Cenovus Energy Incorporation (CVE) 2026 Q3 法說會逐字稿

Good morning, everyone, and welcome to Cenovus' 2026 third-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'ill open the line for Jon, Kam, and other members of the Cenovus management team to take your questions.

各位早安，歡迎參加森諾沃斯（Cenovus）2026 年第三季業績電話會議。今天早上的電話會議中，我們的執行長 Jon McKenzie 與財務長 Kam Sandhar 將帶您回顧本季業績。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的提問。

Before getting started, I refer you to our advisories located at the end of today's news release. These describe the forward-looking information, non-GAAP measures, and oil and gas terms referred to today. They also outline the risk factors and assumptions relevant to this discussion. Additional information is available in Cenovus' annual MD&A and our most recent AIF and Form 40-F. And as a reminder, all figures we reference on the call today will be in Canadian dollars unless otherwise noted.

在開始之前，請參閱今日新聞稿末尾的提示聲明。其中說明了今天提及的前瞻性資訊、非 GAAP 衡量指標，以及油氣相關術語。同時也概述了與本次討論相關的風險因素與假設。更多資訊可見於森諾沃斯年度 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。

(Event Instructions) And for detailed modeling 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.

（活動說明）如有更細部的建模問題，請在會後直接與我們的投資人關係團隊聯繫。接下來我把電話交給 Jon。Jon，請開始。

Great, and thank you, Patrick, and good morning, everybody. I would like to begin by recognizing our safety performance and the people across Cenovus who work diligently to keep their colleagues, communities, and our assets safe. Their commitment has been particularly evident during the execution of our turnarounds. Over the past 18 months, our teams have successfully executed four major turnarounds, all without a recordable injury.

好的，謝謝你，Patrick，各位早安。我想先肯定我們的安全績效，以及森諾沃斯全體同仁為確保同事、社區與資產安全所付出的努力。在我們執行各項大修（turnarounds）期間，這份承諾尤其明顯。過去 18 個月，我們的團隊成功完成四次大型大修，且全程沒有任何可記錄傷害（recordable injury）。

That track record speaks to the preparation, discipline, and safety culture our people bring to these complex events. For the most recent Christina Lake turnaround, we drew on experience from across our oil sands operations to help us manage significant and competing critical path work within a compressed window. The result was a turnaround delivered safely, ahead of schedule, and under budget.

這項紀錄反映出同仁在面對這些複雜作業時所展現的準備度、紀律與安全文化。在最近一次 Christina Lake 大修中，我們借重油砂業務各單位的經驗，協助在緊縮的時間窗內管理多項重大且相互競爭的關鍵路徑工作。最終成果是：大修在安全前提下提前完工，且低於預算。

So now turning to our third-quarter results. In our Upstream business, production increased by more than 50,000 barrels a day from the prior quarter to average nearly 1,025,000 BOE per day, surpassing the 1 million BOE per day milestone. Oil sands was the primary driver of the increase, producing more than 830,000 barrels per day and setting a third consecutive quarterly production record.

接著談第三季業績。在上游業務方面，產量較前一季增加超過 50,000 桶/日，平均接近每日 1,025,000 桶油當量（BOE），突破每日 100 萬桶油當量的里程碑。油砂是增長的主要動能，產量超過每日 830,000 桶，並連續第三季創下季度產量新高。

At Christina Lake, we reached another all-time high of 381,000 barrels per day, with continued strength at Narrows Lake and from across the redevelopment well program at Christina Lake North. This more than offset the impacts of our planned turnaround, which was completed in September ahead of schedule and with less production impact than expected. In fact, the turnaround outperformed our updated plan, which we had already improved through the revised guidance we set out in second-quarter results.

在 Christina Lake，我們再創歷史新高，達到每日 381,000 桶；Narrows Lake 持續強勁表現，Christina Lake North 的再開發井計畫也全面貢獻。這些表現不僅抵銷了我們既定大修的影響；該大修於 9 月提前完成，且對產量的影響低於預期。事實上，大修成果優於我們更新後的計畫，而該計畫已在第二季業績發布時透過修訂指引進一步改善。

Through a combination of strong planning and proactive management of the water-oil ratio, we were able to shorten the timeline by four days, which allowed us to produce more oil through the plant, reducing the production impact of the turnaround by approximately 180,000 barrels. Reservoir performance also continues to exceed expectations, with Narrows Lake production reaching as high as 82,000 barrels per day during the quarter.

透過周延規劃與主動管理水油比（water-oil ratio），我們將工期縮短了四天，使我們能讓更多原油通過裝置生產，將大修對產量的影響約減少 180,000 桶。油藏表現也持續優於預期，Narrows Lake 於本季期間的產量最高達每日 82,000 桶。

The fifth Narrows Lake well pad is now being steamed and is expected to be online near the end of the year, which will help sustain these higher rates into 2027. At Christina Lake North, the facility expansion project remains ahead of plan, while the redevelopment well program continues to support higher production. By the end of September, we had 22 redevelopment wells online, contributing to production of more than 115,000 barrels a day during the quarter.

Narrows Lake 的第五座井墊目前正在注汽，預計將於年底前後投產，這將有助於把較高的產量水準延續至 2027 年。在 Christina Lake North，設施擴建專案仍領先計畫進度，而再開發井計畫也持續支撐更高產量。截至 9 月底，我們已有 22 口再開發井上線，本季貢獻產量超過每日 115,000 桶。

The fifth steam generator was brought on in early October alongside our second new well pad since acquiring Christina Lake North. Together, these additions support an expected 2026 exit rate of around 125,000 barrels per day, which represents an increase of about 15,000 to 20,000 barrels a day since we acquired this asset last year.

第五台蒸汽發生器於 10 月初投用，同時也啟用了我們收購 Christina Lake North 以來的第二座新井墊。這些新增產能共同支撐我們預期 2026 年年底退出產量（exit rate）約為每日 125,000 桶，較去年收購該資產時增加約每日 15,000 至 20,000 桶。

At Foster Creek, production increased to an all-time high of 248,000 barrels per day, up more than 30,000 barrels a day from the second quarter. We brought on six new well pads so far this year following the completion of the Foster Creek optimization project. The initial reservoir performance has been exceptional. In fact, both Foster Creek and Christina Lake, very strong well performances resulted in our new projects producing well above expectations.

在 Foster Creek，產量提升至歷史新高的每日 248,000 桶，較第二季增加超過每日 30,000 桶。在完成 Foster Creek 最佳化專案後，我們今年迄今已投用六座新井墊。初期油藏表現非常出色。事實上，Foster Creek 與 Christina Lake 的井況表現都非常強勁，使得我們的新專案產量遠高於預期。

At the same time, we've optimized our facilities in real time to handle more production than we previously thought possible, enabling us to produce above capacity and accelerate recovery of the resource. Moving to Sunrise, production averaged 70,000 barrels a day in the quarter, marking the early achievement of a production target we had originally set for 2027. That compares to production of around 45,000 barrels a day when we acquired full ownership of the asset in 2022, an increase of around 25,000 barrels per day.

同時，我們也即時最佳化設施運轉，以處理比先前認為可行更高的產量，使我們能在高於設計產能下生產並加速資源回收。再看 Sunrise，本季平均產量為每日 70,000 桶，提前達成我們原先設定於 2027 年的產量目標。相較於我們在 2022 年取得該資產完整所有權時約每日 45,000 桶的產量，增加約每日 25,000 桶。

That performance reflects the work our people have done to implement their operating model and development practices at Sunrise, finding better ways to manage water, pressure, and steam to improve reservoir performance. With our second pad on the east side of Sunrise now online and two other planned for next year, we'll sustain these higher production rates well into 2027 and beyond.

這項表現反映了同仁在 Sunrise 導入營運模式與開發作法所做的努力，並找出更佳方式管理水、壓力與蒸汽，以提升油藏表現。隨著 Sunrise 東側的第二座井墊現已上線，且明年另有兩座規劃中，我們將把較高的產量水準維持到 2027 年及其後。

At our Lloydminster thermal assets, production averaged over 100,000 barrels a day in the quarter. Construction is progressing on the Spruce Lake DilSAP project. We expect that to add about 10,000 barrels a day of incremental production when it comes online in 2028. At the same time we've optimized our production across our oil sands assets, we have maintained a relentless focus on costs.

在我們位於 Lloydminster 的熱採資產，本季平均產量超過每日 100,000 桶。Spruce Lake DilSAP 專案施工正持續推進。我們預期該專案於 2028 年投產時，將帶來約每日 10,000 桶的增量產量。在我們於油砂資產全面最佳化產量的同時，也始終對成本保持高度且持續的關注。

We have reduced unit operating costs by nearly $3 a barrel over the past four years, and our oil sands operating cost per barrel this quarter were the lowest that they have been since the acquisition of Husky in 2021. The continued volume growth we've delivered with largely the same infrastructure in place has contributed to our lower unit costs. Just as importantly, this performance reflects the focus we bring every day to controlling costs and building on our position as the lowest-cost producer in the oil sands.

過去四年，我們已將單位營運成本降低近每桶 3 美元，而本季油砂每桶營運成本為自 2021 年收購 Husky 以來最低。在既有基礎設施大致不變的情況下，我們持續實現的產量成長，促成了更低的單位成本。同樣重要的是，這項成果也反映我們每天在成本控管上的專注，並鞏固我們作為油砂最低成本生產商的地位。

Moving to the offshore business at West White Rose, we have completed drilling the first production well. The reservoir section has come in as expected, and completion and tie-in activities are now underway. We're excited to be close to first oil from the project that will soon become an important contributor of free cash flow to this company.

再看離岸業務方面，在 West White Rose，我們已完成第一口生產井的鑽井作業。油藏段結果符合預期，目前正進行完井與接管連接（tie-in）作業。我們很高興距離該專案的首次出油已不遠；該專案很快將成為公司自由現金流的重要貢獻來源。

Moving to the Downstream, strong financial product pricing drove benchmark cracks to historic levels in the third quarter, and we are well-positioned operationally and commercially to capture that value. In the Canadian refining, crude throughput reached a record of 121,000 barrels per day in the quarter, or about 112% utilization. Both the Lloyd upgrader and refinery operated above rated capacity, reflecting the solid operating performance we have come to expect from these assets.

接著看下游業務，第三季強勁的成品油定價推動基準裂解價差（benchmark cracks）升至歷史高位，而我們在營運與商業面均已做好準備以掌握這些價值。在加拿大煉油業務方面，本季原油加工量創下每日 121,000 桶的紀錄，約為 112% 的產能利用率。Lloyd 升級廠與煉油廠皆在高於額定產能下運轉，反映出我們對這些資產一貫期待的穩健營運表現。

Strong diesel pricing in the quarter coincided with record diesel production of approximately 18,000 barrels a day at the Lloydminster upgrader. Now, those same market fundamentals supported premium pricing for synthetic oil, given its high distillate yield, contributing to exceptional financial performance from our Canadian refining business.

本季強勁的柴油定價，與勞埃德明斯特升級廠（Lloydminster upgrader）創紀錄的柴油產量同時出現，該廠柴油日產量約為 18,000 桶。此外，鑑於合成油具有較高的餾分產率，相同的市場基本面也支撐了合成油的溢價定價，進而帶動我們加拿大煉油業務繳出卓越的財務表現。

Turning to US refining, crude throughput was approximately 317,000 barrels a day, representing crude unit utilization of about 87% as we executed a major turnaround at Lima. The turnaround commenced in early September and was concluded at the end of October. Adjusted market capture in US refining was very strong at 88%, supported by strong operating performance and commercial optimization, including moving gasoline and jet fuel into higher-value markets and drawing down inventories when pricing was attractive.

接著談美國煉油業務，原油加工量約為每日 317,000 桶，原油裝置利用率約 87%，因我們在利馬（Lima）執行一次大型歲修。該歲修於 9 月初開始，並於 10 月底結束。美國煉油的調整後市場捕捉率（adjusted market capture）非常強勁，達 88%，受惠於強勁的營運表現與商業最佳化，包括將汽油與航空燃油銷往更高價值市場，以及在價格具吸引力時降低庫存。

In September, we began utilizing our share of the 40,000-barrel-a-day expansion on the Laurel Pipeline, providing another important outlet for products from the Chicago market. In combination with our continued movements from the dock in Toledo, we have increased our ability to access higher-value markets in PADD 1 and the Great Lakes region.

9 月，我們開始使用月桂管線（Laurel Pipeline）每日 40,000 桶擴建產能中屬於我們的份額，為芝加哥市場的產品提供另一個重要的外運管道。結合我們持續自托萊多（Toledo）碼頭的運輸調度，我們已提升進入 PADD 1 與五大湖地區更高價值市場的能力。

I also want to take a moment to speak about our acquisition of Athabasca Oil. The rationale for this transaction for Cenovus is very clear. Athabasca brings a high-quality oil sands resource base with decades of development potential adjacent to our existing lands, where we have a strong understanding of the resource and its potential.

我也想花點時間談談我們收購阿薩巴斯卡石油（Athabasca Oil）。對 Cenovus 而言，這筆交易的理由非常清楚。Athabasca 帶來高品質的油砂資源基礎，具備數十年的開發潛力，且與我們既有土地相鄰；我們對該資源及其潛力有深刻理解。

Opportunities to have thermal reserves and development inventory of this scale are increasingly rare, and we have a proven track record of applying our operating model to improve performance and create value from these types of assets. Athabasca's shareholder meeting has been scheduled for November 27, and we anticipate the transaction will close in December, subject to the remaining approvals and customary closing conditions.

像這種規模的熱採儲量與開發庫存（development inventory）機會愈來愈罕見，而我們也有經驗證的實績，能運用我們的營運模式提升表現，並從此類資產創造價值。Athabasca 的股東會已排定於 11 月 27 日舉行；在取得剩餘核准並滿足慣常交割條件的前提下，我們預期交易將於 12 月完成交割。

We have a great deal of respect for the foundation Athabasca has built, and we're excited about the opportunity ahead of us, with full confidence in the value that we can deliver on these assets over time. Across our business, we saw the benefits of strong execution translate into record operating and financial performance in the third quarter, and we're carrying that momentum through to the rest of the year.

我們非常尊重 Athabasca 所建立的基礎，也對未來的機會感到振奮，並完全有信心能隨時間在這些資產上交付我們可創造的價值。在整體業務方面，我們看到強而有力的執行帶來效益，並在第三季轉化為創紀錄的營運與財務表現；我們也將這股動能延續到今年剩餘時間。

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

接下來我把時間交給 Kam，請他帶大家檢視我們的財務結果。

Thanks, Jon. Good morning, everyone. In the third quarter, we generated approximately $6.3 billion of operating margin and $5 billion of adjusted funds flow, both quarterly records. Upstream operating margin was over $4.5 billion, slightly below the prior quarter, as lower benchmark oil prices were partially offset by production that increased by more than 50,000 BOE a day.

謝謝你，Jon。各位早安。第三季我們創造約 63 億美元的營運毛利（operating margin）與 50 億美元的調整後資金流（adjusted funds flow），兩者皆為單季新高。上游營運毛利超過 45 億美元，較前一季略低，主因基準油價下滑，但部分被日產量增加逾 50,000 桶油當量（BOE）所抵銷。

Our oil sands non-fuel operating costs were $7.80 a barrel, down almost $0.50 a barrel from the second quarter, reinforcing the cost performance Jon highlighted, with unit costs across the oil sands portfolio down nearly $3 a barrel over the past four years. This performance reflects the disciplined way we continue to operate our oil sands assets with our technical teams optimizing existing infrastructure to deliver record production while maintaining low industry-leading SORs and strong cost control.

我們油砂業務的非燃料營運成本為每桶 7.80 美元，較第二季下降近每桶 0.50 美元，呼應 Jon 所強調的成本表現；過去四年油砂投資組合的單位成本累計下降近每桶 3 美元。此一表現反映我們以嚴謹方式持續營運油砂資產，由技術團隊最佳化既有基礎設施，在維持業界領先的低 SOR（蒸汽油比）與強勁成本控管的同時，交付創紀錄產量。

In the Downstream, the strong margin environment and solid operating performance translated into record operating margin of approximately $1.8 billion, nearly double the prior quarter. Canadian refining contributed approximately $420 million of operating margins supported by record throughput and strong synthetic and diesel margins. The higher throughput also helped reduce unit operating costs by over $2.50 a barrel from the prior quarter to $9.70 a barrel.

在下游方面，強勁的利差環境與穩健的營運表現，帶動營運毛利創紀錄約 18 億美元，幾乎是前一季的兩倍。加拿大煉油貢獻約 4.2 億美元的營運毛利，受惠於創紀錄的加工量以及強勁的合成油與柴油利差。較高的加工量也有助於將單位營運成本較前一季降低逾每桶 2.50 美元，至每桶 9.70 美元。

We also closed the sale of our Canadian commercial fuels business in August for approximately $260 million in cash proceeds after closing adjustments. US refining generated approximately $1.4 billion of operating margin with adjusted market capture increasing to 88% from 67% in the second quarter, reflecting the stronger commercial and operating performance Jon discussed. Adjusted market capture in the third quarter, including the benefit of one-time items such as a small refinery exemption waiver at Superior. Excluding these items, market capture was over 80% in the quarter.

我們也在 8 月完成出售加拿大商用燃料業務，於交割調整後取得約 2.6 億美元現金收入。美國煉油創造約 14 億美元的營運毛利，調整後市場捕捉率由第二季的 67% 提升至 88%，反映 Jon 所提到更強的商業與營運表現。第三季的調整後市場捕捉率包含一次性項目的效益，例如 Superior 的小型煉廠豁免（small refinery exemption）豁免權利。排除這些項目後，本季市場捕捉率仍超過 80%。

US refining operating costs were approximately $12.30 a barrel, up from the previous quarter due to lower throughput volumes associated with the turnaround at Lima and expense projects deployed during the turnaround outage. Capital investment in the third quarter was approximately $1.5 billion, primarily directed towards sustaining activity, the Lima turnaround, and investment in our growth projects at Christina Lake North and West White Rose.

美國煉油營運成本約為每桶 12.30 美元，較前一季上升，原因是利馬歲修導致加工量下降，以及在歲修停工期間投入的費用性專案。第三季資本投資約 15 億美元，主要用於維持性活動、利馬歲修，以及對 Christina Lake North 與 West White Rose 成長專案的投資。

Record adjusted funds flow of nearly $625 million reduction on cash working capital drove net debt down another $2.4 billion to the end of the quarter at $3 billion. The working capital movement was primarily driven by an $830 million increase in income taxes payable, reflecting timing differences between accruals and cash payments, which are expected to reverse in the first quarter of 2027. We've now reduced net debt by approximately $5.1 billion over the last two quarters.

創紀錄的調整後資金流，加上現金營運資金（cash working capital）減少近 6.25 億美元，使淨負債再下降 24 億美元，季末降至 30 億美元。營運資金變動主要來自應付所得稅增加 8.3 億美元，反映應計與現金支付之間的時間差，預期將於 2027 年第一季回轉。過去兩季我們已將淨負債合計降低約 51 億美元。

Total royalties and taxes recognized in the quarter rose to $3 billion. At the same time, we returned $1.9 billion to shareholders during the quarter, including $1.5 billion through common share purchases under the normal course issuer bid and $403 million through common share dividends. In August alone, we deployed nearly $1 billion towards common share purchases when we saw an opportunity to acquire shares at what we viewed as compelling value.

本季認列的權利金與稅費合計上升至 30 億美元。同時，我們在本季向股東返還 19 億美元，包括透過一般發行人正常回購（NCIB）買回普通股 15 億美元，以及透過普通股股利發放 4.03 億美元。僅 8 月份，我們就投入近 10 億美元買回普通股，因我們看到以我們認為具吸引力的價值水準收購股份的機會。

Our current NCIB expires on November 10, and we have received approval to apply for the renewal of the program for next year. The unique cash-generating capacity of our business allows us to strengthen the balance sheet, invest in growth, make record royalty and tax payments to governments while returning significant cash to shareholders, underscoring our balanced approach to capital allocation.

我們目前的 NCIB 將於 11 月 10 日到期，且我們已獲准申請明年續辦該計畫。我們業務獨特的現金創造能力，使我們得以強化資產負債表、投資成長、向政府支付創紀錄的權利金與稅款，同時向股東返還可觀現金，凸顯我們在資本配置上的平衡做法。

Looking forward to the remainder of the year with our oil sands assets continuing to perform above expectations and with the optimization we were able to achieve during the Christina Lake turnaround, we are now expecting full-year production to come in over 1 million BOE a day, closer to the high end of our guidance range of 970,000 to 1,010,000 BOE a day.

展望今年剩餘時間，隨著油砂資產持續優於預期表現，且我們在 Christina Lake 歲修期間達成的最佳化成果，我們目前預期全年產量將超過每日 100 萬桶油當量（BOE），更接近我們指引區間每日 970,000 至 1,010,000 桶油當量的上緣。

We also expect capital investment to be at the top end or slightly above our guidance range of $5 billion to $5.3 billion as a result of a longer duration of capitalizing costs at West White Rose, FX impacts in the Downstream business as a result of the weakened Canadian dollar, and modest increases in growth capital in the Upstream in the second half of the year.

我們也預期資本投資將落在或略高於指引區間 50 億至 53 億美元的上緣，原因包括 West White Rose 資本化成本期間拉長、加幣走弱對下游業務造成的匯率影響，以及下半年上游成長資本的小幅增加。

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

接下來我把電話會議交回 Jon，請他做一些結語。

Great, and thank you, Kam. This quarter established a new level of performance across our portfolio with the Upstream production well above 1 million BOE per day and record results at Christina Lake, Foster Creek, and Sunrise. More importantly, that performance reflects the underlying strength of our assets and the ways our people continue to increase productive capacity, improve reliability, and get more from our existing infrastructure.

很好，謝謝你，Kam。本季在我們的投資組合各方面建立了新的表現水準：上游產量遠高於每日 100 萬桶油當量（BOE），且 Christina Lake、Foster Creek 與 Sunrise 皆創下紀錄。更重要的是，這些表現反映我們資產的內在強度，以及我們的團隊持續提升產能、改善可靠度，並從既有基礎設施中取得更多效益的方式。

We've also worked through significant planned maintenance with the Christina Lake and Lima turnarounds behind us. We are positioned to carry this operating momentum forward. The next milestones are also close in hand. Christina Lake North is positioned to exit this year at about 125,000 barrels a day. West White Rose is approaching first oil, and we expect to complete the Athabasca acquisition in December, setting the stage for more opportunity and growth to come.

我們也已完成多項重要的計畫性維護，Christina Lake 與 Lima 的歲修已在身後。我們已具備條件把這股營運動能延續下去。下一個里程碑也近在眼前。Christina Lake North 預計在今年年底可達到約每日 125,000 桶的水準。West White Rose 正接近首次出油，我們也預期在 12 月完成 Athabasca 的收購，為後續更多機會與成長奠定基礎。

We're continuing to build a stronger operating base with more opportunity ahead and financial capacity to pursue investments that create value for shareholders while creating a more resilient company.

我們持續打造更強健的營運基礎，前方仍有更多機會，同時也具備財務能力去推動能為股東創造價值的投資，並打造一家更具韌性的公司。

And with that, I'm open to your questions.

接下來，我願意回答各位的提問。

(Operator Instructions) Menno Hulshof, TD Securities.

(接線員指示) TD Securities 的 Menno Hulshof。

I'll start with a question on the heavy differential. It is clearly a lot wider than most were expecting. Shipping cost appears to be a big part of it, but I guess the question is, how is this impacting how you are thinking about Upstream activity levels in 2027 beyond? And I ask that knowing that you have not guided 2027, but how is that sort of impacting your overall thinking?

我先從重油價差的問題開始。很明顯，價差比多數人預期的要寬得多。運輸成本看起來是其中很大的一部分，但我想問的是，這對你們如何看待 2027 年及以後的上游活動水準，有什麼影響？我這樣問也知道你們尚未對 2027 年提供指引，但這對你們整體思考的影響是什麼？

Right now, Menno, there isn't much in the commodity pricing world that is trading off fundamentals. Geopolitics seems to be really the overriding factor. So one of the things we do is we really think about what is being driven by fundamentals versus what is more fleeting, being driven by other factors that we expect to be temporary. So the short answer is that it does not affect our thinking at all.

Menno，就目前而言，在大宗商品定價的世界裡，幾乎沒有太多是依基本面在交易。地緣政治似乎才是真正的主導因素。因此我們會做的一件事，是仔細判斷哪些是由基本面驅動、哪些較為短暫、是由其他我們預期屬於暫時性的因素所驅動。所以簡短的答案是：這完全不影響我們的思考。

What we will continue to execute is our long-term plans and continue to execute on our strategy and operate well through this. But Geoff, maybe you might have some thoughts around what's going on and what's driving that wider differential and why it really isn't affecting our longer-term plans.

我們會持續執行長期計畫，持續落實我們的策略，並在這樣的環境下把營運做好。不過 Geoff，你或許可以分享一些看法，談談目前發生了什麼、是什麼在推動價差擴大，以及為什麼這其實不會影響我們的長期計畫。

Menno, you kind of summarized it really well. The first thing people tend to see is WCS differentials at Hardisty get wider, and then ask what has happened to Alberta congestion, which pipe, and that sort of thing. That is a historical view. This is much more driven globally, and what you point to in the U.S. Gulf Coast is really the answer right now, which is freight, freight, and freight, which, as Jon pointed out, is driven by geopolitics and global events.

Menno，你其實總結得很好。大家通常第一個看到的是 Hardisty 的 WCS 價差擴大，接著就會問阿爾伯塔是否出現壅塞、是哪一條管線出了問題之類的。那是歷史性的觀點。這次更多是由全球因素所驅動，而你提到美國墨西哥灣沿岸的情況，基本上就是目前的答案：運費、運費、還是運費；正如 Jon 所指出的，這是由地緣政治與全球事件所驅動。

I think with looking forward through next year, and I don't know if anybody knows exactly when everything starts to normalize, but we do anticipate through time that freight will normalize, natural gas prices globally will normalize, and that will back into the diff, which is exactly why, Jon pointed in our long-term capital thinking, it doesn't make a difference to what we are going to do that way.

我想展望到明年，雖然我不確定是否有人能精準知道何時一切會開始正常化，但我們確實預期隨著時間推移，運費會回歸常態、全球天然氣價格也會回歸常態，而這些會反映回價差上。

However, as we execute in and around commodity transactions, we do look to the fact that the West Coast is attractive right now relative to the Gulf Coast, and that just allows us to use the assets we have to optimize our netbacks.

不過，當我們在執行與商品相關的交易時，我們確實會留意到：相較於墨西哥灣沿岸，目前西岸更具吸引力，這讓我們能運用既有資產來最佳化我們的淨回收（netbacks）。

Yeah, it's funny, Menno. I see Eric smiling because this is actually good for his business, and the first 250,000 barrels a day of our heavy oil runs through his assets, and he captures all of that dislocation today. So I'm sure a question is coming later on about 70% market capture, and we'll put that on Eric to kind of bake in his thinking there.

是啊，Menno，這挺有意思的。我看到 Eric 在笑，因為這其實對他的業務是好事；我們重油前 250,000 桶/日的流量會經過他的資產，而他今天就能把這種錯位帶來的效益全數掌握。所以我敢肯定稍後會有人問到 70% 的市場捕捉率（market capture），我們就把這題交給 Eric，讓他把這部分納入他的思考。

Terrific. Yeah, that's really helpful, and it's actually a good segue into the next question. I won't ask the market capture question, but maybe it's somewhat related. Refined product egress out of PADD 2, and I know you've been working on this a lot. In your prepared remarks, you mentioned doing more on the Laurel Pipeline, getting more into the Great Lakes region. But would you just be able to maybe elaborate on what that looks like from a volume's perspective, the potential margin uplift, and I guess market capture is part of that as well?

太好了。是的，這非常有幫助，也剛好銜接到下一個問題。我不會問市場捕捉率那題，但可能多少相關。關於 PADD 2 的成品油外運（egress），我知道你們在這方面做了很多工作。在你們的事先準備發言中，你提到在 Laurel 管線上做更多、並進一步進入五大湖地區。你能否從量的角度、潛在的利潤率提升（margin uplift），以及我想市場捕捉率也包含在內，稍微多談談這會是什麼樣子？

Yeah, we've been doing a lot of work on that, and I'll get Eric to comment on it, but we've been doing a lot of work on the dock at Toledo. I mentioned the Laurel Pipeline is now active, and we look at our terminal positions as other ways to mitigate any kind of congestion issues. And the longer term, the project that Phillips 66 has put forward should give us some real structural decongestion of PADD 2.

是的，我們在這方面做了很多工作，我會請 Eric 來補充，但我們確實在 Toledo 的碼頭做了大量工作。我提到 Laurel 管線現在已啟用，而我們也把終端（terminal）據點視為另一種方式，用來緩解任何可能的壅塞問題。從更長期來看，Phillips 66 提出的那個專案，應該能為 PADD 2 帶來一些真正結構性的去壅塞效果。

Eric, why don't you talk about the work that we're doing to optimize our product margins?

Eric，你來談談我們為了最佳化產品利潤率所做的工作吧？

Yeah, thanks, Jon, and I appreciate the question. I think Jon summarized it well. I mean, as we look at PADD 2 and just look at our facilities, always looking for how do we find the highest netback and how do we place our products in the right market. Having the dock at Toledo is absolutely an advantage for us, and the team did a really good job in Q3 of really optimizing the barrels in the Ohio Valley region, so that's both the Toledo and Lima refineries, to make sure we're placing the products into the markets that are most advantaged.

好的，謝謝 Jon，也謝謝這個問題。我認為 Jon 已經總結得很好。我們看 PADD 2、以及我們的設施時，始終在思考如何找到最高的淨回收，以及如何把產品放到正確的市場。擁有 Toledo 的碼頭對我們絕對是一項優勢，而團隊在第三季在俄亥俄河谷地區（Ohio Valley）確實做得非常好，真正把桶數最佳化；也就是 Toledo 與 Lima 兩座煉油廠，確保我們把產品投放到最具優勢的市場。

So we saw record performance through the Toledo dock. We have a number of investments that we're looking at to just continue to strengthen that facility and continue to look at how do we expand through the dock into a number of different markets, which we're pretty excited about. The Laurel Pipeline is, I think, another example of how the region and the industry is balancing product flows and seeing the opportunity to help supply positions further to the east.

因此我們在 Toledo 碼頭看到創紀錄的表現。我們正在評估多項投資，以持續強化該設施，並持續思考如何透過碼頭擴展到多個不同市場，這點讓我們相當振奮。我認為 Laurel 管線也是另一個例子，顯示該地區與產業正在平衡產品流向，並看到機會去協助供應更東邊的市場。

Being able to get onto that pipeline and moving some barrels already and then looking forward into Q4 with more barrels flowing that way. Again, we just see a tremendous opportunity to help reduce some of the congestion in PADD 2, but really access some of the more advantaged markets that we're seeing there in PADD 1.

我們能接上那條管線，已經開始移送一些桶數，並展望第四季會有更多桶數往那個方向流動。同樣地，我們看到很大的機會，一方面協助降低 PADD 2 的部分壅塞，另一方面也能進入我們在 PADD 1 所看到的更具優勢的市場。

So yeah, we'll continue to look at the different markets we can access, but we've got a great team that is continually looking to optimize and really excited about being able to continue to advance our positions there.

所以，是的，我們會持續評估可進入的不同市場；我們有一支很棒的團隊，持續在做最佳化，也很期待能繼續推進我們在那裡的布局。

Thanks to you both. I'll turn it back.

謝謝你們兩位。我把時間交回去。

Thank you, Menno.

謝謝你，Menno。

Greg Pardy, RBC Capital Markets.

RBC Capital Markets 的 Greg Pardy。

My goodness, impressive top to bottom with the numbers in the quarter. I wanted to stay just with the Downstream, not so much necessarily on the margin capture, but I mean, when we talk about growth, right, there's typically a big focus on Upstream. Are there any Downstream, either margin or growth projects, that would begin to enhance your heavy oil processing capacity or just perhaps distillation capacity in general?

天啊，本季的數字從上到下都令人印象深刻。我想把焦點放在下游（Downstream），不一定是利潤捕捉（margin capture），而是談到成長時，通常大家會把重點放在上游（Upstream）。那麼在下游方面，是否有任何利潤或成長專案，能開始提升你們的重油加工能力，或更廣泛地提升蒸餾能力？

Yeah. We're always looking, Greg, at things that we can do, both on the assets as well as what we can do commercially. In refining, you typically have three levers. You've got the crude feedstock, you've got the product placement, and then you've got your operating costs that sit right in the middle. The value proposition or the magnitude of the value proposition is kind of in that ordering. We certainly are looking at a number of things that we can do operationally as well as commercially to kind of optimize that.

是的。我們一直在尋找，Greg，我們可以做的事情，無論是在資產端，還是在商業面我們能做什麼。在煉油業務中，你通常有三個槓桿。你有原油進料，你有產品銷售/配置，然後中間是你的營運成本。價值主張或價值主張的幅度大致就是依照那個順序。我們確實正在從營運以及商業兩方面，檢視許多我們可以做的事情，以便進一步優化。

But maybe I'll turn it over to you, Eric, and you can talk about how you're thinking about the business in terms of margin expansion through the portfolio that you've got.

不過也許我把問題交給你，Eric，你可以談談你如何看待，透過你現有的投資組合來推動利潤率擴張。

Yeah, thanks for the question. I would just probably reiterate Jon and Geoff's point. I think with these heavy differentials, it really reinforces the value of the integrated model. I think the value of having a Downstream in the heavy oil value chain really becomes very clear. And this quarter, I think, is a great example of that, and certainly looking at the wider heavy differentials to, again, reinforce why we have a Downstream.

好的，謝謝你的提問。我大概只是重申 Jon 和 Geoff 的觀點。我認為在這些重油價差很大的情況下，這更凸顯了一體化模式的價值。我覺得在重油價值鏈中擁有下游資產的價值就變得非常清楚。而本季我認為就是一個很好的例子，也再次透過更寬的重油價差，強化我們為什麼要有下游業務。

As Jon said, I think as we've really worked to get reliability up and manage our sustaining capital, it's created the opportunity to look more at some of the growth opportunities. Some of that comes in a variety of forms. I just spoke to market access, and so continuing to invest in the Toledo dock to be able to place barrels and more barrels into more advantaged markets. We're looking at how do we improve our yields and how do we get more distillates and jet and diesel yields.

如 Jon 所說，我認為當我們確實努力提升可靠度並管理維持性資本之後，就創造了更多機會去看一些成長機會。其中有些會以各種形式呈現。我剛才談到市場通路，因此我們會持續投資 Toledo 碼頭，以便把桶數投放到更多、更具優勢的市場。我們也在看如何提升收率，以及如何提高更多餾分油、航煤與柴油的收率。

How do we continue to optimize across the Ohio Valley region and really unlock some of the synergies that we see that we're pretty excited about? Even in Canada, we're seeing opportunities to invest in those facilities and just grow the margin with the barrels we're running. The team has done a really good job of expanding throughput there, and we see opportunities to improve the yields to get more advantaged products as we go.

我們如何持續在俄亥俄河谷（Ohio Valley）區域做整體最佳化，並真正釋放我們看到、也相當興奮的一些協同效益？即使在加拿大，我們也看到投資那些設施的機會，並在我們目前處理的桶數上提升利潤率。團隊在那裡把處理量（throughput）擴大做得非常好，而我們也看到機會在未來提升收率，產出更多具優勢的產品。

So a number of different investment opportunities we're looking at to just grow within our existing facilities, improve market access, improve yields, and just continue to make the business more robust and strengthen that integrated heavy oil value chain that we built.

因此，我們正在評估多種不同的投資機會，目的就是在既有設施內成長、改善市場通路、提升收率，並持續讓業務更具韌性，同時強化我們所建立的一體化重油價值鏈。

Okay, very good. Thanks for that. And then just completely switching gears, the 9.9% stake in Athabasca, is that just essentially an insurance policy ahead of the vote, like should an interloper emerge? Just curious on that.

好的，非常好。謝謝你的說明。然後完全換個話題，對 Athabasca 的 9.9% 持股，這基本上只是投票前的保險措施嗎？例如如果出現攪局者（interloper）？只是好奇問一下。

Yeah, I wouldn't read too much into that, Greg. At the end of the day, we would view we're going to be buying those shares anyway, and we're pretty clear about how we're going to vote those shares. So it's just a bit of an insurance policy that adds to deal certainty, which is something we're always looking for.

是的，Greg，我不會對此做太多解讀。歸根結底，我們的看法是反正我們本來就會買那些股份，而且我們對於要如何投那些股份也相當明確。所以這只是多一點保險，提升交易確定性，而這也是我們一直在追求的。

Got it. Thanks very much.

了解。非常感謝。

Thanks, Greg.

謝謝你，Greg。

Neil Mehta, Goldman Sachs.

Neil Mehta，高盛。

Congrats on the results. A quick one on West White Rose. Just give us a mark-to-market on where we stand there. It sounds like it's getting pretty close to first oil here, and how are you thinking about the pace of startup through 2027?

恭喜本季業績。關於 West White Rose 的一個簡短問題：請給我們一個目前進度的即時評估（mark-to-market），我們現在處於什麼狀態？聽起來距離首次出油已經很近了，你們如何看待到 2027 年的啟動/爬坡節奏？

Yeah, I'll let Andrew provide more color on it, but as I mentioned in my notes, the first well has been drilled, and we're well into completing that well and tying it in. So we're looking forward to first oil, which is imminent. Now, this is a project now that it's de-risked, and the right thing for us to do is let the technical teams finish this well and bring production online.

是的，我會讓 Andrew 補充更多細節，但如我在備註中提到的，第一口井已經鑽完，我們也正在進行該井的完井作業並把它接入系統。所以我們很期待首次出油，已迫在眉睫。現在這個專案已經去風險化（de-risked），我們該做的正確事情就是讓技術團隊完成這口井並把產量帶上線。

Now what you should expect going forward is the first well package is seven wells, and it's five producers and two injectors. We should be on a pace where kind of every 90 to 100 days, you'll see the next well come on. So, Andrew, maybe a little bit more color on how you're seeing the project.

接下來你們可以預期的是，第一個井組（well package）共有七口井，包含五口生產井與兩口注入井。我們的節奏應該會是大約每 90 到 100 天，你就會看到下一口井投產。所以 Andrew，也許你可以再補充一些你對這個專案的看法。

Yeah, no, if you think about it, we did finish just TD, the first production well, completing that as we speak. We'll get that on production shortly. And just to reiterate and put some more color on what Jon just spoke to, we then go into a state of concurrent operations on the wellhead platform. We will have production operations from the first well, and concurrently with that, we will actually start drilling the second well.

是的，如果你這樣看，我們剛完成第一口生產井的終鑽深度（TD），目前正在進行完井作業。我們很快就會讓它開始生產。再重申並補充 Jon 剛才提到的內容，接著我們會在井口平台進入並行作業（concurrent operations）的狀態。我們會先由第一口井進行生產作業，同時我們也會開始鑽第二口井。

And on an average of sort of every 90 days or so, we will put subsequent production wells on. Obviously, first production well on here this year, second production and third and fourth production wells on in 2027. And we'll just continue doing that through the next four or five years, ramping production up to, on a gross level, roughly 80,000 barrels a day by 2028, 2029.

平均大約每 90 天左右，我們就會讓後續的生產井陸續投產。很明顯地，今年會有第一口生產井投產；第二、第三與第四口生產井會在 2027 年投產。接下來四到五年我們會持續這樣做，把產量逐步拉升，到 2028、2029 年在總量（gross）層面達到約每日 80,000 桶。

Yeah.

是的。

Thank you. And then Jon, on operating costs in oil sands, continue to trend well. As you get more scale in this business, how should we think about the operating cost profile as we move into next year, especially because there are some signs of inflation in the underlying system too?

謝謝。然後 Jon，油砂的營運成本持續表現良好。隨著你們在這項業務中規模變大，我們應該如何看待明年的營運成本輪廓，特別是因為底層系統也出現一些通膨跡象？

Yeah, one of the things I'm incredibly proud of is the way that our Upstream business, and particularly our heavy oil business, just continues to find ways to grind costs out of our business, doing it on a quarter-after-quarter basis. I think in our oil sands business this quarter, we were down to $10 a barrel across the portfolio. It's not just scale, Neil. This is coming across all the different asset groups that we've got, whether it's Lloydminster, Sunrise, or FCCL.

我非常自豪的一點是，我們的上游業務，尤其是重油業務，持續找到方法把成本一點一滴地從業務中磨下來，而且是一季接著一季地做到。我想本季我們的油砂業務，在整個投資組合層面已降到每桶 10 美元。Neil，這不只是規模效應。這是來自我們所有不同的資產群組，不論是 Lloydminster、Sunrise，或 FCCL。

So there's certainly a piece of it where the volumes and working on the denominator of those unit costs has really paid dividends. It's more than that. It's the operating model. It's getting the maintenance cost down, it's getting the chemical cost down, and it's just finding ways to continue to do things better. One of the things about this business that I firmly believe is this is a commodity business, and the low-cost producer wins.

所以確實有一部分是因為產量提升、在單位成本分母端下功夫，帶來了很好的成效。但不只如此。還包括營運模式。包括把維修成本降下來、把化學品成本降下來，以及持續找到方法把事情做得更好。我對這個業務堅信的一點是：這是一門大宗商品生意，低成本生產者會勝出。

And across our oil sands base, we're not only the biggest producer, but we are the lowest-cost producer as well. So I'm just incredibly proud of the work that we have done. As we kind of look into 2027, I think you're right, we are going to get some inflationary pressure across this business and across this industry.

而在我們的油砂基礎上，我們不僅是最大的生產者，同時也是最低成本的生產者。所以我對我們所做的工作感到非常自豪。當我們展望 2027 年時，我認為你說得對，我們確實會在這項業務以及整個產業中面臨一些通膨壓力。

But I'm pretty confident that we are going to be able to beat a lot of this back, and that's kind of been our history. It's what we expect from our people. And putting more volume through a fixed cost base helps that. But we're always focused on our unit costs and keeping those very, very competitive relative to the peer group.

但我相當有信心，我們將能夠把其中很大一部分抵消回來，而這也算是我們一貫的歷史表現。這是我們對同仁的期待。而在固定成本基礎上導入更高的產量/處理量也有助於做到這一點。但我們始終專注於單位成本，並讓其相對同業群保持非常、非常具競爭力。

Thanks, Jon. Appreciate it.

謝謝你，Jon。很感謝。

Thanks, Neil.

謝謝你，Neil。

(Operator Instructions) Travis Wood, NBCCM.

(接線員指示) Travis Wood，NBCCM。

Question is around the change in policy in Alberta around the caribou lands, and I'm trying to get an understanding and making sure that I understand the process in terms of what that could mean for organic opportunities within Cenovus, whether that's through parts of even Athabasca. But I think I'm more so thinking about Surmont from the MEG transaction. Does that change in policy significantly change the kind of near-term to mid-term growth plan for brownfield expansions, kind of like you did over the past five years?

我的問題是關於亞伯達省在北美馴鹿（caribou）棲地政策上的變更；我想更清楚了解流程，並確認我對這可能意味著 Cenovus 內部的有機成長機會（例如甚至透過 Athabasca 的部分區域）是否理解正確。但我更主要是在想 MEG 交易帶來的 Surmont。這項政策變更是否會顯著改變你們近中期的成長規劃，特別是棕地擴建（brownfield expansions），就像你們過去五年所做的那樣？

Yeah. There's a lot being made of the land sale, and we're obviously looking at this and looking at this actively. I don't know that it changes any of our strategy, Travis. I think we look at things incrementally versus something that's going to fundamentally change the direction that we're going. So we're looking at what's become available. We're doing our analysis. We're trying to think through some of the uncertainty that you referenced with regard to the regulation in and around this.

是的。外界對這次土地出售有很多解讀，而我們當然也在關注並積極評估。我不確定這會改變我們的任何策略，Travis。我認為我們是以增量方式看待事情，而不是把它視為會從根本上改變我們前進方向的事件。所以我們正在看有哪些資產/土地變得可取得。我們在做分析。我們也在試著釐清你提到的、圍繞相關法規的不確定性。

But we think about it the same way we look at everything. It's another opportunity that's going to come across our desks, and we're going to properly evaluate it and think through what synergies that might add to the assets that are inside the portfolio and how we might add value from it. To the point you mentioned, there's still a fair amount of uncertainty around how this is actually going to manifest itself, but don't think about it as something that changes our strategy or operating plans materially.

但我們看待它的方式，和看待其他所有機會一樣。這只是另一個會出現在我們桌上的機會；我們會妥善評估，並思考它可能為投資組合內的資產帶來哪些綜效，以及我們如何從中創造價值。如你所說，關於這件事實際會如何落地，仍有相當程度的不確定性；但不要把它視為會對我們的策略或營運計畫造成重大改變的事情。

Okay. That makes sense. And just so I understand, would there be lands within Cenovus that you own the oil sands leases to that would be sitting on caribou lands that could potentially become open without having to participate in the sale?

好的。這樣就合理了。另外我想確認一下：Cenovus 是否有一些你們已擁有油砂租約的土地，剛好位於北美馴鹿棲地上，而未來可能在不必參與這次出售的情況下就能開放？

I think the way to think about it is there could be oil sand leases that become available through this process, where before they weren't available because they were in areas that were designated as caribou lands that were sterilized.

我認為可以這樣理解：透過這個流程，可能會有一些油砂租約變得可取得；而在此之前，因為它們位於被指定為北美馴鹿棲地、且被「凍結/封存」（sterilized）的區域，所以是不可取得的。

Okay. No, that makes sense. Okay. And last question, if you can entertain us with this, just in terms of what is the MOU discussion? How's that process going, and how can we think about kind of the critical path from here over the next couple weeks or maybe months?

好的。是的，這樣就合理了。最後一個問題，如果你們願意分享一下：關於 MOU（合作備忘錄）的討論是什麼情況？目前進展如何？以及接下來幾週或幾個月，我們該如何看待從現在起的關鍵路徑（critical path）？

You know what? I could give you my take on it, but Jeff Lawson is kind of right in the middle of this, and maybe he could give you a much better answer than I can on his view of how this is progressing.

你知道嗎？我可以講講我的看法，但 Jeff Lawson 正在這件事的核心位置；也許他能就他對進展的觀察，給你比我更好的答案。

I think we have some incredibly nuanced bespoke agreements to hammer out. And they're tough because they're new. No one has drafted them before, and that is around carbon capture, 6 megatons, incremental 10 megatons. But what you should take away is that both levels of government, the feds and the province, have been excellent to deal with. They have been pragmatic. They're trying to push this ahead.

我認為我們需要敲定一些非常細緻、量身打造的協議。而且很難，因為這些都是新的。以前沒有人起草過這類協議，內容涉及碳捕集：6 百萬噸，以及額外的 1,000 萬噸。但你應該掌握的重點是：兩級政府——聯邦與省政府——都非常好合作。他們務實。他們正試著推動這件事往前走。

So if you look at what we've got so far, we got the Productivity Mega Deduction. We've got changes to the Impact Assessment Act, which really give primacy to Alberta, so we don't have a bunch of oil sand stuff locked up because the Impact Assessment Act. We've got the West Coast Oil Pipeline as a project of national interest. Both levels of government and a shift to the BC government now wanting to all get that done. It's all positive.

所以如果你看我們目前已經取得的成果：我們拿到了「生產力超級扣除」（Productivity Mega Deduction）。我們也看到《影響評估法》（Impact Assessment Act）的修正，這實際上讓亞伯達省具有優先主導權，因此不會因為《影響評估法》而把一堆油砂相關事項卡住。我們也看到「西海岸輸油管線」被列為國家利益專案。兩級政府都支持，而且現在卑詩省政府也轉向希望把它完成。這些都是正面的。

On the Alberta side, the Premier has publicly said they are going to come out with their growth incentive royalty, and they're going to come up with some modifications to supports for the system. It feels like all this stuff is coming together in the right place. Now we need to hammer out actually the trade-off for that, which is what our 6 megaton carbon capture project looks like.

在亞伯達省這邊，省長已公開表示他們將推出成長誘因權利金（growth incentive royalty），並且會對系統的支持措施做一些調整。感覺這些事情都在往正確的方向匯聚。接下來我們需要真正敲定其中的取捨，也就是我們 6 百萬噸碳捕集專案的樣貌。

All the companies are aligned in hammering that out if we have all the supports in place. So it's all coming together. November 15 is a pretty tight timeline to get all this stuff done, but we're working towards that, and I guess we'll play it week by week if we actually hit that timeline. But we are on a path. We're not falling off the path, and we're pushing forward on it.

只要所有支持措施到位，所有公司在敲定這件事上是一致的。所以整體正在成形。11 月 15 日要把這些都完成是相當緊的時程，但我們正朝那個目標努力；至於是否真的能趕上，我想我們會一週一週地看。但我們是在既定路徑上。我們沒有偏離路徑，並且正持續推進。

Okay. Thank you so much for the color, guys. I'll turn it back.

好的。非常感謝你們提供這些細節，各位。我把時間交回去。

Great. Thanks, Travis.

很好。謝謝你，Travis。

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

謝謝。目前沒有登記的其他問題。現在我想把會議交給 Jon McKenzie 先生。

Great. Thank you, operator. So this concludes the conference call. Thank you all for joining us. We appreciate your interest in the company. Thank you very much and have a great day.

很好。謝謝你，接線員。本次電話會議到此結束。感謝各位參與。我們感謝各位對本公司的關注。非常謝謝，祝各位有美好的一天。

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。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。