Form 425
2008 Credit Suisse Energy Summit
February 5, 2008
Vail, CO
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 and Safe Harbor Disclosure
This presentation contains certain financial measures, such as EBIT and EBITDA. As required by Securities and Exchange Commission Regulation G,
reconciliations of these measures to amounts reported in CONSOL Energy’s consolidated financial statements are provided in its quarterly earnings
releases.
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 (including statements
relating
to
the
timing
of
and
satisfaction
of
conditions
to
the
exchange
offer
and
merger
with
CNX
Gas
and
whether
any
of
the
anticipated
benefits
of
the
transaction will be realized), our future production, revenues, income and capital spending. 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. For additional information, please see our 2006 Form 10-K
under "Risk Factors," as updated by any subsequent Form 10-Qs, which are on file at the Securities and Exchange Commission and to be set forth in our
Registration Statement on Form S-4 to be filed with the Securities and Exchange Commission with respect to the exchange offer to CNX Gas'
stockholders.
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
website,
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 Energy’s Advantages
Coal Reserves
–
Large, contiguous blocks owned-in fee
–
Heat content
–
Location
Transportation
–
River transportation subsidiary
–
Dual rail access at most mines
–
Coal export terminal
Gas Company

4
Largest Coal Reserve Holder East of MS. River
Northern Appalachia
•
Reserves ~ 2.7 billion tons
•
Production: 57.0 million tons
Central Appalachia
•
Reserves ~ 800 million tons
•
Production: 10.9 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

5
Reserves Owned-in-fee
Advantages of ownership:
•
Leverage to higher pricing
•
Ability
to
forecast
and
control
future
costs
–
no
LBA
payments
Coal Reserves
Approx.
Company
(billions of tons)
% Owned
CONSOL Energy
4.5
70%
Patriot Coal
1.2
55%
Foundation Coal
1.6
45%
Peabody excl. Patriot
8.8
42%
Massey Energy
2.3
18%
Arch Coal
2.9
13%
Alpha Natural Resources
0.5
5%
Source: Company filings with the Securities and Exchange Commission

6
Heating Value
8,400
13,000
12,500
8,800
11,500
0
5,000
10,000
15,000
PRB
PRB
ILB
CAPP
NAPP
18
Btu’s per pound of coal
Approx. 80% of CONSOL’s coal production

7
Close Proximity to Customers
By year-end 2012, approx. 142
gigawatts
East of MS. River
are scheduled to be scrubbed
149% increase
in market
opportunity
Nearly 60 generating units
are within 50 miles
of
CONSOL’s Pitt8 coal reserves
How the numbers stack up:

8
Percentage of Gigawatts Scrubbed by Year
Since 2006, CONSOL has signed 6 multi-year, multi-million ton agreements with
domestic
customers
that
in
aggregate
~
250
million
tons
of
high-Btu
coal
62%
28%
10%
Thru 12/31/08
2009-2010
2011+

9
NAPP Pricing Has Converged with CAPP
Source: EIA

10
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

11
Our Coal is Traveling Farther
Export
Duke
(North Carolina)
Santee Cooper
(South Carolina)
We Energies
(Wisconsin)
Overseas

12
100% Ownership of Export Terminal
Largest exporter of coal in the U.S.
Only E. Coast terminal 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

13
Up Cycle Just Beginning?
API #2 to ARA
$-
$20
$40
$60
$80
$100
$120
$140
Last up cycle for coal ~ 2 years
Current price ~ $130 for
delivery in first half of 2009
API #2 to ARA ($/metric tonne)
110
$      
130
$      
150
$      
Implied pricing of 3.4# NAPP ($/short ton)
57
$        
72
$        
87
$        
*assumes vessel rate to ARA of $35

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, company estimates.

15
Long-Term Demand for Coal (Thru 2030)
OECD Coal Consumption by Region
0
10
20
30
40
50
60
70
North America
OECD Europe
OECD Asia
Total OECD
1980
2004
2015
2030
World Coal Consumption
0
50
100
150
200
250
1980
1984
1988
1992
1996
2000
2004
2008
2012
2016
2020
2024
2028
OECD
Non-OECD
Total
Coal Consumption in China by Sector
0
20
40
60
80
100
Electricity
Industrial
Other Sectors
Total
2004
2015
2030
Non-OECD Coal Consumption
0
20
40
60
80
100
120
140
160
Non-OECD
Europe/Eurasia
Non-OECD Asia
Other Non-OECD
Total Non-OECD
1980
2004
2015
2030
Quadrillion Btu

16
Ability 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)

17
Appalachian Brownfield Opportunities
Longwall Face Extensions
Birch
Shoemaker
Additional Longwalls
Potential to grow Appalachian production through brownfield
expansion
by
~
25
million
tons
over
next
10
years

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
(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

2008 Credit Suisse Energy Summit
February 5, 2008
Vail, CO

Safe Harbor Disclosure
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
(including
statements
relating
to
the
timing
of
and
satisfaction
of conditions to the exchange offer and merger with CNX Gas and whether any of the anticipated benefits of the transaction
will be realized), our future production, revenues, income and capital spending. 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.  For additional information,
please see our 2006 Form 10-K under "Risk Factors," as updated by any subsequent Form 10-Qs, which are on file at the
Securities and Exchange Commission and to be set forth in our Registration Statement on Form S-4 to be filed with the
Securities and Exchange Commission with respect to the exchange offer to CNX Gas' stockholders.
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 website, 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.