加拿大自然資源公司 (CNQ) 2024 Q3 法說會逐字稿

Good morning. We would like to welcome everyone to Canadian Natural's 2024 third quarter, earnings conference call and webcast.

早安.我們歡迎大家參加 Canadian Natural 的 2024 年第三季財報電話會議和網路廣播。

(Operator Instructions)

（操作員說明）

Please note that this call is being recorded today, October 31, 2024 at 9:00 AM Mountain Time.

請注意，本次通話錄音於山區時間今天（2024 年 10 月 31 日）上午 9:00 進行。

I would now like to turn the meeting over to your host for today's call. Lance Casson, Manager of Investor Relations.

我現在想將會議轉交給東道主進行今天的電話會議。蘭斯·卡森，投資者關係經理。

Thank you operator. Good morning everyone and thank you for joining Canadian Natural's third quarter, 2024 earnings conference call. Before we begin, I'd like to remind you of our forward-looking statements and it should be noted that in our reporting disclosures, everything is in Canadian dollars unless otherwise stated and we report our reserves and production before royalties. Also, I would suggest to review our advisory section in our financial statements that includes comments on non-GAAP disclosures.

謝謝運營商。大家早安，感謝您參加 Canadian Natural 2024 年第三季財報電話會議。在開始之前，我想提醒您注意我們的前瞻性陳述，並且應該注意的是，在我們的報告披露中，除非另有說明，所有內容均以加元為單位，並且我們在特許權使用費之前報告我們的儲量和產量。此外，我建議審查我們財務報表中的諮詢部分，其中包括對非公認會計準則揭露的評論。

Speaking on today's call will be Scott Stauth, our President; and Mark Stainthorpe, our Chief Financial Officer. Scott will provide highlights of our strong operational quarter and include some asset specific production records and top tier operating costs.

我們的總統斯科特·斯托斯 (Scott Stauth) 將在今天的電話會議上發言。和我們的財務長馬克斯坦索普。斯科特將重點介紹我們強勁的營運季度，包括一些特定資產的生產記錄和頂級營運成本。

Mark will then summarize our financial results that includes robust adjusted funds flow, earnings and returns to shareholders. To close, Scott will summarize prior to opening up the financial my questions.

然後，馬克將總結我們的財務業績，包括強勁的調整後資金流、獲利和股東回報。最後，斯科特將在提出財務問題之前總結我的問題。

With that over to you, Scott.

史考特，這個就交給你了。

Thank you, Lance and Good morning everyone. Our unique and diverse asset base provides us with a competitive advantage as we can allocate capital to the highest return projects without being reliant on any one commodity.

謝謝蘭斯，大家早安。我們獨特且多樣化的資產基礎為我們提供了競爭優勢，因為我們可以將資金分配給回報率最高的項目，而不依賴任何一種商品。

Our consistent and top tier results are driven by safe and reliable operations. Our commitment to continuous improvement is supported by a strong team culture in all areas of our company that focus on improving our cost, driving execution of growth opportunities and increasing value to shareholders.

我們始終如一的頂級業績是由安全可靠的營運推動的。我們對持續改善的承諾得到了公司所有領域強大的團隊文化的支持，這些團隊文化專注於降低成本、推動成長機會的執行並為股東增加價值。

We achieved strong average production of approximately 1.363 million BOEs in the third quarter consisting of 1.022 million barrels of liquids and over 2 BCF of natural gas. Our world class oil sands, mining and upgrading assets delivered strong results in the quarter including a record monthly production of approximately 529,000 barrels per day of SCO in August.

第三季度，我們實現了約 136.3 萬桶油當量的強勁平均產量，其中包括 102.2 萬桶液體和超過 2 BCF 的天然氣。我們的世界級油砂、採礦和升級資產在本季度取得了強勁業績，其中 8 月份 SCO 月產量創紀錄，約為 529,000 桶/日。

Importantly, these assets continued to deliver strong operational performance and high utilization rates which resulted in top tier quarterly operating costs of $20.67 per barrel in the third quarter.

重要的是，這些資產繼續提供強勁的營運績效和高利用率，導致第三季的頂級季度營運成本為每桶 20.67 美元。

Subsequent to the quarter, end on October 7, we announced an agreement with Chevron Canada limited to acquire their 20% interest in AOSP, which includes the Muskeg River in Jack Pine mines, the Scotford operator and the quest carbon capture and storage facility.

本季結束後，即10 月7 日，我們宣布與雪佛龍加拿大有限公司達成協議，收購其AOSP 20% 的權益，其中包括Jack Pine 礦山的Muskeg River、Scotford 運營商以及quest 碳捕獲和封存設施。

This acquisition will bring Canadian Natural's total current working interest in AOSP to 90% and is targeted to add approximately 62,500 barrels per day of long life, no decline SCO production to the company. In addition, Canadian Natural also agreed to acquire Chevron's 70% operated working interest of light crude oil and liquid rich assets in the Duvernay plan in Alberta.

此次收購將使 Canadian Natural 目前在 AOSP 的總工作權益達到 90%，目標是為該公司每天增加約 62,500 桶長壽命、不下降的 SCO 產量。此外，加拿大天然公司也同意收購雪佛龍在阿爾伯塔省Duvernay計畫中70%的輕質原油和流動性豐富的資產營運權益。

These assets are targeted to average approximately 60,000 BOE per day in 2025 and provide the opportunity for meaningful near term growth while contributing additional free cash flow. The effective date for these acquisitions is September 1, '24 and are targeted to close in the fourth quarter of 2024.

這些資產的目標是到 2025 年平均每天生產約 60,000 桶油當量，並為短期內實現有意義的增長提供機會，同時貢獻額外的自由現金流。這些收購的生效日期為 2024 年 9 月 1 日，預計於 2024 年第四季完成。

Additionally, commencing December 1, 2024 in support of our long term strategy of targeting the expanded refining markets, driving stronger netbacks and reducing exposure to crude oil egress constraints. We will increase our contracted crude oil transportation capacity on TMX by 75,000 barrels per day to 169,000 barrels per day.

此外，自 2024 年 12 月 1 日起，以支持我們瞄準擴大煉油市場、推動更強勁的淨回報並減少原油出口限制的長期策略。我們將把TMX的原油合約運輸能力增加75,000桶/日，達到169,000桶/日。

I will now run through our Q3 operational results.

我現在將介紹我們第三季的營運結果。

On the conventional side of the business, primary, heavy oil production averaged approximately 76,800 barrels per day in the third quarter, which is a 1% increase compared to the production volumes in the third quarter of 2023 reflecting strong results for multilateral wells on our extensive heavy oil land base, which is the largest in Canada and includes the Mannville and Clearwater Fairways.

在常規業務方面，第三季原生重油產量平均約為每天 76,800 桶，與 2023 年第三季的產量相比增加了 1%，反映出我們廣泛的多邊井的強勁業績。的基地，包括曼維爾和克利爾沃特航道。

As a result of optimized longer well designs and the technical expertise of our teams we continue to see excellent results from our multilateral wells driven by our culture of continuous improvement.

由於優化的長井設計和我們團隊的技術專長，在我們持續改進的文化的推動下，我們繼續看到多分支井取得了優異的成果。

In the first nine months of 2024 we drilled 76 net multilateral well, maintaining top tier average initial peak rates of approximately 230 barrels per day per well, an increase of approximately 30% compared to our budget average initial peak rates of 175 barrels per day per well. Primary heavy oil operating costs averaged $18.69 in the quarter, which is down 5% from the third quarter of '23, primarily reflecting lower operating costs.

2024 年前9 個月，我們淨鑽探了76 口多口井，保持了每口井每天約230 桶的頂級平均初始峰值產量，比我們每口井每天175 桶的預算平均初始峰值產量增加了約30%。本季原生重油營運成本平均為 18.69 美元，比 2023 年第三季下降 5%，主要反映營運成本下降。

Our Pelican Lake production averaged approximately 45,100 barrels per day in the quarter which is down 4% from the third quarter of '23, reflecting low fuel declines from this long life asset. Operating costs of Pelican were 874 per barrel in the third quarter a 9% increase compared to the third quarter of 2023 which is primarily due to higher maintenance activities in the quarter, partially offset by lower energy costs.

本季我們的 Pelican Lake 產量平均約為每天 45,100 桶，比 2023 年第三季下降了 4%，反映出這一長壽命資產的燃料下降幅度較小。Pelican 第三季的營運成本為每桶 874 美元，與 2023 年第三季相比增加了 9%，這主要是由於本季維護活動增加，部分被能源成本下降所抵消。

North American Lake, crude oil and NGL production averaged approximately 106,300 barrels per day in the third quarter, which is down 3% from the third quarter of '23. The decrease was primarily the result of temporary processing facility outages and rail transportation restrictions offset by strong drilling results.

第三季北美湖、原油和液化天然氣產量平均約為每天106,300桶，比2023年第三季下降3%。下降主要是由於加工設施臨時停運和鐵路運輸限制被強勁的鑽探業績所抵消。

Operating costs in our lake crude oil and NGLs averaged $13.73 in the third quarter a decrease of 11% compared to the third quarter of '23 due to lower energy costs. North American natural gas production averaged 2 BCF during the third quarter iA decrease of 5% compared to the third quarter of '23, primarily reflecting previous announced deferrals of natural gas onstream timing in response to natural gas pricing, the impacts of heat and wildfire conditions in Q3 of '24 and natural declines.

由於能源成本下降，我們的湖原油和液化天然氣第三季的營運成本平均為 13.73 美元，比 2023 年第三季下降了 11%。北美天然氣產量第三季平均為 2 BCF，與 2023 年第三季相比下降 5%，主要反映了先前宣布的天然氣投產時間延遲，以應對天然氣定價、高溫和野火條件的影響24 年第三季度自然下降。

This decrease in production was partially offset by strong results from Montney and DJ Basin wells. Operating costs on our North American natural gas average a $23 per MCF in the third quarter comparable to the third quarter a year ago.

Montney 井和 DJ Basin 井的強勁業績部分抵消了產量下降的影響。第三季北美天然氣的營運成本平均為每 MCF 23 美元，與去年同期相當。

As we outlined in the first quarter results, we reallocated capital from certain dry natural gas development activity to multilateral heavy oil wells. Due to continued low natural gas prices in '24, we are further reducing dry natural gas drilling capital. We now target drilling a total of 74 net natural gas wells 17 fewer compared to the 2024 budget.

正如我們在第一季業績中概述的那樣，我們將資本從某些乾天然氣開發活動重新分配到多邊重油井。由於24年天然氣價格持續走低，我們正在進一步減少乾天然氣鑽探資金。我們現在的目標是總共鑽探 74 口天然氣井，比 2024 年預算減少 17 口。

Our 2024 Corporate Annual Natural Gas Guidance of 2.12 BCF to 2.23 BCF remains unchanged. In our thermal, in Situ operations, we achieve strong thermal production in the quarter averaging just over 271,500 barrels per day. This is down 5% from the third quarter of '23, primarily due to the cyclical nature of production from CSS pads Primrose and natural fuel declines partially offset by thermal pad and development at Kirby and Jackfish.

我們的 2024 年企業年度天然氣指引為 2.12 BCF 至 2.23 BCF 維持不變。在我們的熱力現場作業中，我們在本季度實現了強勁的熱力產量，平均每天略高於 271,500 桶。這比 23 年第三季下降了 5%，主要是由於 CSS 墊 Primrose 和天然燃料的生產的周期性，部分被熱墊以及 Kirby 和 Jackfish 的開發所抵消。

Third quarter thermal in Situ operating costs average $10.52 a barrel which is down 8% compared to the third quarter of '23., primarily reflecting lower energy costs. At Jackfish, we achieve record quarterly production of approximately 128,000 barrels a day in Q3, primarily due to strong results from pad additions and effective and efficient operations.

第三季原地熱發電營運成本平均為每桶 10.52 美元，比 2023 年第三季下降 8%，主要反映了能源成本的下降。在 Jackfish，我們在第三季度實現了創紀錄的季度產量，約為每天 128,000 桶，這主要歸功於墊添加和有效且高效的營運帶來的強勁業績。

Additionally, we are currently drilling the SAGD pad of Jackfish with production from this pad targeted to come on in Q3 of next year. At Primrose, we are targeting to bring on a CSS pad on production in Q4 of '24 which is ahead of schedule.

此外，我們目前正在 Jackfish 的 SAGD 平台上進行鑽探，該平台的生產預計將於明年第三季投產。在 Primrose，我們的目標是在 24 年第四季投入生產 CSS 墊，這比計劃提前了。

A second CSS pad has been drilled and is also targeted to come on production ahead of schedule in Q1 '25. This pad was originally budgeted come on in Q2 of 2025. At Kirby North, we began a solvent injection in June of 2024 and all eight wells are now injecting solvent. Early results have been positive with SOR reductions of approximately 30% trending towards a targeted reduction of 40% to 50%. Solvent recoveries are in excess of 85% and are meeting expectations.

第二個 CSS 焊盤已鑽孔，預計將於 25 年第一季提前投產。該墊最初預算於 2025 年第二季投入使用。在柯比北 (Kirby North)，我們於 2024 年 6 月開始注入溶劑，所有八口井現在都在註入溶劑。早期結果是正面的，SOR 減少了約 30%，目標是減少 40% 至 50%。溶劑回收率超過 85%，符合預期。

As the project advances, we will continue to monitor SORs, solvent recovery and production trends. In our oil sands, mining and upgrading operations, third quarter, SCO production averaged approximately 498,000 barrels per day an increase of approximately 7,000 barrels per day compared to the third quarter of '23.

隨著專案的進展，我們將繼續監測 SOR、溶劑回收和生產趨勢。在我們的油砂、採礦和升級業務中，第三季度，SCO 產量平均約為每天 498,000 桶，比 2023 年第三季增加了約 7,000 桶。

The increase in production for the third quarter included planned turnaround activities at the non-operative Scotford operator which began on September 9, and were successfully completed on October 18.

第三季產量的增加包括非營運斯科特福德營運商計畫的周轉活動，該活動於 9 月 9 日開始，並於 10 月 18 日成功完成。

Oil sands, mining and upgrading, achieved a new monthly production record of approximately 529,000 barrels per day of SCO in August of this year. This was primarily due to high utilization at both horizon and AOSP as well as the completion of the reliability enhancement project at horizon during our planned turnaround in the second quarter.

油砂、開採和升級今年8月上合組織創下約52.9萬桶/日的月產量新紀錄。這主要是由於 Horizo​​n 和 AOSP 的使用率都很高，以及在我們計劃的第二季度週轉期間完成了 Horizo​​​​n 的可靠性增強項目。

Operating costs in oil sands, mining and upgrading assets are top tier averaging $20.67 per barrel in the third quarter a 7% decrease compared to the third quarter of 2023. This primarily reflects higher production volumes from reduced planned turnaround activity and lower energy costs.

第三季油砂、採礦和升級資產的營運成本平均為每桶 20.67 美元，較 2023 年第三季下降 7%。這主要反映了計劃週轉活動減少和能源成本降低導致產量增加。

The scoffer upgrader, the planned turnaround was executed in 40 days relative to the original budget of 49 days while achieving higher utilization rates during that 40 day window. As a result of the annual net product impact from AOSP from the third quarter turnaround activities is 5,400 barrels per day a significant improvement compared to the budgeted annual net production impact of 11,000 barrels per day.

對於升級者來說，計劃週轉時間為 40 天，而原始預算為 49 天，同時在這 40 天的時間段內實現了更高的利用率。由於第三季週轉活動對 AOSP 的年度淨產量影響為 5,400 桶/日，與預算年度淨產量影響 11,000 桶/日相比，有了顯著改善。

A de-bottleneck project was completed during the Scotford turnaround which increases the total gross capacity by 8,000 barrels a day. Upon closing of the acquisition of Chevron's 20% interest at A OS P. The capacity net to Canadian natural increases to 7,200 barrels per day.

斯科特福德工廠檢修期間完成了一項去瓶頸項目，使總產能增加了 8,000 桶/天。雪佛龍 A OS P 20% 權益收購完成後，加拿大天然石油產能淨增加至 7,200 桶/日。

A de-bottleneck project was completed during the Scotford turnaround which increases gross capacity 8,000 barrels per day upon closing Chevron's 20% interest, the capacity Canadian Natural increases to 7,200 barrels per day.

Scotford 週轉期間完成了一項去瓶頸項目，在關閉雪佛龍 20% 的權益後，總產能增加了 8,000 桶/日，而 Canadian Natural 的產能則增加至 7,200 桶/日。

Canadian Natural is delivering top tier free cash flow generation which is unique and sustainable and robust and clearly demonstrates our ability to both economically grow the business and deliver returns to shareholders by balancing our four pillars of capital allocation.

Canadian Natural 正在提供頂級的自由現金流生成，這種現金流是獨特的、可持續的和穩健的，清楚地表明了我們通過平衡資本配置的四大支柱實現業務經濟增長和為股東帶來回報的能力。

With that. I will now turn it over to Mark for a financial review.

就這樣。我現在將把它交給馬克進行財務審查。

Thanks Scott and good morning everyone. In the third quarter, our strong operational execution led to excellent financial results. We generated adjusted funds flow of CAD3.9 billion and adjusted net earnings from operations of CAD2.1 billion. This drove significant returns to shareholders in the quarter, totaling CAD1.9 billion with approximately CAD1.1 billion in dividends and CAD740 million in share buybacks through our NCIB program.

謝謝斯科特，大家早安。第三季度，我們強大的營運執行力帶來了出色的財務表現。我們產生了 39 億加元的調整後資金流量和 21 億加元的調整後營運淨利。這為本季股東帶來了豐厚的回報，總計 19 億加元，其中約 11 億加元的股息以及透過我們的 NCIB 計劃進行的 7.4 億加元的股票回購。

Year-to-date, up to and including yesterday, October 30, we have distributed significant value to shareholders, totaling approximately CAD6.7 billion, including our sustainable and growing dividend and share buybacks.

年初至今，截至昨天（10 月 30 日），我們已向股東分配了總計約 67 億加元的巨大價值，其中包括可持續且不斷增長的股息和股票回購。

Given our strong financial position and significant and sustainable free cash flow generation, as previously announced, the Board of Directors has agreed to increase the quarterly dividend by 7% to CAD56.25 per share payable at the next regular quarterly dividend payment in January 2025.

鑑於我們強勁的財務狀況和顯著且可持續的自由現金流生成，正如先前宣布的那樣，董事會已同意將季度股息增加7% 至每股56.25 加元，將於2025 年1 月的下一次定期季度股息支付時支付。

This will mark 2025 as the 25th consecutive year of dividend increases by Canadian Natural, with a compound annual growth rate of 21% over that time. This increase in the quarterly dividend demonstrates the confidence the Board of Directors has in the company's world-class assets and its ability to generate significant and sustainable free cash flow.

這將標誌著加拿大天然公司在 2025 年連續第 25 年增加股息，在此期間複合年增長率為 21%。季度股息的增加表明了董事會對公司世界級資產及其產生大量可持續自由現金流的能力的信心。

Our financial position is very strong with net debt at CAD9.3 billion and debt-to-EBITDA at 0.6 times at the end of Q3 2024. Liquidity remains strong and including revolving bank facilities and cash, liquidity at the end of the quarter was approximately CAD6.2 billion.

我們的財務狀況非常強勁，截至 2024 年第三季末，淨債務為 93 億加元，債務與 EBITDA 比率為 0.6 倍。流動性依然強勁，包括循環銀行授信和現金，本季末的流動性約為 62 億加元。

Subsequent to quarter end and as previously announced, in connection with the agreement to acquire assets from Chevron, we obtained a fully committed CAD4 billion non revolving term loan facility. We have also extended the maturity of our CAD2.425 billion revolving credit facility from June 2025 to June 2028.

季度末後，正如先前宣布的那樣，根據從雪佛龍收購資產的協議，我們獲得了全額承諾的 40 億加元非循環定期貸款融資。我們也將 24.25 億加元循環信貸額度的期限從 2025 年 6 月延長至 2028 年 6 月。

Our asset base is underpinned by top-tier, long-life low-decline client assets, a strong balance sheet, and safe, effective and efficient operations, all of which combined to provide us with unique competitive advantages in terms of capital efficiency, flexibility and sustainability, driving strong returns on capital.

我們的資產基礎以頂級、長期、低衰退的客戶資產、強大的資產負債表以及安全、有效和高效的營運為基礎，所有這些結合在一起為我們在資本效率、靈活性方面提供了獨特的競爭優勢和永續性，推動強勁的資本回報。

With that, I'll turn it back to you, Scott, for some final comments.

至此，我會將其轉回給您，斯科特，請您發表最後的評論。

Thanks Mark. In summary, our consistent and reliable results are underpinned by safe and reliable operations. Our commitment to continuous improvement is driven by a strong team culture in all areas of our company that focus on improving our cost, strong execution of growth opportunities and increasing value to shareholders.

謝謝馬克。總之，我們一致、可靠的結果是以安全、可靠的營運為基礎的。我們對持續改善的承諾是由公司所有領域強大的團隊文化所推動的，這些團隊文化專注於降低成本、強大地執行成長機會以及為股東增加價值。

So with that, I'll turn it over for questions.

那麼，我將把它轉過來以供提問。

(Operator Instructions)

（操作員說明）

Dennis Fong, CIBC World Market.

Dennis Fong，CIBC 世界市場。

Yes hi. Good morning and thanks for taking my question. Also congratulations on another strong quarter. First question here is just on Horizon and frankly, the oil sands mining and operations. Obviously, a really strong August, as you highlighted in your comments.

是的，嗨。早安，感謝您提出我的問題。還要祝賀又一個強勁的季度。第一個問題是關於地平線，坦白說，是油砂開採和營運。顯然，正如您在評論中所強調的那樣，這是一個非常強勁的八月。

Just curious as to -- as we go into next year in 2025, can you talk towards a little bit of the potential of cost savings with the lack of turnaround at Horizon as well in the improvements in terms of run time and production capacity that you've been able to unlock with the two assets?

只是好奇 - 當我們進入 2025 年的明年時，您能否談談 Horizo​​​​n 缺乏週轉時間以及運行時間和生產能力方面的改進帶來的成本節約潛力？ ？

Right. Well, in terms of cost at Horizon, you could look at that when we're doing -- in a non-turnaround year, you'd estimate the savings to be in around CAD75 million, Dennis.

正確的。嗯，就 Horizo​​n 的成本而言，您可以看看我們正在做的事情 - 在非週轉的一年中，您估計節省的成本約為 7500 萬加元，丹尼斯。

In terms of the utilization, we can see that we're having strong production results coming out of that completion of the reliability project. We'll continue to focus on that going into next year.

在利用率方面，我們可以看到，可靠性專案的完成取得了強勁的生產成果。明年我們將繼續關注這一點。

In terms of other costs, at Horizon and AOSP our teams continuously focus on areas for improvement through basic continuous improvement projects. So, we're just going to stay focused on our base business there in oil sands mining at optimizing production and working to reduce costs.

就其他成本而言，在 Horizo​​n 和 AOSP，我們的團隊透過基本的持續改進專案不斷關注需要改進的領域。因此，我們將繼續專注於油砂開採的基礎業務，優化生產並努力降低成本。

Great. Great. I appreciate that context there. My second question is just turning my attention towards the thermal and tissue project. Obviously, a lot of things going on there and obviously, strong production at Jackfish.

偉大的。偉大的。我很欣賞那裡的背景。我的第二個問題是將我的注意力轉向熱和組織專案。顯然，那裡發生了很多事情，而且 Jackfish 的產量也很強勁。

I was just curious, I know in the 2024 budget, you guys mentioned pipe as Phase 1 is an opportunity that you guys were looking into a little bit more. Can you talk towards any progress you've made? I think drilling and pipeline work was starting late 2024. Is that still on the docket? And how are you thinking about that project?

我只是很好奇，我知道在 2024 年預算中，你們提到了管道，因為第一階段是你們正在研究的機會。您能談談您取得的任何進展嗎？我認為鑽井和管道工作將於 2024 年底開始。這還在案卷上嗎？您如何看待這個項目？

Yes. Good question, Dennis. And yes, the Pipe 1 project involves the pipeline running from the Pipe 1 area to be tied back into our Jackfish facilities. That work has commenced. We'll continue on with pipeline activity into 2025, along with drilling our first pads, and that's the plan for 2025.

是的。好問題，丹尼斯。是的，1 號管道項目涉及從 1 號管道區域延伸至我們的 Jackfish 設施的管道。這項工作已經開始。我們將繼續進行管道活動到 2025 年，同時鑽探我們的第一個平台，這就是 2025 年的計畫。

Great. Thanks. I'll turn it back.

偉大的。謝謝。我會把它轉回來。

Neil Mehta, Goldman Sachs.

尼爾梅塔，高盛。

Yeah. Thanks so much. And one of the keys to the CNQ story over time has been continuous progress around costs. And so just curious, in a lower commodity price environment, what are the opportunities to capture cost and capital efficiency in that spirit, any early thoughts on how 2025 budgets could play out?

是的。非常感謝。隨著時間的推移，CNQ 故事的關鍵之一是在成本方面不斷取得進展。因此，我很好奇，在大宗商品價格較低的環境中，本著這種精神捕捉成本和資本效率的機會有哪些，對 2025 年預算如何發揮作用有什麼早期想法嗎？

Well, I think it's just really important, as we always do, Neil, to focus on overall optimization of our production, the more we can optimize the production better impact that has on our overall operating costs. Our low operating cost structure is top tier, and it certainly allows for significant free cash flow and low commodity cycles.

尼爾，我認為像我們一直以來所做的那樣，專注於生產的整體優化非常重要，我們對生產的最佳化越多，對我們整體營運成本的影響就越大。我們的低營運成本結構是頂級的，它當然可以實現大量的自由現金流和低商品週期。

In terms of continuous improvement activities, I can tell you that every single year, our teams come up with projects that are new to work on finding efficiencies, working with our vendors and our suppliers to help reduce cost, become more efficient and effective. So, it's an ongoing program that we've been utilizing for many, many years, and we're going to continue to focus on that, Neil.

在持續改善活動方面，我可以告訴您，我們的團隊每年都會提出新的項目，致力於提高效率，與我們的供應商合作，幫助降低成本，變得更有效率和有效。所以，這是我們多年來一直在使用的持續計劃，我們將繼續關注這一點，尼爾。

And just thoughts on 2025 as we kind of bridge from the 5,400 this year into next year, what are some moving pieces that we need to keep in mind, recognizing you can give us some more clarity here in the coming days?

想想 2025 年，當我們從今年的 5,400 人過渡到明年時，我們需要牢記哪些令人感動的事情，並認識到您可以在未來幾天給我們帶來更多清晰的信息？

Yeah, I think, Neil, you can look for us to come out closer to year-end here with our budget for next year. So, we're still working through all the details, prioritizing our projects that drive the best returns. So, we're going to be focused on that, and we're working through that right now. So, I don't have any additional details to provide you at this time.

是的，我想，尼爾，你可以期待我們在接近年底的時候公佈明年的預算。因此，我們仍在研究所有細節，優先考慮能夠帶來最佳回報的項目。因此，我們將重點關注這一點，我們現在正在努力解決這個問題。因此，我目前無法向您提供任何其他詳細資訊。

All right. Thanks.

好的。謝謝。

Greg Pardy, RBC Capital Markets.

格雷格·帕迪（Greg Pardy），加拿大皇家銀行資本市場部。

Yeah, thank you. Thanks for the rundown guys. I was wondering if you could just maybe dig a little bit into the solvent pilot, commercial pilot, I guess, you're running at Kirby North.

是的，謝謝。謝謝你們的破爛。我想知道你是否可以深入了解一下有償付能力的試點，商業試點，我想，你正在柯比北運行。

And so I guess you're seeing -- as you indicate, you're seeing great results and so on. If this is successful, is this something that you would sort of apply on a go-forward basis? I'm trying to get a sense as to how much of broader application? Is this something that you could use at Jackfish on new pads and so forth? Or how limited maybe is the scope of this if it is commercial?

所以我想你看到了——正如你所指出的，你看到了很好的結果等等。如果成功，您是否會繼續採用該方法？我想了解一下有多少更廣泛的應用？這是 Jackfish 可以在新墊等上使用的東西嗎？或者如果它是商業性的，其範圍可能有多大限制？

Yeah, Greg. So, again, still early stages in terms of seeing the results. So far, I agree. And as we stated, they're very positive. We still need some time to work through that. I'm expecting that we'll feel more confident in terms of the overall reserve results as time goes on here, looking into June of 2025, it will be a full year of run time. So, we'll have a lot more meaningful numbers.

是的，格雷格。因此，就看到結果而言，仍處於早期階段。到目前為止，我同意。正如我們所說，他們非常積極。我們還需要一些時間來解決這個問題。我預計，隨著時間的推移，我們會對整體儲備結果更有信心，展望 2025 年 6 月，這將是一整年的運行時間。因此，我們將得到更多有意義的數字。

If you look forward to the future under your circumstance that looking for adding solvent to future pad adds. It fits well with future development because it helps the total steam requirements of the area.

如果您在您的情況下對未來充滿期待，那麼尋找在未來的墊中添加溶劑會增加。它非常適合未來的發展，因為它有助於滿足該地區的總蒸汽需求。

And so you'd apply that -- we'd look at applying that to future pad adds in Kirby and Jackfish as we move forward and look towards bringing potentially bringing reserves forward with that type of concept of solvent injection.

所以你會應用它 - 我們會考慮將其應用到 Kirby 和 Jackfish 中未來的墊添加中，因為我們向前邁進，並希望透過這種類型的溶劑注入概念來潛在地帶來儲備。

Okay. Okay. Thanks very much for that. And then haven't really dug into the numbers on some of this, but just with respect to OpEx at Horizon, AOSP have very good operating costs. I'm just wondering how much of that was due to just very high run rates versus the pullback in AECO pricing? Just trying to get a sense as to how enduring the operating cost that we saw in the third quarter?

好的。好的。非常感謝。然後還沒有真正深入研究其中的一些數字，但僅就 Horizo​​n 的營運支出而言，AOSP 具有非常好的營運成本。我只是想知道其中有多少是由於非常高的運行率與 AECO 定價的回調造成的？只是想了解我們在第三季度看到的營運成本的承受能力如何？

Yeah, Greg, it's a bit of both, actually. So, very strong volumes. As you noted, AECO prices are certainly lower. And as you know, we creating -- well Canadian Natural we do have a natural hedge in terms of our overall gas production because of our fuel gas requirements in our thermal and oil sands mining developments. So, it's a little bit of both, Greg. I don't have the exact breakdown here for you at this moment, but they're both significant.

是的，格雷格，實際上兩者兼而有之。因此，成交量非常強勁。正如您所指出的，AECO 價格肯定較低。如您所知，我們創造了加拿大自然公司，由於我們在熱砂和油砂開採開發中對燃氣的需求，我們在整體天然氣產量方面確實有一個自然對沖。所以，兩者都有一點，格雷格。目前我還沒有具體的細節，但它們都很重要。

Understood. Thanks very much.

明白了。非常感謝。

Manav Gupta, UBS. .

馬納夫古普塔，瑞銀集團。。

Good morning. So, my first question is, can you help us remind what's your all-in breakeven for WTI with dividend? And then if you could provide some insights as you get the Chevron assets and integrate them and there are synergy benefits, does that move that breakeven in any direction once those assets are fully integrated?

早安.所以，我的第一個問題是，您能幫我們提醒一下您對 WTI 的股利損益平衡點是多少嗎？然後，如果您在獲得雪佛龍資產並整合它們時提供一些見解，並且存在協同效益，那麼一旦這些資產完全整合，這是否會朝任何方向移動盈虧平衡？

Hi Manav, it's Mark. There's a lot of different assumptions that go into the breakeven. But and I look at it, we're somewhere in the low 40s WTI in that neighborhood. Of course, when you bring on these new assets with free cash flow coming with them, you probably have a modest benefit to it.

嗨，馬納夫，我是馬克。損益平衡有很多不同的假設。但我一看，我們附近的 WTI 原油價格處於 40 多度。當然，當你引入這些帶有自由現金流的新資產時，你可能會從中獲得一定的好處。

When you look at the overall decline rate of the company, today, we set out probably 11%. And of course, that's what drives low maintenance capital and ability cover that as well as a dividend -- as well as our dividend in a lower commodity price environment.

當你看公司整體的跌幅時，今天我們設定的跌幅可能是11%。當然，這就是推動低維護資本和能力覆蓋以及股息以及我們在較低商品價格環境下的股息的原因。

Perfect. My second question is a little more on the international side. Sometimes we tend to bucket them together. But the portfolio on the offshore Africa actually has growth and stuff while not see it's kind of more in a decline. So, how would you say those two assets are slightly different from each other. One has growth and other one is kind of more in a decline?

完美的。我的第二個問題是更多關於國際方面的問題。有時我們傾向於將它們放在一起。但非洲近海的投資組合實際上有所成長，但並沒有看到更多的下降。那麼，你會說這兩種資產彼此略有不同。一種是成長，另一種是在下降？

Great. Yeah. So, as you're alluding to, the North Sea is on a decline production and we'll continue to work towards cessation of production as time goes on here. We have an extensive abandonment programs in place over the next several years.

偉大的。是的。因此，正如您所提到的，北海的產量正在下降，隨著時間的推移，我們將繼續努力停止生產。我們在未來幾年內實施了廣泛的放棄計劃。

And in offshore West Africa, yes, potential future development opportunities exist in that area as well. And yeah, so it's -- again, it's not a significant portion of our portfolio in terms of production, but we certainly have benefited from the significant cash flow that's come from those areas over the past few decades.

是的，在西非近海，該地區也存在潛在的未來發展機會。是的，所以，再次強調，就生產而言，它並不是我們投資組合的重要組成部分，但我們確實受益於過去幾十年來自這些領域的大量現金流。

Thank you so much for taking my questions.

非常感謝您回答我的問題。

Menno Hulshof, Tony David Securities.

門諾‧胡爾斯霍夫 (Menno Hulshof)，東尼‧大衛證券公司。

Thanks and good morning everyone. I'll start with a question on the Chevron transaction where you talked about the Duvernay competing for capital with the Montney, which didn't surprise everybody, but it did surprise some people. So, the question is, were there specific parts of the Montney that you had in mind is competing head-to-head with the Duvernay for capital?

謝謝大家，早安。我將從有關雪佛龍交易的問題開始，您談到了迪韋內與蒙特尼爭奪資本，這並沒有讓所有人感到驚訝，但確實讓一些人感到驚訝。那麼，問題是，您認為蒙特尼的哪些特定部分正在與迪韋內爭奪資本？

And on a related note, how does the Clearwater currently stack up with those two plays?

與此相關的是，Clearwater 目前與這兩款遊戲的表現如何？

Yeah, if you look at the Duvernay, Menno, in terms of the acquisition, the average liquids rates is in the range of 4% to 6%. So from that perspective, it's very comparable with the Montney because of the high liquids production, so resulting in strong capital efficiency numbers.

是的，如果你看看 Duvernay、Menno，在收購方面，平均液體費率在 4% 到 6% 之間。因此，從這個角度來看，它與蒙特尼非常具有可比性，因為液體產量很高，因此產生了強勁的資本效率數據。

And if you're looking at in terms of comparison to Clearwater and the Mannville, very comparable in terms of overall economics from our Mannville and our Clearwater as well. So, the great thing about Canadian naturals, we have these great assets that can deliver significant free cash flow. And so certainly where our focus is going to be going forward here.

如果您與克利爾沃特和曼維爾進行比較，我們的曼維爾和克利爾沃特的整體經濟效益也非常相似。因此，加拿大天然資源的偉大之處在於，我們擁有這些可以帶來大量自由現金流的優質資產。所以我們的重點肯定是在這裡。

Okay. Thanks for that Scott. And then the second question is on basin egress, you've made a pretty big push on that front. You have new commitments on TMX, Flanagan South, which was announced a while back and even a bit more in Keystone.

好的。謝謝斯科特。第二個問題是關於流域出口的，你們在這方面做了相當大的推動。你們對 TMX、Flanagan South 做出了新的承諾，這在不久前就已宣布，甚至在 Keystone 中還做出了更多承諾。

How much of that is a function of your own internal growth aspirations versus opportunistically taking it on simply because it's available like we probably saw with PetroChina.

其中有多少是你自己內部成長願望的函數，而不是僅僅因為它可用而機會主義地接受它，就像我們可能在中石油看到的那樣。

And more generally, how are you thinking about the West Coast and Gulf Coast is competing markets for your barrels given current market dynamics?

更一般地說，考慮到當前的市場動態，您如何看待西海岸和墨西哥灣沿岸是您的桶的競爭市場？

I think it's a little bit of both, Menno. But certainly, when you take a look at the opportunities off the West Coast to further expand and diversify to additional refining destinations that provides a significant forward-looking opportunity for us. So, it helps the basin maintain very competitive heavy oil netbacks, stabilizes the market more so than it ever was before.

我認為兩者都有一點，門諾。但當然，當你看到西海岸進一步擴張和多元化到其他煉油目的地的機會時，這為我們提供了重要的前瞻性機會。因此，它有助於該盆地保持非常有競爭力的重油淨收益，比以往任何時候都更穩定市場。

And then just in terms if you look at our portfolio of development, it certainly helps secure those barrels, which would otherwise be potentially in egress constraint situation under all circumstances. So, it's a really good opportunity for us, strategic from that perspective and we look to further enhance our netbacks as we go forward.

然後，就我們的開發組合而言，它肯定有助於確保這些桶的安全，否則在任何情況下這些桶都可能處於出口受限的情況。因此，這對我們來說是一個非常好的機會，從這個角度來看具有戰略意義，我們希望在前進的過程中進一步增強我們的淨回報。

Thank you. I'll turn it back.

謝謝。我會把它轉回來。

Patrick O'Rourke, ATB Capital Market.

Patrick O'Rourke，ATB 資本市場。

Hey good morning guys and thank you for taking my questions. I guess maybe a little bit further to Menno's question there, specific to 75,000 on TMX. If I were to look at that pipe today, and it's just based on the fiscal broker reports, we see transport is slightly off market relative to the regulated toll.

嘿大家早安，謝謝你們回答我的問題。我想也許對 Menno 的問題更進一步，具體到 TMX 上的 75,000。如果我今天查看該管道，並且僅基於財政經紀人報告，我們會發現相對於受監管的通行費而言，運輸稍微偏離市場。

And I'm just wondering if you can give any more color with respect to that deal? Is it sort of at the market at the regulated tool? Or are there any other aspects to that?

我只是想知道你能否對這筆交易提供更多的資訊？它是在市場上的受監管工具嗎？或是有其他方面嗎？

Yeah, Patrick. So, I can tell you that it is very similar to our existing contract that we have for 94,000 barrels a day, so turns essentially same from that perspective. So, that's why it was a good fit for us, but probably more importantly, securing those barrels, the opportunity to have achieve stronger pricing either through deliveries to West Coast California or for the Asian markets. So, it's a good opportunity for us from those perspectives in total.

是的，派崔克。所以，我可以告訴你，它與我們現有的每天 94,000 桶的合約非常相似，所以從這個角度來看基本上是一樣的。因此，這就是為什麼它非常適合我們，但可能更重要的是，確保這些桶，有機會透過向加州西海岸或亞洲市場交付來實現更強勁的定價。因此，從整體來看，這對我們來說是一個很好的機會。

Great. And then sort of shifting gears and thinking about capital allocation here. Obviously, you've taken on a little bit more leverage to get the AOSP Chevron and Duvernay assets in there.

偉大的。然後轉變方向並思考這裡的資本配置。顯然，您已經採取了更多的手段來獲得 AOSP Chevron 和 Duvernay 資產。

Just wondering with where the balance sheet sits today with your view on sort of the opportunity set out there, what would the appetite for further M&A be from here for CNQ?

只是想知道今天的資產負債表處於什麼位置，以及您對那裡提出的某種機會的看法，CNQ 進一步併購的胃口是什麼？

Yeah, Patrick, it's a good question. But I think if you look at overall position of our company, we do have great assets and we'll continue to look at opportunities as we have in the past in areas where assets may come up for sale, they're good fit into our core areas.

是的，派崔克，這是個好問題。但我認為，如果你看看我們公司的整體狀況，我們確實擁有大量資產，我們將繼續像過去一樣在資產可能出售的領域尋找機會，它們非常適合我們的業務核心領域。

We will look at them like we always have in the past, and history states that. So, we'll remain with that forward-looking view and just ensuring that any acquisition we do, Patrick, we do a really good job of maximizing the value for the company and our shareholders.

我們將像過去一樣看待它們，歷史也表明了這一點。因此，我們將保持這種前瞻性的觀點，並確保我們所做的任何收購，帕特里克，我們都能很好地實現公司和股東價值最大化。

Okay. Thank you.

好的。謝謝。

I'll now turn the call back over to Lance Casson for closing remarks. Please go ahead.

現在我將把電話轉回給蘭斯卡森（Lance Casson）做總結發言。請繼續。

Thank you, operator, and thanks, everyone, for joining us this morning. If you have any questions, please give us a call. Thanks and have a great day.

謝謝接線生，也謝謝大家今天早上加入我們。如果您有任何疑問，請致電我們。謝謝，祝你有美好的一天。

Ladies and gentlemen, this concludes today's conference. Thank you all for joining and you may now disconnect.

女士們、先生們，今天的會議到此結束。感謝大家的加入，現在可以斷開連線了。