Financial Performance - The company reported a net loss of $366 million, or $070 per diluted share, but adjusted EBITDA of $1443 million, which included $212 million of fire extinguishment expense at Leer South[7] - Net cash provided by operating activities was $2202 million, and free cash flow was $1311 million[7] - Adjusted EBITDA increased by 17% quarter-over-quarter, rising from $1235 million in Q1 to $1443 million in Q2[14, 15] - Free cash flow increased significantly from $491 million in Q1 to $1311 million in Q2[15] Capital Allocation - The company returned $871 million to investors through share repurchases and dividends in Q2, bringing the year-to-date total to $1937 million[7] - $819 million was invested to repurchase 12 million shares, representing approximately 2% of shares outstanding, at an average price of $6964 per share during Q2[21] - Year-to-date, $1832 million has been invested to repurchase 26 million shares, or about 5% of shares outstanding[21] - As of June 30, 2025, $8168 million remained authorized under the $1 billion share repurchase program[21] Operational Highlights - The company is targeting annual cost savings and operating synergies between $150 million and $170 million following the merger[7, 22] - Powder River Basin segment achieved sales volumes of 126 million tons[16] - High calorific value thermal segment cash cost of coal sold decreased by 8% quarter-over-quarter, from $4278 to $3947 per ton[30]

Financial Performance & Capital Allocation - Core Natural Resources reported a net loss of $69.3 million in Q1 2025, including $49.2 million in merger-related expenses and an $11.7 million loss from debt extinguishment[8] - Adjusted EBITDA for Q1 2025 was $123.5 million[8] - The company returned $106.6 million to investors in Q1 through share buybacks and dividends[8] - Approximately 1.4 million shares, nearly 3% of outstanding shares, were repurchased[9] - Share buybacks accounted for $101.3 million of the capital returned, while dividends totaled $5.4 million[12] Synergy & Operations - The merger synergy target was increased by 10% at the midpoint, now expected to be between $125 million and $150 million annually[8, 13] - Leer South is on track to fully resume longwall operations by mid-year[8, 17] Market Position & Strategy - Core sells to ~25 countries located on five continents[20] - The company projects high calorific value thermal segment sales volumes for 2025 to be 29 to 31 million tons, with 26 million tons already committed and priced[98] - Core estimates that it supplies ~25% of the world's High-Vol A coking coal[66]