加拿大自然資源公司 (CNQ) 2025 Q3 法說會逐字稿

Good morning. We would like to welcome everyone to Canadian Natural's 2025 third quarter earnings conference call and webcast. (Operator Instructions) Please note that this call is being recorded today, November 6, 2025, at 9:00 a.m. Mountain Time.

早安.歡迎大家參加加拿大自然資源公司2025年第三季財報電話會議和網路直播。（操作員指示）請注意，本次通話正在錄音，時間為2025年11月6日上午9:00（山區時間）。

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.

現在我將把會議交給今天的主持人，投資者關係經理蘭斯卡森。請繼續。

Thank you, operator. Good morning. Thanks for joining Canadian Natural's 2025 third quarter earnings conference call. As always, I'd like to remind you of our forward-looking statements, and it should be noted that in our reporting disclosures, everything is in Canadian dollars, unless otherwise stated, and we report our reserves and production before royalties.

謝謝接線生。早安.感謝您參加加拿大天然產品公司2025年第三季財報電話會議。像往常一樣，我想提醒各位注意我們的前瞻性聲明，需要注意的是，除非另有說明，否則我們的報告披露中所有數據均以加元為單位，並且我們報告的儲量和產量均不包含特許權使用費。

Also, I would suggest to review the advisory section in our financial statements that includes comments on non-GAAP disclosure. 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 are Robin Zabek, COO of E&P; and Jay Froc, COO of Oil Sands.

另外，我建議您查閱我們財務報表中的諮詢部分，其中包含有關非GAAP揭露的評論。在今天的電話會議上，我們的總裁斯科特·斯托斯和首席財務官維克多·達雷爾將發言。今天早上和我們一起在房間裡的還有 E&P 的營運長 Robin Zabek 和 Oil Sands 的營運長 Jay Froc。

Scott will begin by running through our strong operational performance that includes numerous production records in the quarter and our leading operating costs. Victor will then summarize our strong financial results and our significant return to shareholders so far this year. To close, Scott will summarize prior to open the line for questions.

斯科特將首先介紹我們強勁的營運業績，包括本季多項生產記錄和領先的營運成本。接下來，維克多將總結我們強勁的財務業績以及今年迄今為止我們為股東帶來的豐厚回報。最後，斯科特將進行總結，然後開放提問環節。

With that, over to you, Scott.

那麼，接下來就交給你了，史考特。

Thank you, Lance, and good morning, everyone. Canadian Natural achieved record quarterly corporate production during the quarter, both in liquids and natural gas production. This is the second time this year, where we have achieved quarterly production records on strong performance by our teams as we executed both organic growth and accretive acquisitions.

謝謝你，蘭斯，大家早安。加拿大自然資源公司在本季實現了創紀錄的季度企業產量，無論是液體燃料還是天然氣產量。這是今年第二次，憑藉團隊的出色表現，我們實現了季度產量記錄，這得益於我們實現了內生成長和增值收購。

Our production totaled approximately 1.62 million BOEs per day, which, as mentioned, includes records for both liquids and natural gas at approximately 1.18 million barrels per day and approximately 2.7 Bcf per day, respectively. The increase in production from Q3 2024 levels is very significant, totalling approximately 257,000 BOEs per day or up 19%.

我們的日產量總計約為 162 萬桶油當量，如前所述，其中包括液體和天然氣的日產量分別約為 118 萬桶和 27 億立方英尺的記錄。與 2024 年第三季相比，產量增幅非常顯著，總計每天約 257,000 桶油當量，增幅達 19%。

Our world-class oil sands mining and upgrading assets continue to achieve strong operational performance as Q3 2025 production averaged approximately 581,000 barrels of SCO with strong utilization of 104% and industry-leading operating costs of approximately $21 per barrel.

我們世界一流的油砂開採和提煉資產繼續取得強勁的營運業績，2025 年第三季平均產量約為 581,000 桶 SCO，利用率高達 104%，營運成本處於行業領先水平，約為每桶 21 美元。

On November 1, we closed the AOSP swap with Shell Canada Limited. Canadian Natural now owns and operates 100% of the Albian oil sands mines and associated reserves and retains a non-operated 80% working interest in the Scotford Upgrader and Quest facilities.

11月1日，我們與殼牌加拿大有限公司完成了AOSP互換交易。加拿大自然資源公司目前擁有並營運阿爾比安油砂礦及相關儲量的 100%，並保留了斯科特福德昇級廠和奎斯特設施 80% 的非營運權益。

This transaction adds approximately 31,000 barrels per day of annual zero-decline bitumen production to our portfolio, providing additional cash flow, driving long-term value creation for our shareholders. This swap also enhances our ability to integrate equipment and services across our mining operations, unlocking additional value through continuous improvement initiatives.

此次交易為我們的投資組合增加了約 31,000 桶/天的零衰減瀝青年產量，提供了額外的現金流，從而為我們的股東創造了長期價值。此次互換也增強了我們整合採礦作業中設備和服務的能力，透過持續改善措施釋放更多價值。

Subsequent to the close of the swap transaction, we increased our 2025 corporate production guidance range to [1,560 million BOEs per day to 1,580 million] barrels per day, while our operating capital forecast remain unchanged at approximately $5.9 billion despite executing on additional activity on our larger asset base, reflecting acquisitions this year.

在互換交易完成後，我們將 2025 年公司產量指引範圍提高至每日 15.6 億桶油當量至 15.8 億桶油當量，同時，儘管我們在更大的資產基礎上開展了更多活動（反映了今年的收購），但我們的營運資本預測仍保持不變，約為 59 億美元。

I will now run through our third quarter area operating results, starting with oil sands mining and upgrading. During the quarter, our world-class oil sands mining and upgrading production was strong, averaging 581,136 barrels per day of SCO, an increase of approximately 83,500 barrels per day or 17% from Q3 2024 levels, reflecting the additional interest in the AOSP acquired in December 2024, combined with our effective and efficient operations, which drove stronger utilization of approximately 104% in the quarter.

接下來，我將介紹我們第三季的區域營運業績，首先是油砂開採和提煉。本季度，我們世界一流的油砂開採和提煉產量表現強勁，平均每天生產 581,136 桶 SCO，比 2024 年第三季度的水平增加了約 83,500 桶/天，增幅達 17%。這反映了 2024 年 12 月收購的 AOSP 的額外收益，以及我們高效的運營，使得本季度產能利用率達到了約 104%。

Additionally, Canadian Natural's oil sands mining and upgrading operating costs continue to be industry-leading, averaging $21.29 per barrel of SCO in Q3 of 2025. In our thermal in Situ operations, we achieved strong thermal production in the quarter, averaging 274,752 barrels per day in Q3, up slightly from Q3 2024 levels.

此外，加拿大自然資源公司的油砂開採和提煉營運成本繼續保持行業領先地位，2025 年第三季平均每桶 SCO 成本為 21.29 美元。在我們的原地熱採作業中，我們本季實現了強勁的熱採產量，第三季平均日產量為 274,752 桶，略高於 2024 年第三季的水平。

Thermal in Situ operating costs remained strong, averaging $10.35 per barrel in Q3, a decrease of 2% from the same quarter last year. We continue to progress our pad development plans across our thermal assets. At Primrose, we began drilling a CSS pad in Q3 of '25 with production targeted to come on in the second half of '26. At Jackfish, we brought a SAGD pad on production in July '25 as planned.

熱力原位開採的營運成本依然強勁，第三季平均為每桶 10.35 美元，比去年同期下降了 2%。我們將繼續推進旗下所有熱能資產的墊片開發計畫。在 Primrose，我們於 2025 年第三季開始鑽探 CSS 墊，目標是在 2026 年下半年投產。在 Jackfish，我們按計劃於 2025 年 7 月將 SAGD 平台投入生產。

At Kirby, we brought on a five well-pair SAGD on production in late October as planned. And lastly, at Pike, the company tied in the two recently drilled SAGD pads into the Jackfish facilities. These two SAGD pads targeted to keep the Jackfish facilities at full capacity with the first pad targeted to come on production in January 2026, the second pad in Q2 of '26.

在柯比，我們按計畫於 10 月下旬投產了五口 SAGD 井。最後，在 Pike，該公司將最近鑽探的兩個 SAGD 平台與 Jackfish 設施連接起來。這兩個 SAGD 平台旨在保持 Jackfish 設施滿載運轉，第一個平台計劃於 2026 年 1 月投產，第二個平台計劃於 2026 年第二季投產。

At the commercial scale solvent SAGD pad in Kirby North, current SOR reductions and solvent recoveries are meeting expectations following recent workovers and optimization. On the conventional side of the business, Canadian Natural's highly successful multilateral heavy crude oil drilling program continues to unlock opportunities on our approximately 3 million net acres of high-quality land throughout our primary heavy oil crude -- crude oil assets.

在柯比北的商業規模溶劑 SAGD 平台，經過最近的修整和優化，目前的 SOR 降低和溶劑回收率均符合預期。在常規業務方面，加拿大自然資源公司非常成功的多邊重質原油鑽探計劃繼續在我們遍布主要重質原油資產的約 300 萬淨英畝優質土地上創造機會。

Primary heavy crude oil production averaged 87,705 barrels during the quarter, an increase of 14% from Q3 2024 levels, reflecting strong drilling results on our multilateral wells. Operating costs in our primary heavy oil crude oil operations averaged $16.46 per barrel in Q3, a decrease of 12% from Q3 of 2024, primarily reflecting higher production volumes and the increasing proportion of lower operating costs for multilateral production.

本季主要重質原油平均產量為 87,705 桶，比 2024 年第三季水準成長 14%，反映出我們多分支井的強勁鑽探成果。第三季度，我們主要重油原油業務的營運成本平均為每桶 16.46 美元，比 2024 年第三季下降了 12%，主要反映了產量增加以及多邊生產營運成本降低的比例不斷增加。

Pelican Lake production averaged approximately 42,100 barrels per day, a decrease of 7% from Q3 of '24, reflecting planned maintenance that took place in Q3 of '25 and the low nature of field declines from this long-life, low-decline asset.

鵜鶘湖油田日均產量約為 42,100 桶，比 2024 年第三季下降了 7%，這反映了 2025 年第三季進行的計畫維護，以及該油田壽命長、產量下降幅度小的性質。

While operating costs at Pelican averaged $9 per barrel in the quarter. North American light crude oil and natural gas production averaged 180,100 barrels per day during the quarter, an increase of 69% or approximately 74,000 barrels per day from Q3 of '24, primarily reflecting production volumes from the acquisition of the liquid-rich Duvernay assets in December of '24 and light crude oil from the Palliser Block assets in Q2 of this year as well as liquid-rich Montney assets in the Grande Prairie area during the third quarter.

Pelican油田本季的平均營運成本為每桶9美元。本季北美輕質原油和天然氣日均產量為 180,100 桶，比 2024 年第三季度增長 69%，即約 74,000 桶/日，主要反映了 2024 年 12 月收購富含液體的杜韋爾奈資產的產量，以及今年第二季度帕利瑟區塊資產的資產產量，還有第三季度富含液體的草原，以及今年第二季度帕利瑟區塊資產的資產產量，還有第三季度富含液體的草原。

Operating cost of the company's North American light crude oil and NGLs operations averaged $12.91 per barrel, a decrease of 6% from Q3 '24, primarily reflecting higher production volumes. On the natural gas side, North American production averaged approximately 2.66 Bcf for the quarter, an increase of 30% from Q3 2024 levels, primarily reflecting the Duvernay and Montney acquisitions and strong drilling results in our liquids-rich natural gas assets.

該公司北美輕質原油和天然氣凝液業務的營運成本平均為每桶 12.91 美元，比 2024 年第三季下降了 6%，主要反映了產量增加。在天然氣方面，北美本季平均產量約為 26.6 億立方英尺，比 2024 年第三季水準成長 30%，主要反映了 Duvernay 和 Montney 的收購以及我們在富含液體的天然氣資產中取得的強勁鑽探成果。

North American natural gas operating costs averaged $1.14 per Mcf in Q3, a decrease of 7% from Q3 of '24 levels of $1.23 per Mcf, reflecting higher production volumes and cost efficiencies. Our unique and diverse asset base provides us with a competitive advantage. We allocate capital to the highest return projects without being reliant on any one commodity.

第三季北美天然氣營運成本平均為每千立方英尺 1.14 美元，比 2024 年第三季的每千立方英尺 1.23 美元下降了 7%，反映出產量增加和成本效益提高。我們獨特且多元化的資產基礎為我們提供了競爭優勢。我們將資金分配到回報最高的項目中，而不依賴任何單一商品。

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

我們持續取得一流成績的秘訣在於安全可靠的營運。我們致力於持續改進，公司各個領域都擁有強大的團隊文化，專注於降低成本、推動成長機會的實施以及為股東創造更多價值。

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

現在我將把第三季財務回顧交給維克多。

Thanks, Scott, and good morning, everyone. In the third quarter of 2025, we achieved several production records as a result of strong operational performance and the accretive acquisition over the past year, contributing to the strong results this quarter. Our teams demonstrated excellent execution, evidenced through our strong operating cost performance in the (technical difficulty).

謝謝你，斯科特，大家早安。2025 年第三季度，由於強勁的營運表現和過去一年的增值收購，我們取得了多項生產記錄，為本季的強勁業績做出了貢獻。我們的團隊展現了卓越的執行力，這體現在我們強勁的營運成本控制上。（技術難題）

Our results, including strategic acquisitions completed in the last 12 months supported strong quarterly adjusted funds flow of approximately $3.9 billion and adjusted net earnings of $1.8 billion. Returns to shareholders in the quarter were $1.5 billion, including $1.2 billion of dividends and $300 million of share repurchase.

我們的業績，包括過去 12 個月完成的策略性收購，支撐了強勁的季度調整後資金流，約 39 億美元，調整後淨利潤為 18 億美元。本季股東回報為 15 億美元，其中包括 12 億美元的股息和 3 億美元的股票回購。

Dividend payments and share repurchases in 2025 up to and including November 5, bring total year-to-date shareholder returns to approximately $6.2 billion and contributing significant production growth per share in 2025, targeted at 16% compared to 2024, demonstrating very significant value creation this year.

截至 2025 年 11 月 5 日（含當日），股息支付和股票回購將使年初至今的股東回報總額達到約 62 億美元，並為 2025 年每股產量的顯著增長做出貢獻，目標是比 2024 年增長 16%，這表明今年的價值創造非常顯著。

As a reminder, Canadian Natural has increased its dividend for 25 consecutive years with a CAGR of 21%, a truly impressive track record that is unique amongst our peer group. Subsequent to quarter end, the Board has approved a quarterly dividend of $0.5875 per common share, payable on January 6, 2026, to shareholders of record at the close of business on December 12, 2025.

需要提醒的是，加拿大自然資源公司已連續 25 年提高股息，年複合成長率達 21%，這一成績斐然，在同業中獨樹一幟。季度末之後，董事會批准派發每股普通股 0.5875 美元的季度股息，將於 2026 年 1 月 6 日支付給截至 2025 年 12 月 12 日營業結束時登記在冊的股東。

Our balance sheet remains strong with quarter end debt-to-EBITDA of 0.9 times and debt to book capital coming in at 29.8%. Quarter end liquidity was also strong at over $4.3 billion, reflecting undrawn revolving bank facilities and cash on hand at period end. Additionally, during Q3, the company repaid USD600 million of US dollar debt securities and received a new long-term investment-grade credit rating of BBB+ from Fitch Ratings.

我們的資產負債表依然強勁，季末債務與 EBITDA 比率為 0.9 倍，債務與帳面資本比率為 29.8%。季度末流動性也十分強勁，超過 43 億美元，反映了期末未提取的循環銀行信貸額度和現金餘額。此外，在第三季度，該公司償還了 6 億美元的美元債務證券，並獲得了惠譽評級授予的 BBB+ 長期投資等級信用評級。

Our third quarter results reflect the impact of accretive acquisitions, which have immediately contributed to incremental production and additional free cash flow generation. Our robust quarterly funds flow and strong balance sheet demonstrates our industry-leading cost structure, large reserve base of high-quality, long-life, low-decline assets and our commitment to continuous improvement and reliable execution.

我們第三季的業績反映了增值收購的影響，這些收購立即促進了產量成長和自由現金流的產生。我們強勁的季度資金流動和穩健的資產負債表表明了我們行業領先的成本結構、高品質、長壽命、低損耗資產的大量儲備基礎，以及我們對持續改進和可靠執行的承諾。

These factors, along with the company's track record of delivering strong shareholder returns, support significant long-term value creation for Canadian Natural and our shareholders.

這些因素，加上公司在為股東帶來豐厚回報方面的良好記錄，為加拿大自然資源公司及其股東創造了巨大的長期價值。

With that, I'll turn it back to you, Scott.

那麼，我就把機會交還給你了，史考特。

Thanks, Victor. In summary, here at Canadian Natural, our culture of continuous improvement and ownership alignment with shareholders drives our teams to create significant value across all of the areas of the company. Once again, we achieved record production levels, strong financial results through our effective and efficient operations, driving strong returns on capital and value creation for our shareholders.

謝謝你，維克多。總而言之，在加拿大自然資源公司，我們不斷改進的企業文化以及與股東利益一致的所有權概念，激勵我們的團隊在公司的各個領域創造巨大的價值。我們再次實現了創紀錄的產量，透過高效的營運取得了強勁的財務業績，為股東帶來了強勁的資本回報和價值創造。

Lastly, just a reminder that we will be hosting our Open House tomorrow morning started at 8:30 Eastern Standard Time, where we will go over our strategy, unparalleled dependent, provide details on our assets and value creation opportunities. You're also invited to listen to the management presentation and view the presentation slides via webcast.

最後提醒大家，我們將於明天上午 8:30（美國東部標準時間）舉辦開放日活動，屆時我們將詳細介紹我們的策略、無與倫比的依賴、資產和價值創造機會。您也可以透過網路直播收聽管理層的演講並觀看演講幻燈片。

You can look to our website for further details. With that, I'll turn it over for questions.

更多詳情請瀏覽我們的網站。接下來，我將把發言權交給提問者。

(Operator Instructions) Dennis Fong, CIBC World Markets.

（操作說明）丹尼斯·方，CIBC 世界市場。

Hi good morning and thank you for taking my question. The first one is related to your recent closing of the asset swap for the Albian mine. Now that you control two mining assets in very close proximity to each other, can you talk to some of the potential upside or opportunities that exist?

您好，早安，感謝您回答我的問題。第一個問題與您最近完成的阿爾比安礦資產互換交易有關。既然您現在控制著兩個距離非常近的礦業資產，您能否談談其中存在的潛在收益或機會？

I know you've already addressed consolidating inventory and lowering kind of spare parts required in kind of various store rooms. But can you talk towards maybe operational benefits beyond that, again, given the proximity of the two assets?

我知道您已經著手整合庫存，並減少各個倉庫所需的備件種類。但考慮到這兩個資產的地理位置接近，您能否談談除此之外的營運效益？

Yeah. Thanks, Dennis. And in addition to what you had mentioned, there's also the utilization of equipment. So that would include the large haul trucks and the support equipment such as dozers, graders and other assets that -- of that nature.

是的。謝謝你，丹尼斯。除了你提到的之外，還有設備的使用問題。因此，這其中就包括大型運輸卡車和推土機、平地機等輔助設備以及其他類似性質的資產。

But Dennis, I would suggest that it would be worthwhile for listening for more details tomorrow to run an open house, and we can get into some more detail in terms of the cost savings that we are working on and working to achieve there. So I think that's probably the best way to explain it is to be a part of our open house tomorrow.

但丹尼斯，我建議明天舉辦一個開放日活動，聽取更多細節，我們可以更詳細地討論我們正在努力實現的成本節約目標。所以我覺得解釋這件事最好的方法就是請您明天來參加我們的開放日。

Perfect. I'll have to wait and see, I guess, on that basis. I suspect the second question may have a similar answer. But I mean, given the continued development and the tie-in of the wells at Pike, I was just kind of looking through and it seems like Grouse in close proximity to your Kirby assets has a similar, I guess, opportunity there.

完美的。看來我只能拭目以待了。我懷疑第二個問題的答案可能類似。但我的意思是，考慮到 Pike 油井的持續開發和關聯，我只是稍微了解了一下，Grouse 油井似乎與你的 Kirby 資產距離很近，我想，它也有類似的機會。

Can you maybe outline maybe some of the efficiencies that you could see via developing kind of proximal resource to your two other central processing facilities?

您能否概述一下，透過在另外兩個中央處理設施附近建立某種資源，您可以看到哪些效率提升？

Yeah. For sure, Dennis. And I think you were banging on me to suggest that it's probably going to be a similar answer. For sure, we'll walk you through tomorrow the assets that are adjacent to the -- adjacent Jackfish and Kirby assets. So we'll be able to give you a good rundown tomorrow of how we would look at development plans given the opportunities that are presented in those areas. So looking forward to that discussion tomorrow.

是的。當然，丹尼斯。我覺得你一直在暗示我，答案可能也差不多。明天我們一定會帶您了解與 Jackfish 和 Kirby 資產相鄰的資產。所以，明天我們將向大家詳細介紹一下，鑑於這些地區存在的機遇，我們將如何看待發展計畫。非常期待明天的討論。

Manav Gupta, UBS.

瑞銀集團的馬納夫·古普塔。

Good morning, congrats on a very strong quarter again. I wanted to ask you about an announcement yesterday from Energy Transfer that they are looking to FID the South Illinois Connector Pipeline, getting -- looking to get more Canadian crude into Illinois and to Gulf Coast.

早安，恭喜你們又一個季度業績非常出色。我想問您關於能源傳輸公司昨天發布的一項公告，他們正在考慮對南伊利諾伊連接管道項目做出最終投資決定，以便將更多的加拿大原油輸送到伊利諾伊州和墨西哥灣沿岸。

And I just wanted to understand, would you be open to participating in any such project or any other major projects out there, which give you more incremental egress capacity towards the Mid-Con or the Gulf Coast refiners where your crude is highly valued?

我只是想了解一下，您是否願意參與此類項目或其他任何重大項目，這些項目可以增加您向中部大陸或墨西哥灣沿岸煉油廠（您的原油在那裡價值很高）輸送原油的能力？

Yeah. Thanks for the question. And certainly, we review those opportunities for egress when tabled. And I can just tell you that there are a number of opportunities, whether it be Enbridge, TMX or others, we're certainly going to look at those and to see if we would participate in volumes commitments on those or otherwise.

是的。謝謝你的提問。當然，我們會檢討那些被提出後的退出機會。我可以告訴大家，有很多機會，無論是 Enbridge、TMX 或其他公司，我們肯定會考慮這些機會，看看我們是否會參與這些公司的貨運量承諾或其他形式的合作。

But the good news is for the basin and the egress opportunities that companies have been talking about bode very well for strong differentials. And ultimately, that's the most important part of the aspect, whether your barrels are locked up or whether they're sold in the Hardisty Edmonton area, it's a positive for Canadian crude. So looking forward to those opportunities as they come about, and we'll see where that goes.

但好消息是，對於盆地而言，各公司一直在談論的出口機會預示著強勁的價差前景非常樂觀。最終，這才是最重要的一點，無論你的原油是被鎖起來還是在埃德蒙頓地區出售，這對加拿大原油來說都是利好消息。所以我很期待這些機會的到來，看看最終會如何發展。

Doug Leggate, Wolfe Research.

道格‧萊格特，沃爾夫研究公司。

Good morning team, this is Carlos actually on for Doug, who -- by the way, is on his way to your Analyst Day. So he sends his apologies. But just to be real quick with this in respectful of my peers' time. Number one, I wonder what your perception is today of the need to further consolidate West Canada gas in the context of weak AECO pricing and despite the ramp in LNG, perhaps similar to how your US peers have been doing in the recent past.

各位早安，我是卡洛斯，代替道格發言。順便說一句，道格正在前往你們分析師日的路上。所以他表達了歉意。但為了尊重各位的時間，我就長話短說吧。首先，我想知道您目前對進一步整合加拿大西部天然氣市場的看法是什麼，尤其是在AECO價格疲軟以及LNG產量不斷攀升的情況下，或許可以藉鑑一下您美國同行最近的做法。

Yeah, it's a good question. You don't have to apologize for Doug. That's good to see that he'll show up tomorrow. We're looking forward to those discussions. In terms of consolidation, certainly, we're seeing some of that evolve. I think the most important thing to the basin is maybe a certain degree of consolidation. But the most important thing is egress opportunities.

是的，這是個好問題。你不需要為道格道歉。很高興看到他明天會來。我們期待著這些討論。就整合而言，我們當然看到一些整合正在演變。我認為對盆地來說，最重要的或許是某種程度的固結。但最重要的是撤離機會。

So the more gas that we can move out of the basin, the better the LNG projects that are online now, LNG Canada and others that are coming on in the future are very much needed for the basin to fully unlock the potential. So in spite of whatever M&A activity that may be going on in the basin, we look forward to more egress because ultimately, that's what the basin requires.

因此，我們能從盆地中輸送的天然氣越多，目前已投入營運的液化天然氣計畫（例如加拿大液化天然氣計畫以及未來即​​將投產的其他計畫）就越能充分發揮盆地的潛力。因此，儘管盆地內可能正在進行各種併購活動，但我們期待更多的出口，因為歸根結底，這正是盆地所需要的。

Well, thank you very much, appreciate that. And just a real quick housekeeping item. It looks like your Palliser and Duvernay might have contributed to your sequential oil production growth. Just wonder if you could share if that is the case? And if so, how does it set you up for your growth outlook into first half of '26?

非常感謝，感激不盡。還有一件需要簡單交代的事情。看來您的帕利瑟和杜韋爾奈油田可能對您的石油產量連續成長做出了貢獻。請問您能否分享一下情況是否如此？如果真是如此，這對您2026年上半年的成長前景有何影響？

Yeah. Certainly, both of those areas will be part of our budgeting activities for next year. We've got strong production growth in the Duvernay and having taken over the assets earlier this year in the Palliser Block, we continue the capital allocation towards going light oil wells in that area, and it will be a part of our program for next year as well.

是的。當然，這兩個領域都將納入我們明年的預算編制工作。我們在杜韋爾奈地區的產量增長強勁，並且在今年早些時候接管了帕利瑟區塊的資產後，我們繼續將資本投入到該地區的輕質油井開發中，這也將成為我們明年計劃的一部分。

Greg Pardy, RBC Capital Markets.

格雷格·帕迪（Greg Pardy），加拿大皇家銀行資本市場部。

Yeah, thanks, good morning. And Scott, I'll apologize because I won't be here in person tomorrow, which is probably the first time in 20-something years. But in any event, I'll have a go at you maybe ahead of tomorrow. What's your thinking now? I mean, we've had a new federal government in place for a little bit of time now.

嗯，謝謝，早安。史考特，我得向你道歉，因為我明天不能親自到場，這可能是二十多年來的第一次。但無論如何，我可能明天之前會找你算帳。你現在在想什麼？我的意思是，我們新的聯邦政府已經成立一段時間了。

There's been a lot more dialogue with the industry. Just curious, any broad strokes on progress on things like pathways, how much easier is it maybe now to work with the federal government? Is this sort of a cautious approach? Just interested in any broad strokes there that you might have.

與業界的對話也增加了許多。只是好奇，關於路徑等方面的進展情況，現在與聯邦政府合作是否容易得多？這算是一種謹慎的做法嗎？我只是想了解你對此有何大致看法。

Well, we'll miss you tomorrow there, Greg, but I do appreciate your question there today. And certainly, we're seeing more positive signs than we've seen in the past under previous leadership. So we like the discussions that are going on, Greg. But as always, there's lots of details to work through in terms of carbon competitiveness. That's going to be key to understand the impacts that may come out of that level of discussion.

格雷格，明天我們會想念你的，但我很感謝你今天提出的問題。當然，我們看到的正面跡像比以往領導層執政時期多得多。格雷格，我們很喜歡目前正在進行的討論。但和以往一樣，在碳競爭力方面還有很多細節需要改進。這將是理解此類討論可能產生的影響的關鍵。

The details at this point are not well understood, and we'll certainly be very anxious to work with the government and the government of Alberta to make sure that we've got a collaborative way to move forward to address the needs for pathways and certainly for future growth opportunities to, again, unlock additional value out of the basin, whether it be oil sands or conventional, more egress is needed on both gas and oil.

目前細節尚不清楚，我們當然非常渴望與加拿大政府和阿爾伯塔省政府合作，確保我們能夠找到一種合作的方式來推進，以滿足通道需求，當然也包括未來的增長機會，從而再次從盆地中釋放更多價值，無論是油砂還是常規油氣，都需要更多的天然氣和石油出口。

And so the more that we can do collectively working together with the government to help promote that growth, increase the jobs in Canada, increase, of course, taxes and royalties. Certainly, everyone is aware on this call, the importance of the industry for the GDP of Canada. So I think it's really important to continue on these discussions.

因此，我們越能與政府共同努力，促進經濟成長，增加加拿大的就業機會，當然還有增加稅收和特許權使用費，就越好。當然，在這次電話會議上，每個人都意識到了這個行業對加拿大GDP的重要性。所以我認為繼續進行這些討論非常重要。

Good to see what we have seen so far, but we want to get into the detailed discussions, Greg, and make sure we truly understand what carbon competitive actually means. And until we get those details, it's a little bit early to say exactly how things will unfold, but we are encouraged by the engagement.

很高興看到我們目前所看到的，但格雷格，我們想進行更詳細的討論，確保我們真正理解碳競爭力究竟意味著什麼。在獲得這些細節之前，現在說事情將如何發展還為時過早，但我們對這種參與感到鼓舞。

Okay. Terrific. No, I think that's probably as much as you can say right now. And as you say, there's a lot more water that needs to flow into the bridge. Maybe I'll pivot just on a specific question that came in from one investor, which was just around the potential acceleration of the T-Block decommissioning. So if we look at your financing cost in 3Q, significantly lower.

好的。了不起。不，我想你現在大概只能說這麼多了。正如你所說，還需要更多的水流入這座橋。也許我會專門談談一位投資人提出的一個具體問題，那就是 T 型區塊退役進程是否有可能加快。因此，如果我們看一下您第三季的融資成本，就會發現顯著降低。

I know some of that had to do with PRT and so forth. The abandonment expenditures tend to be a fairly large number. I'm just trying to get, even though you may not want to talk too much about '26 CapEx and so forth, maybe I just want to get a sense maybe from Victor as to what the implications there could be and to the extent you can quantify it, that would -- or even roughly quantify it, that would be super helpful.

我知道其中一些與PRT等有關。棄置損失往往金額相當大。我只是想了解一下，雖然你可能不想過多談論 2026 年的資本支出等等，但我可能只是想從 Victor 那裡了解一下可能的影響，如果你能量化一下，或者哪怕只是粗略地量化一下，那將非常有幫助。

Just in terms of the impacts on the '26 capital budget, is that the question effectively, Greg?

格雷格，你真正想問的是，這是否是對 2026 年資本預算的影響？

Yeah. I mean -- so Victor, like if I look at what, '25, I think it was like, what, $756 million, a good chunk of that, I know, is North Sea and then there's PRT in there and you get cash recoveries. But I'm just trying to understand, should we be directionally thinking about a bigger number than, say, $750 million next year if you decide to accelerate? Or would this all kind of come out in the wash?

是的。我的意思是——所以維克多，像我看看 2025 年，我想大概是 7.56 億美元，我知道其中很大一部分是北海油氣田，然後還有太平洋區域信託基金 (PRT) 的資金，以及現金回收。但我只是想了解，如果你們決定加速發展，我們是否應該考慮明年設定一個比 7.5 億美元更大的目標？或者這一切最終都會真相大白？

Yeah. The way I would look at it, Greg, is that 2025 coming into 2026, the expenditure levels do go up modestly in '26 overall. That would be the target. But we're working through that still and we're trying to plan for our 2026 budget.

是的。格雷格，我的看法是，從 2025 年到 2026 年，2026 年的支出水準總體上會略有上升。那將是目標。但我們仍在努力解決這個問題，並試圖制定 2026 年的預算。

Overall, when you look at the next five-year period, you do have to remember that the tax recoveries on that expenditure, they're actually weighted to the first five years. So the net increase after tax recovery is fairly modest. We'll see about a 75% tax recovery on next five years expenditure.

總的來說，在展望未來五年時，必須記住，這筆支出的稅收回饋實際上是集中在前五年。因此，扣除稅收後的淨增長相當有限。未來五年支出中，我們預計可收回約 75% 的稅金。

Menno Hulshof, TD Cowen.

Menno Hulshof，TD Cowen。

Good morning everyone, and thanks for taking the question. I'll just put -- I'm just going to put a very short-term lens on things. And for my first question, now that we're halfway through the fourth quarter, give or take, how would you describe the operational setup into the end of the year? And are there any assets that you would flag as having outperformed or underperformed quarter-to-date?

各位早安，感謝你們回答這個問題。我只想──我只想用非常短的眼光看待事物。我的第一個問題是，現在我們已經進入第四季度的中期，您如何描述到年底的營運安排？在本季迄今為止，您認為有哪些資產表現優於或劣於市場平均？

Yeah, it's a good question. at this point in the quarter, all assets are performing as expected. Optimization utilization looks very strong and continuance from what we've seen over the past couple of quarters here from that perspective of utilization. So nothing really to highlight there. Just the assets are performing, as we would expect them to perform.

是的，問得好。本季目前為止，所有資產的表現都符合預期。從利用率的角度來看，優化利用率看起來非常強勁，並且延續了過去幾季我們所看到的趨勢。所以沒什麼特別值得一提的。資產表現符合預期。

Terrific. And then you may or may not want to answer this one because it might cannibalize tomorrow a little bit. But second question is on maintenance. Maybe you could just remind us of which assets are scheduled for turnaround in 2026. Presumably, Horizon is one of them, but what are the others? And how large are these turnarounds expected to be?

了不起。然後，你可能想回答這個問題，也可能不想回答，因為它可能會對明天的工作造成一些影響。但第二個問題是關於維護保養的。或許您可以提醒我們一下，哪些資產計畫在 2026 年進行檢修。Horizo​​n 大概是其中之一，但其他的還有哪些呢？這些扭虧為盈的規模預計有多大？

Yeah. Horizon would certainly be the most significant likely in the third quarter of next year. So outside of that, it would be our normal routine ones that we'd see every one facility, once like every five years, our thermal facilities go in for a turnaround. So there'll be one next year as well. So nothing too significant and nothing stands out. The only real difference from '25 to '26 would be Horizon.

是的。Horizo​​n無疑將是明年第三季最有可能出現的項目。除此之外，我們也會進行一些例行的例行檢查，例如每五年一次，我們的熱力設施都會進行檢修。所以明年也會有。所以沒什麼特別重要的事，也沒什麼特別突出的事。'25 到 '26 的唯一真正區別在於 Horizo​​n。

Alexa Petrick, Goldman Sachs.

Alexa Petrick，高盛集團。

Good morning team, thank you for taking our question. Following the close of several accretive acquisitions, we were curious, what are your updated thoughts on M&A? And then can you provide any broader commentary around your capital allocation strategy, balancing dividend growth with share repurchases and potential for further M&A?

各位早安，感謝你們回答我們的問題。在完成幾項增值收購後，我們很好奇，您對併購的最新看法是什麼？那麼，您能否就您的資本配置策略提供更廣泛的評論，例如如何在股息成長與股票回購之間取得平衡以及未來併購的可能性？

Yeah. Not a lot to comment, Alexa, on the M&A activity. Certainly, you made a reference to some recent acquisitions that were opportunistic for us. As you probably are aware, we do look at a lot of opportunities of M&A. We execute on very few, but we certainly look at the ones that seem to be most accretive to our operations and generally in close proximity to our core areas.

是的。Alexa，關於併購活動，沒什麼好說的。當然，您也提到了我們最近一些具有機會意義的收購。您可能已經知道，我們確實關注了許多併購機會。我們只執行極少數項目，但我們肯定會關注那些對我們的營運最有益，並且通常與我們的核心領域密切相關的項目。

So I think that in terms of our allocation, no significant changes there. It's -- the allocation policy is pretty straightforward. We don't have any plans to change that relative to M&A activity or not.

所以我覺得，就我們的資源分配而言，不會有重大改變。分配政策非常簡單明了。無論是否進行併購活動，我們都沒有改變這項做法的計畫。

Okay. That's helpful. And then maybe just as a follow-up, if we could dig a little more into kind of your macro-outlook, how are you thinking about light heavy differentials from here, particularly as we see OPEC add barrels into the market? And then any views on mid-cycle differentials and some of the assumptions embedded in that?

好的。那很有幫助。那麼，作為後續問題，我們能否更深入地了解您的宏觀展望？您如何看待目前的輕重油價差，尤其是在我們看到歐佩克向市場增加原油供應的情況下？那麼，您對週期中期的差異化以及其中隱含的一些假設有何看法？

I think we expect to see, Alexa, the differentials to be -- stay in that range of the $10 to $13 a barrel, and then it will go up and down depending on Turner activities in the refineries in the United States. So I don't really see any of that changes changing in the near term. And as long as we have strong egress out of Western Canada, those differentials will remain in that range.

我認為，Alexa，我們預計價差將保持在每桶 10 至 13 美元的範圍內，然後根據 Turner 在美國煉油廠的活動上下波動。所以我認為短期內這些變化不會改變。只要加拿大西部的出口保持暢通，這些差值就會維持在這個範圍內。

And so there's still some spot capacity on the TMX system, which is very supportive for pricing. We're seeing a strong demand out of Asia for Canadian heavy crude. That's also very supportive. And we like what we've seen. Essentially, TMX has stabilized the entire Western market here. So that's how I would summarize it up for you.

因此，TMX 系統上仍然有一些現貨容量，這對定價非常有利。我們看到亞洲對加拿大重質原油的需求強勁。這真是莫大的支持。我們很滿意我們所看到的。從本質上講，TMX穩定了這裡整個西方市場。這就是我總結給大家的結論。

There are no further questions at this time. I would hand over the call to Lance Casson for closing remarks. Please go ahead.

目前沒有其他問題了。我將把電話交給蘭斯·卡森，請他作總結發言。請繼續。

Thank you, operator. Thanks, everyone, for joining our call this morning. We look forward to seeing you all tomorrow at our Investor Open House or on the webcast. If you have any questions, please do call.

謝謝接線生。感謝各位今天上午參加我們的電話會議。我們期待明天在投資者開放日或網路直播中與大家見面。如有任何疑問，請致電。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation, and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。