Edgar Filing: CONSOL Energy Inc

Date: June 19, 2014

/s/ David M. Khani

David M. Khani

Chief Financial Officer and Executive

Vice President, CONSOL Energy Inc.

Plan Administrator

Form 11-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 11-K

x ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the fiscal year ended December 31, 2013;

¨ TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from

Commission file number: 001-14901

A. Full title of the plan and the address of the plan, if different from that of issuer named below:

CONSOL Energy Inc. Investment Plan for Salaried Employees

B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

CONSOL Energy Inc.

CNX Center

1000 CONSOL Energy Drive

Canonsburg, PA 15317

Registrant’s telephone number including area code: 724-485-4000

CONSOL Energy Inc.

Investment Plan for

Salaried Employees

Index

December 31, 2013 and 2012


	Page(s)

Report of Independent Registered Public Accounting Firm		1

Financial Statements

Statements of Net Assets Available for Benefits		2

Statement of Changes in Net Assets Available For Benefits		3

Notes to Financial Statements		4-24

Supplemental Schedule

Schedule H, Part IV, Line 4(i) Schedule of Assets (Held at End of Year)		26-38

Note:

Other Schedules required by Section 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act (“ERISA”) of 1974 have been omitted because they are not applicable.


Signatures			39

Exhibit

23 – Consent of Independent Registered Public Accounting Firm

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Trustees, Investment Plan Committee, Audit Committee, and Participants

CONSOL Energy Inc. Investment Plan for Salaried Employees

We have audited the accompanying statements of net assets available for benefits of the CONSOL Energy Inc. Investment Plan for Salaried Employees (the “Plan”) as of December 31, 2013 and 2012, and the related statement of changes in net assets available for benefits for the year ended December 31, 2013. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2013 and 2012, and the changes in net assets available for benefits for the year ended December 31, 2013, in conformity with accounting principles generally accepted in the United States of America.

Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental Schedule H, Part IV, Line 4(i) - Schedule of Assets (Held at End of Year) as of December 31, 2013 is presented for the purpose of additional analysis and is not a required part of the basic financial statements, but is supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. This supplemental schedule is the responsibility of the Plan’s management. The supplemental schedule has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.

/s/ ParenteBeard LLC

Pittsburgh, Pennsylvania

June 19, 2014

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

Statements of Net Assets Available for Benefits


	December 31
	2013		2012
ASSETS

Investments at Fair Value
Stable Value Fund	$	592,939,185	$	613,712,810
Interests in Registered Investment Companies		425,458,846		359,853,465
E.I. DuPont de Nemours & Company Common Stock		35,885,953		29,387,230
CONSOL Stock Fund		128,294,536		119,987,131

		1,182,578,520		1,122,940,636


Receivables
Due from Broker for Securities Sold		70,216		358,452
Accrued Interest and Dividends		57		132
Notes Receivable from Participants		24,231,704		23,441,927

		24,301,977		23,800,511


Cash		1,678,659		935,784


Net Assets Reflecting All Investments at Fair Value		1,208,559,156		1,147,676,931


Adjustment from Fair Value to Contract Value for Fully Benefit-Responsive Investment Contracts Held in Stable Value Fund		(12,379,061)		(31,562,233)


NET ASSETS AVAILABLE FOR BENEFITS	$	1,196,180,095	$	1,116,114,698


The accompanying notes are an integral part of these financial statements.			2

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

Statement of Changes in Net Assets Available for Benefits


	For the Year Ended December 31, 2013

Additions to Net Assets Attributable to:

Contributions:
Participants – Contributions	$	43,818,291
Participants – Rollovers		42,863,531
Employer		29,499,266

		116,181,088


Interest Income from Participants’ Notes Receivable		1,002,825


Investment Income:
Interest and Dividends		22,497,001
Net Appreciation in Fair Value of Investments		111,973,231

		134,470,232


Total Additions		251,654,145


Deductions from Net Assets Attributed to:
Benefits Paid to Participants		171,427,049
Administrative Expense		161,699

Total Deductions		171,588,748


Net Increase		80,065,397

Net Assets Available for Benefits
Beginning of Year		1,116,114,698


END OF YEAR	$	1,196,180,095


The accompanying notes are an integral part of these financial statements.			3

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

Notes to Financial Statements

December 31, 2013 and 2012

1.	DESCRIPTION OF PLAN

The following description of the CONSOL Energy Inc. Investment Plan for Salaried Employees (the “Plan”) is provided for general information purposes only. Participants should refer to the Plan document for a more complete description of the Plan’s provisions.

General – The Plan is a tax-qualified, defined-contribution plan covering salaried, operations and maintenance, production and maintenance, warehouse and maintenance, and certain casual employees of CONSOL Energy Inc. and other participating employers (“CONSOL Energy” or the “Company”). Employees can participate in the Plan on the first day of the first full pay period following the date they first become eligible. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended, and the Internal Revenue Code (“Code”).

The Plan Administrator is the Investment Plan Committee of CONSOL Energy, whose members are appointed by the Board of Directors (the “Board”) of the Company. The Investment Plan Committee also has responsibility for selecting and overseeing the Plan’s investments. The Board has the authority to appoint trustees and has designated Bank of America, N.A. (“Bank of America”) as trustee for the Plan.

During 2013 and 2012, the Plan offered CONSOL Energy common stock (“CONSOL Stock Fund”) as an investment option to Plan participants. The CONSOL Stock Fund is an Employee Stock Ownership Plan (“ESOP”) where participants can elect to have dividends paid to them in cash instead of being reinvested in the CONSOL Stock Fund in their Plan account. For the years ended December 31, 2013 and 2012, $21,041 and $81,772 in dividends from the CONSOL Stock Fund were paid to participants in cash, respectively.

Contributions – Participants may make before-tax or after-tax contributions of 1% to 75% of eligible compensation to the Plan via payroll deductions. Participants who have attained age 50 before the end of the Plan year are eligible to make catch-up contributions. Participants are automatically enrolled in the Plan at a 6% before-tax savings rate (4% for employees of Fairmont Supply Company and its subsidiaries, participating employers that are a qualified separate line of business) if no action is taken by the employee within forty-five days of the date they first become eligible. Under the automatic enrollment provision, participant assets are invested in accordance with a managed account feature offered by Bank of America based on certain demographic characteristics of the participant. A participant may elect not to participate in the Plan at any time.

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

Notes to Financial Statements

December 31, 2013 and 2012

1.	DESCRIPTION OF PLAN (Continued)

A participant may also separately designate from 1% to 75% (not to exceed $10,000) of any incentive compensation payment as a supplemental before-tax or after-tax contribution. Participants may also contribute amounts representing distributions from other qualified defined-benefit or defined-contribution plans.

CONSOL Energy matches these contributions (excluding deferrals of incentive compensation payments), dollar for dollar, up to 6% of eligible compensation (fifty cents on every dollar up to 12% of eligible compensation for employees of Fairmont Supply Company and its subsidiaries).

Certain eligible employees of Fairmont Supply Company and its subsidiaries receive qualified non-elective (“QNEC”) contributions equal to $1,500 per year, regardless of the employee’s contribution election. The Company may also make discretionary contributions to the Plan ranging from 1% to 4% of eligible compensation for eligible employees (as defined by the Plan). There were no such discretionary contributions made by the Company for the years ending December 31, 2013 and 2012. All participant and matching contributions are subject to regulatory and Plan limitations, and total contributions credited to a participant’s account are further subject to annual addition limitations under the Code.

Participant Accounts – Each participant’s account is credited with the participant’s contributions and allocations of the Company’s contributions and Plan investment earnings and is charged with an allocation of administrative expenses and Plan investment losses. Allocations are based on participant earnings or account balances, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s account.

Investment Options – Upon enrollment in the Plan, a participant may direct employee and Company contributions into any of the funds included in the supplemental schedule of assets (held at end of year), except for E.I. DuPont de Nemours & Company (“DuPont”) common stock. This investment option is no longer available to Plan participants.

Vesting – Participants are immediately vested in their contributions and any matching contributions, QNEC contributions, or discretionary contributions made by the Company plus actual earnings (losses) thereon.

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

Notes to Financial Statements

December 31, 2013 and 2012

1.	DESCRIPTION OF PLAN (Continued)

Notes Receivable from Participants – Participants may borrow the lesser of up to one-half of their vested account balances subject to a $1,000 minimum or required regulatory loan maximum limitations. Such loans are repayable over periods of 12 to 60 months (120 months maximum if for the purchase of a principal residence) and are secured by the balance in the participant’s account. The rate of interest on loans is commensurate with the average rate charged by selected major banks for secured personal loans and remains fixed for the life of the loan. Loans are repaid over the period in installments of principal and interest via payroll deductions or ACH account debit for participants that terminate employment subsequent to the loan’s execution. A participant also has the right to repay the loan in full, at any time, without penalty. At December 31, 2013, loan interest rates ranged from 4.25% to 9.25%.

Payment of Benefits – Participants who retire from active service may elect to defer withdrawals until April of the calendar year following the later of the year in which the participant attains age 70¹/₂ or terminates employment. They may also elect an option to have their account distributed over a period of not less than two years or more than a period which would pay the account balance during the participant’s actuarial life in either a fixed or variable amount. Before-tax deposits may be withdrawn only in the event of a participant’s retirement, death, termination, attainment of age 59¹/₂ or defined hardship.

Plan Termination – Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA.

2.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting – The accompanying financial statements of the Plan have been prepared under the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“US GAAP”).

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

Notes to Financial Statements

December 31, 2013 and 2012

2.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Fully Benefit-Responsive Investment Contracts – Investment contracts held by a defined-contribution plan are required to be reported at fair value. However, contract value is the relevant measurement attribute for that portion of the net assets available for benefits of a defined-contribution plan attributable to fully benefit-responsive investment contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan. The statements of net assets available for benefits presents the fair value of the fully benefit-responsive investment contracts held in the CONSOL Energy Inc. Stable Value Fund (“Stable Value Fund” or “SVF”) as well as the adjustment of the fully benefit-responsive investment contracts from fair value to contract value. The statement of changes in net assets available for benefits is prepared on a contract value basis.

Investment Valuation and Income Recognition – The Plan’s investments are stated at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. See Note 4 for a discussion of fair value measurements.

Purchases and sales of investments are recorded on a trade-date basis. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Realized gains and losses on the sale of DuPont and CONSOL Energy common stock are based on the average cost of the securities sold. Net appreciation includes the Plan’s gains and losses on investments bought and sold as well as held during the year.

Notes Receivable from Participants – Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Interest on notes receivable from participants is recognized over the term of the notes and calculated using a simple-interest method on principal amounts. The Plan administrator considers delinquent loans to be defaulted on the last day of the calendar quarter following the quarter in which the last payment was made and reclassified as a distribution based on the terms of the Plan document.

Payment of Benefits – Benefits are recorded when paid.

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

Notes to Financial Statements

December 31, 2013 and 2012

2.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Administrative Expenses – Expenses incurred in connection with the operation of the Plan with regard to the purchase and sale of investments and certain trustee and professional fees are paid by the Plan. Asset-based fees are deducted prior to allocation of the Plan’s investment earnings activity and thus are not separately identifiable as an expense. Other administrative expenses are paid by CONSOL Energy at no cost to the Plan.

Use of Estimates – The preparation of financial statements in conformity with US GAAP requires Plan management to make estimates and assumptions that affect the reported amounts of assets, liabilities and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.

ESOP – The Plan’s ESOP provision provides that participants may invest a portion or all of their account in Company stock. The ESOP provision also contains a put option in accordance with the requirements of the Code, which is a right for any participant who is otherwise entitled to a distribution from the Plan to require the Company stock in their ESOP account be repurchased by the Company if it is not readily tradable on an established market. Participants who elect to invest their account balance in Company stock have voting rights commensurate with their shares and participants are fully vested at all times in dividends paid on the acquired Company stock. A participant also has the right to diversify stock in their accounts pursuant to the provisions of the Plan document. At December 31, 2013 and 2012, and from the period since inception of the ESOP, there were no Company contributions in the form of stock.

Subsequent Events – Plan management has evaluated subsequent events and has concluded that there were no subsequent events requiring adjustments to the financial statements or related disclosures, as stated herein.

3.	CONTRACTS WITH INSURANCE COMPANIES

The Plan has direct holdings of fully benefit-responsive investment contracts in its SVF. The SVF is comprised of guaranteed investment contracts (“GIC”), separate account portfolios (“SAP”), and synthetic GICs (“SYN”), all of which are held with multiple insurance companies and banks. GICs are comprised of assets held in the issuing company’s general account and are backed by the full faith and credit of the issuer. SAPs and SYNs are backed by underlying fixed income assets.

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

Notes to Financial Statements

December 31, 2013 and 2011

3.	CONTRACTS WITH INSURANCE COMPANIES (Continued)

The aggregate crediting rates for all contracts as of December 31, 2013 and 2012 were 2.05% and 2.92%, respectively. Contract or crediting rates for GICs are negotiated with the issuer and are effective for the life of the contract. The contract or crediting rates for SAPs and SYNs are reset periodically throughout the year and are based on the performance of the portfolio of assets underlying these contracts. Inputs used to determine the crediting rate include each contract’s portfolio market value of fixed income assets, current yield-to-maturity, duration, and market value relative to contract value. All contracts have a guaranteed rate of at least 0% or higher with respect to determining interest rate resets. If future crediting rates increase or decrease, the adjustment from fair value to contract value would change in the same direction. The average market value yield of the SVF based on the actual earnings of the underlying assets was approximately -0.93% and 3.14% in 2013 and 2012, respectively. The average yield of the SVF based on the actual interest rate credited to participants’ accounts in 2013 and 2012 was approximately 2.37% and 2.89%, respectively.

Traditional GICs expose the Plan through the SVF to direct credit risk associated with each contract issuer. To mitigate this risk, investment guidelines prohibit the Plan from purchasing contracts from issuers with a credit rating lower than Aa3/AA. In addition, the weighted average credit rating of all GIC contracts must be A3/A- or higher at all times and no single GIC issuer may represent more than 5% of the total SVF. Additionally, the Plan administrator and the Plan’s third party investment advisors continually monitor the issuers of these investments through external credit rating agencies and monitor credit rating history, downgrade/upgrade notifications, and analyst reports for all current and potential issuers. There are no reserves against contract value for credit risk of the contract issuers or otherwise.

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

Notes to Financial Statements

December 31, 2013 and 2012

3.	CONTRACTS WITH INSURANCE COMPANIES (Continued)

Participants may ordinarily direct the withdrawal or transfer of all or a portion of their SVF investment at contract value for Plan permitted benefit payments. Certain events may limit the ability of the Plan to transact at contract value with the issuer. Such events include amendments to Plan documents (including complete or partial Plan termination or merger with another plan or distribution of any participant communication designed to induce participants to withdraw or otherwise transfer amounts from the SVF), changes to the Plan’s prohibition on competing investment options or deletion of equity wash provisions, bankruptcy of the Company or other Plan sponsor events (i.e. divestitures or spin-offs of a subsidiary) which cause a significant withdrawal from the Plan, or failure of the Plan to qualify for exemption from federal income taxes or any required prohibited transaction exemption under ERISA. The Plan administrator does not believe that the occurrence of any such event, which would limit the Plan’s ability to transact at contract value with participants, is probable of occurring.

Based on certain events specified in the fully benefit-responsive investment contracts (i.e. GICs, SAPs and SYNs), both the Plan and issuers of such investment contracts are permitted to terminate the investment contracts. If applicable, such terminations can occur prior to the scheduled maturity date.

Examples of termination events that permit issuers to terminate investment contracts include the following:

•

The Plan sponsor’s receipt of a final determination notice from the Internal Revenue Service (“IRS”) that the Plan does not qualify under Section 401(a) of the Code.

•

The Plan ceases to be exempt from federal income taxation under section 501(a) of the Code.

•

The Plan or its representative breaches material obligations under the investment contract such as failure to satisfy its fee payment obligations or failure to follow the contract’s equity wash provisions.

•

The Plan or its representatives makes a material misrepresentation, including acts of fraud or deceit, which affects the intent, structure, or risk profile of the contract.

•

The Plan makes a material amendment to the Plan (including complete or partial termination or merger with another plan) and/or the amendment adversely impacts the issuer.

•

The Plan, without the issuer’s consent, attempts to assign its interest in the investment contract.

•

The balance of the contract value is zero or immaterial.

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

Notes to Financial Statements

December 31, 2013 and 2012

3.	CONTRACTS WITH INSURANCE COMPANIES (Continued)

•

Mutual consent.

•

The termination event is not cured within a reasonable time period, i.e., 30 days.

For SAPs and SYNs, additional termination events include but are not limited to the following:

•

The investment manager of the underlying securities is replaced without prior written consent of the issuer.

•

The underlying securities are managed in a way that does not comply with the investment guidelines.

For GICs, the contract value is adjusted to reflect a discounted value based on surrender charges or other penalties at termination. For SAPs and SYNs, termination is at market value of the underlying securities less unpaid issuer fees or charges. If the termination event is not material based on industry standards, it may be possible for the Plan to exercise its right to require the issuer that initiated the termination to extend the investment contract for a period no greater than what it takes to immunize the underlying securities and/or it may be possible to replace the issuer of a SAP or SYN that terminates the contract with another SAP or SYN issuer. Both options help maintain stable contract value.

Participants investing in the SVF are assigned units at the time of investment based on the net asset value per unit.

4.	FAIR VALUE MEASUREMENTS

US GAAP for fair value measurements provides the framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements).

The three levels of the fair value hierarchy are described as follows:

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

Notes to Financial Statements

December 31, 2013 and 2012

4.	FAIR VALUE MEASUREMENTS (Continued)

•

Level 1: Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access. An active market for the asset or liability is a market in which the transaction for the asset or liability occurs with sufficient frequency and volume to provide pricing information on an ongoing basis.

•

Level 2: Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, inputs other than quoted prices that are observable for the asset or liability, or other inputs that are derived principally from or corroborated by observable market data by correlation or other means. If the asset or liability has a specified (contractual) term, the level 2 input must be observable for substantially the full term of the asset or liability.

•

Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.

Following is a description of the valuation methodologies used for assets and liabilities measured at fair value. There have been no changes in the methodologies used at December 31, 2013 and 2012.

Stable Value Fund – The SVF is comprised of a short-term investment fund in addition to GICs, SAPs and SYNs. These fully benefit-responsive contracts are valued at fair value on the statements of net assets available for benefits and are credited with actual earnings on the underlying investments and charges for participant withdrawals and administrative expenses. The following disclosures provide information about the nature of the investments in the SVF and how fair value of these investments is measured.

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

Notes to Financial Statements

December 31, 2013 and 2012

4.	FAIR VALUE MEASUREMENTS (Continued)

•

U.S. Government Security Fund – This security is a short-term investment fund (i.e. money market fund) designed to provide daily liquidity to the SVF and is stated at cost plus accrued interest, which approximates fair value. The fund seeks to preserve a net asset value of $1 per share and can be validated with a sufficient level of market activity and therefore, is classified within Level 1 of the fair value hierarchy.

•

Guaranteed Investment Contracts – The insurer maintains the assets (underlying portfolio owned by insurer) of the GIC in a general account, backed by the full faith and credit of the insurer. Regardless of the performance of the general account assets, a GIC will provide a fixed rate of return as negotiated when the contract is purchased. GICs are stated at cost plus accrued interest, which approximates fair value, and are classified within Level 2 of the fair value hierarchy.

•

Separate Account Portfolios – SAPs are investment contracts invested in insurance company separate accounts established for the sole benefit of SVF participants. SAPs are comprised of two components, an underlying pool of assets and a “wrap” contract. The insurer owns the individual underlying assets and the wrap contract (similar to a GIC); however, the assets in a SAP are maintained in a separate account, fully fenced-off from the general assets of the insurer. The Plan participates in the underlying experience of the SAP via future periodic rate resets. Fair value of SAPs is determined by the market values of the underlying securities and the value of the wrap using observable market data by the insurer as of the valuation date. SAPs held by the Plan provide for daily redemptions by the Plan at reported net asset value with no advance notice requirement. There are no unfunded commitments associated with SAPs as of December 31, 2013 or 2012. The Plan is permitted to redeem investment units at net asset value on the measurement date. SAPs are classified within Level 2 of the fair value hierarchy.

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

Notes to Financial Statements

December 31, 2013 and 2012

4.	FAIR VALUE MEASUREMENTS (Continued)

•

Synthetic GICs – SYNs are comprised of an underlying pool of assets (owned by the Plan) and a “wrap” contract designed to provide principal protection and accrued interest over a specified period of time assuming that the underlying assets meet the requirements of a GIC. Short-term investment funds include cash and short-term securities that mature within three months or less at date of purchase and are valued at amortized cost, which approximates fair value (Level 1), and liquid government debt securities valued using quoted market prices, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency traded in markets that are not considered active (Level 2). Fixed income collective trusts invest in high quality fixed income securities across the short, intermediate, and core sectors, and are valued at the net asset value per share on the valuation date (Level 2). These collective trusts provide for daily redemptions by the Plan with no advance notice requirement and have no unfunded commitments as of December 31, 2013 or 2012. Other fixed income funds include government debt securities and corporate bonds valued using the observable quoted price reported in markets that are not considered active or pricing services based on market transactions for comparable securities of issuers with similar credit ratings (Level 2). Swap contracts are valued at fair value utilizing pricing models and taking into consideration exchange quotations on underlying instruments, dealer quotations and other information (Level 2). Any accrued interest on the underlying assets is also included as a component of the fair value of those assets. Fair value of the wrap contracts is determined by taking the difference between the actual wrap fee of the contract and the price at which the wrapper would issue an identical contract under current market conditions. That change in fees is then applied to the year-end book value of the contract to determine the wrap contract’s fair value. Wrap contracts generally change the investment characteristics of underlying securities (such as corporate debt or U.S. government securities) to those of GICs. The wrap contract provides that benefit-responsive transactions may be processed at contract or face value. Benefit-responsive distributions are generally defined as a withdrawal due to a participant’s retirement, termination, or death, or participant-directed transfers, in accordance with the terms of the Plan (see Note 3).

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

Notes to Financial Statements

December 31, 2013 and 2012

4.	FAIR VALUE MEASUREMENTS (Continued)

Interests in Registered Investment Companies – The shares of registered investment companies are public investment vehicles valued at quoted market prices, which represent the net asset values of the shares held in such funds. Each of these funds is considered an open ended interest in a registered investment company and valued using a market approach. Fair value is based on a daily net asset value that can be validated with a sufficient level of observable activity in an active market (i.e. purchases and sales at net asset value) and therefore these interests in registered investment companies have been classified within Level 1 of the fair value hierarchy.

Common Stock and Common Stock Fund – DuPont Common Stock and the CONSOL Stock Fund are stated at fair value as quoted on a recognized securities exchange and are valued at the last reported sales price on the last business day of the respective Plan year. As a result, the fair value measurements of these investments have been classified within Level 1 of the fair value hierarchy.

The preceding methods described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

Notes to Financial Statements

December 31, 2013 and 2012

4.	FAIR VALUE MEASUREMENTS (Continued)

The following tables set forth by level, within the fair value hierarchy, the Plan’s assets and liabilities at fair value as of December 31, 2013 and 2012:


	Assets at Fair Value as of December 31, 2013
	Level 1		Level 2		Level 3		Total
Stable Value Fund:
Guaranteed Investment Contracts	$	0	$	3,822,920	$	0	$	3,822,920
Separate Account Portfolios		0		215,862,488		0		215,862,488
U.S. Government Security Fund		30,873,932		0		0		30,873,932
Fixed Income Collective Trusts		0		246,511,850		0		246,511,850
Other Fixed Income Funds		0		77,693,832		0		77,693,832
Short-Term Investment Funds		262,630		17,800,818		0		18,063,448
Wrap Contracts		0		50,129		0		50,129
Other Financial Instruments - Swaps		0		60,586		0		60,586

Total Stable Value Fund		31,136,562		561,802,623		0		592,939,185

Registered Investment Companies:
Diversified Emerging Markets Fund		4,412,215		0		0		4,412,215
Foreign Large-Cap Blend Funds		76,775,701		0		0		76,775,701
Small-Cap Blend Fund		35,144,553		0		0		35,144,553
Mid-Cap Blend Fund		25,827,220		0		0		25,827,220
Mid-Cap Growth Fund		43,928,144		0		0		43,928,144
Inflation-Protected Fixed Income Fund		4,830,829						4,830,829
Intermediate-Term Fixed Income Funds		57,609,436		0		0		57,609,436
Large-Cap Blend Funds		96,975,899		0		0		96,975,899
Large-Cap Value Fund		51,515,641		0		0		51,515,641
Large-Cap Growth Fund		28,439,208		0		0		28,439,208

Total Registered Investment Companies		425,458,846		0		0		425,458,846

Common Stock:
E.I. DuPont de Nemours & Company		35,885,953		0		0		35,885,953
CONSOL Stock Fund		128,294,536		0		0		128,294,536

Total Assets at Fair Value	$	620,775,897	$	561,802,623	$	0	$	1,182,578,520

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

Notes to Financial Statements

December 31, 2013 and 2012

4.	FAIR VALUE MEASUREMENTS (Continued)


	Assets at Fair Value as of December 31, 2012
	Level 1		Level 2		Level 3		Total
Stable Value Fund:
Guaranteed Investment Contracts	$	0	$	29,370,556	$	0	$	29,370,556
Separate Account Portfolios		0		113,099,166		0		113,099,166
U.S. Government Security Fund		20,017,873		0		0		20,017,873
Fixed Income Collective Trusts		0		331,789,581		0		331,789,581
Other Fixed Income Funds		0		98,978,240		0		98,978,240
Short-Term Investment Funds		545,167		19,865,775		0		20,410,942
Wrap Contracts		0		48,785		0		48,785
Other Financial Instruments - Swaps		0		(2,333)		0		(2,333)

Total Stable Value Fund		20,563,040		593,149,770		0		613,712,810

Registered Investment Companies:
Foreign Large-Cap Blend Funds		74,678,897		0		0		74,678,897
Small-Cap Blend Fund		23,994,766		0		0		23,994,766
Mid-Cap Blend Fund		20,026,645		0		0		20,026,645
Mid-Cap Growth Fund		40,752,295		0		0		40,752,295
Intermediate-Term Fixed Income Funds		62,467,062		0		0		62,467,062
Large-Cap Blend Funds		92,763,038		0		0		92,763,038
Large-Cap Value Fund		26,743,224		0		0		26,743,224
Large-Cap Growth Fund		18,427,538		0		0		18,427,538

Total Registered Investment Companies		359,853,465		0		0		359,853,465

Common Stock:
E.I. DuPont de Nemours & Company		29,387,230		0		0		29,387,230
CONSOL Stock Fund		119,987,131		0		0		119,987,131

Total Assets at Fair Value	$	529,790,866	$	593,149,770	$	0	$	1,122,940,636

The availability of observable market data is monitored to assess the appropriate classification of financial instruments within the fair value hierarchy. Changes in economic conditions or model-based valuation techniques may require the transfer of financial instruments from one fair value level to another. In such instances, the transfer is reported at the end of the reporting period. For the year ended December 31, 2013, there were no such transfers in or out of Levels 1, 2 or 3.

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

Notes to Financial Statements

December 31, 2013 and 2012

5.	INVESTMENTS

The following presents individual investments that represent 5% or more of the Plan’s net assets available for benefits at December 31:


	2013			2012

CONSOL Stock Fund	$	128,294,536		$	119,987,131
Vanguard Institutional Index Fund		64,539,539			65,692,145
*Massachusetts Mutual Life Insurance Co. (SAP)		59,897,945			0 *	*
*Metropolitan Life Insurance Co. (SAP)		69,439,935			67,866,937
*Jennison Intermediate Core Bond Fund		67,766,148			69,150,351
*Prudential Core Cons. Inter. Bond Fund		66,447,340			67,387,162
*GEM Trust Short Duration		48,986,089 *	*		72,802,900

* These investments are included in the Stable Value Fund.

** For comparative purposes only. Amount does not exceed 5% of net assets available for benefits.

During 2013, the Plan’s investments (including gains and losses on investments bought and sold, as well as held during the year) appreciated in value by $111,973,231 as follows:


	Net Appreciation in Fair Value of Investments

Stable Value Fund	$	13,666,601
Registered Investment Companies		64,670,686
Common Stock:
E.I. DuPont de Nemours & Company		11,063,537
CONSOL Stock Fund		22,572,407

	$	111,973,231

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

Notes to Financial Statements

December 31, 2013 and 2012

5.	INVESTMENTS (Continued)

The SVF is a separate account held by the Plan. The investment contracts are entered into based on an evaluation of the credit risk of the contract issuers and/or third party guarantors. Collateral is generally not provided. The SVF includes traditional GICs as well as SAPs and SYNs.

The following reflects the adjustment between the underlying securities and the insurance contract values in the SVF:


	December 31
	2013		2012

Investments at Fair Value	$	592,889,056	$	613,664,025
Wrap Contracts (at Fair Value)		50,129		48,785

		592,939,185		613,712,810
Adjustment from Fair Value to Contract Value		(12,379,061)		(31,562,233)

Investments at Contract Value	$	580,560,124	$	582,150,577

The composition of assets of the SVF at contract value as of December 31, 2013 and 2012 are as follows:


	2013		2012

Synthetic Guaranteed Investment Contracts	$	336,004,147	$	425,034,985
Separate Account Portfolios		210,111,109		107,661,657
Guaranteed Investment Contracts		3,822,920		29,370,556
Short-term Investment Fund		30,621,948		20,083,379

	$	580,560,124	$	582,150,577

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

Notes to Financial Statements

December 31, 2013 and 2012

5.	INVESTMENTS (Continued)

SYNs within the SVF are comprised of the following:


		December 31
	Credit Rating	2013		2012

SYNs (at Contract Value):
Prudential Retirement Ins. & Annuity Co.	AAA	$	135,487,569	$	132,323,170
ING Life Insurance & Annuity Co.	AA		44,733,155		44,188,107
Transamerica Life Insurance Co.	AA		44,733,155		44,188,107
State Street Bank & Trust	AA		0		44,188,107
ING Life Insurance & Annuity Co.	AA		55,525,134		53,382,498
Transamerica Life Insurance Co.	AA		55,525,134		53,382,498
State Street Bank & Trust	AA		0		53,382,498


Total SYNs (at Contract Value)		$	336,004,147	$	425,034,985

The composition of changes in net assets of the SVF at contract value for the year ended December 31, 2013 is as follows:


Employer Contributions	$	6,842,612
Participant Contributions and Rollovers		52,043,988

Total Contributions		58,886,600
Interest and Dividend Income		323,751
Net Realized/Unrealized Appreciation in Investment Value		13,666,601
Benefits Paid to Participants		(108,737,533)
Administrative Expense		(30,290)
Net Loan Activity		136,423
Net Interfund Transfers		34,163,995

Decrease in Net Assets Available for Benefits		(1,590,453)
Net Assets Available for Benefits

Beginning of Year		582,150,577


End of Year	$	580,560,124

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

Notes to Financial Statements

December 31, 2013 and 2012

6.	TAX STATUS

The Plan obtained its latest determination letter from the IRS dated June 3, 2011, stating that the Plan was qualified under the Code and therefore, the related trust is exempt from taxation. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualification. The Plan has been amended since receiving the determination letter, and in January 2014 the Plan submitted a request to renew the tax determination letter and is awaiting a reply from the IRS. However, the Plan administrator believes that the Plan is designed and is currently being operated in compliance with the applicable requirements of the Code. Therefore, no provision for income taxes has been included in the Plan’s financial statements.

Accounting principles generally accepted in the United States of America require Plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2013, there are no uncertain positions taken, or expected to be taken, that would require recognition of a tax liability (or asset) and related interest and penalties or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The Plan administrator believes it is no longer subject to income tax examinations for years prior to 2011.

7.	RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500

The following is a reconciliation of net assets available for benefits per the financial statements at December 31, 2013 and 2012 to Form 5500:


	2013		2012

Net Assets Available for Benefits per the Financial Statements	$	1,196,180,095	$	1,116,114,698
Amounts Allocated to Withdrawing Participants		(1,937,493)		(972,158)

Net Assets Available for Benefits per the Form 5500	$	1,194,242,602	$	1,115,142,540

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

Notes to Financial Statements

December 31, 2013 and 2012

7.	RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500 (Continued)

The following is a reconciliation of benefits paid to participants per the financial statements for the year ended December 31, 2013 to Form 5500:


Benefits Paid to Participants per the Financial Statements	$	171,427,049
Amounts Allocated to Withdrawing Participants at December 31, 2013		1,937,493
Less: Amounts Allocated to Withdrawing Participants at December 31, 2012		(972,158)

Benefits Paid to Participants per Form 5500	$	172,392,384

Amounts allocated to withdrawing participants are recorded on the Form 5500 for benefit claims that have been processed and approved for payment prior to December 31, 2013, but not yet paid as of that date.

8.	TRANSACTIONS WITH PARTIES-IN-INTEREST

Certain Plan investments, including several underlying SYN assets within the SVF, were managed by Bank of America. Bank of America is the trustee as defined by the Plan and, therefore, these transactions qualify as those conducted with a party-in-interest to the Plan. In addition, other underlying SYN assets include funds managed by State Street Bank & Trust, one of the custodians of the Plan. The Plan also issues loans to participants, which are secured by the participants’ account balances. Therefore, these transactions qualify as those conducted with a party-in-interest to the Plan.

One of the investment vehicles available to participants, the CONSOL Stock Fund, contains stock of CONSOL Energy. The Plan held 3,372,622 shares and 3,737,917 shares of CONSOL Energy common stock at December 31, 2013 and 2012, respectively. In addition, during 2013, the Plan purchased 1,121,289 shares of CONSOL Energy stock at an aggregate cost of $36,648,933 and sold 1,308,208 shares of CONSOL Energy stock for total proceeds of $44,400,509. The Plan received $1,321,481 in dividends on Company stock during 2013. Transactions in this investment qualify as party-in-interest transactions which are exempt from the prohibited transaction rules of ERISA.

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

Notes to Financial Statements

December 31, 2013 and 2012

9.	RISKS AND UNCERTAINTIES

The Plan invests in various investment securities. Investment securities are exposed to various risks, such as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the financial statements.

In accordance with the investment strategy of the Plan’s investment contracts, the Plan’s investment manager may execute transactions in various financial instruments, including futures and interest rate swap contracts, that may give rise to varying degrees of off-balance-sheet market and credit risk. These instruments can be executed on an exchange or negotiated in the over-the-counter market. Interest rate swap contracts involve an agreement to exchange periodic interest payment streams (fixed vs. variable) calculated on an agreed upon periodic interest rate multiplied by a predetermined notional principal amount. Investments in financial futures contracts are solely for the purpose of hedging the Plan’s existing portfolios securities, or securities that the Plan intends to purchase, against fluctuations in fair value caused by changes in prevailing market interest rates. Upon entering into a financial futures contract, the Plan is required to pledge to the broker an amount of cash, U.S. government securities, or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as margin variation, are made or received by the Plan each day, depending on the daily fluctuations in the fair value of the underlying security. The Plan recognizes a gain or loss equal to the daily variation margin. If market conditions move unexpectedly, the Plan may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. The use of future transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates, and the underlying hedged assets. The Plan’s investments in futures and interest rate swap contracts are insignificant to the financial statements for the years ending December 31, 2013 and 2012, respectively.

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

Notes to Financial Statements

December 31, 2013 and 2012

9.	RISKS AND UNCERTAINTIES (Continued)

Market risk arises from the potential for changes in value of financial instruments resulting from fluctuations in interest rates and in prices of debt and equity securities. The gross notional (or contractual) amounts used to express the volume of these transactions do not necessarily represent the amounts potentially subject to market risk. In many cases, these financial instruments serve to reduce, rather than increase, the Plan’s exposure to losses from market and other risks. In addition, the measurement of market risk is meaningful only when all related and offsetting transactions are identified. The Plan’s investment managers generally limit the Plan’s market risk by holding or purchasing offsetting positions.

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

SUPPLEMENTAL SCHEDULE

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

EIN Number 51-0337383, Plan Number 002

Schedule H, Part IV, Line 4(i) Schedule of Assets

(Held at End of Year)


December 31, 2013		Supplemental Schedule


(a)	(b) Identity of Issue, Borrower, Lessor or Similar Party	(c) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par or Maturity Value	(d) Cost and Number of Shares/Units**		(e) Current Value
	Common Stock
*	CONSOL Stock Fund			3,372,622	$	128,294,536
	E.I. DuPont de Nemours & Company			552,347		35,885,953

	Total Common Stock					164,180,489


	Interests in Registered Investment Companies
	American Funds	Europacific Growth Fund		1,036,065		50,798,265
	BlackRock	Basic Value Fund		1,676,941		51,515,641
	BlackRock	Inflation Protected Bond Fund		448,129		4,830,829
	ClearBridge	Large Cap Growth Fund		908,891		28,439,208
	Columbia	Acorn Fund		1,177,067		43,928,144
	Davis New York	Venture Fund		773,953		32,436,360
	DFA	Emerging Markets Core Equity Portfolio Fund		226,733		4,412,215
	PIMCO	Total Return Fund		2,864,704		30,623,684
	Vanguard	Institutional Index Fund		381,259		64,539,539
	Vanguard	Mid Cap Index Fund		858,618		25,827,220
	Vanguard	Small Cap Index Fund		666,753		35,144,553
	Vanguard	Total Bond Market Index Fund		2,255,469		26,985,752
	Vanguard	Total International Stock Index Fund		231,921		25,977,436

	Total Interests in Registered Investment Companies					425,458,846


	Stable Value Fund
	Metropolitan Life Insurance Co.	GIC, 5.50%, 02/01/2014		1,966,748		1,966,748
	Principal Life Insurance Co.	GIC, 5.20%, 01/01/2014		1,856,172		1,856,172
	Massachusetts Mutual Life Ins. Co.	Separate Account Portfolio, 3.67%, opened		40,370,407		40,370,407
	Massachusetts Mutual Life Ins. Co.	Separate Account Portfolio, 2.04%, opened		59,897,945		59,897,945
	Metropolitan Life Insurance Co.	Separate Account Portfolio, 2.32%, opened		69,439,935		69,439,935
	Metropolitan Life Insurance Co.	Separate Account Portfolio, 0.93%, opened		40,402,822		40,402,822
	FFI Government Fund	Money Market Fund, 0.01%		30,621,948		30,621,948
	Prudential Separate Account Wrap:
	Prudential Retirement Ins. & Annuity Co.	Synthetic GIC, 2.28%, opened		135,487,570
	Underlying Security Description:
	Jennison Intermediate Core Bond Fund	Collective Trust		6,177,505		67,766,148
	Prudential Core Cons. Inter. Bond Fund	Collective Trust		6,106,594		66,447,340

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

EIN Number 51-0337383, Plan Number 002

Schedule H, Part IV, Line 4(i) Schedule of Assets

(Held at End of Year)


December 31, 2013		Supplemental Schedule


(a)	(b) Identity of Issue, Borrower, Lessor or Similar Party	(c) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par or Maturity Value	(d) Cost and Number of Shares/Units**			(e) Current Value
	Prudential Retirement Ins. & Annuity Co.	Synthetic Wrap Agreement***					1,274,081
	Perpetual Window Global Wrap:
	ING Life Insurance & Annuity Co.	Synthetic GIC, 0.52%, opened		44,733,155
	Monumental Life Insurance Co.	Synthetic GIC, 0.52%, opened		44,733,155
	Underlying Security Description:
	GEM Trust Short Duration	3,976,676.5329 units of participation					48,986,089
	US Dollar	CASH		(54,774	)		(54,774	)
	Barclays Capital Inc	Cash as Collateral for Futures		6,000			6,000
	Wells Fargo Bank NA	0.517% 20 Jul 2015		100,000			100,153
*	State Street SSgA	0.007% 31 Dec 2030 Gov. Short Term Invest. Fund		225,756			225,756
	Citibank Cash Coll CCP	Cash as Collateral for Futures		43,000			43,000
	BWU002SB9 IRS USD PF 2.00000	2% 19 Jun 2023		(700,000	)		(639,415	)
	Fannie Mae	1% 25 Apr 2037		12,744			12,729
	Fannie Mae	0.595% 25 Jul 2037		31,662			31,372
	Freddie Mac	0.455% 15 May 2037		33,430			33,267
	Fannie Mae	0.555% 25 Oct 2040		37,808			37,870
	Fannie Mae	0.496% 25 Apr 2037		47,292			47,195
	Wachovia Bank Commercial Mortg	5.738% 15 Jun 2049		52,532			53,769
	Fannie Mae	1% 25 May 2037		58,488			58,471
	Freddie Mac	0.735% 15 Jul 2037		58,460			58,654
	Fannie Mae	0.725% 25 Dec 2040		62,068			62,132
	Transocean Inc	6.5% 15 Nov 2020		60,000			68,516
	Fannie Mae	0.666% 25 Nov 2040		76,100			75,937
	Fannie Mae	0.654% 25 Dec 2040		76,846			76,877
	GNMA II Pool 783277	6% 20 Jul 2040		70,708			78,947
	Altria Group Inc	9.25% 06 Aug 2019		67,000			88,260
	FNMA Pool 470989	2.9% 01 Jun 2020		87,869			89,306
	Freddie Mac	1% 15 May 2037		89,673			89,594
	FNMA Pool AL1378	6% 01 May 2024		91,028			99,161
	Fannie Mae	1.625% 27 Nov 2018		100,000			99,166
	Abbvie Inc	1.75% 06 Nov 2017		100,000			99,829
	JPMorgan Chase & Co	1% 24 Jan 2014		100,000			100,052
	Freddie Mac	0.667% 15 Aug 2028		99,734			100,321
	Abbvie Inc	1.2% 06 Nov 2015		100,000			101,016
	Hospitality Properties	5.125% 15 Feb 2015		100,000			102,288

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

EIN Number 51-0337383, Plan Number 002

Schedule H, Part IV, Line 4(i) Schedule of Assets

(Held at End of Year)


December 31, 2013		Supplemental Schedule


(a)	(b) Identity of Issue, Borrower, Lessor or Similar Party	(c) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par or Maturity Value	(d) Cost and Number of Shares/Units**		(e) Current Value
	National Rural Util Coop	1.9% 01 Nov 2015		100,000		102,389
	Verizon Communications	1.763% 15 Sep 2016		100,000		103,023
	Verizon Communications	2.5% 15 Sep 2016		100,000		103,404
	Ensco PLC	3.25% 15 Mar 2016		100,000		104,404
	Bear Stearns Cos LLC	5.7% 15 Nov 2014		100,000		104,452
	BP Capital Markets PLC	3.125% 01 Oct 2015		100,000		104,475
	Kinder Morgan Ener Part	3.5% 01 Mar 2016		100,000		104,597
	JPMorgan Chase & Co	3.45% 01 Mar 2016		100,000		104,885
	Kilroy Realty LP	5% 03 Nov 2015		100,000		106,522
	Healthcare Realty Trust	5.75% 15 Jan 2021		100,000		108,682
	HSBC Holdings PLC	5.1% 05 Apr 2021		100,000		111,145
	Fannie Mae	0.958% 25 Jan 2040		110,178		111,442
	Intl Lease Finance Corp	6.75% 01 Sep 2016		100,000		111,500
	Morgan Stanley	5.625% 23 Sep 2019		100,000		113,669
	SLM Corp	8.45% 15 Jun 2018		100,000		116,500
	Government National Mortgage A	0.740% 20 Oct 2037		117,023		117,860
	Fannie Mae	1% 25 Apr 2037		123,609		123,511
	Fannie Mae	0.737% 25 Sep 2041		130,714		130,878
	Fannie Mae	0.946% 25 Mar 2038		150,539		151,198
	FNMA Pool AH4680	4% 01 Mar 2026		156,854		166,266
	Freddie Mac	0.951% 15 Sep 2037		166,688		167,290
	Freddie Mac	0.8% 15 Dec 2041		180,466		181,337
	Fannie Mae	0.605% 25 Mar 2035		189,131		189,525
	Fannie Mae	0.925% 25 Dec 2037		195,262		195,876
	EOG Resources Inc	0.992% 03 Feb 2014		200,000		200,126
	US Treasury N/B	0.25% 30 Sep 2014		200,000		200,164
	US Treasury N/B	0.25% 30 Nov 2014		200,000		200,180
	Freddie Mac	1% 08 Mar 2017		200,000		200,326
	Abbey Natl Treasury Serv	1.819% 25 Apr 2014		200,000		200,878
	Credit Suisse Mortgage Trust	5.694% 15 Sep 2040		200,000		202,324
	Ford Motor Credit Co LLC	3.88% 15 Jan 2015		200,000		206,370
	New York City NY Transitional	3.02% 01 Feb 2016		200,000		206,528
	DCP Midstream Operating	3.25% 01 Oct 2015		200,000		206,618
	Tyco Electronics Group S	4.875% 15 Jan 2021		200,000		209,748
	BP Capital Markets PLC	3.2% 11 Mar 2016		200,000		210,016
	Verizon Communications	3.65% 14 Sep 2018		200,000		211,712

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

EIN Number 51-0337383, Plan Number 002

Schedule H, Part IV, Line 4(i) Schedule of Assets

(Held at End of Year)


December 31, 2013		Supplemental Schedule


(a)	(b) Identity of Issue, Borrower, Lessor or Similar Party	(c) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par or Maturity Value	(d) Cost and Number of Shares/Units**		(e) Current Value
	Prologis LP	4% 15 Jan 2018		200,000		211,986
	Morgan Stanley	5.375% 15 Oct 2015		200,000		215,114
	HCP Inc	5.375% 01 Feb 2021		200,000		217,716
	Freddie Mac	1% 15 Oct 2040		220,531		220,483
	Transocean Inc	6% 15 Mar 2018		200,000		224,290
	Freddie Mac	0.736% 15 Oct 2040		249,684		249,352
	Union Bank NA	1.5% 26 Sep 2016		250,000		252,835
	Freddie Mac	0.74% 15 Oct 2040		264,681		263,666
	Freddie Mac	0.749% 15 Jan 2042		266,451		268,713
	Fannie Mae	0.826% 25 Sep 2041		272,767		272,406
	US Treasury N/B	0.25% 31 Oct 2014		300,000		300,258
	Dow Chemical Co	2.5% 15 Feb 2016		300,000		309,180
	Agilent Technologies Inc	5% 15 Jul 2020		300,000		323,427
	Fannie Mae	0.756% 25 Dec 2040		337,955		336,741
	Morgan Stanley	6.625% 01 Apr 2018		300,000		351,027
	Rogers Communications Inc	6.8% 15 Aug 2018		300,000		357,552
	JPMorgan Chase & Co	0.854% 26 Feb 2016		400,000		401,644
	Ford Motor Credit Co LLC	1% 28 Aug 2014		400,000		401,860
	American Express Co	7.25% 20 May 2014		400,000		410,516
	Fannie Mae	0.826% 25 Sep 2041		429,395		433,708
	Tsy Infl IX N/B	0.375% 15 Jul 2023		501,820		483,980
	FNMA Pool AT5365	3.5% 01 May 2043		499,051		496,266
	FNMA TBA Feb 30yr Single Fam	4% 01 Dec 2099		500,000		513,125
	FNMA Pool 466319	3.23% 01 Nov 2020		569,120		583,035
	Citigroup Inc	1.919% 13 Jan 2014		600,000		600,222
	Goldman Sachs Group Inc	7.5% 15 Feb 2019		500,000		608,985
	US Treasury N/B	0.25% 31 Aug 2014		635,000		635,546
	BWU002SB9 IRS USD RV 03M LIBOR	0.273% 19 Jun 2023		700,000		700,000
*	Bank of America Corp	7.375% 15 May 2014		700,000		717,423
	Freddie Mac	1% 15 Nov 2040		737,535		736,635
	US Treasury N/B	0.25% 15 Sep 2014		800,000		800,688
	US Treasury N/B	2% 30 Nov 2020		900,000		876,096
	Government National Mortgage A	0.457% 20 Dec 2042		893,814		887,685
	US Treasury N/B	1% 31 Aug 2019		1,000,000		945,700
	US Treasury N/B	0.5% 15 Nov 2016		2,200,000		2,193,290
	US Treasury N/B	0.5% 15 Oct 2014		2,300,000		2,306,463

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

EIN Number 51-0337383, Plan Number 002

Schedule H, Part IV, Line 4(i) Schedule of Assets

(Held at End of Year)


December 31, 2013		Supplemental Schedule


(a)	(b) Identity of Issue, Borrower, Lessor or Similar Party	(c) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par or Maturity Value	(d) Cost and Number of Shares/Units**		(e) Current Value
	US Treasury N/B	1.5% 31 Aug 2018		3,000,000		2,984,760
	US Treasury N/B	0.375% 15 Nov 2014		10,600,000		10,620,246
	Various Payables					(368,016	)
	Various Insurance Companies	Synthetic Wrap Agreements***				300,349
	Total Return Tier Global Wrap:
	ING Life Insurance & Annuity Co.	Synthetic GIC, 3.13%, opened		55,525,134
	Monumental Life Insurance Co.	Synthetic GIC, 3.13%, opened		55,525,134
	Underlying Security Description:
	GEM Trust Opportunistic 2	841,820.7963 units of participation				13,221,837
	GEM Trust Opportunistic 3	3,316,224.4550 units of participation				50,090,436
	US Dollar	CASH		274,404		274,404
*	State Street SSgA	0.007% 31 Dec 2030 Gov. Short Term Invest. Fund		17,569,063		17,569,063
	FNMA Pool 318107	7% 01 Aug 2025		262		289
	FNMA Pool 306974	7.5% 01 Jun 2025		468		473
	FNMA Pool 987022	5.5% 01 Aug 2038		685		752
	GNMA Pool 780975	6% 15 Feb 2029		802		892
	GNMA Pool 373607	6.5% 15 Mar 2026		1,088		1,214
	Fannie Mae	9.99% 25 Sep 2017		1,733		1,876
	City of Florence	6.14% 15 Apr 2014		1,902		1,912
	Fed Hm Ln Pc Pool D28599	7.5% 01 Dec 2022		2,844		2,854
	GNMA Pool 412583	6.5% 15 Apr 2026		2,635		2,969
	GNMA Pool 412234	6.5% 15 May 2026		4,302		4,798
	Small Business Administration	4.12% 10 Mar 2014		4,878		4,906
	GNMA Pool 288117	10% 15 Mar 2020		5,037		5,065
	GNMA Pool 419569	6.5% 15 Feb 2026		4,992		5,568
	Fed Hm Ln Pc Pool C80253	9% 01 Jan 2025		5,390		6,233
	FNMA Pool 414547	7% 01 Feb 2028		5,889		6,343
	FNMA Pool 928560	5.5% 01 Jul 2037		6,326		6,944
	FNMA Pool 906693	5.5% 01 Dec 2036		7,427		8,156
	GNMA Pool 296513	10% 15 Dec 2020		8,082		9,220
	Citifinancial Mortgage Securities	1% 25 Oct 2033		9,699		9,773
	Marsh & McLennan Cos Inc	9.25% 15 Apr 2019		8,000		10,364
	Fed Hm Ln Pc Pool A73704	5% 01 Mar 2038		11,023		11,867
	Credit Suisse First Boston Mort.	6% 25 Nov 2018		11,705		12,106
	GNMA Pool 426119	8% 15 Jun 2026		11,127		12,729

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

EIN Number 51-0337383, Plan Number 002

Schedule H, Part IV, Line 4(i) Schedule of Assets

(Held at End of Year)


December 31, 2013		Supplemental Schedule


(a)	(b) Identity of Issue, Borrower, Lessor or Similar Party	(c) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par or Maturity Value	(d) Cost and Number of Shares/Units**		(e) Current Value
	GNMA Pool 457932	6% 15 Dec 2028		12,344		13,790
	Fannie Mae	8.5% 25 Sep 2021		13,096		14,845
	Crane Co	4.45% 15 Dec 2023		16,000		15,815
	Hartford Finl Svcs Grp	5.375% 15 Mar 2017		15,000		16,529
	FNMA Pool 900012	5.5% 01 Sep 2036		15,157		16,642
	Entergy Mississippi Inc	6.64% 01 Jul 2019		15,000		17,388
	Bemis Company Inc	6.8% 01 Aug 2019		15,000		17,582
	FNMA Pool 906868	5.5% 01 Dec 2036		16,186		17,767
	Fannie Mae	0.01% 09 Oct 2019		21,000		17,856
	GNMA Pool 424276	6.5% 15 Mar 2026		16,076		17,936
	Owens Corning Inc	6.5% 01 Dec 2016		17,000		18,865
	Panhandle East Pipe Line	8.125% 01 Jun 2019		16,000		19,194
	FNMA Pool 323347	7% 01 Sep 2028		16,724		19,371
	Credit Suisse First Boston Mort.	5% 25 Apr 2019		19,540		20,023
	Airgas Inc	4.5% 15 Sep 2014		20,000		20,518
	Intl Bk Recon & Develop	0% 15 Feb 2015		21,000		20,882
	Comcast Corp	5.7% 15 May 2018		19,000		21,817
	Valspar Corp	6.05% 01 May 2017		20,000		22,060
	Amazon.com Inc	2.5% 29 Nov 2022		25,000		22,536
	Agilent Technologies Inc	3.2% 01 Oct 2022		25,000		22,882
	Oracle Corp	5.75% 15 Apr 2018		20,000		23,111
	Clorox Company	3.05% 15 Sep 2022		25,000		23,434
	NVR Inc	3.95% 15 Sep 2022		25,000		23,628
	Jones Lang Lasalle Inc	4.4% 15 Nov 2022		25,000		24,012
	Lab Corp of Amer Hldgs	3.75% 23 Aug 2022		25,000		24,216
	Heineken NV	3.4% 01 Apr 2022		25,000		24,408
	Metlife Inc	7.717% 15 Feb 2019		20,000		24,790
	Petrobras Intl Fin Co	5.375% 27 Jan 2021		25,000		24,810
	Ralph Lauren Corp	2.125% 26 Sep 2018		25,000		24,876
	Dun & Bradstreet Corp	3.25% 01 Dec 2017		25,000		25,269
	Advance Auto Parts Inc	4.5% 15 Jan 2022		25,000		25,369
	DBS Bank LTD/Singapore	5% 15 Nov 2019		25,000		25,668
	Time Warner Cable Inc	3.5% 01 Feb 2015		25,000		25,686
	Citigroup Inc	6.375% 12 Aug 2014		25,000		25,841
	Arrow Electronics Inc	3.375% 01 Nov 2015		25,000		25,872
	GNMA Pool 377590	8% 15 Aug 2025		22,973		25,907

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

EIN Number 51-0337383, Plan Number 002

Schedule H, Part IV, Line 4(i) Schedule of Assets

(Held at End of Year)


December 31, 2013		Supplemental Schedule


(a)	(b) Identity of Issue, Borrower, Lessor or Similar Party	(c) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par or Maturity Value	(d) Cost and Number of Shares/Units**		(e) Current Value
	Dr Pepper Snapple Group	2.9% 15 Jan 2016		25,000		25,946
	Petroleos Mexicanos	4.875% 15 Mar 2015		25,000		26,175
	HCP Inc	3.75% 01 Feb 2016		25,000		26,270
	FNMA Pool MA1164	3.5% 01 Sep 2042		26,494		26,346
	Ecopetrol SA	5.875% 18 Sep 2023		25,000		26,375
	Cliffs Natural Resources	5.9% 15 Mar 2020		25,000		26,381
	American Intl Group	3.8% 22 Mar 2017		25,000		26,698
	Sunoco Logistics Partner	5.5% 15 Feb 2020		25,000		26,798
	Arcelormittal	6.25% 25 Feb 2022		25,000		27,188
	Capital One Financial Co	7.375% 23 May 2014		27,000		27,695
	Petroleos Mexicanos	6% 05 Mar 2020		25,000		27,775
	Goldman Sachs Group Inc	5.375% 15 Mar 2020		25,000		27,803
	Duke Realty LP	5.95% 15 Feb 2017		25,000		27,820
	Federal Home Loan Bank	4.625% 09 Mar 2018		25,000		28,128
	GNMA Pool 413641	6.5% 15 Apr 2026		25,806		28,790
	FNMA Pool 995876	6% 01 Nov 2038		26,084		28,881
	Marathon Oil Corp	6.8% 15 Mar 2032		25,000		29,359
	Alleghany Corp	5.625% 15 Sep 2020		27,000		29,545
	Talisman Energy	7.75% 01 Jun 2019		25,000		29,942
	GNMA Pool 708581	4.5% 15 Apr 2039		28,240		30,177
	Duke Energy Carolinas	7% 15 Nov 2018		25,000		30,462
	Mosaic Co	4.25% 15 Nov 2023		31,000		30,616
	Berkshire Hathaway Fin	2.9% 15 Oct 2020		31,000		30,742
	CBL & Associates LP	5.25% 01 Dec 2023		31,000		30,959
	Anheuser Busch Inbev Wor	7.75% 15 Jan 2019		25,000		31,217
	Valero Energy Corp	9.375% 15 Mar 2019		25,000		32,220
	Bear Stearns Cos LLC	5.3% 30 Oct 2015		30,000		32,359
	Ingersoll Rand Gl Hld Co	2.875% 15 Jan 2019		33,000		32,526
	Hartford Finl Svcs Grp	5.5% 30 Mar 2020		29,000		32,595
	Diageo Capital PLC	2.625% 29 Apr 2023		36,000		32,822
	Murphy Oil Corp	3.7% 01 Dec 2022		36,000		33,264
*	Bank of America Corp	6.4% 28 Aug 2017		29,000		33,434
	Southern Co	2.45% 01 Sep 2018		33,000		33,501
	Reynolds American Inc	4.85% 15 Sep 2023		33,000		34,066
	Xerox Corporation	4.25% 15 Feb 2015		33,000		34,235
	Autozone Inc	5.75% 15 Jan 2015		33,000		34,666

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

EIN Number 51-0337383, Plan Number 002

Schedule H, Part IV, Line 4(i) Schedule of Assets

(Held at End of Year)


December 31, 2013		Supplemental Schedule


(a)	(b) Identity of Issue, Borrower, Lessor or Similar Party	(c) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par or Maturity Value	(d) Cost and Number of Shares/Units**		(e) Current Value
	Nevada Power Co	6.5% 15 May 2018		30,000		35,361
	Magellan Midstream Partn	6.55% 15 Jul 2019		30,000		35,501
	Empresa Bras De Aeronau	5.15% 15 Jun 2022		36,000		36,000
	Meccanica Holdings USA	6.25% 15 Jul 2019		35,000		36,294
	Prudential Financial Inc	6.1% 15 Jun 2017		32,000		36,426
	American Intl Group	6.4% 15 Dec 2020		31,000		36,638
	Duke Realty LP	8.25% 15 Aug 2019		30,000		37,145
*	Bank of America Corp	7.8% 15 Sep 2016		32,000		37,208
	Citigroup Inc	4.75% 19 May 2015		36,000		37,881
	American Express Co	8.125% 20 May 2019		30,000		38,278
	Aflac Inc	8.5% 15 May 2019		30,000		38,316
	Lincoln National Corp	8.75% 01 Jul 2019		30,000		38,615
	Hershey Company	1.5% 01 Nov 2016		40,000		40,350
	Biomed Realty LP	6.125% 15 Apr 2020		37,000		40,562
	Kellogg Co	1.875% 17 Nov 2016		40,000		40,686
	Morgan Stanley Mortgage Loan T	1% 25 Apr 2034		39,172		40,784
	Metlife Inc	6.817% 15 Aug 2018		35,000		41,875
	Contl Airlines 1999 2	7.256% 15 Sep 2021		37,730		41,975
	John Deere Capital Corp	1.25% 02 Dec 2014		42,000		42,371
	Time Warner Inc	4.875% 15 Mar 2020		39,000		42,747
	Goldman Sachs Group Inc	6% 01 May 2014		42,000		42,750
	Toronto Dominion Bank	2.625% 10 Sep 2018		42,000		42,835
	PSEG Power LLC	2.75% 15 Sep 2016		42,000		43,491
	Natl Retail Properties	6.875% 15 Oct 2017		38,000		44,059
	Buckeye Partners LP	4.15% 01 Jul 2023		46,000		44,231
	Time Warner Inc	3.15% 15 Jul 2015		43,000		44,548
	HCC Insurance Holding	6.3% 15 Nov 2019		39,000		45,111
	Rogers Communications Inc.	4.1% 01 Oct 2023		46,000		46,086
	Diageo Capital PLC	5.5% 30 Sep 2016		42,000		46,995
	Thermo Fisher Scientific	4.15% 01 Feb 2024		48,000		47,544
	American Intl Group	4.125% 15 Feb 2024		48,000		47,722
	Verizon Communications	8.75% 01 Nov 2018		39,000		49,903
	San Diego G & E	3.6% 01 Sep 2023		50,000		49,975
	Reinsurance Grp of America	4.7% 15 Sep 2023		50,000		50,558
	Portigon AG/New York	4.796% 15 Jul 2015		48,000		50,710
	Fannie Mae	5.125% 02 Jan 2014		51,000		51,007

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

EIN Number 51-0337383, Plan Number 002

Schedule H, Part IV, Line 4(i) Schedule of Assets

(Held at End of Year)


December 31, 2013		Supplemental Schedule


(a)	(b) Identity of Issue, Borrower, Lessor or Similar Party	(c) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par or Maturity Value	(d) Cost and Number of Shares/Units**		(e) Current Value
	JP Morgan Mortgage Trust	2.112% 25 Jun 2034		51,844		51,041
	Metlife Inc	1.923% 15 Sep 2023		50,000		51,045
	Contl Airlines 2007 1	0% 19 Oct 2023		47,298		51,673
	CSX Corp	7.375% 01 Feb 2019		43,000		52,168
	FNMA Pool AQ4852	3.5% 01 Nov 2042		52,783		52,487
*	Bank of America Corp	6.875% 25 Apr 2018		45,000		53,207
	PNC Funding Corp	5.25% 15 Nov 2015		50,000		53,693
	Principal Financial Group	8.875% 15 May 2019		42,000		53,698
	Simon Property Group LP	2.8% 30 Jan 2017		53,000		54,818
	Axis Specialty Finance	5.875% 01 Jun 2020		50,000		54,851
	Empresa Nacional De Elec	8.625% 01 Aug 2015		50,000		55,082
	Niagara Mohawk Power	4.881% 15 Aug 2019		50,000		55,273
	First Niagara Fin Grp	6.75% 19 Mar 2020		50,000		57,475
	FNMA Pool AP8545	3% 01 Sep 2042		61,174		58,137
*	Bank of America Corp	6.5% 15 Jul 2018		50,000		58,647
	Assurant Inc	6.75% 15 Feb 2034		55,000		58,808
	JP Morgan Chase Commercial Mort.	5.447% 12 Jun 2047		58,437		59,108
	General Elec Cap Corp	5.9% 13 May 2014		58,000		59,173
	Housing Urban Developmnt	2.96% 01 Aug 2024		66,000		61,481
	Royal Bk Of Scot Grp PLC	4.7% 03 Jul 2018		61,000		61,974
	Time Warner Inc	4.05% 15 Dec 2023		63,000		62,816
	Tsy Infl IX N/B	2.375% 15 Jan 2017		57,910		63,728
	Landwirtsch. Rentenbank	3.125% 15 Jul 2015		62,000		64,581
	FNMA Pool AA0654	5.5% 01 Dec 2038		58,880		65,183
	Fed Hm Ln Pc Pool G04832	5% 01 Oct 2038		62,045		66,797
	Becton Dickinson and Co	5% 15 May 2019		60,000		67,276
	Kohls Corporation	4.75% 15 Dec 2023		67,000		68,012
	Cincinnati Finl Corp	6.125% 01 Nov 2034		65,000		69,201
	Sprint Capital Corp	8.75% 15 Mar 2032		65,000		69,713
	Qwest Capital Funding	6.875% 15 Jul 2028		76,000		69,730
	Contl Airlines 2000 1	8.048% 01 May 2022		61,585		70,435
	Southern Cal Edison	3.5% 01 Oct 2023		76,000		74,484
	Mass Mutual Life Ins Co	5.625% 15 May 2033		70,000		74,530
	Nomura Holdings Inc	5% 04 Mar 2015		73,000		76,262
	Coca Cola Co	2.45% 01 Nov 2020		79,000		76,733
	CRH America Inc	8.125% 15 Jul 2018		63,000		77,170

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

EIN Number 51-0337383, Plan Number 002

Schedule H, Part IV, Line 4(i) Schedule of Assets

(Held at End of Year)


December 31, 2013		Supplemental Schedule


(a)	(b) Identity of Issue, Borrower, Lessor or Similar Party	(c) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par or Maturity Value	(d) Cost and Number of Shares/Units**		(e) Current Value
	Stanley Black & Decker I	3.4% 01 Dec 2021		80,000		78,603
	Lennox International Inc	4.9% 15 May 2017		74,000		78,746
	J.M. Smucker Co	3.5% 15 Oct 2021		80,000		79,427
	Toyota Motor Credit Corp	4.25% 11 Jan 2021		76,000		81,399
	Joy Global Inc	5.125% 15 Oct 2021		81,000		83,186
	Allegheny Ludlum Corp	6.95% 15 Dec 2025		79,000		83,906
	Ventas Realty LP/Cap Crp	4.75% 01 Jun 2021		80,000		83,930
	Comerica Inc	4.8% 01 May 2015		80,000		83,973
	Toyota Motor Credit Corp	1.25% 17 Nov 2014		84,000		84,698
	Flowers Foods Inc	4.375% 01 Apr 2022		86,000		84,704
	Pub Svc Elec & Gas	9.25% 01 Jun 2021		65,000		85,688
	Freddie Mac	3.35% 17 Jul 2023		89,000		85,938
	Abbey Natl Treasury Serv	3.05% 23 Aug 2018		84,000		86,313
	Johnson Controls Inc	2.6% 01 Dec 2016		84,000		86,854
	Boston Scientific Corp	6.25% 15 Nov 2015		80,000		87,382
	FNMA Pool AT2717	2.5% 01 May 2043		98,504		89,257
	Zions Bancorporation	4.5% 13 Jun 2023		93,000		90,652
	Procter & Gamble Co	8% 26 Oct 2029		69,000		90,848
	Aid Israel	5.5% 18 Sep 2023		81,000		93,518
	Fico Strip Prin	0% 30 Nov 2017		100,000		93,591
	FNMA Pool AS0331	3% 01 Aug 2043		99,218		94,307
	FNMA Pool 905648	5.5% 01 Dec 2036		86,662		95,908
	Kroger Co	3.3% 15 Jan 2021		99,000		98,348
	Kroger Co	6.4% 15 Aug 2017		87,000		99,679
	Tyson Foods Inc	7% 01 May 2018		86,000		99,912
	FNMA Pool AB0194	5.5% 01 Jan 2039		91,051		99,941
	Banco Nac De Desen Econo	5.5% 12 Jul 2020		100,000		102,000
	Korea Electric Power	5.5% 21 Jul 2014		100,000		102,415
	Santander US Debt SA Uni	3.781% 07 Oct 2015		100,000		103,045
	Rabobank Nederland	3.2% 11 Mar 2015		100,000		103,112
	America Movil Sab DE CV	3.625% 30 Mar 2015		100,000		103,251
	Morgan Stanley	5.625% 23 Sep 2019		91,000		103,439
	Midamerican Energy Co	2.4% 15 Mar 2019		103,000		103,722
	Financing Corp	9.4% 08 Feb 2018		80,000		103,923
	CRH America Inc	4.125% 15 Jan 2016		99,000		104,462
	Gap Inc	5.95% 12 Apr 2021		95,000		104,972

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

EIN Number 51-0337383, Plan Number 002

Schedule H, Part IV, Line 4(i) Schedule of Assets

(Held at End of Year)


December 31, 2013		Supplemental Schedule


(a)	(b) Identity of Issue, Borrower, Lessor or Similar Party	(c) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par or Maturity Value	(d) Cost and Number of Shares/Units**		(e) Current Value
	Fed Hm Ln Pc Pool A78453	5% 01 Jul 2038		98,183		105,699
	Morgan Stanley	6% 28 Apr 2015		100,000		106,503
	JPMorgan Chase & Co	5.15% 01 Oct 2015		100,000		106,880
	Banco Bilbao Vizcaya ARG	5.75% 20 Jul 2017		100,000		108,240
	Corning Inc	7% 15 May 2024		94,000		110,258
	Fed Hm Ln Pc Pool Q12591	3% 01 Oct 2042		117,751		111,694
	AT&T Inc	5.5% 01 Feb 2018		100,000		112,568
*	Bank of America Corp	5.45% 15 Jul 2014		110,000		112,856
	BBVA Global Finance Ltd.	7% 01 Dec 2025		112,000		115,920
	Express Scripts Holding	3.5% 15 Nov 2016		110,000		116,294
	Verizon Communications	4.5% 15 Sep 2020		109,000		116,692
	Hutch Wham Int 09 LTD	7.625% 09 Apr 2019		100,000		121,792
	Eastman Chemical Co	7.25% 15 Jan 2024		106,000		122,767
	Pearson Funding Two PLC	4% 17 May 2016		120,000		126,635
	FNMA Pool 889608	5.5% 01 Mar 2038		115,436		126,943
	LB Baden Wuerttemberg	7.625% 01 Feb 2023		106,000		127,245
	FNMA Pool AI9013	5% 01 Aug 2041		118,498		129,230
	GNMA Pool AC9442	4% 15 Jan 2043		128,943		134,163
	MacQuarie Bank LTD	5% 22 Feb 2017		125,000		135,555
	Spectra Energy Capital	6.75% 15 Jul 2018		121,000		138,848
	US Treasury N/B	4.25% 15 Nov 2017		125,000		139,180
	FNMA Pool MA0622	3.5% 01 Jan 2041		142,845		142,058
	EQT Corp	7.75% 15 Jul 2026		130,000		146,699
	FNMA Pool 995581	6% 01 Jan 2039		132,848		147,041
	Fanniemae ACES	7.663% 25 Dec 2038		140,412		147,980
	FHLMC GNMA	8% 25 Apr 2024		128,721		148,340
	FNMA Pool AL2140	4.5% 01 Sep 2041		141,409		149,928
	USAA Capital Corp	3.5% 17 Jul 2014		150,000		152,400
	GNMA Pool 727394	4.5% 15 Feb 2040		142,656		152,419
	Banco Latinoamericano SA	3.75% 04 Apr 2017		150,000		153,000
	British Sky Broadcasting	9.5% 15 Nov 2018		119,000		155,119
	Fico Strip Ser 19	0% 06 Jun 2018		180,000		165,145
*	Bank of America NA	1% 15 Jun 2016		171,000		169,468
	FNMA Pool AJ6246	4% 01 Feb 2042		169,316		174,390
	Petroleos Mexicanos	2.83% 15 Feb 2024		177,000		179,303
	Senior Housing Prop Trust	4.3% 15 Jan 2016		173,000		180,205

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

EIN Number 51-0337383, Plan Number 002

Schedule H, Part IV, Line 4(i) Schedule of Assets

(Held at End of Year)


December 31, 2013		Supplemental Schedule


(a)	(b) Identity of Issue, Borrower, Lessor or Similar Party	(c) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par or Maturity Value	(d) Cost and Number of Shares/Units**		(e) Current Value
	Tsy Infl IX N/B	1.625% 15 Jan 2018		167,234		181,749
	US Treasury N/B	1.75% 15 May 2022		200,000		184,938
	US Treasury N/B	1% 30 Jun 2019		200,000		190,188
	Fed Hm Ln Pc Pool G08488	3.5% 01 Apr 2042		192,050		190,773
	FNMA Pool 991864	6% 01 Oct 2038		173,241		191,647
	Goldman Sachs Group Inc	5.35% 15 Jan 2016		184,000		199,119
	GS Mortgage Securities Trust	5.162% 10 Dec 2043		180,000		200,454
	PTT Explor & Product PCL	3.707% 16 Sep 2018		200,000		203,110
	Tsy Infl IX N/B	1.75% 15 Jan 2028		195,106		208,886
	VTB Bank	6% 12 Apr 2017		200,000		212,500
	Landesbk Baden Wurtt NY	5.05% 30 Dec 2015		200,000		213,538
	Ford Motor Credit Co LLC	4.25% 03 Feb 2017		200,000		215,154
	UBS Commercial Mortgage Trust	3.4% 10 May 2045		220,000		216,727
	FNMA Pool AO7402	3.5% 01 Oct 2042		218,993		217,767
	FNMA Pool AB3284	5% 01 Jul 2041		202,130		220,544
	GS Mortgage Securities Trust	3.445% 10 Jan 2045		222,000		221,593
	FNMA Pool AH3520	4% 01 Feb 2041		218,601		225,214
	US Treasury N/B	3.5% 15 Feb 2039		250,000		235,430
	FNMS Pool 975093	5% 01 Jun 2038		218,802		237,142
	Fed Hm Ln Pc Pool A81219	6.5% 01 Aug 2038		231,489		257,296
	GNMS Pool 782920	5.5% 15 Mar 2040		235,098		258,556
	CFCRE Commercial Mortgage Trust	3.061% 15 Dec 2047		250,000		258,680
	GNMA Pool Ab3021	3% 15 Oct 2042		272,359		263,545
	CFCRE Commercial Mortgage Trust	4.961% 15 Apr 2044		250,000		269,208
	FNMA Pool AB5792	3.5% 01 Aug 2042		279,414		277,850
	Fed Hm Ln Pc Pool Q20205	3% 01 Jul 2043		296,887		281,615
	FNMA Pool AT2725	3% 01 May 2043		298,978		284,142
	FNMA Pool MA1666	3% 01 Nov 2043		299,016		284,212
	Fed Hm Ln Pc Pool G03616	6% 01 Dec 2037		266,663		293,926
	FNMA TBA 30yr Single Family	3.5% 01 Dec 2099		300,000		298,008
	Inter American Devel Bk	0.5% 17 Apr 2023		400,000		299,438
	FNMA Pool MA1430	3% 01 May 2043		328,138		311,866
	US Treasury N/B	1.625% 15 Nov 2022		350,000		315,931
	Santander Issuances	5.911% 20 Jun 2016		300,000		317,916
	Citigroup Inc	8.5% 22 May 2019		253,000		324,242
	GNMA Pool 719082	4.5% 15 Nov 2039		315,447		337,332

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

EIN Number 51-0337383, Plan Number 002

Schedule H, Part IV, Line 4(i) Schedule of Assets

(Held at End of Year)


December 31, 2013		Supplemental Schedule


(a)	(b) Identity of Issue, Borrower, Lessor or Similar Party	(c) Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par or Maturity Value	(d) Cost and Number of Shares/Units**		(e) Current Value
	Fed Hm Ln Pc Pool A92478	4.5% 01 Jun 2040		322,529		341,530
	Murphy Oil Corporation	7.05% 01 May 2029		320,000		341,872
	GNMA II Pool 004853	4% 20 Nov 2040		338,654		352,739
	Ruta Del Maipo Soc Conc	7.373% 15 Jun 2022		340,873		392,804
	Fed Hm Ln Pc Pool G06931	6% 01 Aug 2039		355,069		394,126
	Federal Farm Credit Bank	4.85% 29 Jul 2020		400,000		453,556
	GNMA Pool 675652	5.5% 15 Nov 2038		418,834		460,676
	Financing Corp	8.6% 26 Sep 2019		358,000		473,387
	GNMA Pool 717097	4.5% 15 May 2039		457,031		488,274
	GNMA Pool 697946	5% 15 Mar 2039		452,438		490,633
	GNMA Pool 778612	4% 15 Nov 2041		480,824		500,369
	FNMA Pool AO9925	3.5% 01 Jul 2042		509,517		506,663
	US Treasury N/B	2.625% 15 Nov 2020		500,000		508,125
	US Treasury N/B	2.625% 15 Aug 2020		500,000		510,155
	FNMA Pool AK7205	4% 01 Mar 2042		497,688		512,534
	Aid Israel	5.5% 26 Apr 2024		487,000		562,665
	Financing Corp Fico	9.65% 02 Nov 2018		450,000		607,977
	Abbey Natl Treasury Serv	3.875% 10 Nov 2014		610,000		626,659
	FNMA Pool AQ0536	3% 01 Nov 2042		826,318		785,316
	US Treasury N/B	1.375% 30 Sep 2018		800,000		790,248
	FNMA Pool AR1446	3% 01 Jan 2043		861,488		818,827
	FNMA TBA Single Family Mortgage	4% 01 Dec 2099		800,000		823,504
	FNMA Pool AP9618	3.5% 01 Oct 2042		889,730		884,747
	FNMA Pool AQ2137	3.5% 01 Nov 2042		918,002		912,862
	US Treasury N/B	1.875% 31 Oct 2017		975,000		999,375
	Freddie Mac	8.25% 01 Jun 2016		1,019,000		1,201,462
	Various Payables					(796,600	)
	Various Insurance Companies	Synthetic Wrap Agreements***				(7,900,001	)

	Total Stable Value Fund					580,560,124


*	Participant Notes Receivable	Interest at 4.25% to 9.25%, maturing through 2023		0		24,231,704


					$	1,194,431,163

*	Indicates parties-in-interest as defined by ERISA.

**	Cost information is not required for participant-directed investments and, therefore is not included.

***	Represents adjustment to arrive at contract value.

Signatures

The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the plan administrator of CONSOL Energy Inc. Investment Plan for Salaried Employees has duly caused this annual report to be signed on its behalf by the undersigned, thereunto duly authorized.

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES