Core Natural Resources, Inc. (formerly CONSOL Energy Inc.) reported a net income of $286.4 million for the fiscal year ended December 31, 2024, compared to $655.9 million in 2023. Total revenue and other income decreased to $2.2 billion in 2024 from $2.6 billion in 2023. This decrease was primarily driven by a reduction in coal revenue, which fell to $1.8 billion from $2.1 billion, reflecting a decrease in average coal revenue per ton sold and lower sales volumes. The company attributed the lower average revenue per ton to weaker API2 and natural gas prices and higher transportation costs resulting from the Francis Scott Key Bridge collapse in Baltimore.
Operating and other costs increased to $1.3 billion in 2024 from $1.1 billion in 2023, primarily due to inflationary pressures and higher operating costs at the Itmann Mining Complex as production ramped up. Depreciation, depletion, and amortization decreased to $224 million from $241 million, while general and administrative costs rose to $115 million from $103 million, largely due to merger-related expenses. Interest expense decreased to $22 million from $29 million due to less debt outstanding. The company's total long-term indebtedness was approximately $209 million as of December 31, 2024.
On January 14, 2025, Core Natural Resources completed its previously announced all-stock merger of equals with Arch Resources, Inc. The merger combined CONSOL Energy's and Arch's assets and employees, creating a larger coal producer with diverse assets and expanded access to seaborne markets. The company expects the merger to deliver future annual cost savings and synergies. In connection with the merger, the company amended its revolving credit facility, increasing available commitments to $600 million and extending the maturity date to April 30, 2029.
Key operational developments included a decrease in coal production at the Pennsylvania Mining Complex (PAMC) to 25.7 million tons from 26.1 million tons in 2023, primarily due to the bridge collapse impacting the CONSOL Marine Terminal. Throughput at the CONSOL Marine Terminal decreased to 17 million tons from 19 million tons. The company also reported isolated combustion-related activity at the Leer South mine in January 2025, resulting in a temporary shutdown of the longwall panel. As of the filing date, the company employed 2,076 employees, a figure that increased to 5,389 following the merger.
The company's outlook includes a focus on integrating Arch's business, maximizing cash flow generation, maintaining a strong balance sheet, and returning capital to stockholders through share buybacks and/or dividends. The company also highlighted ongoing risks related to economic conditions, coal price volatility, regulatory changes, and geopolitical events, all of which could materially affect its future performance. The company noted that its future financial information will not be directly comparable to prior periods due to the merger.