News Releases - 2014

PITTSBURGH (March 27, 2014) – CONSOL Energy Inc. (NYSE: CNX) announced today that the company’s proposal to drill for oil and gas on Pittsburgh International Airport property has been approved by the Federal Aviation Administration (FAA). The FAA has reviewed the Environmental Assessment and has issued a Finding of No Significant Impact/Record of Decision for Oil and Gas Drilling at Pittsburgh International Airport.

In addition to the FAA, the Environmental Protection Agency, the U.S. Fish & Wildlife Service, the Federal Highway Administration and the U.S. Army Corps of Engineers also reviewed and approved the Environmental Assessment (EA). The EA was required by the FAA to identify potential impacts and mitigation related to oil and gas drilling at Pittsburgh International Airport.

“Approval of the EA by a broad range of federal agencies speaks to the care we have taken to design a first-class project that we intend to make a flagship effort for the region,” commented Nick DeIuliis, President of CONSOL Energy. “The economics of this project are already having a positive impact on Pittsburgh International Airport’s competitiveness in a hyper-competitive market, and we are excited to bring forward more value as the project progresses to the benefit of the entire regional economy.”

“I applaud the welcomed news and commend the tremendous efforts of all involved,” stated Congressman Tim Murphy (PA-18). “This project represents the most significant economic development effort undertaken at Pittsburgh International Airport in decades, bringing with it much-needed jobs and opportunity to the region. It stands to serve as a model for the nation in safely developing resources to drive economic growth.”

“This project will revitalize the Pittsburgh area economy, provide more domestic clean energy, and increase investment in our infrastructure,” commented Congressman Bill Shuster (PA-9). “I am thrilled the EA has been completed and the project is moving forward.  This is a great example of why public-private partnerships are so important in contributing to greater economic vitality and are a key piece of our economic and infrastructure planning.” 

Including up-front bonus payments to the Allegheny County Airport Authority, anticipated royalties and intended capital spend by CONSOL Energy of nearly $500 million, the plan is expected to provide investment of over $1 billion to the greater Pittsburgh region over the life of the project. Approval of the EA represents another significant hurdle that has been cleared in bringing the project to fruition.

Forward-Looking Statements
Various statements in this release, including those that express a belief, expectation or intention, may be considered forward-looking statements (as defined in Section 21E of the Exchange Act) that involve risks and uncertainties that could cause actual results to differ materially from projected results. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The forward-looking statements may include projections and estimates concerning the timing and success of specific projects and our future production, revenues, income and capital spending.  When we use the words "believe," "intend," "expect," "may," "should," "anticipate," "could," "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 press release, if any, speak only as of the date of this press release; we disclaim any obligation to update these statements. 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, contingencies and uncertainties relate to, among other matters, the factors discussed in the 2013 Form 10-K under "Risk Factors," as updated by any subsequent Form 10-Qs, which are on file at the Securities and Exchange Commission.

Contacts:
Media: Kate O’Donovan, at (724) 485-3097
Brian Aiello, at (724) 485-3078