CONSOL Energy : 2Q21 CEIX Earnings Supplement

2nd Quarter 2021 Earnings Supplement

August 3, 2021

Disclaimer

This presentation contains statements, estimates and projections which are forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended). Statements that are not historical are forward-looking, and include, without limitation, projections and estimates concerning the timing and success of specific projects and the future production, revenues, income and capital spending of CONSOL Energy Inc. ("CEIX"). When we use the words "anticipate," "believe," "could," "continue," "estimate," "expect," "intend," "may," "plan," "predict," "project," "should," "will," or their negatives, or other similar expressions, the statements which include those words are usually forward-looking statements. When we describe our expectations with respect to the Itmann Mine or any other strategies that involve risks or uncertainties, we are making forward- looking statements. These forward-looking statements involve risks and uncertainties that could cause actual results and outcomes to differ materially from results and outcomes expressed in or implied by our forward-looking statements. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of future actual results. 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. Factors that could cause future actual results to differ materially from those made or implied by the forward-looking statements include risks, contingencies and uncertainties that are described in detail under the captions "Forward-Looking Statements" and "Risk Factors" in our public filings with the Securities and Exchange Commission. The forward-looking statements in this presentation speak only as of the date of this presentation; we disclaim any obligation to update the statements, and we caution you not to rely on them unduly.

This presentation includes unaudited "non-GAAP financial measures" as defined in Regulation G under the Securities Exchange Act of 1934, including EBITDA, Adjusted EBITDA, Bank EBITDA, CCR EBITDA per Affiliated Company Credit Agreement, Net Leverage Ratio, CONSOL Marine Terminal Adjusted EBITDA, Consolidated Net Debt, Total CEIX Liquidity, Average Cash Cost of Coal Sold Per Ton, Average Cash Margin Per Ton Sold, CMT Operating Cash Costs and Free Cash Flow. The presentation of non- GAAP financial measures is not intended to be a substitute for, and should not be considered in isolation from, the financial measures reported in accordance with GAAP.

2

Executive Summary

• Recommencing the Itmann Metallurgical Coal Project to accelerate our diversification strategy.
• • Expanding scope to include efficient unit train loadout and expanded capacity for processing third-party coals.
  • Expected to be fully operational in 12-18 months.
• Issued $75.0 million in tax-exempt bonds through the Pennsylvania Economic Development Financing Authority to fund the solid waste disposal project at the PAMC.
• 2Q21 shipments of 5.9 million tons.
• • 55% of total sales volume sold into the export market in 2Q21, versus 32% in 2017.
  • 47% of total sales volume sold into non-power generation customers, versus 18% in 2017.
• Net leverage ratio(1) drops to 1.70x in 2Q21.
• • Continued improvement from 1.97x at 3/31/21 and 2.54x at 12/31/20.
• Total CEIX Liquidity(1) of $400 million, excluding restricted cash of $53.5 million, as of 6/30/2021.
• YTD free cash flow(1) of $127.1 million as of 6/30/2021.
• 2Q21 adjusted EBITDA(1) of $84.4 million.
• Spent $18.4 million for an early buyout of an existing operating lease for a set of longwall shields reducing monthly cash cost by $0.9 million.

3 (1) A non-GAAP measure. Please see the appendix for a reconciliation to the most directly comparable GAAP measure.

ESG Highlights

• Recently participated in 2021 CDP Climate Change and Water Security Disclosures, our 4th as independent company.
• • Reflects our commitment to transparency related to our ESG performance and approach.
  • Demonstrates industry leadership in disclosures, as only pure play coal company with regular CDP participation.
• Released our 2020 Corporate Sustainability Report, our 4th as a public company, in June 2021.
• • Highlights approach and performance with respect to ESG aspects of concern, including:

EMPLOYEE HEALTH &	ENVIRONMENTAL	WATER MANAGEMENT	RESTORATION	BEST PRACTICES
SAFETY	COMPLIANCE

PAMC Employee	Compliance Record	Reduced Water	2.9 Acres Reclaimed for	Continuous Improvement
TRIR 1.76	Exceeding 99.9%	Withdrawals by 24%	Every Acre Disturbed	Plan Developed
Is 60% lower than MSHA national	for the 8th consecutive year2	year over year	across our operating footprint	to further enhance our Bettercoal
average1				ESG best practices

• As a Bettercoal Supplier, our practices are aligned with the internationally recognized Bettercoal Code3 of ESG operating principles specific to the coal mining supply chain.
• Continue to develop synergies between our sustainability, technology, and financial strategies, which together inform and support our growth and diversification goals.

1. MSHA national average based on preliminary data from January through December, 2020
2. Compliance rate calculated as rate of compliance with permit effluent limits
3. Our operations were assessed against the Bettercoal Code Version 1.1.

4

Portfolio Optimization With An Export Market Shift

Full Year 2017	Full Year 2019
% of total tons sold	% of total tons sold
0.9%	1.8%

2nd Quarter 2021

% of total tons sold

1.2%

8.4%	6.3%
	10.3%

14.9%

4.0% 9.0%

30.2%

16.4%

9.0%

58.2%

8.7%

42.1%

41.9%

13.7%

23.1%

Power Generation - 81.8%		Power Generation - 75.5%		Power Generation - 52.9%
Industrial/Crossover Met - 18.2%		Industrial/Crossover Met - 24.5%		Industrial/Crossover Met - 47.1%
Domestic - 67.7%		Domestic - 67.1%		Domestic - 45.1%
Exports - 32.3%		Exports - 32.9%		Exports - 54.9%

5 Industrial includes brick kiln and cement manufacturing