Cenovus Energy Inc (CVE) 2023 Q2 法說會逐字稿

Good day, ladies and gentlemen, and thank you for standing by. Welcome to Cenovus Energy's Second Quarter Results. As a reminder, today's call is being recorded. (Operator Instructions) Please be advised that this conference call may not be recorded or rebroadcast without the expressed consent of Cenovus Energy.

女士們先生們，美好的一天，感謝你們的支持。歡迎來到 Cenovus Energy 第二季度業績。提醒一下，今天的通話正在錄音。 （操作員說明）請注意，未經 Cenovus Energy 明確同意，不得錄製或轉播本次電話會議。

I would now like to turn the conference over to Mr. Jason Abbate, Senior Vice President, Investor Relations. Please go ahead, Mr. Abbate?

現在我想將會議交給投資者關係高級副總裁 Jason Abbate 先生主持。請繼續吧，阿巴特先生？

Thank you, operator, and welcome, everyone, to Cenovus' 2023 Second Quarter Results Conference Call. Please refer to the advisories located at the end of today's news release. These describe the forward-looking information, non-GAAP measures and oil and gas terms referred to today. They also outline the risk factors, assumptions relevant to these discussions. Additional information is available on Cenovus' annual MD&A and our most recent AIF and Form 40-F. All figures are presented in Canadian dollars and before royalties unless otherwise stated. John McKenzie, our President and Chief Executive Officer, will provide brief comments, and then we'll take your questions. We ask that you hold off on any detailed modeling questions. You can follow up on those directly with our Investor Relations team after the call.

謝謝運營商，歡迎大家參加 Cenovus 2023 年第二季度業績電話會議。請參閱今天新聞稿末尾的建議。這些描述了今天提到的前瞻性信息、非公認會計原則措施以及石油和天然氣術語。他們還概述了與這些討論相關的風險因素和假設。有關更多信息，請參閱 Cenovus 的年度 MD&A 以及我們最新的 AIF 和表格 40-F。除非另有說明，所有數字均以加元表示，且不含特許權使用費。我們的總裁兼首席執行官約翰·麥肯齊 (John McKenzie) 將提供簡短的評論，然後我們將回答您的問題。我們要求您不要提出任何詳細的建模問題。您可以在電話會議後直接與我們的投資者關係團隊跟進。

And then please keep to one question with a maximum of one follow-up. You're welcome to rejoin the queue for any other follow-up questions you may have. John, please go ahead.

然後請只回答一個問題，最多進行一次跟進。歡迎您重新加入隊列，解答您可能遇到的任何其他後續問題。約翰，請繼續。

Great. Thank you, Jason, and good morning, everyone. Before we start, you will have seen a few changes to our executive team that we announced this morning. When I succeeded Alex in April, it did create an opportunity for us to move some of the executive group around to really take advantage of their capabilities and versatility. You can read the full details in our news release.

偉大的。謝謝杰森，大家早上好。在我們開始之前，您將看到我們今天早上宣布的執行團隊的一些變化。當我在四月份接替亞歷克斯時，這確實為我們創造了一個機會，可以調動一些管理團隊，以真正利用他們的能力和多才多藝。您可以在我們的新聞稿中閱讀完整的詳細信息。

However, I'd just like to snap you through a few of the changes. Keith Chiasson will become our new Chief Operating Officer; and replacing Keith in the downstream will be Doreen Cole, who's been promoted to the position of Executive Vice President, Downstream. Drew Zieglgansberger will become our new Chief Commercial Officer; and Andrew Dahlin will replace Drew as the Executive Vice President of Natural Gas and Technical Services. Jeff Hart, who's currently our Chief Financial Officer, will succeed Andrew as the Executive Vice President of Corporate and Operations Services. And finally, Kam Sandhar will replace Jeff as our new Chief Financial Officer.

不過，我只想向您介紹一些更改。 Keith Chiasson 將成為我們新任首席運營官；接替下游部門 Keith 的是 Doreen Cole，她已晉升為下游執行副總裁。 Drew Zieglgansberger 將成為我們新任首席商務官；安德魯·達林 (Andrew Dahlin) 將接替德魯 (Drew)，擔任天然氣和技術服務執行副總裁。現任首席財務官傑夫·哈特 (Jeff Hart) 將接替安德魯 (Andrew) 擔任企業和運營服務執行副總裁。最後，Kam Sandhar 將接替 Jeff 成為我們新任首席財務官。

I really do feel incredibly fortunate to be surrounded by such a talented group and we have absolute confidence in their ability to continue stewarding this company. At this time, I'd also like to recognize Canning Fok who is announced his retirement from Board. I have known Canning for over 10 years and have really benefited from his knowledge and experience. I think further, Canning has played a significant role in the repositioning and success of Cenovus over the past 2 years. We all wish him the very best and really look forward to his continued presence as one of our major shareholders.

我確實感到非常幸運，能夠被這樣一個才華橫溢的團隊包圍，我們對他們繼續管理這家公司的能力充滿信心。此時，我還要向宣布從董事會退休的霍建寧表示認可。我認識坎寧已經十多年了，他的知識和經驗讓我受益匪淺。我進一步認為，Canning 在過去兩年中 Cenovus 的重新定位和成功中發揮了重要作用。我們都祝愿他一切順利，並真誠地期待他繼續作為我們的主要股東之一。

But now let's move to our results. So as always, I'll start with our top priority, which is health and safety. This quarter poses some unique and significant health and safety challenges and I couldn't be more proud of the way our people have stood up to the challenge. In this quarter, we focused on a safe and disciplined ramp-up of the Superior and Toledo refineries as well as completing the major turnaround at our Foster Creek asset. I'd like to thank all our people for their continued commitment to safety and our core values as we completed these tasks. The results were truly exemplary.

但現在讓我們看看我們的結果。與往常一樣，我將從我們的首要任務開始，即健康和安全。本季度帶來了一些獨特且重大的健康和安全挑戰，我為我們的員工應對挑戰的方式感到無比自豪。在本季度，我們重點關注蘇必利爾和托萊多煉油廠的安全、有序的擴產，以及完成福斯特溪資產的重大轉變。我要感謝我們全體員工在我們完成這些任務時對安全和我們核心價值觀的持續承諾。結果確實堪稱典範。

Similarly in our conventional business, we dealt with a number of wildfires through the quarter. We temporarily shut in 85,000 BOE per day of our natural gas and NGL production through most of May and part of June and supported our staff and their communities. The company worked tirelessly to keep our people and our assets safe. In addition, we greatly appreciate the actions taken by local authorities and the provincial emergency management teams. Our staff truly demonstrated our core value in protecting what matters. Going above and beyond for each other, and our communities is truly something we're all proud of.

同樣，在我們的傳統業務中，我們整個季度處理了多起野火。 5 月的大部分時間和 6 月的部分時間，我們暫時關閉了每天 85,000 桶油當量的天然氣和液化天然氣生產，並為我們的員工及其社區提供支持。該公司不懈地努力確保我們的員工和資產的安全。此外，我們非常讚賞地方當局和省應急管理小組採取的行動。我們的員工真正展現了我們保護重要事物的核心價值。互相超越，我們的社區確實讓我們感到自豪。

And with that, I'll take you through our operational results. So starting with our U.S. manufacturing assets. As we mentioned in the first quarter call, our focus has been on bringing the Superior and Toledo assets online. Toledo was fully operational by mid-June while Superior continues to ramp with a focus on safely restarting the cat cracker, which is the last of the major units to restart. These assets are incredibly important and meaningful contributors to our integrated heavy oil strategy, our focus in the third quarter and beyond will be to operate them reliably, efficiently and profitably.

接下來，我將向您介紹我們的運營結果。首先是我們的美國製造資產。正如我們在第一季度電話會議中提到的，我們的重點是將蘇必利爾和托萊多資產上線。托萊多於 6 月中旬全面投入運營，而蘇必利爾繼續擴大產能，重點是安全重啟貓餅乾，這是最後一個重啟的主要裝置。這些資產對我們的綜合重油戰略非常重要且有意義，我們第三季度及以後的重點將是可靠、高效和盈利地運營它們。

Our Lima refinery continued to operate at high rates of utilization through the quarter while the Wood River refinery ran well through the quarter following the completion of some planned maintenance. The Borger refinery is back up to full rates after some planned and unplanned outages over the course of the second quarter.

我們的利馬煉油廠在整個季度繼續以高利用率運行，而伍德河煉油廠在完成一些計劃維護後在整個季度運行良好。在第二季度發生一些計劃內和計劃外停運後，博格煉油廠已恢復滿負荷運轉。

So turning to our Canadian manufacturing. Our Lloydminster upgrader and refinery ran at a combined utilization rate of 86% in the quarter, and they're fully operational as we enter the third quarter. We expect both of these assets to run at high levels of utilization through the remainder of the year. Overall, I'd say we achieved everything we set out to do in the downstream during the second quarter and we're very confident in our ability to produce reliably and profitably through the remainder of 2023.

因此，轉向我們的加拿大製造。我們的勞埃德明斯特升級廠和煉油廠本季度的綜合利用率為 86%，進入第三季度時它們已全面投入運營。我們預計這兩項資產在今年剩餘時間內都將保持高利用率。總的來說，我想說，我們在第二季度實現了我們在下游設定的一切目標，並且我們對在 2023 年剩餘時間內可靠生產和盈利的能力非常有信心。

In the upstream, we revised guidance as a result of the wildfire impacts, which had an annualized impact of approximately 10,000 BOE day in our conventional business. And we've also built in a modest decrease of 5,000 barrels a day for our Lloyd Thermals, adjusting for the slower-than-anticipated ramp-up in the year. These changes have resulted in an overall lowering of our guidance to between 775,000 and 795,000 BOE per day.

在上游，我們因野火影響而修訂了指引，這對我們的傳統業務造成了約 10,000 BOE 天的年化影響。我們還為 Lloyd Thermals 每天小幅減少 5,000 桶，以應對今年慢於預期的產量增長。這些變化導致我們的指導總體下調至每天 775,000 至 795,000 桶油當量。

At our Oil Sands assets, we safely completed a large turnaround at Foster Creek early in the quarter. The turnaround was on schedule and on budget, and the asset is now running at pre-turnaround rates. Our focus through the quarter has been on continued execution of projects that support our short- and long-term production volumes with our new well pads progressing as planned. You can see the benefits of our continual effort to optimize these assets with the increased production at Sunrise.

在我們的油砂資產中，我們在本季度初安全地完成了福斯特溪的大規模周轉。周轉按計劃和預算進行，該資產目前正在以周轉前的速度運行。本季度我們的重點是繼續執行支持我們短期和長期產量的項目，新井場按計劃進展。您可以看到我們不斷努力優化這些資產以及提高 Sunrise 產量所帶來的好處。

And in addition, at the Lloyd Thermals, we saw record daily production and quarterly production volumes of approximately 112,700 barrels per day and 106,000 barrels a day, respectively. We expect strong production from Oil Sands in the second half of 2023, and with all major maintenance behind us.

此外，在 Lloyd Thermals，我們看到了創紀錄的日產量和季度產量，分別約為每天 112,700 桶和 106,000 桶。我們預計 2023 年下半年油砂產量將強勁，所有重大維護工作均已結束。

In Asia Pacific, our volumes over the quarter were lower as a result of planned and unplanned outages. On April 7th, the non authorized vessel traveling in our dedicated pipeline quarter and struck an umbilical line at the Liuhua 29-1 field in China. The line attached is designed, which resulted in immediate and secure shutdown of our subsea wells. Our operating group restored production by the first week of June, with no environmental impacts on the surrounding area. And as I mentioned, with the vast majority of our major maintenance behind us and the forecast continual ramp-up of wells across the upstream portfolio, we expect to see elevated and steady production numbers over the remainder of the year.

在亞太地區，由於計劃內和計劃外的停電，我們本季度的銷量較低。 4月7日，這艘未經授權的船隻在我們的專用管道區行駛，並撞上了中國流花29-1油田的臍帶線。所連接的管線經過精心設計，可立即安全地關閉我們的海底油井。我們的運營團隊在六月第一周恢復了生產，對周邊地區沒有造成環境影響。正如我所提到的，隨著我們絕大多數主要維護工作的結束，以及預計上游投資組合油井的持續增加，我們預計今年剩餘時間內產量將保持增長和穩定。

I'd now like to highlight our corporate performance and shareholder returns. We delivered almost $2 billion of adjusted funds flow in the quarter, supported by tighter differentials and increasing Oil Sands operating margins, partially offset by no recorded sales in our Atlantic region during the -- due to timing of liftings and a negative FIFO adjustment of about $170 million, which really impacted our U.S. manufacturing segment.

我現在想強調一下我們的公司業績和股東回報。我們在本季度交付了近 20 億美元的調整後資金流，這得益於差異縮小和油砂營業利潤增加，但由於提貨時間和 FIFO 負調整，部分抵消了大西洋地區本季度沒有記錄的銷售。 1.7 億美元，這確實影響了我們美國的製造業部門。

With the dividend increase announced in April and through our base dividend in NCIB, we distributed about $575 million directly to our shareholders in the quarter. As per our June 14th announcement, the warrant repurchase transaction presented us with a unique opportunity to repurchase about 2.4% of our diluted shareholder base at an attractive price purchasing just over 45 million warrants.

隨著 4 月份宣布增加股息，並通過 NCIB 的基本股息，我們在本季度直接向股東分配了約 5.75 億美元。根據我們 6 月 14 日的公告，認股權證回購交易為我們提供了一個獨特的機會，以有吸引力的價格回購約 2.4% 的稀釋股東基礎，購買超過 4500 萬份認股權證。

I believe we obtained favorable payment terms that provide us with the flexibility to remain within our shareholder returns framework and we'll continue to dedicate 50% of our excess free funds flow to shareholder returns until we reach our $4 billion net debt target, at which time will dedicate 100% of our excess free funds flow to shareholder returns. We continue to focus on running our assets safely and reliably. As we align on our integrated business model, we expect to have strong production and throughput in the second half of '23 which will continue to move us forward to achieving that $4 billion net debt target.

我相信我們獲得了有利的付款條件，使我們能夠靈活地保持在股東回報框架內，並且我們將繼續將超額自由資金流的 50% 用於股東回報，直到我們達到 40 億美元的淨債務目標，即時間將把我們多餘的自由資金流100%用於股東回報。我們繼續專注於安全可靠地運行我們的資產。隨著我們調整綜合業務模式，我們預計 23 年下半年將實現強勁的生產和吞吐量，這將繼續推動我們實現 40 億美元的淨債務目標。

So before we take your questions, I'd also like to update you on our sustainability work. Our 2022 ESG report was released in June, and we announced a new milestone to reduce our methane emissions in upstream operations by 80% by year-end 2028. We see reducing methane as a key near-term action that contributes to our 2035 emissions target. We also continue to advance technologies that will help us address our 2050 net zero ambition. You can read more about those achievements and the progress we've made towards other ESG targets in the ESG report on our website.

因此，在回答您的問題之前，我還想向您介紹我們可持續發展工作的最新情況。我們於 6 月發布了 2022 年 ESG 報告，並宣布了一個新的里程碑，即到 2028 年底將上游業務的甲烷排放量減少 80%。我們將減少甲烷視為一項關鍵的近期行動，有助於實現我們的 2035 年排放目標。我們還繼續推進技術，幫助我們實現 2050 年淨零排放目標。您可以在我們網站上的 ESG 報告中詳細了解這些成就以及我們在實現其他 ESG 目標方面取得的進展。

So in closing, we've succeeded in accomplishing the operating goals we set out for ourselves in the first quarter and are well positioned for a significant improvement in our financial performance in the back half of 2023.

最後，我們成功地實現了第一季度為自己設定的運營目標，並為 2023 年下半年財務業績的顯著改善做好了充分準備。

And with that, we're happy to take your questions.

因此，我們很樂意回答您的問題。

(Operator Instructions) First question comes from Dennis Fong at CIBC Wealth Markets.

（操作員說明）第一個問題來自 CIBC 財富市場的 Dennis Fong。

My first question here is just on capital structure. Just with respect to term debt, you guys are showing about a 14-year average maturity. How are you thinking about continuing to take either advantage of the free cash flow that you're generating to change essentially the structure of what you guys have for term debt?

我的第一個問題是關於資本結構的。僅就定期債務而言，你們的平均期限約為 14 年。您如何考慮繼續利用您所產生的自由現金流來從根本上改變你們的定期債務結構？

It's not necessarily the first question that I was anticipating, but maybe Jeff answer that for you.

這不一定是我預料到的第一個問題，但也許傑夫會為你回答這個問題。

Yes. No, and I'll just give you some color, Dennis, on where we see the capital structure, and we talked to the $4 billion net debt we view that as driving towards $7 billion on the gross side. And you're right, we're right around the 14-year average term mark.

是的。不，丹尼斯，我只是給你一些關於我們如何看待資本結構的信息，我們談到了 40 億美元的淨債務，我們認為這將推動總債務達到 70 億美元。你是對的，我們正處於 14 年平均任期大關附近。

Look, we'll be balanced through all of this. So I think you have to view -- our end goal on this is to have a tower structure that is sustainable and that we like and has balanced through. So we'll target throughout the different towers and be balanced in it. So -- and it will really be dependent on the market and where we see -- where we see the curve and different factors in there as well.

看，我們會在這一切中保持平衡。所以我認為你必須看到——我們的最終目標是擁有一個可持續的塔樓結構，我們喜歡並通過它實現平衡。因此，我們將瞄準不同的塔並在其中保持平衡。因此，這實際上取決於市場和我們在哪裡看到的曲線以及其中的不同因素。

So roundabout answer is that we'll be balanced and end up with the structure that we like as we get through this deleveraging and see us taking to about $7 billion in gross debt.

因此，迂迴的答案是，當我們完成去槓桿化並看到我們的總債務達到約 70 億美元時，我們將保持平衡並最終形成我們喜歡的結構。

Great. My follow-up or my second question is probably aligns more with maybe what you're expecting. In terms of Superior and the kind of ramp-up of the FCC unit there, I was just hoping to get a little bit more context in there. Are you able to sell some version of, we'll call it, slightly offset product? And how should we be thinking about the timing of, we'll call it the full ramp-up of all units at Superior?

偉大的。我的後續問題或我的第二個問題可能更符合您的期望。就Superior 和 FCC 裝置的提升而言，我只是希望能在那裡獲得更多背景信息。您是否能夠銷售某種版本的（我們稱之為稍微偏移的）產品？我們應該如何考慮Superior所有單位全面啟動的時機？

Yes. I'll let Keith answer that question, but the FCC is really a gasoline producing unit, and it's more incremental to where we are versus what we're producing today. But Keith, maybe you can provide some color on Superior.

是的。我會讓基思回答這個問題，但 FCC 實際上是一個汽油生產單位，與我們今天生產的產品相比，它的增量更大。但是基思，也許你可以為蘇必利爾提供一些顏色。

Yes. Thanks for the question, Dennis. Maybe I'll just step up a little bit. When I think about the whole downstream throughput we're kind of right at the 690,000, almost 700,000 barrels a day of throughput. So most of our assets are online with the exception of the FCC at Superior.

是的。謝謝你的提問，丹尼斯。也許我會走得更遠一些。當我考慮整個下游吞吐量時，我們的吞吐量大約是每天 690,000 桶，幾乎 700,000 桶。因此，除了蘇必利爾的 FCC 之外，我們的大部分資產都在線。

At Superior, I would say it's been a little bit of a challenge for us, but nothing systemic there. It's just working through kind of normal start-up issues. So we're days away from introducing feed into that unit. And as John alluded to, when we go through the crude unit, we do make on-spec products that we can sell, asphalt, gasoline and diesel. And then we make some intermediate products that would require the FCC to continue to process.

在Superior，我想說這對我們來說是一個小小的挑戰，但沒有什麼系統性的。它只是解決一些正常的啟動問題。因此，距離將飼料引入該裝置還有幾天的時間。正如約翰提到的，當我們通過原油裝置時，我們確實生產了可以銷售的符合規格的產品，瀝青、汽油和柴油。然後我們生產一些中間產品，需要FCC繼續加工。

So we have a fair amount of inventory there that we'll be able to run through the FCC once it's up and running and generate cash. And like I said, it's imminent. We're just knocking through the last couple of challenges that the team has seen as they safely restarted that refinery after being down for 5 years.

因此，我們在那裡擁有相當數量的庫存，一旦 FCC 啟動並運行並產生現金，我們就能夠使用這些庫存。就像我說的，它迫在眉睫。我們剛剛克服了團隊在停工 5 年後安全重啟該煉油廠時遇到的最後幾個挑戰。

The next question comes from Greg Pardy at RBC Capital Markets.

下一個問題來自加拿大皇家銀行資本市場的格雷格·帕迪。

Yes, maybe just to stick with the U.S. manufacturing for a bit. Like your utilization rates actually looked okay from what we were expecting but it's cost, obviously. And I guess the question there is, is the cost effectively are they inflecting now into margin? And then, I guess, a question for Keith, but as you ramp up fully at Superior and now with Toledo, then could we look forward to potentially working capital releases as we go through the back half of the year?

是的，也許只是暫時堅持美國製造業。就像我們預期的那樣，您的利用率實際上看起來不錯，但顯然這是成本。我想問題是，他們現在是否將成本效益轉化為利潤？然後，我想，這是一個要問基思的問題，但是隨著您在蘇必利爾以及現在在托萊多的全面發展，那麼我們是否可以期待在今年下半年時釋放潛在的營運資金？

Greg, thanks for the question. What I would offer up on just the cost base is, as you can imagine, through start-up, you're incurring some additional maintenance costs and repair costs. So we do expect those to normalize at the back end of the third quarter and into the fourth quarter. And so we should see some of our cost structure come down as we get to normal operations through this quarter.

格雷格，謝謝你的提問。我僅根據成本基礎提出的是，正如您可以想像的那樣，在啟動過程中，您會產生一些額外的維護成本和維修成本。因此，我們確實預計這些將在第三季度末和第四季度恢復正常。因此，隨著本季度我們恢復正常運營，我們的成本結構應該會有所下降。

With regards to revenues and profitability, I would say things are looking good. We're producing products. We're going to be able to -- we're marketing those products and sales. So we're going to see the normal cash cycle associated with the refineries, but all is looking good, kind of coming out of the second quarter into the third quarter across those assets.

就收入和盈利能力而言，我想說情況看起來不錯。我們正在生產產品。我們將能夠——我們正在營銷這些產品和銷售。因此，我們將看到與煉油廠相關的正常現金周期，但一切看起來都不錯，這些資產從第二季度到第三季度都表現良好。

And like you said, utilization, I alluded to this in the previous question, utilization is into the low 90% now across all of our assets and the FCC just is the last unit to start up across our fleet and that one is coming up imminently.

就像你說的，利用率，我在上一個問題中提到過，我們所有資產的利用率現在都在 90% 左右，而 FCC 是我們機隊中最後一個啟動的單位，而且很快就會啟動。

Greg, just on the working capital question as well. I think one of the things that you will see is -- and Keith kind of mentioned this, is we do have a reasonably significant inventory of intermediates that we will work through, through the refineries just through time as they continue to produce on-spec product. But when we kind of guide you to where you should be thinking about inventory levels, in particular, you should be kind of in that 45 million to 50 million barrel range.

格雷格，還有營運資金問題。我認為您將看到的一件事是 - 基思提到了這一點，我們確實擁有相當重要的中間體庫存，我們將通過煉油廠繼續生產符合規格的產品。產品。但是，當我們引導您考慮庫存水平時，您應該特別考慮 4500 萬桶至 5000 萬桶的範圍。

So with these refineries coming up, there is additional inventory that we will carry both on the front end and the back end of those refineries going forward. So while you may see some short-term working capital releases as we chew through the inventory that we built up, I think that's a reasonable number for you to be building into your models.

因此，隨著這些煉油廠的建成，我們將在這些煉油廠的前端和後端保留額外的庫存。因此，雖然當我們仔細研究我們建立的庫存時，您可能會看到一些短期營運資金釋放，但我認為這對於您構建到模型中來說是一個合理的數字。

And then sort of all of this then rolls up into the question everybody is asking, right, which is should we sort of be thinking around $4 billion as around year-end? Is that November? Is that December? Is that the early part of next year? What's your thinking there? And frankly, does it matter that much?

然後所有這些都歸結為每個人都在問的問題，對吧，我們應該在年底左右考慮 40 億美元左右嗎？那是十一月嗎？那是十二月嗎？那是明年初嗎？你在那裡想什麼？坦率地說，這有那麼重要嗎？

Well, the way we think about it, Greg, is we've now got our assets into the condition that we wanted them to be in. Getting Superior and Toledo up were really kind of the last assets that we wanted to bring forward that kind of completed our vision of the assets that we acquired from Husky. So getting those value chains in order was really important to us.

好吧，格雷格，我們的想法是，我們現在已經讓我們的資產達到了我們想要的狀態。讓蘇必利爾和托萊多起來確實是我們想要提前推出的最後資產完成了我們對從赫斯基收購的資產的願景。因此，讓這些價值鏈井然有序對我們來說非常重要。

Now one thing I would say is, don't expect us to do anything different other than run these assets well over the coming quarters. So we are focused on getting our debt down to $4 billion. Whether that happens in November, December, January, February is really a function of the pricing and the commodity strip that you want to use.

現在我要說的一件事是，除了在未來幾個季度良好地運營這些資產之外，不要指望我們會做任何不同的事情。因此，我們致力於將債務降至 40 億美元。這種情況是否發生在 11 月、12 月、1 月、2 月實際上取決於定價和您想要使用的商品條帶。

Over the course of the quarter, we've seen crude be as high as $80 and as low as $65 and it's -- today it's back, it looks like it's back to $80. Cracks have been volatile. We saw actually negative diesel cracks for a couple of days this month. So I think the important thing is to understand though, this is the trajectory that we're on. All the assets are up and running. We're going to dedicate 50% of our free cash flow to debt reduction, 50% to shareholder returns, and then we get to $4 billion, we'll flip over to [$100 million], but there's nothing that's going to change the operating strategy of this company between now and then.

在本季度中，我們看到原油價格高達 80 美元，低至 65 美元，而今天它又回來了，看起來又回到了 80 美元。裂縫一直不穩定。這個月我們有幾天實際上看到了柴油裂紋的負面影響。所以我認為重要的是要理解，這就是我們所處的軌跡。所有資產均已啟動並運行。我們將把 50% 的自由現金流用於減少債務，50% 用於股東回報，然後我們達到 40 億美元，我們將翻轉到 [1 億美元]，但沒有什麼可以改變該公司從現在到那時的經營策略。

The next question comes from Neil Mehta at Goldman Sachs.

下一個問題來自高盛的尼爾·梅塔。

And congrats to everyone on some of the leadership changes here. My first question was just on the offshore. The tactical question is can you spend a little more time talking about the softer results there? It sounds like it's just a timing effect. If that was an underlift, you get it back in the back half? And then the bigger picture question related to offshore is how do you see this business evolving over the next couple of years and getting into the big -- into the broader portfolio?

並祝賀這裡的一些領導層變動的所有人。我的第一個問題是關於近海的。戰術問題是你能多花一點時間討論那裡的溫和結果嗎？聽起來這只是一個時間效應。如果那是舉起不足，你會在後半場把它拉回來嗎？然後，與離岸相關的更大問題是，您如何看待這項業務在未來幾年的發展並進入更廣闊的投資組合？

Okay. Sorry, Neil, you cut out a little bit. I assume you're talking about the underlift on the East Coast?

好的。抱歉，尼爾，你刪減了一點。我猜你說的是東海岸的欠升現象？

Yes. The underlift in the East Coast and then do you get it back in the back half?

是的。東海岸的升力不足，然後你會在後半段恢復嗎？

Yes. Norrie Ramsay here from the upstream. We obviously took , as we mentioned, a timely opportunity to take a [tar] earlier in the year that we better going to take in August. So we're going to have flat production going forward. We're fully operational and up. And it's purely timing, there's 2 things. We -- the [FPA], so we actually offloaded and take it to a storage tanks. So those continue to take place.

是的。諾里·拉姆齊 (Norrie Ramsay) 從上游看到的。正如我們所提到的，我們顯然抓住了一個及時的機會在今年早些時候進行了 [tar]，我們最好在 8 月份進行。因此，我們將繼續進行扁平化生產。我們已全面投入運營。這純粹是時間問題，有兩件事。我們——[FPA]，所以我們實際上卸載了它並將其運送到儲罐。所以這些事情仍在繼續發生。

But our lifting was just happened to be a few days after the first -- the second quarter finished. So we've actually had a lifting in very early July, which you'll see kind of coming through in the 3Q results. But we expect to see steady production from our base [SeaRose] operations in the East area there.

但我們的提升恰好是在第一季度——第二季度結束後幾天。因此，我們實際上在 7 月初就已經有所提升，您會在第三季度的業績中看到這一點。但我們預計東部地區的基地 [SeaRose] 生產將穩定。

And as we mentioned before, Terra Nova and continues to be at the harbor side just finishing some maintenance that to allow it to go back offshore, and we're collectively supporting the operator and gaining a lot of confidence to be able to see line of sight to that going offshore and then establishing safe production from the Terra Nova asset as well later on the end of this year, beginning of next year.

正如我們之前提到的，Terra Nova 繼續位於港口一側，剛剛完成一些維護工作，使其能夠返回海上，我們正​​在共同支持運營商，並獲得了很大的信心，能夠看到線路預計將在今年年底、明年初開始海上建設，然後在 Terra Nova 資產上建立安全生產。

Yes. So, I think, Neil, just to expand on that a little bit as we see West or White Rose having a good clean run through the rest of the year. I think we've got a line of sight now on Terra Nova to potential production before the end of the year, although we're not calling anything into our forecast, and we continue to make really good progress on West White Rose through the quarter as well, we did achieve a couple of major milestones there. But maybe, Drew, you might want to talk a little bit about the other offshore business in Asia and where we are with that.

是的。所以，尼爾，我認為，我們只是想稍微擴展一下這一點，因為我們看到韋斯特或白玫瑰在今年剩下的時間裡表現良好。我認為我們現在已經看到 Terra Nova 在今年年底前的潛在生產，儘管我們沒有在我們的預測中做出任何調整，而且我們在整個季度繼續在 West White Rose 上取得非常好的進展此外，我們確實在那裡實現了幾個重要的里程碑。但也許，德魯，您可能想談談亞洲的其他離岸業務以及我們的進展。

Yes. Sure thing, John. So as you would have seen in the news release and then to John's comments this morning, we had an unplanned event in China. And we dealt with that in April and May, and the teams did an extraordinary job getting that back online. And as you guys may recall, we had a very strong first quarter, and the demand for gas and our production was actually over kind of our budget at the time.

是的。當然可以，約翰。正如您在新聞稿中以及約翰今天早上的評論中看到的那樣，我們在中國發生了一場計劃外的事件。我們在四月和五月處理了這個問題，團隊做得非常出色，讓其重新上線。你們可能還記得，我們​​第一季度的表現非常強勁，對天然氣和我們生產的需求實際上超出了我們當時的預算。

And happy to say that, that now continues now that we're back up and fully operational in June. So as we see the back half of this year, we expect to have still strong demand for our production in the Asia Pacific business and happy to report that things are running very well, and we are still trending on the high end of our guidance relative to what we thought the demand was going to be.

很高興地說，現在我們已經在 6 月恢復並全面運營，這種情況仍在繼續。因此，正如我們今年下半年看到的那樣，我們預計亞太地區業務對我們的生產的需求仍然強勁，並且很高興地報告，情況進展順利，而且我們仍然處於相對指導的高端。到我們認為的需求量。

That's great color. And the follow-up is just on the Pathways project. John, it's hard for us often to get visibility on where we are in those negotiations, but I guess the working assumption for a lot of investors is that it gets to FID next year, just any of your thoughts on timing and what are the gating factors to get the thing to FID?

那顏色真棒。後續只是關於 Pathways 項目。約翰，我們通常很難了解我們在這些談判中的進展情況，但我想很多投資者的工作假設是明年進行最終投資決定，請談談您對時間安排和限制的任何想法使該產品進行 FID 的因素？

Sure. I'm actually going to turn that question over to Rhona Delfrari. Rhona is not usually here. She's usually on the road, speaking of the virtues of our industry. But Rhona is here with us today, and she's knee deep in this, and you've probably got the most up-to-date and relevant information on this, Rhona.

當然。實際上我要把這個問題轉給羅娜·德爾弗拉里 (Rhona Delfrari)。羅娜通常不在這裡。她通常在路上談論我們行業的優點。但羅娜今天和我們在一起，她對此深感興趣，羅娜，你可能已經獲得了這方面的最新和相關信息。

Yes, Neil, I mean, I can tell you we are still full steam ahead with the Pathways work, all 6 of our companies, but as well as the federal and now the provincial government, we - there was kind of a -- bit of a waiting period when the Alberta government was in the election campaigning. But you would have heard that there's been a bilateral talks announced between the Feds and the Alberta government. So that's all positive. And the Pathways companies are right there. We're meeting every week with our government counterparts to talk about how we progress the policy and the fiscal frameworks that are needed to push forward with the Pathways Foundational project, which is the 400-plus kilometer CO2 pipeline in the hub.

是的，尼爾，我的意思是，我可以告訴你，我們所有 6 家公司，以及聯邦和現在的省政府，我們仍然全力推進 Pathways 工作，我們 - 有點 - 一點阿爾伯塔省政府正在競選期間的等待期。但您可能聽說美聯儲和艾伯塔省政府之間宣布舉行雙邊會談。所以這都是積極的。 Pathways 公司就在那裡。我們每週都會與政府同行開會，討論如何推進推進 Pathways 基礎項目所需的政策和財政框架，該項目是樞紐內長達 400 多公里的二氧化碳管道。

But there's also -- there's still 70 other technologies that the Pathways companies are working on that will progress us towards our net zero 2050 target. But I think we're still pleased with the amount of attention that the federal and the provincial governments are putting towards this. I would say that it's unprecedented level of attention in Ottawa with multiple departments working together. They're taking this really seriously, and the governments understand how important the CCS project is for -- not just for our sector, but for the entire country.

但 Pathways 公司仍在開發 70 項其他技術，這些技術將推動我們實現 2050 年淨零目標。但我認為我們仍然對聯邦政府和省政府對此的重視感到滿意。我想說，渥太華對多個部門的共同關注是前所未有的。他們非常認真地對待這一問題，政府也了解 CCS 項目的重要性——不僅對我們的行業，而且對整個國家。

So I remain very optimistic that we're going to get going on this. We've been really clear. The next big spend would be for the Pathways companies would be the purchase of pipeline for that CO2 pipe project. So governments understand that and they understand that they need to clarify things like the investment tax credit and give us more details on that. And things such as contracts for difference that they've already announced. But I'm very positive this is still progressing at the right pace.

因此，我對我們將繼續開展這件事仍然非常樂觀。我們已經非常清楚了。 Pathways 公司的下一個大筆支出將是購買二氧化碳管道項目的管道。因此，各國政府明白這一點，他們也明白，他們需要澄清投資稅收抵免等問題，並向我們提供更多相關細節。還有他們已經宣布的差價合約之類的東西。但我非常肯定這仍然在以正確的速度進展。

The next question comes from Menno Hulshof at TD Securities.

下一個問題來自道明證券的 Menno Hulshof。

Maybe I'll just follow up on Neil's question with a higher-level government related question as well. Like what do you think of this week's government announcement related to the potential phasing out of what they're calling, inefficient subsidies, I know it's pretty fresh, but when do you think we'll have a better sense of what that means in practical terms? And is it fair to say that ongoing negotiations on CCUS incentives are a separate conversation?

也許我會用一個更高級別的政府相關問題來跟進尼爾的問題。就像你對本周政府宣布的有關可能逐步取消他們所謂的低效補貼的公告有何看法，我知道這很新鮮，但你認為我們什麼時候才能更好地理解這在實際中意味著什麼？條款？可以公平地說，正在進行的有關 CCUS 激勵措施的談判是一個單獨的對話嗎？

Yes. Menno, it's John. Sometimes I don't know how they name these pieces of legislation, how they end up positioning them. But if it is what it purports to be, it probably should be a fairly short piece of legislation.

是的。門諾，是約翰。有時我不知道他們如何命名這些立法，以及他們最終如何定位它們。但如果它確實是它所聲稱的那樣，那麼它可能應該是一項相當短的立法。

One of the things I'd say is I'm not really aware of any subsidies that are direct and unique to the oil and gas industry. I've been in this industry for a lot of years. In many of those years, I've been spent in finance. And I certainly remember writing a lot of checks to the provincial and federal government that don't remember receiving a lot of checks in return.

我要說的一件事是，我並不真正了解石油和天然氣行業有任何直接且獨特的補貼。我從事這個行業很多年了。在這些年裡，我大部分時間都在金融領域度過。我當然記得給省和聯邦政府寫了很多支票，但他們不記得收到過很多支票作為回報。

A couple of things I would say is in 2022, we spent almost $4.5 billion on royalties and taxes. And that is -- that exceeds the amount of money we spend some capital exceeds the amount of money that we return to shareholders. That is our single largest expense, and we expect that number to be even higher in 2023.

我想說的幾件事是，到 2022 年，我們在特許權使用費和稅收上花費了近 45 億美元。也就是說，這超過了我們花費一些資本的金額超過了我們返還給股東的金額。這是我們最大的單項支出，我們預計 2023 年這個數字會更高。

So we're kind of like you, we're waiting to hear what this is all about. We certainly hear political rhetoric with regard to oil and gas subsidies. We're just really not sure what it means, because again, we're not really aware of any oil and gas subsidies for the industry.

所以我們和你一樣，我們正在等待聽聽這到底是怎麼回事。我們當然聽到了有關石油和天然氣補貼的政治言論。我們只是真的不確定這意味著什麼，因為我們並沒有真正意識到該行業有任何石油和天然氣補貼。

Okay. Yes. And maybe I'll just follow up with a question on shareholder capital returns. You've made it clear on many occasions that the relative economics of buybacks are tested at mid-cycle $60 WTI. But today, we're sitting at about $80. The stock is off if it's low. So my question is, how are you thinking about buybacks versus a variable dividends? And I'm asking that with the understanding that we've only seen one variable dividend since the return framework was formalized.

好的。是的。也許我會接著問一個關於股東資本回報的問題。您已多次明確表示，回購的相對經濟性是在周期中期 60 美元的 WTI 條件下進行測試的。但今天，我們的價格約為 80 美元。如果股價低的話，股票就斷貨了。所以我的問題是，您如何看待回購與可變股息？我問這個問題的前提是，自從回報框架正式確定以來，我們只看到了一項可變股息。

Yes. Nothing changes in our framework, Menno. We screen all our capital at 45%. We screen our buybacks at 60%. We still think those are sort of the right low cycle and mid-cycle prices. I think I'm looking at Kam and he's nodding his head. I'm looking at Jeff and he's nodding his head. But I think with where our share price is today, we're still more inclined to return capital to shareholders in the form of buybacks and at the share price today, in our view, doesn't reflect the net asset value at $60.

是的。我們的框架沒有任何變化，Menno。我們對所有資本進行 45% 的篩選。我們以 60% 的比例篩選回購。我們仍然認為這些是正確的低週期和中周期價格。我想我正在看著卡姆，他正在點點頭。我看著傑夫，他點點頭。但我認為，按照我們今天的股價，我們仍然更傾向於以回購的形式向股東返還資本，而且我們認為，今天的股價並不能反映 60 美元的資產淨值。

So I think you're going to continue to see that until -- continue to see shareholder returns come back in the form of largely buybacks until we get there. But we've been pretty clear on the framework. If we get to the point where we think it's in excess of mid-cycle pricing or the discounted value of the shares are in the excess of mid-cycle pricing. I think you'll see a greater majority of the returns come back in the form of special dividends.

所以我認為你會繼續看到這一點，直到——繼續看到股東回報以主要回購的形式回來，直到我們實現這一目標。但我們對框架已經非常清楚了。如果我們認為它超過了周期中期定價，或者股票的折現價值超過了周期中期定價。我認為您會看到大部分回報以特別股息的形式返回。

But Kam, I don't know if you have anything else to add on that?

但是Kam，我不知道你還有什麼要補充的嗎？

It's Kam. The only thing maybe I would just add is, like, I think, keep in mind, we're going to keep continue to be disciplined. So 50% is going to go back to shareholders until we get to that debt target of $4 billion.

是卡姆。也許我要補充的唯一一件事是，我想，請記住，我們將繼續遵守紀律。因此，50% 將返還給股東，直到我們達到 40 億美元的債務目標。

And as John said, I think right now, the bias continues to be towards buybacks. I think the other thing you should be thinking about is we obviously did the warrant transaction back in the middle of June. And we made it clear that, that's something we're going to manage inside of that framework through the balance of this year and sort of latest next January when that payment has to be made by. So the focus hasn't changed. The discipline hasn't changed around the framework, and we'll continue on the path we're on.

正如約翰所說，我認為目前人們仍然傾向於回購。我認為您應該考慮的另一件事是我們顯然在六月中旬進行了認股權證交易。我們明確表示，這是我們將在今年剩餘時間以及最遲明年一月付款時在該框架內進行管理的事情。所以重點沒有變。框架的紀律沒有改變，我們將繼續沿著我們現在的道路前進。

The next question comes from John Royall at JPMorgan.

下一個問題來自摩根大通的約翰·羅亞爾。

So first one is on refining. You've talked about the run rates. Just wondering on profitability and cash flows. On the prior call, you guided to Toledo and Superior being free cash flow positive by July. Is that the case now? Or is the FCC impacting the ability to generate positive cash flows?

所以第一個是精煉。您已經談到了運行率。只是想知道盈利能力和現金流。在之前的電話會議中，您預計托萊多和蘇必利爾到 7 月份的自由現金流將為正。現在也是這樣嗎？或者 FCC 是否會影響產生正現金流的能力？

John, it's Keith. Yes, good question. I would say Toledo has been up and running since early June, making products and selling products. So we're highly confident on kind of cash flows there. Superior has been able to sell products as well. But until we actually get to full gasoline make coming out of the FCC, it's kind of going to be -- kind of right at that kind of cash flow breakeven. I would say we're seeing that trend of improvement, though, through the quarter.

約翰，是基思。是的，好問題。我想說托萊多自六月初以來一直在生產和銷售產品。因此，我們對那裡的現金流充滿信心。 Superior 也能夠銷售產品。但在我們真正從 FCC 生產出完整的汽油之前，這將是一種現金流收支平衡的情況。不過，我想說的是，整個季度我們都看到了這種改善的趨勢。

I think the other thing to look at, though, is kind of where cracks have been. And I think John alluded to it in one of his answers. They've kind of been pretty wide and then very narrow and more recently have come back to kind of matching the various regions around the U.S. So cracks are pretty supportive now. Differentials have tightened in. So obviously, the refineries that run heavy crude lose a little bit of that crude advance. But we -- anything that we lose in our downstream, we actually get in our upstream.

不過，我認為另一件需要注意的事情是裂縫在哪裡。我認為約翰在他的一個回答中提到了這一點。它們的範圍相當寬，然後又非常窄，最近又回到了與美國各地不同地區相匹配的水平。所以現在的裂縫非常有支撐性。價差已經收緊。很明顯，運行重質原油的煉油廠損失了一點原油增量。但我們——我們在下游失去的任何東西，實際上都是在上游得到的。

So I think in general, it's setting up for a great third quarter like we anticipated. And as we've talked about the last units to come up with Superior, which is a relatively small unit in the grand scheme of things.

所以我認為總的來說，正如我們預期的那樣，第三季度的表現將會非常出色。正如我們所討論的最後一個單位提出的高級，這是一個相對較小的單位在宏偉的計劃中。

Okay. And then in terms of the wildfire impacts on the upstream, I know it's a very fluid situation generally and it's tough for us who weren't on the ground to really understand the impact. How confident are you that you're on the other side of the major impacts and that the 5 to 7 barrels per day -- 1000 barrels per day off-line couldn't go the other way in growing scope there. Just trying to understand the risks that the fire, I suppose, as we stand today.

好的。然後就野火對上游的影響而言，我知道總體情況非常不穩定，對於不在現場的我們來說很難真正了解其影響。您對自己處於重大影響的另一邊有多大信心，並且每天 5 到 7 桶——每天 1000 桶的離線產量不會以相反的方式擴大範圍。我想，只是想了解我們今天所面臨的火災的風險。

John, it's Drew. Yes. Great question. As you alluded to, it was a very wild quarter, no pun intended. I think one of the things I would start with is that our teams did an outstanding job considering that we actually had the town of Edson and a lot of our staff, they're actually evacuated three times, 2 by wildfires and once by a natural flood, to be honest.

約翰，是德魯。是的。很好的問題。正如你提到的，這是一個非常瘋狂的季度，沒有雙關語的意思。我認為我要開始的一件事是，考慮到我們實際上擁有埃德森鎮和我們的很多員工，我們的團隊做得非常出色，他們實際上被疏散了 3 次，兩次是因為野火，一次是因為自然災害。老實說，洪水。

So just to give you a little perspective on kind of the 5 to 7 that's still left to be brought on. The vast majority of that, almost all of it is still up in our Rainbow Lake asset, just on the -- just inside the BC border and our [Bivouac] dry gas play. And the reason that we can't bring that back on yet is we just are waiting for some more secondary power lines to still be reactivated by third-party providers. There are some wildfires in Northeast BC, nothing around our actual assets.

因此，只是為了讓您對尚未完成的 5 到 7 種任務有一些看法。其中絕大多數，幾乎全部仍在我們的彩虹湖資產中，就在不列顛哥倫比亞省邊境和我們的[Bivouac]乾燥天然氣開採區內。我們還無法恢復這一功能的原因是我們只是在等待第三方提供商重新激活更多的輔助電源線。不列顛哥倫比亞省東北部發生了一些野火，但我們的實際資產周圍沒有任何東西。

As you can imagine, with the amount of impact we had that fuel is now all gone. And so the risk to your question about could it go the other way, there's not a lot left to kind of burn and reactivate that risk for us. And thankfully, we've had very little and almost no direct asset damage or concern around the ability to safely produce. So the remaining that's off line now is still just waiting for power and its third-party kind of activation from power poles and whatnot, and it's on a dry gas play. The remainder are just some other remote sites more in Central Alberta, that's waiting for the same thing, is just some power.

正如你可以想像的那樣，隨著我們產生的影響，燃料現在已經全部消失了。因此，對於你所問的風險是否會以另一種方式發展，我們已經沒有太多的餘地來燃燒和重新激活這種風險了。值得慶幸的是，我們幾乎沒有受到直接資產損失或對安全生產能力的擔憂。因此，剩下的部分現在仍然處於離線狀態，只是等待電力以及來自電線桿等的第三方激活，而且它處於乾燥狀態。其餘的只是艾伯塔省中部的一些其他偏遠站點，正在等待同樣的事情，只是一些電力。

So I think the risk has been reduced significantly. And it's just the realities of how forest fires burn and where they've now been burned. It's a very low risk that something in those areas could be reactivated, the fuels has been used.

所以我認為風險已經大大降低了。這只是森林火災如何燃燒以及現在被燒毀的地方的現實。這些區域的某些東西被重新激活的風險非常低，因為燃料已經被使用了。

The next question comes from Manav Gupta at UBS.

下一個問題來自瑞銀集團的馬納夫·古普塔。

I just quickly wanted to touch base on Lloyd thermal volumes. It looks like this was one of the stronger quarters, if not the strongest since you've got these assets. So help us understand some of the changes that you have made at this asset, which is allowing you to get a higher volume versus when you acquired them?

我只是很快就想接觸一下勞埃德熱量卷。看起來這是自擁有這些資產以來最強勁的季度之一，即使不是最強勁的。那麼請幫助我們了解您對此資產所做的一些改變，這些改變使您能夠獲得比購買時更高的交易量？

Manav, it's Norrie here. Yes, we've talked about it in the previous quarter as well. I mean, fundamentally, we've been applying our subsurface technologies and methodologies from our Foster Creek and Christina Lake assets over to our Lloyd Thermal assets. The assets are really, really good assets, and we have lots of opportunities around the central processing facilities.

馬納夫，我是諾里。是的，我們在上個季度也討論過這個問題。我的意思是，從根本上說，我們一直在將我們的福斯特溪和克里斯蒂娜湖資產的地下技術和方法應用於我們的勞埃德熱力資產。這些資產是非常非常好的資產，我們在中央處理設施周圍有很多機會。

So what we have been doing is basically drilling longer wells that have what we call higher conformance so that they actually produce at a higher rate. We've also been utilizing our zero-based design facilities and using submersible pumps to actually increase the rate of production. So we'll -- basically, the philosophy is trying to fill all of our plants that we have and keep them full as we kind of go forward. So it's been very successful.

因此，我們一直在做的基本上是鑽更長的井，具有我們所說的更高的一致性，這樣它們實際上就能以更高的速度生產。我們還一直在利用我們的零基礎設計設施並使用潛水泵來實際提高生產率。因此，基本上，我們的理念是努力填充我們擁有的所有工廠，並在我們前進的過程中保持它們飽滿。所以這是非常成功的。

We continue to build out new pads to sustain this level of production. And at the same time, we take advantage of opportunities as we understand them. So our production company is very, very strong, and that's the kind of plan kind of going forward.

我們繼續建造新的墊片以維持這種生產水平。與此同時，我們會充分利用我們所理解的機會。所以我們的製作公司非常非常強大，這就是未來的計劃。

Perfect. And if I could pick your brain around, I mean you had some downtime in 2Q. Some of your peers had downtime in 2Q, now all you guys are ramping up. So last -- I mean, the last few months, our apportionments were zero, but like what's your outlook for near-term apportionment, do you expect them to rise? And then eventually, what are you hearing on the TMX pipeline start-up?

完美的。如果我能接受你的意見，我的意思是你在第二季度有一些停機時間。你們的一些同行在第二季度停工了，現在你們所有人都在加緊努力。最後，我的意思是，過去幾個月，我們的分配額為零，但是就像您對近期分配額的展望一樣，您預計它們會增加嗎？最後，您對 TMX 管道初創公司有何看法？

Manav, it's Keith. You're bang on apportionment on Enbridge has been zero for the past several months, which is just pointing to the fact that egress out of the country is matching production. I think you're also bang on that some of the upstream has been taking turnarounds through this period.

馬納夫，我是基思。過去幾個月，安橋公司的分配額一直為零，這只是表明該國的出口量與生產量相匹配。我認為你也強調了這一時期一些上游行業一直在扭轉局面。

With regards to TMX, it's scheduled to come on in Q1 2024. Obviously, there's pre-startup activities in line fill that happens into the fourth quarter of this year. With all of that kind of happening, we actually anticipate, for the first time and a long time that it would be sufficient egress from the province even as we head into the winter months where all the upstream producers are back on, and you're at that higher concentration of diluent in your [bitumen] and blend. There probably will be a little bit of widening on that just as the system normalizes. But I think we're looking at tighter dips and with TMX coming on that should sustain itself for a longer period of time.

至於 TMX，計劃於 2024 年第一季度推出。顯然，今年第四季度會進行啟動前活動。隨著所有這些情況的發生，我們實際上第一次並且很長一段時間以來預計，即使我們進入所有上游生產商都恢復生產的冬季，該省的出口也將足夠。在[瀝青]和混合物中稀釋劑濃度較高。隨著系統正常化，這一點可能會稍微擴大。但我認為我們正在考慮更窄的下跌，並且隨著 TMX 的出現，這種情況應該會維持更長的一段時間。

The question comes from Harry Mateer at Barclays.

這個問題來自巴克萊銀行的哈里·馬特爾。

I guess first, circling back on the debt reduction question at the start of the call, your $7 billion gross debt landing zone implies about $1.5 billion of reduction. Rates markets have been tough to call a year, but for the time being, you've got no shortage of options under curve that are below par. So how are you thinking about prioritizing? Is it maturity ladder, coupon ability to buy back below par, CAD versus USD and then open market versus doing something a little bit more accelerated like a tender to get it done more quickly?

我想首先，回到電話會議開始時的債務削減問題，70 億美元的總債務著陸區意味著大約 15 億美元的削減。利率市場很難預測今年的到來，但就目前而言，曲線下並不缺乏低於標準的選擇。那麼你如何考慮優先順序呢？是成熟度階梯、低於面值回購的票息能力、加元與美元的對比，然後是公開市場與採取更快速度（例如招標）以更快完成任務的對比？

Yes. So it's Jeff here. And the answer is yes to all of it. So we'll be (inaudible) on that as we'll look at relative interest costs where we see -- you'd say, discounts relative to premiums and then the end tower structure. And so -- and then as far as execution goes is, again, it will be, yes, we'll look at both what does it look like on a tender and open market purchases. So we'll be -- we'll spread it around in all of that and take a balanced approach in all of it.

是的。傑夫來了。答案是肯定的。因此，我們將（聽不清）對此進行研究，因為我們將研究我們看到的相對利息成本 - 你會說，相對於保費的折扣，然後是終端塔結構。因此，就執行而言，是的，我們將看看招標和公開市場購買的情況。所以我們將——我們將在所有這些方面進行分散，並在所有方面採取平衡的方法。

Yes. Harry, we don't mean to be coy on that, but obviously, we can't answer that question literally.

是的。哈利，我們並不是有意對此含糊其辭，但顯然，我們無法從字面上回答這個問題。

Yes. No, I get it. Second one is [Pourbaix] that came up last year a couple of times on calls is just around your JV and your strategy going forward. And at the time, you indicated you've taken some steps towards this in some of your assets, but the strategy is to be an operator and a 100% owner of your refineries where possible. Just curious, is that still the case? Is that still the vision? And are there any discussions you've had on that front that might have advanced beyond a preliminary stage?

是的。不，我明白了。第二個是[Pourbaix]，去年在電話會議上出現過幾次，主要是圍繞您的合資企業和您的未來戰略。當時，您表示您已在部分資產中採取了一些措施，但戰略是盡可能成為煉油廠的運營商和 100% 所有者。只是好奇，現在還是這樣嗎？這仍然是願景嗎？你們在這方面是否進行過任何可能超出初步階段的討論？

Yes. Harry, one of the things we've been successful in is unwinding the JVs we've had with BP, and we purchased the 50% of the interest in Sunrise that we didn't own and more recently, we bought the 50% of Toledo and assumed operatorship of that refinery. The way we think about the refineries where we have an ownership interest is those are core assets for us.

是的。哈利，我們成功的事情之一就是解除我們與 BP 的合資企業，我們購買了我們不擁有的 Sunrise 50% 的權益，最近，我們購買了 Sunrise 的 50% 的權益托萊多並承擔了該煉油廠的經營權。我們對擁有所有權權益的煉油廠的看法是，它們是我們的核心資產。

In core assets, you want to have both operating and strategic control. We think that is important. So we have always signaled to the market that we have a desire to own and operate those assets that we have an interest in that we believe are core to the future of this company. So nothing has really changed there.

在核心資產中，您希望同時擁有運營和戰略控制權。我們認為這很重要。因此，我們一直向市場發出信號，我們希望擁有並經營那些我們感興趣的資產，我們認為這些資產是公司未來的核心。所以那裡沒有什麼真正改變。

There's certainly no update on any kind of discussions that may or may not be happening with in and around that JV. We're happy to own those assets in the form that they're in, understanding that longer term, we want to own and operate the assets that we would consider core to our portfolio.

當然，對於該合資企業內部及其周圍可能發生或可能不發生的任何類型的討論，當然沒有任何更新。我們很高興以它們目前的形式擁有這些資產，並理解從長遠來看，我們希望擁有和運營我們認為是我們投資組合核心的資產。

(Operator Instructions) Next question comes from Dennis Fong at CIBC World Markets.

（操作員說明）下一個問題來自 CIBC 全球市場的 Dennis Fong。

Just 2 on the -- one on the upstream side. I know you provided a brief update on the Narrows Lake to Christina Lake connection and development. Can you provide a little bit more details in terms of what the next steps happen to be? I know there's some CapEx this year, but also maybe an update on timing and how we could see that kind of ramp up through time?

只有 2 個在上游側。我知道您提供了有關 Narrows Lake 到 Christina Lake 連接和開發的簡要更新信息。您能否提供有關後續步驟的更多細節？我知道今年會有一些資本支出，但也可能會更新時間安排，以及我們如何才能看到這種隨著時間的推移而增加？

Norrie Ramsay here. We continue to make good progress. The context is obviously Narrows Lake is an extension from our Christina Lake operations, and it's a 17-kilometer pipeline that takes us up to another very rich area for development. The pipeline is 2/3 kind of complete. We expect to actually be starting to steam up our first pads, which we've actually started to drill already in early 2025.

諾里拉姆齊在這裡。我們繼續取得良好進展。背景顯然，Narrows Lake 是我們 Christina Lake 業務的延伸，它是一條 17 公里長的管道，將我們帶到另一個非常富饒的開發區域。管道已完成 2/3。我們預計將真正開始蒸汽化我們的第一個墊片，我們實際上已經在 2025 年初開始鑽探。

So by about midyear 2025, we should expect to see impact production coming from that asset area. And the first phase of development of 4 rich pads up in that area that will tie back to Christina Lake. And that really reflects long-term business plan, and then we'll start building out from there into the second and third phase of drilling opportunities.

因此，到 2025 年年中左右，我們預計會看到該資產領域產生影響力生產。第一階段的開發將在該地區建造 4 個富人區，並與克里斯蒂娜湖相連。這確實反映了長期商業計劃，然後我們將從那裡開始進入第二和第三階段的鑽探機會。

So it's all on track. It's going to -- it's a very exciting opportunity. We like the rock there. It's very clean and very thick. So it's a great opportunity and quite innovative rather than building a central processing facility all way up at the site. We have been able to tie it back to our existing plant, it is a very accretive approach.

所以一切都步入正軌。這將是一個非常令人興奮的機會。我們喜歡那裡的岩石。非常乾淨，也非常厚實。因此，這是一個很好的機會，而且非常具有創新性，而不是在現場建造一個中央處理設施。我們已經能夠將其與我們現有的工廠聯繫起來，這是一種非常增值的方法。

Great. Great. And my next question is just on -- more on carbon capture and GC emission reduction plans. Under the list of projects, for CCS, you have both the Lloydminster upgrader as well as Christina Lake Phase I. I was hoping to get a little bit of an update on the progress potentially in identifying opportunities at this kind of Phase I Christina Lake carbon capture project? And then secondly, just with the Lloyd upgrader carbon capture, is that contingent on the Pathways pipeline project moving forward? Or are there other opportunities to store a sequester carbon that's captured from that facility?

偉大的。偉大的。我的下一個問題是關於碳捕獲和GC 減排計劃的更多內容。在 CCS 項目列表中，既有勞埃德明斯特升級項目，也有克里斯蒂娜湖一期項目。我希望獲得一些關於在克里斯蒂娜湖一期碳項目中尋找機會的潛在進展的一些最新信息捕獲項目？其次，勞埃德昇級版碳捕獲是否取決於 Pathways 管道項目的進展？或者是否有其他機會來儲存從該設施捕獲的碳封存？

Maybe I'll take the second part first, Dennis. It's Keith. And just around Lloyd upgrade and then I can hand it over to someone else to talk about Christina Lake Phase I. But the interesting thing about the Lloyd upgrader is we have a steam methane reformer there, relatively high concentration carbon dioxide source, relatively straightforward to capture.

也許我會先看第二部分，丹尼斯。是基思。就在勞埃德昇級周圍，然後我可以把它交給其他人來談論克里斯蒂娜湖一期。但勞埃德昇級裝置的有趣之處在於我們那裡有一個蒸汽甲烷重整器，相對高濃度的二氧化碳源，相對簡單捕獲。

And the other interesting part is, obviously, we have a very large resource in a close proximity to the upgrader that we can actually use for enhanced oil recovery. So I would say it's not dependent on pathways. We can build the infrastructure and have an economic project at that asset. So hence, why we're advancing today through our standard project development process and looking at ways to integrate that with our upstream business for enhanced oil recovery. And maybe I'll hand it off for the upstream.

另一個有趣的部分是，顯然，我們在升級器附近擁有非常大量的資源，我們實際上可以將其用於提高石油採收率。所以我想說它不依賴於路徑。我們可以建設基礎設施並利用該資產開展經濟項目。因此，這就是為什麼我們今天要通過標準項目開發流程來推進，並尋找將其與我們的上游業務整合以提高石油採收率的方法。也許我會把它交給上游。

Norrie here, since it's a Christina Lake question. As we've kind of explained in our public documents, our first phase of our carbon capture is at Christina Lake. There's the ability to have a number of phases there. And it's core to our commitment and our pathways. The pipeline will run adjacently to our operations there. So we've actually started preliminary engineering to understand the size and scale of this complex project, which is, by its scale, almost kind of world's first.

諾里在這裡，因為這是克里斯蒂娜·萊克的問題。正如我們在公開文件中所解釋的那樣，我們碳捕獲的第一階段是在克里斯蒂娜湖。有能力在那裡有多個階段。這是我們承諾和道路的核心。該管道將毗鄰我們在那裡的業務。因此，我們實際上已經開始了初步工程，以了解這個複雜項目的規模和規模，就其規模而言，這幾乎是世界上第一個。

But again, it's in the plan, it's consistent with our Pathways commitments, and we're just continuing to derisk it and understand how we'd operate something like this going forward.

但同樣，它在計劃中，它與我們的途徑承諾是一致的，我們只是繼續消除它的風險，並了解我們未來將如何運作類似的事情。

And Dennis, it's Rhona. And just to add on to that, just to make it even more confusing. The -- while everything that Keith was explaining and Norrie is absolutely correct. When you look at the numbers overall, when you're talking about Pathways target of 22 megatons by 2030 of a reduction, Lloyd Upgrader is part of that because the federal government includes the Lloyd Upgrader and this Oil Sands emissions numbers.

丹尼斯，是羅娜。再加上這一點，只會讓事情變得更加混亂。雖然基思和諾里所解釋的一切都是絕對正確的。當你查看總體數字時，當你談論到 2030 年減少 22 兆噸的 Pathways 目標時，Lloyd Upgrader 是其中的一部分，因為聯邦政府包括了 Lloyd Upgrader 和油砂排放數據。

(Operator Instructions) First question from Chris Varcoe of Calgary Herald.

（操作員說明）第一個問題來自《卡爾加里先驅報》的 Chris Varcoe。

This is a question about differentials. What impact did the narrow differentials had on you in the first half? But maybe more importantly, where do you see heavy -- like differentials going in the second half of this year?

這是一個關於微分的問題。上半場的小分差對你有什麼影響？但也許更重要的是，你認為今年下半年會出現什麼嚴重的差異？

Yes. Maybe I'll take the first piece of this, and then I'll turn it over to Keith because he lives and breathes this every day.

是的。也許我會拿走其中的第一部分，然後我會把它交給基思，因為他每天都生活和呼吸著這個。

But we saw a real narrowing of the differential from the first quarter to the second quarter. And for this company, it's more beneficial for us to have a narrow differential than a wider differential. With the processing assets that we've got in the takeaway capacity that we have inside the company, we can mitigate roughly 75% of the location differential in about half of our heavy oil differential. So having those narrow differentials certainly helps us. You saw that in the second quarter. Where we go from here, Keith's got some views on, I'll just turn it over to him.

但我們看到從第一季度到第二季度的差距確實縮小了。對於這家公司來說，縮小差距比擴大差距對我們更有利。憑藉我們在公司內部擁有的外賣能力中擁有的加工資產，我們可以減少大約一半的重油差異中大約 75% 的位置差異。因此，這些微小的差異肯定對我們有幫助。你在第二季度就看到了這一點。基思對我們接下來的發展有一些看法，我會把它轉交給他。

Chris, we kind of look at this in 2 parts, kind of in Western Canada and also in the Gulf Coast where heavy differentials kind of get set.

克里斯，我們分兩部分來看待這個問題，在加拿大西部和墨西哥灣沿岸，那裡存在著巨大的差異。

On a global basis, we're seeing pretty good strength in the differential, driven mostly by kind of the heavy refinery utilization and some additional refineries coming on in Asia that consume heavy barrels. That, coupled with the OPEC cuts being predominantly heavy barrels and then the U.S. Strategic Petroleum Reserve starting to refill all drives a pretty healthy demand for Western Canadian heavy production.

在全球範圍內，我們看到差異相當大，這主要是由於重型煉油廠的利用率以及亞洲新增的一些消耗重油桶的煉油廠所致。再加上歐佩克主要削減重油桶，然後美國戰略石油儲備開始補充，所有這些都推動了對加拿大西部重油生產的相當健康的需求。

In kind of Western Canada, with TMX forecast to come online in Q1 and start line filling in the fourth quarter, and we actually see an opportunity for differentials in Alberta to stay relatively tight as well. So setting up for a pretty good fall, winter and into next year.

就加拿大西部而言，TMX 預計將在第一季度上線，並在第四季度開始填滿，我們實際上看到艾伯塔省的差異也有機會保持相對緊張。因此，為明年的秋季、冬季和明年的美好時光做好準備。

And just to follow up on something that you referenced earlier, John, I wanted to ask you about what impact does the talk from the federal government of phasing out these fossil fuel subsidies and their plans for an incoming emissions cap have on the Pathways projects moving forward? Does it have any impact at all?

約翰，為了跟進您之前提到的事情，我想問您聯邦政府關於逐步取消這些化石燃料補貼的言論以及即將到來的排放上限計劃對 Pathways 項目有何影響向前？它有任何影響嗎？

The second part of your question, I don't believe it does have any impact on Pathways at all. First part of your question, I think I was relatively clear. I really don't know what they mean by subsidies to the oil and gas industry. I'm generally not aware of any subsidies that are direct to the oil and gas industry that they may or may not be speaking of.

你問題的第二部分，我認為它根本不會對 Pathways 產生任何影響。你的問題的第一部分，我想我已經說得比較清楚了。我真不知道他們所說的對石油和天然氣行業的補貼是什麼意思。我一般不知道他們可能會或可能不會談論任何直接針對石油和天然氣行業的補貼。

So like you, we're waiting for more detail on this. Similar to waiting for more detail on the emissions cap and how that's going to play in, but we don't necessarily see how this all comes together quite today.

因此，和您一樣，我們也在等待更多細節。類似於等待有關排放上限的更多細節以及它將如何發揮作用，但我們今天不一定看到這一切是如何結合在一起的。

The next question comes from Alex Bill at (inaudible).

下一個問題來自 Alex Bill（聽不清）。

John, I was wondering if you guys could provide any comment or color on the earning assets that are on the market right now. And assets I would imagine you're pretty familiar with. And you've answered this earlier with some of the comments on net debt, but is there any appetite for M&A at all right now?

約翰，我想知道你們是否可以對目前市場上的盈利資產提供任何評論或看法。我想您對這些資產非常熟悉。您之前已經通過一些關於淨債務的評論回答了這個問題，但現在是否有任何併購興趣？

You know, I think, Alex, we are really focused on staying close to our knitting right now. This organization has been through a lot of change in growth over the past number of years. And as I mentioned in some of my comments, we've really got the assets configured and built in a way that we are really happy with where we are today.

你知道，我想，亞歷克斯，我們現在真的專注於密切我們的編織。在過去的幾年裡，這個組織在發展過程中經歷了很多變化。正如我在一些評論中提到的，我們確實以一種我們對今天的狀態非常滿意的方式配置和構建了資產。

So I think for us, over the next few quarters, it's really about demonstrating the earnings and cash flow capability of these assets, running them in a safe and reliable condition and demonstrating the profitability of what we've built. So that is priority one and job one.

因此，我認為對我們來說，在接下來的幾個季度裡，真正的重點是展示這些資產的盈利和現金流能力，在安全可靠的條件下運行它們，並展示我們所建立的資產的盈利能力。所以這是第一要務和第一工作。

In terms of [Irving], we're aware that just like you of the announcement that they put out. But I haven't worked there in almost 10 years. So we don't have any unique insight into that. But we, as a company, will stick with our knitting for -- or stick to our knitting over the short to medium.

就[歐文]而言，我們知道就像你一樣他們發布的公告。但我已經快10年沒有在那里工作了。所以我們對此沒有任何獨特的見解。但作為一家公司，我們將堅持我們的針織面料——或者堅持我們的針織面料從短到中。

Okay. And as my follow, I'm wondering if you can provide any color on the asset life extension for the SeaRose and specifically, if the shipyard has been picked for that and where that stands parallel to West White Rose?

好的。接下來，我想知道您是否可以提供有關 SeaRose 資產壽命延長的任何信息，具體來說，是否已為此選擇了造船廠以及與 West White Rose 平行的位置？

Sure. I'll turn that over to Norrie. Norrie has been the one who's been leading that effort on our side.

當然。我會把它交給諾里。諾里一直是我們這一方領導這一努力的人。

Just to confirm, the asset life extension is a statutory requirement to -- in simple terms, recertify the SeaRose FPSO and make sure it can stay out for the duration of the period we wish to develop the West White Rose project. It's obviously commercial what we're kind of doing. So I'm not in a position to talk about any details of the supply chain. But the principle is we will take the FPSO. There's 2 pieces of work. There's offshore work in the subsea components that are offshore in the (inaudible) area. So again, that uses local subsea expertise within the province. And we will be taking the FPSO early next year to an appropriate yard. But as I said, we're just not in a position to disclose that until we've completed all our commercial processes.

需要確認的是，延長資產壽命是一項法定要求，簡​​單來說，就是重新認證 SeaRose FPSO，並確保它能夠在我們希望開發 West White Rose 項目的期間內保持穩定。我們所做的事情顯然是商業性的。所以我無法談論供應鏈的任何細節。但原則是我們會採用FPSO。有2件作品。在（聽不清）區域的近海海底組件中有海上工作。同樣，這利用了該省當地的海底專業知識。我們將於明年初將 FPSO 運至合適的船廠。但正如我所說，在完成所有商業流程之前，我們無法透露這一點。

And the next question comes from Robert Tuttle at Bloomberg News.

下一個問題來自彭博新聞社的羅伯特·塔特爾。

I just want to get your insight on where -- the tolls on the Trans Mountain have come out, there's been a lot of unhappiness by some producers with those tolls as being too expensive. I'm just wondering how this will play out in terms of oil exports, how competitive will this pipeline be when it comes to reaching Asia? Or will the oil end up mostly going down to the U.S. West Coast? How competitive will it be to reach a China versus going down to the Gulf Coast? Just want your insight.

我只是想了解一下——跨山的通行費已經公佈，一些生產商對這些通行費太貴表示不滿。我只是想知道這在石油出口方面將如何發揮作用，這條管道在到達亞洲時有何競爭力？或者石油最終會大部分流向美國西海岸嗎？與前往墨西哥灣沿岸相比，到達中國的競爭力如何？只是想要你的見解。

Robert, suffice it to say, obviously, the commercial arrangements are sensitive. But in general, there's components of our toll structure that are fixed and components that can fluctuate with increased costs. And you would have seen a few letters going into the CER, just making sure the allocation of those costs was done appropriately. So that's kind of the work that you're seeing around that avenue.

羅伯特，我只想說，顯然，商業安排是敏感的。但總的來說，我們的收費結構中有一些部分是固定的，也有一些部分會隨著成本的增加而波動。您會看到幾封信進入 CER，只是確保這些成本的分配得到適當的完成。這就是你在這條大道上看到的作品。

From a competitiveness, this is one of the first pipelines that have been built and providing egress out of Canada in a long period of time. First one that kind of goes to the West Coast and doesn't go through the U.S. So we think it will provide a very attractive alternative for Canadian producers to move their barrels to market in a different fashion and potentially even access different markets.

從競爭力來看，這是長期以來最早建成並提供加拿大出口的管道之一。第一個是銷往西海岸而不經過美國。因此我們認為這將為加拿大生產商提供一個非常有吸引力的替代方案，以不同的方式將他們的桶運往市場，甚至有可能進入不同的市場。

So our view would be that this pipeline went up and running, will run full and provide pretty good economics, not only to the producers, but to the country to move those barrels -- excess barrels outside of Canada.

因此，我們的觀點是，這條管道建成並運行，將滿負荷運行，並不僅為生產商，而且為將這些桶（多餘的桶）運往加拿大以外的國家提供相當好的經濟效益。

I'd just like to kind of pile on with what Keith is saying, the tolls get a lot of attention right now and justifiably so, but we will work through that with TMX. But the reality is -- this is an absolutely necessary piece of infrastructure, not only for Cenovus, but also for the oil and gas industry in Canada at large. This is going to take another 590,000 barrels of Canadian oil to market at a time when the world is really needing more energy and the demand for oil and gas is growing and those barrels should come from Canada.

我只是想補充一下 Keith 所說的內容，通行費現在受到了很多關注，這是理所當然的，但我們將與 TMX 一起解決這個問題。但現實是，這是絕對必要的基礎設施，不僅對 Cenovus 來說，而且對整個加拿大的石油和天然氣行業來說也是如此。當世界確實需要更多能源並且對石油和天然氣的需求不斷增長時，這將需要另外 590,000 桶加拿大石油進入市場，而這些石油應該來自加拿大。

Beyond the tolls, you do have to realize as well that this is an asset that's going to be in service for decades. It's going to provide jobs. It's going to provide tax dollars. And it's going to provide royalties for Canadians going forward. So we think this is a very good news story for Canada, understanding that there are cost overruns and implications for tolls in the short term, but something that is very, very important for this country.

除了通行費之外，您還必須意識到這是一項將使用數十年的資產。它將提供就業機會。它將提供稅收。未來它將為加拿大人提供特許權使用費。因此，我們認為這對加拿大來說是一個非常好的新聞，因為我們知道短期內會出現成本超支和對通行費的影響，但這對這個國家來說非常非常重要。

And I'm wondering the reality is there will be more capacity than there will be production at least initially. I mean, which lines are going to -- you see lose the spot. Will that come off Enbridge -- if you got TMX will that come off Enbridge or will TMX not actually run for at least some of those spot barrels will go down to Enbridge. Where do you think that will happen there?

我想知道現實情況是，至少在最初階段，產能將超過產量。我的意思是，你看哪些線路將會失去位置。這會來自安橋嗎？如果你有TMX，那會來自安橋，還是TMX實際上不會運行，至少其中一些現貨桶會流向安橋。您認為這會在哪裡發生？

Well, one of the things, Robert, I'd tell you is this industry has a great habit of expanding to fill pipeline capacity and I talked about the 590,000 barrels a day of incremental takeaway capacity that this pipeline will be able to take away, that will be filled, I think, in relatively short order over the coming years.

嗯，羅伯特，我要告訴你的一件事是，這個行業有一個很好的習慣，就是通過擴張來填補管道容量，我談到了這條管道將能夠帶走每天 590,000 桶的增量外運能力，我認為，在未來幾年內，這個問題將在相對較短的時間內得到填補。

The reality is this industry has grown by almost 800,000 barrels a day since 2015. And those kind of infrastructure projects that increase our ability to get to market, tend to get filled fairly quickly with the amount of resource we have in Canada.

事實上，自 2015 年以來，該行業每天的產量增長了近 800,000 桶。而那些提高我們進入市場能力的基礎設施項目，往往很快就會被我們加拿大擁有的資源量所填滿。

So you're quite right, there'll be some short-term rebalancing, but longer term, we'll fill this pipeline and I think probably sooner than most people think.

所以你是對的，將會有一些短期的重新平衡，但從長遠來看，我們將填補這個渠道，我認為可能比大多數人想像的要早。

I do.

我願意。

There are no further questions at this time. I will now turn the call back over to Mr. McKenzie for closing comments.

目前沒有其他問題。我現在將把電話轉回麥肯齊先生以徵求結束意見。

Great. Well, listen, thanks, everybody, for joining us today. We always appreciate the interest in this company and the questions that come with it. So I'd just end this call by saying, hope everybody has a great day and stay safe.

偉大的。好吧，聽著，謝謝大家今天加入我們。我們始終感謝您對這家公司的興趣以及隨之而來的問題。所以我在結束這次電話會議時說，希望每個人都有美好的一天並保持安全。

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。我們感謝您的參與，並請您斷開線路。