Cenovus Energy Inc (Pre-Merger) (CVE) 2025 Q4 法說會逐字稿

Good morning, everyone. Thank you for standing by, and welcome to Cenovus Energy's fourth-quarter and full year 2025 results conference call. (Operator Instructions)

各位早安。感謝您的耐心等待，歡迎參加 Cenovus Energy 2025 年第四季及全年業績電話會議。（操作說明）

As a reminder, this call is being recorded. I would now like to turn the meeting over to Mr. Patrick Reed, Vice President, Investor Relations, and Internal Audit. Please go ahead, Mr. Reed.

再次提醒，本次通話正在錄音。現在我將會議交給投資者關係和內部審計副總裁帕特里克·里德先生。請繼續，里德先生。

Thank you, operator. Good morning, everyone, and welcome to Cenovus' 2025 year-end and fourth-quarter results conference call. On the call this morning, our CEO, Jon McKenzie; and CFO, Kam Sandhar, will take you through our results.

謝謝接線生。各位早安，歡迎參加Cenovus 2025年終及第四季業績電話會議。在今天早上的電話會議上，我們的執行長 Jon McKenzie 和財務長 Kam Sandhar 將向大家介紹我們的業績。

Then we'll open the line for Jon, Kam, and other members of the Cenovus management team to take your questions. Before getting started, I'll refer you to our advisories located at the end of today's news release.

然後我們將開通電話，讓 Jon、Kam 和 Cenovus 管理團隊的其他成員回答您的問題。在開始之前，請參閱今天新聞稿末尾的注意事項。

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 noted. You can view our results at cenovus.com.

這些描述了今天提到的前瞻性資訊、非GAAP指標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 的年度管理層討論與分析報告 (MD&A)、我們最新的年度資訊表 (AIF) 和 40-F 表格。再次提醒大家，除非另有說明，我們今天電話會議中提到的所有數字都將以加幣為單位。您可以在cenovus.com上查看我們的結果。

For the question-and-answer portion of the call, please keep -- we also ask that you hold off on any detailed modeling questions. You can follow up directly on those with our Investor Relations team after the call. I will now turn the call over to Jon. Jon, please go ahead.

在電話會議的問答環節，請保持安靜——我們也請您不要提出任何關於建模的詳細問題。通話結束後，您可以直接與我們的投資者關係團隊聯繫，並跟進這些問題。現在我將把通話交給喬恩。喬恩，請繼續。

Great. And thank you, Patrick, and good morning, everyone. I want to begin by recognizing our safety performance. Safety remains the cornerstone of everything we do at this company and every decision we make. At our Sunrise Oil Sands asset, our teams have now gone through two full calendar years and more than 1.8 million hours worked without a reportable incident.

偉大的。謝謝你，派崔克，大家早安。首先，我想表揚一下我們的安全表現。安全始終是我們公司一切工作和所有決策的基石。在我們的 Sunrise 油砂資產專案中，我們的團隊已經連續兩年累計工作超過 180 萬小時，沒有發生任何需要報告的事故。

Now this is particularly notable because 2025 represented the highest activity level at Sunrise in the past six years with close to 950,000 hours worked as they completed two turnarounds and advanced the asset's growth program. This outcome reflects our deep commitment to safety even during periods of elevated activity. Personal safety for each of our employees and contractors remains a critical priority, which must underpin everything we do. We are working to build on our strong performance and continuously improve to ensure that our people come home safely each and every day.

這一點尤其值得注意，因為 2025 年是 Sunrise 近六年來活動水平最高的一年，工時接近 95 萬小時，他們完成了兩次檢修，並推進了資產增長計劃。這一結果反映了我們即使在業務繁忙時期也始終堅持對安全的堅定承諾。保障每位員工和承包商的人身安全仍是我們的首要任務，也是我們一切工作的基石。我們正努力鞏固我們良好的業績，並不斷改進，以確保我們的員工每天都能安全回家。

So now to our results. 2025 was a very important year for Cenovus in which we executed a long list of priorities across the company. Our performance in 2025 is a testament to the great people and assets we have at Cenovus.

現在來說說我們的成果。 2025年對Cenovus來說是非常重要的一年，我們在這一年完成了公司內部一系列的優先事項。我們在 2025 年取得的成績證明了 Cenovus 擁有優秀的人才和資產。

When I look at all the things that we accomplished this year, I couldn't be more impressed by the way our people met the challenges we faced. We had a very ambitious agenda, and we collectively delivered against it. Operationally, our teams delivered exceptional performance, including setting multiple upstream production records across our assets and executing consecutive quarters of top quartile downstream reliability and profitability.

回顧我們今年所做的所有成就，我對我們的員工應對挑戰的方式感到無比欽佩。我們制定了一個非常雄心勃勃的計劃，並且我們共同努力實現了這個計劃。在營運方面，我們的團隊取得了卓越的成績，包括在我們的資產中創造了多項上游生產記錄，並連續幾個季度實現了下游可靠性和盈利能力的前四分之一。

Our upstream production of 834,000 BOE per day in 2025 was the highest ever for Cenovus and up 3% from 2024, excluding the impact of the MEG Energy acquisition. We also reduced total upstream nonfuel operating costs by approximately 4% from the year before. In the Downstream, our refineries ran well through the year with a combined utilization rate of 95% across the Canadian and US segments. This included the impact of a major 59-day turnaround at Toledo, which was completed 11 days ahead of schedule.

2025 年，我們的上游日產量將達到 834,000 桶油當量，這是 Cenovus 有史以來最高的產量，比 2024 年增長 3%，不包括 MEG Energy 收購的影響。我們也比前一年減少了約 4% 的上游非燃料營運總成本。在下游業務方面，我們的煉油廠全年運作良好，加拿大和美國業務的綜合利用率達到 95%。這其中包括托萊多工廠為期 59 天的大規模檢修，該檢修提前 11 天完成。

Now at the same time, we lowered costs, delivering a reduction in operating costs of around $4 per barrel in the Canadian refining segment and $2 per barrel in our US operated refineries. We recognize there's more work to do as we continue to drive down costs and leverage our commercial capabilities to enhance our market capture. We also achieved major milestones across our growth projects in 2025. This included completing the Narrows Lake tieback to Christina Lake, a first of its kind extended steam reach pipeline.

同時，我們降低了成本，使加拿大煉油業務的營運成本降低了每桶約 4 美元，使我們在美國營運的煉油廠的營運成本降低了每桶約 2 美元。我們認識到，在繼續降低成本和利用我們的商業能力來提高市場份額的過程中，還有更多的工作要做。2025年，我們的各項成長項目也取得了重大里程碑式的進展。這其中包括完成從納羅斯湖到克里斯蒂娜湖的連接工程，這是第一條此類延伸蒸汽管道。

Completing the facilities work on the Foster Creek optimization project, which delivered production growth well ahead of schedule and completing the construction and installation of the tie-ins on the West White Rose platform. These projects reflect an enormous amount of effort, determination, and ingenuity from all parts of our organization that I couldn't be -- and I couldn't be more proud of what we've delivered.

完成了福斯特溪優化項目的設施建設工作，該項目提前實現了產量增長，並完成了西白玫瑰平台的連接建設和安裝。這些項目體現了我們組織各部門所付出的巨大努力、決心和創造力，我對此感到無比自豪——我對我們所取得的成果感到無比驕傲。

Now 2025 also saw us complete two significant transactions. Starting with MEG Energy. We have long recognized the quality of the resource and the synergy opportunity available if we consolidated the Christina Lake area. When MEG became available, we responded accordingly. The acquisition was successfully closed on November 13, adding over 100,000 barrels a day of top-tier resource located directly within our largest producing SAGD asset.

2025年，我們也完成了兩項重大交易。從MEG能源公司開始。我們早就認識到克里斯蒂娜湖地區的資源品質以及整合該地區所帶來的協同效應機會。當 MEG 技術問世後，我們做出了相應的調整。此次收購於 11 月 13 日成功完成，為我們最大的 SAGD 生產資產增加了每天超過 10 萬桶的頂級資源。

The addition of MEG's assets and people have strengthened our industry-leading heavy oil portfolio and solidified our position as the preeminent heavy oil producer, not just in the Western Canadian Sedimentary Basin, but globally. We also sold our interest in the WRB refining joint venture at the end of the third-quarter.

MEG 的資產和人員的加入，增強了我們行業領先的重油產品組合，鞏固了我們作為首屈一指的重油生產商的地位，不僅在加拿大西部沉積盆地，而且在全球範圍內都是如此。第三季末，我們也出售了在 WRB 煉油合資企業的股份。

As a result, we now have full operational, commercial, and strategic control of our downstream business, which remains critical -- which remains a critical component to our heavy oil value chain. Together, these transactions position the company for continued material value growth over the long term.

因此，我們現在對下游業務擁有完全的營運、商業和策略控制權，這仍然至關重要——這仍然是我們重油價值鏈的關鍵組成部分。這些交易共同為公司在長期內持續實現實質價值成長奠定了基礎。

So now turning to our fourth-quarter results. Upstream production in the fourth-quarter was 918,000 BOE per day, headlined by oil sands production of 727,000 BOE per day, both records for the company. Including the full benefit of the MEG acquisition, which closed in mid-November, we exited the year with production over 970,000 BOE per day in December, including nearly 786,000 BOE per day from the oil sands. We are encouraged by the recent performance and expect our operating momentum to continue into 2026 and beyond.

現在來看我們第四季的業績。第四季上游產量為每天 918,000 桶油當量，其中油砂產量為每天 727,000 桶油當量，這兩項產量均創下公司歷史新高。算上 11 月中旬完成的 MEG 收購的全部收益，我們在 12 月份的年產量超過 97 萬桶油當量/天，其中油砂的日產量接近 78.6 萬桶油當量/天。我們對近期的業績感到鼓舞，並預計我們的經營勢頭將持續到 2026 年及以後。

At Christina Lake, production averaged 309,000 barrels a day in the fourth-quarter. That includes roughly six weeks of production from the newly acquired Christina Lake North asset, which achieved its highest ever production rates of over 110,000 barrels a day in the quarter. The combined Christina Lake is the largest and highest quality thermal asset in the industry with a reserve life measured in decades. The integrations of systems and people is largely complete, and we have delivered a majority of the expected corporate synergies already. Work is now progressing at pace to capture operational synergies.

克里斯蒂娜湖油田第四季平均日產量為 309,000 桶。其中包括新收購的 Christina Lake North 資產大約六週的生產，該資產在本季度實現了有史以來最高的日產量，超過 110,000 桶。合併後的克里斯蒂娜湖是業界規模最大、質量最高的火力資產，其儲備壽命以數十年計算。系統和人員的整合工作已基本完成，我們已經實現了大部分預期的企業綜效。目前各項工作正在快速推進，以充分發揮營運綜效。

We have begun a delineation and seismic program at the Christina Lake North asset, which will allow us to optimize our go-forward development plans for this resource. Our technical groups have begun leveraging our scale and operating practices to deliver near-term production and cost savings.

我們已在克里斯蒂娜湖北部油田啟動了勘探和地震勘探計劃，這將使我們能夠優化該油田的未來開發計劃。我們的技術團隊已經開始利用我們的規模和營運實踐，以實現近期生產和成本節約。

We have also begun drilling a 42-well redevelopment program, which will support additional production volumes in 2026 and 2027. We are very comfortable in our ability to deliver the $150 million of annual synergies in 2026 and '27 and over $400 million of annual synergies by the end of 2028.

我們還啟動了一項 42 口井的再開發計劃，這將支援 2026 年和 2027 年的額外產量。我們非常有信心在 2026 年和 2027 年實現 1.5 億美元的年度協同效應，並在 2028 年底實現超過 4 億美元的年度協同效應。

We are delineating additional synergy opportunities as we fully integrate our future development plans for the broader Christina Lake region.

隨著我們全面整合未來在克里斯蒂娜湖地區的整體發展計劃，我們正在探索更多協同增效的機會。

Now at Foster Creek, we achieved a production record of 220,000 barrels per day in the quarter, reflecting the impact of the Foster Creek optimization project. Incremental steam capacity of approximately 80,000 barrels a day was brought online in mid-2025. And in the fourth-quarter, the water treatment and deoiling facilities were commissioned and put into service.

現在，福斯特溪油田在本季度實現了日產 22 萬桶的產量紀錄，這反映了福斯特溪油田優化項目的影響。2025 年中，新增蒸汽產能約 8 萬桶/天投入使用。第四季度，水處理和除油設施投入使用。

With these milestones behind us and production largely ramped up, we have successfully delivered around 30,000 barrels a day of growth at Foster Creek well ahead of schedule. Looking forward, new well pads associated with the optimization project will be brought online at Foster Creek this year, which will support increased production levels or support the increased production levels we have seen.

隨著這些里程碑的實現和產量的大幅提升，我們已成功提前在福斯特溪實現了每天約 30,000 桶的成長。展望未來，與優化項目相關的新井場將於今年在福斯特溪投入使用，這將有助於提高產量水平，或支持我們已經看到的產量水平的提高。

We also continue to progress our enhanced sulfur recovery project that will reduce operating costs by about $0.50 to $0.75 per barrel when it comes online midyear. At Sunrise, following the turnarounds executed in Q2 and Q3, production rose to over 60,000 barrels a day in the fourth-quarter. The first of the new well pads from the East development area, incorporating Cenovus well pad design for the first time at Sunrise is currently steaming and expected to start up in early 2026. We will bring on a total of three well pads in this high-quality reservoir in 2026 and at least one more in 2027.

我們也持續推動提高硫磺回收率的項目，將於年中投產，屆時每桶營運成本將降低約 0.50 至 0.75 美元。在 Sunrise 油田，經過第二季和第三季的整改，第四季的日產量上升至 6 萬桶以上。東部開發區第一個採用 Cenovus 井場設計的新井場目前正在進行蒸汽測試，預計將於 2026 年初投產。我們將在 2026 年在這個優質油藏中總共建造三個井場，並在 2027 年至少再建造一個。

This development will deliver the next phase of growth as we progress our plans to increase production to over 70,000 barrels a day by 2028. Now with the work we completed earlier this year, we have also extended the turnaround cycle from four to five years at Sunrise. That means there is no major cycle ending turnarounds at Sunrise until 2030, providing an extended runway while we grow volumes and optimize the asset. The Lloydminster Thermals had an exceptional fourth-quarter, partly as a result of the highly successful redevelopment well program that significantly exceeded our expectations.

隨著我們推進計劃，力爭到 2028 年將日產量提高到 7 萬桶以上，這一發展將帶來下一階段的成長。憑藉我們今年早些時候完成的工作，我們也將 Sunrise 的周轉週期從四年延長到了五年。這意味著 Sunrise 在 2030 年之前不會有重大周期結束檢修，這為我們擴大產量和優化資產提供了更長的緩衝期。勞埃德明斯特溫泉第四季業績表現優異，部分原因是井的重建計畫非常成功，遠遠超出了我們的預期。

In tandem with strong base well optimization, production averaged over 107,000 barrels per day in the quarter, more than 10,000 barrels higher than the previous quarter. This includes the impact of the sale of Vawn at the beginning of December. And building off the success we had in 2025, we'll be deploying an even larger redevelopment program in Lloydminster in 2026.

配合強而有力的基礎油井優化，該季度平均日產量超過 107,000 桶，比上一季高出 10,000 多桶。這包括 12 月初 Vawn 出售所帶來的影響。繼 2025 年的成功之後，我們將在 2026 年在勞埃德明斯特實施更大的重建計畫。

Now turning to the Atlantic. At West White Rose, we're currently conducting systems integration testing, and we're in the final phase of commissioning. Our teams have done a fantastic job of safely progressing the scope in spite of particularly challenging weather in the North Atlantic. We've seen an abnormally severe winter storm season with waves as high as 17 meters and winds up to 170 kilometres per hour.

現在轉向大西洋。在西白玫瑰公司，我們目前正在進行系統整合測試，並且已經進入調試的最後階段。儘管北大西洋天氣狀況極其惡劣，但我們的團隊出色地完成了工作，安全地推進了專案範圍。我們經歷了異常嚴重的冬季風暴季，海浪高達 17 米，風速高達每小時 170 公里。

Through this, our people have continued to make steady progress. We have completed the welding and coating of the platform legs and the main power generators are fully commissioned. We also opened the living quarters on the top side prior to year-end, transitioning staff from using a flotel vessel to fully manning the platform. Now we've guided you to expect first oil in the second-quarter. With the weather disruptions we've seen that timeline will be tight, but our people are determined and do incredible work as we push this forward at pace.

透過這些努力，我們的人民不斷穩步進步。我們已經完成了平台支架的焊接和塗裝工作，主發電機組也已全面投入使用。在年底之前，我們也開放了上層的生活區，讓員工從使用浮式飯店船過渡到完全在平台上工作。現在我們已經引導大家預期第二季將迎來首批石油。鑑於天氣造成的干擾，時間安排會很緊張，但我們的人員決心堅定，正在努力快速推進這項工作。

Also in the offshore, in conjunction with our partners in Asia, we successfully extended the gas sales agreements in China for both Liwan 34-2 and Liwan 29-1 subsequent to the quarter. The extensions will enable sales through the end of the field's production periods in 2034 and '40, respectively. This increases sales volumes within our five-year plan and add nearly $2 billion of incremental free cash flow to these assets over the life of the fields.

此外，在海上業務方面，我們與亞洲的合作夥伴共同成功地延長了在中國的荔灣 34-2 和荔灣 29-1 油田的天然氣銷售協議。延期將使銷售能夠分別持續到該油田生產期結束之時，即 2034 年和 2040 年。這將提高我們五年計畫內的銷售量，並在油田的使用壽命內為這些資產增加近 20 億美元的額外自由現金流。

Now moving to the Downstream. fourth-quarter results underpin the profitability and competitiveness of our assets in a relatively weak crack environment.

現在來看下游業務。第四季業績表明，在裂解油氣市場環境相對疲軟的情況下，我們的資產仍具備獲利能力和競爭力。

In the quarter, the Canadian refining business ran at its highest rates of production through the year with crude throughput of 113,000 barrels per day or utilization rate of about 105%. In US refining, our results in the fourth-quarter reflect not only our operated -- sorry, reflect only our operated assets as our interest in the WRB refining was divested effective September 30.

本季度，加拿大煉油業務的產量達到全年最高水平，原油日加工量為 113,000 桶，利用率約為 105%。在美國煉油業務方面，我們第四季的業績不僅反映了我們營運的資產——抱​​歉，僅僅反映了我們營運的資產，因為我們在 WRB 煉油廠的權益已於 9 月 30 日生效剝離。

Our US refining business delivered crude throughput of 353,000 barrels per day or approximately 97% utilization. While the market crack spreads in Chicago area deteriorated significantly in early December, which is typical for this time of year, we're able to capture a larger share of the margin available.

我們的美國煉油業務原油日加工量為 353,000 桶，利用率約 97%。雖然芝加哥地區的市場裂解蔓延在 12 月初顯著惡化（這在每年的這個時候都很常見），但我們能夠獲得更大的利潤份額。

Excluding the receipt of onetime pipeline settlement, our adjusted market capture was around 95% in the quarter. This reflects both seasonal product mix impacts related to our configuration as well as our ability to capitalize on commercial opportunities we saw in the market during the quarter.

不計入一次性管道結算款項，我們本季的調整後市佔率約為 95%。這不僅反映了與我們產品配置相關的季節性產品組合影響，也反映了我們在本季利用市場商業機會的能力。

Now I'm going to pause for a minute, and I will turn this over to Kam to walk through our financial results.

現在我暫停一下，把麥克風交給 Kam，讓他來介紹我們的財務表現。

Thanks, Jon. Good morning, everyone. In the fourth-quarter, we generated approximately $2.8 billion of operating margin and $2.7 billion of adjusted funds flow. Operating margin in the Upstream was over $2.6 billion, in line with the prior quarter with record production in the oil sands more than offsetting declining benchmark oil prices. Oil sands non-fuel operating costs decreased to $8.39 a barrel in the fourth-quarter, over $1.25 lower than the prior quarter due to higher production volumes and reduced maintenance activity.

謝謝你，喬恩。各位早安。第四季度，我們實現了約 28 億美元的營業利潤和 27 億美元的調整後資金流。上游業務的營業利潤超過 26 億美元，與上一季持平，油砂產量創紀錄，足以抵消基準油價下跌的影響。由於產量增加和維護活動減少，油砂非燃料營運成本在第四季度降至每桶 8.39 美元，比上一季下降了 1.25 美元以上。

As Jon mentioned, our downstream business continued to demonstrate strong performance in the quarter. Downstream operating margin was $149 million despite deteriorating regional crack spreads in the US towards the end of the year. This included $138 million of inventory holding losses and $15 million of turnaround expenses, partially offset by a onetime pipeline settlement receipt. Excluding these impacts, downstream operating margin would have been approximately $235 million in the quarter.

正如 Jon 所提到的，我們的下游業務在本季度繼續保持強勁的業績。儘管年底美國地區裂解價差惡化，但下游業務的營業利潤仍達 1.49 億美元。其中包括 1.38 億美元的庫存持有損失和 1500 萬美元的停產檢修費用，部分被一次性管道結算收入所抵銷。排除這些影響，該季度下游業務的營業利潤約為 2.35 億美元。

In the US refining, operating costs, excluding turnaround expenses, were $11.57 a barrel, reflecting higher fuel and electricity prices, planned maintenance activity and modestly lower throughput quarter-over-quarter. The fourth-quarter environment was particularly favourable to our configuration with heavy crude differentials widening, diesel and jet fuel advantage relative to gasoline and lower benchmark crude prices benefiting asphalt and other product margins.

在美國煉油業，不包括檢修費用在內的營運成本為每桶 11.57 美元，反映出燃料和電力價格上漲、計畫維護活動以及季比略微下降的產量。第四季的環境對我們的配置特別有利，重質原油價差擴大，柴油和航空煤油相對於汽油具有優勢，基準原油價格走低有利於瀝青和其他產品的利潤率。

Our marketing teams were able to capitalize on market opportunities in the quarter, while at our Lima and Toledo refineries, we continue to leverage and enhance the inter-connectivity of the sites. On a sustained basis, we continue to guide to adjusted market capture of around 70% at a $14 WCS heavy oil differential with opportunities to improve this over time.

本季度，我們的行銷團隊能夠抓住市場機遇，同時，我們在利馬和托萊多煉油廠繼續利用和加強各廠之間的互聯互通。從長遠來看，我們繼續預計調整後的市佔率約為 70%，WCS 重油價差為 14 美元，並且隨著時間的推移，有機會進一步提高這一比例。

Capital investment in the fourth-quarter was nearly $1.4 billion, resulting in full year capital spending of $4.9 billion. This spend supported sustaining activity across the business, along with investment in growth and optimization, including capital directed to our three of our major capital projects at Narrows Lake, Foster Creek, and West White Rose. As we look forward, growth spend in 2026 -- in the 2026 plan is approximately $300 million lower at the midpoint year-over-year.

第四季資本投資近 14 億美元，全年資本支出達 49 億美元。這項支出支持了整個業務的持續運營，以及對成長和優化的投資，包括為我們在納羅斯湖、福斯特溪和西白玫瑰的三個主要資本項目提供的資金。展望未來，2026 年的成長支出－2026 年計畫的中點數值比前一年減少了約 3 億美元。

This growth spend includes commencing the drilling at West White Rose, advancing the Christina North expansion project, which will support growth at Christina Lake to around 400,000 barrels a day. Net debt was approximately $8.3 billion at the end of the fourth-quarter, an increase of approximately $3 billion due to the MEG transaction, partly offset by the receipt of $1.9 billion of cash proceeds from the sale of WRB.

這項成長支出包括啟動西白玫瑰油田的鑽探工作，推動克里斯蒂娜北擴建項目，將使克里斯蒂娜湖油田的日產量增長到約 40 萬桶。第四季末淨債務約為 83 億美元，由於 MEG 交易增加了約 30 億美元，部分被出售 WRB 獲得的 19 億美元現金收入所抵消。

Shareholder returns in the fourth-quarter were $1.1 billion, including $714 million through share buybacks and $380 million through dividends. After closing the MEG transaction, we've adjusted our framework to balance deleveraging and shareholder returns while we move towards our long-term net debt target of $4 billion. When net debt reaches $6 billion, we will aim to increase shareholder returns to around 75% of excess free funds flow. Also in the fourth-quarter, we recognized a current tax recovery of $189 million, primarily driven by the integration of MEG's business with Cenovus.

第四季股東回報為 11 億美元，其中 7.14 億美元透過股票回購，3.8 億美元透過股息支付。在完成 MEG 交易後，我們調整了我們的框架，以在實現 40 億美元的長期淨債務目標的同時，平衡去槓桿化和股東回報。當淨債務達到 60 億美元時，我們將力求把股東回報提高到自由資金盈餘的 75% 左右。第四季度，我們確認了 1.89 億美元的當期稅收回收，這主要是由於 MEG 的業務與 Cenovus 的整合所致。

Full year 2025 current taxes were approximately $780 million, well below our original guidance of $1.2 billion to $1.3 billion. Our cash tax guidance for 2026 remains unchanged at $1 billion to USD1.3 billion at around a USD60 WTI price. With the strong operational performance, meaningful progress towards capturing MEG synergies and a robust balance sheet, we are well positioned to continue to deliver value from our opportunity-rich portfolio.

2025 年全年現行稅收約 7.8 億美元，遠低於我們最初預期的 12 億至 13 億美元。我們對 2026 年的現金稅收預期保持不變，在 WTI 原油價格約為每桶 60 美元的情況下，預計為 10 億美元至 13 億美元。憑藉強勁的營運績效、在實現 MEG 協同效應方面取得的顯著進展以及穩健的資產負債表，我們已做好充分準備，繼續從我們充滿機會的投資組合中創造價值。

I'll now turn it back to Jon with some closing remarks.

現在我把麥克風交給喬恩，讓他做一些總結性發言。

Great. And thank you, Kam. 2025 was a great year for this company by any measure and a testament to the dedication and determination of the people that we have in this organization, including those who most recently joined us from MEG. Our disciplined execution and focus on operational excellence enabled us to deliver significant milestones across the major projects this year while setting numerous production records at all our oil sands assets. In our downstream business, we've continued to demonstrate the potential of the assets as evidenced by consecutive quarters of top-tier reliability and meaningful cash flow contribution.

偉大的。謝謝你，Kam。無論從哪個角度來看，2025 年對公司來說都是碩果累累的一年，這證明了我們組織中所有員工的奉獻精神和決心，包括最近從 MEG 加入我們的員工。我們嚴謹的執行力和對卓越營運的專注，使我們今年在主要項目中取得了重大里程碑式的成就，同時在我們所有的油砂資產中創造了多項生產記錄。在下游業務方面，我們持續展現了資產的潛力，連續幾個季度保持了一流的可靠性並貢獻了可觀的現金流，這便是明證。

Completing the strategic acquisition of MEG has materially extended our industry-leading low-cost, long-life resource base. Through the integration of our highly complementary assets and the focus on the ingenuity of our combined teams, we expect to create significant value from this business for years and decades to come. Anchored by our strong financial framework and balance sheet, and the many opportunities ahead of us, Cenovus is more resilient, competitive, and durable than ever before. And with that, we're happy to answer any questions you might have.

完成對 MEG 的策略性收購，大大擴展了我們行業領先的低成本、長壽命資源基礎。透過整合我們高度互補的資產，並專注於發揮我們聯合團隊的創造力，我們期望在未來幾年甚至數十年內從這項業務中創造巨大的價值。憑藉我們強大的財務框架和資產負債表，以及擺在我們面前的眾多機遇，Cenovus 比以往任何時候都更具韌性、競爭力和持久性。我們很樂意回答您可能提出的任何問題。

(Operator Instructions)

（操作說明）

Dennis Fong, CIBC World Markets.

Dennis Fong，CIBC World Markets。

First and foremost, congrats on a really strong quarter and year. My first one here focuses really on the MEG assets that you've now taken over. I was hoping to find out what some of the next steps happen to be in terms of obviously turning the asset over to your teams. And then how are you looking at applying, we'll call it, Cenovus' best practices and technical understanding on the asset to really drive stronger performance and realize the synergies that you outlined or more with the initial presentation.

首先，恭喜你們取得了非常出色的季度和年度業績。我的第一篇主要關注你現在接管的 MEG 資產。我希望了解一下，在將資產移交給你們團隊方面，接下來會有哪些步驟。那麼，您打算如何應用 Cenovus 的最佳實踐和技術理解來真正推動資產的強勁表現，並實現您在最初演示中概述或更多提到的協同效應？

Sure. So maybe I'll take a crack at it, and then I'll turn it over to Andrew Dulin to give you some of the details on the production side. But I think we've had this asset now for, I guess, it's about three months now. And I'd say that particularly during the first six weeks since we acquired this, we moved really, really quickly on getting after all the corporate synergies that we had outlined in our investment case. So everything from the HR synergies through the commercial synergies, the finance synergies, getting the amalgamation done to realize some of the tax synergies.

當然。所以也許我會嘗試一下，然後我會把麥克風交給安德魯杜林，讓他來介紹一下製作方面的一些細節。但我認為我們擁有這項資產已經有大約三個月的時間了。而且我想說，尤其是在我們收購這家公司後的前六週，我們非常迅速地實現了我們在投資案例中概述的所有企業協同效應。因此，從人力資源協同效應到商業協同效應、財務協同效應，完成合併以實現一些稅收協同效應。

That was all done before year-end. And so we kind of look at that run rate of $150 million, and we're very, very comfortable that the $120 million that is sort of the corporate component of that is very realizable and has largely been captured now. So as we kind of move into 2026, we're really focused on the operations proper. We have started a lot of work on delineating the reservoir in advance of doing our redevelopment program, which will kick off next month and really looking at the well pad development and seeing where we can insert ourselves to impose some of our operating practices and well design on that. And Andrew will give you a bit more detail.

所有這些工作都在年底前完成了。因此，我們著眼於 1.5 億美元的運行速度，我們非常有信心，其中 1.2 億美元的企業部分是完全可實現的，現在基本上已經實現了。所以，隨著我們邁入 2026 年，我們將真正專注於實際營運。我們已經開始著手進行油藏劃定工作，為下個月啟動的油藏重建計畫做準備。我們將重點放在井場開發，看看我們能否在其中發揮自身作用，將我們的一些操作規範和油井設計理念融入其中。安德魯會給你更多細節。

But we haven't lost sight, Dennis, of the bigger picture and the view of how do we bring more synergy forward and how do we go beyond the $400 million that we had articulated in the business case. And we're comfortable there's a lot more there, and that's what we're working on now. But Andrew, maybe you can talk a little bit about some of the things you're doing in the field to get additional production synergy out of those operations. That's right.

但是，丹尼斯，我們並沒有忘記大局，也沒有忘記如何才能產生更大的協同效應，如何才能超越我們在商業案例中提出的 4 億美元目標。我們相信這方面還有很多潛力可挖，而這正是我們現在努力的方向。但是安德魯，或許你可以談談你在現場正在做的一些事情，以從這些運營中獲得額外的生產協同效應。這是正確的。

Yes, it's Andrew Dahlin speaking. Yes, maybe just focusing on production itself. So the first thing we're going after here in the first half of this year is the start of the redevelopment campaign. So the plan is to drill 40 redevelopment wells that ultimately get after heated bitumen zone that sits below our current production wells. We will get production from our first redevs here in Q2 of this year. And I think as Jon has spoken to, that would benefit and see a production uplift both here in 2026 and into 2027. So that's the kind of the first production lever we're pulling.

是的，我是安德魯·達林。是的，或許應該只專注於生產本身。因此，今年上半年我們首要的任務就是啟動重建計畫。因此，該計劃是鑽探 40 口再開發井，最終目標是開採位於我們現有生產井下方的熱瀝青層。我們將在今年第二季實現首批重新開發專案的生產。正如 Jon 所說，我認為這將有利於 2026 年和 2027 年的生產，並帶來產量提升。所以，這就是我們採取的第一個生產槓桿。

Second one would be our development methodology. So those of you that came to our teach-in, you'll know that our focus or our sort of way of developing it is the field is with wider well spacing and longer wells. So we are moving to implement that already here latter part of 2026. We'll be steaming the first pad in 2027 and seeing a production ramp-up and actually much lower development costs starting in '26 into '27. And then the team is working really hard on facility debottlenecking and expansion.

第二點是我們發展方法論。所以，參加過我們培訓的各位，你們應該知道，我們的重點或者說我們開發這種油田的方式是採用更寬的井距和更長的井。因此，我們計劃在 2026 年下半年開始實施這項計劃。我們將於 2027 年啟動第一個製熱平台，並看到產量逐步提升，而從 2026 年到 2027 年，開發成本實際上會大大降低。然後，團隊正在努力解決設施瓶頸問題並進行擴建。

So there's a debottlenecking program, actually three MOCs taking place right as we speak to be able to push more volume through the plant. And then, of course, we have a facility expansion project that will see the facility expanded and production taken to an excess of 150,000 barrels a day by 2027, 2028. So that was kind of the immediate production focus.

所以，目前正在實施一項消除瓶頸的計劃，實際上，就在我們說話的時候，三個 MOC 項目正在進行中，以便能夠提高工廠的產能。當然，我們還有一個設施擴建項目，該項目將擴大設施規模，到 2027 年、2028 年，日產量將超過 15 萬桶。所以，這就是當時生產工作的重點。

And then on top of that, of course, if I look further out, we have things like boundary land, so the boundary land that existed between ourselves and MEG. As Jon alluded to, we're delineating that opportunity and then putting that into an optimized long-term development plan for the asset. So I'll stop there.

當然，除此之外，如果我把目光放得更遠一些，我們還有邊界地帶之類的東西，也就是我們和 MEG 之間存在的邊界地帶。正如 Jon 所暗示的那樣，我們正在明確這一機遇，然後將其納入該資產的優化長期發展計劃中。我就說到這裡吧。

If I were to sum it up, Dennis, I'd say there's really no surprises in what we put out as our investment case on this. And I think we'll be bringing forward additional upside as we go through the coming quarters and months.

丹尼斯，如果讓我總結一下，我會說，我們針對這項投資提出的方案其實並沒有什麼出乎意料的地方。我認為，在接下來的幾個季度和幾個月裡，我們將迎來更多利好。

Fantastic. No, I really appreciate that -- the depth of that context there, both Jon and Andrew. Shifting my focus towards Lloyd for my second question. In your slide deck, you showcased development, both from the thermal as well as the, we'll call it, conventional assets towards over 145,000 barrels a day over the next couple of years. But I did draw a little bit of notice to the use of solvent enhanced oil recovery techniques. Can you elaborate a little bit more on that opportunity and what that could mean for the field?

極好的。不，我真的很欣賞這一點——Jon 和 Andrew 都非常欣賞這種深層的背景訊息。我的第二個問題將重點放在勞埃德身上。在你的幻燈片中，你展示了未來幾年內，無論是熱力開採還是我們稱之為常規開採的資產，日產量都將超過 145,000 桶。但我確實稍微提了一下溶劑強化採油技術的使用情況。您能否再詳細闡述這個機會以及它對該領域可能意味著什麼？

Yes. So we've got a solvent project going on at what we call Spruce Lake North, which we think is an ideal reservoir for the application of solvent. And I think you know that we've been kind of leaders in this and kind of developing that technology. So it's not a, I'd say, a step change from our strategy, but it is something that we think is an opportunity for us, and this is kind of an ideal place to do this. I think, Andrew, maybe you can talk a little bit about the development of that and when we can expect to see that project come online.

是的。所以，我們在我們稱為北雲杉湖的地方開展了一個溶劑項目，我們認為這是一個應用溶劑的理想儲層。我想您也知道，我們一直處於這項技術的領先地位，並且一直在發展這項技術。所以，我認為這並不是我們策略上的重大轉變，但我們認為這是一個機會，而這裡是實現這一目標的理想場所。安德魯，我想，或許你可以談談這個計畫的進展情況，以及我們什麼時候才能看到這個計畫上線。

Yes. No, happy to. So indeed, Spruce Lake project, we've taken FID on the project. Its spend is in the order of $250 million. We'll spend that here in 2026 and through into 2027 when the project will come on stream. I know. Essentially, what we do is we inject condensate along with the steam, but less steam. And what it does is it lowers our SOR, it drives higher production and it drives higher ultimate recovery. So we see an immediate benefit to Spruce Lake.

是的。不，我很樂意。所以，關於雲杉湖項目，我們已經做出了最終投資決定。其支出約為 2.5 億美元。我們將把這筆錢用於 2026 年以及 2027 年，屆時該計畫將正式啟動。我知道。本質上，我們所做的就是將冷凝水與蒸氣一起注入，但蒸氣量較少。這樣做可以降低我們的採收率，提高產量，並最終提高採收率。因此，我們看到雲杉湖鎮將立即受益。

And frankly, we see the future application of this in the rest of our oil sands assets. and potentially also in some of our lower quality reservoirs. So we very much have a view of how could we deploy this technology into the next two to three decades. So that's where we are on that.

坦白說，我們認為這項技術未來可以應用於我們其餘的油砂資產，甚至可能應用於我們的一些低品質油藏。因此，我們對未來二三十年如何應用這項技術已經有了清楚的規劃。這就是我們目前在這件事上的進展。

Menno Hoshoff, TD.

Menno Hoshoff，TD。

I'll start with maybe just on the downstream side of things. One big thing that jumped out for a lot of people in the quarter was the big uptick on a quarter-on-quarter basis for US market capture. Yes, just a big increase. And you did touch on this to some degree in your opening remarks, but can you just elaborate on what drove that because nobody was even close to that in their models, I don't think.

我先從下游方面著手吧。本季最引人注目的一點是，美國市場佔有率較上季大幅成長。是的，漲幅很大。您在開場白中已經在某種程度上談到了這一點，但您能否詳細說明一下是什麼促成了這一點，因為我認為沒有人在他們的模型中接近過這一點。

And maybe your expectation for market capture through the middle of the year, especially given limited planned turnaround activity.

或許你對年中之前市場佔有率的預期有所降低，尤其是在計畫中的檢修活動有限的情況下。

Well, I'll tell you what I'm going to turn it over to Eric to give you a view on that. Eric rarely smiles, but he is smiling this morning. So I think we're really pleased and happy with the work that he and his team have done. But Eric, why don't you talk a little bit about how you got the market capture you did?

好吧，我這就把麥克風交給艾瑞克，讓他來談談他的看法。艾瑞克很少笑，但他今天早上笑了。所以我覺得我們對他和他的團隊所做的工作非常滿意。但是艾瑞克，你為什麼不談談你是如何獲得如此市場份額的呢？

Yes. Thanks, Jon, and thanks, Menno, for the question. Yes, really pleased with the performance. I would say it's a combination of a number of things. I think certainly, fundamentally, just having the reliability in place that gives you the ability to capture the market when it presents itself.

是的。謝謝Jon，也謝謝Menno的問題。是的，我對演出非常滿意。我認為這是多種因素共同作用的結果。我認為，從根本上來說，擁有足夠的可靠性，才能在市場出現時抓住機會。

And so what we saw in the fourth-quarter was some market opportunities where there were some supply disruptions in the region and our reliability allowed us to capture that. I think you put on top of that some of the real commercial optimization work that we've been doing between finding the synergies between Lima and Toledo, using dock access to find new markets for our products, just really helped underpin the improvement that we've been driving, and you got to see that in the fourth-quarter.

因此，我們在第四季度看到了一些市場機會，該地區出現了一些供應中斷，而我們的可靠性使我們能夠抓住這些機會。我認為，再加上我們一直在進行的一些真正的商業優化工作，例如尋找利馬和托萊多之間的協同效應，利用碼頭通道為我們的產品尋找新市場，這些都真正有助於鞏固我們一直在推動的改進，而你在第四季度也看到了這一點。

The other nuance to market capture that I would highlight is there is seasonality to it. So what happens in the fourth-quarter when you see the gasoline cracks start to fall off as you expect in PADD 2, there is some benefit to our portfolio where we have some GDD flexibility. It also helps relative to some of the other secondary products that we make, so asphalt and some of those products are able to kind of price better relative to the crack, which shows a higher market capture.

我想強調的市場佔有率的另一個細微差別是，它具有季節性。因此，到了第四季度，正如預期的那樣，PADD 2 地區的汽油裂解價差開始下降，這對我們具有一定 GDD 靈活性的投資組合來說是一個優勢。相對於我們生產的其他一些輔助產品，這也有助於瀝青和其中一些產品的定價，相對於裂縫而言，價格會更好，這表明市場份額更高。

What I would say going forward is we'll continue to guide to that 70%, but we do see seasonality in it, but I would continue to steer towards that 70% at the $14 dip that we've talked about.

展望未來，我們將繼續以 70% 的目標價位進行指導，但我們確實看到了其中的季節性因素，不過我仍會繼續朝著我們之前討論過的 14 美元的低點進行指導，目標價位為 70%。

So we are starting to see a bit of an impact from the PADD 2 egress initiatives? -- that you've talked about in the past?

所以，我們開始看到PADD 2疏散通道改造計畫產生了一些影響了嗎？ ——就是您之前提到的那些計劃？

Yes, absolutely. We've seen some real good improvements around our ability to utilize the Toledo dock. We set an annual record in the volumes we've been able to move. And that just really helps us find new markets and be able to really get after some better opportunities for us, and we'll continue to explore all sorts of options to continue to take advantage of that.

是的，絕對的。我們在利用托萊多碼頭方面已經取得了一些非常好的進展。我們創下了年度銷售紀錄。這確實有助於我們找到新的市場，並為我們爭取更好的機會，我們將繼續探索各種選擇，以繼續利用這些機會。

Okay. That's helpful. And I'm going to assume that's part of the first question, cut me off if it's not. But just on West White Rose, really good to see that the Q2 timeline is still intact. But can you just give us an update on the status of drilling? And what should we be modeling for an exit rate for 2026 if everything goes according to plan?

好的。那很有幫助。我假設這是第一個問題的一部分，如果不是，請打斷我。但就西白玫瑰計畫而言，很高興看到第二季的進度計畫仍然保​​持不變。您能否簡單介紹一下鑽探的最新進展？如果一切按計畫進行，我們該如何預測 2026 年的退出率？

Yes. No, you're quite right, Menno, we're still guiding to Q2. I did mention in my notes that it's tight. So we had hoped to be drilling by this time. We are in the final stages right now of commissioning, and that will make the time frame, again, tight for the end of Q2. But Andrew, maybe you can talk a little bit about exactly where you are and how you're seeing production through the end of the year.

是的。不，你說得對，Menno，我們仍然預計業績將達到第二季。我在筆記裡提到過，它很緊。所以，我們原本希望這個時候已經開始鑽探了。我們現在正處於調試的最後階段，這將再次使第二季末的時間安排非常緊張。但安德魯，或許你可以談談你目前的具體情況，以及你對年底前生產的預期。

Menno, it's Andrew speaking. Yes, indeed, maybe I'll just sort of make sure that we all sort of level on where we are in terms of status of the project. So major construction is complete. The platform is commissioned and inhabitable. All the subsurface work connecting the platform to the SeaRose is completed.

門諾，我是安德魯。是的，的確，或許我應該確保我們大家對專案目前的進度有一個大致的了解。主體工程已竣工。該平台已投入使用，可以投入使用。連接平台和「海玫瑰號」的所有地下工程均已完成。

And as Jon talked about, we're in the final throes of commissioning and sit testing. So that's where we are today, and then we move into drilling. I think in terms of how do I look at it from a production and the CapEx for the year, we absolutely to guidance, both for production. Our production guidance was 20,000 to 25,000 barrels a day and actually don't have CapEx handy, but we're also within that CapEx guidance.

正如 Jon 所說，我們正處於調試和現場測試的最後階段。這就是我們目前的狀況，接下來我們將進入鑽探階段。我認為，從生產和年度資本支出的角度來看，我們絕對會給予指導意見，無論是生產方面還是其他方面。我們的生產指導目標是每天 20,000 至 25,000 桶，實際上我們手頭上沒有資本支出資金，但我們也符合資本支出指導目標。

And so what you'll naturally see is as the first and the second well come on stream, you'll see a -- sorry, I'll start again. You'll have a base production from SeaRose and from Turnova, and that will continue through the year. I tell you that we're seeing good uptime and availability on production from both of those facilities here in Q1. And then obviously, in the second half of the year, you'll get a production ramp-up as each new well comes on.

因此，你自然會看到，當第一口井和第二口井開始出水時，你會看到——抱歉，我重新開始。SeaRose 和 Turnova 將提供基礎產量，這種情況將持續一整年。我可以告訴你們，第一季這兩個生產設施的生產正常運作時間和可用性都很好。然後很顯然，到了下半年，隨著每口新井的投產，產量將會逐步增加。

So the final push is on, Menno, and we've increased the number of people on the platform, and we look to be drilling very, very shortly.

門諾，所以最後的衝刺已經開始了，我們增加了平台上的人員數量，我們預計很快就能開始鑽探了。

Neil Mehta, Goldman Sachs.

尼爾梅塔，高盛集團。

And Jon, you addressed this in a couple of different ways, but maybe you can dig a little deeper, which is you're getting to be a 1 million barrel a day producer, and you've got a lot of growth here coming in the next couple of years. I think there's a lot more questions about egress coming out of Canada and apportionment is a factor and you have a little bit less WRB as a hedge. And so just maybe you can address this concern head on. Is Cenovus a lot more exposed to potential volatility in WCS? Or do you feel confident about your ability to navigate that potential risk?

喬恩，你從幾個不同的角度談到了這一點，但也許你可以更深入地探討一下，那就是你們即將成為日產 100 萬桶的生產商，而且在未來幾年裡，你們還有很大的成長空間。我認為關於加拿大出口的問題還有很多，分配是一個因素，而WRB作為對沖手段的作用就比較小了。所以，或許你可以正面解決這個問題。Cenovus是否更容易受到WCS潛在波動的影響？或者，您是否有信心應對這種潛在風險？

Yes. No, it's something we obviously think about metal or metal, Neil. Since I came to this company, the two things that we obviously highlighted were egress and having a strong balance sheet. And when you kind of think about this company growing from a standing start to 1 million barrels a day over 20 years, those two things have really been front and center for us. So Jeff Murray, who's our EVP of Commercial, he deals with this every day.

是的。不，這顯然是我們想到金屬或金屬樂時會想到的東西，尼爾。自從我來到這家公司以來，我們重點關注的兩件事是出口和擁有強勁的資產負債表。當你想到這家公司在 20 年間從零起步發展到日產 100 萬桶時，你會發現這兩件事一直是我們工作的重中之重。所以，我們的商務執行副總裁傑夫‧莫瑞每天都要處理這類事情。

But Jeff, maybe talk about some of the egress options that we have and where we sit as a company in terms of our balances.

但傑夫，或許可以談談我們有哪些退出方案，以及我們公司目前的財務狀況。

No, it sounds great, Jon. Neil, great question. If we wind the clock way back when to 2018, we sold 80% of what we made in Alberta. Where we stand now is maybe 40% of the crude oil we make is sold in Alberta and exposed to that dip. So we've moved a very long way, as you point also the growth on that front. So that's a really big shift over the past seven, eight years. Probably more importantly is looking forward in the near term. We've been saying for a while, Trans Mountain is here. It's working. It's performing as expected, and you will see that through the stability of the Alberta diff as compared to global points, and that's proven to be true.

不，聽起來很棒，喬恩。尼爾，問得好。如果我們把時間撥回到 2018 年，我們當時在阿爾伯塔省銷售了我們生產的產品的 80%。目前的情況是，我們生產的原油可能有 40% 在阿爾伯塔省銷售，因此會受到油價下跌的影響。正如你所指出的，我們在這方面取得了長足的進步，也取得了顯著的成長。所以，這和過去七、八年相比，是一個非常大的改變。或許更重要的是展望近期發展。我們早就說過，跨山輸油管計畫已經啟動。它奏效了。它的表現符合預期，從阿爾伯塔省差值與全球點值的穩定性可以看出這一點，事實證明確實如此。

We've also said we're not going to rest on our laurels. And we and the industry at large haven't. I think we've disclosed entering into opportunities for 150,000 barrels a day of export over the next two years under contract. And even more importantly than that, I would say Cenovus has been pressing hard across the industry for what's next, although the diff is in the right place and stable, we know that we need to take action to continue that.

我們也說過，我們不會固步自封。而我們以及​​整個產業都沒有做到這一點。我認為我們已經揭露了未來兩年內每天出口 15 萬桶原油的機會，並簽訂了相關合約。更重要的是，我認為 Cenovus 一直在整個行業中努力推動下一步的發展，儘管差價目前處於正確且穩定的狀態，但我們知道我們需要採取行動來繼續保持這種狀態。

And I think you can probably scour the market and find a number of publicly discussed projects, and we're really quite supportive of all of them, both in philosophy, but also through contracting mechanisms, and we'll continue to do that.

我認為你或許可以在市場上找到許多公開討論過的項目，我們非常支持所有這些項目，無論是在理念上還是透過合約機制，我們都會繼續這樣做。

Yes. I'd say just adding to that, Neil, I would say that we probably see more proposed projects today than I've seen in the last 10 years. and more projects that are doable in a shorter time frame than we've had in a long period of time. So as Jeff mentioned, heavy oil egress is a really important part of our strategy, and we are actively evaluating and looking at all of those options that are available to us. And you shouldn't be surprised if we take action on some of those.

是的。尼爾，我還要補充一點，我們現在看到的專案提案可能比過去十年都多，而且能夠在較短時間內完成的專案也比過去很長一段時間都多。正如傑夫所提到的，重油外運是我們策略中非常重要的一部分，我們正在積極評估和研究所有可行的方案。如果我們對其中一些問題採取行動，你們也不應該感到驚訝。

And the follow-up is around return of capital versus growth. We're probably in a firmer commodity price environment, Jon, than you and I would have thought a couple of months ago. Certainly, geopolitics is part of that. But if we are -- if we do go into a period of time where we're above, let's say, a mid-cycle price that you outlined, does that dollar go back to deleveraging/return of capital? Or could you accelerate the growth lever? How do you think about that?

後續問題圍繞著資本回報與成長。喬恩，我們現在所處的商品價格環境可能比你我幾個月前預想的要堅挺得多。當然，地緣政治是其中的一部分。但是，如果我們進入一段時期，比如說，價格高於您概述的周期中期價格，那麼這些美元是否會用於去槓桿化/資本返還？或者，您能否加快成長步伐？你對此有何看法？

We really don't think about the commodity price of the day, Neil. We are kind of more value orientated in terms of how we allocate capital over the long term. And I think we've been pretty clear that in the short term, until we get down to $6 billion of net debt, 50% of the free cash flow is going to be used for deleveraging, and then we'll return 50% to the shareholders in the form of buybacks. But Kam, maybe you have some more thoughts on that.

尼爾，我們真的不會去考慮當天的商品價格。從長期來看，我們在資本配置方面更注重價值。我認為我們已經非常明確地表示，在短期內，直到淨債務降至 60 億美元，50% 的自由現金流將用於去槓桿化，然後我們將以股票回購的形式將 50% 返還給股東。不過卡姆，或許你對此還有其他想法。

Yes, Neil, I would just add, I think when you look at our philosophy around just capital allocation, the growth projects we've got in the portfolio, and I mentioned this in my remarks, our growth spend actually has come down year-over-year when you look at the projects we've got. We've obviously finished or close to being done things like Narrows, the Foster optimization, West White Rose.

是的，尼爾，我還要補充一點，我認為，當你審視我們圍繞資本配置的理念，以及我們投資組合中的成長項目時（我在發言中也提到過這一點），當你審視我們擁有的項目時，我們的增長支出實際上逐年下降。我們顯然已經完成或接近完成諸如 Narrows、Foster 優化、West White Rose 等項目。

We obviously added the FEP expansion. But when you look at the portfolio as a whole, our growth spend is down year-over-year. So -- and one of the things we do try to do is we try to ensure that capital spend doesn't really change with commodity prices to Jon's point, in that we can fully fund that growth plan with our dividend and probably in a low $50 world.

我們顯然添加了FEP展開。但從整體投資組合來看，我們的成長支出較去年同期下降。所以——我們努力做到的其中一件事就是確保資本支出不會像 Jon 所說的那樣隨著大宗商品價格的變化而真正改變，也就是說，我們可以用股息完全資助增長計劃，即使在 50 美元左右的低位市場也是如此。

And so don't expect us to make any sort of knee-jerk reactions to capital spending if commodity prices flex down $5 to $10. And similarly, you're not going to see us move it in the other direction if oil prices go up.

因此，如果大宗商品價格下跌 5 到 10 美元，不要指望我們會對資本支出做出任何倉促的反應。同樣地，如果油價上漲，我們也不會採取相反的措施。

When you look at the priorities we have today in terms of our excess free cash flow, I don't think anything has changed. Neil, we Obviously, our philosophy has been that we're going to continue to be balanced on deleveraging and share repurchases with our excess cash, and that's something we'll continue to do.

從我們目前在自由現金流方面的優先事項來看，我認為沒有任何改變。尼爾，很顯然，我們的理念一直是，我們將繼續在去槓桿化和用剩餘現金回購股票之間保持平衡，我們也會繼續這樣做。

I think I would say that obviously, the share price has continued to perform very well, but we're nowhere near a price level that I would suggest is a level where we would move away from things like buybacks. We've made a lot of improvements to the business, both on costs, on growth and free cash flow improvements. And our business continues to get more and more resilient. And I think that affords us the opportunity to continue to buy back stock.

我認為，很顯然，股價一直表現得非常好，但我們離我認為應該停止股票回購等措施的價格水平還很遠。我們對業務進行了許多改進，包括降低成本、促進成長和改善自由現金流。我們的業務也變得越來越有韌性。我認為這給了我們繼續回購股票的機會。

Travis Wood, NBCCM.

特拉維斯伍德，NBCCM。

I wanted to Menno kind of stole my question there, but I wanted to dig into that a little bit more because I think it's quite interesting in terms of the rate of change. So could you talk about some of those anomalies that you saw through Q4 in order to capture that adjusted 95%?

我覺得 Menno 有點搶了我的風頭，但我還想更深入地探討一下，因為我覺得就變化速度而言，這很有意思。那麼，您能否談談您在第四季度觀察到的一些異常情況，以便得出調整後的 95% 的結論？

And does the marketing and trading team have that ability to capture those go forward? And I guess, in the same breath, how much does other refinery downtime have to do with that market capture? So if we see in the future, Whiting go down again, can we ramp up that market capture in those one-off quarters with other refineries going into turnaround?

行銷和交易團隊是否有能力在未來抓住這些機會？我想，同時，其他煉油廠的停工與市場佔有率的取得究竟有多大關係呢？所以，如果我們未來看到 Whiting 再次停產，我們能否在其他煉油廠停產檢修的個別季度提高市場份額？

Yes. Again, great question, Travis. I appreciate the question. Yes, I think maybe just working backwards, I think certainly, with the reliability improvements we've been able to deliver in our portfolio, it positions us to be able to capture market opportunities when they present itself. And so any time there's a disruption in the market, that reliability lets you take advantage of it.

是的。再次感謝你的好問題，崔維斯。感謝您的提問。是的，我認為或許可以這樣反過來想，憑藉我們在產品組合中實現的可靠性改進，這無疑使我們能夠在市場機會出現時抓住它們。因此，每當市場出現波動時，這種可靠性都能讓你從中獲利。

And that's what we saw in the fourth-quarter. And so you saw some strength in the crack really into early December before it started to fall off as you would expect it to in the winter season. And so I fully expect that is something we will continue to stay laser-focused on that when the market presents opportunities for us, we want to be able to take advantage of that. So that is absolutely core to what we want to be able to do.

這就是我們在第四季看到的情況。因此，在 12 月初，裂縫仍然保持著一定的強度，然後像冬季一樣開始脫落。因此，我完全相信我們將繼續保持高度專注，當市場為我們帶來機會時，我們希望能夠抓住這些機會。所以，這正是我們想要實現的核心目標。

In terms of the market, I think every every refinery and every downstream has its own unique configuration. And I think when the market fundamentals favor that configuration, you see the opportunity to have a higher market capture. So for us, where we have a high -- heavy differential -- sorry, where we have a higher heavy crude consumption where we see that heavy dip, that favors our portfolio.

就市場而言，我認為每個煉油廠和每個下游企業都有其獨特的配置。我認為，當市場基本面有利於這種格局時，就有機會獲得更高的市場佔有率。所以對我們來說，在價差較大的地方——抱歉，是原油消費量較大的地方——我們看到價格大幅下跌，這對我們的投資組合有利。

Where you see the gas crack come off, we have some diesel -- some distillate length, some diesel and jet length, we're able to take advantage of that by optimizing our cut points inside the refinery and really maximizing that distillate production. Superior has significant asphalt production, right? When you see the asphalt market have some strength and carry that forward, that favors that portfolio.

在天然氣裂解區，我們有一些柴油——一些餾分油，一些柴油和航空煤油的混合物，我們能夠通過優化煉油廠內的切割點並真正最大限度地提高餾分油產量來利用這些混合物。Superior公司瀝青產量很大，對吧？當瀝青市場表現強勁並持續走強時，這對該投資組合是有利的。

And so that really is that seasonality I spoke to earlier that depending on what the market is favoring and how it's priced in, that can favor or that can work against you. And what we saw in the fourth-quarter was really the opportunity, both from the market opportunities with some of the disruptions as well as our configuration fitting better into what the crack available was for us.

所以，這就是我之前提到的季節性，根據市場偏好和定價方式，它可能對你有利，也可能對你不利。我們在第四季度看到的是真正的機遇，既包括市場機會以及一些市場動盪帶來的機遇，也包括我們的配置更好地適應了我們所面臨的機會。

Okay. That's fantastic color. Switching gears for my second, just in terms of Lewalk contracting on the gas sales. Does that include any kind of contracted pricing as well? Is there any material change to the pricing as we look out through '26 and beyond?

好的。這顏色真漂亮。換個話題說說我的第二個觀點，就 Lewalk 公司在天然氣銷售上的合約而言。這是否也包括任何形式的合約定價？展望 2026 年及以後，價格方面會有實質的變化嗎？

Yes. No, that's a good question, Travis. So what we've done on 342 it's taken the last couple of years to really work on delineating those reservoirs. And what we're finding is those reservoirs are getting bigger than what we had originally booked for reserves, not smaller. And that's given us the opportunity to increase the gas sales right to the end of life of the PSCs. And that's a big deal for us.

是的。不，崔維斯，你問得好。所以，我們在 342 號油田所做的工作，就是花了過去幾年的時間來真正劃定這些油藏的範圍。我們發現，這些水庫的蓄水量正在增加，而不是減少。這使我們有了在生產分成合約 (PSC) 的使用壽命結束前增加天然氣銷售的機會。這對我們來說意義重大。

And so the gas contracts themselves are roughly the same as what they are today, although slightly higher as well. So we're very pleased with the pricing, very pleased with the volumes. And as I mentioned in my notes, it gives us about $2 billion of incremental free cash flow over the life of those fields. So it's a very significant piece of work and something that the team there has been working on for the last couple of years. So it's good to see it come to fruition at year-end.

因此，天然氣合約本身與今天大致相同，儘管價格也略高一些。所以我們對價格非常滿意，對銷售也非常滿意。正如我在筆記中提到的，這些油田在其生命週期內為我們帶來約 20 億美元的額外自由現金流。所以這是一項非常重要的工作，也是團隊在過去幾年一直在努力完成的專案。所以很高興看到它在年底得以實現。

Chris Nebert, RBC Capital Markets.

克里斯‧內伯特，加拿大皇家銀行資本市場部。

Jon, it's Greg. So I think we may have got our wires crossed.

喬恩，我是格雷格。所以我覺得我們可能理解錯了。

Apologize -- you came up because Chris Net were wondering really well.

抱歉——你之所以出現是因為克里斯·內特（Chris Net）對此非常好奇。

I did indeed. And yes, so listen, a couple of things. I want to come back to Neil's question. So you finished the three-year plan, the three-year growth plan and so forth. Is there another growth plan, albeit perhaps more modest than the offering right now?

我確實這麼做了。是的，聽我說，有幾件事。我想回到尼爾的問題。所以你們完成了三年計畫、三年成長計畫等等。是否有其他成長計劃，即使可能比目前的方案更為溫和？

And then kind of related to that, I wanted to go back to what Kam was talking about in terms of not really throttling your spending too much. But like how generally should we -- I hate to ask it this way, but how should we think about sort of your capital spend maybe over the next two, three years? And that obviously ties into the degree of balance sheet deleveraging, other things being equal.

然後，我想回到 Kam 剛才談到的不要過度限制消費的問題。但是，我們一般應該如何考慮——我不想這樣問，但是我們應該如何考慮您未來兩三年內的資本支出呢？在其他條件相同的情況下，這顯然與資產負債表去槓桿化的程度有關。

Yes. So what I would say, Greg, is one of the things we don't want to get into is big major projects again. So West White Rose is the last of the big major projects. But we have fairly low sustaining capital in and around sort of the 3.6, 3.7 level. And so we have plenty of capital available to us at growth projects that chin the bar at $45.

是的。所以我想說的是，格雷格，我們不想再涉足大型專案。所以，西白玫瑰計畫是最後一個大型計畫。但我們的維持資本相當低，大概在 3.6、3.7 左右。因此，我們有充足的資金可用於那些目標價為 45 美元的成長項目。

But the growth that you're going to see from us over the next couple of years outside of the work that we've already delineated at the Mega asset is really around brownfield development, debottlenecking, and those kind of things. So we mentioned the Dils project that we've got going on at Spruce Lake, which is kind of another example of something that kind of adds 5,000 to 10,000 barrels a day, but isn't -- probably doesn't chin the bar in terms of major project status.

但在接下來的幾年裡，除了我們已經在 Mega 資產項目中規劃的工作之外，你們將會看到我們的成長主要集中在棕地開發、消除瓶頸以及類似的事情上。所以我們提到了我們在雲杉湖進行的 Dils 項目，這算是另一個每天增加 5,000 到 10,000 桶原油的例子，但它可能還達不到重大項目的標準。

But you're going to continue to see those kind of things. So where we have opportunities to add production for $45 or sort of add production that has a return of and return on capital of $45, and we can kind of do in $10,000, $15,000, $20,000 a flowing barrel range, you're going to continue to see those things come out of us. And so I would kind of -- if I were you, I would kind of model us being close to that $5 billion that we've talked about in the past as kind of being the ceiling for our capital spending and then incorporate from that kind of 3% to 5% growth.

但你還是會繼續看到這類事情。因此，如果我們有機會以 45 美元的價格增加產量，或者增加的產量能夠帶來 45 美元的資本回報，並且我們可以以每桶 10,000 美元、15,000 美元、20,000 美元的價格進行生產，你將會繼續看到我們推出這樣的產品。所以，如果我是你，我會把我們之前討論過的 50 億美元當作資本支出的上限，然後把 3% 到 5% 的成長納入考量。

Okay. Okay. That's helpful. And then that $5, let's just assume another $350 million, like I like the fact you guys are capitalizing your turnarounds, gives good transparency. So another -- I'm splitting hairs here, Jon, but that would include turnarounds or wouldn't include turnarounds?

好的。好的。那很有幫助。然後，假設還有 3.5 億美元，例如 5 美元，我喜歡你們利用扭虧為盈的機會進行投資的做法，這帶來了良好的透明度。所以還有一點——我這是在吹毛求疵，喬恩，但這是否包括扭虧為盈？

That will include turnarounds.

這其中就包括扭虧為盈。

Okay. Terrific. And Travis's question was good. I mean, kind of interested in -- like I love your Asian business. I mean it doesn't get a whole lot of airtime. But what does that business look like over two, three, four, five years? How much time are you spending there? Do you want to grow it? Do you want to harvest it? Are you going to sell it?

好的。了不起。特拉維斯的問題問得很好。我是說，我對你的亞洲業務很感興趣——我很喜歡你的亞洲業務。我的意思是，它並沒有獲得太多的播出時間。但這家企業在兩三年四、五年後會是什麼樣子呢？你在那裡待了多久？你想種植它嗎？你想收割嗎？你打算賣掉它嗎？

I don't think -- the way I think about that business, Greg, you're quite right. It's a really good business, and it spits out a lot of free cash flow. I think it's averaged about $1 billion a year for the last five years that we've owned it on a free cash flow basis. And what we really like about it is its fixed price gas plus we get the value of the liquids on a Brent basis. Your operating costs are about $1 an M.

我不認為——就我看待那件事的方式而言，格雷格，你說得完全正確。這是一個非常好的生意，它能產生大量的自由現金流。我認為，過去五年我們持有該資產期間，其自由現金流平均每年約 10 億美元。我們真正喜歡它的一點是，它的天然氣價格固定，而且我們還能以布蘭特原油價格獲得液體的價值。您的營運成本約為每百萬 1 美元。

The fiscal take is relatively modest, and there's really not much of a requirement for sustaining capital. So the way we kind of think about it is not harvesting the asset but definitely sweating the asset and staying true to the Block 29/26, where we think we have a competitive advantage. But we kind of look at it under those terms. We evaluate the opportunities within the block. We work well with the partner there that we have in CNOC, and we're really grateful for that relationship.

財政收入相對較少，而且對維持資本的要求也不高。所以我們的想法是，不是去榨取資產的價值，而是要充分利用資產的價值，並且忠於 29/26 區塊，因為我們認為我們在那裡擁有競爭優勢。但我們確實是從這個角度來看這個問題的。我們評估該區域內的各種機會。我們與中國石油天然氣集團公司（CNOC）的合作夥伴合作良好，我們非常感謝這種合作關係。

And it's just an asset that we just continue to take free cash flow from and invest appropriately in.

這只是一項資產，我們會持續從中提取自由現金流並進行適當的投資。

Manav Gupta,

馬納夫·古普塔

I just wanted to quickly focus a little bit on Egress. We know Enbridge has announced MLO 1 on their call, they are very close to announcing MLO 2 could happen before year-end. And then they also threw out the prospect of an MLO 3. And then there are a bunch of projects that ET and Enbridge are looking where they could even reverse the Bakken pipeline, get more Canadian crude onto DAPL.

我只想快速地重點談談出口。我們知道 Enbridge 已在電話會議上宣布了 MLO 1，他們也即將宣布 MLO 2，這可能在年底前發生。然後他們也提出了 MLO 3 的可能性。此外，ET 和 Enbridge 正在研究一系列項目，他們甚至可以逆轉 Bakken 輸油管的走向，將更多的加拿大原油輸送到 DAPL 輸油管。

So I'm just trying to understand, as all these Egress projects are taking shape place, does this give Cenovus a little more confidence that we are not going back to the days where WTI, WCS could be $25 or so. Those days are behind the Alberta oil sands. Can you talk a little bit about that?

所以，我只是想了解，隨著所有這些出口項目逐步成形，這是否讓 Cenovus 更有信心，我們不會回到 WTI、WCS 油價在 25 美元左右的時代。阿爾伯塔油砂的日子已經過去了。能稍微談談這方面嗎？

Manav, it's Jeff Murray. It sounds like between my last comment and this one you scoured the world and found a number of the pipelines. There's -- there are more out there as well under development. And I'd point to a few other developments and other companies that are working away on things in the same sort of time frame. The projects you referenced, I think, are all intended to be in service late '27, '28, '29.

馬納夫，我是傑夫‧莫瑞。聽起來，從我上次評論到這次評論之間，你似乎搜遍了全世界，找到了許多管道。還有——還有更多正在開發中的項目。我還要指出其他一些進展和其他公司，它們也在類似的時間範圍內努力進行相關工作。我認為你提到的那些項目都計劃在 2027 年末、2028 年末、2029 年末投入使用。

There's projects that push '29, '30, '31 as well. And I think, as Jon pointed out, there's a number of these opportunities out there. Very few of them look like the big challenging mega projects we saw of a decade ago, and there was a certain level of probability around those things. These things are smaller. They're more easily permitted.

也有一些項目推進到 29 年、30 年、31 年。正如喬恩指出的那樣，我認為這樣的機會有很多。它們中很少有像十年前我們看到的那種大型、具有挑戰性的超級項目，而那些項目當時有一定的成功機率。這些東西比較小。它們更容易獲得許可。

There is less development to be done. And I would say we're well connected with all of them, broadly supportive of egress. The key will be industry and Cenovus being prepared to stand by and stand behind and take long-term contracts around these assets. And as Jon pointed out, don't be surprised to see us do that. That is a way of saying we have impact and influence to drive the outcome you referenced, which is to continue to bring egress to market to keep the differential in Alberta where we see it now. And it does feel fairly comforting that, that is something we can take action to drive for at least the next 5 to 10 years.

可供開發的項目已經不多了。而且我認為我們與他們所有人都保持著良好的聯繫，他們普遍支持出口。關鍵在於產業和 Cenovus 是否準備好支持這些資產，並就此簽訂長期合約。正如喬恩指出的那樣，如果我們真的這麼做，不要感到驚訝。也就是說，我們有能力和影響力來推動你提到的結果，那就是繼續為市場帶來出口，以保持阿爾伯塔省目前的差價。令人感到相當欣慰的是，我們可以採取行動，至少在未來 5 到 10 年內推動這一目標的實現。

Yes. I think, Manav, we don't take any of this for granted. So we would never be of the view that we're never going back to where we are. But our challenge as a company is to make sure that we take advantage of these opportunities as they arise. We're kind of in a world right now where we're opportunity-rich in terms of egress.

是的。我認為，馬納夫，我們不應該把這一切視為理所當然。所以我們永遠不會認為我們再也回不到以前的樣子了。但我們作為一家公司面臨的挑戰是，確保我們能夠抓住這些機會。我們現在所處的世界，在出路方面充滿了機會。

And so we're looking at everything. But we also understand that egress is something that's very important to this company on a long-term basis. But with everything that's out there today, it's very positive for this company and this industry. And as I said before, you should look for us to lead this and take advantage of it.

所以我們正在全面審視所有方面。但我們也明白，從長遠來看，出口對這家公司來說非常重要。但就目前的情況來看，這對這家公司和這個行業來說都是非常正面的。正如我之前所說，你們應該期待我們引領這一切並從中獲益。

(Operator Instructions)

（操作說明）

And there are no further questions registered at this time. I would now like to turn the meeting over to Mr. Jon McKenzie.

目前沒有其他問題需要諮詢。現在我將會議交給喬恩·麥肯齊先生主持。

Great. Thank you, operator. So this concludes our conference call. I'd just like to thank everybody for joining us. We definitely appreciate your interest in the company. So thank you very much and have a great day.

偉大的。謝謝接線生。本次電話會議到此結束。我只想感謝大家的到來。我們非常感謝您對我們公司的關注。非常感謝，祝您今天過得愉快。

This concludes today's program. You may all disconnect. Thank you for participating in today's conference and have a great day.

今天的節目到此結束。你們可以斷開連結了。感謝您參加今天的會議，祝您有美好的一天。