Arch Resources and Consol Energy are combining to form a single coal producer valued at more than $5 billion, the companies announced Wednesday, the latest consolidation in a deal-happy energy sector.

Arch shareholders will get 1.326 shares of Consol common stock for each share of Arch they own. Consol shareholders will own about 55% of the new company — to be called Core Natural Resources — and Arch shareholders will own about 45%.

Cole Natural Resources will be based in Canonsburg, Pa., just southwest of Pittsburgh, which is the current headquarters of Consol Energy. Arch is based in St. Louis.

Consol Energy CEO and chairman will be the company’s executive chairman and Arch CEO Paul Lang will be its chief executive.

If approved by shareholders and regulators, the deal is expected to close in the first quarter of 2025.

Shares of Arch rose 5.9% Wednesday, while shares of Consol rose 7.9%.

The use of coal in the United States has fallen almost every year since 2005 as energy plants switch over to natural gas. The U.S. consumed about 426 million short tons of coal last year. Annual coal use in 2005 was more than a billion short tons. That has led to mine closures and job cuts across the sector.

Coal companies that have survived need to lower costs and that can be achieved both through new technology, and mergers like the one announced by Consol and Arch Wednesday.

Arch and Consol said that Core Natural Resources will benefit from between $110 million and $140 million of annual cost and operational synergies within 18 months of the deal’s closing.

Arch had revenue of $3.1 billion in 2023, while Consol brought in $2.5 billion in that same year.

“Our assets are highly complementary, resulting in increased diversification across coal types, end uses, and geographies,” said Brock of Consol Energy.

There has been a surge in big energy takeovers this year, though mostly in the oil and gas sector.

The oil and gas sector thrived in the wake of Russia’s invasion of Ukraine in 2022, and while oil prices have slipped, there has been a surge in mergers between energy companies flush with cash in recent years.

In May, ConocoPhillips said it was buying Marathon Oil in an all-stock deal valued at approximately $17.1 billion. That came just weeks after Exxon closed its $60 billion acquisition of Pioneer Natural Resources. In July of last year, Exxon announced that it would pay $4.9 billion for oil and gas producer Denbury Resources.

Chevron’s proposed $53 billion acquisition of Hess is still waiting for regulatory review.

The remnants of a deadly house explosion in Jefferson Township, Lackawanna County, Pa. are seen on Tuesday, Aug. 20, 2024. (Christopher Dolan/The Times-Tribune via AP)

JEFFERSON, Pa. (AP) — An explosion that leveled a home in northeastern Pennsylvania, killing a woman and leaving a man seriously injured, was apparently caused by a propane leak, state police said.

The blast in Jefferson Township, near Scranton, was reported around 2 p.m. Tuesday. It sparked a fire that sent thick smoke spewing high into the air and sent debris flying through the residential neighborhood.

A 75-year-old woman was pronounced dead at the scene, while a man was pulled from the home and taken to a hospital. Details on his condition were not disclosed.

The source of the propane leak and what caused it to ignite remains under investigation, state police said.

HARRISBURG, PA:   The Pennsylvania Gaming Control Board (PGCB) reported today that the combined total revenue generated from all forms of gaming, along with fantasy contests, during July 2024 was $500,783,633, an increase of 7.22% compared to revenue generated in July 2023.

Sources of gaming revenue regulated by the PGCB include slot machines, table games, internet gaming, sports wagering, fantasy contests and video gaming terminals (VGTs). The PGCB has posted separate reports for these types of gaming on its website, https://gamingcontrolboard.pa.gov/.

Total tax revenue generated collectively through all forms of gaming and fantasy contests was $207,723,789* during July 2024.

 

(FILE PHOTO)

AMBRIDGE, Aug. 19 – A $1.89 million grant from the state Transportation Department will fund road improvements in Ambridge, announced state Rep. Rob Matzie, D-Beaver.

“These dollars are funding road improvements along the Eighth Street corridor to make safety enhancements for people and drivers alike,” Matzie said. “The state grant allows the borough to accomplish the project while saving taxpayer dollars.”

Matzie said the nearly $2 million will be used for improvements to Eighth Street, from Route 65 to Merchant Street, including adding a median to control traffic speed and turning. It also will be used to improve pedestrian sidewalks and crosswalks at eight intersections.

The funds are distributed through PennDOT’s Multimodal Transportation Fund, which provides grants to improve transportation assets that enhance communities, pedestrian safety and transit revitalization to ensure a safe and reliable system of transportation in the commonwealth.

East Palestine residents are contemplating whether or not to take a $600 million class action settlement from Norfolk Southern after the train derailment that happened in East Palestine last year. It is not confirmed that the judge will rule from the people’s motion before the deadline that occurs on Thursday. Residents within 10 miles of where the crash happened will also make a decision to accept $25,000 each for every person dealing with injuries.

Bridgewater is about to hit the mini-golf putting greens as they host their second annual Bridgewater Open from noon to 5 p.m. on August 31. The event will be a fundraiser for the non profit Legacies Alive, who supports those who lost loved ones who served in the military. Businesses throughout Bridgewater will have their own custom holes as a walkthrough mini golf round will be held through the area. The entrance fee is $200 for foursomes, and you can register by calling 724-728-0222.

An escape in a Jeep has two men behind bars in Aliquippa. On Saturday, police were called for shots being fired, however, a noise similar to shattering glass caught the attention of a bystander before noticing a white Jeep on the 1200 block of McMinn Street. After officers closed in on the Jeep, the passenger inside, identified as Javihier Lowe, ran away from them. Police then said they suspiciously discovered findings like money, drug pills, and a loaded weapon. Lowe was arrested, along with Javon Lewis, who was driving the Jeep. Possession of drug paraphernalia, multiple accounts of controlled substances, and running after being caught are Lowe’s charges, and Lewis faces a charge of with owning a firearm without a license.

Safety and security always remain a concern at airports, but security at Pittsburgh International Airport found another weapon in someone’s luggage through their Transportation Security Administration checkpoint on Sunday. An Indiana County man was caught with a loaded .38 caliber firearm and a total of twelve bullets, six exposed and six in the gun’s magazine. Security had to stop their X-ray machine until the gun was taken away from the luggage. Airport passengers could be fined up to $15,000 for going through TSA security with a weapon in their baggage.

As the age of electricity in cars has expanded, Beaver County will have another high-tech way to fuel their vehicles in Monaca, thanks to funding. According to PennDOT, the National Electric Vehicle Infrastructure gave $7 million to develop a new charging station for electric vehicles, specifically at the GetGo near Exit 39 in Center Township. The new station is the sixth one that is available currently in Beaver County, and the project is part of a five-year span for PennDOT to earn $171.5 million to advance the framework for electric vehicles in the future.

Kennywood, the beloved amusement park, may not be a bar, but they are inviting parkgoers to a 21 and over night for one night only. Kennywood will provide a closer look at their scary Phantom Fall Fest experiences and admission to popular rides including the Jack Rabbit on August 30, along with being invited to a Halloween party with both a DJ and alcoholic beverages, but only if they show their identification and possess a provided wristband before the park closes at 10 p.m. However, if someone can stay up past midnight, there will still be plans for late-night fun as well.