加拿大自然資源公司 (CNQ) 2025 Q1 法說會逐字稿

Good morning. We would like to welcome everyone to Canadian Natural's 2025 first quarter earnings conference call and webcast. (Operator Instructions) Please note that this call is being recorded today, May 8, 2025, at 7:00 AM Mountain Time.

早安.歡迎大家參加加拿大自然資源公司 2025 年第一季財報電話會議和網路廣播。（操作員指示）請注意，本次通話於今天（2025 年 5 月 8 日）山區時間上午 7:00 進行錄音。

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的電話會議主持人、投資者關係經理 Lance Casson。請繼續。

Thank you, operator. Good morning, everyone, and thank you for joining Canadian Natural's 2025 first quarter earnings conference call. As always, I'd like to remind you of our forward-looking statements and it should be noted it in our reporting disclosures everything is in Canadian dollars, unless otherwise stated, and we reported reserves and production before royalties. Also, I would suggest to review the advisory section in our financial statements that include comments on non-GAAP disclosures.

謝謝您，接線生。大家早安，感謝您參加加拿大自然資源公司 2025 年第一季財報電話會議。像往常一樣，我想提醒您注意我們的前瞻性陳述，並且應該注意，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，並且我們報告的是特許權使用費之前的儲量和產量。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 Victor Darel, our Chief Financial Officer. Additionally, in the room with us this morning is Robin Zabek, CEO of E&P; Jay Froc, CEO of Oil Sands; and Mark Stainthorpe, Executive Advisor.

今天的電話會議演講者將是我們的總裁 Scott Stauth；以及我們的財務長 Victor Darel。此外，今天早上與我們一起在場的還有 E&P 執行長 Robin Zabek、Oil Sands 執行長 Jay Froc 和執行顧問 Mark Stainthorpe。

Scott will first provide details of our top-tier operational performance and effective efficient operations that are driving strong results. Victor will then summarize our strong financial position and returns to shareholders. To close, Scott will summarize prior to opening up the line for questions.

斯科特將首先詳細介紹我們的頂級營運績效以及帶來強勁業績的有效高效營運。隨後，維克多將總結我們強勁的財務狀況和股東回報。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. We have a long track record of being a safe, industry-leading, effective, and efficient producer while constantly delivering top-tier operational and financial performance. All our employees, our shareholders, focused on doing it right while driving strong results and always working on continuous improvement opportunities.

謝謝你，蘭斯，大家早安。我們長期以來一直是安全、行業領先、有效且高效的生產商，同時不斷提供一流的營運和財務表現。我們所有的員工、我們的股東都專注於正確地做事，同時取得強勁的業績，並始終致力於持續改進的機會。

We achieved record quarterly production during the first quarter of 2025 of approximately 1.582 million BOEs per day, which included a record quarterly liquids production of approximately 1.174 million barrels per day, 79% of which was long-life, low decline production and record quarterly natural gas production of 2.451 Bcf per day.

我們在 2025 年第一季實現了創紀錄的季度產量，約為每天 158.2 萬桶油當量，其中包括創紀錄的季度液體產量，約為每天 117.4 萬桶，其中 79% 為長壽命、低遞減產量，以及創紀錄的季度天然氣產量，為每天 24.51 億立方英尺。

During the first quarter, our world-class oil sands mining and upgrading assets achieved record quarterly SCO production of approximately 595,000 barrels per day of SCO. This was an increase of 34% or approximately 150,000 barrels per day compared to the first quarter of 2024.

第一季度，我們世界一流的油砂開採和升級資產實現了創紀錄的季度 SCO 產量，每天約 595,000 桶 SCO。與 2024 年第一季相比，這一數字增加了 34%，即每天約 15 萬桶。

Gross production of approximately 630,000 barrels per day in the first quarter of 2025 with upgraded utilization of 106% was the highest quarterly oil sands mining and upgrading gross production in the company's history. This was achieved through successes in the recently completed reliability enhancement project and Scotford Upgrader debottleneck work, which drove the strong performance.

2025 年第一季總產量約為每天 63 萬桶，升級利用率為 106%，這是該公司歷史上最高的季度油砂開採和升級總產量。這是透過最近完成的可靠性增強項目和斯科特福德昇級瓶頸消除工作的成功實現的，這推動了強勁的表現。

These achievements were anchored by industry-leading SCO operating costs of $21.88 per barrel, which drove significant free cash flow in the quarter. Importantly, when comparing to peers in 2024, our annual Oil Sands Mining and Upgrading operating costs were in the range of $7 to $10 per barrel lower than our peer average. This equates to incremental annual margin of approximately $1.2 billion to $1.7 billion based on our 2024 annual production.

這些成就得益於行業領先的每桶 21.88 美元的 SCO 營運成本，這推動了本季的大量自由現金流。重要的是，與 2024 年的同行相比，我們的年度油砂開採和升級營運成本比同業平均低每桶 7 至 10 美元。根據我們 2024 年的年產量，這相當於每年增加約 12 億至 17 億美元的利潤。

Our record natural gas production in the quarter includes the recently acquired Duvernay assets that closed in December of 2024. We are achieving strong production results and cost reductions on these assets. We are confident we will add even more value than what we had planned at the time of the acquisition. This is made possible through our commitment to continuous improvement and a strong team culture that focuses on improving our already top-tier operating costs, driving execution of organic growth opportunities and maximizing value for our shareholders.

我們本季創紀錄的天然氣產量包括最近收購的 Duvernay 資產，該資產於 2024 年 12 月關閉。我們在這些資產上取得了強勁的生產成果並降低了成本。我們有信心，我們將創造比收購時計劃更多的價值。這是透過我們致力於持續改進和強大的團隊文化實現的，該文化專注於改善我們已經一流的營運成本，推動有機成長機會的實施並最大化股東的價值。

Additionally, as a result of good work by our teams finding efficiencies, we are reducing our 2025 capital budget by $100 million and are now forecasting capital for 2025 at $6.05 billion, excluding abandonments. Importantly, this reduction will have no impact on our planned activities or targeted production volumes for 2025.

此外，由於我們的團隊在提高效率方面做得很好，我們將 2025 年的資本預算減少了 1 億美元，現在預測 2025 年的資本為 60.5 億美元（不包括廢棄資本）。重要的是，此次減產不會對我們 2025 年的計畫活動或目標產量產生影響。

I will now run through the remaining first quarter operational results. On the conventional side of the business, primary heavy oil production averaged approximately 85,600 barrels per day for the first quarter, an increase of 9% over the first quarter of 2024, reflecting strong drilling results from our multilateral well programs, which offset natural field declines.

我現在將介紹第一季剩餘的營運結果。在常規業務方面，第一季初級重油產量平均約為每天 85,600 桶，比 2024 年第一季度增長 9%，這反映了我們多邊井計劃的強勁鑽探結果，抵消了自然油田產量下降。

Primary heavy oil operating costs averaged $18.13 per barrel, which is down 5% from the first quarter of 2024, primarily reflecting higher production and lower energy cost. Pelican Lake production averaged just over 43,000 barrels per day in the first quarter of '25, a decrease of 4% from the first quarter 2024 reflecting low natural gas declines for this long-life low decline asset.

初級重油營運成本平均為每桶 18.13 美元，較 2024 年第一季下降 5%，主要反映了產量的提高和能源成本的降低。2025 年第一季度，鵜鶘湖的平均日產量略高於 43,000 桶，比 2024 年第一季下降了 4%，這反映出這種長壽命低遞減資產的天然氣產量遞減率較低。

Operating costs at Pelican averaged $9.77 per barrel in the first quarter, which is comparable to the last year. North American light crude oil and NGL production averaged approximately 147,800 barrels per day in the first quarter, which is up 30% from the first quarter of 2024, primarily driven by our recently acquired Duvernay assets and strong drilling results in our liquid-rich natural gas assets.

第一季度，Pelican 的營運成本平均為每桶 9.77 美元，與去年同期持平。第一季度，北美輕原油和 NGL 產量平均約為每天 147,800 桶，比 2024 年第一季度增長 30%，這主要得益於我們最近收購的 Duvernay 資產以及我們富液天然氣資產的強勁鑽探結果。

Operating costs on our light crude oil and NGLs operations averaged $13.15 per barrel a decrease of 14% compared to the first quarter of 2024, reflecting higher production and lower energy costs. On the recently acquired Duvernay assets, our effective and efficient operations, areas synergies and expertise in similar plays such as the Montney have resulted in both capital and operating cost efficiencies.

我們的輕質原油和天然氣液體業務的營運成本平均為每桶 13.15 美元，與 2024 年第一季相比下降了 14%，這反映了產量的提高和能源成本的降低。對於最近收購的杜韋奈 (Duvernay) 資產，我們有效且高效的營運、區域協同效應以及在蒙特尼 (Montney) 等類似油田的專業知識已帶來資本和營運成本效率。

Additionally, we are on track to achieve 2025 budget production of approximately 60,000 barrels per day. By optimizing well lengths and completion designs in the Duvernay, combined with the top-tier execution, we are drilling longer wells with improved reservoir access at lower cost.

此外，我們預計將實現 2025 年預算產量約 60,000 桶/天。透過優化杜韋奈的井長和完井設計，結合頂級的執行，我們可以以更低的成本鑽探更長的井，並改善儲層開採。

On a length normalized basis, combined drilling and completions costs for 2025, we're targeting an improvement of approximately 14% and or $1.8 million per well compared to 2024. We are targeting to drill 43 gross wells in the Duvernay as part of the 2025 capital development program. Additionally, operating costs in the Duvernay during the first quarter of 2025 was strong, averaging approximately $9.52 per BOE.

以長度標準化計算，我們的目標是 2025 年鑽井和完井成本與 2024 年相比提高約 14% 或每口井 180 萬美元。作為 2025 年資本發展計畫的一部分，我們計劃在杜韋奈地區鑽探 43 口總井。此外，2025 年第一季杜韋奈的營運成本很高，平均約為每桶油當量 9.52 美元。

North American natural gas production for the first quarter was a record, averaging more than 2.45 Bcf per day, an increase of 14% over the first quarter of 2024. Operating costs on our North American natural gas averaged $1.16 per Mcf, which is down 9% compared to the first quarter of 2024, primarily resulting from higher production volumes.

北美第一季天然氣產量創歷史新高，平均每天超過 24.5 億立方英尺，比 2024 年第一季成長 14%。我們北美天然氣的營運成本平均為每千立方英尺 1.16 美元，與 2024 年第一季相比下降了 9%，這主要是由於產量增加。

In our thermal in situ operations, we achieved strong thermal production in the first quarter, averaging approximately 284,700 barrels per day. This is up 6% approximately 16,500 barrels per day from the first quarter of 2024, resulting from a capital-efficient thermal pad ad development program. First quarter thermal in situ operating costs averaged $11.23 per barrel, which is down 20% compared to the first quarter of 2024, primarily reflecting higher production volumes and lower energy costs.

在我們的熱力原位作業中，我們在第一季實現了強勁的熱力產量，平均每天約為 284,700 桶。由於實施了資本高效的熱墊廣告開發計劃，這一產量比 2024 年第一季增加了 6%，即每天約 16,500 桶。第一季熱力現場作業成本平均為每桶 11.23 美元，與 2024 年第一季相比下降了 20%，主要反映了產量增加和能源成本降低。

At Primrose following strong results from the recently drilled CSS pad. We are planning to reallocate a portion of pad ad capital in 2025 to Primrose from Kirby to maximize returns. We now target to drill a CCS pad via SAGD pad in the fourth quarter of this year with production targeted to come on in 2026.

在 Primrose，最近鑽探的 CSS 墊塊取得了良好的效果。我們計劃在 2025 年將部分 pad ad 資本從 Kirby 重新分配到 Primrose，以實現最大回報。我們現在的目標是在今年第四季透過 SAGD 平台鑽探 CCS 平台，並計劃在 2026 年開始生產。

At Jackfish, we finished drilling a SAGD pad in the fourth quarter of 2024 with production targeted to come on in the third quarter of this year. At Pike, we completed drilling on SAGD pad, and we're currently drilling a second SAGD segment, both of which will be tied into existing Jackfish facilities. These two pads are targeted to come on production in 2026 and keep the Jackfish plants at full capacity.

在 Jackfish，我們於 2024 年第四季完成了 SAGD 平台的鑽探，目標是在今年第三季開始生產。在派克，我們完成了 SAGD 平台的鑽探，目前正在鑽探第二個 SAGD 段，這兩個段都將與現有的 Jackfish 設施相連。這兩個發電場預計於 2026 年投入生產，並維持 Jackfish 工廠滿載生產。

At Kirby, we recently finished drilling a SAGD pad, which is targeted from on production in the fourth quarter this year. At our commercial scale solvent SAGD in Kirby North, we began a solvent injection in June of 2024 and solvent recoveries continue to meet expectations exceeding 80%.

在柯比，我們最近完成了 SAGD 平台的鑽探，目標是在今年第四季開始生產。在我們位於 Kirby North 的商業規模溶劑 SAGD 中，我們於 2024 年 6 月開始注入溶劑，溶劑回收率繼續滿足預期，超過 80%。

As we continue to build out the successes, we identified several workover opportunities targeting enhancing injection, liner and steam solvent distribution, SORs and production. These workovers are targeted to be completed in the second quarter, and we will continue monitoring over the second half of 2025.

隨著我們不斷取得成功，我們發現了幾個修井機會，旨在提高注入量、襯管和蒸汽溶劑分佈、SOR 和產量。這些修井工程預計將於第二季完成，我們將在 2025 年下半年繼續監測。

Canadian Natural's advantage is our ability to effectively allocate cash flow to our four pillars. We have a well-balanced, diverse and large asset base, of which is a significant portion is long low decline assets requiring less capital to maintain our volumes. We will continue to allocate cash flow to our four pillars in a disciplined manner to maximize value for our shareholders, which is all driven by effective capital allocation, effective and efficient operations and by our team, we deliver top-tier results.

加拿大自然資源公司的優勢在於我們能夠有效地將現金流分配給我們的四大支柱。我們擁有均衡、多樣化和龐大的資產基礎，其中很大一部分是長期低衰減資產，只需較少的資本即可維持我們的資產規模。我們將繼續以嚴謹的方式將現金流分配給我們的四大支柱，以實現股東價值最大化，這一切都由有效的資本配置、有效和高效的運營以及我們的團隊驅動，我們將提供一流的成果。

Now I will turn it over to Victor for our first quarter financial review.

現在我將把第一季的財務審查交給 Victor。

Thanks, Scott, and good morning, everyone. In the first quarter of 2025, we delivered excellent financial results on the strong operational performance that Scott just discussed, and this is highlighted by adjusted funds flow in the quarter of approximately $4.5 billion and adjusted net earnings of $2.4 billion. Returns to shareholders in the quarter were $1.7 billion, including $1.2 billion of dividends and an additional $500 million of share repurchases, which continue to increase shareholder value on a per share basis.

謝謝，斯科特，大家早安。2025 年第一季度，我們憑藉 Scott 剛才討論的強勁營運業績取得了出色的財務業績，其中最突出的是本季度調整後的資金流約為 45 億美元，調整後的淨收益為 24 億美元。本季股東回報為 17 億美元，其中包括 12 億美元的股息和額外的 5 億美元股票回購，這繼續增加了每股股東價值。

Free cash flow in the quarter contributed to a reduction in net debt by approximately $1.4 billion and further strengthening our balance sheet metrics or debt-to-EBITDA was at one time and debt to capital came in at 30% at quarter end. Liquidity remains strong and including undrawn revolving bank facilities and cash liquidity at the end of the quarter, was approximately $5.1 billion.

本季的自由現金流促使淨債務減少了約 14 億美元，並進一步加強了我們的資產負債表指標，或債務與 EBITDA 之比一度達到季度末的 30%，而債務與資本之比達到季度末的 30%。流動性依然強勁，包括本季末未提取的循環銀行信貸額度和現金流動性在內，約 51 億美元。

We increased our quarterly dividend twice in 2024 and subsequently in March of 2025. 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 $0.5875 per common share or $2.35 per common share annualized marking 2025, as 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 年和 2025 年 3 月兩次增加了季度股利。鑑於我們強大的財務狀況和大量且可持續的自由現金流，董事會批准將季度股息進一步提高 4%，至 2025 年每股普通股 0.5875 美元或年化每股普通股 2.35 美元，這是加拿大自然資源公司連續第 25 年增加股息，在此期間複合年增長率為 21%。

Subsequent to quarter end, the Board has approved a quarterly dividend of $0.5875 per common share payable on July 3, 2025, for shareholders of record at the close of business on June 13, 2025. Our industry-leading cost structure, predictable, long life, low decline assets, and reserve base combined with the consistent commitment to continuous improvement continues to drive significant value at Canadian Natural.

季度結束後，董事會批准向 2025 年 6 月 13 日營業結束時登記在冊的股東派發每股普通股 0.5875 美元的季度股息，該股息將於 2025 年 7 月 3 日支付。我們行業領先的成本結構、可預測、長壽命、低遞減資產和儲備基礎，加上對持續改進的一貫承諾，繼續為加拿大自然資源公司帶來巨大的價值。

This all contributes to our top-tier US dollar WTI breakeven that remains in the low to mid-$40 WTI US range, which we define as the WTI price required to generate the adjusted fund flow of our maintenance capital and dividends. Our focus and dedicated teams across our business are aligned with shareholders and have the drive to do things right every day. This is part of Canadian Natural's unique competitive advantage and facilitates driving strong long-term returns on capital.

這一切都有助於我們的頂級美元 WTI 盈虧平衡點保持在 40 美元左右的低點至中位 WTI 美元範圍內，我們將其定義為產生維護資本和股息的調整後資金流所需的 WTI 價格。我們業務的重點和敬業團隊與股東保持一致，並有動力每天把事情做好。這是加拿大自然資源公司獨特競爭優勢的一部分，有助於推動強勁的長期資本回報。

Those are my comments, Scott. And with that, I'll turn it back to you.

這些就是我的評論，斯科特。說完這些，我就把它還給你。

Thanks, Victor. In summary, we continued our focus on safe, reliable operations and enhancing our top-tier operations. We are in a very strong position with our low cost structure, a decades-long track record of solid execution, and we are nimble, which enhances our ability to create value for our shareholders.

謝謝，維克多。總而言之，我們繼續專注於安全、可靠的營運並加強我們的頂級營運。我們擁有低成本結構、數十年來穩健執行的良好記錄，並且行動靈活，從而處於非常有利的地位，這增強了我們為股東創造價值的能力。

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

接下來我將開始提問。

(Operator Instructions)

（操作員指示）

Greg Pardy, RBC Capital Markets.

格雷格·帕迪（Greg Pardy），加拿大皇家銀行資本市場部。

Thanks. Good morning. Scott, I was maybe hoping to start with you. I mean you have no autonomous haul trucks at Horizon AOSP and yet your OpEx is kind of crazy low.

謝謝。早安.史考特，我可能希望從你開始。我的意思是，Horizo​​​​n AOSP 沒有自動運輸卡車，但您的營運支出卻非常低。

And then if I look at your performance in the first quarter, very strong despite the cold snap. So the question is, can humans outperform autonomous haul, especially in the extreme conditions we sort of saw in the first quarter?

然後，如果我看一下你們在第一季的表現，儘管遭遇寒流，但表現仍然非常強勁。所以問題是，人類的表現能否超越自動運輸，尤其是在我們在第一季看到的極端條件下？

Thanks, Greg. I think the way to look at it, first off, I can't really comment on the impact of cold weather to autonomous. But what I can say is historically that the longer the duration of the extreme cold weather, the more challenging things can become over time.

謝謝，格雷格。我認為看待這個問題的方式是，首先，我無法真正評論寒冷天氣對自主的影響。但我可以說的是，從歷史來看，極端寒冷天氣持續時間越長，隨著時間的推移，事情就會變得越具挑戰性。

But really, I can't comment on the autonomous part of it. I just know that our teams are focused on lot of work through the cold weather issues, but it's really just a matter of the duration and the length of the cold snap.

但實際上，我無法評論其自主部分。我只知道我們的團隊正致力於解決寒冷天氣問題，但這實際上只是寒流持續時間和長度的問題。

Okay. And then maybe just switching over to the financial side with Victor. I'm curious as to whether you're prioritizing net debt reduction here as we go through the first half and what we should sort of think in terms of shareholder returns?

好的。然後也許只是和 Victor 一起轉向財務方面。我很好奇，在我們度過上半年時，您是否優先考慮減少淨債務，以及我們應該如何考慮股東回報？

Like do you expect perhaps more of a balance as we go between the buybacks and debt reduction? Or are you really trying to get to the debt down?

您是否期望我們在回購和減債之間取得更多的平衡？還是您真的想減少債務？

Yeah. No, thanks, Greg. Very good question. Definitely seeing that strong operational performance here in the quarter, contributing to cash flow generation and a really meaningful reduction in net debt overall. Back to the free cash flow allocation policy, though, to your point, at the current allocation of 60% to share buybacks and 40% to the balance sheet.

是的。不，謝謝，格雷格。非常好的問題。本季的營運表現確實強勁，有助於產生現金流，並顯著減少整體淨債務。不過，回到自由現金流分配政策，正如您所說，目前的分配是 60% 用於股票回購，40% 用於資產負債表。

We look at that on a forward-looking annual basis. And so we're taking a balanced approach here over the course of the coming year. And so I think you'll see that continue over the next 12 months just as we try to manage within the program overall. So I think you'll see a really strong program here in 2025, and you saw that in April and May as well when you look at the results this morning.

我們從年度前瞻性的角度來看這個問題。因此，我們將在來年採取平衡的做法。所以我認為，正如我們嘗試在整個計劃內進行管理一樣，你會看到這種情況在未來 12 個月內繼續下去。所以我認為你會在 2025 年看到一個非常強大的計劃，當你查看今天早上的結果時，你在 4 月和 5 月也看到了這一點。

Okay. Thanks very much.

好的。非常感謝。

Manav Gupta, UBS Financial.

瑞銀金融的 Manav Gupta。

Good morning, guys. We know your track record on acquired assets. We all saw what you did with Jackfish. And I'm just wondering here, now that you've acquired these additional assets from Chevron. Are they meeting your expectations? And where could we see upside synergies from these assets?

大家早安。我們知道您收購資產的記錄。我們都看到了你對 Jackfish 所做的事。我只是想知道，既然您已經從雪佛龍獲得了這些額外資產。他們符合你的期望嗎？我們可以從哪些方面看到這些資產的上行綜效？

And also if you could help me understand when can we expect the Shell swap to close? Because I think that would raise your volume guidance for the year. So if you could talk through those things. Thank you.

另外，您能否幫助我了解殼牌互換預計何時結束？因為我認為這會提高您今年的銷售預期。所以如果你能談談這些事情。謝謝。

Yeah. Thanks, Manav. So first off, on the swap, I think you could expect that by the end of the second quarter here. That's what we're anticipating.

是的。謝謝，Manav。首先，關於掉期，我認為你可以在第二季末預期到這一點。這正是我們所期待的。

In terms of the acquisitions on the Duvernay assets, they are meeting our expectations, continue to work the assets, reviewing all the costs, looking for every opportunity that we can to become more effective and more efficient and without obviously optimizing the production. So they are meeting our expectations.

就杜韋奈資產的收購而言，他們滿足了我們的預期，繼續營運資產，審查所有成本，尋找一切機會，使我們變得更有效、更有效率，並且顯然不會優化生產。所以他們滿足了我們的期望。

Perfect. My quick follow-up here is, a number of our peers are actually lowering their capital because of lower commodity price, it looks that the $100 million reduction you did had nothing to do with the commodity price. It was just you're getting a lot more efficient.

完美的。我在這裡快速跟進的是，我們的許多同行實際上都在因為大宗商品價格下跌而降低資本，看起來你們所做的 1 億美元削減與大宗商品價格無關。只是你變得更有效率了。

So if you could confirm that, and then how were these efficiencies realized in your system, which allowed you to lower the CapEx? And is there scope for more source reductions in outer years in '26 and '27?

因此，如果您可以確認這一點，那麼您的系統中是如何實現這些效率的，從而降低資本支出？在 1926 年和 1927 年的外部年份中，是否還有進一步減少污染源的空間？

Yeah. Good question, Manav. And your assumption is correct, not so much related to pricing, just more related to the continuous improvement efforts that our teams put into looking at ways to optimize and reduce the cost. And so an example of that would be, if you looked at the Duvernay, we commented about the reduced cost at 14%. So we're seeing lower drilling cost per meter. We're seeing lower completions cost.

是的。問得好，Manav。您的假設是正確的，這與定價關係不大，而與我們的團隊為尋找優化和降低成本的方法而付出的持續改進努力有關。舉個例子，如果你看一下 Duvernay，我們評論說成本降低了 14%。因此我們看到每米鑽井成本下降。我們看到完工成本正在下降。

And then across the board, part of other components that made up to $100 million, roughly about $60 million of that is in the conventional E&P and about $40 million of it in the thermal and mining. We're seeing lower costs on our facility builds out, our new well completion build-outs kind of across the board and including in thermal and then in oil sands mining.

然後，總體而言，其他組成部分的總價值高達 1 億美元，其中約 6,000 萬美元用於常規 E&P，約 4,000 萬美元用於熱能和採礦。我們發現，我們的設施建設成本、新井完井建設成本都在降低，包括熱能開採和油砂開採。

It's made up of multiple sustaining capital components where the teams have gone back review the cost, look the ways to optimize, finding opportunities to shave off costs through efficiencies, and that's where the $100 million comes from.

它由多個維持資本部分組成，團隊回顧了成本，尋找優化方法，尋找提高效率削減成本的機會，這就是 1 億美元的來源。

Congrats again on a strong quarter. The bar is always high for you guys, but somehow you managed to beat it every time. So congratulations.

再次恭喜本季業績強勁。你們的標準總是很高，但不知為何，你們每次都成功超越了它。恭喜你。

Dennis Fong, CIBC Capital Markets.

加拿大帝國商業銀行資本市場 (CIBC Capital Markets) 的 Dennis Fong。

Hi, good morning, and thanks for taking my questions. The first one is the focus just around oil sands mining. I know, as you just highlighted, you're close to completing the swap between your mining exposure versus the upgrader.

大家好，早安，感謝您回答我的問題。第一個重點是油砂開採。我知道，正如您剛才強調的那樣，您即將完成採礦風險與升級風險之間的轉換。

I was hoping you could talk towards the opportunities that exist from owning 100% of mining capacity in such close capacity, obviously, between Horizon and Albian. And are there ways to further integrate the operations, whether it be through kind of shared services or even an interconnection between the two facilities.

我希望您能談談在 Horizo​​​​n 和 Albian 之間如此接近的產能中擁有 100% 採礦能力所帶來的機會。有沒有辦法進一步整合運營，無論是透過共享服務還是兩個設施之間的互連。

Potentially, all those, Dennis, very good question. I think if you look at it, the fact that we would have 100% across both sites allows us the opportunities to better utilize our equipment at various times in the year if we have to transport some trucks from one site to another, we can do that very efficiently and very quickly. We'll take advantage of those opportunities.

有可能，所有這些，丹尼斯，這個問題問得非常好。我認為，如果你看一下，你會發現我們在兩個站點的 100% 的利用率使我們有機會在一年中的不同時間更好地利用我們的設備，如果我們必須將一些卡車從一個站點運送到另一個站點，我們可以非常高效、快速地完成這項工作。我們將利用這些機會。

And it didn't just limit it to heavy equipment. It's limited to -- it also includes our inventory warehouse inventory being at the same percentages much quicker, much more efficient and effective to be able to utilize equipment parts at both sites and services at both sites. So it ranges from small parts, Dennis, to cranes to trucks.

而且它並不僅限於重型設備。它僅限於 - 它還包括我們的庫存倉庫庫存保持相同的百分比，更快、更有效率、更有效地利用兩個站點的設備零件和兩個站點的服務。所以它的範圍從小零件，丹尼斯，到起重機到卡車。

Those are the types of opportunities that they're an abundance in small amounts, but it adds up to a significant amount for us in terms of overall efficiencies and being able to be more effective and more efficient. So that's where we're at.

這些機會雖然數量不多，但對於我們整體效率的提升和更有效、更有效率的工作來說，累積起來卻意義重大。這就是我們現在的處境。

Great. Really appreciate that incremental color. Shifting towards Wolf Lake, Primrose. You highlighted in the press release some available capacity within your thermal in situ business. I believe kind of this might be referring a little bit to the latent oil handling capacity of Wolf Lake, Primrose.

偉大的。真的很欣賞那種增量色彩。轉向狼湖、櫻草花。您在新聞稿中強調了熱力原位業務中的一些可用產能。我認為這可能有點指的是 Wolf Lake、Primrose 的潛在石油處理能力。

And understanding that you are drilling an incremental CSS -- sorry, CSS well pad there later this year. Can you talk towards or at least characterize the opportunity of backfilling that oil handling capacity or the capacity in those facilities and kind of how you think about the potential march to kind of, I think, it's 130-odd thousand barrel a day capacity that sits in Wolf Lake, Primrose, which is a little bit more underutilized today?

並且了解到您正在鑽探增量 CSS - 抱歉，CSS 將在今年晚些時候在那裡進行完善。您能否談談或至少描述一下補充石油處理能力或這些設施的容量的機會，以及您如何看待潛在的增長，我認為，Wolf Lake、Primrose 的日處理能力為 13 萬桶左右，而這些設施目前的利用率略低？

Yeah. So good question, Dennis. And one of the reasons that we moved a pad from Kirby, moved capital from Kirby to Primrose this year was good results we saw from the latest pad CSS at Primrose. We continue to see those strong results coming out of that North Primrose area. We'll continue to make these repeatable and maximize the opportunity that we have for the related capacity both on the oil side and on the steam side.

是的。丹尼斯，這個問題問得好。我們今年將墊子從柯比 (Kirby) 搬走、將資金從柯比 (Kirby) 轉移到普里姆羅斯 (Primrose) 的原因之一是，我們看到普里姆羅斯 (Primrose) 最新的墊子 CSS 取得了良好的效果。我們繼續看到北普里姆羅斯地區的強勁成果。我們將繼續使這些可重複性並最大限度地發揮我們在石油方面和蒸汽方面的相關容量的機會。

Certainly, our objective will be to ensure that the steams are running at 100% capacity on a year over year basis. And so we will adjust our development plans according to that availability, Dennis.

當然，我們的目標是確保蒸汽機年復一年地以 100% 的容量運作。因此，我們將根據可用性調整我們的開發計劃，丹尼斯。

Great. Thanks. Really appreciate the color, and I'll turn it back.

偉大的。謝謝。真的很喜歡這個顏色，我會把它變回來。

Menno Hulshof, TD Securities.

道明證券的 Menno Hulshof。

Good morning, everyone, and thanks for taking my question. I just have one, maybe a quick follow-up on Manav's question on the Duvernay. Would you be willing to elaborate on what's getting done differently relative to Chevron? And with the understanding that it's early days for CNQ in the play, if we were to assume that prices are correct, how do you think the Duvernay is going to compete for capital with the Montney on a full cycle returns basis?

大家早安，感謝您回答我的問題。我只有一個問題，也許是 Manav 關於 Duvernay 的問題的快速跟進。您願意詳細說明一下與雪佛龍相比有何不同嗎？而考慮到 CNQ 在該領域的發展還處於早期階段，如果我們假設價格正確，您認為 Duvernay 將如何在整個週期回報的基礎上與 Montney 爭奪資本？

So latter part of your question first. Menno, it will be very competitive with high liquids content in Montney. And in terms of the opportunities there, I can mention that we are seeing reduced drilling cost per meter. We've optimized the completions in terms of tonnages and looking at those kinds of efficiencies, Menno.

所以先回答你問題的後半部。Menno，由於 Montney 的液體含量高，競爭將會非常激烈。就那裡的機會而言，我可以說我們看到每米鑽井成本正在降低。我們已經根據噸位和效率對完井進行了優化，Menno。

So without getting too much more in specifics, we're just really focused on ensuring as we would in any asset that we're maximizing the efficiencies of the capital expenditures to ensure that we're getting the best returns in all of those areas. So I don't think I would look at the Duvernay is anything different than any other acquisition that we've ever done or our internal organic growth that we've done, we're always looking for opportunities for efficiencies.

因此，我們無需贅述太多細節，我們只是真正專注於確保像對待任何資產一樣，最大限度地提高資本支出的效率，以確保我們在所有這些領域獲得最佳回報。因此，我認為 Duvernay 與我們曾經進行過的任何其他收購或我們進行過的內部有機成長沒有什麼不同，我們一直在尋找提高效率的機會。

Thanks, Scott. I'll turn it back.

謝謝，斯科特。我會把它轉回去。

(Operator Instructions) John Royall, JPMorgan.

（操作員指示） 摩根大通 (JPMorgan) 的 John Royall。

Hi, good morning. Thanks for taking my question. So my first question is on breakeven. You've talked about the mid-40s breakeven for the company as a whole. But how should we think about it for conventional production?

嗨，早安。感謝您回答我的問題。所以我的第一個問題是關於損益兩平的。您曾談到整個公司實現 40 年代中期的損益平衡。但對於傳統生產我們該如何思考呢？

And at what price could we see a slowing of activity on the conventional side? And I guess along those lines, building on Manav's CapEx question, what's the flex we should think about in the CapEx budget in a lower price environment?

那麼，在什麼樣的價格水準下，我們才能看到傳統方面的活動放緩呢？我想，沿著這個思路，基於 Manav 的資本支出問題，在較低價格環境下，我們應該考慮資本支出預算中的彈性是什麼？

I think, John, the latter your question first, we're going to -- every week, we monitor our cash flows at our management community to stay on top. And if we have to make any changes to our capital program, we can usually make that pretty quickly. And that's sort of been the history of the company for decades. Nothing really different there. And sorry, what was the first part of your question?

約翰，我認為你的第二個問題首先是，我們將——每週監控管理社群的現金流，以保持領先地位。如果我們必須對資本計畫做出任何改變，我們通常可以很快做出改變。這就是該公司幾十年來的歷史。那裡其實沒什麼不同。抱歉，您問題的第一部分是什麼？

Just the breakevens on the -- at what price could you see some activity slowing on conventional?

只是損益平衡點——在什麼價格下你會看到傳統的一些活動放緩？

Yeah. We speak holistically on our breakeven cost. And really, I think what everybody should just be concerned about is the fact that we are working to ensure that we're maximizing the returns in all of our areas on all of the assets that we're working on. We're not just focused on one part of the business.

是的。我們全面地談論我們的損益平衡成本。實際上，我認為每個人都應該關心的是，我們正在努力確保我們在所有領域的所有資產上最大化回報。我們不僅僅關注業務的某一部分。

Our business at Canadian Natural involves our Thermal Oil Sands, Mining Oil Sands and the conventional operations, which is significant in terms of in terms of heavy oil, Montney and Duvernay. So really a holistic approach, but the focus of our organization and all the staff working at Canadian Natural is to ensure that each and every one of those areas is maximizing returns and the lowest possible price environments, we will make adjustments as necessary in any one of those areas.

加拿大自然資源公司的業務涉及熱油砂、採礦油砂和常規作業，這對於重油、蒙特尼和杜韋奈而言具有重要意義。因此，這確實是一種整體方法，但我們組織和加拿大自然資源公司所有員工的重點是確保每個領域都實現收益最大化和盡可能低的價格環境，我們將根據需要對任何一個領域進行調整。

Great. And then my follow-up is just on Horizon with your first year skipping the turnaround. Part one is, you mentioned some maintenance work that can be done this year with zero production impact. Can you just give us a sense for what some of that is?

偉大的。然後我的後續行動是關於 Horizo​​​​n 的第一年如何跳過轉變。第一部分是，您提到了一些今年可以完成且對生產沒有任何影響的維護工作。您能簡單地告訴我們其中的一些內容嗎？

And then secondly, when you get to the turnaround in 2026, does the scope of the turnaround change? Is it different than what a turnaround would look like in a one year cadence?

其次，當進入 2026 年轉折點時，轉折的範圍會改變嗎？這與一年內發生的轉變有何不同？

Good question. So the opportunity that exists for our non-production loss maintenance activity is really in the back end of the upgrader. So the secondary upgrading where you're introducing the hydrogen for hydrotreating.

好問題。因此，我們的非生產損失維護活動存在的機會實際上存在於升級器的後端。因此，在二次升級過程中，您要引入氫氣進行加氫處理。

We have multiple units that, we used to make the SCO and secondary hydrotreating. So gas oil hydrotreaters, for example, just to let hydrotreaters, we can say one of those off-line, John, without having to impact the production. So that's how it works for us, and that's how this whole design was coming out of our reliability enhancement project. It was all part of the plan.

我們有多個裝置用於生產 SCO 和二次加氫處理。以柴油加氫處理器為例，我們可以說其中一個加氫處理器處於離線狀態，不必影響生產。這就是我們的工作原理，這就是我們的可靠性增強專案的整個設計。這都是計劃的一部分。

If you look forward to 2026, I would say that in terms of the duration of the turnarounds, the duration is within the range as it would have been in previous years in the 30- to 35-day range for turnaround, so no significant changes there. And yeah, that's the plan.

如果您展望 2026 年，我會說，就週轉時間而言，週轉時間在前幾年的 30 到 35 天範圍內，因此沒有重大變化。是的，這就是計劃。

Thank you very much.

非常感謝。

Neil Mehta, Goldman Sachs.

高盛的尼爾·梅塔。

Good morning team. Really good netbacks this quarter relative to TI pricing. And I would think that would sequentially improve in terms of given where the differentials are in terms of your capture relative to WTI.

大家早安。相對於 TI 定價，本季的淨回報確實不錯。我認為，考慮到與 WTI 相比捕獲量的差異，這種情況會逐漸改善。

So just talk about the tightness of the WCS market right now, how you're thinking about relative to WTI, how are you thinking about that through the calendar of the year -- through the rest of the calendar year? Is that a function of turnaround? Or is there something more structural there? Just your perspective on local pricing for WTI.

那麼，請談談目前 WCS 市場緊張的情況，您如何看待相對於 WTI 的情況，您如何看待這一情況在全年日曆中的表現——以及在全年剩餘時間內的表現？這是轉變的功能嗎？還是那裡有更結構性的東西？這只是您對 WTI 當地定價的看法。

Good question. I think it can up and flow based on turn activity that might happen on the downstream side of it. The differentials that you're seeing sort of forecast over the next few quarters in terms of the strip. I think our estimate would be that those are probably directionally where things will continue to go. Crude is still flowing.

好問題。我認為它可以根據下游可能發生的轉彎活動而向上流動。您所看到的差異是未來幾季在條帶方面預測的。我認為我們的估計是，這些可能是事情將繼續發展的方向。原油仍在流動。

Obviously, WTI has come off significantly, the differentials have tightened in, but not as significantly as much as the WTI pricing has come down, and that's probably a function of crude oil movements and continuous flows. So our expectation would be that the differentials are in the range that they are now, and the forward months seem to be realistic to us.

顯然，WTI 價格大幅下跌，價差收窄，但幅度不如 WTI 價格下跌那麼大，這可能是原油走勢和持續流動的結果。因此，我們的預期是差異在目前的範圍內，未來幾個月的差異對我們來說似乎是現實的。

And just a follow-up is, how are you thinking about the recent Chevron acquisition? How has that asset performed relative to expectations? Where are the opportunities to continue to drive value?

接下來的問題是，您如何看待最近的雪佛龍收購案？該資產的表現相對於預期為何？繼續推動價值的機會在哪裡？

Yeah, good question. I did answer part of that a little bit earlier, but just to reiterate, we are seeing opportunities to gain some efficiencies. We talked about a 14% reduction in our capital cost over last year. Again, assets are meeting our expectations. And just like any acquisition, we will continue to look for any and every opportunity that there is to become more effective and more efficient.

是的，好問題。我之前確實回答了部分問題，但只是想重申一下，我們看到了提高效率的機會。我們談到，我們的資本成本比去年減少了 14%。再次，資產符合我們的預期。就像任何收購一樣，我們將繼續尋找一切機會來提高效率和效益。

Thank you.

謝謝。

Patrick O'Rourke, ATB Capital Markets.

奧羅克 (Patrick O'Rourke)，ATB 資本市場。

Hey, good morning guys, and thank you for taking my question. First question, just sort of with respect to carbon mitigation emissions -- carbon emission mitigation strategies. It's been a little bit quiet on the pathways front over the last several quarters here.

嘿，大家早安，感謝你們回答我的問題。第一個問題，是關於碳減排－碳減量策略。過去幾個季度，這裡的通道方面一直比較平靜。

We now have a bit of finality in terms of the federal government and some of the policies that they've had out there in their platform. Just wondering when we can expect to hear a little of the news or sort of an update in terms of the advancement of that particular project?

現在，我們對聯邦政府及其平台上的一些政策有了一定的了解。只是想知道我們什麼時候可以聽到有關該特定專案進展的一些消息或最新消息？

Good question, Patrick. And we're looking forward to being able to get back to the table with both levels of government to have those types of discussions.

問得好，派崔克。我們期待著能夠與兩級政府重新坐下來進行此類討論。

I think it's fair to say that both Federal and provincially, there's a number of items that each one of them have on their agenda or opportunities that they're looking at to move forward post the election and working together. So we're hoping that in the near future, we're going to be able to get back to the table to have some discussions and continue on with this.

我認為可以公平地說，無論是聯邦還是省級，他們各自的議程上都有許多事項，他們正在尋找機會在選舉後繼續前進並共同努力。因此，我們希望在不久的將來，我們能夠重新回到談判桌前進行討論並繼續推進此事。

I don't have a time frame for you right now, Patrick. But we're going to be working towards that as quickly as we can get everyone together.

派崔克，我現在還沒有為你設定一個時間表。但我們會盡快讓大家團結起來，努力實現這個目標。

Okay. Great. And then just on Kirby here, I think for the second quarter or second quarter in a row, you've noted in excess of 80% solvent recovery there. Just wondering if we've sort of hit steady state in terms of the recoveries and the asset performance and if things are generally in line with your expectations? Or how you're seeing that?

好的。偉大的。然後就 Kirby 而言，我認為連續第二個季度或第二個季度，您都注意到溶劑回收率超過 80%。只是想知道我們在復甦和資產表現方面是否已經達到穩定狀態，以及情況是否總體上符合您的預期？或者您如何看待這種情況？

Yeah, not at steady state yet, Patrick. We're going to continue to monitor things. I did mention in the opening that we're looking at doing a few workovers the summary of it is that we have a number of wells that are performing at expectations in terms of recoveries, oil production and SORs. We have other wells where we need to perform some mechanical intervention to just ensure that we have the consistent distribution and performance across the wellbores. Nothing really that abnormal there.

是的，還沒有達到穩定狀態，派崔克。我們將繼續監控事態發展。我在開頭確實提到過，我們正在考慮進行一些修井，總結一下，我們有許多油井在採收率、石油產量和 SOR 方面的表現都符合預期。我們還有其他井，需要進行一些機械幹預，以確保整個井筒的分佈和性能一致。那裡確實沒有什麼不正常的事。

We've seen this in other types of operations in thermal as well. But it's just a matter of optimizing the opportunity there and looking at certain wells that need a little bit of intervention to meet the expectations that we're looking for. But overall, we still view the opportunity for solvent injection is very positive. We're really watching closely to ensure that we gather the right level of data.

我們在熱力領域的其他類型操作中也看到了這種情況。但這只是一個優化機會並尋找需要一點幹預才能滿足我們期望的某些油井的問題。但總體而言，我們仍然認為注入溶劑的機會非常積極。我們正在密切關注以確保收集到正確級別的數據。

We know that we can move the solvent or -- solvent injection to other pad at Kirby and eventually up at Pike. So we want to make sure that we get it right and got the right amount of information so that we can maximize the capital requirements as we move forward on the future paths here.

我們知道我們可以將溶劑或溶劑注入 Kirby 的其他平台並最終到達 Pike。因此，我們希望確保我們做對了，並獲得了正確數量的信息，以便我們能夠在未來的發展道路上最大限度地滿足資本需求。

Okay, thank you very much, really appreciate the color there.

好的，非常感謝，真的很欣賞那裡的顏色。

Thank you very much. There are no further questions from our phone lines. I would now like to turn the call back over to Lance Casson. Please go ahead.

非常感謝。我們的電話線裡沒有其他問題。現在我想把電話轉回 Lance Casson。請繼續。

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

謝謝接線員，也謝謝大家今天早上參加我們的電話會議。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 our conference call for today. We thank you for participating, and we ask that you 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。