Cenovus Energy Inc (CVE) 2024 Q3 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to Cenovus Energy's third quarter results conference call. (Operator Instructions) I would like to remind everyone that this conference is being recorded today. I would now like to turn the meeting over to Mr. Patrick Read, Vice President, Investor Relations.

早安，女士們先生們。歡迎參加 Cenovus Energy 第三季業績電話會議。（操作員指示）我想提醒大家，今天這個會議正在錄音。現在我想將會議交給投資者關係副總裁派崔克‧里德先生。

Please go ahead, Mr. Read.

請繼續，里德先生。

Thank you, operator. Good morning, everyone, and welcome to Cenovus' 2024 third quarter results conference call. On the call this morning, our CEO, Jon McKenzie, will take you through our results. Then we'll open the line for Jon and other members of the Cenovus management team to take your questions.

謝謝你，接線生。大家早安，歡迎參加 Cenovus 2024 年第三季業績電話會議。在今天早上的電話會議上，我們的執行長 Jon McKenzie 將向您介紹我們的業績。然後我們將為 Jon 和 Cenovus 管理團隊的其他成員開通熱線，回答您的問題。

Before getting started, I'll refer you to our 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 and assumptions relevant to this discussion. Additional information is available in Cenovus' annual MD&A and our most recent AIF and Form 40-F. And as a reminder, all figures we reference on the call today will be in Canadian dollars, unless otherwise indicated.

在開始之前，我將向您推薦位於今天新聞稿末尾的建議。這些描述了今天提到的前瞻性資訊、非公認會計原則措施以及石油和天然氣術語。他們也概述了與本次討論相關的風險因素和假設。更多資訊請參閱 Cenovus 的年度 MD&A 以及我們最新的 AIF 和表格 40-F。提醒一下，除非另有說明，我們今天在電話會議上引用的所有數字均以加幣為單位。

You can view our results at cenovus.com. (Operator Instructions) We also 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.

您可以在 cenovus.com 查看我們的結果。 （操作員說明）我們也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。

I will now turn the call over to Jon. Jon, please go ahead.

我現在將把電話轉給喬恩。喬恩，請繼續。

Great, and thank you, Patrick, and good morning, everyone. As always, I'd like to start these calls by highlighting our safety performance in the quarter. The third quarter was a very heavy maintenance period for the company, and we have safely completed three major planned turnarounds on or ahead of schedule across both the upstream and the downstream. I'd like to thank all of our people for their continued commitment to safety and our core values as we accomplish these tasks.

太好了，謝謝你，派崔克，大家早安。像往常一樣，我想透過強調我們本季的安全表現來開始這些電話會議。第三季是公司檢修工作量較大的時期，上下游三項重大計畫檢修均準時或提前安全完成。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的持續承諾。

Completing this work effectively and on time with an excellent safety record is critical to maintaining safe and reliable operations and positions us well for the remainder of the year and into 2025. Our third quarter results highlight the strength of our operations. Our continued focus on execution as well as our commitment to shareholder returns and to maintaining our strong balance sheet. Our Upstream business continued to deliver strong operating results with production of approximately 771,000 BOE per day and an operating margin of $2.7 billion.

有效、按時完成這項工作並保持良好的安全記錄對於保持安全可靠的運作至關重要，並使我們在今年剩餘時間和 2025 年保持良好狀態。我們第三季的業績凸顯了我們的營運實力。我們持續關注執行力以及對股東回報和維持強勁資產負債表的承諾。我們的上游業務持續取得強勁的經營業績，每天產量約 771,000 桶油當量，營業利潤率為 27 億美元。

In our Oil Sands segment, the volumes impacted by the turnaround at Christina Lake were restored well ahead of schedule as work on some of the phases was completed early and the full scope of the turnaround was completed eight days ahead of plan. As a result, we delivered Christina Lake production in the third quarter that exceeded our forecast by 15,000 to 20,000 barrels of oil per day.

在我們的油砂業務中，受克里斯蒂娜湖改造影響的產量已提前恢復，因為某些階段的工作提前完成，並且全部改造工作比計劃提前八天完成。因此，我們第三季克里斯蒂娜湖的產量超出了我們的預測每天 15,000 至 20,000 桶石油。

This achievement is a testament to our operating team whose detailed planning and exceptional focus on execution drove incremental value to Cenovus. As a result, our Oil Sands segment delivered 586,000 barrels of oil in the third quarter -- barrels per day in the third quarter and an operating margin of $2.5 billion. Christina Lake was brought back online through September and has been performing very well through October. During the turnaround, we completed pipeline tie-in work that will support new production from Narrows Lake next year.

這項成就證明了我們的營運團隊的詳細規劃和對執行的高度重視為 Cenovus 帶來了增量價值。結果，我們的油砂部門在第三季交付了 586,000 桶石油——第三季每天交付桶數，營業利潤率為 25 億美元。Christina Lake 在 9 月恢復上線，並在 10 月表現良好。在周轉期間，我們完成了管道搭配工作，將為明年 Narrows Lake 的新生產提供支援。

This pipeline is now 93% constructed and the project remains on track to add 20,000 to 30,000 barrels a day to Christina Lake with first production in mid-'25. Combined with the continued development activities at Sunrise and Foster Creek optimization project, we expect to see material growth in the Oil Sands business over the next two years. We expect all of these projects to be highly profitable even at bottom of the cycle pricing, and they collectively add significant incremental value at very low capital cost.

該管道現已完成 93%，該項目仍有望每天向克里斯蒂娜湖添加 20,000 至 30,000 桶石油，並於 25 年中期首次投產。結合 Sunrise 和 Foster Creek 優化項目的持續開發活動，我們預計未來兩年油砂業務將出現實質成長。我們預計所有這些項目即使在周期定價的底部也能實現高利潤，並且它們以非常低的資本成本共同增加顯著的增量價值。

In all, I'm very pleased with the performance of our industry-leading oil sands assets so far this year and expect the operational momentum to continue through the rest of the year and into 2025. The third quarter was also the first full period of operations of the TMX pipeline, which has provided additional egress capacity and access to new global markets for our crude.

總而言之，我對今年迄今為止我們行業領先的油砂資產的表現感到非常滿意，並預計營運勢頭將持續到今年剩餘時間直至 2025 年。第三季也是 TMX 管道的第一個完整營運期，該管道為我們的原油提供了額外的出口能力和進入新的全球市場的機會。

This has had a positive impact not only for Cenovus, but for the whole Canadian economy. We are seeing the benefits of a narrow, less volatile WCS differential, which strengthens the realized price for all Canadian oil production.

這不僅對 Cenovus，而且對整個加拿大經濟產生了積極影響。我們看到了 WCS 差異縮小、波動性較小的好處，這提高了加拿大所有石油生產的實際價格。

TMX shipments have gone well, and we have successfully ramped up to full contracted rates. In our conventional gas business, production volumes were about 118,000 BOE per day. Volumes were impacted by turnaround activity at Rainbow Lake and other facilities, which was successfully completed through the quarter.

TMX 出貨進展順利，我們已成功提高到全額合約費率。在我們常規的天然氣業務中，產量約為每天 118,000 桶油當量。銷售量受到彩虹湖和其他設施週轉活動的影響，該活動在本季已成功完成。

With weak natural gas prices continuing through the third quarter, we have deferred completion of some of our gas-weighted wells towards the end of the year. Our new wells are primarily targeting liquids-rich opportunities. In our Offshore business segment, production was approximately 66,000 BOE per day, in line with the prior quarter.

由於第三季天然氣價格持續疲軟，我們已將部分天然氣井的完工推遲到年底。我們的新井主要針對富含液體的機會。在我們的海上業務部門，產量約為每天 66,000 桶油當量，與上一季持平。

Asia Pacific production continues to exceed our forecast even with successful completion of the planned maintenance of both the offshore Liwan platform and onshore gas plant. Operating margin from this business was $242 million, and we expect to see benefit from strong regional gas demand going forward. In the Atlantic region, we've completed the asset life extension work on the SeaRose FPSO at dry dock and Belfast. The vessel is now returning to the field with production from the existing White Rose field expected to resume by year-end.

即使成功完成海上荔灣平台和陸上天然氣工廠的計畫維護，亞太地區的產量仍繼續超出我們的預測。該業務的營業利潤為 2.42 億美元，我們預計將從未來強勁的地區天然氣需求中受益。在大西洋地區，我們已經完成了位於乾船塢和貝爾法斯特的 SeaRose FPSO 的資產壽命延長工作。該船目前正在返回油田，現有白玫瑰油田的生產預計將在年底前恢復。

Completing this work will extend the life of the vessel to 2038 and is a major milestone for the Atlantic business and a very important step in the delivery of the West White Rose project. The entire West White Rose project now stands at 85% complete and remains on track for first oil in 2026.

完成這項工作將把該船的使用壽命延長至2038年，是大西洋業務的一個重要里程碑，也是西白玫瑰專案交付過程中非常重要的一步。整個 West White Rose 計畫目前已完成 85%，並預計在 2026 年首次產出石油。

Turning to Canadian Refining. Our Lloydminster upgrader and refinery ran at a combined utilization of 92% for the quarter. Utilization was impacted by the turnaround activity at the upgrader that was completed in early July. Since the completion of the turnaround, both the upgrader and the refinery have run at or near full rates.

轉向加拿大煉油。我們的勞埃德明斯特升級廠和煉油廠本季的綜合利用率為 92%。利用率受到 7 月初完成的升級改造活動的影響。自檢修完成以來，升級廠和煉油廠均已全速或接近全速運轉。

In the US Refining segment, crude utilization was 89% in the quarter. Our crude throughput was 544,000 barrels per day and was impacted by the major turnaround at the Lima Refinery. The turnaround started in September and was successfully completed on schedule in late October. The operating margin shortfall of $383 million in the quarter included inventory timing losses of about $210 million and about $100 million of turnaround expenses and related expense projects executed during the Lima turnaround.

在美國煉油領域，本季原油利用率為 89%。我們的原油吞吐量為每天 544,000 桶，受到利馬煉油廠重大檢修的影響。週轉工作於9月開始，10月下旬如期順利完成。本季營業利潤缺口達 3.83 億美元，其中包括約 2.1 億美元的庫存時間損失以及約 1 億美元的周轉費用以及利馬週轉期間執行的相關費用項目。

In both the Lima turnaround and the Lloyd Upgrader turnaround completed earlier this year, we made targeted investments to address historically -- historical reliability issues. We have addressed coker integrity issues at both sites and completed equipment renewal work on our fluid catalytic cracker at Lima, positioning both sites for improved operating performance and profitability. Our ability to capture available margin in the US Refining segment was also impacted by the Lima turnaround where the coker and fluid catalytic cracker units were taken offline in September as part of the turnaround scope.

在今年稍早完成的利馬改造和勞埃德昇級改造中，我們進行了有針對性的投資，以解決歷史上的可靠性問題。我們已經解決了兩個基地的焦化裝置完整性問題，並完成了利馬流體催化裂解裝置的設備更新工作，從而提高了兩個基地的營運績效和獲利能力。我們在美國煉油部門獲取可用利潤的能力也受到利馬檢修的影響，作為檢修範圍的一部分，焦化器和流體化床催化裂解裝置於 9 月停產。

Now with this planned maintenance at Lima behind us, all of our refineries are online. We are firmly committed and focused on improving the competitiveness of our US Refining business by improving asset reliability, lowering our cost structure and capturing more value from the commercial opportunities across the network. This work is progressing at pace with an absolute sense of urgency.

現在，隨著利馬計​​畫維護的結束，我們所有的煉油廠都已上線。我們堅定地致力於並專注於透過提高資產可靠性、降低成本結構並從整個網路的商業機會中獲取更多價值來提高美國煉油業務的競爭力。這項工作正在以絕對的緊迫感快速進展。

I'd now like to highlight our corporate and financial performance. We generated $2.4 billion in operating margin in the third quarter, approximately $2 billion of adjusted funds flow and about $600 million of free funds flow. Capital investment in the third quarter was $1.3 billion as planned spending on our growth and optimization project has ramped up in the second half of the year. Our annual guidance for capital spending of $4.5 billion to $5 billion remains unchanged.

現在我想強調一下我們的公司和財務表現。第三季我們實現了 24 億美元的營業利潤、約 20 億美元的調整後資金流和約 6 億美元的自由資金流。第三季的資本投資為 13 億美元，因為下半年我們的成長和優化項目的計畫支出增加。我們對 45 億至 50 億美元的年度資本支出指引保持不變。

In the month of July, we achieved our net debt target of $4 billion. And at the end of the third quarter, net debt was approximately $4.2 billion. We are aiming to return 100% of our excess free funds flow to shareholders over time while continuing to steward to net debt of about $4 billion.

7 月份，我們實現了 40 億美元的淨債務目標。截至第三季末，淨債務約 42 億美元。我們的目標是隨著時間的推移將多餘的自由資金 100% 返還給股東，同時繼續管理約 40 億美元的淨債務。

Through our base dividend and share buyback program, we returned approximately $1.1 billion of cash to our shareholders in the quarter, far exceeding 100% of our excess free funds flow. Shareholders benefited from the excess free funds flow as well as a working capital release of approximately $600 million, allowing us to return more cash to shareholders than anticipated.

透過我們的基本股利和股票回購計劃，我們在本季度向股東返還了約 11 億美元現金，遠遠超過了我們超額自由資金流的 100%。股東受益於過剩的自由資金流動以及約 6 億美元的營運資金釋放，使我們能夠向股東返還比預期更多的現金。

In closing, we delivered strong operational results through a heavy maintenance period in the third quarter and continue to make meaningful progress on our growth projects across the portfolio. With our major projects behind us, we expect to see increased upstream production and increased reliability from our downstream in the fourth quarter.

最後，我們在第三季的大量維護期間取得了強勁的營運業績，並繼續在整個投資組合的成長項目上取得有意義的進展。隨著我們的主要項目的完成，我們預計第四季度上游產量將增加，下游可靠性將提高。

We remain focused on maintaining strong operational performance in the upstream, improving the competitiveness of our downstream and delivering on our growth projects. We have a clear view and a focus of the work in front of us, and we'll continue to progress both our short- and long-term goals for Cenovus.

我們仍然專注於保持上游強勁的營運業績，提高下游的競爭力並實現我們的成長項目。我們對擺在我們面前的工作有清晰的看法和重點，我們將繼續推進 Cenovus 的短期和長期目標。

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) Dennis Fong, CIBC World Markets.

（操作員指令）Dennis Fong，CIBC 全球市場。

The first one is just related, and I guess I appreciate your comments just around the work that you're doing on the downstream side. I understand, again, kind of through the Investor Day and through conference calls, Keith has maybe highlighted some bad actors and frankly what you are focusing on, and understanding that you are -- you've already installed kind of new management systems as well as personnel at your refineries.

第一個是相關的，我想我很欣賞你在下游所做的工作的評論。我再次理解，透過投資者日和電話會議，基斯可能強調了一些不良行為者，坦率地說，你正在關注什麼，並且了解你 - 你也已經安裝了某種新的管理系統作為煉油廠的人員。

But would you mind highlighting some of the specific, we'll call it, items that you're changing, fixing, replacing kind of between now and into next year that you believe can help drive stronger utilization and help kind of drive more consistent operational uptime from your US Manufacturing business?

但是，您是否介意強調一些具體的項目，我們稱之為您從現在到明年之間正在更改、修復、更換的項目，您認為這些項目可以幫助提高利用率並幫助推動更一致的運營您的美國製造業務的正常運作時間？

Yes, Dennis, maybe I'll take the first part of that question, and Keith may want to chime in. But we've really attacked the downstream on a lot of different fronts. We've made a lot of changes on personnel. We've been doggedly going after our reliability issues, both in Canada and the US. And I think we're making reasonable progress. I think one of the things you'll notice this quarter is that while the throughput numbers are up, the profitability is down.

是的，丹尼斯，也許我會回答這個問題的第一部分，基斯可能想插話。但我們確實在許多不同的方面攻擊了下游。我們在人員方面做了很多改變。我們一直頑強地解決加拿大和美國的可靠性問題。我認為我們正在取得合理的進展。我認為本季您會注意到的一件事是，雖然吞吐量數字上升，但獲利能力卻下降。

In our primary refining units, we're making good progress. What we didn't see in the second quarter -- or sorry, the third quarter was the same level of reliability in some of our secondary units. As we work through some of these major maintenance outages that we had in Lima and we had in Lloydminster this year, we can get at some of the reliability issues inside some of those units that require full plant shutdowns.

在我們主要的煉油裝置中，我們取得了良好的進展。我們在第二季度沒有看到 - 或者抱歉，第三季度我們的一些二級設備的可靠性水平相同。當我們解決今年在利馬和勞埃德明斯特發生的一些重大維護中斷時，我們可以解決一些需要全面關閉工廠的機組內部的一些可靠性問題。

Coming out of the turnaround in Lloydminster, we've seen excellent reliability in Lloydminster. We expect to see the same coming out of the outage in Lima, and we continue to make good progress. But we're attacking this at a reliability level, a commercial level and a cost level. But the key thing for us is to get the reliability to a place where we can execute on our plans. And although we make progress, we're not there yet.

經歷了勞埃德明斯特的轉變後，我們看到了勞埃德明斯特卓越的可靠性。我們預計利馬的停電也​​會出現同樣的情況，我們將繼續取得良好進展。但我們正在可靠性等級、商業等級和成本等級對此進行攻擊。但對我們來說，關鍵是讓可靠性達到我們可以執行計畫的程度。儘管我們取得了進展，但我們還沒有達到目標。

Greg Pardy, RBC Capital Markets.

格雷格·帕迪（Greg Pardy），加拿大皇家銀行資本市場部。

Thanks for the rundown, Jon. Just, I guess, a couple of things. First one is probably just a basic one, but on the cap structure, we're getting some questions right now just on the prefs, how they kind of fit into your cap structure? Is this something you'd look at redeeming at some point in time? I know it's not a net debt number.

謝謝你的概述，喬恩。我想，只有幾件事。第一個可能只是一個基本的，但在上限結構上，我們現在在首選項上遇到了一些問題，它們如何適合您的上限結構？這是您在某個時間點想要挽回的東西嗎？我知道這不是淨債務數字。

Just curious how to kind of think about those right now?

只是好奇現在該如何思考這些？

Greg, it's Kam. So a couple of things I would just say on the prefs. I think first off, you're right in your characterization of -- they are not included as part of our net debt calculation because we typically just take gross debt plus cash. We've got a number of, I think, five series of prefs outstanding, first of which has a rate reset on December 31 of this year for $250 million.

格雷格，我是卡姆。所以我只想在首選項上說幾件事。我認為首先，你的描述是正確的——它們不包括在我們的淨債務計算中，因為我們通常只考慮總債務加現金。我認為，我們有五個系列的預付款尚未完成，其中第一個預付款於今年 12 月 31 日重置為 2.5 億美元。

So I think when you think of all of them, inclusive of the one in December here, we'll look at various aspects of whether it makes sense to hold to continue to extend those or pay them out and market conditions will really dictate whether we do that or not. But I think at the end of the day, we're going to make the best decision for the company.

因此，我認為，當你想到所有這些，包括 12 月份的那一次，我們會從各個方面來考慮是否有必要繼續延長這些期限或支付它們，而市場狀況將真正決定我們是否會這樣做。不做。但我認為最終，我們將為公司做出最好的決定。

If we do decide to take those out, there is a 30-day notice period required on any of the prefs, and they are typically taken out at par. So we've got some time to think about whether we do that, but we'll do what's best for the organization in terms of either extending those or acquiring them and outright and retiring them.

如果我們確實決定將其取消，則任何優先順序都需要 30 天的通知期，並且通常會以面值取消。因此，我們有一些時間來考慮是否要這樣做，但我們會做對組織最有利的事情，要么延長這些時間，要么收購它們，然後徹底淘汰它們。

Okay. Okay. And maybe just to take the question from the last one, sorry, I'm getting an echo on the line here. That's why I'm sounding discombobulated. But when it comes to the refining, initially, right, the thinking was the inclusion of the downstream then dampens your cash flow volatility. Presumably, that's just a more stable business and so forth.

好的。好的。也許只是為了回答上一個問題，抱歉，我在這裡收到了迴響。這就是為什麼我聽起來很混亂。但當談到煉油時，最初的想法是，將下游納入其中，然後抑制現金流波動。據推測，這只是一項更穩定的業務等等。

But obviously, with what we've seen, particularly with the US is that it's actually worked in the other direction. It's probably amplified volatility. And some of that is obviously the inventory movements. I'm just curious as to whether you're thinking internally around whether it's presentation or how you present it or how you kind of think about the business?

但顯然，從我們所看到的情況來看，尤其是在美國，它實際上是在向另一個方向發揮作用。這可能會放大波動性。其中一些顯然是庫存變動。我只是好奇你是否在內部思考它是演示還是如何演示，或者你如何看待業務？

I know you gave up hedging in the downstream some time ago. how does that business segment, even, say, when it's running operationally as to how you want it, how does it start to become a contributor to your valuation as opposed to a detractor?

我知道你前段時間放棄了下游的對沖。該業務部門如何，甚至可以說，當它按照您想要的方式運作時，它如何開始成為您估值的貢獻者而不是貶低者？

Yes. I think, Greg, I'll start again and if others want to chime in, they can. Remember that our refineries that we have serve a couple of different purposes for the company. The refineries that we own are pipeline connected to Western Canada, and they give us egress out of Western Canada. Our wholly owned refineries give us about 300,000 barrels a day of egress through Lloydminster, Toledo, Lima and Superior.

是的。我想，格雷格，我會重新開始，如果其他人想插話，他們可以。請記住，我們的煉油廠為公司提供多種不同的用途。我們擁有的煉油廠有管道連接到加拿大西部，它們為我們提供了離開加拿大西部的出口。我們的全資煉油廠每天透過勞埃德明斯特、托萊多、利馬和蘇必利爾輸出約 30 萬桶石油。

That's extremely important to this company versus backing up those barrels inside Hardisty and selling it at the prevailing differential of the day. Second thing they do is they give us insulation against the heavy oil differential and convert that heavy oil into transportation products that give us a margin over and above heavy oil prices in PADD 2. Those two things are incredibly important to this company, and it's incredibly important to the integrated value chain.

這對這家公司來說極其重要，而不是在哈迪斯蒂內儲備這些桶子並以當天的普遍差價出售。他們做的第二件事是讓我們免受重油差異的影響，並將重油轉化為運輸產品，使我們在 PADD 2 的重油價格之上獲得利潤。這兩件事對這家公司來說非常重要，對於整合價值鏈也非常重要。

So what we've always said is we will capture more of the value chain, having the integration with the refineries. There will always be volatility in the US Refining business. We're always going to be subject to differentials and widening and contracting of crack spreads.

因此，我們一直說的是，我們將透過與煉油廠的整合來佔領更多的價值鏈。美國煉油業務始終會波動。我們總是會受到價差以及裂解價差擴大和縮小的影響。

But the real key to making it predictable, which I think is at the root of your question is getting after these reliability issues. If we can run with the reliability that we think we can, you're going to see much more predictable cat crack or crack catcher and you're also going to see lower costs. So getting after the reliability is what we've really been focusing on to demonstrate the value of the value chains that we've built. But these refineries are incredibly important, and nothing could be a higher priority than getting the reliability to a place where you can see that value.

但使其可預測的真正關鍵（我認為這是您問題的根源）是解決這些可靠性問題。如果我們能夠以我們認為可以的可靠性運行，您將看到更可預測的貓裂紋或裂紋捕獲器，並且您還將看到更低的成本。因此，追求可靠性是我們真正關注的重點，以展示我們所建立的價值鏈的價值。但這些煉油廠非常重要，沒有什麼比讓可靠性達到可以看到其價值的地方更重要的了。

John Royall, JPMorgan.

約翰‧羅亞爾，摩根大通。

So my first question is on the SeaRose FPSO. Just maybe a little more detail on the timing and some of the milestones between here and getting to start up by year-end. When do you expect it to actually be on site?

我的第一個問題是關於 SeaRose FPSO。也許只是更詳細地說明從這裡到年底啟動之間的時間表和一些里程碑。您預計它什麼時候會真正到達現場？

And then what are the steps to getting to start up from there? And maybe any view on how production will ramp and when it could get to full?

那麼從那裡開始要採取哪些步驟呢？也許對如何提高產量以及何時達到滿載有什麼看法？

John, Keith here. Thanks for the question. Pretty significant milestone for us finishing the life extension project in Ireland. Currently, the Sea Rose is on route to the site, and we expect it to arrive in the next couple of days. From there, it's really just reconnecting to the production system, and that can take 30 to 45 days which kind of aligns to Jon indicating ramping up production at the back end of this year and into the new year.

約翰，基斯在這裡。謝謝你的提問。對於我們在愛爾蘭完成延壽計畫來說，這是一個非常重要的里程碑。目前，「海玫瑰號」正在前往該地點的途中，我們預計它將在未來幾天內抵達。從那時起，它實際上只是重新連接到生產系統，這可能需要 30 到 45 天，這與 Jon 表示的在今年年底和新年期間提高產量的說法一致。

Two things, obviously, with the Sea Rose life extension. One is going to be the 2025 production that comes with it. But as importantly is the fact that we now have the vessel ready for the West White Rose project, which basically enables this vessel to produce and receive production for an additional 14 to 15 years from today.

顯然，有兩件事與海玫瑰的壽命延長有關。其中之一就是隨之而來的 2025 年生產。但同樣重要的是，我們現在已經為 West White Rose 計畫做好了準備，這基本上使這艘船能夠從今天起再生產和接收 14 到 15 年的產品。

So pretty excited about having this completed. It's another big check mark and milestone on the overall West White Rose project as well as anticipating some production in 2025, which we'll outline as we come out with our budget here in the back end of this year.

完成這件事非常興奮。這是整個 West White Rose 項目的另一個重大里程碑和里程碑，預計 2025 年將實現部分生產，我們將在今年年底公佈預算時概述這一點。

Great. And then my follow-up is on Christina Lake. And just operationally there, kind of what's going right? It seems like the turnarounds came back a little bit early, and you also had really strong production, I think, going into the turnaround. So maybe just any commentary on kind of that early completion of the turnaround and just generally what's going right with Christina Lake operations?

偉大的。然後我的後續行動是克里斯蒂娜湖。就操作而言，進展順利嗎？看起來扭虧為盈回來得有點早，而且我認為，在進入扭虧為盈時，你們的生產也非常強勁。那麼，也許只是對提前完成周轉以及克里斯蒂娜湖業務的整體進展有何評論？

Yes, John, thanks for the question. Really, really good performance from the team on two fronts.

是的，約翰，謝謝你的提問。團隊在兩方面的表現確實非常出色。

In Jon's opening remarks, he talked about the overall turnaround being done eight days ahead of what we had planned, which is a pretty significant achievement. But also the team was able to optimize through the turnaround and bring production on earlier through one of the phases that was able to complete earlier than we originally planned. And we were able to optimize production through that phase to get a lot of volume back in a time period.

在喬恩的開場白中，他談到整體週轉比我們計劃的提前八天完成，這是一項相當重大的成就。而且團隊還能夠透過週轉進行優化，並透過比我們最初計劃更早完成的階段之一提前開始生產。我們能夠在該階段優化生產，從而在一段時間內恢復大量產量。

The other key thing for us in that turnaround was the tie-in to the Narrows Lake pipeline. So we were able to complete that tie-in, which sets us up for that growth project, which we would anticipate starting to steam in the first half of 2025 and starting to see production in mid-2025. So a couple of really big milestones through the Christina Lake. But as you indicated, the performance at that asset continues to outperform and to the upside, which is obviously good news.

對我們來說，這次轉變的另一件關鍵事情是與 Narrows Lake 管道的結合。因此，我們能夠完成這項搭配，為我們的成長項目做好準備，我們預計該項目將於 2025 年上半年開始啟動，並於 2025 年中期開始投產。因此，克里斯蒂娜湖有幾個非常重要的里程碑。但正如您所指出的，該資產的表現繼續跑贏大盤並呈上升趨勢，這顯然是個好消息。

Menno Hulshof, TD Securities.

Menno Hulshof，道明證券。

I'll start with a high-level question on securing new takeaway capacity. How much of a priority is that given your growth aspirations? And maybe we could also get a refresh on where you're currently focusing your efforts, including any thoughts on improved refined product egress out of PADD 2?

我將從一個關於確保新的外賣能力的高級問題開始。考慮到您的成長願望，這有多重要？也許我們也可以了解您目前的工作重點，包括對改進 PADD 2 的精煉產品出口有什麼想法嗎？

Yes. I'll start that, and I know Geoff Murray is going to want to chime in on this. As it relates to heavy oil production, Menno, we produce somewhere around 800,000 to 850,000 barrels a day of blend. And today, we've got takeaway capacity for about 600,000 barrels of that. And that would include the amount that we process in the province of Alberta.

是的。我先開始，我知道傑夫·穆雷會想插話。Menno，由於涉及重油生產，我們每天生產約 80 萬至 85 萬桶混合油。如今，我們的外送能力約為 60 萬桶。這將包括我們在艾伯塔省處理的數量。

And we're reasonably happy with that number. With the expansion projects we've got, that 800,000 should grow to something north of 900,000. So about 2/3 of our production has ability to get outside the province or processed in the province with the existing egress we've got.

我們對這個數字相當滿意。隨著我們的擴建計畫的實施，這 80 萬應該會增加到 90 萬以上。因此，我們大約 2/3 的產品能夠透過我們現有的出口運往省外或在省內加工。

You'll also remember that we have rail capacity at Bruderheim. So we always have an option to move up to two unit trains a day of rail capacity should we see differentials widen. And we're always watching the market in terms of additional egress that may come available for us.

您還會記得我們在布魯德海姆擁有鐵路運力。因此，如果我們看到差異擴大，我們總是可以選擇每天最多移動兩列單位列車的鐵路運力。我們一直在關注市場可能提供的額外出口。

But suffice it to say, we're reasonably happy being somewhere between 75% and 66% covered with egress with the idea that we have the ability or option to move another 120 by rail. In terms of PADD 2, I'll let Geoff talk about that because there have been some developments around Broadway, but we are looking to push product beyond PADD 2.

但我只想說，我們很高興 75% 到 66% 的出口被覆蓋，因為我們有能力或選擇透過鐵路運送另外 120 人。關於 PADD 2，我會讓 Geoff 來談談，因為百老匯周圍已經有了一些發展，但我們希望將產品推向 PADD 2 之外。

We've talked openly about the need to get into PADD 1 and potentially Canada as well. But expanding our area for product placement beyond the immediate Ohio Valley has always been a priority for us as well.

我們已經公開討論過加入 PADD 1 以及可能加入加拿大的必要性。但將我們的產品置入區域擴展到俄亥俄河谷以外也始終是我們的首要任務。

Thanks, Jon. Menno, it's Geoff Murray. As Jon indicated, we've been looking at ways to move volume from our refined products out of our existing orbits, generally heading east Broadway 3 is a project we've worked on with partner and recently signed into a commitment there, which we anticipate will turn into volume flowing east by late next year, and that's going to work both for us and for other industry partners in the area as well.

謝謝，喬恩。門諾，我是傑夫·穆雷。正如Jon 指出的那樣，我們一直在尋找將精煉產品的銷量移出現有軌道的方法，一般來說，百老匯3 號東部是我們與合作夥伴合作的一個項目，最近在那裡簽署了一項承諾，我們預計到明年年底將變成向東流動的流量，這對我們和該地區的其他行業合作夥伴都有好處。

We also have other opportunities, which we are continuing to progress, looking both north and south, possibly with refined products on water. We have a unique opportunity at our Toledo facility to be able to load barges and move product out of the orbit as well. And I think that's going to be pretty front and center for us through the balance of next year.

我們還有其他機會，我們正在繼續推進，向北和向南放眼，可能會在水上提煉產品。我們在托萊多工廠擁有獨特的機會，能夠裝載駁船並將產品移出軌道。我認為這對我們明年的剩餘時間來說將是非常重要的。

Neil Mehta, Goldman Sachs.

尼爾梅塔，高盛。

First question is just on early flavor for 2025 capital, recognizing you're getting through the heart of West White Rose here. And so the capital improvement should be in the viewfinder, but just your perspective on how '25 capital could shake out?

第一個問題是關於 2025 年首都的早期風味，並認識到您正在穿越西白玫瑰的中心。因此，資本改善應該出現在取景器中，但只是您對 25 資本如何擺脫困境的看法？

Yes. Neil, it's Jon, and thanks for the question. Nothing's really changed on capital expectations going into 2025. We laid out a capital program, a five-year program at our Investor Day earlier this year, where we talked about the growth projects that we've got under development now being largely completed in 2025. And I think we steered you towards $4.5 billion to $5 billion for 2025 as being a good number.

是的。尼爾，我是喬恩，謝謝你的提問。進入 2025 年，資本預期沒有任何真正變化。我們在今年稍早的投資者日上製定了一項資本計劃，這是一項為期五年的計劃，我們在會上談到了我們正在開發的成長項目，目前大部分將在 2025 年完成。我認為我們引導您在 2025 年實現 45 億至 50 億美元的目標，這是一個不錯的數字。

We'll come out with a formal budget in December, but that's a good number to put into your models for 2025. And then we see a capital ramp down following that with the growth projects coming on to production.

我們將在 12 月推出正式預算，但這對於將其納入 2025 年模型來說是一個不錯的數字。隨著成長項目投入生產，我們看到資本隨之減少。

Yes. That's kind of the follow-up. As you talk about West White Rose and you spent a little bit of time talking about offshore, but that's going to be such a big contributor to the uplift in free cash flow as capital rolls off and then that project contribute to cash flow in a couple of years.

是的。這就是後續行動。當你談論西白玫瑰時，你花了一點時間談論離岸，但隨著資本的減少，這將成為自由現金流提升的一個重要貢獻者，然後該項目將為幾個國家的現金流做出貢獻年。

What are the biggest risks that you need to derisk as we go into next year? And I'm thinking the top side being part of it, but just your perspective on a couple of those moving pieces?

當我們進入明年時，您需要消除的最大風險是什麼？我認為頂部是其中的一部分，但您對其中幾個移動部件的看法如何？

Yes. I'll let Keith answer that question, but you're absolutely right. This is a project that today is consuming $700 million to $800 million per year, and that's a good number for next year. But then that quickly flips over with production to generating free cash flow in material quantities for this company at sort of mid-cycle pricing, we anticipate cash flow from the field being well in excess of $1 billion a year.

是的。我會讓基斯回答這個問題，但你絕對是對的。如今，這個計畫每年消耗 7 億至 8 億美元，這對明年來說是一個不錯的數字。但隨著生產的進行，這種情況很快就會發生轉變，以某種中期定價為該公司產生大量的自由現金流，我們預計該領域的現金流每年將遠遠超過 10 億美元。

So a huge inflection point from consuming something close to $1 billion a year to producing something close to $1 billion a year that we should start seeing in the 2027 time frame. But Keith, maybe you can talk a little bit about where we are in the project and some of the risks that you see bringing this on for first oil.

因此，我們應該在 2027 年的時間範圍內開始看到從每年消耗近 10 億美元到每年生產近 10 億美元的巨大拐點。但是基思，也許你可以談談我們在這個專案中的進展以及你認為為第一批石油帶來的一些風險。

Yes. Thanks, Jon. Neil, really, we look at this in several components. And a couple of them were completed this quarter. So pretty excited about that.

是的。謝謝，喬恩。尼爾，實際上，我們從幾個方面來看這個問題。其中一些已於本季完成。對此非常興奮。

We talked about the asset life extension work finishing up in Ireland. The boat is on its way back. And what that does is make sure that we have an FPSO that will last us for the next 14 to 15 years as we bring on West White Rose production.

我們討論了愛爾蘭完成的資產壽命延長工作。船正在返程中。這樣做的目的是確保我們的 FPSO 在我們投入 West White Rose 生產後能夠在未來 14 到 15 年中持續使用。

The other thing that we have completed in the quarter is our concrete gravity structure. We're starting to flood the graving dock in Argentia in anticipation of towing that out in kind of the second quarter of 2025. So really good progress on the gravity-based structure.

我們在本季完成的另一件事是我們的混凝土重力結構。我們開始淹沒阿根廷的雕刻碼頭，預計在 2025 年第二季將其拖走。基於重力的結構確實取得了很大的進展。

The third component, and you alluded to it, is our topsides. We need to be ready to be able to transport those up to the region in the second quarter of 2025. Currently, they're sitting around 95% mechanically complete. In addition to that, we've already commenced commissioning on the topside. So the construction work is nearing an end, and we will be getting that ready for transport and sea fastening in the first quarter of 2025.

您提到的第三個組成部分是我們的上部結構。我們需要做好準備，以便能夠在 2025 年第二季將這些物資運送到該地區。目前，它們的機械完成度約為 95%。除此之外，我們已經開始在上部進行調試。目前，施工工作已接近尾聲，我們將在 2025 年第一季為運輸和海上緊固做好準備。

So things are progressing well there. The last two components are towing the topsides up and making it with the gravity-based structure and then commencing of drilling in the back end of 2025 for the production to start in 2026. So excited about kind of the rate of change going from spending the $700 million to $800 million a year for the past year and into 2025 to producing significant free funds flow in 2026 and beyond.

所以那裡的事情進展順利。最後兩個部分是將上部結構拖上來並使其具有基於重力的結構，然後在 2025 年底開始鑽探，以便在 2026 年開始生產。從過去一年到 2025 年每年花費 7 億美元到 8 億美元，到 2026 年及以後產生大量自由資金流，這種變化速度讓我感到非常興奮。

Manav Gupta, UBS.

馬納夫古普塔，瑞銀集團。

I wanted to ask you because this is a question we always get when crude starts to tumble a little. First, what's your breakeven without growth CapEx in terms of what WTI price would allow you to pay a dividend without the growth CapEx?

我想問你這個問題是因為當原油價格開始小幅下跌時我們總是會遇到這個問題。首先，如果沒有成長資本支出，您的損益平衡點是多少，WTI 價格可以讓您在沒有成長資本支出的情況下支付股利？

And then again, what's the WTI price with the growth CapEx? And the reason I'm asking is my hunch is that the second number with the growth CapEx is around $50 or maybe slightly lower. So even if crude is at $65, you should still be able to return cash to shareholders through buybacks. So if you could give us some idea on those numbers?

話又說回來，隨著資本支出的成長，WTI 價格是多少？我問這個問題的原因是我的預感是，成長資本支出的第二個數字約為 50 美元或可能略低。因此，即使原油價格為 65 美元，您仍然應該能夠透過回購向股東返還現金。那麼您能否給我們一些關於這些數字的想法？

Yes, Manav, it's Kam here. So you're actually directionally correct numbers you just quoted. So if you look at how we look at our sustaining capital and our base dividend, we typically have said we really want to make sure that, that's fully funded in a $45 WTI environment. I would say that is absolutely the case today.

是的，馬納夫，我是卡姆。所以你剛才引用的數字其實是方向正確的。因此，如果你看看我們如何看待我們的維持資本和基本股息，我們通常會說我們確實希望確保在 45 美元的 WTI 環境中獲得充足的資金。我想說，今天的情況絕對是如此。

So when you look at our base dividend, which we would say continues to have room for growth as you execute on the growth plan Keith and Jon have talked about, we should be able to continue to show base dividend growth and maintain that sustaining capital in and around that $3 billion to $3.5 billion range. When you do factor in the growth capital that we've got planned this year and we talked at a high level directionally that $4.5 billion to $5 billion in aggregate spend on an annual basis for 2024 and 2025, you do triangulate to around sort of a low $50 WTI price from a total breakeven point of view.

因此，當您查看我們的基本股息時，我們會說，隨著您執行基思和喬恩討論的增長計劃，我們的基本股息將繼續有增長空間，我們應該能夠繼續顯示基本股息增長並維持持續資本大約在 30 億美元到 35 億美元之間。當你考慮到我們今年計劃的成長資本，並且我們在高層定向討論了 2024 年和 2025 年每年 45 億至 50 億美元的總支出時，你確實可以通過三角測量得出大約從總體盈虧平衡的角度來看，WTI 價格低至50 美元。

So I think what's important there is we're continuing to manage our capital in a world that's significantly lower than today. And so I think what that should point you towards is we want to be making minimal changes in stopping and starting these projects, which Jon and Keith have alluded to in that the program we highlighted for you back at Investor Day, there shouldn't be any material deviations from the projects that are part of that plan going into 2025.

因此，我認為重要的是，我們要在一個遠低於今天的世界中繼續管理我們的資本。因此，我認為這應該向您指出的是，我們希望在停止和啟動這些項目方面做出最小的改變，喬恩和基思在我們在投資者日為您強調的計劃中提到了這一點，不應該有與 2025 年計劃中的項目有任何重大偏差。

Perfect. My quick follow-up is a little bit on the -- you're looking at drilling multilaterals in Mannville versus traditional wells, and this could allow you to raise like a heavy oil production on the conventional side. Can you talk about that opportunity set?

完美的。我的快速跟進是關於——你正在考慮在曼維爾鑽探多邊井與傳統井，這可以讓你提高常規方面的重油產量。您能談談這個機會嗎？

Yes, sure. Pretty exciting opportunity for us. In our Investor Day pack, we talked about growth that we should see from our Conventional Heavy Oil business. We are very active in the region as we speak with numerous drilling rigs executing those multilateral wells. It really opens up the resource for us. And as you may know, we're one of the largest landowners in the region.

是的，當然。對我們來說非常令人興奮的機會。在我們的投資者日包中，我們討論了我們應該從傳統重油業務中看到的成長。我們在該地區非常活躍，我們與許多執行這些多邊井的鑽井平台進行了交談。它確實為我們打開了資源。如您所知，我們是該地區最大的土地所有者之一。

In addition to that, it's also connected through our midstream business into our downstream upgrader and refinery. So we actually have a pretty integrated value chain, all contained within a very tight geographical region. So pretty excited about what's happening in our conventional heavy oil.

除此之外，它還透過我們的中游業務連接到我們的下游升級廠和煉油廠。因此，我們實際上擁有一個相當完整的價值鏈，所有價值鏈都包含在一個非常狹窄的地理區域內。我們對傳統重油中發生的事情感到非常興奮。

We're active in drilling. You should start seeing production ramping from that region in the back half of this year and into 2025 as per one of the opportunities that we laid out for growth across our portfolio.

我們正在積極進行鑽探。根據我們為整個投資組合製定的成長機會之一，您應該會在今年下半年開始看到該地區的產量不斷增加，直到 2025 年。

Travis Wood, National Bank Financial.

特拉維斯伍德，國家銀行金融部門。

I just wanted to get a sense of what's left for the Narrows tieback. You're more than 90% complete, I think it said. And is it more weather dependent just as we head into the winter time frame? Or are there other kind of supply chain issues in front of you?

我只是想了解一下狹窄的繫帶還剩下什麼。我想上面是這麼說的，你已經完成了 90% 以上。當我們進入冬季時，它是否更依賴天氣？或是您面前還有其他類型的供應鏈問題嗎？

Yes, Travis. No, we're essentially mechanically complete on the pipeline and your assumption is directionally correct. We're trying to optimize on top of it. But in fact, we will need to wait for warmer weather following the winter for the initial start-up of the steam line. So that's what's really driving the timing now for Narrows.

是的，特拉維斯。不，我們基本上已經在機械上完成了管道，並且您的假設在方向上是正確的。我們正在嘗試在此基礎上進行最佳化。但事實上，我們需要等待冬季過後天氣變暖才能首次啟動蒸汽管道。這就是現在對 Narrows 來說真正推動時機的因素。

The key component that we just executed in the turnaround was a tie-in, but that's now behind us. And so we have a little bit of insulation to complete a little bit of heat tracing. But in general, the pipeline and the pads are ready. It's just waiting for the weather window to commence start-up of the steam system.

我們剛剛在周轉中執行的關鍵部分是搭配，但現在已經過去了。所以我們有一點絕緣來完成一點伴熱。但總的來說，管道和焊盤都準備好了。它只是在等待天氣窗口開始啟動蒸汽系統。

Okay. Perfect. And is that -- is there a chance that -- or I guess, another way, is it budgeted on a normal winter?

好的。完美的。是不是有可能──或者我猜，換個方式，預算是在正常的冬天嗎？

Yes. We're looking at kind of starting that system up in the April time period. So -- and we should be well into a weather window there that will allow us to do that.

是的。我們正在考慮在四月啟動該系統。所以——我們應該很好地進入一個天氣窗口，讓我們能夠做到這一點。

Patrick O'Rourke, ATB Capital Markets.

Patrick O'Rourke，ATB 資本市場。

I guess just to go back to the strategic nature of the downstream assets, I think one of the things in the past that's worked to your advantage is the nomination process. And I think you kind of alluded to that as well. Just wondering, based on your views, now you get a pretty sophisticated view of the basin marketing egress, all of that. When do you really see that from a time frame kicking in at this point as an advantage for you again?

我想回到下游資產的戰略性質，我認為過去對你有利的事情之一就是提名過程。我想你也提到了這一點。只是想知道，根據您的觀點，現在您可以對流域行銷出口等所有內容有一個非常複雜的了解。從此時開始，你什麼時候才能真正看到這一點再次成為你的優勢？

Just in terms of the differential, is that the question you're asking?

就差異而言，這就是您問的問題嗎？

Yes. And in terms of your ability to nominate in the mainline system.

是的。就您在主線系統中提名的能力而言。

Yes. So we can nominate today, Patrick, and we can move barrels to Superior for somewhere around USD3 to USD4 and further down the line to Toledo for the $5 to $6 range. So we take advantage of that today. We think that at some point over the next two to three years, differentials will widen, and that will become more and more pronounced in terms of the advantage that it gives us.

是的。因此，帕特里克，我們今天可以提名，我們可以以 3 美元至 4 美元左右的價格將桶裝運至蘇必利爾，並進一步以 5 至 6 美元的價格將桶裝運至托萊多。所以我們今天要利用這一點。我們認為，在未來兩到三年的某個時刻，差異將會擴大，就其帶給我們的優勢而言，這種差異將變得越來越明顯。

But having access to the Enbridge line and being able to nominate, not have to pay for take-or-pay capacity and not have to make those large financial commitments, be able to move barrels if and when we choose at those kind of rates, we see as being a real strategic advantage. So having refineries along the mainline that have short supply chains back to Western Canada and produce project or products into strategically advantaged markets like Superior and Toledo do gives us, I think, a significant advantage on those value chains.

但是，能夠使用安橋生產線並能夠提名，不必為照付不議的能力付費，也不必做出那些巨額財務承諾，如果我們選擇以這種價格的話，就能夠移動桶，我們認為這是真正的戰略優勢。因此，我認為，沿著主線擁有煉油廠，這些煉油廠的供應鏈很短，可以返回加拿大西部，並向蘇必利爾和托萊多等具有戰略優勢的市場生產項目或產品，這確實給我們在這些價值鏈上帶來了顯著的優勢。

Okay. And then maybe I asked this last quarter, but now that you've got sort of a full quarter run rate under your belt with TMX here, how the netbacks look and what the marketing opportunities have been there for you?

好的。然後也許我在上個季度問過這個問題，但現在您已經透過 TMX 獲得了整個季度的運行率，淨收益看起來如何以及您有哪些行銷機會？

Patrick, it's Geoff Murray. It's a great question. As you mentioned, we have had a good bit of run rate here. We've seen really solid operational performance with Trans Mountain.

派崔克，我是傑夫·穆雷。這是一個很好的問題。正如您所提到的，我們在這裡的運行率很高。我們已經看到 Trans Mountain 的營運績效非常穩定。

I would say we continue to see really robust competition at the dock. We have ability to see through into some other placement product that's a little further afield and demonstrate to ourselves that pricing is reflective of global value. And what we're finding is looking a little bit forward here is that the netbacks associated with that line.

我想說的是，我們繼續在碼頭上看到非常激烈的競爭。我們有能力洞察其他一些更遠的安置產品，並向自己證明定價反映了全球價值。我們發現，向前看一點是與該線路相關的淨回撤。

I guess I would say the art associated with that line is getting to the place where it's covering full cost of investment, both fixed costs as well as variable. And we think that's an important day as we look forward. And that means that we're seeing things that are covering our cost of full investment in the very near future.

我想我會說與該系列相關的藝術正在達到覆蓋全部投資成本的程度，包括固定成本和可變成本。我們認為這是我們期待的重要的一天。這意味著我們看到的事情在不久的將來就能涵蓋我們全部的投資成本。

(Operator Instructions) Menno Hulshof, TD Securities.

（操作員指令）Menno Hulshof，道明證券。

I just had a really quick one. What is the status of toll negotiations for the uncapped portion of the TMX overrun? And what is your best guess in terms of resolution? I think last time this came up on the call, I think it was suggested that it was sometime in the spring, but any thoughts there would be helpful.

我剛剛吃了一個非常快的。TMX 超限無上限部分的通行費談判進度如何？就分辨率而言，您的最佳猜測是什麼？我想上次在電話會議上提到這個問題時，有人建議是在春天的某個時候，但任何想法都會有幫助。

Menno. Geoff Murray, I think you've got it. There's no particular update from last time. We are following through the regulatory process. I think it'd be remiss of anybody to attempt to predict necessarily the outcome of that. There's obviously a lot of work ahead of all sides to get there on it and looking for resolution into the spring.

門諾。傑夫·穆雷，我想你已經明白了。與上次相比，沒有特別的更新。我們正在遵循監管程序。我認為任何人試圖預測其結果都是失職的。顯然，各方還有大量工作要做才能實現這一目標，並在春季尋找解決方案。

At this time, we have no questions in the queue. So we will wait a minute to give you the chance to connect with us if you have a question. (Operator Instructions) Thank you. The conference has now ended. Please disconnect your lines at this time, and we thank you for your participation.

目前，我們隊列中沒有任何問題。因此，如果您有疑問，我們將稍等片刻，以便您有機會與我們聯繫。（操作員說明）謝謝。會議現已結束。此時請斷開您的線路，我們感謝您的參與。