPORATION ARE URGED TO READ THE EXCHANGE OFFER PROSPECTUS AND THE OTHER RELEVANT MATERIALS WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE OFFER AND CONSOL Energy. Investors and security holders may obtain a free copy of the exchange offer prospectus and other relevant materials (when they become available) and other documents filed by CONSOL Energy with the commission at the commission's web site, www.sec.gov. Copies of the exchange offer prospectus and other relevant documents (when they become available) may also be obtained without charge from CONSOL Energy. Requests to CONSOL Energy should be made in writing to Thomas F. Hoffman, Senior Vice President - External Affairs, CONSOL Energy Inc., 1800 Washington Road, Pittsburgh, PA 15241, or by email at tomhoffman@consolenergy.com.

3 CONSOL Energys Assets Coal Reserves Large, contiguous blocks owned-in fee Heat content Location Transportation River transportation subsidiary Dual rail access at several mines Coal export terminal Gas Company

4 World World United States World Energy Demand Today 453 QBtu / Year 81% Fossil Energy 703 QBtu / Year 82% Fossil Energy Energy Demand 2030 124 QBtu/Year 84% Fossil Energy 101 QBtu/Year 85% Fossil Energy +24% +55% Global Long-Term Demand for Energy Source: DOE NETL

5 Domestic Electricity Generation Forecast AEO08 (early release) 0 500 1,000 1,500 2,000 2,500 3,000 3,500 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030 55.4% 55.4% Petroleum Petroleum Coal Coal Natural gas Natural gas Renewables Renewables Nuclear Nuclear 14.0% 17.5% 17.5% 11.6% 11.6% 1.2% 1.2% 48.6% 48.6% Source: DOE NETL

6 Largest Coal Reserve Holder East of MS. River Northern Appalachia Reserves ~ 2.7 billion tons Production: 52.9 million tons Central Appalachia Reserves ~ 800 million tons Production: 10.7 million tons Illinois Basin Reserves ~ 700 million tons PRB Reserves ~ 300 million tons * 2007 production includes 1.0 million tons from Emery, UT. Reserves include 31 mmt assigned to UT and 129 mmt assigned to Western Canada. Profile of CONSOL Coal* Reserves ~ 4.5 BNt 2007 Production: 64.6 Mt Avg. Reserve Life: 25+ years Operating Mine Complexes: 15

7 Coal Reserves Owned-in-fee ~ 77 QBtu Advantages of ownership: Leverage to higher pricing Ability to forecast and control future costs no LBA payments Coal Reserves Approx. Approx. Company (billions of tons) % Owned QBtu Owned CONSOL Energy 4.5 70% 76.9 Peabody (excl. Patriot) 8.8 42% 70.2 Patriot Coal 1.2 55% 16.5 Foundation Coal 1.6 45% 15.1 Massey Energy 2.3 18% 10.4 Arch Coal 2.9 13% 9.0 Alpha Natural Resources 0.5 5% 0.6 Source: Company filings with theSecurities and Exchange Commission. QBtu calculated using an estimated Btuaverage that is dependent on coal basin ownership mix.

8 Heating Value ~ 99% of Production is High-Btu 8,400 13,000 12,500 8,800 11,500 0 5,000 10,000 15,000 PRB PRB ILB CAPP NAPP Btus per pound of coal Approx. 80% of CONSOLs coal production Approx. 19% of CONSOLs coal production * Remaining 1% of production includes approximately 1.0 million tons from Emery,UT.

9 Close Proximity to Scrubbed Customers By 2012, ~ 142 gigawatts scrubbed East of MS. River 60 generating units within 50 miles of CONSOLs Pitt8 coal reserves CONSOLs Assets in Appalachia Producing Complexes: 14 Reserves: 3.5 billion tons

10 Scrubber Builds Are Being Completed Since 2006, CONSOL has signed 6 multi-year, multi-million ton agreements with domestic customers that in aggregate ~ 250 million tons of high-Btucoal 62% 28% 10% Thru 12/31/08 2009-2010 2011+ Percentage of Gigawatts Scrubbed by Year

11 NAPP Pricing Has Converged with CAPP Source: EIA Why the convergence? 1. Sulfur disadvantage no longer exists 2. Stockpiles low in NAPP 3. Met customers shopping for NAPP coal Source: EIA

12 Up Cycle Just Beginning for Steam Coal? API #2 to ARA $- $20 $40 $60 $80 $100 $120 $140 Last up cycle for coal ~ 2 years Current price ~ $134 for delivery in first half of 2009 API #2 to ARA ($/metric tonne) 110 $ 130 $ 150 $ Implied pricing of 3.4# NAPP ($/short ton) 57 $ 72 $ 87 $ *assumes vessel rate to ARA of $35

13 100% Ownership of Coal Export Terminal Largest exporter of coal in the U.S. Served by two rail lines Norfolk Southern CSX Transport Capacity Practical: 12 million tons Export Terminal at the Port of Baltimore Export Terminal at the Port of Baltimore Ground storage 1.2 million tons Coal exports For 2007, approx. 6.9 mm tons For 2008, up another ~25% Countries served Denmark, England, France, Germany, Ireland, Portugal

14 Forecast: Coal Exports Up 20 million tons in 2 years Coal Exports 69.6 57.6 49.6 0 20,000 40,000 60,000 80,000 100,000 120,000 Sources: EIA, PIRA. Estimates include steam and metallurgical coal.

15 Unpriced VolumesAbility to Capitalize on Up Cycle 33.4 4.5 53.1 5.1 62.8 5.2 0 20 40 60 2009 2010 2011 Unpriced Steam Coal Unpriced Low-Vol Met Coal 2009 2010 2011 Production Guidance 70 74 76.6 80.6 76.7 80.7 (mm of Tons)

16 Appalachian Brownfield Opportunities Potential to grow Appalachian production through brownfield expansion by ~ 25 million tons over next 10 years Longwall Face Extensions Birch Shoemaker Additional Longwalls

17 Margin Focused and Production Disciplined $2.45 $6.91 $10 $15 $20 $25 $30 $35 $40 2001 2002 2003 2004 2005 2006 2007 60 64 68 72 76 80 Avg. Production Cost Coal Margin Coal Production $35.61 $24.66 $26.76 $27.61 $30.06 $38.99 Avg. Realized Pricing $40. 66 As of December 31, 2007

18 River Transportation Subsidiary Assets on the inland waterways of Northern Appalachia 750 Barges 25 Tow Boats 5 Harbor Boats 24+ Million tons per year capability Alicia Dock

19 Transportation Flexibility at Mines (Millions of tons) 2006 Northern Appalachia Production CSX NS Barge Rail-to-Barge Enlow Fork 10.7 X X X McElroy 10.5 X Bailey 10.2 X X X Loveridge 6.4 X X X Robinson Run 5.7 X X Blacksville 5.0 X X X Mine 84 3.5 X X Shoemaker 1.0 X X Central Appalachia Buchanan (metallurgical) 5.0 X X Amvest (~10% metallurgical) 4.9 X X X Jones Fork 3.1 X X Mill Creek 2.1 X X Southern WV Resources 1.2 X X Miller Creek 0.9 X X Amonate (metallurgical) 0.5 X X Western U.S. Emery 1.1 Railroads Truck-to-Rail Coal Delivery Options

20 Unique Investment Proposition Coal Reserves Large, contiguous blocks owned-in fee Location Transportation River transportation subsidiary Coal export terminal Gas Company

2008Morgan Stanley Basic Materials Conference February 20, 2008 New York

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