加拿大自然資源公司 (CNQ) 2024 Q4 法說會逐字稿

Good morning. We would like to welcome everyone to Canadian Natural's 2024 fourth quarter and year-end earnings conference call and webcast. (Operator Instructions) Please note that this call is being recorded today, March 6, 2025 at 9:00 AM, Mountain Time.

早安.我們歡迎大家參加加拿大自然資源公司 2024 年第四季和年終收益電話會議和網路廣播。(操作員指示)請注意，此通話是在今天，2025 年 3 月 6 日上午 9:00（山區時間）錄製的。

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

現在，我想將會議交給今天電話會議的主持人、投資者關係經理 Lance Casson。請繼續。

Thank you, and good morning, everyone. Thank you this morning for joining Canadian Natural's 2024 fourth quarter and year-end earnings conference call.

謝謝大家，早安。感謝您今天早上參加加拿大自然資源公司 2024 年第四季和年終收益電話會議。

As always, before we begin, I'd like to remind of our forward-looking statements and it should be noted that in our reporting disclosures evidencing 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.

像往常一樣，在我們開始之前，我想提醒一下我們的前瞻性陳述，並且應該注意的是，在我們的報告披露中，除非另有說明，否則我們會以加元為單位報告我們的儲量和產量，然後再支付特許權使用費。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 GAAP 揭露的評論。

Speaking on today's call will be Scott Stauth, our President; Robin Zabek, our Chief Operating Officer of E&P; and Mark Stainthorpe, our Chief Financial Officer. Additionally, in the room with us this morning is Jay Froc, CEO of Oil Sands; and Victor Darel Senior Vice President of Finance and Principal Accounting Officer.

今天的電話會議演講者將是我們的總裁 Scott Stauth；我們的 E&P 營運長 Robin Zabek；以及我們的財務長 Mark Stainthorpe。此外，今天早上與我們一起在場的還有 Oil Sands 的首席執行官傑伊·弗羅克 (Jay Froc)；以及高級財務副總裁兼首席會計官 Victor Darel。

Scott will first provide some examples of our top-tier performance and strong execution over recent years before getting into the numerous operational records achieved in 2024. Next, Robin will provide highlights of our growing high-value reserves that compete on a global scale. 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 call for questions.

斯科特將首先舉例說明我們近年來的頂級表現和強勁執行力，然後再介紹 2024 年取得的眾多營運記錄。接下來，羅賓將重點介紹我們不斷成長且在全球競爭的高價值儲備。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、收益和股東回報。最後，斯科特將在開始提問之前進行總結。

With that, over to you, Scott.

現在，就交給你了，史考特。

Thank you, Lance, and good morning, everyone. Before I get into our 2024 results, I'd like to run through some key factors that highlight our top-tier performance over the past three years in execution, effective and efficient operations, returns to shareholders, resource value growth and resource value growth and opportunistic acquisitions.

謝謝你，蘭斯，大家早安。在介紹我們的 2024 年業績之前，我想先介紹一些關鍵因素，這些因素凸顯了我們過去三年在執行、有效和高效的營運、股東回報、資源價值成長以及機會性收購方面的頂級表現。

Our unique and diverse asset base provides us with a competitive advantage as we have ample organic growth opportunities and can allocate capital to the highest return projects without being reliant on any one commodity.

我們獨特而多樣化的資產基礎為我們提供了競爭優勢，因為我們擁有充足的有機成長機會，並且可以將資本分配給回報最高的項目，而無需依賴任何一種商品。

Our strong culture of continuous improvement is about doing it right, and it is driven by teams in the organization that believe ownership and accountability deliver consistently strong results. All employees, our shareholders, and we firmly see the value in having our employees as owners. And importantly, we've been able to keep the team together, which is important for our long-term sustainability and business continuity.

我們強大的持續改善文化就是要把事情做好，並且由組織中的團隊推動，他們相信所有權和責任感能帶來持續強勁的成果。所有員工、股東、我們都堅信員工是主人翁的價值。重要的是，我們能夠保持團隊的團結，這對於我們的長期永續性和業務連續性至關重要。

Over the past three years, we have achieved the following successes: absolute production growth of approximately 82,100 BOEs per day, the vast majority of which was liquids growth. We have delivered annual production per share CAGR of 7%. We improved liquids margin significantly by reducing operating costs by more than $3 per barrel or 15%. Equating to an incremental margin of approximately $1.2 billion based on 2024 production.

在過去三年中，我們取得了以下成功：絕對產量增加約 82,100 桶油當量/天，其中絕大部分是液體產量的成長。我們實現了每股年產量 7% 的複合年增長率。我們將營運成本每桶降低 3 美元以上（即 15%），顯著提高了液體利潤率。根據 2024 年的產量計算，增量利潤約為 12 億美元。

We returned over $11 per share to shareholders through dividends and share repurchases. We increased our annualized quarterly dividend by 59% to $2.25 per share from $1.42 per share, and the Board has subsequently increased the dividend by another 4%.

我們透過股利和股票回購向股東每股返還超過 11 美元。我們將年度季度股息從每股 1.42 美元提高 59% 至每股 2.25 美元，董事會隨後將股息提高了 4%。

Our share count reduced by approximately 240 34,000 shares or 11%, inclusive of shares issued upon exercise of stock options. Adding more value at AOSP through the acquisition that closed in Q4 of '24 and the swap transaction targeted to close by the end of Q2 this year, consolidating our working interest in the Albian mines to 100%.

我們的股票總數減少了約 240 34,000 股，即 11%，其中包括行使股票選擇權後發行的股票。透過 24 年第四季完成的收購以及計劃在今年第二季末完成的掉期交易，為 AOSP 增加了更多價值，將我們在 Albian 礦場的權益鞏固到 100%。

In the Albian mines, these transactions will add approximately 93,500 barrels per day of long-life zero decline production to our world-class oil sands mining and upgrading assets. Additionally, we acquired Chevron 70% operator working interest of light crude oil and liquid-rich assets in the Duvernay. These assets are targeted to average approximately 60,000 BOEs per day in 2025, and provide the opportunity for meaningful near-term growth while contributing additional free cash flow.

在阿爾比安礦區，這些交易將為我們世界一流的油砂開採和升級資產增加約 93,500 桶/天的長壽命零遞減產量。此外，我們也收購了雪佛龍在杜韋奈輕質原油和富液資產的70%經營權益。這些資產的目標是到 2025 年平均每天產出約 6 萬桶油當量，並為有意義的短期成長提供機會，同時貢獻額外的自由現金流。

Expanding even further on AOSP and going back to 2017, we unlocked significant long-term value since we first acquired an interest in this world-class asset. We've increased production and reduced operating costs through process improvements and optimization projects that improve reliability and increased utilization.

進一步擴大 AOSP 並追溯到 2017 年，自我們首次獲得對這一世界級資產的權益以來，我們已釋放了巨大的長期價值。我們透過流程改善和優化專案來提高可靠性和增加利用率，從而提高了產量並降低了營運成本。

Since 2017, we've increased gross production at Albian mine by 30% or over 70,000 barrels per day. Upgrader capacity was also increased to match the increased production from the mine. We've decreased AOSP per unit operating cost by more than 30% or approximately $10 per barrel. This equates to an incremental margin of approximately $800 million based on 2024 production.

自 2017 年以來，我們已將阿爾比安礦場的總產量提高了 30%，即每天超過 70,000 桶。為了匹配礦井產量的增加，升級裝置的產能也提高了。我們已將 AOSP 每單位營運成本降低了 30% 以上，即每桶約 10 美元。根據 2024 年的產量計算，這相當於增量利潤約 8 億美元。

With 100% working interest in the mines, once the swap transaction closes, we are targeted to unlock further value with our effective and efficient operations and relentless continuous improvement culture. Adding even more value to our world-class oil sands mining and upgrading assets, when you combine that, increased ownership interest with the recently completed debottlenecking and reliability projects our total oil sands mining production capacity increases to approximately 59,000 barrels per day.

憑藉對礦山 100% 的經營權益，一旦掉期交易結束，我們將致力於透過有效、高效的營運和堅持不懈的持續改進文化來釋放更多價值。我們的世界級油砂開採和升級資產將進一步增值，再加上不斷增加的所有者權益和最近完成的瓶頸消除和可靠性項目，我們的油砂開採總產能將提高到每天約 59,000 桶。

And further to that, behind our top-tier conventional crude oil and liquid-rich natural gas assets, with our leading oil sands, mining and upgrading assets, you get a significant and sustainable free cash flow and the ability to organically grow production if it makes sense to do so.

除此之外，憑藉我們頂級的常規原油和富含液體的天然氣資產，以及我們領先的油砂、採礦和升級資產，您將獲得可觀且可持續的自由現金流，並且如果有必要的話，您還可以獲得有機增加產量的能力。

I will now run through our strong 2024 operational results and highlights. We had several new records across our assets in 2024, including Record annual total production of approximately 1.36 million BOEs per day, including record liquids production of over 1 million barrels per day.

現在，我將介紹我們 2024 年強勁的營運業績和亮點。2024 年，我們的資產創造了多項新紀錄，包括創紀錄的年總產量約 136 萬桶/日，其中液體產量超過 100 萬桶/日。

Record annual oil sands mining and upgrading production of 472,245 barrels per day and record quarterly production of 534,631 barrels per day. These record production rates resulted in higher upgrader utilization of 99% in 2024, including planned turnarounds and 105% utilization in the fourth quarter. Our low oil sands mining and upgraded operating costs are industry-leading, averaging $22.88 per barrel in 2024 and $20.97 per barrel in the fourth quarter.

油砂開採及升級年產量達到創紀錄的 472,245 桶/天，季度產量達到創紀錄的 534,631 桶/天。這些創紀錄的生產力導致 2024 年的升級利用率提高到 99%，其中包括計畫中的周轉和第四季 105% 的利用率。我們的低油砂開採和升級後的營運成本處於行業領先地位，2024 年平均為每桶 22.88 美元，第四季度平均為每桶 20.97 美元。

Our oil sands mining and upgrading assets continued to achieve strong production and high utilization in January 2025 and February 2025, and averaging on a gross basis approximately 634,000 barrels per day over the two months. February '25, was the highest monthly gross production in our history at approximately 640,000 barrels per day as we focus on continuous improvement initiatives, combined with the strong performance from the reliability enhancement project at Horizon and the debottleneck project at Scotford.

我們的油砂開採和升級資產在 2025 年 1 月和 2025 年 2 月繼續實現強勁產量和高利用率，兩個月內平均產量約為每天 634,000 桶。25年2月，我們專注於持續改進舉措，再加上Horizo​​​​n的可靠性增強項目和Scotford的去瓶頸項目的強勁表現，每月總產量達到了歷史上最高的約640,000桶/天。

Additionally, further value is unlocked from piping modifications completed during the recent debottleneck project at Scotford Upgrader. These modifications unlock approximately 5,000 barrels per day of annual gross production from the Albian mines resulting in higher utilization during planned up greater turnarounds. This increased zero mine production will continue to benefit Canadian Natural for decades, including our increased ownership in the Albian mines.

此外，近期在 Scotford Upgrader 進行的去瓶頸工程中完成的管道改造也釋放了更多價值。這些改造將使阿爾比安礦場的年總產量每天增加約 5,000 桶，從而提高計劃內更大周轉期間的利用率。零礦產量的增加將在未來幾十年繼續使加拿大自然資源公司受益，包括我們增加對阿爾比安礦場的所有權。

In our thermal and situ operations, we have achieved record production in 2024, averaging just over 271,000 barrels per day, a 3% increase over 2023, which was driven by our capital-efficient thermal pad development program. 2024 thermal in situ operating costs were strong, averaging $11.04 per barrel, which is down 16% compared to 2023, primarily reflecting lower energy costs and higher production volumes.

在我們的熱力和原位作業中，我們在 2024 年實現了創紀錄的產量，平均每天略高於 271,000 桶，比 2023 年增長 3%，這得益於我們資本高效的熱墊開發計劃。 2024 年熱力原位作業成本強勁，平均為每桶 11.04 美元，較 2023 年下降 16%，主要反映能源成本下降和產量增加。

We have significant available processing capacity of approximately 70,000 barrels per day in our thermal operations. We continue to utilize this available capacity through our strong execution on our drill-to-fill pad additions and have been able to bring these pads on production ahead of schedule. For example, at Wolf Lake, we brought a SAGD pad on production ahead of schedule in Q4 of '24, which was originally targeted for Q1 of '25.

我們的熱力作業擁有大約每天 70,000 桶的可用處理能力。我們繼續透過在鑽孔填充墊塊增建項目上進行強有力的執行來利用這一可用產能，並能夠提前使這些墊塊投入生產。例如，在 Wolf Lake，我們在 24 年第四季度提前實現了 SAGD 平台投產，而該平台最初的計劃是於 25 年第一季投產。

At Primrose, we brought a CSF pad on production ahead of schedule in Q4 of '24, originally targeted for Q2 of '25. A second CSS pad have been drilled and is targeted to come on production ahead of schedule in late Q1 '25, originally budgeted for the second quarter of 2025. At Jackfish, we drilled a SAGD pad in Q4 of '24 with production targeted to come on in Q3 of '25.

在 Primrose，我們在 24 年第四季提前投入了 CSF 墊的生產，而最初的目標是在 25 年第二季。第二個 CSS 平台已經開鑽，預計將於 2025 年第一季末提前投產，而原預算是 2025 年第二季。在 Jackfish，我們在 2024 年第四季鑽了一個 SAGD 平台，目標是在 2025 年第三季開始生產。

At Primrose, we are drilling two SAGD pads in the first half of 2025, which will be tied into existing Jackfish facilities. These two pads are targeted to come on production in 2026 and keep the Jackfish plant to full capacity. At (inaudible), we are currently drilling a SAGD pad targeted to come on production in Q4 of '25, with a second SAGD pad targeted to be drilled in Q4 of '25 and come on production in Q4 of 2026.

在 Primrose，我們將於 2025 年上半年鑽探兩個 SAGD 平台，它們將與現有的 Jackfish 設施相連。這兩個發射台預計將於 2026 年投入生產，並保持 Jackfish 工廠的滿載生產。在 (聽不清楚)，我們目前正在鑽探一個 SAGD 平台，目標是在 2025 年第四季投產，第二個 SAGD 平台的目標是在 2025 年第四季鑽探，並於 2026 年第四季投產。

On the conventional side of the business, primary heavy oil production averaged approximately 79,100 barrels per day, a 2% increase over 2023, reflecting strong results from multilateral wells on our extensive heavy oil land base.

在常規業務方面，初級重油產量平均約為每天 79,100 桶，比 2023 年增長 2%，反映了我們廣泛的重油陸地基地上的多分支井取得的強勁業績。

We drilled 121 net horizontal multilateral primary heavy oil wells in 2024 compared to 104 in 2023. Multilateral wells combine increased reservoir capture and higher production with reduced servicing requirements, which lowers operating costs.

我們在 2024 年鑽探了 121 口淨水平多分支初級重油井，而 2023 年為 104 口。多分支井可提高油藏捕獲量和產量，同時減少維護需求，從而降低營運成本。

As we shift more of our primary heavy oil assets to multilateral development, we are seeing overall operating costs coming down as these wells are more efficient and require less servicing activity. In 2024, primary heavy oil operating costs averaged $18.11 per barrel, down 9% from 2023.

隨著我們將更多主要的重油資產轉向多邊開發，我們看到整體營運成本正在下降，因為這些油井的效率更高，需要的維護活動更少。2024 年，初級重油營運成本平均為每桶 18.11 美元，比 2023 年下降 9%。

We continue to optimize well design and length in our highly successful multilateral program, achieving top-tier average initial peak rates of approximately 250 barrels per day per well, which is 43% higher than the budgeted initial peak rate of 175 barrels per day per well and a further 9% higher than our previously disclosed rate of 230 barrels per day.

我們在非常成功的多邊專案中繼續優化井設計和長度，實現了每口井每天約 250 桶的頂級平均初始峰值產量，比預算的每口井每天 175 桶的初始峰值產量高出 43%，比我們之前披露的每天 230 桶的產量高出 9%。

North American light crude oil and NGL production averaged approximately 114,400 barrels per day in 2024, an increase of 5% compared to 2023. Half of this increase is driven by strong organic growth in liquids-rich natural gas with the remainder related to recently acquired Duvernay assets. We achieved a 17% reduction in operating costs on light crude oil and NGLs, averaging $13.55 per barrel in '24 compared to 2023.

2024 年北美輕原油和 NGL 產量平均約為每天 114,400 桶，比 2023 年增加 5%。這一增長的一半是由富液天然氣的強勁有機增長推動的，其餘部分則與最近收購的 Duvernay 資產有關。我們將輕質原油和天然氣液體的營運成本降低了 17%，與 2023 年相比，2024 年平均每桶 13.55 美元。

North American natural gas production averaged 2.14 BCF in 2024, which is comparable to 2023. In 2024, we remain focused on liquid-rich natural gas activity in the Montney and Deep Basin, while certain dry gas dry natural gas activity in 2024 was deferred due to lower natural gas prices. Operating costs in our North American natural gas averaged $1.19 per MCF in 2024 or 6% lower than 2023.

2024 年北美天然氣產量平均為 21.4 億立方英尺，與 2023 年相當。2024 年，我們將繼續專注於蒙特尼和深盆地的富液天然氣活動，而 2024 年的某些乾氣乾天然氣活動由於天然氣價格較低而被推遲。2024 年，我們北美天然氣的營運成本平均為每 MCF 1.19 美元，比 2023 年低 6%。

Complementing the opportunistic acquisitions completed in 2024 as well as those announced but not yet closed in '25, we have plenty of organic growth opportunities within our large diverse asset base. We will leverage this expanded portfolio of organic growth opportunities to continue creating long-term shareholder value into the future while maintaining the flexibility to manage the pace of these development opportunities to deliver strong returns.

除了 2024 年完成的機會性收購以及 25 年宣布但尚未完成的收購之外，我們在龐大的多元化資產基礎中還擁有大量有機成長機會。我們將利用擴大的有機成長機會組合，繼續為未來創造長期股東價值，同時保持靈活性來管理這些發展機會的步伐，以實現強勁的回報。

We have a long track record of consistently delivering strong industry-leading results driven by our safe, reliable operations and relentless focus on continuous improvement, which maximizes long-term shareholder value.

我們長期致力於安全可靠的營運和對持續改善的不懈追求，始終如一地提供業界領先的強勁業績，從而最大限度地提高長期股東價值。

Now, I will turn it over to Robin to speak to our 2024 year-end reserves.

現在，我將把話題交給羅賓，讓他談談我們 2024 年底的儲備。

Thank you, Scott, and good morning, everyone. I'll start by pointing out that as in previous years, 100% of Canadian Natural's reserves are externally evaluated and reviewed by independent qualified reserve evaluators.

謝謝你，斯科特，大家早安。首先我要指出的是，與往年一樣，加拿大自然資源公司的 100% 儲量都由獨立合格的儲量評估師進行外部評估和審查。

Our 2024 reserve disclosure is presented in accordance with Canadian reporting requirements, using forecast prices and escalated costs on a company working interest before royalties basis. As you just heard from Scott, Canadian Natural had a very strong year, and one of the many places in which that is evident by the company's reserves.

我們的 2024 年儲量揭露符合加拿大的報告要求，採用公司在特許權使用費之前的經營權益基礎上的預測價格和升級成本。正如您剛才從斯科特那裡聽到的，加拿大自然資源公司今年的業績非常強勁，公司的儲量是眾多可以證明這一點的地方之一。

For December 31, 2024, total proved reserves are 15.2 billion BOE and total proved plus probable reserves are 20.1 billion BOE. This is a 9% increase in both proved and proved plus probable reserves compared to December 2023. Canadian Natural replaced 2024 production by 365% on a total proved basis and 422% on a total proved plus probable basis.

截至 2024 年 12 月 31 日，總探明儲量為 152 億桶油當量，總探明加概算儲量為 201 億桶油當量。與 2023 年 12 月相比，已探明儲量和已探明加概算儲量均增加了 9%。加拿大自然資源公司在 2024 年的產量以已探明總產量計算取代了 365%，以已探明加概算總產量計算取代了 422%。

The accretive acquisition of Chevron's Alberta assets in December 2024 added material reserves and NPV growth. And as you heard from Scott, these assets will continue to drive value for decades. It is also notable that even excluding the contribution of acquisitions in 2024, the company's organic reserve replacement would still have been about 118% of production in total proved and about 128% of production in total proved plus probable.

2024 年 12 月，雪佛龍對阿爾伯塔省資產的增值收購增加了物質儲備和淨現值成長。正如您從斯科特那裡聽到的，這些資產將在未來幾十年繼續推動價值。另外值得注意的是，即使不包括 2024 年的收購貢獻，該公司的有機儲量替代仍將佔總探明產量的 118% 左右，佔總探明加概算產量的 128% 左右。

Highlighting one of the key attributes that differentiate Canadian Natural's assets, approximately 74% of total proved reserves are from long life, low decline or zero decline assets, resulting in a total proved reserve life index of 33 years and a total proved plus probable reserve life index of 44 years.

加拿大自然資源公司資產的關鍵特徵是，約有 74% 的總探明儲量來自長壽命、低衰減或零衰減資產，導致總探明儲量壽命指數為 33 年，總探明加概算儲量壽命指數為 44 年。

Notably, at year-end 2024, approximately 50% of the company's total proved reserves are high-value SCO with zero decline and a total proved reserve (inaudible) index of 43 years. In 2024, the strength of Canadian Natural's assets and results also continue to be reflected in our strong finding and development costs.

值得注意的是，截至 2024 年底，該公司總探明儲量中約有 50% 為高價值 SCO，且遞減率為零，總探明儲量（聽不清楚）指數為 43 年。2024 年，加拿大自然資源公司的資產和業績的強勁也將繼續反映在我們強勁的勘探和開發成本上。

The corporate finding, development and acquisition costs, excluding changes in future development costs, or $7.82 per BOE for total proved reserves and $6.76 per BOE for total proved plus probable reserves. Including changes in future development costs, core FD&A is $13.56 per BOE for total crude and $12.60 per BOE for total proved plus probable.

該公司的勘探、開發和收購成本（不包括未來開發成本的變化）為每桶油當量 7.82 美元（總探明儲量和概算儲量）和每桶油當量 6.76 美元（總探明加概算儲量）。包括未來開發成本的變化，核心 FD&A 為每桶原油當量 13.56 美元，總已探明加概算儲量為每桶原油當量 12.60 美元。

The net present value of future net revenue before income tax, using a 10% discount rate and including the full company ARO, is approximately $170 billion for total proved reserves and approximately $206 billion for total proved plus probable reserves. This equates to net asset values of $74.83 per share for total crude and $91.72 per share for total proved plus probable.

使用 10% 的折現率並包括整個公司 ARO，未來稅前淨收入的淨現值（總已探明儲量）約為 1700 億美元，總已探明加概算儲量約為 2060 億美元。這相當於原油總儲量每股淨資產價值 74.83 美元，已探明加概算儲量每股淨值價值 91.72 美元。

In summary, our 2024 reserves reflect the strength and depth of Canadian Natural's asset base the predictability of the company's long life, low-decline reserves, the value of accretive acquisitions completed in 2024, and our proven ability to deliver organic reserves and value growth.

總之，我們的 2024 年儲量反映了加拿大自然資源公司資產基礎的實力和深度、公司長壽命、低衰減儲量的可預測性、2024 年完成的增值收購的價值，以及我們提供有機儲量和價值增長的已證實的能力。

I will hand over to Mark now for financial highlights.

現在我將把財務重點交給馬克。

Thanks, Robin, and good morning, everyone. In 2024, we delivered strong financial results on the back of the solid operational performance Scott discussed which are highlighted by annual adjusted (inaudible) loan of $14.9 billion, including Q4 '24 adjusted funds flow of $4.2 billion.

謝謝，羅賓，大家早安。2024 年，我們在斯科特所說的穩健營運業績的支持下取得了強勁的財務業績，其中突出的是年度調整後（聽不清）貸款 149 億美元，包括 24 年第四季度調整後的 42 億美元資金流。

Our capital program for 2024 was approximately $100 million under budget of $5.3 billion, resulting in significant free cash flow in the year where we returned approximately $7.1 billion to shareholders in 2024 inclusive of our sustainable and growing dividends and share repurchases.

我們 2024 年的資本計畫約為 1 億美元，預算為 53 億美元，從而帶來了當年的大量自由現金流，2024 年我們向股東返還了約 71 億美元，其中包括可持續增長的股息和股票回購。

We increased our quarterly dividend twice in 2024 and subsequent to year-end, given our strong financial position and significant and sustainable free cash flow generation, our Board of Directors approved a further 4% increase to our quarterly dividend to $58.85 per common share or $2.35 per common share annualized with 2025 being the 25th consecutive year of dividend increases by Canadian Natural with a compound annual growth rate of 21% over that time.

我們在 2024 年及之後兩次增加了季度股息，鑑於我們強勁的財務狀況和大量可持續的自由現金流產生，我們的董事會批准將季度股息進一步增加 4% 至每股普通股 58.85 美元或年化每股普通股 2.35 美元，2025 年是加拿大自然資源公司連續第 25 年股息增加，在此期間的複合年增長率。

After the recent acquisitions, our financial position remains strong. And with the additional free cash flow generation, our US dollar WTI breakeven remains top tier in the low to mid-40 WTI per barrel. With strong balance sheet metrics, including debt-to-EBITDA at 1.1 times and debt-to-book capital at 32% at the end of 2024.

經過最近的收購，我們的財務狀況依然強勁。隨著額外自由現金流的產生，我們的美元 WTI 損益平衡點仍保持在每桶 40 WTI 的中低點。擁有強勁的資產負債表指標，包括 2024 年底的債務與 EBITDA 比率為 1.1 倍，債務與帳面資本比率為 32%。

Liquidity remains strong and including undrawn revolving bank facilities and cash liquidity at the end of the quarter was approximately $4.7 billion. Our industry-leading cost structure predictable, long life, low decline assets and reserve base, combined with our relentless commitment to continuous improvement continues to drive significant value at Canadian Natural.

流動性依然強勁，包括未提取的循環銀行信貸和季度末的現金流動性約為 47 億美元。我們行業領先的成本結構、可預測的長壽命、低衰減資產和儲量基礎，加上我們對持續改進的不懈承諾，繼續為加拿大自然資源公司帶來巨大價值。

This is all a result of our focused and dedicated teams across our business who are aligned with shareholders and have the drive to do things right every day. This is a unique competitive advantage and facilitates driving strong long-term returns on capital.

這一切都歸功於我們整個企業中專注而敬業的團隊，他們與股東保持一致，並有動力每天都把事情做好。這是一個獨特的競爭優勢，有助於實現強勁的長期資本回報。

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

說完這些，我將把話題轉回給你，斯科特，請你發表一些最後的評論。

Thank you, 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 the focus on improving our cost, strong execution of organic growth opportunities and increasing value to shareholders.

謝謝你，馬克。總而言之，我們一致可靠的結果以安全可靠的營運為基礎。我們對持續改善的承諾由公司各領域的強大團隊文化所驅動，重點在於改善成本、強力執行有機成長機會和增加股東價值。

We consistently delivered top-tier operational and financial results, which is unique and sustainable. Clearly demonstrating our ability to both economically grow and deliver returns to our shareholders by balancing across our four pillars of capital allocation.

我們始終如一地提供一流的營運和財務業績，這是獨一無二且可持續的。透過平衡四大資本配置支柱，清楚地展示我們實現經濟成長和為股東帶來回報的能力。

I'd like to take this opportunity to thank Mark for all of his service as our CFO and contributions to the management committee. I'd also like to congratulate Victor in his new role, new position as our CFO.

我想藉此機會感謝馬克擔任我們的財務長所做的所有服務以及對管理委員會的貢獻。我還要祝賀 Victor 擔任我們的財務長這一新職務。

And with that, I will turn it over for questions.

說完這些，我會把它交給大家提問。

(Operator Instructions) Greg Pardy, RBC Capital Markets.

（操作員指示） Greg Pardy，RBC 資本市場。

And indeed, Mark, congrats on your new role. It's been great to work with you. You'll probably get more sleep now on weekends and welcome Victor. A couple of questions on my end. I guess, Scott, you talked about the Shell swap and then the Chevron and so forth. What do those two transactions mean on a combined basis for your shareholder returns, but also conceivably organic growth at AOSP down the road.

確實，馬克，恭喜你獲得新的職位。與您共事非常愉快。現在週末你可能會睡得更多了，歡迎維克多。我有幾個問題。我想，斯科特，你談到了殼牌互換，然後是雪佛龍互換等等。這兩筆交易對於您的股東回報以及 AOSP 未來的自然成長意味著什麼？

That's great. So yes, those two acquisitions, I talked about adding 93,000 barrels a day of production through those acquisitions. And obviously, that will be a significant contribution to our overall free cash flow, which will formulate itself into our shareholder payment programs proportionally. So there's significant value. Those are high dollar value barrels as well.

那太棒了。是的，我談到了透過這兩次收購可以增加 93,000 桶/日的產量。顯然，這將對我們的整體自由現金流做出重大貢獻，並將按比例納入我們的股東支付計劃。因此，它具有重大價值。這些桶的價值也很高。

If you look at organic growth opportunities, Greg, I would point out that there is already existing approvals in place for Jackpine mine expansion in the order of 100,000 barrels a day. And I'd also point out that we have license capacity availability in the existing JPM and MRM licenses as well.

格雷格，如果你看一下有機成長機會，我想指出的是，目前已經批准將 Jackpine 礦場的擴建規模定為每天 10 萬桶。我還要指出的是，我們在現有的 JPM 和 MRM 許可證中也具有許可容量可用性。

So we have the opportunity for good, strong growth opportunities in the Albian mine, and I think it will take a lot of work on egress opportunities. in order to ensure that those barrels can move to market. But there's certainly the opportunities there and very well laid out in terms of the reserve life that we can get out of that project with no decline. So there's a lot of overall value wrapped up in that.

因此，我們在阿爾比安礦場擁有良好、強勁的成長機會，而且我認為在退出機會方面還需要做大量的工作。以確保這些石油能夠進入市場。但那裡肯定存在機會，而且我們可以從該項目中獲得非常充分的儲備壽命，而不會減少。因此，這其中蘊含著很大的整體價值。

Okay. And maybe I'll just switch gears. I mean, in your opening remarks, you talked about a number of the thermal developments where you're ahead of schedule. So is this intentional -- is there something kind of bigger going on with a series of projects you're laying out?

好的。或許我只是需要換個話題。我的意思是，在您的開場白中，您談到了許多您提前完成的熱力發展。那麼這是有意為之嗎—您正在規劃的一系列專案是否有更大的計劃？

I think, Greg, what's happened over time and folks shouldn't be overly surprised at times when we do when we're able to exceed our expectations when we sanction a project to get it on production such as SAGD and CSS pads, and that's because we employ our continuous improvement so every time we build a pad, we take the learnings from that, things that we could do better and we apply it to the next path.

格雷格，我認為，隨著時間的推移，人們不應該過於驚訝，當我們批准一個專案並將其投入生產（例如 SAGD 和 CSS 平台）時，我們能夠超出我們的預期，這是因為我們採用了持續改進的方法，所以每次我們建造一個平台時，我們都會從中吸取教訓，找出可以做得更好的事情，並將其應用到下一個道路上。

So arguably, we're getting caught up on that here. But certainly, there's it's nothing ordinary from what we normally do. It's just part of continuous improvement.

所以可以說，我們現在已經陷入困境了。但可以肯定的是，這與我們平常所做的並沒有什麼不同。這只是持續改進的一部分。

Dennis Fong, JWC.

丹尼斯方（Dennis Fong），JWC。

And again, I would like to echo the congratulations to Mark on your new role. My first question maybe follows along the line of Greg's question there just around your oil kind of mining operations. So I mean you guys have shown, obviously, a track record of really optimizing production and kind of throwing in little kind of small, we'll call it debottlenecking or just even driving better kind of throughput, frankly, since you started owning the asset and operating it as well.

我再次對馬克擔任新職務表示祝賀。我的第一個問題可能與格雷格提出的問題類似，有關你們的石油開採業務。所以我的意思是，自從你們開始擁有資產並運營它以來，你們顯然已經展示了真正優化生產的記錄，並且投入了一些小的，我們稱之為消除瓶頸，或者坦率地說只是提高產量。

Eventually, in a situation where I say, you are able to optimize the assets in such a way that exceeds Scotford upgrader capacity. What are maybe some of your options that you can look at doing? And what are the synergies in that like nearby asset structure that you can maybe lean on to kind of gain incremental margin?

最終，正如我所說，您能夠以超出 Scotford 升級容量的方式優化資產。您可以考慮採取哪些選擇？那麼，您可以依靠附近的資產結構中的哪些協同效應來獲得增量利潤？

Yeah. Good question, Dennis. In terms of the AOSP mines, and relative to the Scotford production, the next step to get higher volumes would most likely involve something similar to what we've talked about before over at Horizon, which is a paraffinic treat or opportunities. So that's where you would get bitumen barrels you would move to market, call it, around the Scotford Upgrader.

是的。好問題，丹尼斯。就 AOSP 礦山而言，相對於斯科特福德的生產，下一步獲得更高產量很可能涉及與我們之前在 Horizo​​​​n 談論過的類似的事情，這是一種石蠟處理或機會。這就是你可以得到瀝青桶的地方，然後將其運送到斯科特福德昇級站周圍的市場。

But obviously, number one, ensure the upgrader is all kept full at all times. And secondly, it'd be providing an expansion opportunity to bring on additional bitumen barrels and move those to market.

但顯然，首先，要確保升級程序始終保持完整。其次，它將提供一個擴張機會，引進更多的瀝青桶並將其推向市場。

Great. I appreciate that incremental color. And then maybe shifting gears towards the thermal side. In your press release, you've talked about 70,000 barrels of potential oil processing unused capacity, which really helps that drill-to-fill program. Can you talk towards what you'd look to be able to -- or what you would need to do to further unlock that 70,000 potential barrels a day of the oil processing side.

偉大的。我很欣賞那種漸進的色彩。然後也許會轉向熱能方面。在您的新聞稿中，您談到了 70,000 桶潛在的未使用石油加工能力，這對鑽井填充計劃確實有幫助。您能否談談您希望如何做或需要做些什麼來進一步釋放石油加工方面每天 70,000 桶的潛在產量？

Presumably, it's about liberating steam capacity and then using that a little bit more efficiency. Theoretically, I presume through [Wolfpacks and Print Rose].

據推測，這是為了釋放蒸汽容量，然後稍微提高一點利用效率。從理論上講，我認為[狼群與印花玫瑰]。

Yeah. I think you got it bang on, Dennis. It's primarily in the Primrose/Wolf Lake area. The SAGD assets are primarily full certainly Jackfish. And so yes, I think if you just, over time, with seeing capacity availability. We'll continue to do our pad adds, and we're also working and continue to work on implementation of solvents in those areas.

是的。我認為你說得很對，丹尼斯。它主要位於 Primrose/Wolf Lake 地區。SAGD 資產主要集中在 Jackfish 上。是的，我認為，隨著時間的推移，你會看到容量可用性。我們將繼續進行墊塊添加工作，並且我們也在努力並繼續致力於在這些區域實施溶劑。

And so I think I talked about this on the last call, Dennis, that primarily, we'll be looking to do pad opportunities in Primrose probably before we would do the solvent injection, but they certainly go hand in hand and the teams are working on both those opportunities.

因此，丹尼斯，我想我在上次電話會議上談到了這一點，主要是，我們會在進行溶劑注入之前尋找在 Primrose 進行墊塊開發的機會，但它們肯定是相輔相成的，而且團隊正在努力抓住這兩個機會。

To get to your point, the steam availability is the key factor there, but we would plan on having pad adds to ensure we're maximizing our capacity available from our steam plants.

說到你的觀點，蒸汽的可用性是關鍵因素，但我們計劃增加墊塊以確保最大限度地提高我們蒸汽廠的產能。

Great. Really appreciate that color. So I'll turn it back.

偉大的。真的很欣賞那個顏色。所以我會把它轉回去。

Manav Gupta, UBS Financial.

瑞銀金融的 Manav Gupta。

You guys have a very informed you of the markets out there. And I'm just trying to understand how are we thinking about the Eco prices next 18 to 24 months given some of the LNG projects, which are expected to ramp up over in Canada.

你們對外面的市場非常了解。我只是想知道，考慮到加拿大一些液化天然氣項目預計將加大力度，我們如何考慮未來 18 至 24 個月的生態價格。

Yeah, it's a good question. I think you see an uptick on the pricing going into 2026. Obviously, on the back of getting LNG Canada online. And I think that those opportunities will continue to allow us to move gas out of the basin here. Our focus is going to primarily be on liquids-rich gassy areas such as the Montney and Duvernay. But certainly, it looks like to me that the market is somewhat I would say, conservative potentially on the pricing.

是的，這是個好問題。我認為到 2026 年價格將會上漲。顯然，這是在加拿大液化天然氣 (LNG) 上線的基礎上。我認為這些機會將繼續使我們能夠將天然氣從這裡的盆地中輸送出來。我們的重點將主要放在富含液體和氣體的地區，例如蒙特尼和杜韋奈。但可以肯定的是，在我看來，市場在定價方面可能有些保守。

But again, some of that's going to depend on how quickly that LNG capacity can be backfilled. But I think those are some of the driving factors there.

但同樣，這在一定程度上取決於液化天然氣產能補充的速度。但我認為這些是其中的一些驅動因素。

And a quick comment. I also wanted over the last week, I think [Enrin] talked about increasing mainline capacity by about like 150,000 barrels in the near term and over a longer term, I think they allocated $2 billion in capital.

並附上一則簡短的評論。我還想，在過去一周，我認為 [Enrin] 談到了在短期內將主線運力增加約 15 萬桶，並且在長期內，我認為他們已撥款 20 億美元資金。

So they're looking to increase it to like: 300,000 barrels. So I'm just trying to understand, in your view, would this -- is this incremental capacity needed? Would you think the basin will fill up at some point? If you could comment around that?

因此他們希望將其增加到30萬桶。所以我只是想了解，在您看來，這是否是必要的增量容量？您認為盆地最終會被填滿嗎？您能對此發表評論嗎？

Well, it's a good question. And I would say, yes, over the long term, it will. Primarily, I'd suggest that the growth opportunity is or at least the most significant growth opportunities you would look towards the oil sands to make the biggest contributions.

嗯，這是個好問題。我想說，是的，從長遠來看，確實如此。首先，我認為成長機會是，或至少是最重要的成長機會，你會期待油砂能做出最大的貢獻。

We're certainly well positioned from that in our mining operations. We've talked about Verizon in the past and -- we're also talking about the OSP mines as well in terms of production growth opportunities here. So we have additional capacity in our thermal operations. So other operators do have additional opportunities as well. So I think all combined that capacity will be utilized in the long term.

我們在採礦業務方面無疑處於有利地位。我們過去曾談論過 Verizon，我們也在談論 OSP 礦場的生產成長機會。因此，我們的熱力作業擁有額外的產能。因此其他業者也確實擁有更多機會。因此我認為從長遠來看這些產能都將被利用。

Patrick O'Rourke, ATB Capital Markets.

奧羅克（Patrick O'Rourke），ATB 資本市場。

Congratulations to Mark on the new role as well. I guess just from the perspective of the capital structure here with the net debt where it is, the $15 billion and $12 billion target, just wondering about your thoughts in terms of flexing the balance sheet here in the M&A markets or acquisition market, if we do continue to see some volatility on the commodities versus the impetus to get to those enhanced shareholder returns right now.

我也祝賀馬克擔任新職務。我想，僅從這裡的資本結構的角度來看，這裡的淨債務為 150 億美元和 120 億美元，我只是想知道您對在併購市場或收購市場上調整資產負債表的想法，如果我們確實繼續看到大宗商品的波動與現在提高股東回報的動力相對照。

Yeah. Good question, Patrick. I think that we're quite happy with our assets. And in terms of M&A activity, we'll just see how things unfold. And the fluctuations as in pricing as a result of all the discussions on tariffs and so forth, it's going to take some time to sort some of that out -- but we're quite happy. If you look at our reserve base, we have ample opportunity to grow organically.

是的。派崔克，你問得好。我認為我們對我們的資產非常滿意。就併購活動而言，我們只需觀察事態如何發展即可。由於關稅等討論而導致的價格波動，需要花一些時間來解決 - 但我們對此感到非常高興。如果你看看我們的儲備基礎，你就會有充足的機會來實現有機成長。

We've always liked acquisitions that bring that additional value and accretive to the company. So as in the past, for the past 35 years, that's been one of our strengths, organic growth and taking advantage of opportunistic acquisitions. And unless there's something that changes significantly in the environment going forward, I don't see our strategy changing.

我們一直喜歡能夠為公司帶來附加價值和增值的收購。因此，就像過去 35 年一樣，有機成長和利用機會性收購一直是我們的優勢之一。除非未來環境發生重大變化，否則我認為我們的策略不會改變。

Okay. Great. And then maybe just on the operational side, looking through some of the numbers here, particularly to the commercial solvent project at Kirby North. I noticed that the sole recoveries came down very slightly in the quarter from 85% to 80%.

好的。偉大的。然後可能只是在營運方面，看看這裡的一些數字，特別是 Kirby North 的商業溶劑項目。我注意到本季鞋底回收率略有下降，從 85% 降至 80%。

Just wondering how we -- or how you anticipate this to trend through time. Is there any seasonality there? And then what the view in terms of potential proliferation of this technology now through the rest of the portfolio now that you've had it online for a while.

只是想知道我們如何——或者您如何預測這種趨勢會隨著時間的推移而變化。那裡有季節性嗎？那麼，既然這項技術已經在線上運行了一段時間，那麼您認為它現在透過投資組合的其餘部分可能擴散的可能性如何？

Yeah, Patrick, I don't think I'd read anything into too much into the change in terms of the recovery. It has to do with some of the nuances just with certain wells on stream or certain wells upstream for servicing or enhancements that they're working on individual wells with.

是的，派崔克，我認為我不會對復甦方面的變化進行過多的解讀。這與某些細微差別有關，僅與某些正在運行的油井或上游的油井有關，他們需要對個別油井進行維護或改進。

So the trajectory is what we'd anticipated in terms of the recoveries and the SOR reductions. We'd expect to see get towards what we would think would be a solid stable state in and around July or August of this year.

因此，就復甦和 SOR 減少而言，軌跡是我們所預期的。我們預計，今年 7 月或 8 月左右，我們將看到情況趨於穩定。

And then once we've reached that state, we'll be able to certainly have access to all the information and all the data that's been gathered over the past year and just determine exactly how we want to move forward from here.

一旦我們達到這種狀態，我們就能獲得過去一年收集的所有資訊和數據，並確定我們希望如何從現在開始前進。

Now I will say that in parallel, our teams are looking at expanding the opportunity further into areas such as pipe as we move forward. Those opportunities would be a few years down the road, say, into '27 and '28, where we would look at doing the next implementation of a project such as that.

現在我想說的是，與此同時，我們的團隊也在考慮將機會進一步擴展到管道等領域。這些機會將是幾年後的事情，比如說，到27年和28年，我們將考慮實施下一次這樣的計畫。

But we are seeing good positive results. We like the opportunity to be able to bring reserves forward and there's lots of reserves that we have interstate operations. So it provides a significant opportunity to bring those reserves forward based on our capital allocation program. So it's another good tool in our tool box.

但我們看到了良好的正面成果。我們很高興有機會能夠提前動用儲備，而且我們擁有大量跨州運營的儲備。因此，這為根據我們的資本配置計劃提前使用這些儲備提供了重要的機會。所以它是我們工具箱中的另一個好工具。

Menno Hulshof, TD Securities.

道明證券的 Menno Hulshof。

Thanks, and good morning, everyone. Can you -- can we begin by maybe having you elaborate on the pipeline modification that allowed you to add 5,000 barrels per day of capacity at Albian, like what exactly got done there? What was the capital efficiency? And then higher level, what other near-term debottlenecking opportunities are you seeing at the AOSP or horizon that you're prepared to flag today?

謝謝，大家早安。您能否先詳細介紹管道改造情況，該改造使得阿爾比安的日產能能夠增加 5,000 桶，具體具體做了哪些改造？資本效率如何？然後從更高的層次來看，您在 AOSP 或 Horizo​​n 中看到了哪些其他近期的瓶頸消除機會，您準備今天標記出來？

Yeah. Good question. Quite simply, the work that they've done there is just looking at debottlenecking some of the piping that allow the transfer between the two different upgraders there. There was pumps that the teams had increased the sizing on just modification to certain sizes of piping. So really, it was just about ensuring that the teams had the -- the flow is well understood.

是的。好問題。很簡單，他們在那裡所做的工作只是尋求消除一些管道的瓶頸，從而實現兩個不同的升級裝置之間的轉移。有些團隊只是對某些尺寸的管道進行了修改，就增加了幫浦的尺寸。所以實際上，這只是為了確保團隊能夠很好地理解流程。

The engineering part of it understood, not overly complex, but still step through it very methodically, making sure that we were making the right moves there. I don't have a capital efficiency number for you off the top of my head. But the key to this is they are low capital dollars overall and you look at it, that's 5,000 barrels a day for 50 years.

它的工程部分理解起來並不過於複雜，但仍然有條不紊地逐步完成，確保我們在那裡採取正確的行動。我無法立即提供你資本效率數字。但關鍵在於他們整體的資本投入較低，你看看這個，50 年來每天產量只有 5,000 桶。

Additional opportunities. We'll continue to work on efficiencies and finding tweaks that we can do or create capacity in both the Horizon and the Albian assets, you saw we had very strong production in the first quarter, started to ramp up strongly in the fourth quarter as well.

額外的機會。我們將繼續致力於提高效率並尋找可以做的調整或在 Horizo​​​​n 和 Albian 資產中創造產能，正如您所見，我們在第一季的產量非常強勁，並且在第四季度也開始強勁增長。

And I think what you're seeing that is a result of all the good work that our teams have done on implementing the reliability project enhancement and the debottleneck project at Scotford, the team did very good work on that, and the results of the work that they did on those projects are turning out to be better than we actually anticipated.

我認為，您所看到的是我們的團隊在實施可靠性專案增強和斯科特福德去瓶頸專案方面所做的所有出色工作的結果，團隊在這方面做得非常出色，他們在這些專案上所做工作的成果比我們實際預期的要好。

So we're getting strong run rate and we're getting more production through the facility than we originally had the engineering design for. So that's a very, very good positive from a go-forward basis here.

因此，我們的運作率很高，而且透過該設施獲得的產量比我們最初的工程設計的產量還要多。因此，從未來發展來看，這是一個非常非常好的正面因素。

Terrific. And then my second question is on the North Sea. We've seen a pretty big shift in focus back to energy security in the UK and Europe more generally. And I think there's certainly a growing view that European domestic supply growth becomes a much bigger priority looking forward.

了不起。我的第二個問題是關於北海的。我們看到英國和整個歐洲的焦點重新轉向能源安全。我認為，越來越多的人認為，歐洲國內供應成長將成為未來更大的優先事項。

You have a very long history in the North Sea. I think everybody understands that. It's a basin with unconstrained market egress. And so my question is, is there any scenario where you would consider building up your position again? Or is the most likely scenario still a slow wind down of those assets?

你們在北海有著非常悠久的歷史。我想每個人都明白這一點。這是一個市場出口不受限制的盆地。所以我的問題是，在什麼情況下您會考慮再次鞏固自己的地位？或者最可能的情況仍然是這些資產的緩慢減少？

Yeah, it's a good question. I think in what we know today and where we're at with the development of the reserves there we would continue to unwind and event in the facilities, the facilities. That development in the North Sea has the downward direction and the production has not -- is not something new. As you know, there's been significant, I would say, political regime to move away from oil and gas.

是的，這是個好問題。我認為，根據我們今天所了解的情況以及那裡的儲備開發的現狀，我們將繼續放鬆和改進這些設施。北海的開發呈現下降趨勢，但產量卻沒有下降，這並不是什麼新鮮事。如你所知，我認為政治體制已經明顯轉向放棄石油和天然氣。

And to your pointing out that, that's probably going to change. I think for our operations in the North Sea it's probably those decisions were made several years ago, potentially had the fiscal regime been different to 5, 10 years ago. It might be different for us today. But as we stand today, we're not likely to invest any more capital in those areas.

正如您所指出的，這種情況可能會改變。我認為，對於我們在北海的業務而言，這些決定可能是幾年前就做出的，可能財政制度與5年前、10年前有所不同。對於我們今天來說情況可能會有所不同。但就目前情況而言，我們不太可能在這些領域投入更多資金。

Roger Read, Wells Fargo.

富國銀行的羅傑‧里德 (Roger Read)。

Yeah. lot of talk on here about incremental investments growth, the things you've done and things you may do. I was just curious how you look at from either a return standpoint or what your breakevens are as you think about these investments and where you've been able to debottleneck.

是的。這裡有很多關於增量投資成長、您已經做的事情以及您可能做的事情的討論。我只是好奇，當您考慮這些投資時，您如何從回報的角度或損益平衡點來看待這些投資，以及您能夠解決哪些瓶頸。

Obviously, it's going to be a very low breakeven. But if you were doing something more actually putting another hole in the ground and looking to produce, how does that compare as you look across the various ops?

顯然，這將是一個非常低的損益平衡點。但是如果你實際上在做更多的事情，即在地面上再挖一個洞並尋求生產，那麼當你回顧各種操作時，情況會如何？

So Roger, are you referring to like a larger project. Is that what you mean by your commentary?

那麼羅傑，你指的是一個更大的專案嗎？這就是你的評論的意思嗎？

No, I would actually keep it within the things you've discussed so far. So not trying to do something significant. But for the smaller things you've been doing, how should we think about that from in, call it, a $60, $65 oil world, however, you want to define that, what it's really delivering in terms of bottom line impacts.

不，我實際上會將其保留在您迄今為止討論的內容範圍內。所以不要嘗試做一些有意義的事情。但對於你一直在做的較小的事情，我們應該如何從一個稱之為 60 美元、65 美元的石油世界來考慮這個問題，無論如何，你想定義它，它真正在底線影響方面帶來了什麼。

Okay. I got you. So really, those types of projects, like the ones we've done in the past, where we get these incremental barrels on a year-over-year basis. Those are the first projects that you want to look through because they're going to have the best capital efficiencies and you already have the infrastructure essentially in place.

好的。我接到你了。所以實際上，這些類型的項目，就像我們過去做過的項目一樣，我們會逐年獲得增量。這些是您想要審查的首批項目，因為它們將具有最佳的資本效率，並且您已經擁有基本到位的基礎設施。

So you don't change anything from an operating cost perspective in terms of adding costs actually helps you -- it actually helps your operating cost because most of your costs there are already on a fixed basis, Roger. So all these areas where we're -- especially in the mines where we're adding incremental barrels or in fact, any area in the company where we're adding incremental barrels through facilities. They're great projects with the best returns because the infrastructure is mostly built.

因此，從營運成本的角度來看，你不需要改變任何東西，因為增加成本實際上會對你有幫助——它實際上有助於降低你的營運成本，因為那裡的大部分成本已經是固定的了，羅傑。因此，我們在所有這些領域 — — 特別是在礦場，我們正在增加增量桶，或者事實上，公司內​​任何我們透過設施增加增量桶的區域。它們都是很棒的項目，而且回報最好，因為基礎設施大部分已經建成。

Yeah. Well, I guess, I was just curious, I mean, how do you look at them from a I'm just trying to think about what makes sense here in terms of investment in a, call it, a flattish oil outlook. It seems like you've got these opportunities. I mean are they be equivalent to $30 breakevens or 40 or 50? I mean just how do you kind of scale that up.

是的。嗯，我想，我只是很好奇，我的意思是，你如何看待它們，我只是想想想，在投資於平淡的石油前景方面，什麼才是有意義的。看起來你已經獲得這些機會了。我的意思是它們是否相當於 30 美元或 40 美元或 50 美元的盈虧平衡點？我的意思是你如何才能擴大這一規模。

Yeah. They would make sense at low dollar breakeven, like low dollar cost, Roger, I think I follow what you're getting at. But again, because there they have the best -- some of the best capital efficiencies you would always want to do those first, Roger. Any investment environment.

是的。在低美元損益平衡點，也就是低美元成本的情況下，它們是有意義的，羅傑，我想我明白你的意思。但是，因為他們擁有最好的——一些最好的資本效率，所以你總是希望首先做到這些，羅傑。任何投資環境。

John [Royall], JPMorgan.

摩根大通的約翰[羅亞爾]。

So my first one is on the mines, and I think you addressed this a little bit, but they ran a very strong rates in January, February in the context of your now raised capacity. There's no turnaround at Horizon this year. You do have one at AOSP in 2Q. But outside of the scope of turnarounds and of course, excluding the impact of the close of the swap.

我的第一個問題是關於礦山的，我想你已經提到了這一點，但是在你現在提高產能的背景下，一月和二月的產量非常強勁。今年 Horizo​​n 的情況沒有出現轉機。您在第二季的 AOSP 上確實有一個。但在周轉範圍之外，當然也不包括掉期結束的影響。

Can these types of levels be sustained? Or is there anything seasonal or more kind of nonrepeatable in those early results?

這樣的水平能持續下去嗎？或者這些早期結果中是否存在某些季節性的或不可重複的因素？

Yeah, they're not seasonal. And I think you just have to look at it, these two months very strong rates. The rates increased from the fourth quarter coming into the first quarter, and that is because we have optimized the projects that I talked about at both Scotford and Horizon. And so those are definitely strong rates.

是的，它們不是季節性的。我認為你只要看一下，這兩個月的利率非常強勁。從第四季度到第一季度，費率有所上升，這是因為我們優化了我在 Scotford 和 Horizo​​​​n 談到的項目。所以這些肯定是強勁的利率。

There was essentially no unplanned downtime to speak of in the past two months. We normally do budget for unplanned downtime on any given month throughout the entire year. So I would expect that while on the one hand, our teams are going to focus on ensuring they're optimizing the production opportunities as much as they possibly can.

在過去的兩個月中，基本上沒有發生非計劃性停機。我們通常會為全年中任何一個月的計劃外停機時間制定預算。因此，我希望一方面我們的團隊將專注於確保盡可能優化生產機會。

We still understand that from time to time, there could be some unplanned downtime due to an unforeseen event that's budgeted. And so that's likely to happen. I just -- the good news is, I think I look at it as a positive -- the rates are stronger than we would have anticipated. So even with unplanned downtime going forward, we're still going to see some very strong rates coming out of both of those mines.

我們仍然理解，有時由於預算內的不可預見事件可能會出現一些計劃外的停機。所以這很可能會發生。我只是 — — 好消息是，我認為這是一個積極的消息 — — 利率比我們預期的要高。因此，即使未來出現計劃外停工，我們仍然會看到這兩座礦場的產量非常強勁。

Great. And then my next question is on the Chevron acquisition. With that deal now closed, do you have a better sense or maybe a better sense that you're willing to share of the cash that's available from tax pools and is there a good way for us to think about how that could impact your cash taxes in '25?

偉大的。我的下一個問題是關於雪佛龍收購案的。現在這筆交易已經完成，您是否有更好的感覺，或者可能有更好的感覺，您願意分享來自稅收池的現金，我們是否有一個好的方式來思考這將如何影響您'25 年的現金稅？

It's Mark. We don't guide to sort of take tools, particularly on that. I know I've discussed it before when you look at the PP&E values of the acquisition. We do generate tax pools, and you saw that in Q4 where we're able to kind of a full year of tax depreciation in that one quarter.

是馬克。我們不指導使用某種工具，特別是那方面。我知道，當您查看收購的 PP&E 價值時，我之前已經討論過這個問題。我們確實產生了稅池，您在第四季度看到了這一點，我們能夠在該季度實現全年的稅收折舊。

So that will be a go forward, but you'll see it over the full year. So that's just the difference, and that's the impact of the taxes you see in Q4.

所以這將是向前邁進的一步，但你會在全年看到它。這就是差異，這就是您在第四季度看到的稅收的影響。

Neil Mehta, Goldman Sachs.

高盛的尼爾梅塔 (Neil Mehta)。

So my first question is just on the macro. Obviously, there's a lot of moving pieces around tariffs around. In the 25 presentation, you guys talked about using a $14 planning assumption for WTI WCS which I guess was the strip at the time.

所以我的第一個問題只是關於宏觀的。顯然，圍繞關稅有許多變動因素。在第 25 次演示中，你們談到了 WTI WCS 使用 14 美元的規劃假設，我猜這是當時的水平。

And has anything changed in that world view? How are you thinking about the impacts of tariffs to the extent that there is some durability to them and any perspectives on how much is absorbed by the producer versus the refiners. So just a lot of moving pieces around the differential, but your perspective on the market would be great.

那麼這個世界觀有什麼改變嗎？您如何看待關稅的影響，以及其是否具有一定的持久性，以及生產商和煉油商分別吸收了多少關稅。因此，差異周圍有很多移動的部分，但你對市場的看法會很棒。

Yeah. Good question, Neil. I think what you're seeing in the market today, we've seen WCS to Houston change over the past month here in and around that $4 range is narrowed into around $2 to $3, so call it, $2.50. It suggests that maybe some of the some of the cost of the tariffs would be passed on through to the consumer in the US on the WCS, Hardisty, WTI WCS at Hardisty side.

是的。好問題，尼爾。我想您今天在市場上看到的是，我們已經看到 WCS 到休士頓的價格在過去一個月裡發生了變化，大約在 4 美元的範圍內縮小到 2 到 3 美元左右，所以稱之為 2.50 美元。這表明也許部分關稅成本會轉嫁給美國 WCS、哈迪斯蒂、哈迪斯蒂一側的 WTI WCS 消費者。

We've seen fluctuations. I saw this morning, April in and around some sales at 1,250. Over the last couple of days, they're up upwards of $14.50. So there's some fluctuation and Hardisty on that. So still very fluid in terms of how this is all going to work out. And it is our view that the -- certainly, the US consumer is going to end up having to absorb the cost of the tariffs to what degree we're not exactly sure how the market is going to play out.

我們已經看到了波動。我今天早上看到四月的銷售量在 1,250 左右。在過去幾天裡，它們的價格已經上漲至 14.50 美元以上。因此，這方面存在一些波動和困難。所以這一切將如何發展，目前仍不確定。我們認為，美國消費者最終將不得不承擔關稅成本，至於具體程度，我們並不確定市場將如何發展。

It could be on a shared basis. could be leaning more towards the US consumer paying more for it than the producer would. We'll see how that all balances out. But certainly, in our view, we believe it's going to be not all placed back on the producer.

它可以是基於共享的。可能更傾向於美國消費者比生產商支付更多費用。我們將看看這一切如何平衡。但可以肯定的是，我們認為這不會全部歸咎於生產者。

Yeah, that's helpful. And then the offset to that could be currency, right? Because the CAD is now out to $1.44 or so. So just love your perspective on how that can provide an offset. And as you think about, in general, which inning you are in terms of driving your operating cost per barrel lower -- how much more is there to go as we work our way through the year?

是的，這很有幫助。那麼抵消這一點的可能是貨幣，對嗎？因為加元現在已經漲到 1.44 美元左右。所以我非常喜歡你關於如何提供補償的觀點。並且，總體而言，您想一想，在降低每桶營運成本方面，您處於哪個階段——隨著我們全年的努力，還有多少可以降低的？

Yeah. Another good question. I think we'll see where the dollar goes. It's difficult to make a comment at this time. This there's a lot of political activity driving that. So I think we'll -- I'll probably just not comment on that. -- The second part of your question, can you repeat that?

是的。又一個好問題。我想我們會看到美元的走向。目前很難發表評論。許多政治活動都在推動這項進程。所以我認為我們——我可能不會對此發表評論。 ——您問題的第二部分，您能重複嗎？

Was just on OpEx per barrel, how much can you drive that lower with and without currency, right?

只是每桶的營運成本，無論有沒有貨幣，你能把它降低多少，對嗎？

Yeah. Well, I think that, one thing you need to remember about Canadian Natural is we already have a very low cost structure. And it's one of the key differentiators relative to our peers. We've got a low breakeven, low operating cost, low maintenance capital and significant capital flexibility in our 2025 budget.

是的。嗯，我認為，你需要記住的關於加拿大自然資源的一件事是，我們的成本結構已經非常低了。這是我們與同行相比的關鍵區別因素。在 2025 年的預算中，我們實現了低損益平衡、低營運成本、低維護資本和顯著的資本彈性。

And so I think that bodes very well. And then you look at it and you say, okay, well, half of our production essentially is SCO production. So it's taking pricing plus or minus WTI. So there's another strength for Canadian Natural.

所以我認為這是個好兆頭。然後你看著它說，好吧，我們的一半產量基本上是 SCO 產量。因此其定價是加上或減去 WTI。因此，加拿大自然資源公司還有另一個優勢。

And so if you look at how our barrels are marketed and most of our barrels are marketed here in Canada with the exception of 87,500 barrels a day, that's that we carry down Flanagan and Keystone and then, of course, the 169 barrels per day that we moved to the West Coast, which is basically isolated from the tariffs.

因此，如果您看看我們的桶子是如何銷售的，您會發現我們的大多數桶子都是在加拿大銷售的，除了每天的 87,500 桶，那是我們運往弗拉納根和基斯通的，當然，還有每天 169 桶運往西海​​岸，這基本上不受關稅影響。

So most of our barrels are pretty much sold here in Alberta as well. So yes, dependent on our barrels are dependent on WCS pricing certainly. But the underlying or the underpinning factor for Canadian Natural is our low-cost structure -- and I just want to make sure that, that message is well understood.

所以我們的酒桶大多也都在阿爾伯塔省銷售。所以是的，我們的桶子肯定取決於 WCS 定價。但加拿大自然資源公司的根本或支撐因素是我們的低成本結構——我只是想確保這一資訊得到充分理解。

We've had -- we get superior netbacks and that low-cost structure has helped us through the previous times such as COVID, where we're able to work with our vendors when oil pricing dipped rate down into the low single digits. Certainly, the cost of services dropped at that time. And so we were able to work with our vendors for a short period of time to work through that.

我們獲得了卓越的淨回報，而且這種低成本結構幫助我們度過了之前的疫情時期，當油價跌至個位數低點時，我們能夠與供應商合作。當然，當時服務成本下降了。因此，我們能夠在短時間內與供應商合作來解決這個問題。

We came out of that very strong but again, it's on the back of the fact that we have a low cost and very sustainable operating cost platform across all of our assets, both on the natural gas side and especially on the oil sands mining side.

我們最終表現得非常強勁，但這是基於這樣一個事實：我們的所有資產，包括天然氣資產，尤其是油砂開採資產，都擁有一個低成本、可持續的營運成本平台。

Yeah. That's very clear. And congrats again to Mark and Victor.

是的。這非常清楚。再次恭喜馬克和維克多。

Eric (inaudible), UER.

艾瑞克（聽不清楚），UER。

Gentlemen, great quarter and results in this first part of the year. Just following up on the (inaudible) mind potential expansion, 100,000 barrels a day. One is what's the limiting factor in sanctioning that tomorrow? And two, is that included in your base reserves for 2024?

先生們，今年上半年取得了優異的成績。只是跟進一下（聽不清楚）潛在的擴張，每天 10 萬桶。一是明天批准該措施的限制因素是什麼？第二，這包含在你 2024 年的基本儲備中嗎？

So in terms of the decision to go ahead with something like that. We've got -- the great thing about this is we have ample opportunity for organic growth. The challenging thing in Canada is getting approval for large projects. The Jackfish -- the Jackpine mine expansion already has that approval in place. So we could build that out over time here. in our capital allocation model.

因此，就繼續進行這樣的事的決定而言。我們有—這件事最棒的地方在於我們擁有充足的有機成長機會。在加拿大，最困難的是獲得大型專案的批准。Jackfish——Jackpine 礦擴建工程已獲得批准。因此我們可以隨著時間的推移在這裡實現這一​​點。在我們的資本配置模型中。

I think it's a great tool to have in our tool chest here. when we do the project, given when we do the project, we'll talk more about that over time. But certainly, we're in an advantageous position here to be able to do a project of magnitude of that size. So it all depends on our outlook for pricing for egress for carbon capture.

我認為這是我們工具箱裡的一個很棒的工具。當我們做這個專案時，考慮到我們做這個專案的時間，我們會隨著時間的推移更多地討論這個問題。但可以肯定的是，我們處於有利地位，能夠完成如此規模的專案。所以這一切都取決於我們對碳捕獲出口定價的展望。

So there's a number of factors that are going to go into making that decision because -- they are -- as you know, you build 100,000 or 150,000 barrel a project in the mine, and it's going to run for 40 to 50 years.

因此，在做出這項決定時需要考慮許多因素，因為——如你所知，你在礦場建造一個產量為 10 萬或 15 萬桶的項目，並且要運行 40 到 50 年。

We have no further questions. I will turn the call back over to management for closing comments.

我們沒有其他問題了。我將把電話轉回給管理階層，徵求他們的結束語。

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.

謝謝接線員，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，祝您有愉快的一天。

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating, and we ask that you please disconnect your lines.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，並請您斷開線路。