GUARANTOR SUBSIDIARIES FINANCIAL INFORMATION:

The payment obligations under the $275,000, Term Loan B due in September 2024, the $300,000, 11.000% per annum senior notes due November 2025, and the $100,000, Term Loan A due in March 2023 issued by CONSOL Energy are jointly and severally, and also fully and unconditionally, guaranteed by certain subsidiaries of CONSOL Energy. In accordance with positions established by the SEC, the following financial information sets forth separate financial information with respect to the parent, guarantor subsidiaries, CCR, a non-guarantor subsidiary, and the remaining non-guarantor subsidiaries. The principal elimination entries include investments in subsidiaries and certain intercompany balances and transactions. CONSOL Energy, the parent, and a guarantor subsidiary manage several assets and liabilities of all other wholly owned subsidiaries. These include, for example, deferred tax assets, cash and other post-employment liabilities. These assets and liabilities are reflected as parent company or guarantor company amounts for purposes of this presentation.

Income Statement for the Three Months Ended March 31, 2019 (unaudited):



	Parent Issuer			Guarantor		CCR Non-Guarantor		Non-Guarantor			Elimination			Consolidated
Revenue and Other Income:
Coal Revenue	$	—		$	249,376	$	83,126	$	—		$	—		$	332,502
Terminal Revenue	—			17,818		—		—			—			17,818
Freight Revenue	—			4,997		1,665		—			—			6,662
Miscellaneous Other Income	53,792			2,532		1,311		—			(44,343		)	13,292
Gain on Sale of Assets	—			334		5		—			—			339
Total Revenue and Other Income	53,792			275,057		86,107		—			(44,343		)	370,613
Costs and Expenses:
Operating and Other Costs	—			177,603		52,094		415			—			230,112
Depreciation, Depletion and Amortization	—			39,507		11,217		—			—			50,724
Freight Expense	—			4,997		1,665		—			—			6,662
Selling, General and Administrative Costs	—			17,363		4,560		—			—			21,923
Loss on Debt Extinguishment	23,143			—		—		—			—			23,143
Interest Expense, net	17,064			181		1,351		—			—			18,596
Total Costs And Expenses	40,207			239,651		70,887		415			—			351,160
Earnings (Loss) Before Income Tax	13,585			35,406		15,220		(415		)	(44,343		)	19,453
Income Tax Benefit	(850		)	—		—		—			—			(850		)
Net Income (Loss)	14,435			35,406		15,220		(415		)	(44,343		)	20,303
Less: Net Income Attributable to Noncontrolling Interest	—			—		—		—			5,868			5,868
Net Income (Loss) Attributable to CONSOL Energy Inc. Shareholders	$	14,435		$	35,406	$	15,220	$	(415	)	$	(50,211	)	$	14,435

Balance Sheet at March 31, 2019 (unaudited):



	Parent Issuer			Guarantor		CCR Non-Guarantor		Non-Guarantor			Elimination			Consolidated
Assets:
Current Assets:
Cash and Cash Equivalents	$	154,696		$	66	$	405	$	—		$	—		$	155,167
Restricted Cash	14,695			—		—		6,906			—			21,601
Accounts and Notes Receivable:
Trade	—			—		—		109,264			—			109,264
Other Receivables	19,833			14,167		2,564		—			—			36,564
Inventories	—			42,243		12,645		—			—			54,888
Prepaid Expenses and Other Assets	10,322			13,727		4,620		—			—			28,669
Total Current Assets	199,546			70,203		20,234		116,170			—			406,153
Property, Plant and Equipment:
Property, Plant and Equipment	—			3,922,846		955,884		—			—			4,878,730
Less-Accumulated Depreciation, Depletion and Amortization	—			2,240,721		537,727		—			—			2,778,448
Total Property, Plant and Equipment-Net	—			1,682,125		418,157		—			—			2,100,282
Other Assets:
Deferred Income Taxes	77,614			—		—		—			—			77,614
Affiliated Credit Facility	134,532			—		—		—			(134,532		)	—
Investment in Affiliates	785,307			—		—		—			(785,307		)	—
Right of Use Asset - Operating Leases	—			67,836		19,190		—			—			87,026
Other	37,024			44,752		14,190		—			—			95,966
Total Other Assets	1,034,477			112,588		33,380		—			(919,839		)	260,606
Total Assets	$	1,234,023		$	1,864,916	$	471,771	$	116,170		$	(919,839	)	$	2,767,041
Liabilities and Equity:
Current Liabilities:
Accounts Payable	$	65,877		$	22,530	$	26,535	$	10,050		$	1,795		$	126,787
Accounts Payable (Recoverable)-Related Parties	(22,330		)	16,328		6,002		109,264			(109,264		)	—
Current Portion of Long-Term Debt	20,644			11,060		3,550		—			—			35,254
Other Accrued Liabilities	94,958			123,390		38,726		—			(1,795		)	255,279
Total Current Liabilities	159,149			173,308		74,813		119,314			(109,264		)	417,320
Long-Term Debt:	583,864			148,404		138,625		—			(134,532		)	736,361
Deferred Credits and Other Liabilities:
Postretirement Benefits Other Than Pensions	—			437,221		—		—			—			437,221
Pneumoconiosis Benefits	—			160,840		4,477		—			—			165,317
Asset Retirement Obligations	—			227,623		9,973		—			—			237,596
Workers’ Compensation	—			56,905		3,094		—			—			59,999
Salary Retirement	60,989			—		—		—			—			60,989
Operating Lease Liability	—			55,409		15,191		—			—			70,600
Other	—			9,587		529		—			—			10,116
Total Deferred Credits and Other Liabilities	60,989			947,585		33,264		—			—			1,041,838
Total CONSOL Energy Inc. Stockholders’ Equity	430,021			595,619		225,069		(3,144		)	(817,544		)	430,021
Noncontrolling Interest	—			—		—		—			141,501			141,501
Total Liabilities and Equity	$	1,234,023		$	1,864,916	$	471,771	$	116,170		$	(919,839	)	$	2,767,041

Income Statement for the Three Months Ended March 31, 2018 (unaudited):



	Parent Issuer		Guarantor		CCR Non-Guarantor			Non-Guarantor			Elimination			Consolidated
Revenue and Other Income:
Coal Revenue	$	—	$	263,257	$	87,752		$	—		$	—		$	351,009
Terminal Revenue	—		15,221		—			—			—			15,221
Freight Revenue	—		13,415		4,472			—			—			17,887
Miscellaneous Other Income	90,304		11,018		2,201			—			(77,636		)	25,887
Gain on Sale of Assets	—		178		76			—			—			254
Total Revenue and Other Income	90,304		303,089		94,501			—			(77,636		)	410,258
Costs and Expenses:
Operating and Other Costs	—		176,820		52,287			695			—			229,802
Depreciation, Depletion and Amortization	—		38,657		10,814			—			—			49,471
Freight Expense	—		13,415		4,472			—			—			17,887
Selling, General and Administrative Costs	—		10,464		3,020			—			—			13,484
Loss on Debt Extinguishment	1,426		—		—			—			—			1,426
Interest Expense, net	20,285		944		(184		)	—			—			21,045
Total Costs And Expenses	21,711		240,300		70,409			695			—			333,115
Earnings (Loss) Before Income Tax	68,593		62,789		24,092			(695		)	(77,636		)	77,143
Income Tax Expense	6,185		—		—			—			—			6,185
Net Income (Loss)	62,408		62,789		24,092			(695		)	(77,636		)	70,958
Less: Net Income Attributable to Noncontrolling Interest	—		—		—			—			8,550			8,550
Net Income (Loss) Attributable to CONSOL Energy Inc. Shareholders	$	62,408	$	62,789	$	24,092		$	(695	)	$	(86,186	)	$	62,408

Balance Sheet at December 31, 2018:



	Parent Issuer			Guarantor		CCR Non-Guarantor		Non-Guarantor		Elimination			Consolidated
Assets:
Current Assets:
Cash and Cash Equivalents	$	234,536		$	138	$	1,003	$	—	$	—		$	235,677
Restricted Cash	14,557			—		—		14,701		—			29,258
Accounts and Notes Receivable:
Trade	—			—		—		87,589		—			87,589
Other Receivables	24,352			15,935		1,068		—		—			41,355
Inventories	—			37,580		11,066		—		—			48,646
Prepaid Expenses and Other Assets	10,883			15,451		5,096		—		—			31,430
Total Current Assets	284,328			69,104		18,233		102,290		—			473,955
Property, Plant and Equipment:
Property, Plant and Equipment	—			3,891,873		946,298		—		—			4,838,171
Less-Accumulated Depreciation, Depletion and Amortization	—			2,204,896		526,747		—		—			2,731,643
Total Property, Plant and Equipment-Net	—			1,686,977		419,551		—		—			2,106,528
Other Assets:
Deferred Income Taxes	77,545			—		—		—		—			77,545
Affiliated Credit Facility	141,129			—		—		—		(141,129		)	—
Investment in Affiliates	605,981			—		—		—		(605,981		)	—
Other	40,760			47,031		14,908		—		—			102,699
Total Other Assets	865,415			47,031		14,908		—		(747,110		)	180,244
Total Assets	$	1,149,743		$	1,803,112	$	452,692	$	102,290	$	(747,110	)	$	2,760,727
Liabilities and Equity:
Current Liabilities:
Accounts Payable	$	(721	)	$	102,995	$	24,834	$	—	$	3,822		$	130,930
Accounts Payable (Recoverable)-Related Parties	(2,291		)	36,220		3,831		87,593		(125,353		)	—
Current Portion of Long-Term Debt	8,157			11,139		3,503		—		112,013			134,812
Other Accrued Liabilities	92,534			105,806		31,916		—		(3,822		)	226,434
Total Current Liabilities	97,679			256,160		64,084		87,593		(13,340		)	492,176
Long-Term Debt:	577,957			151,202		146,196		—		(141,129		)	734,226
Deferred Credits and Other Liabilities:
Postretirement Benefits Other Than Pensions	—			441,246		—		—		—			441,246
Pneumoconiosis Benefits	—			160,741		4,260		—		—			165,001
Asset Retirement Obligations	—			226,209		9,775		—		—			235,984
Workers’ Compensation	—			56,623		3,119		—		—			59,742
Salary Retirement	64,172			—		—		—		—			64,172
Other	—			16,051		518		—		—			16,569
Total Deferred Credits and Other Liabilities	64,172			900,870		17,672		—		—			982,714
Total CONSOL Energy Inc. Stockholders’ Equity	409,935			494,880		224,740		14,697		(734,317		)	409,935
Noncontrolling Interest	—			—		—		—		141,676			141,676
Total Liabilities and Equity	$	1,149,743		$	1,803,112	$	452,692	$	102,290	$	(747,110	)	$	2,760,727

Condensed Statement of Cash Flows for the Three Months Ended March 31, 2019 (unaudited):



	Parent Issuer			Guarantor			CCR Non-Guarantor			Non-Guarantor		Elimination			Consolidated
Net Cash Provided by (Used in) Operating Activities	$	107,358		$	(50,405	)	$	25,218		$	—	$	—		$	82,171
Cash Flows from Investing Activities:
Capital Expenditures	—			(26,078		)	(8,093		)	—		—			(34,171		)
Proceeds from Sales of Assets	—			311			—			—		—			311
(Investments in), net of Distributions from, Subsidiaries	(65,421		)	74,267			—			—		(8,846		)	—
Net Cash (Used in) Provided by Investing Activities	(65,421		)	48,500			(8,093		)	—		(8,846		)	(33,860		)
Cash Flows from Financing Activities:
Payments on Finance Leases	—			(3,599		)	(938		)	—		—			(4,537		)
Net (Payments on) Proceeds from Related Party Long-Term Notes	—			—			(1,500		)	—		1,500			—
Proceeds from Term Loan A	26,250			—			—			—		—			26,250
Payments on Term Loan B	(122,375		)	—			—			—		—			(122,375		)
Buyback of Second Lien Notes	(7,000		)	—			—			—		—			(7,000		)
Distributions to Noncontrolling Interest	—			—			(14,405		)	—		8,846			(5,559		)
Shares/Units Withheld for Taxes	—			(3,863		)	(880		)	—		—			(4,743		)
Debt-Related Financing Fees	(18,514		)	—			—			—		—			(18,514		)
Net Cash (Used in) Provided by Financing Activities	$	(121,639	)	$	(7,462	)	$	(17,723	)	$	—	$	10,346		$	(136,478	)

Condensed Statement of Cash Flows for the Three Months Ended March 31, 2018 (unaudited):



	Parent Issuer			Guarantor			CCR Non-Guarantor			Non-Guarantor		Elimination		Consolidated
Net Cash (Used in) Provided by Operating Activities	$	(2,305	)	$	88,774		$	29,264		$	—	$	—	$	115,733
Cash Flows from Investing Activities:
Capital Expenditures	—			(17,027		)	(4,929		)	—		—		(21,956		)
Proceeds from Sales of Assets	—			318			75			—		—		393
(Investments in), net of Distributions from, Subsidiaries	(2,048		)	2,048			—			—		—		—
Net Cash Used in Investing Activities	(2,048		)	(14,661		)	(4,854		)	—		—		(21,563		)
Cash Flows from Financing Activities:
Payments on Finance Leases	—			(999		)	(367		)	—		—		(1,366		)
Net (Payments on) Proceeds from Related Party Long-Term Notes	—			—			(9,583		)	—		9,583		—
Payments on Term Loan A	(15,000		)	—			—			—		—		(15,000		)
Payments on Term Loan B	(1,000		)	—			—			—		—		(1,000		)
Buyback of Second Lien Notes	(10,000		)	—			—			—		—		(10,000		)
Distributions to Noncontrolling Interest	—			—			(14,346		)	—		8,759		(5,587		)
Shares/Units Withheld for Taxes	—			(1,889		)	(899		)	—		—		(2,788		)
Intercompany Contributions/(Distributions)	72,317			(72,317		)	—			—		—		—
Spin Distribution to CNX Resources	(1,595		)	(16,639		)	—			—		—		(18,234		)
Repurchases of Common Stock	(1,285		)	—			—			—		—		(1,285		)
Debt-Related Financing Fees	(755		)	(415		)	—			—		—		(1,170		)
Net Cash Provided by (Used in) Financing Activities	$	42,682		$	(92,259	)	$	(25,195	)	$	—	$	18,342	$	(56,430	)

Statement of Comprehensive Income for the Three Months Ended March 31, 2019 (unaudited):



	Parent Issuer		Guarantor		CCR Non-Guarantor			Non- Guarantor			Elimination			Consolidated
Net Income (Loss)	$	14,435	$	35,406	$	15,220		$	(415	)	$	(44,343	)	$	20,303
Other Comprehensive Income:
Net Actuarial Gain	2,461		—		(1		)	—			—			2,460
Other Comprehensive Income	2,461		—		(1		)	—			—			2,460
Comprehensive Income (Loss)	16,896		35,406		15,219			(415		)	(44,343		)	22,763
Less: Comprehensive Income Attributable to Noncontrolling Interest	—		—		—			—			5,867			5,867
Comprehensive Income (Loss) Attributable to CONSOL Energy Inc. Shareholders	$	16,896	$	35,406	$	15,219		$	(415	)	$	(50,210	)	$	16,896

Statement of Comprehensive Income for the Three Months Ended March 31, 2018 (unaudited):



	Parent Issuer		Guarantor		CCR Non-Guarantor			Non- Guarantor			Elimination			Consolidated
Net Income (Loss)	$	62,408	$	62,789	$	24,092		$	(695	)	$	(77,636	)	$	70,958
Other Comprehensive Income (Loss):
Net Actuarial Gain (Loss)	3,999		—		(2		)	—			—			3,997
Other Comprehensive Income (Loss)	3,999		—		(2		)	—			—			3,997
Comprehensive Income (Loss)	66,407		62,789		24,090			(695		)	(77,636		)	74,955
Less: Comprehensive Income Attributable to Noncontrolling Interest	—		—		—			—			8,548			8,548
Comprehensive Income (Loss) Attributable to CONSOL Energy Inc. Shareholders	$	66,407	$	62,789	$	24,090		$	(695	)	$	(86,184	)	$	66,407