1. Core Natural Resources (CNR) was created in 2025 via the merger of Arch Resources and CONSOL Energy, integrating coal assets and logistics for market diversification; 2. Despite operational disruptions, Q1 2025 showed revenue growth and improved EBITDA, signaling integration progress; 3. The company maintains strong liquidity and capital returns (buybacks/dividends) but faces net losses from merger costs and coal price/regulatory risks.