Edgar Filing: CONSOL Energy Inc

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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, 2015;

¨ 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, 2015 and 2014


	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		4-20

Supplemental Schedule

Schedule H, Part IV, Line 4(i) Schedule of Assets (Held at End of Year)		22-33

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			34

Index to Exhibit			35

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, 2015 and 2014, and the related statement of changes in net assets available for benefits for the year ended December 31, 2015. 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, 2015 and 2014, and the changes in net assets available for benefits for the year ended December 31, 2015, in conformity with accounting principles generally accepted in the United States of America.

The supplemental information in the accompanying Schedule H, Part IV, Line 4(i) - Schedule of Assets (Held at End of Year) as of December 31, 2015, has been subjected to audit procedures performed in conjunction with the audit of the CONSOL Energy Inc. Investment Plan for Salaried Employees’ financial statements. The supplemental information is presented for the purpose of additional analysis and is not a required part of the financial statements but include supplemental information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information in the accompanying schedule, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information in the accompanying schedule is fairly stated in all material respects in relation to the financial statements as a whole.

/s/ Baker Tilly Virchow Krause, LLP

Pittsburgh, Pennsylvania

June 20, 2016


		1

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

Statements of Net Assets Available for Benefits


	December 31
	2015		2014
ASSETS

Investments
Investments at Fair Value (See Note 3)	$	392,768,958	$	543,901,955
Investments at Contract Value (See Note 4)		481,907,200		523,601,241

		874,676,158		1,067,503,196


Receivables
Due from Broker for Securities Sold		13,792		76,390
Accrued Interest and Dividends		162		154
Notes Receivable from Participants		21,290,631		22,606,514

		21,304,585		22,683,058


Cash		156,345		1,465,230


NET ASSETS AVAILABLE FOR BENEFITS	$	896,137,088	$	1,091,651,484


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, 2015

Additions, Less Loss on Investments:

Contributions:
Participants – Contributions	$	28,530,620
Participants – Rollovers		14,739,206
Employer		25,595,944

		68,865,770


Interest Income from Participants’ Notes Receivable		912,003


Income (Loss) on Investments:
Interest and Dividends		28,905,204
Net Depreciation in Fair Value of Investments		(92,691,370	)

		(63,786,166	)


Total Additions, Less Loss on Investments		5,991,607


Deductions from Net Assets Attributed to:
Benefits Paid to Participants		201,305,450
Administrative Expense		200,553


Total Deductions		201,506,003


Net Decrease		(195,514,396	)

Net Assets Available for Benefits
Beginning of Year		1,091,651,484


END OF YEAR	$	896,137,088


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, 2015 and 2014

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 full-time salaried, operations and maintenance, production and maintenance, warehouse and maintenance, and certain part-time casual employees of CONSOL Energy Inc. and other participating employers (collectively, “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 (the “Code”).

The Plan Administrator is the Investment Plan Committee of CONSOL Energy, whose members are appointed by the Board of Directors (the “Board”) of CONSOL Energy Inc. 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.

On December 12, 2014, the Company sold its Fairmont Supply Company (“Fairmont Supply”) subsidiary to an unrelated third party employer. As a result, employees of Fairmont Supply terminated employment under the CONSOL Energy control group and were no longer eligible to participate in the Plan after December 12, 2014.

During 2015 and 2014, the Plan offered CONSOL Energy Inc. common stock (the “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, 2015 and 2014, dividends from the CONSOL Stock Fund paid to participants in cash were not significant.


		4

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

Notes to Financial Statements

December 31, 2015 and 2014

1.	DESCRIPTION OF PLAN (Continued)

Contributions – Participants may make before-tax and/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 prior to December 12, 2014) if no action is taken by the employee within forty-five days from 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.

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 and/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 prior to December 12, 2014).

Prior to December 12, 2014, certain eligible employees of Fairmont Supply received qualified non-elective (“QNEC”) contributions equal to $1,500 per year, regardless of the employee’s contribution election. Effective January 1, 2015, the Plan also provided for a QNEC contribution equal to 3% of eligible compensation (“3% QNEC”) regardless of the employee’s contribution election for each payroll period for eligible participants, defined as active participants not classified as casual employees and (1) were hired or rehired on or after October 1, 2014; or (2) did not become participants in the CONSOL Energy Inc. Employee Retirement Plan (“Retirement Plan”) (a Company sponsored defined-benefit plan) on October 1, 2014 as the result of a participation freeze of the Retirement Plan as of September 30, 2014; or (3) whose accrued benefit under the Retirement Plan was frozen as of December 31, 2014.

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

Notes to Financial Statements

December 31, 2015 and 2014

1.	DESCRIPTION OF PLAN (Continued)

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 ended December 31, 2015 and 2014. All participant and employer 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 (i) credited with the participant’s contributions and allocations of the Company’s contributions and Plan investment earnings and (ii) charged with an allocation of administrative expenses and Plan investment losses. Allocations are based on participant earnings, account balances, or specific participant transactions, 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 investment options offered by the Plan, including registered investment companies, common stock, or a stable value fund.

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.

Notes Receivable from Participants – Participants may borrow up to the lesser of one-half of their 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, 2015, loan interest rates ranged from 4.25% to 9.25%.

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

Notes to Financial Statements

December 31, 2015 and 2014

1.	DESCRIPTION OF PLAN (Continued)

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”).

Investments held by a defined-contribution plan are required to be reported at fair value, except for fully benefit-responsive investment contracts. Contract value is the relevant measure for the 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 normally would receive if they were to initiate permitted transactions under the terms of the Plan.

Investment Valuation and Income Recognition – The Plan’s investments are stated at fair value (except for fully benefit-responsive investment contracts, which are reported at contract 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 3 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 common stocks are based on the average cost of the securities sold. Net depreciation includes the Plan’s gains and losses on investments bought and sold as well as held during the year.

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

Notes to Financial Statements

December 31, 2015 and 2014

2.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

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.

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. Fees related to specific participant transactions are charged directly to the participant’s account and are included in administrative expenses. 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, 2015 and 2014, and from the period since inception of the ESOP, there were no Company contributions in the form of stock.

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

Notes to Financial Statements

December 31, 2015 and 2014

2.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Recent Accounting Pronouncements – In May 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-07 “Disclosures for Investments in Certain Entities that Calculate Net Asset Value Per Share (or its Equivalent),” (“ASU 2015-07”). ASU 2015-07 removes the requirement to categorize within the fair value hierarchy investments for which fair values are estimated using the net asset value practical expedient provided by Accounting Standards Codification 820, Fair Value Measurement. Disclosures about investments in certain entities that calculate net asset value per share are limited under ASU 2015-07 to those investments for which the entity has elected to estimate the fair value using the net asset value practical expedient. ASU 2015-07 requires retrospective application and is effective for fiscal years beginning after December 15, 2015, with early adoption permitted. ASU 2015-07 is not applicable to the Plan.

In July 2015, the FASB issued ASU 2015-12 “Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Plans (Topic 962), Health and Welfare Plans (Topic 965)” (“ASU 2015-12”). The amendments in Part I of ASU 2015-12 eliminated the requirements that employee benefit plans measure the fair value of fully benefit-responsive investment contracts and provide the related fair value disclosures, rather these contracts will be measured and disclosed only at contract value. The amendments in Part II of ASU 2015-12 requires plans to disaggregate their investments measured using fair value only by general type, either on the financial statements or in the notes. Part II also eliminated the requirement to disclose the net appreciation/depreciation in fair value of investments by general type and the requirements to disclose individual investments that represent 5% or more of net assets available for benefits. The amendments in Part III of ASU 2015-12 provides a practical expedient to permit plans to measure its investments and investment related accounts as of a month-end date closest to its fiscal year for a plan with a fiscal year end that does not coincide with the end of a calendar month. The amendments in Part III are not applicable to the Plan. The amendments in ASU 2015-12 are effective for reporting periods beginning after December 15, 2015, with early adoption permitted. The amendments within Part I and II require retrospective application. Management has elected to early adopt the provisions of Parts I and II of this new standard. Accordingly, these provisions were retrospectively applied.

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

Notes to Financial Statements

December 31, 2015 and 2014

3.	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:

•

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 measured at fair value. There have been no changes in the methodologies used at December 31, 2015 and 2014.

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

Notes to Financial Statements

December 31, 2015 and 2014

3.	FAIR VALUE MEASUREMENTS (Continued)

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 – DuPont common stock (held by the Plan until December 23, 2015) 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.

The following tables set forth by level, within the fair value hierarchy, the Plan’s assets at fair value as of December 31, 2015 and 2014:


	Assets at Fair Value as of December 31, 2015
	Level 1		Level 2		Level 3		Total
Registered Investment Companies	$	370,171,115	$	0	$	0	$	370,171,115
Common Stock		22,597,843		0		0		22,597,843

Investments at Fair Value	$	392,768,958	$	0	$	0	$	392,768,958


	Assets at Fair Value as of December 31, 2014
	Level 1		Level 2		Level 3		Total
Registered Investment Companies	$	413,527,662	$	0	$	0	$	413,527,662
Common Stock		130,374,293		0		0		130,374,293

Investments at Fair Value	$	543,901,955	$	0	$	0	$	543,901,955

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

Notes to Financial Statements

December 31, 2015 and 2014

3.	FAIR VALUE MEASUREMENTS (Continued)

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 beginning of the reporting period. For the year ended December 31, 2015, there were no such transfers in or out of Levels 1, 2 or 3.

4.	FULLY BENEFIT-RESPONSIVE INVESTMENT CONTRACT

The Plan invests in a Stable Value Fund (“SVF”), which represents a fully benefit-responsive investment contract. The SVF represents 55% and 49% of the Plan’s total investments at December 31, 2015 and 2014, respectively. The Plan owns the individual investments of the SVF which consists of a short-term investment fund along with 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 backed by the full faith and credit of the issuer. SAPs and SYNs are backed by underlying fixed income assets. 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 composition of assets of the SVF at contract value as of December 31, 2015 and 2014 are as follows:


	2015		2014
Synthetic Guaranteed Investment Contracts	$	273,074,302	$	329,705,987
Separate Account Portfolios		165,202,635		188,566,436
Guaranteed Investment Contracts		25,240,789		0
U.S. Government Security Fund		18,389,474		5,328,818

	$	481,907,200	$	523,601,241

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

Notes to Financial Statements

December 31, 2015 and 2014

4.	FULLY BENEFIT-RESPONSIVE INVESTMENT CONTRACT (Continued)

The following disclosures provide information about the nature of the investments in the SVF.

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.

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.

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.

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. This pool of assets includes short-term investment funds, liquid government or corporate debt securities, fixed income collective trusts, options and swap contracts.

SYNs within the SVF are comprised of the following:


		December 31
	Credit Rating	2015		2014

SYNs (at Contract Value):
Prudential Retirement Ins. & Annuity Co.	AAA	$	93,332,160	$	138,521,749
Voya Retirement Ins. & Annuity Co.	AA		31,145,086		38,434,865
Transamerica Premier Life Insurance Co.	AA		31,145,086		38,434,865
Voya Retirement Ins. & Annuity Co.	AA		58,725,985		57,157,254
Transamerica Premier Life Insurance Co.	AA		58,725,985		57,157,254

Total SYNs (at Contract Value)		$	273,074,302	$	329,705,987

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

Notes to Financial Statements

December 31, 2015 and 2014

4.	FULLY BENEFIT-RESPONSIVE INVESTMENT CONTRACT (Continued)

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 assets underlying the 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.

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 were no reserves against contract value for credit risk of the contract issuers or otherwise.

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.

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

Notes to Financial Statements

December 31, 2015 and 2014

4.	FULLY BENEFIT-RESPONSIVE INVESTMENT CONTRACT (Continued)

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.

•

A material amendment is made to the Plan (including complete or partial termination or merger with another plan) and/or an amendment that 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.

•

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.

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

Notes to Financial Statements

December 31, 2015 and 2014

4.	FULLY BENEFIT-RESPONSIVE INVESTMENT CONTRACT (Continued)

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.

5.	TAX STATUS

The Plan obtained its latest determination letter from the IRS dated September 25, 2014, 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. Although the Plan has been amended since receiving the determination letter, 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.

US GAAP requires Plan management to evaluate tax positions taken by the Plan and recognize a tax liability 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, 2015 and 2014, there are no uncertain positions taken, or expected to be taken, that would require recognition of a tax liability 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 2012.

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

Notes to Financial Statements

December 31, 2015 and 2014

6.	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, 2015 and 2014 to Form 5500:


	2015			2014
Net Assets Available for Benefits per the Financial Statements	$	896,137,088		$	1,091,651,484
Amounts Allocated to Withdrawing Participants		(398,419	)		(1,658,629	)

Net Assets Available for Benefits per the Form 5500	$	895,738,669		$	1,089,992,855

The following is a reconciliation of benefits paid to participants per the financial statements for the year ended December 31, 2015 to Form 5500:


Benefits Paid to Participants per the Financial Statements	$	201,305,450
Amounts Allocated to Withdrawing Participants at December 31, 2015		398,419
Less: Amounts Allocated to Withdrawing Participants at December 31, 2014		(1,658,629	)

Benefits Paid to Participants per Form 5500	$	200,045,240

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, 2015, but not yet paid as of that date.

7.	TRANSACTIONS WITH PARTIES-IN-INTEREST

Certain Plan investments, including several underlying SYN assets within the SVF, are 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.

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

Notes to Financial Statements

December 31, 2015 and 2014

7.	TRANSACTIONS WITH PARTIES-IN-INTEREST (Continued)

Merrill Lynch, Pierce, Fenner, and Smith (“MLPF&S”), a subsidiary of Bank of America, provides certain administrative services to the Plan pursuant to a service agreement between the Company and MLPF&S. MLPF&S receives revenue from mutual fund and SVF service providers for services MLPF&S provides to the funds. This revenue is used to offset certain amounts owed to MLPF&S for its administrative services to the Plan. If the revenue received by MLPF&S from such fund service providers exceeds the amount owed under the service agreement, MLPF&S remits the excess to the Plan’s trust on a quarterly basis. Such amounts may be applied to pay Plan administrative expenses or allocated to the accounts of Plan participants. Alternatively, the Plan or Company may make a payment to MLPF&S for administrative expenses not covered by revenue sharing. During 2015, $70,248 of excess revenue was returned to the Plan’s trust. These fees qualify as party-in-interest transactions, which are exempt from the prohibited transaction rules of ERISA.

One of the investment vehicles available to participants, the CONSOL Stock Fund, contains stock of CONSOL Energy Inc. The Plan held 2,860,486 shares and 2,882,371 shares of CONSOL Energy Inc. common stock at December 31, 2015 and 2014, respectively, which represents approximately 3% and 9% of investments held by the Plan. In addition, during 2015, the Plan purchased 1,000,528 shares of CONSOL Energy Inc. stock at an aggregate cost of $15,605,701 and sold 808,321 shares of CONSOL Energy Inc. stock for total proceeds of $16,870,695. The Plan received $409,947 in dividends on CONSOL Energy Inc. stock during 2015. Transactions in this investment qualify as party-in-interest transactions which are exempt from the prohibited transaction rules of ERISA.

8.	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.

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES

Notes to Financial Statements

December 31, 2015 and 2014

8.	RISKS AND UNCERTAINTIES (Continued)

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, interest rate swap contracts, and option 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. As a writer of option contracts, the Plan receives a premium to become obligated to buy or sell financial instruments for a period of time at the holder’s option. During this period, the Plan bears the risk of an unfavorable change in the market value underlying the option, but has no credit risk, as the counterparty has no performance obligation to the Plan once it has paid its cash premium. The Plan’s investments in futures, interest rate swap contracts, and option contracts are insignificant to the financial statements for the years ended December 31, 2015 and 2014, respectively.

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

Notes to Financial Statements

December 31, 2015 and 2014

9.	SUBSEQUENT EVENT

Effective January 1, 2016, the Plan was amended to eliminate the 3% QNEC and also increase the maximum discretionary contribution to 6% (previous maximum of 4%) of eligible compensation for eligible employees (as defined by the Plan).

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, 2015		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			2,860,486	$	22,597,843


	Registered Investment Companies
	American Funds	Europacific Growth Fund		1,011,618		45,846,511
	BlackRock	Basic Value Fund		1,344,824		29,693,705
	BlackRock	Inflation Protected Bond Fund		648,343		6,690,901
	ClearBridge	Large Cap Growth Fund		835,560		29,779,347
	Columbia	Acorn Fund		1,397,567		27,028,953
	Davis New York	Venture Fund		782,065		24,580,307
	DFA	Emerging Markets Core Equity Portfolio Fund		268,377		4,229,618
	Dodge & Cox	Income Fund		2,609,353		34,678,300
	Vanguard	Institutional Index Fund		344,787		64,344,066
	Vanguard	Mid Cap Index Fund		945,493		31,059,439
	Vanguard	Small Cap Index Fund		604,327		32,059,569
	Vanguard	Total Bond Market Index Fund		1,489,544		15,848,748
	Vanguard	Total International Stock Index Fund		250,997		24,331,651

	Total Registered Investment Companies					370,171,115


	Stable Value Fund
	Metropolitan Life Insurance Co.	GIC, 1.70%, 06/05/2018		12,621,823		12,621,823
	Prudential Retirement Ins. & Annuity Co.	GIC, 1.66%, 06/05/2018		12,618,966		12,618,966
	Massachusetts Mutual Life Ins. Co.	Separate Account Portfolio, 3.16%, opened		38,544,856		38,544,856
	Massachusetts Mutual Life Ins. Co.	Separate Account Portfolio, 2.73%, opened		36,180,271		36,180,271
	Metropolitan Life Insurance Co.	Separate Account Portfolio, 1.99%, opened		64,499,505		64,499,505
	Metropolitan Life Insurance Co.	Separate Account Portfolio, 0.97%, opened		25,978,003		25,978,003
	FFI Government Fund	Money Market Fund, 0.04%		18,389,474		18,389,474
	Prudential Separate Account Wrap:
	Prudential Retirement Ins. & Annuity Co.	Synthetic GIC, 2.31%, opened		93,332,160
	Underlying Security Description:
	Jennison Intermediate Core Bond Fund	Collective Trust		4,778,646		56,050,006
	Prudential Core Cons. Inter. Bond Fund	Collective Trust		3,303,362		37,999,416
	Prudential Retirement Ins. & Annuity Co.	Synthetic Wrap Agreement***				(717,262)
	Perpetual Window Global Wrap:
	Voya Retirement Ins. & Annuity Co.	Synthetic GIC, 0.55%, opened		31,145,086
	Transamerica Premier Life Insurance Co.	Synthetic GIC, 0.55%, opened		31,145,086


		22

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, 2015		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
	Underlying Security Description:
	GEM Trust Short Duration	2,958,115.4035 units of participation				36,770,673
	US Dollar	CASH		6,570		6,570
	Morgan Stanley & Co Inc	Cash as Collateral for Futures		17,000		17,000
*	State Street SSgA	0.069% 31 Dec 2030 Gov. Short Term Invest. Fund		171,641		171,641
	United States of Amer Treas	0.01% 07 Jan 2016		4,300,000		4,299,983
	SWU00D7M4 IRS USD PF 0.00000	0% 18 Dec 2017		(1,100,000)		(1,100,000)
	BWU00D991 IRS USD PF 2.25000	2.25% 16 Dec 2022		(700,000)		(713,040)
	Fannie Mae	1% 25 Apr 2037		6,623		6,641
	Fannie Mae	1% 25 Jul 2037		16,721		16,733
	Freddie Mac	1% 15 May 2037		18,270		18,287
	Fannie Mae	1% 25 Oct 2040		18,925		19,066
	SLM Student Loan Trust	1% 25 Oct 2024		28,241		28,175
	Freddie Mac	1% 15 Jul 2037		28,195		28,519
	Fannie Mae	1% 25 Apr 2037		30,013		29,999
	Fannie Mae	1% 25 May 2037		31,367		31,471
	Fannie Mae	1% 25 Dec 2040		33,203		33,369
	SLM Student Loan Trust	1% 25 Jul 2019		42,909		42,641
	Fannie Mae	1% 25 Nov 2040		42,721		42,856
	SLM Student Loan Trust	1% 25 Apr 2023		45,439		44,927
	Fannie Mae	1% 25 Dec 2040		46,920		47,077
	SLM Student Loan Trust	1% 27 Jul 2026		49,276		48,711
	SLM Student Loan Trust	1% 27 Oct 2025		52,076		51,671
	Freddie Mac	1% 15 May 2037		55,522		55,652
	Morgan Stanley Capital I Trust	1% 12 Jul 2044		61,531		61,421
	Freddie Mac	1% 15 Aug 2028		63,820		64,335
	Fannie Mae	1% 25 Jan 2040		65,505		66,457
	Fannie Mae	1% 25 Sep 2041		71,050		71,827
	Amer Airln Pt Trs 11 1	5.25% 31 Jul 2022		67,985		72,064
	Government National Mortgage A	1% 20 Oct 2037		75,083		75,591
	Navient Student Loan Trust	1% 26 Sep 2022		77,122		76,709
	Fannie Mae	1% 25 Apr 2037		77,859		77,871
	Fannie Mae	1% 25 Apr 2037		80,683		80,886
	Ally Auto Receivables Trust LE	0.93% 20 Jun 2017		81,902		81,760
	Altria Group Inc	9.25% 06 Aug 2019		67,000		82,007
	Fannie Mae	1% 25 Mar 2038		84,017		85,224

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, 2015		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
	Ford Credit Auto Owner Trust	0.72% 15 Mar 2018		88,823		88,737
	FHLMC Multifamily Structured	1.639% 25 Oct 2019		92,247		91,743
	Kinder Morgan Ener Part	2.65% 01 Feb 2019		100,000		92,447
	Nelnet Student Loan Trust	1% 24 Dec 2035		100,000		94,728
	Freddie Mac	1% 15 Dec 2041		94,380		94,894
	Ace Ina Holdings	2.875% 03 Nov 2022		100,000		99,241
	Laclede Group Inc	1% 15 Aug 2017		100,000		99,511
	Chase Issuance Trust	1.38% 15 Nov 2019		100,000		99,714
	Citibank Credit Card Issuance	1% 10 Sep 2020		100,000		99,913
	Citibank Credit Card Issuance	1% 09 May 2018		100,000		99,991
	Tyson Foods Inc	2.65% 15 Aug 2019		100,000		100,055
	Dominion Gas Hldgs LLC	2.8% 15 Nov 2020		100,000		100,327
	LB UBS Commercial Mortgage Trust	5.372% 15 Sep 2039		98,896		100,329
	Boston Scientific Corp	2.65% 01 Oct 2018		100,000		100,526
	Fannie Mae	1.625% 27 Nov 2018		100,000		100,728
	American Express Credit	1% 14 Sep 2020		100,000		100,853
	Automatic Data Processng	3.375% 15 Sep 2025		100,000		101,942
	Intl Lease Finance Corp	6.75% 01 Sep 2016		100,000		102,750
	Navient Corp	8.45% 15 Jun 2018		100,000		105,250
	Fannie Mae	1% 25 Mar 2035		105,917		106,291
	Freddie Mac	1% 15 Jun 2037		105,425		106,357
	Healthcare Realty Trust	5.75% 15 Jan 2021		100,000		110,303
	Morgan Stanley	5.625% 23 Sep 2019		100,000		110,360
	North Carolina St Turnpike Auth.	6.7% 01 Jan 2039		100,000		110,402
	HSBC Holdings PLC	5.1% 05 Apr 2021		100,000		111,176
	Freddie Mac	1% 15 Sep 2037		114,536		116,481
	Fannie Mae	1% 25 Dec 2037		127,965		130,018
	Freddie Mac	1% 15 Oct 2040		133,773		134,711
	American Express Credit	1% 26 May 2020		150,000		148,532
	Bank of NY Mellon Corp	2.45% 27 Nov 2020		150,000		149,340
	Verizon Communications	3% 01 Nov 2021		150,000		149,579
	American Express Credit Account	1.49% 15 Apr 2020		150,000		150,053
	Fannie Mae	1% 25 Sep 2041		155,733		156,698
	Freddie Mac	1% 15 Oct 2040		164,707		165,845
	Freddie Mac	1% 15 Oct 2040		186,070		186,979
	Ford Motor Credit Co LLC	1.684% 08 Sep 2017		200,000		197,578

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, 2015		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
	Abbvie Inc	2.5% 14 May 2020		200,000		197,990
	Citibank Credit Card Issuance	1% 23 Jan 2020		200,000		202,954
	Prologis LP	4% 15 Jan 2018		200,000		206,766
	FHLMC Multifamily Structured	3.389% 25 Mar 2024		200,000		207,187
	JP Morgan Chase Commercial Mortgage	5.439% 15 Jan 2049		202,953		209,212
	Verizon Communications	2.625% 21 Feb 2020		214,000		214,745
	Tyco Electronics Group	4.875% 15 Jan 2021		200,000		215,720
	Freddie Mac	1% 15 Jan 2042		214,540		216,502
	HCP Inc	5.375% 01 Feb 2021		200,000		217,790
	Ford Motor Credit Co LLC	5.875% 02 Aug 2021		200,000		223,028
	AT&T Inc	3.4% 15 May 2025		250,000		240,273
	American Express Credit Account	1.26% 15 Jan 2020		250,000		249,493
	Amgen Inc	2.2% 22 May 2019		250,000		249,685
	Intesa Sanpaolo SpA	3.125% 15 Jan 2016		250,000		250,125
	Citibank Credit Card Issuance	1% 26 May 2020		300,000		299,068
	US Treasury N/B	0.375% 31 Jan 2016		300,000		300,015
	Agilent Technologies Inc	5% 15 Jul 2020		300,000		322,305
	Morgan Stanley	6.625% 01 Apr 2018		300,000		328,959
	Rogers Communications Inc.	6.8% 15 Aug 2018		300,000		334,833
	Freddie Mac	1% 15 Nov 2040		394,855		395,506
	Goldman Sachs Group Inc	5.75% 24 Jan 2022		350,000		398,027
	US Treasury Frn	1% 31 Oct 2017		400,000		399,636
	Freddie Mac	2.375% 13 Jan 2022		400,000		405,556
*	Bank of America Corp	6.875% 25 Apr 2018		400,000		441,304
	Tsy Infl IX N/B	0.125% 15 Apr 2020		507,815		501,340
	US Treasury N/B	0.375% 15 Jan 2016		600,000		600,024
	BWU00D991 IRS USD RV 03Mlibor	1% 16 Dec 2022		700,000		700,000
	US Treasury N/B	0.375% 30 Apr 2016		950,000		949,886
	SWU00D7M4 IRS USD RF 0.00000	0% 18 Dec 2017		1,100,000		1,107,519
	Fannie Mae	1% 27 Sep 2017		1,400,000		1,396,850
	Tsy Infl IX N/B	0.125% 15 Apr 2018		2,160,690		2,156,520
	Various Receivables					2,671,586
	Various Insurance Companies	Synthetic Wrap Agreements***				370,611
	Total Return Tier Global Wrap:
	Voya Retirement Ins. & Annuity Co.	Synthetic GIC, 2.22%, opened		58,725,985
	Transamerica Premier Life Insurance Co.	Synthetic GIC, 2.22%, opened		58,725,985
	Underlying Security Description:

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, 2015		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
	GEM Trust Opportunistic 3	4,505,637.7820 units of participation				73,327,331
	US Dollar	CASH		281,071		281,071
*	State Street SSgA	0.069% 31 Dec 2030 Gov. Short Term Invest. Fund		10,462,277		10,462,277
	Fannie Mae	9.99% 25 Sep 2017		293		304
	FNMA Pool 987022	5.5% 01 Aug 2038		376		419
	Owens Corning	6.5% 01 Dec 2016		1,000		1,029
	Duke Realty LP	5.95% 15 Feb 2017		3,000		3,132
	FNMA Pool 928560	5.5% 01 Jul 2037		3,220		3,591
	Fed Hm Ln Pc Pool A73704	5% 01 Mar 2038		5,237		5,713
	FNMA Pool 906693	5.5% 01 Dec 2036		5,123		5,732
	Credit Suisse First Boston Mor	5% 25 Apr 2019		7,028		7,142
	Zions Bancorporation	4.5% 13 Jun 2023		7,000		7,192
	Credit Suisse First Boston Mor	6% 25 Nov 2018		6,962		7,217
	Fannie Mae	8.5% 25 Sep 2021		8,431		9,408
	GNMA Pool 708581	4.5% 15 Apr 2039		10,199		10,995
	Hartford Finl Svcs Grp	5.375% 15 Mar 2017		15,000		15,645
	FNMA Pool 906868	5.5% 01 Dec 2036		14,737		16,409
	Crane Co	4.45% 15 Dec 2023		16,000		16,479
	Panhandle East Pipe Line	8.125% 01 Jun 2019		16,000		16,906
	Entergy Mississippi Inc	6.64% 01 Jul 2019		15,000		16,956
	Bemis Company Inc	6.8% 01 Aug 2019		15,000		16,983
	Fannie Mae	0.01% 09 Oct 2019		21,000		19,446
	Arcelormittal	7.25% 25 Feb 2022		25,000		20,125
	Comcast Corp	5.7% 15 May 2018		19,000		20,769
	Valspar Corp	6.05% 01 May 2017		20,000		21,038
	Oracle Corp	5.75% 15 Apr 2018		20,000		21,823
	Marathon Oil Corp	6.8% 15 Mar 2032		25,000		22,546
	Ecopetrol SA	5.875% 18 Sep 2023		25,000		23,000
	Metlife Inc	7.717% 15 Feb 2019		20,000		23,236
	Amazon.com Inc	2.5% 29 Nov 2022		25,000		24,187
	Agilent Technologies Inc	3.2% 01 Oct 2022		25,000		24,374
	Clorox Company	3.05% 15 Sep 2022		25,000		24,682
	Digital Realty Trust LP	3.625% 01 Oct 2022		26,000		24,977
	Dr Pepper Snapple Group	2.9% 15 Jan 2016		25,000		25,009
	HCP Inc	3.75% 01 Feb 2016		25,000		25,035
	Morgan Stanley	3.7% 23 Oct 2024		25,000		25,120
	AT&T Inc	2.95% 15 May 2016		25,000		25,152
	Lab Corp of Amer Hldgs	3.75% 23 Aug 2022		25,000		25,162
	Southwest Airlines Co	2.75% 06 Nov 2019		25,000		25,194
	Dun & Bradstreet Corp	3.25% 01 Dec 2017		25,000		25,195

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, 2015		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
	Yale University	2.086% 15 Apr 2019		25,000		25,212
	Ralph Lauren Corp	2.125% 26 Sep 2018		25,000		25,213
	NVR Inc	3.95% 15 Sep 2022		25,000		25,217
	Verizon Communications	3.45% 15 Mar 2021		25,000		25,577
	Jones Lang LaSalle Inc	4.4% 15 Nov 2022		25,000		25,634
	Advance Auto Parts Inc	4.5% 15 Jan 2022		25,000		25,732
	Sunoco Logistics Partner	5.5% 15 Feb 2020		25,000		25,931
	Petroleos Mexicanos	6% 05 Mar 2020		25,000		25,975
	Goldman Sachs Group Inc	3.625% 07 Feb 2016		26,000		26,066
	Pearson PLC	4.625% 15 Jun 2018		25,000		26,116
	Federal Home Loan Bank	4.625% 09 Mar 2018		25,000		26,824
	Repsol Oil & Gas Canada	7.75% 01 Jun 2019		25,000		26,940
	Applied Materials Inc	2.625% 01 Oct 2020		27,000		26,969
	Goldman Sachs Group Inc	5.375% 15 Mar 2020		25,000		27,464
	Dr Pepper Snapple Group	3.4% 15 Nov 2025		28,000		27,503
	Murphy Oil Corp	3.7% 01 Dec 2022		36,000		27,541
	Airgas Inc	3.65% 15 Jul 2024		28,000		27,631
	JM Smucker Co	2.5% 15 Mar 2020		28,000		27,801
	Dr Pepper Snapple Group	3.2% 15 Nov 2021		28,000		28,124
	Morgan Stanley Mortgage Loan	1% 25 Apr 2034		27,023		28,465
	Duke Energy Carolinas	7% 15 Nov 2018		25,000		28,501
	Anheuser Busch Inbev Wor	7.75% 15 Jan 2019		25,000		28,899
	Alleghany Corp	5.625% 15 Sep 2020		27,000		29,326
	Valero Energy Corp	9.375% 15 Mar 2019		25,000		29,536
	CBL & Associates LP	5.25% 01 Dec 2023		31,000		29,655
	Contl Airlines 1999 2	7.256% 15 Sep 2021		28,368		30,638
	Time Warner Ent	8.375% 15 Mar 2023		25,000		30,702
*	Bank of America Corp	6.4% 28 Aug 2017		29,000		31,065
	Owens Corning	4.2% 01 Dec 2024		32,000		31,144
	Abbvie Inc	3.2% 06 Nov 2022		32,000		31,499
	Kroger Co	2.95% 01 Nov 2021		32,000		31,673
	Church & Dwight Co Inc	2.45% 15 Dec 2019		32,000		31,833
	Hartford Finl Svcs Grp	5.5% 30 Mar 2020		29,000		32,103
	Berkshire Hathaway Fin	2.9% 15 Oct 2020		31,000		32,127
	Government Properties In	3.75% 15 Aug 2019		32,000		32,146
	Magellan Midstream Partn	6.55% 15 Jul 2019		30,000		32,753
	Southern Co	2.45% 01 Sep 2018		33,000		33,257
*	Bank of America Corp	7.8% 15 Sep 2016		32,000		33,317
	Ingersoll Rand Gl Hld Co	2.875% 15 Jan 2019		33,000		33,331
	Nevada Power Co	6.5% 15 May 2018		30,000		33,414
	JP Morgan Mortgage Trust	1% 25 Jun 2034		33,787		33,474

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, 2015		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 Financial Inc	6.1% 15 Jun 2017		32,000		33,901
	Diageo Capital PLC	2.625% 29 Apr 2023		36,000		34,780
	Empresa Bras De Aeronau	5.15% 15 Jun 2022		36,000		34,920
	Fed Hm Ln Pc Pool G04832	5% 01 Oct 2038		32,150		35,088
	Reynolds American Inc	4.85% 15 Sep 2023		33,000		35,277
	American Intl Group	6.4% 15 Dec 2020		31,000		35,763
	Lincoln National Corp	8.75% 01 Jul 2019		30,000		36,031
	Kinross Gold Corp	5.95% 15 Mar 2024		55,000		36,300
	Meccanica Holdings USA	6.25% 15 Jul 2019		35,000		37,713
	Buckeye Partners LP	4.15% 01 Jul 2023		46,000		39,413
	Metlife Inc	6.817% 15 Aug 2018		35,000		39,415
	Biomed Realty LP	6.125% 15 Apr 2020		37,000		40,125
	Hershey Company	1.5% 01 Nov 2016		40,000		40,188
	Kellogg Co	1.875% 17 Nov 2016		40,000		40,262
	Natl Retail Properties	6.875% 15 Oct 2017		38,000		41,000
	Time Warner Inc	4.875% 15 Mar 2020		39,000		42,166
	PSEG Power LLC	2.75% 15 Sep 2016		42,000		42,340
	Wells Fargo Commercial Mortgage	1.652% 15 Sep 2058		43,032		42,612
	Toronto Dominion Bank	2.625% 10 Sep 2018		42,000		42,804
	Diageo Capital PLC	5.5% 30 Sep 2016		42,000		43,276
	Fed Hm Ln Pc Pool A78453	5% 01 Jul 2038		40,990		44,744
	Contl Airlines 2000 1	8.048% 01 May 2022		40,134		44,951
	Autozone Inc	6.95% 15 Jun 2016		44,000		45,085
	Rogers Communications Inc.	4.1% 01 Oct 2023		46,000		47,397
	Allegheny Ludlum Corp	6.95% 15 Dec 2025		79,000		47,400
	Contl Airlines 2007 1	5.983% 19 Oct 2023		43,471		48,005
	Heineken NV	3.4% 01 Apr 2022		48,000		48,682
	Sprint Capital Corp	8.75% 15 Mar 2032		65,000		48,750
	Agilent Technologies Inc	6.5% 01 Nov 2017		46,000		49,099
	CSX Corp	7.375% 01 Feb 2019		43,000		49,219
	Morgan Stanley Baml Trust	3.306% 15 Apr 2048		50,000		49,249
	American Intl Group	4.125% 15 Feb 2024		48,000		49,292
*	Bank of America Corp	6.875% 25 Apr 2018		45,000		49,647
	Thermo Fisher Scientific	4.15% 01 Feb 2024		48,000		49,857
	Principal Financial Group	8.875% 15 May 2019		42,000		50,255
	FNMA Pool AP8545	3% 01 Sep 2042		50,651		50,814
	Ecopetrol SA	4.125% 16 Jan 2025		64,000		51,200
	San Diego G&E	3.6% 01 Sep 2023		50,000		52,054
	Reinsurance Grp of Amer	4.7% 15 Sep 2023		50,000		52,722
	Niagara Mohawk Power	4.881% 15 Aug 2019		50,000		53,356
	Metlife Inc	4.368% 15 Sep 2023		50,000		53,685

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, 2015		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
	Simon Property Group LP	2.8% 30 Jan 2017		53,000		53,696
	Thermo Fisher Scientific	3.3% 15 Feb 2022		55,000		54,865
	Abbey Natl Treasury Serv	2.35% 10 Sep 2019		55,000		55,052
	Axis Specialty Finance	5.875% 01 Jun 2020		50,000		55,216
*	Bank of America Corp	6.5% 15 Jul 2018		50,000		55,263
	First Niagara Fin Grp	6.75% 19 Mar 2020		50,000		56,824
	FNMA Pool AB0194	5.5% 01 Jan 2039		52,509		58,633
	Time Warner Inc	4.7% 15 Jan 2021		55,000		59,194
	Qwest Capital Funding	6.875% 15 Jul 2028		76,000		59,280
	Tsy Infl IX N/B	2.375% 15 Jan 2017		58,970		60,426
	FNMA Pool 889608	1% 01 Mar 2038		54,799		61,110
	Time Warner Cable Inc	6.75% 01 Jul 2018		57,000		62,190
	Royal Bk Scotlnd Grp PLC	4.7% 03 Jul 2018		61,000		63,320
	Joy Global Inc	5.125% 15 Oct 2021		81,000		63,407
	Assurant Inc	6.75% 15 Feb 2034		55,000		63,813
	Becton Dickinson and Co	5% 15 May 2019		60,000		64,802
	Roper Technologies Inc	3% 15 Dec 2020		66,000		65,726
	Housing Urban Developmnt	2.96% 01 Aug 2024		66,000		68,030
	Methanex Corp	4.25% 01 Dec 2024		79,000		70,041
	Fanniemae Aces	1% 25 Dec 2038		69,585		70,700
	CRH America Inc	8.125% 15 Jul 2018		63,000		71,669
	FNMA Pool 995581	1% 01 Jan 2039		64,758		73,296
	Cincinnati Finl Corp	6.125% 01 Nov 2034		65,000		73,752
	Nomura Holdings Inc	4.125% 19 Jan 2016		74,000		74,079
	Lennox International Inc	4.9% 15 May 2017		74,000		76,367
	Mass Mutual Life Ins Co	5.625% 15 May 2033		70,000		77,770
	Southern Cal Edison	3.5% 01 Oct 2023		76,000		78,410
	Suncorp Metway LTD	2.35% 27 Apr 2020		80,000		78,560
	Suncorp Metway LTD	1.7% 28 Mar 2017		80,000		79,853
	Walgreens Boots Alliance	3.3% 18 Nov 2021		82,000		80,420
	Coca Cola Co	2.45% 01 Nov 2020		79,000		80,439
	JPMBB Commercial Mortgage	3.61% 15 May 2048		80,000		80,678
	Medtronic Inc	3.15% 15 Mar 2022		80,000		80,874
	Stanley Black & Decker I	3.4% 01 Dec 2021		80,000		81,470
	Toyota Motor Credit Corp	4.25% 11 Jan 2021		76,000		82,022
	J.M. Smucker Co	3.5% 15 Oct 2021		80,000		82,309
	Morgan Stanley	2.65% 27 Jan 2020		83,000		82,774
	FNMA Pool AT2717	2.5% 01 May 2043		85,700		82,817
	Macquarie Bank LTD	2.6% 24 Jun 2019		83,000		82,917
	Temple Inland Inc	6.375% 15 Jan 2016		83,000		83,094
	Pub Svc Elec & Gas	9.25% 01 Jun 2021		65,000		83,299

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, 2015		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
	Comm Mortgage Trust	3.183% 10 Feb 2048		85,000		83,345
	Boston Scientific Corp	3.375% 15 May 2022		85,000		83,853
	Astrazeneca PLC	2.375% 16 Nov 2020		85,000		84,393
	Johnson Controls Inc	2.6% 01 Dec 2016		84,000		84,824
	Ventas Realty LP/Cap Crp	4.75% 01 Jun 2021		80,000		85,201
	Abbey Natl Treasury Serv	3.05% 23 Aug 2018		84,000		86,192
	Fed Hm Ln Pc Pool G07768	5.5% 01 Jun 2041		79,037		87,927
	Advance Auto Parts Inc	5.75% 01 May 2020		82,000		88,925
	Flowers Foods Inc	4.375% 01 Apr 2022		86,000		89,382
	Government National Mortgage A	1% 16 Nov 2037		80,100		90,277
	FHLMC GNMA	8% 25 Apr 2024		81,407		93,199
	Kroger Co	6.4% 15 Aug 2017		87,000		93,422
	Financing Corp	9.4% 08 Feb 2018		80,000		93,540
	Fed Hm Ln Pc Pool Q12591	3% 01 Oct 2042		93,535		93,598
	Tyson Foods Inc	7% 01 May 2018		86,000		93,613
	Fannie Mae	4.75% 25 Apr 2035		87,975		95,649
	Fed Hm Ln Pc Pool Z40045	5% 01 Feb 2039		88,192		96,273
	Aid Israel	5.5% 18 Sep 2023		81,000		97,053
	Fico Strip Prin	0.01% 30 Nov 2017		100,000		97,645
	Procter & Gamble Co	8% 26 Oct 2029		69,000		98,189
	Soc Quimica y Minera de	6.125% 15 Apr 2016		100,000		99,755
	Morgan Stanley	5.625% 23 Sep 2019		91,000		100,428
	Gap Inc	5.95% 12 Apr 2021		95,000		100,500
	Kroger Co/The	3.3% 15 Jan 2021		99,000		100,505
	GNMA Pool Al4893	3% 15 Feb 2045		99,191		100,556
	US Treasury N/B	2.375% 15 Aug 2024		100,000		101,043
	Wells Fargo Commercial Mortgage	3.166% 15 Feb 2048		104,000		101,664
	American Express Co	8.125% 20 May 2019		87,000		102,581
	Midamerican Energy Co	2.4% 15 Mar 2019		103,000		103,791
	Fed Hm Ln Pc Pool C90872	5.5% 01 Dec 2024		94,388		104,916
	Banco Bilbao Vizcaya Arg	5.75% 20 Jul 2017		100,000		105,814
	AT&T Inc	5.5% 01 Feb 2018		100,000		106,899
	Morgan Stanley Baml Trust	3.719% 15 Jul 2050		105,000		107,001
	Hutch Wham Int 09 LTD	7.625% 09 Apr 2019		100,000		115,584
	Corning Inc	7% 15 May 2024		94,000		116,132
	Verizon Communications	4.5% 15 Sep 2020		109,000		117,111
	FNMA Pool MA0622	3.5% 01 Jan 2041		113,418		117,293
	AT&T Inc	2.45% 30 Jun 2020		120,000		118,178
	Pearson Funding Two PLC	4% 17 May 2016		120,000		120,848
	BBVA Global Finance Ltd	7% 01 Dec 2025		112,000		122,134
	FNMA Pool 991864	6% 01 Oct 2038		109,638		123,770

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, 2015		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
	Government National Mortgage A	1% 20 Jul 2039		110,396		127,587
	Macquarie Bank LTD	5% 22 Feb 2017		125,000		129,283
	Eastman Chemical Co	7.25% 15 Jan 2024		106,000		129,522
	Spectra Energy Capital	6.75% 15 Jul 2018		121,000		130,111
	US Treasury N/B	4.25% 15 Nov 2017		125,000		132,329
	LB Baden Wuerttemberg	7.625% 01 Feb 2023		106,000		133,171
	Burlingtn North Santa Fe	7% 15 Dec 2025		108,000		134,806
	Royal Bank of Canada	2.1% 14 Oct 2020		138,000		135,604
	Fed Hm Ln Pc Pool G03616	6% 01 Dec 2037		122,374		137,803
	Sky PLC	9.5% 15 Nov 2018		119,000		140,309
	EQT Corp	7.75% 15 Jul 2026		130,000		141,926
	GNMA Pool 727394	4.5% 15 Feb 2040		131,859		142,713
	Banco Latinoamericano SA	3.75% 04 Apr 2017		150,000		151,875
	Waste Management Inc	7.1% 01 Aug 2026		120,000		151,933
	Petroleos Mexicanos	2.83% 15 Feb 2024		150,450		153,816
	Comm Mortgage Trust	3.528% 10 Dec 2047		154,000		155,230
	Goldman Sachs Group Inc	5.35% 15 Jan 2016		158,000		158,166
	FNMA Pool AB3284	5% 01 Jul 2041		146,572		162,614
	Fed Hm Ln Pc Pool Q27286	3.5% 01 Jul 2044		158,907		163,710
*	Bank of America NA	1% 15 Jun 2016		171,000		170,921
	Banco Nac de Desen Econo	5.75% 26 Sep 2023		200,000		172,440
	Fico Strip Ser 19	0.01% 06 Jun 2018		180,000		173,493
	Tsy Infl IX N/B	1.625% 15 Jan 2018		170,295		175,624
	FNMA Pool AT2725	3% 01 May 2043		176,002		176,384
	FNMA Pool AW5136	4% 01 May 2044		176,081		186,388
	New York Life Global Fdg	2.15% 18 Jun 2019		195,000		194,844
	US Treasury N/B	1% 30 Jun 2019		200,000		196,696
	US Treasury N/B	1.75% 15 May 2022		200,000		196,726
	Fed Hm Ln Pc Pool G08658	3% 01 Aug 2045		197,223		197,057
	GS Mortgage Securities Trust	1% 10 Dec 2043		180,000		198,511
	Massmutual Global Funding	2.35% 09 Apr 2019		200,000		201,016
	Fed Hm Ln Pc Pool V81888	3.5% 01 Aug 2045		197,673		203,649
	Ford Motor Credit Co LLC	4.25% 03 Feb 2017		200,000		204,342
	PTT Explor & Product PCL	3.707% 16 Sep 2018		200,000		205,206
	Fed Hm Ln Pc Pool G08681	3.5% 01 Dec 2045		200,000		206,046
	FHLMC TBA 30 Yr 4.5	4.5% 14 Jan 2046		200,000		215,450
	FNMA Pool MA2193	4.5% 01 Feb 2045		199,980		216,630
	Tsy Infl IX N/B	1.75% 15 Jan 2028		198,678		217,087
	FNMA Pool AD3796	5% 01 Apr 2040		199,980		220,480
	UBS Commercial Mortgage Trust	3.4% 10 May 2045		220,000		224,027
	GS Mortgage Securities Trust	3.482% 10 Jan 2045		222,000		229,301

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, 2015		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
	FNMA Pool AB5792	3.5% 01 Aug 2042		222,168		229,667
	CFCRE Commercial Mortgage Trust	3.061% 15 Dec 2047		239,324		241,230
	Comm Mortgage Trust	3.644% 10 Dec 2047		241,000		243,734
	US Treasury N/B	2.25% 15 Nov 2024		250,000		249,873
	Fed Hm Ln Pc Pool G06931	6% 01 Aug 2039		224,344		255,356
	Ruta del Maipo Soc Conc	7.373% 15 Jun 2022		238,182		262,679
	GNMA Pool 719082	4.5% 15 Nov 2039		250,971		271,724
	CFCRE Commercial Mortgage Trust	1% 15 Apr 2044		250,000		273,265
	US Treasury N/B	3.5% 15 Feb 2039		250,000		276,523
	Murphy Oil Corporation	7.05% 01 May 2029		320,000		287,392
	Aust & Nz Banking Group	1% 08 Aug 2022		288,000		293,760
	Fed Hm Ln Pc Pool Q32954	3% 01 Apr 2045		297,256		297,006
	FNMA Pool AS5693	3% 01 Aug 2045		297,771		298,030
	Citigroup Inc	8.5% 22 May 2019		253,000		302,143
	Santander Issuances	5.911% 20 Jun 2016		300,000		304,758
	US Treasury N/B	1.625% 15 Nov 2022		350,000		340,004
	Inter American Devel Bk	0.5% 17 Apr 2023		400,000		350,119
	FNMA Pool MA2279	4% 01 May 2045		338,449		358,371
	Fed Hm Ln Pc Pool Q36152	3.5% 01 Sep 2045		348,165		358,690
	GNMA Pool AL2583	3% 15 Mar 2045		383,083		388,354
	GNMA II Pool MA2960	3% 20 Jul 2045		393,811		399,686
	FNMA Pool AS0305	3% 01 Aug 2043		400,666		401,455
	FNMA TBA 30 Yr 3.5	3.5% 14 Jan 2046		400,000		412,688
	FNMA Pool BA2146	3.5% 01 Nov 2045		399,961		412,959
	Financing Corp	8.6% 26 Sep 2019		358,000		446,118
	US Treasury N/B	2% 31 Aug 2021		450,000		451,971
	Federal Farm Credit Bank	4.85% 29 Jul 2020		400,000		451,984
	FNMA Pool AX3090	4% 01 Sep 2044		430,230		455,416
	GNMA Pool AO2429	3% 15 Aug 2045		496,745		503,581
	US Treasury N/B	2.625% 15 Aug 2020		500,000		519,395
	US Treasury N/B	2.625% 15 Nov 2020		500,000		519,490
	US Treasury N/B	1.5% 31 Jan 2022		550,000		534,661
	Financing Corp Fico	9.65% 02 Nov 2018		450,000		550,490
	FNMA Pool AS6069	4% 01 Oct 2045		531,321		562,664
	Aid Israel	5.5% 26 Apr 2024		487,000		588,944
	Fed Hm Ln Pc Pool Q26516	3.5% 01 Jun 2044		614,553		633,131
	FNMA Pool AY9945	3.5% 01 Oct 2045		642,673		663,553
	FNMA Pool AQ0536	3% 01 Nov 2042		690,908		693,015
	Fed Hm Ln Pc Pool Q34610	3.5% 01 Jul 2045		711,475		732,983
	US Treasury N/B	1.375% 30 Sep 2018		800,000		802,504
	US Treasury N/B	2% 15 Feb 2025		950,000		928,663

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, 2015		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
	FNMA Pool AY8393	3.5% 01 Jul 2045		937,209		967,659
	US Treasury N/B	1.875% 31 Oct 2017		975,000		989,128
	Freddie Mac	8.25% 01 Jun 2016		1,019,000		1,050,100
	GNMA II Pool MA2224	4% 20 Sep 2044		999,921		1,062,956
	Various Payables					(435,010)
	Various Insurance Companies	Synthetic Wrap Agreements***				(5,496,343)

	Total Stable Value Fund					481,907,200


*	Participant Notes Receivable	Interest at 4.25% to 9.25%, maturing through 2025		0		21,290,631


					$	895,966,789

*	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 hereunto duly authorized.

CONSOL ENERGY INC. INVESTMENT PLAN FOR SALARIED EMPLOYEES


		34

Index to Exhibit


Exhibit No.		Description

23		Consent of Independent Registered Public Accounting Firm


		35

Date: June 20, 2016

/s/ David M. Khani

David M. Khani

Chief Financial Officer and Executive

Vice President, CONSOL Energy Inc.

Plan Administrator