Cenovus Energy Incorporation (CVE) 2026 Q2 法說會逐字稿

Good morning, everyone. Thank you for standing by, and welcome to Cenovus Energy's second-quarter 2026 results conference call.

各位早安。感謝各位耐心等候，歡迎參加森諾沃斯能源（Cenovus Energy）2026 年第二季業績電話會議。

(Operator Instructions)

(接線員指示)

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.

提醒各位，本次通話將被錄音。現在我想將會議交給投資人關係與內部稽核副總裁 Patrick Reed 先生。Reed 先生，請開始。

Thank you, operator. Good morning, everyone, and welcome to Cenovus' 2026 second-quarter results conference call. On the call this morning, our CEO, Jon McKenzie; and CFO, Kam Sandhar, will take you through our results. 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.

謝謝，接線員。各位早安，歡迎參加森諾沃斯 2026 年第二季業績電話會議。今天早上的電話會議中，我們的執行長 Jon McKenzie 與財務長 Kam Sandhar 將帶各位回顧本季業績。接著我們將開放線路，讓 Jon、Kam 以及森諾沃斯管理團隊的其他成員回答各位提問。在開始之前，請參閱今日新聞稿末尾的提示聲明。

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. For the question-and-answer portion of the call, please keep to one question with a maximum of one follow-up.

其中說明了今日提及的前瞻性資訊、非 GAAP 衡量指標以及油氣相關用語。也概述了與本次討論相關的風險因素與假設。更多資訊可參閱森諾沃斯年度 MD&A，以及我們最新的 AIF 與 Form 40-F。並提醒各位，除非另有說明，今天電話會議中提及的所有數字均以加幣計。在問答環節，請每位提問者僅提出一個問題，最多再追問一次。

You're welcome to rejoin the queue for any other follow-up questions you may have. For detailed modelling questions, please follow up directly with our Investor Relations team after the call. I will now turn the call over to Jon. Jon, please go ahead.

如有其他追問，歡迎再次排隊。若有較為細節的建模問題，請於會後直接與我們的投資人關係團隊聯繫。現在我把電話交給 Jon。Jon，請開始。

Great. And thank you, Patrick, and good morning, everyone. As always, I'd like to begin by recognizing our safety performance and those who protect our people and our assets each and every day. On May 19, we safely completed the Foster Creek enhanced sulfur recovery project ahead of schedule and on budget. This is the fourth major project our projects group has safely and economically delivered over the last 14 months.

很好。謝謝你，Patrick，各位早安。一如往常，我想先肯定我們的安全績效，以及每天保護我們員工與資產的同仁。5 月 19 日，我們在提前於進度且符合預算的情況下，安全完成 Foster Creek 強化硫回收專案。這是過去 14 個月內，我們專案團隊安全且具經濟效益交付的第四個重大專案。

After 24 months and 600,000 hours of work, the Aiming Claus unit was put into service, marking our first application of this technology in SAGD operations. The project improves how we manage sulfur at Foster Creek. It lowers chemical operating costs by $0.50 to $0.75 a barrel, supports regulatory compliance and removes about 700 trucks per year from the road at site.

歷經 24 個月、60 萬工時後，Aiming Claus 裝置已投入運轉，這也標誌著我們首次在 SAGD 作業中應用此項技術。該專案改善了我們在 Foster Creek 的硫管理方式。它將化學品營運成本降低每桶 0.50 至 0.75 美元，支持法規遵循，並使現場每年約減少 700 輛卡車上路。

Most importantly, though, with an established track record of consistently bringing projects online on time and on budget with outstanding safety performance, we continue to see our projects organization as a competitive advantage for Cenovus.

更重要的是，憑藉一貫準時、按預算讓專案投產並具備卓越安全表現的既有紀錄，我們持續將專案組織視為森諾沃斯的競爭優勢。

So now turning to our results. This was another strong quarter for Cenovus, and we're well positioned for continued performance and growth through the remainder of 2026 and into 2027. Market conditions were supportive and our people ran our assets very well through the quarter. The outcome was our best quarterly financial result ever. In our upstream business, production averaged more than 970,000 BOE per day this quarter. This included oil sands production of over 786,000 barrels per day, exceeding the production record we set in the first-quarter.

接著談我們的業績。本季對森諾沃斯而言再度是強勁的一季，我們也已為 2026 年剩餘期間以及邁入 2027 年的持續表現與成長做好準備。市場環境有利，我們的團隊在本季也將資產運行得非常出色。結果是我們創下史上最佳單季財務表現。在上游業務方面，本季日均產量超過 97 萬桶油當量（BOE）。其中包含油砂產量超過每日 78.6 萬桶，超越我們在第一季創下的產量紀錄。

We've continued that momentum into the third-quarter with July monthly production for the company well on track to average over 1 million BOE per day. This will be the first month the company has achieved this milestone, which is a testament to the quality of our people and assets as well as our resilient culture.

我們在第三季延續了這股動能，7 月公司月度產量有望穩定達到日均超過 100 萬桶油當量。這將是公司首次達成此一里程碑，展現了我們人才與資產的品質，以及我們具韌性的企業文化。

Our largest oil sand asset, ChristinaLake, continues to be the most material contributor to our strong production performance. Production in the second-quarter reached a new all-time high of 372,000 barrels per day, supported by the ramp-up of Narrows Lake and the initiation of the redevelopment well program at Christina Lake North. Narrows Lake continues to exceed its expectations and is now producing over 80,000 barrels per day much earlier than planned.

我們最大的油砂資產 Christina Lake，仍是推動強勁產量表現的最重要貢獻者。第二季產量創下歷史新高，達每日 37.2 萬桶，主要受 Narrows Lake 產量爬坡，以及 Christina Lake North 重建井計畫啟動所支撐。Narrows Lake 持續超出預期，目前產量已超過每日 8 萬桶，且比原計畫提前許多。

This is contributing to Christina Lake averaging about 400,000 barrels a day for the month of July. The Narrows Lake asset is one of the highest quality SAGD assets in the basin, and the growth we expected from Narrows Lake is coming much sooner than forecast.

這使得 Christina Lake 在 7 月份日均約 40 萬桶。Narrows Lake 資產是該盆地品質最高的 SAGD 資產之一，而我們預期的 Narrows Lake 成長正比預測更早到來。

Notably, we reached that production rate we expected to get from the first five well pads from only the first four well pads, and we expect to bring on the next Narrows well pad later this year. At Christina North, the integration work is progressing seamlessly. We have delivered on all the upfront commercial and corporate synergies and remain on track to increase production to 150,000 barrels a day by 2028. We're seeing production volumes from Christina Lake North respond well with current rates reaching above rated capacity of 110,000 barrels per day.

值得注意的是，我們原本預期前五個井墊可達到的產量水準，僅靠前四個井墊就已達成，並預期今年稍晚將啟用下一個 Narrows 井墊。在 Christina North，整合作業進展順利無縫。我們已實現所有前期商業與公司層面的協同效益，並仍按計畫在 2028 年將產量提升至每日 15 萬桶。我們看到 Christina Lake North 的產量反應良好，目前產量已高於額定產能的每日 11 萬桶。

As our redevelopment program progresses and with our first new pad since the acquisition now online and performing well and with the commissioning of the fifth OTSG later this year, we expect production from this field to increase in the second half of the year. In the third-quarter, we will conduct a plant turnaround on phases F and G at Christina Lake. As always, we continue to optimize the scope and execution of these major maintenance events to reduce the duration, cost and production lost.

隨著重建計畫推進、收購後首個新井墊現已投產且表現良好，以及今年稍晚第五台 OTSG 投入試運轉，我們預期該油田在下半年產量將增加。第三季，我們將對 Christina Lake 的 F 與 G 期進行裝置大修（turnaround）。一如往常，我們持續優化這些重大維護作業的範圍與執行，以縮短工期、降低成本並減少停產損失。

As a result, we've shortened the planned duration of the turnaround by nine days and reduced the expected production loss by over 700,000 barrels, representing more than 20,000 barrels per day of increased production over the turnaround duration. The efficiency of our turnarounds in the oil sands has become a real competitive advantage for Cenovus.

因此，我們將原定大修工期縮短了 9 天，並將預期產量損失降低超過 70 萬桶，相當於在大修期間日均增加超過 2 萬桶產量。我們在油砂業務的大修效率，已成為森諾沃斯真正的競爭優勢。

The redundancy, interconnectedness, and isolation we've built into our plants over the past two decades allows us to reduce the scope of scheduled turnarounds and optimize production inside the turnaround windows as well as under normal operating conditions. Combined with the optimization of the Foster Creek turnaround earlier this year, we are now on track to produce over 1.2 million more barrels than were budgeted during the turnarounds this year. This has been reflected in our revised annual guidance.

過去二十年來，我們在工廠中建立的備援、互聯性與隔離設計，使我們得以縮小例行大修的範圍，並在大修窗口內以及正常營運條件下優化產量。再加上今年稍早對 Foster Creek 大修的優化，我們目前可望在今年大修期間的產量較預算多出超過 120 萬桶。這也已反映在我們修訂後的年度指引中。

At Foster Creek, production in the quarter was approximately 215,000 barrels a day. The asset exited the quarter at record production levels of 245,000 to 250,000 barrels a day, which continued through July. As mentioned earlier, we also brought on the sulfur recovery unit well ahead of schedule, which is expected to reduce operating costs at Foster Creek by $0.50 to $0.75 per barrel.

在 Foster Creek，本季產量約為每日 21.5 萬桶。該資產在季末以創紀錄的每日 24.5 萬至 25 萬桶產量收官，並在 7 月持續維持。如先前所述，我們也遠早於進度啟用了硫回收裝置，預期可使 Foster Creek 的營運成本每桶降低 0.50 至 0.75 美元。

Moving to Sunrise. Production was nearly 66,000 barrels a day during the quarter, following the start-up of the first well pad in the East development area. With continued strong performance at Sunrise, we are now regularly exceeding 70,000 barrels a day of production, a target originally planned for 2027.

接著談 Sunrise。隨著東部開發區第一個井墊啟動投產，本季產量接近每日 66,000 桶。在 Sunrise 持續強勁的表現下，我們目前已經經常超過每日 70,000 桶的產量，這原本是規劃於 2027 年達成的目標。

We're also seeing consistent contribution from our Lloydminster thermal assets, where production averaged 103,000 barrels a day for the quarter. Strong results from the redevelopment program continues to deliver production ahead of our expectations at Spruce Lake, Pikes Peak and Deed Valley.

我們也看到 Lloydminster 熱採資產持續穩定貢獻，本季平均產量為每日 103,000 桶。重建開發計畫的強勁成果，持續使 Spruce Lake、Pikes Peak 與 Deed Valley 的產量超出我們的預期。

With the continued -- with the increased productivity, we are delivering at each of Christina Lake, Foster Creek and Sunrise, we are increasing our full year production guidance for the company to the range of 970,000 BOE to 1,010,000 BOE per day with no change to our capital investment guidance. We're also reducing unit cost guidance, reflecting higher production, increased utilization rates, and continued cost discipline.

隨著生產力持續提升——並且我們在 Christina Lake、Foster Creek 與 Sunrise 各項資產都交出成果——在資本投資指引不變的情況下，我們將公司全年產量指引上調至每日 970,000 BOE 至 1,010,000 BOE 的區間。我們也下調單位成本指引，反映更高的產量、更高的利用率，以及持續的成本紀律。

At West White Rose, drilling of the first production well remains on track, and we expect to reach first oil in late Q3. At this point, we expect the increasing contributions from the East Coast to meaningfully support production growth and the cash flow profile. Now moving to the downstream business. Strong operational availability across our assets saw us capitalize on a supportive pricing environment in the second-quarter.

在 West White Rose，第一口生產井的鑽井仍按計畫推進，我們預期將於第三季末首次出油。在此階段，我們預期來自東岸的貢獻增加，將對產量成長與現金流輪廓提供實質支撐。接著談下游業務。我們各項資產維持強勁的營運可用率，使我們在第二季得以把握有利的定價環境。

The Canadian refining business delivered crude throughput of 102,000 barrels per day or utilization rate of roughly 94%. Operations in the quarter included scheduled maintenance on the second train of the hydrocracker at the Lloyd Upgrader, which was delivered under budget, setting the stage for consistent operations in the second half of this year and all the way through 2027.

加拿大煉油業務原油處理量為每日 102,000 桶，或約 94% 的利用率。本季營運包含 Lloyd Upgrader 加氫裂化裝置第二列的例行維護，且在預算內完成，為今年下半年以及一路到 2027 年的穩定運作奠定基礎。

In the US refining business, market conditions were highly favourable in the second-quarter, supported by low Midwest inventories, robust crack spreads and wider heavy oil differentials. Crude throughput averaged 350,000 barrels per day or approximately 96% utilization.

在美國煉油業務方面，第二季市場狀況非常有利，受惠於中西部庫存偏低、裂解價差強勁，以及重油價差擴大。原油處理量平均為每日 350,000 桶，或約 96% 的利用率。

The business continues to run well, generating material adjusted cash flow for the company, and we are well prepared to execute the turnaround of the Lima integrated unit in September, October this fall. All in all, Cenovus had a very strong quarter, and we expect that trend to continue as we continue to execute against our business plans.

該業務持續運作良好，為公司帶來可觀的調整後現金流；同時，我們也已充分準備在今年秋季 9 月、10 月執行 Lima 整合裝置的歲修。總體而言，Cenovus 本季表現非常強勁，我們預期在持續落實業務計畫的同時，這一趨勢將延續。

Now I'll turn it over to Kam to walk through our financial results.

接下來我把時間交給 Kam，帶大家回顧我們的財務結果。

Thanks, Jon, and good morning, everyone. In the second-quarter, we generated approximately $5.9 billion of operating margin and $5 billion of adjusted funds flow, both all-time highs for Cenovus. Upstream operating margin was over $4.9 billion, increasing from the prior quarter due to higher benchmark oil prices and increased oil sands production.

謝謝你，Jon，各位早安。第二季我們創造約 59 億美元的營運毛利，以及 50 億美元的調整後資金流，兩者皆為 Cenovus 的歷史新高。上游營運毛利超過 49 億美元，較前一季增加，主要因基準油價上升以及油砂產量提高。

As Jon mentioned, with stronger production volumes and cost performance across the business, we've updated our full year operating cost guidance with reductions to each of our oil sands, conventional and Asia Pacific costs. Our oil sands non-fuel operating costs were $8.28 a barrel, a reduction of almost $0.65 a barrel from the prior quarter. In our conventional gas business, costs declined by nearly $0.50 per BOE quarter-over-quarter to $9.13 per BOE, reflecting an ongoing focus on cost control.

如 Jon 所提到，隨著全業務在產量與成本表現更強，我們更新了全年營運成本指引，並下調油砂、傳統與亞太各項成本。我們油砂非燃料營運成本為每桶 8.28 美元，較前一季降低近每桶 0.65 美元。在傳統天然氣業務方面，成本季對季下降近每 BOE 0.50 美元至每 BOE 9.13 美元，反映我們持續聚焦成本控管。

In the Downstream, strong refined product pricing, widening heavy oil differentials supported a favourable margin environment. Operating margin was approximately $1 billion in the quarter. This included $144 million inventory holding gain between our Canadian and US refining segments. That performance was supported by disciplined cost control and strong operational availability across our refining network. In the Canadian refining business, full year operating cost guidance was lowered by $1 per barrel to $11 per barrel at the midpoint, reflecting increased throughput guidance and lower repairs and maintenance.

在下游方面，成品油價格強勁與重油價差擴大，支撐了有利的利差環境。本季營運毛利約為 10 億美元。其中包含加拿大與美國煉油部門合計 1.44 億美元的存貨持有收益。該表現受惠於嚴謹的成本控管，以及我們煉油網路整體的高營運可用率。在加拿大煉油業務方面，全年營運成本指引在中點下調每桶 1 美元至每桶 11 美元，反映處理量指引提高以及修繕與維護成本降低。

US refining operating costs were $10.55 per barrel, almost $1.20 per barrel lower than the previous quarter, reflecting higher throughput volumes combined with lower energy and electricity prices. Adjusted market capture, as Jon mentioned, was 67%, decreasing from the prior quarter with the rise in Midwest gasoline pricing and the lag in asphalt and secondary product prices.

美國煉油營運成本為每桶 10.55 美元，較前一季降低近每桶 1.20 美元，反映處理量提高並結合能源與電力價格下降。如 Jon 所提到，調整後市場捕捉率為 67%，因中西部汽油價格上升以及瀝青與次級產品價格落後而較前一季下降。

Capture is also impacted by temporary dislocations in domestic light crudes, including Bakken, Midland WTI, which increased feedstock costs during the quarter. Capital investment in the second-quarter was approximately $1.2 billion, supporting sustaining activity across the business alongside our in-flight growth projects at Christina Lake North, Sunrise, Foster Creek, and West White Rose.

捕捉率也受到國內輕質原油暫時性錯位的影響，包括 Bakken、Midland WTI，這在本季推升了原料成本。第二季資本投資約為 12 億美元，用於支持全業務的維持性活動，同時推進 Christina Lake North、Sunrise、Foster Creek 與 West White Rose 等進行中的成長專案。

We expect capital spend to be higher in the second half of the year as we continue to execute our program and maintenance activity increases with the planned turnaround at our Lima Refinery. Capital guidance for 2026 remains unchanged at $5 billion to $5.3 billion. With record adjusted funds flow and nearly $700 million reduction in non-cash working capital, net debt decreased to $5.4 billion at quarter end, representing a $2.7 billion reduction in one quarter.

我們預期下半年資本支出將更高，因我們持續執行計畫，且隨著 Lima 煉油廠規劃的歲修，維護活動將增加。2026 年資本指引維持不變，為 50 億至 53 億美元。在創紀錄的調整後資金流以及非現金營運資金減少近 7 億美元的帶動下，季末淨負債降至 54 億美元，單季減少 27 億美元。

The reduction in working capital was partly driven by a $690 million increase in income tax payable due to our strong financial results. If commodity prices remain elevated, we expect income taxes payable to continue to increase in the second half of '26 before unwinding in the first-quarter of '27. With our revised guidance, we expect cash taxes to be $2.3 billion to $2.6 billion, of which a significant portion will be paid in February of 2027.

營運資金的下降部分是由於我們強勁的財務結果，使應付所得稅增加 6.90 億美元所致。若商品價格維持高檔，我們預期 2026 年下半年應付所得稅將持續增加，並在 2027 年第一季回轉。依據我們修訂後的指引，我們預期現金所得稅為 23 億至 26 億美元，其中相當大一部分將於 2027 年 2 月支付。

During the quarter, we fully repaid the remaining $2.2 billion outstanding on the term loan that was obtained as part of the MEG acquisition in November. Reflecting the strength of the quarter, total royalty and tax payments rose to $2.7 billion. Shareholder returns in the second-quarter were $1.4 billion, including $1 billion in common share purchases through the NCIB and $411 million through common share dividends.

本季我們已全數償還 11 月作為 MEG 收購一部分所取得之定期貸款剩餘未償 22 億美元。反映本季的強勁表現，權利金與稅款支付總額上升至 27 億美元。第二季股東回饋為 14 億美元，其中包括透過 NCIB 回購普通股 10 億美元，以及普通股股利 4.11 億美元。

These outcomes highlight the significant value created for all of our stakeholders, including meaningful contributions to the province and the government of Canada via royalties, taxes, returns to shareholders and ongoing debt reduction. As our net debt is now below $6 billion, as per our revised financial framework we set out when we announced MEG, we'll be increasing targeted shareholder returns to 75% of excess free funds flow over time, while continuing to progress towards our long-term net debt target of $4 billion.

這些成果凸顯我們為所有利害關係人創造的重大價值，包括透過權利金、稅款、股東回饋以及持續降債，對本省與加拿大政府做出具體貢獻。由於我們的淨負債現已低於 60 億美元，依據我們在宣布 MEG 時提出的修訂後財務架構，我們將隨時間把目標股東回饋提高至超額自由資金流的 75%，同時持續朝長期淨負債 40 億美元的目標邁進。

Our shareholder returns targets should continue to be viewed as guidelines, and we will continue to exercise judgment, maintain flexibility in where we allocate capital in any particular quarter to maximize value and focus on returns for our shareholders.

我們的股東回饋目標應持續被視為指引；我們將持續運用判斷並保持彈性，在任何特定季度於資本配置上做出取捨，以最大化價值並聚焦為股東創造回報。

I'll now turn the call back to Jon for some closing remarks.

現在我把電話會議交回給 Jon，做一些結語。

Great. And thank you, Kam. So as I reflect on the quarter, what stands out is the consistency of our execution and the opportunities which our people continue to find to get more out of our assets. We would never apologize nor take credit for a higher commodity price environment, but the key is to run well, while at last and capitalize on the opportunity. Across the business, we delivered on our commitments, outperformed our plans, and built momentum for what will be a strong second half of 2026.

很好。也謝謝你，Kam。回顧本季，我最有感的是我們執行的一致性，以及我們的同仁持續找到方法，讓既有資產發揮更大效益的機會。我們不會為較高的商品價格環境道歉，也不會因此居功；關鍵在於把營運做好、保持韌性，並把握機會。在整個業務範圍內，我們兌現承諾、表現優於計畫，並為2026年下半年將會很強勁的表現建立動能。

We're now seeing the payoff from years of disciplined investment and operational and technical focus. All of our growth projects in the Oil Sands are nearing or have exceeded full rates, while we continue to find ways to optimize performance. At the same time, our integrated business model continues to be an advantage. Our strong refinery availability provides a reliable destination for our growing production, allowing us to capture the benefits of a robust downstream environment while minimizing our transportation costs and commitments.

我們現在正看到多年來嚴謹投資，以及在營運、技術面持續聚焦所帶來的成果。我們在油砂的所有成長專案都已接近或已超過滿載產能，同時我們仍持續尋找方法來最佳化表現。與此同時，我們的整合式商業模式仍是一項優勢。我們煉油廠的高可用率，為我們持續成長的產量提供可靠去處，使我們能在下游環境強勁時掌握其效益，同時將運輸成本與相關承諾降至最低。

Now I'd be remiss if I did not also briefly address the trilateral agreement, which members of the Oil Sands Alliance have entered into with the federal and Alberta governments earlier this month. While the MOU is only a first step, the agreement represents meaningful progress towards creating a competitive investment environment for Canada's vast Oil Sands resource base.

另外，如果我不簡要談一下三方協議就說不過去了；本月稍早，油砂聯盟（Oil Sands Alliance）的成員已與聯邦政府及亞伯達省政府簽署該協議。雖然這份備忘錄（MOU）只是第一步，但該協議代表在為加拿大龐大的油砂資源基礎打造具競爭力的投資環境方面，已取得實質進展。

Although the MOU still provides provisions for an uncompetitive carbon tax that uniquely burdens Canadian industry, it creates a framework for governments and industry to work together on production growth, emissions reduction and expanded market access.

儘管該備忘錄仍包含一項缺乏競爭力、且對加拿大產業造成獨特負擔的碳稅條款，但它建立了一個框架，讓政府與產業能共同推動產量成長、減少排放並擴大市場准入。

Most importantly, by acknowledging and committing to the need to put a competitive policy and regulation in place to support meaningful growth in Canadian oil sands as well as appropriate fiscal frameworks to support political priorities on carbon capture, the agreement establishes an important foundation for future investment and development.

最重要的是，透過承認並承諾需要建立具競爭力的政策與法規，以支持加拿大油砂的實質成長，同時建立適當的財政框架以支援碳捕捉等政治優先事項，該協議為未來投資與開發奠定了重要基礎。

Cenovus is committed to working with our partners in both the Canadian and Alberta governments to work towards definitive agreements to make this a reality. What matters most is this agreement signals a willingness to work together to grow the oil and gas sector for the benefit of all Canadians. This is an important step to getting our economy moving forward again, creating high-paying jobs for Canadians, and generating tax and royalty revenue to support Canada's quality of life and standard of living.

Cenovus 承諾將與加拿大聯邦政府及亞伯達省政府的合作夥伴共同努力，推動達成具約束力的最終協議，使其成為現實。最關鍵的是，這項協議釋出願意攜手合作、為全體加拿大人之福祉而推動油氣產業成長的訊號。這是讓我們的經濟再次向前邁進的重要一步，能為加拿大人創造高薪工作，並帶來稅收與權利金收入，以支撐加拿大的生活品質與生活水準。

And while the opportunity set for industry is expanding, our approach will be unchanged. We'll continue to responsibly develop resources, support our communities in which we do business, be disciplined allocators of capital and run our business to the long-term benefit of our shareholders and stakeholders. And with that, I'll open it up to questions.

即使產業的機會版圖正在擴大，我們的方法也不會改變。我們將持續以負責任的方式開發資源、支持我們營運所在的社區、嚴守資本配置紀律，並以股東與利害關係人的長期利益來經營公司。接下來我開放提問。

(Operator Instructions)

（接線員指示）

Greg Pardy, RBC Capital Markets.

RBC Capital Markets 的 Greg Pardy。

Another really, really strong quarter. Good to see. Jon, within the release, what jumped out a little bit is just the sanctioning of the solvent-aided SAGD project. So I know it's -- I mean, it's not nothing, right? It's 10,000, 15,000 barrels a day. What's your thinking about broader implementation of SAGD over time?

又是一個非常、非常強勁的季度。很高興看到。Jon，在新聞稿裡有一點讓我稍微注意到，就是核准了溶劑輔助的 SAGD 專案。所以我知道它——我的意思是，這也不是小事，對吧？是每天1萬到1.5萬桶。你對於未來更廣泛導入 SAGD 的想法是什麼？

Yes. So Greg, we believe that solvent-assisted SAGD has targeted application in some of the areas that we have within our portfolio. So this will be the first commercial application of that inside our portfolio. So you're quite right, earlier in this year, we sanctioned a project in Spruce Lake to bring on kind of 10,000 barrels a day in the 2028 time frame. What we expect from that is there may be broader application within the Narrows Lake portfolio and some of the other parts of our business.

是的。Greg，我們認為溶劑輔助 SAGD 在我們投資組合中的部分區域具有針對性的適用性。因此，這將是我們投資組合內首次的商業化應用。你說得沒錯，今年稍早我們已核准在 Spruce Lake 的一個專案，預計在2028年前後投產，規模約每天1萬桶。我們的預期是，這項技術可能在 Narrows Lake 的資產組合以及我們業務的其他部分有更廣泛的應用。

But as we've always been really clear about in this business, SOR is king, and this is a way to get the SOR down, get more volume for less steam. And there's some application, as I mentioned, across some of our portfolio. But Andrew, maybe you want to address a little bit there, too.

但正如我們在這個業務中一向講得很清楚的，SOR（蒸汽油比）才是王道；而這是一種降低 SOR、用更少蒸汽取得更多產量的方法。如我所提到的，它在我們投資組合的部分區域有一些適用性。不過 Andrew，也許你也可以再補充一下。

Yes. No, happy to. Greg Yes, indeed, as John said, this is a targeted application of solvents, and we're doing it in a high-quality reservoir in Saskatchewan at an area called Spruce Lake. And what we're really hoping to achieve here is actually a production increment of about 40% to 50% and an SOR reduction of about 30%. We see similar applications in high-quality reservoirs across our portfolio. But I think where our subsurface team is particularly excited is we also think that solvents could be a good fit for lower quality resources.

好的。很樂意。Greg，沒錯，正如 John 所說，這是溶劑的針對性應用；我們在薩斯喀徹溫省一個名為 Spruce Lake 的區域、在高品質儲層中推進這項工作。我們真正希望達成的是，產量增量約40%到50%，以及 SOR 降低約30%。我們在投資組合中其他高品質儲層也看到類似的應用機會。但我認為我們地下地質團隊特別興奮的是，我們也認為溶劑可能很適合用在品質較低的資源上。

So for example, resources where you have thinner pay. So we're going in with this in a high confidence area, and then we're looking at how we can take that technology further into next decade in more challenging reservoirs.

例如，油層有效厚度（pay）較薄的資源。所以我們先在高信心區域導入，接著再評估如何在下一個十年把這項技術進一步推進到更具挑戰性的儲層中。

Okay. Understood. And maybe just switching gears, staying on the ops side as you mentioned that the shorter duration under currents now is becoming a big advantage. So the natural question is, how have you done that? Perhaps what are you doing now that you weren't doing before? And is it as simple as really planning or it's like what's the special sauce behind that?

好的。了解。那也許換個話題，仍然在營運面：你提到現在較短的停工（turnaround）期間正成為一大優勢。所以很自然的問題是，你們是怎麼做到的？也許你們現在做了哪些以前沒做的事？這是否只是更好的規劃而已，還是背後有什麼「獨門配方」？

Yes. I think when people see the results, everybody looks for a special sauce. But what you have to remember is this is probably two decades' worth of work. In some of these plants now we're getting into the fourth and fifth turnaround cycle. And the way these plants were designed in the phased application that we built them, we've had the opportunity to create interconnectivenness, bypasses, isolation, and the like. So the first key to any turnaround is getting as much work as you can out of the turnaround window and limiting scope that comes through isolation.

是的。我想當大家看到成果時，都會想找所謂的「獨門配方」。但你必須記得，這大概是累積了二十年的工作成果。我們現在有些工廠已進入第四、第五次的大修週期（turnaround cycle）。而這些工廠在分期建設的設計方式下，我們有機會建立互聯互通、旁通（bypasses）、隔離（isolation）等設計。因此，任何大修的第一個關鍵，就是盡可能把工作移出大修窗口，並透過隔離來限制進入窗口的工作範圍。

And then with the jump overs and the interconnectedness of the plants, we're able to reroute process streams to minimize the loss of production during the turnaround window. But this is not something that you do overnight. It's not something that happens overnight. One of the things that we think about, for example, is as we move to the Christina Phase F, Phase G turnaround, we start thinking about what that's going to look like in five years and what are we going to do in this window to minimize the production impact in the -- I guess, it would be 2031 turnaround when that scheduled turnaround comes up again.

接著，透過跨接（jump overs）與工廠之間的互聯互通，我們能重新導引製程物流，以在大修窗口期間把產量損失降到最低。但這不是一夕之間能做到的。它不會在一夜之間發生。例如，我們在規劃 Christina F 期、G 期的大修時，就會開始思考五年後會是什麼樣子，以及我們在這個窗口要做哪些事，才能把——我想應該是2031年——下一次排程大修時對產量的影響降到最低。

But this is something that happens through time. It's something you design into your plants when you build it and then you optimize it through time. I don't know if you have anything else you want to add on that.

但這些都是隨時間累積而成的。它是在建廠時就把理念設計進去，然後再隨時間持續最佳化。我不確定你是否還想補充其他內容。

Yes. No, happy to. It's Andrew again. Jon, you, and I were talking about that the other day. And I really think just to build on what Jon said, it really comes in sort of four waves of things we've done. It starts off with the design of the plants, the scale of the plants and how we have multiple phases that we can leverage.

是的。不，樂意。我是 Andrew，又來了。Jon，你和我前幾天才在談這件事。我真的認為，延續 Jon 剛才說的，我們做過的事情大致可分為四波。首先是工廠的設計、工廠的規模，以及我們如何透過多個可運用的階段來發揮槓桿效益。

Second thing is the cycle time of our turnarounds. We've done a lot of integrity management and condition-based monitoring over the years. So we now go cycle time at five-plus years of each of the turnarounds. So that's an important step, Greg.

第二件事是我們大修（turnaround）的週期時間。多年來我們做了大量的完整性管理與狀態式監測。因此現在每次大修的週期時間已拉長到五年以上。所以這是很重要的一步，Greg。

Then on the terms of the -- the third leg would be kind of the scope of the work that we execute inside of the turnarounds. And we've really been able to reduce that by actually taking the work and spreading it over 365 days. So basically sprinkling it in during the operational time rather than in a turnaround.

接著第三個面向，會是我們在大修期間執行的工作範圍。我們其實已經能大幅降低這個範圍，方法是把工作拆開並分散到 365 天來做。也就是在日常運轉期間穿插進行，而不是集中在一次大修裡。

And then finally, and here's some kudos goes to our operations team. Our operations team is doing a phenomenal job during the execution of the turnarounds themselves, leveraging what John just spoke to. Quite a bit of confidence in that now. We obviously saw it at Foster Creek, where we had minimal production impact.

最後一點，也要給我們營運團隊一些肯定。我們的營運團隊在大修執行期間表現非常出色，善用 John 剛才提到的做法。我們現在對此相當有信心。我們在 Foster Creek 已經看到成效，對產量的影響非常小。

We just guided you to reduced impact of the turnaround coming up at Christina Lake. And then the other thing I'd just remind you, Greg, and everyone that we've got a pretty light turnaround cycle in the Upstream business over the next few years. Just the way we've been able to spread them out, you'll see sort of one or two lighter turnarounds each year.

我們也剛向各位指引，接下來 Christina Lake 的大修影響會降低。另外我也想提醒你，Greg，以及各位，未來幾年我們上游業務的大修週期其實相當輕。因為我們已經把它們分散開來，所以每年大概只會看到一到兩次較輕量的大修。

Dennis Fong, CIBC.

Dennis Fong，CIBC。

Congrats as well on a strong quarter as well as the continued momentum you're showcasing in ops. My first question here maybe continues on from Greg's question. So Christina Lake on the back of Narrows Lake success as well as the work that you're doing in Christina Lake North. You previously talked potentially about interconnecting the two processing facilities. Can you talk towards one, maybe the strategy and how that's maybe evolved just on the back that you've seen it Narrows as well as where you're seeing facility limits at either Christina Lake North or Christina Lake South?

也恭喜你們本季表現強勁，以及在營運面展現的持續動能。我第一個問題可能延續 Greg 的問題。Christina Lake 在 Narrows Lake 成功，以及你們在 Christina Lake North 所做的工作之後，你們先前曾提到可能會把兩座處理設施互相連通。能否談談第一，策略是什麼、以及在看到 Narrows 的成果後策略如何演進；同時你們在 Christina Lake North 或 Christina Lake South 任一端看到的設施瓶頸在哪裡？

And how does that also optimize maybe the well development or how that shifted the well development and like the next well pad locations that you're thinking about drilling between the two assets?

另外，這又如何最佳化井的開發，或是如何改變井的開發方式，以及你們在兩個資產之間接下來考慮鑽探的下一批井場（well pad）位置？

It's kind of funny. You're asking us to give -- to front run our Investor Day in January. But we're actually working on the interconnectedness of Christina Lake North and our Christina plant today. Andrew, maybe you're the best person to answer Dennis' question.

這有點好笑。你是在要我們——提前揭露我們一月投資人日的內容。不過我們今天確實正在推進 Christina Lake North 與我們 Christina 廠的互聯。Andrew，也許你最適合回答 Dennis 的問題。

Yes, I'll have a go. Maybe I'll take a giant step back and then kind of talk to the evolution of both Christina Lake and Christina Lake North and then how we're going to connect them. And the evolution of Christina Lake, you'll recall, Dennis, a couple of years ago, we were at 230,000, 235,000 barrels a day. We sanctioned the expansion and as well the tieback to Narrows Lake.

好的，我來試著回答。我可能先大步退後，談一下 Christina Lake 與 Christina Lake North 的演進，然後再談我們要如何把它們連起來。關於 Christina Lake 的演進，你還記得，Dennis，幾年前我們的產量大約在每日 230,000 到 235,000 桶。我們核准了擴建案，同時也核准了回接（tieback）到 Narrows Lake。

And we've now taken Christina Lake production to close to 265,000, 270,000 barrels a day with Narrows Lake at 80,000 barrels a day plus. So we're seeing good performance there. Christina Lake, still treating them separately at Q1, Q2 performance was in that sort of 105,000, 110,000 barrels a day.

而現在我們已把 Christina Lake 的產量提升到接近每日 265,000 到 270,000 桶，Narrows Lake 也在每日 80,000 桶以上。所以我們看到那邊的表現不錯。至於 Christina Lake North，我們在第一季、第二季仍是分開看待，其表現大約在每日 105,000 到 110,000 桶左右。

We're seeing that ramp up to probably towards 125,000 barrels a day by year-end, and that's a function of the redevelopment wells and as well the fifth OTSG coming on stream in Q4. And then we'll continue to grow Christina Lake up towards 150,000 barrels a day and beyond in 2028.

我們預期到年底會爬升到大約每日 125,000 桶，這主要來自再開發井（redevelopment wells），以及第五台 OTSG 在第四季投產。接著我們會持續把 Christina Lake North 成長到 2028 年達到每日 150,000 桶並再往上。

Now that's kind of the status. Now when we did the deal, we spoke to our investors and yourselves about the opportunity we had to optimize the subsurface and even between the two areas, we're really going now and not wanting to front run too much, Dennis, but we're really looking at how can we also physically connect the plants. So back to my answer earlier to Greg on the turnaround performance and how we're utilizing the scale and the phases of the plant. We actually see an opportunity here to optimize and get more juice out of the surface facility by actually connecting all the various pieces between the two plants.

以上是現況。當初我們做這筆交易時，我們跟投資人以及各位談到，我們有機會在地下（subsurface）做最佳化，甚至在兩個區域之間也能最佳化；我們現在確實正往這方向推進。Dennis，我不想講得太超前，但我們也在看能否把兩座工廠在實體上連接起來。回到我先前回答 Greg 的大修表現，以及我們如何利用工廠的規模與分期。我們其實看到一個機會：透過把兩座工廠之間的各個環節連起來，來最佳化並從地面設施（surface facility）榨出更多效益。

So again, I complemented the ops group earlier. Here, it's the projects group and the technical expertise that just amazes me every day. And quite frankly, the plan, Dennis, is Investor Day in January. That's where we're really going to showcase not only what we're going to do to drive further value in the subsurface but also utilizing the surface infrastructure better.

所以我剛才稱讚過營運團隊。在這裡要稱讚的是專案團隊與技術專業，坦白說每天都讓我驚艷。而且老實說，Dennis，我們的計畫是在一月的投資人日。屆時我們會真正展示：不僅是我們如何在地下端驅動更多價值，也包括如何更好地運用地面基礎設施。

Yes, Dennis, your question on plant constraints is kind of interesting as well because when we kind of look at Christina North, we've been field limited for so long. And now with Narrows Lake coming on at these elevated rates, we've actually seen production rates this month at Christina Lake, not Christina Lake North, but just Christina Lake over 300,000 barrels a day.

是的，Dennis，你關於工廠限制的問題也很有意思，因為當我們看 Christina North 時，我們長期以來一直受限於油藏/井場端（field limited）。而現在 Narrows Lake 以這些較高的產量投產後，我們這個月看到 Christina Lake——不是 Christina Lake North，而是 Christina Lake——的產量其實已超過每日 300,000 桶。

So what you will see is much higher Christina Lake production in July, and we expect for that to continue. But we're really just kind of evaluating right now what are the plant limitations that we have inside these facilities. And I think we're going to be surprised to the upside of it, and that's going to form part of our thinking as we start to integrate these plants and work towards Christina Lake that has two interconnected plants as we work through the latter part of this decade.

所以你會看到 7 月 Christina Lake 的產量會高很多，我們也預期這種情況會持續。但我們目前正在評估，這些設施內部到底有哪些工廠端的限制。我認為我們可能會在上行空間上感到驚喜，而這也會成為我們思考的一部分：當我們開始整合這些工廠，並在本十年後半段推進 Christina Lake 形成兩座互聯工廠的架構時。

Definitely. I really appreciate that context from both of you. I wanted to shift to Sunrise and maybe carrying along with that thought around facility constraints. From last quarter, you had kind of suggested that one of the two trains was able to run at a very high capacity at Sunrise during some planned maintenance there.

了解。我非常感謝你們兩位提供的脈絡。我想把話題轉到 Sunrise，也延續剛才關於設施限制的想法。從上一季來看，你們曾提到在 Sunrise 進行某些計畫性維護期間，兩條產線（trains）中的其中一條能以非常高的產能運轉。

How do you think about, we'll call it, the go-forward development strategy around Sunrise? It seems like the facility again has a fair amount of ample capacity. Is it just how do you kind of maybe drive a cadence of well drilling to kind of further ramp that beyond the 70,000 barrel a day level, which you highlighted you just hit ahead of schedule?

你們如何看待 Sunrise 未來的開發策略？看起來該設施仍有相當充裕的產能。是否主要在於你們要如何推動鑽井節奏（cadence），把產量進一步拉升到超過每日 70,000 桶——你們也提到已提前達成這個水準？

Yes. So we've done a lot of work on the Sunrise facility since we acquired 100% of it back in 2022. And the original design basis was two trains, A and B, each 30,000 barrels a day of capacity. We've had 1 train during turnaround conditions up to 52,000, 53,000 barrels a day, and we've done a lot of capacity testing through the last 4 years and a lot of de-bottlenecking and creating sort of that interconnectedness between the two, to facilitate higher production rates. But we haven't really found the facility constraints because we are, again, production constrained or field constrained. So the challenge for us is to continue to work that up.

是的。自從我們在2022年回溯收購Sunrise設施100%權益以來，我們已在該設施上做了大量工作。原始設計基礎是兩套列車（train），A與B，各自具備每日30,000桶的處理能力。在檢修（turnaround）條件下，我們曾以單一套列車跑到每日52,000、53,000桶；過去4年我們也做了大量產能測試、去瓶頸（debottleneck）工作，並建立兩套列車之間某種互聯互通，以促成更高的產量。但我們其實還沒有真正找到設施端的限制，因為我們同樣受限於產量或油田端的限制。因此對我們而言的挑戰，是持續把這部分再往上推進。

As I mentioned in my notes, we're regularly over 70,000 barrels a day today with the first of the Eastern well pads now online. We expect to bring on the second later this year. But that is something that we are going to continue to work through, continue to debottleneck and continue to kind of push the limits of where those constraints might manifest themselves today. But I think the short answer to your question is it's something higher than where we are today, but we're not really sure exactly where that's going to line out.

如我在備註中提到的，隨著東部第一批井場（well pads）現已上線，我們目前經常超過每日70,000桶。我們預期今年稍晚會啟用第二批。但這也是我們將持續推進的工作：持續去瓶頸，並持續把界限往外推，看看這些限制在今天可能會在哪裡顯現。不過我想對你問題的簡短回答是：上限會高於我們今天的水準，但我們還不太確定最終會落在什麼位置。

Yes, Dennis, I can probably -- I can add one more color commentary, too. So indeed, we haven't pushed the boundary yet, like so proud of the team for how to push the boundaries at FCCL. There's more to come here at Sunrise. So the subsurface team are doing it now by going out east and looking to develop a reservoir that's up to 50 meters thick. What we're looking at in the facility is how can we expand it and how can we expand it relatively efficiently from a capital point of view.

是的，Dennis，我可能——我也可以再補充一點說明。確實，我們還沒有把邊界推到極限；也為團隊在FCCL如何突破界限感到非常自豪。Sunrise這邊還會有更多進展。因此地下（subsurface）團隊現在正透過往東部推進，並著手開發一個厚度可達50公尺的油藏。在設施端，我們在看的則是：我們要如何擴建，以及從資本角度來看，如何相對有效率地擴建。

And it looks to us at this stage that we have enough water treatment and oil treatment. And so what we need is more steam. So again, at Investor Day, we'll talk a bit more to kind of what our plans are there.

就我們目前的判斷，在水處理與油處理方面的能力似乎足夠。因此我們需要的是更多蒸汽。所以同樣地，在投資人日（Investor Day）我們會再多談一些我們在這方面的計畫。

Yes. So again, in all these things, it's about getting the SOR down and getting your production up and finding out where those debottleneck opportunities might land. But we've got room to go there.

是的。所以再說一次，這些事情的核心在於把SOR降下來、把產量拉上去，並找出那些去瓶頸的機會可能落在哪裡。但我們還有進一步提升的空間。

Menno Hulshof, TD Cowen.

Menno Hulshof，TD Cowen。

I'll start with a question on the new production guidance range of 970 to just over 1 million BOE. Given that we're halfway through the year, what's the scenario where you hit the top end of the range or even eclipse it? And similarly, what would need to happen to only hit the bottom given you averaged $970 in the second-quarter?

我先問一個關於新的產量指引區間：97萬到略高於100萬桶油當量（BOE）。鑑於今年已過一半，在什麼情境下你們會達到區間上緣，甚至超過它？同樣地，若只達到下緣，需要發生什麼情況？因為你們第二季平均是97萬（$970）。

Yes. So maybe I'll start this and somebody else can kind of fill in some of my thinking on this. But what we try and give you, Menno, is a view to where we think P50 lies in terms of the future production guidance that we're giving you. And what's really clear to us is through a combination of the redevelopment programs, better reservoir performance and better production coming from the well pads that we are bringing on, production took a pretty significant jump in the month of July, in particular, at Christina Lake and in particular, at Foster Creek.

是的。我先回答，之後也許其他人可以補充我的想法。但我們想提供給你（Menno）的，是我們認為這份未來產量指引的P50大概落在哪裡的觀點。而我們非常清楚的是，透過重建計畫（redevelopment programs）、更好的油藏表現，以及我們正在投產的井場帶來更好的產量，7月份的產量出現了相當顯著的跳升，特別是在Christina Lake，尤其是在Foster Creek。

So we would expect to be somewhere around 245 at Foster Creek and somewhere around 285 at Christina Lake. And as I mentioned, we've had days at Christina Lake where we're over 300. So we think that the kind of 50,000 barrels a day increment that we've given you is largely attributable to those 2 assets. Over and above that, we still expect to have increasing production from Sunrise. We mentioned that's up over 70,000 barrels a day pretty regularly right now.

因此我們預期Foster Creek大約會在24.5萬桶/日左右，而Christina Lake大約在28.5萬桶/日左右。如我提到的，Christina Lake有些日子我們超過30萬桶/日。所以我們認為，我們給出的那個每日增加約50,000桶的增量，主要可歸因於這兩項資產。除此之外，我們仍預期Sunrise的產量會持續增加。我們提到目前相當經常已超過每日70,000桶。

And we still expect to have increased production from the East Coast as we get to first oil as well as incremental production from Lloydminster and conventional. So in thinking through this, we want to give you sort of that P50 number where we've got sort of that equal chance of being above or below it. But it gives you, I think, a balanced view of where we are inside the portfolio today and a balanced view of what we expect for the rest of this year and moving into 2027.

而且隨著我們達到首次出油（first oil），我們仍預期東海岸（East Coast）的產量會增加，同時Lloydminster與常規（conventional）也會有增量產量。因此在這樣的思考下，我們希望給你一個P50的數字，也就是大致有同等機率高於或低於它。但我認為這能讓你對我們目前投資組合的狀況，以及我們對今年剩餘時間並延伸到2027年的預期，得到一個相對均衡的看法。

That all sounds very promising. I'll follow up with a question on basin condensate supply, given how topical it's become with the recent positive messaging on thermal growth from pretty much everybody. Can you remind us of how much conde you currently produce versus consume? And then more broadly, does future conde supply concern you at all? And are you hearing of any industry initiatives to boost it over the next, call it, three to five years?

聽起來都非常有前景。我再追問一個關於盆地凝析油（basin condensate）供應的問題，鑑於最近幾乎所有人都針對熱採（thermal）成長釋出正面訊息，這個議題變得很熱門。你們能否提醒我們，目前凝析油（conde）的產量相對於消耗量各是多少？更廣泛來說，未來凝析油供應會讓你們擔心嗎？以及你們是否聽到任何產業倡議，打算在未來三到五年內提升供應？

Yes. So maybe I'll start this and then Jeff can finish it. But we consume far more than we produce. I think we -- well, not including the Lloyd upgrader, I guess, in our conventional business, we're about 20,000 barrels a day, and we would consume about 240,000 barrels a day, much of which we bring from the US. So condensate supply is something that we think about a lot, and we think about where does it come from.

是的。我先回答，然後Jeff可以補充。我們消耗的遠多於我們生產的。我想我們——嗯，如果不把Lloyd升級廠（Lloyd upgrader）算進去的話，在我們的常規業務中，我們大約生產每日20,000桶，而我們會消耗大約每日240,000桶，其中很大一部分是從美國進口。所以凝析油供應是我們經常思考的事情，我們也會思考它從哪裡來。

But we have to remember as well is pricing really determines a lot of the availability of condensate. There are other light hydrocarbons we can use over and above the formal condensate supply. But going forward, as we grow, our condensate strategy actually figures into everything that we do in terms of allocating more capital to our heavy oil business. But Jeff?

但我們也必須記得，價格在很大程度上決定了凝析油的可得性。除了正式的凝析油供應之外，我們也可以使用其他輕質烴類。但往前看，隨著我們成長，我們的凝析油策略其實會納入我們所有決策之中，包含在重油業務上配置更多資本。Jeff？

So, I think it's a great question, particularly with some of the things John touched on around the MOU and the future potential growth. So we have to take your question in sort of two parts in sort of the short and medium term. There's lots of shock absorbers in the system to be able to bring diluent to bear. That's through blending, bringing light into the condensate pool at upgraders throughout the province choosing to bring a product that is diluent rather than having it blended into synthetics. And there's a number of ways that this just resolves itself on a short-term basis month-to-month and week-to-week.

我認為這是個很好的問題，特別是考量John提到的關於MOU以及未來潛在成長的一些事情。所以我們需要把你的問題分成兩部分來看：短期與中期。系統裡有很多「避震器」可以把稀釋劑（diluent）帶進來。這包括透過調和（blending）、在全省各地的升級廠把輕質油品導入凝析油池，並選擇引入可作為稀釋劑的產品，而不是把它調和進合成原油（synthetics）。而且有很多方式可以在短期內按月、按週自行調整並解決。

I think you're speaking more to a longer-term structural thing. And the first on that is if growth is orderly and measured, I think we would expect to see price to drive the choice to produce condensate in Alberta. We've seen that over time with both ourselves and many other producers throughout the province being very price responsive and targeting rich gas when it's the right time to and targeting dry gas when it's the right time too. So we'd see that being a price-based response. And then there has been pipeline creep through time where import pipelines have found new capacity, and that is an opportunity for the future.

我想你更關注的是較長期的結構性問題。首先，如果成長是有秩序且可衡量的，我認為我們會預期價格會驅動在亞伯達省選擇生產凝析油。我們長期以來已看到，不論是我們自己或省內許多其他生產商，都對價格非常敏感：在時機合適時鎖定富氣（rich gas），在時機合適時也會鎖定乾氣（dry gas）。因此我們會把這視為一種以價格為基礎的反應。另外，隨著時間推移，進口管線也出現了「管線擴容」（pipeline creep），進口管線找到了新的容量，這也是未來的一個機會。

In the past, we've seen things like the development of a DRU, which recycles condensate in Alberta, and that's a potential for the future. And deeper into the past, we've seen things like structural rail bringing condensate in. And I don't know that we'll need to get there. I think we would try to see the market to resolve itself in advance. However, as we point out, if there is pretty significant growth in a more expedited basis, you'll see those sorts of projects be brought to bear sooner to be able to meet the demand.

過去，我們看過像是在阿爾伯塔開發 DRU（凝析油回收再利用裝置）這類的事情，它會回收凝析油，這是未來的一種潛在選項。再往更早以前，我們也看過像是透過結構性鐵路把凝析油運進來這類作法。而我不確定我們是否需要走到那一步。我認為我們會嘗試提前觀察市場，讓市場自行解決。不過，正如我們指出的，如果在更快的節奏下出現相當顯著的成長，你會看到這類專案更早被推動落地，以便能夠滿足需求。

Neil Mehta, Goldman Sachs.

Neil Mehta，高盛。

Jon, just love your perspective on this trilateral memorandum of understanding. I think when I think about some of your comments earlier this year to the comments on the call today, it definitely feels like you feel like you've made a lot of progress on this. And so just practically from a Cenovus perspective, if you blue sky this thing, what could it mean for the business in the early 2030s?

Jon，我很想聽聽你對這份三方諒解備忘錄的看法。我想，從你今年稍早的一些評論到今天電話會議上的說法，確實感覺你認為在這方面已經取得了很大進展。所以就 Cenovus 的角度，若以最理想情境來看，這件事在 2030 年代初期可能對公司業務意味著什麼？

Well, I think one of the things that we've argued, Neil, is that we have to have a competitive regulatory and policy environment to attract capital into this industry going forward. I think with some of the impediments that came through policy and regulation, it became really difficult to attract capital into the Oil Sands business. I think that where we are today and what's been discussed and agreed on unlocks this business in terms of its investability. And I think that's something that's pretty exciting for Canada.

我想我們一直主張的一點是，Neil，我們必須有具競爭力的監管與政策環境，才能在未來吸引資本投入這個產業。我認為，隨著一些政策與監管帶來的阻礙出現，要吸引資本進入油砂業務變得非常困難。我認為我們今天所處的位置，以及已討論並達成一致的內容，從可投資性的角度解鎖了這項業務。我認為這對加拿大來說是相當令人振奮的。

This is probably the largest investment opportunity that we have as a country and to make it investable again and start to attract capital into this business without getting into specifics because I'm not at liberty for that, but it does -- it is pretty exciting for this industry.

這可能是我們作為一個國家所擁有的最大投資機會；讓它再次具備可投資性，並開始吸引資本回到這項業務——我不便談具體細節，因為我沒有權限——但這確實讓這個產業相當振奮。

We'll look for more information. And then West White Rose, it's finally here. It's been a journey. Obviously, getting the topside on was a big deal last year, but it sounds like you're tracking for first oil by the end of the third-quarter. What's left?

我們會期待更多資訊。另外，West White Rose 終於來了。這一路走來不容易。顯然，去年把上部模組（topside）安裝到位是一件大事，但聽起來你們仍按計畫在第三季末前實現首次出油。還剩下哪些工作？

That's it. We're drilling the first production well now. So that well needs to be drilled and completed and get to first oil. And then what you'll see from us in the first well package is a series of six other wells that we'll drill. But we're really excited about this, too.

就是這些了。我們現在正在鑽第一口生產井。所以那口井需要完成鑽井與完井，並達到首次出油。接著你會看到我們在第一批井組中，還會再鑽另外六口井。不過我們對此也非常興奮。

You're quite right, it's been a journey that predates us even buying Husky. It goes back a number of years before that. So to get this completely derisked and be on the cusp of first production is something that we're pretty excited about, and we've been waiting for, for quite a while.

你說得完全沒錯，這確實是一段旅程，甚至早在我們收購 Husky 之前就已開始。它可以追溯到更早的好幾年前。因此，能把這個專案完全去風險化，並站在首次投產的門檻上，是我們相當興奮、也等待了很久的一件事。

Patrick O'Rourke, ATB Cormark Capital Markets.

Patrick O'Rourke，ATB Cormark 資本市場。

Congratulations on the record quarter here. Just wondering, with respect to the downstream and the Lima turnaround that's going to happen in the second half here, maybe if you could outline the sort of key activities and scopes there. And I'm just curious with where cracks have been and are today, and it sounds like the plan is to go forward as initially designed, but would there be any thought to a reduction in scope or timing there?

恭喜創下紀錄的一季。我想請教一下，下游方面以及下半年將進行的 Lima 大修（turnaround），你是否可以概述一下主要的關鍵工作與範圍？另外我也好奇，考量裂解價差（cracks）之前與目前的水準，聽起來計畫仍會按原先設計推進，但是否會考慮縮減範圍或調整時程？

Yes. Thanks, Patrick. This is Eric. I appreciate the question. I think just thinking about the Lima turnaround, it is something we've been focused quite a bit on. The team has worked very hard to be prepared for it. It really is getting after the crude unit, the VAC unit, the isocracker, the hydrocracker reformer and then a couple of other units. So it's a big chunk of work.

是的。謝謝你，Patrick。我是 Eric。謝謝你的提問。談到 Lima 大修，這是我們投入相當多心力的一件事。團隊為了準備它非常努力。主要工作確實是針對常壓蒸餾裝置（crude unit）、真空蒸餾裝置（VAC unit）、異構裂化裝置（isocracker）、加氫裂化重整裝置（hydrocracker reformer），以及另外幾個單元。所以這是一大塊工程。

And as I said, the team has been working really hard at it. I think even just building on some of the themes around getting after reliability and getting after isolation and making the facility and the units more accessible online to get after certain things is part of the scope.

如我所說，團隊在這方面一直非常努力。我想也延續一些主題：提升可靠度、改善隔離（isolation），並讓設施與各單元在上線狀態下更容易接近，以便處理特定事項，這些也都包含在範圍內。

There's quite a bit inside the back tower that we're going to do and really look to make sure that we can maximize heavy crude through Lima by getting that back tower cleaned up, turned around and ready to go. I think as you said, it's obviously a very strong crack environment. we've done a good job, I think, across the downstream really in 2Q around trying to be as flexible as we can with some of our non-cycle lending outages and moving them where we can to really support the supply disruption and get our products to the market when the market needs it.

我們會在後塔（back tower）內做相當多的工作，並確保能透過把後塔清理、完成大修並準備就緒，來最大化 Lima 對重質原油的處理量。我想如你所說，這顯然是非常強勁的裂解價差環境。我認為我們在第二季於整個下游做得不錯，盡可能保持彈性，針對一些非週期性的計畫性停工（outages）能移就移，以支援供應中斷，並在市場需要時把產品送到市場。

Yes, it's something we'll continue to look at for Lima, but I see it's a big turnaround. We're ready for it, and our focus is on executing it safely and executing it well, and that's really where we are right now.

是的，Lima 這邊我們會持續評估，但我認為這是一個大型大修。我們已經準備好了，目前的重點是安全執行、把它執行好，這就是我們現在的狀態。

Okay. Great. And then we all sort of saw the license activity that came through in the Montney in the quarter here. Just curious about the strategy there. Could it become a bigger piece of the puzzle in the conventional unit? Or is this more so about filling up sort of unused facility capacity that you have right now?

好的。很好。另外，我們都看到本季在 Montney 的牌照（license）活動。想請教那邊的策略是什麼？它是否可能在傳統（conventional）事業單元中成為更大的一塊拼圖？還是說這更多是為了填補你們目前未充分利用的設施產能？

Yes. I think the way to think about it, Patrick, is more of our capital this year has been directed towards our Montney positions vis-a-vis the Deep Basin. So we are -- we have some areas there that we're investing in. It's largely in the liquids-rich portion as well as up in the topper area. But I think that's a progression that you'll see us through time is continue to invest more or direct more of our conventional capital into the Montney area vis-a-vis the Deep Basin. And that's really just driven by economics and strategy.

是的。Patrick，我認為可以這樣理解：今年我們的資本配置，相較於 Deep Basin，更多導向我們在 Montney 的部位。因此我們——在那裡有一些區域正在投資。主要是在富液區（liquids-rich portion），以及更北邊的 topper 區域。但我認為你會看到我們隨時間推進，持續增加投資，或把更多傳統業務資本導向 Montney，相較於 Deep Basin。這主要是由經濟性與策略所驅動。

(Operator Instructions)

（接線員指示）

Manav Gupta, UBS.

Manav Gupta，瑞銀（UBS）。

I wanted to ask a broader question. With the Strait of Hormuz, and we don't exactly know the status of when it will open and whether it will be a perpetual block there or some kind of derisking over there, do you think there is a need for US refining system to pull a little harder from the Canadian upstream operations?

我想問一個更宏觀的問題。關於荷姆茲海峽（Strait of Hormuz），我們並不完全清楚它何時會開放，以及那裡是否會長期封鎖，或是會出現某種去風險化的進展；你認為美國煉油系統是否需要更用力地從加拿大上游作業拉取供應？

I mean we are seeing US utilizations of 97% right now. And globally, the utilizations are much lower because they are unable to source that crude. And what's making this happen is the crude coming down from Canada. And I understand there are some political tensions right now between the two countries. But going ahead, do you see US refining system even more dependent on the Canadian crude given what we are seeing in the geopolitical tensions out there?

我的意思是，我們現在看到美國的產能利用率達到 97%。而在全球範圍內，因為無法取得那樣的原油，利用率要低得多。促成這一切的是從加拿大南下的原油。我也理解兩國目前存在一些政治緊張。但往後看，鑑於我們在地緣政治緊張局勢中所看到的情況，你是否認為美國煉油系統會更加依賴加拿大原油？

I'm going to turn that question over to Jeff to answer.

我把這個問題交給 Jeff 來回答。

Manav, that's pretty broad. What I would say is that the Canadian crude has a really natural home in the US, and it's been finding its way there. There's the pipelines, there's the physical constraints that are what they are, and we see those pipelines running full, and that pull continues to be there.

Manav，這個範圍相當廣。我會說，加拿大原油在美國有非常自然的去處，而且一直在流向那裡。有管線，也有既定的實體限制；我們看到那些管線滿載運行，而那股拉力仍然持續存在。

Prices have been really interesting in the US Gulf Coast. We've seen a high degree of variability as the strait has impacted it. I mean we all watch benchmarks in WTI and Brent. Something that's less observable is the -- where the physical barrel prices and where we see that is in the WCS differential at the Gulf.

美國墨西哥灣沿岸的價格一直很有意思。我們看到海峽的影響使價格出現高度波動。我的意思是，我們都在看 WTI 和 Brent 這些基準。比較不那麼容易觀察的是——實體桶價在哪裡，而我們看到的反映是在墨西哥灣的 WCS 價差。

And that has been really variable as of late. In the quarter, it was between minus 2 and minus 12. The reason I go to prices is that's the market telling us what the pull is. And when you see times of belief where there's more constraint in the strait, you see prices get stronger, minus two. When it seems to be that maybe tensions are easing, that comes off minus 12.

而近期這個價差波動很大。在本季，它介於負 2 到負 12 之間。我之所以談價格，是因為那是市場在告訴我們拉力有多強。當市場認為海峽的限制更嚴重時，你會看到價格走強，變成負 2。當看起來緊張情勢可能緩和時，就回落到負 12。

And that is just the market telling us what to do. Through all of those times, however, we have seen a very similar locational differential between Canada and the Gulf Coast. And that just means there's been a steady constant pull. I'd actually go to a different place to answer your question, which is more around the structural egress opportunities that continue to come to market because that's going to be the governor on exactly how much Canadian crude goes to the south. We've seen a number of pipeline proposals come, a number of open seasons continue to be run.

這就是市場在告訴我們該怎麼做。不過在所有這些時期，我們仍看到加拿大與墨西哥灣沿岸之間非常相近的區位價差。這表示一直存在穩定且持續的拉力。其實我會從另一個角度回答你的問題，也就是持續進入市場的結構性外運（egress）機會，因為那將決定到底有多少加拿大原油會往南流。我們看到多個管線提案出現，也看到多輪 open season 持續進行。

And that just is really what's telling me more about the interconnectivity between the two countries rather than purely something out of the strait. So I'm not sure if I dodged your question or answered it, but I do think it has a lot more to do with physical interconnections, and we continue to see that opportunity to expand looking into the future.

這些更能讓我看出兩國之間的互聯互通程度，而不只是海峽本身的因素。所以我不確定我是迴避了你的問題還是回答了它，但我確實認為這更多與實體互聯有關，而展望未來，我們也持續看到擴張的機會。

And my quick follow-up is, I think last year, you did a very good trip to Toledo refinery, and you laid out certain goals in terms of for the downstream business, we are seeing much stronger utilization. I'm just trying to understand from the point where you had set those goals for a further improvement in downstream. How are you tracking against your own goals? And where else could we see further improvement in your downstream business?

我快速追問一下：我想去年你們做了一趟很好的 Toledo 煉油廠參訪，並就下游業務提出了一些目標；我們也看到更強的產能利用率。我想了解，從你當時設定那些目標的角度來看，下游進一步改善的進度如何？你們相對於自己的目標目前追蹤得怎麼樣？另外，你們的下游業務還有哪些地方可能進一步改善？

Yes. Yes, thanks for the question. I think as you said, the discussion we had last year at Toledo outlined where we saw the business moving to. And I think we've made really, really good progress. Really proud of what the team has done safety performance is really strong.

是的。是的，謝謝你的問題。我想如你所說，我們去年在 Toledo 的討論勾勒了我們認為業務將走向的方向。我認為我們已經取得非常、非常好的進展。我對團隊的成果感到非常自豪，安全表現非常強勁。

I think reliability has really started to improve. And you're starting to see some of that optimization come through with a more reliable kit. And I think we're just really starting to get into some really exciting opportunities as we look at some of the growth potential of the portfolio.

我認為可靠度確實開始改善。隨著設備更可靠，你也開始看到一些最佳化成果逐步顯現。而且我認為，當我們看一些投資組合的成長潛力時，我們才正要進入一些非常令人振奮的機會。

And so those are things like really getting after -- great Lakes expansion in terms of moving products to different markets and out of PADD 2, which is really seasonally congested. We're looking at how do you further optimize the value chain and I'm talking to both the oil value chain as well as the Ohio Valley system.

因此，這些事情包括：積極推動大湖區擴張，把產品運往不同市場並移出 PADD 2（該區域季節性壅塞相當嚴重）。我們也在看如何進一步最佳化價值鏈——我指的是原油價值鏈以及 Ohio Valley 系統。

And so getting the right crude blends into our refineries and really making sure that we're fully optimized on the upgrader, looking at the Ohio Valley and figuring out where there are opportunities within our naphtha systems to really get after the right cuts and really monetize that system the way we can seen, just low capital constraint opportunities, constrained busting opportunities really across the portfolio as we're identifying some of these reliability improvements. The team has done really, really well at placing more jet into the market. So we're seeing strength in Jet.

因此，把正確的原油調和配方送進我們的煉油廠，並確保升級廠（upgrader）完全最佳化；再看 Ohio Valley，找出我們石腦油系統中有哪些機會，真正取得正確的餾分並把該系統的價值最大化；我們看到的是一些低資本、解除瓶頸的機會，隨著我們辨識出這些可靠度改善，這類「破除限制」的機會其實遍布整個投資組合。團隊在把更多航煤投放到市場方面做得非常、非常好。所以我們看到航煤需求強勁。

So how do we pull more jet, how do we place more jet into the market? How do we find new market opportunities for that jet fuel I can go on and on, but I would say there's just a number of opportunities that once you start to unlock the reliability, it really unleashes what I believe is a really outstanding commercial team that has quite a bit of savviness that can find more and more opportunities to get additional dollars per barrel as we continue to take this kit forward.

那麼，我們要如何拉動更多航煤、如何把更多航煤投放到市場？如何為這些航空燃油找到新的市場機會？我可以一直講下去，但我會說，一旦你開始解鎖可靠度，它就會真正釋放出我認為非常出色的商業團隊；他們相當精明，能找到越來越多的機會，讓我們在持續推進這套設備的同時，取得每桶更多的額外收益。

Thank you. I would now like to turn the meeting over to Mr. Jon McKenzie.

謝謝。我現在想把會議交給 Jon McKenzie 先生。

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

很好。也謝謝接線員。我們的電話會議到此結束。我想感謝各位的參與。我們當然很感謝各位對公司的關注。非常謝謝，祝各位有美好的一天。

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

謝謝。今天的節目到此結束。各位可以掛線。感謝各位參與今天的電話會議，祝各位有美好的一天。