Imperial Oil Ltd (IMO) 2025 Q3 法說會逐字稿

Good day, and welcome to the Imperial Oil third quarter 2025 earnings call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Peter Shaw, Vice President of Investor Relations.

大家好，歡迎參加帝國石油公司2025年第三季財報電話會議。今天的會議正在錄影。此時，我謹將會議交給投資人關係副總裁彼得‧肖先生。

Good morning, everyone, and welcome to our third quarter earnings conference call. I am joined this morning by Imperial's senior management team, including John Whelan, Chairman, President and CEO; Dan Lyons, Senior Vice President, Finance and Administration; Cheryl Gomez-Smith, Senior Vice President of the Upstream; and Scott Maloney, Vice President of the Downstream.

各位早安，歡迎參加我們第三季財報電話會議。今天早上與我一同出席的還有帝國石油公司的高級管理團隊，包括董事長、總裁兼首席執行官約翰·惠蘭；財務和行政高級副總裁丹·萊昂斯；上游業務高級副總裁謝麗爾·戈麥斯-史密斯；以及下游業務副總裁斯科特·馬洛尼。

Today's comments include reference to non-GAAP financial measures. The definitions and reconciliations of these measures can be found in Attachment 6 of our most recent press release and are available on our website with a link to this conference call. Today's comments may contain forward-looking information. Any forward-looking information is not a guarantee of future performance and actual future performance and operating results can vary materially depending on a number of factors and assumptions.

今天的評論中提到了非GAAP財務指標。這些措施的定義和協調情況可在我們最新新聞稿的附件 6 中找到，也可在我們的網站上找到，並附有本次電話會議的連結。今天的評論可能包含前瞻性資訊。任何前瞻性資訊均不構成對未來業績的保證，實際未來業績和營運結果可能會因多種因素和假設而出現重大差異。

Forward-looking information and the risk factors and assumptions are described in further detail on our third quarter's earnings release that we issued this morning as well as our most recent Form 10-K. All these documents are available on SEDAR+, EDGAR and our website. So I'd ask you to refer to those. John is going to start this morning with some opening remarks and then hand it over to Dan, who is going to provide the financial update, and then John will provide an operations update. And once we've done that, we'll allow time for Q&A.

前瞻性資訊、風險因素和假設已在我們今天早上發布的第三季收益報告以及我們最新的 10-K 表格中進行了更詳細的描述。所有這些文件都可以在 SEDAR+、EDGAR 和我們的網站上找到。所以我想請您參考這些資料。今天上午，約翰將首先作開場白，然後交給丹，由丹提供財務最新情況，之後約翰將提供營運最新情況。完成這些步驟後，我們會留出時間進行問答環節。

So with that, I will turn it over to John for his opening remarks.

那麼，接下來就交給約翰，請他致開幕詞。

Thank you, Peter. Good morning, everybody, and welcome to our third quarter earnings call. I hope everyone is doing well. And as always, we appreciate you taking the time to join us this morning. I'm really pleased to report another strong quarter.

謝謝你，彼得。各位早安，歡迎參加我們第三季財報電話會議。希望大家都好。和往常一樣，感謝您今天上午抽出時間加入我們。我很高興地報告，本季業績又表現強勁。

We generated cash flow from operations of nearly $1.8 billion and ended the quarter with approximately $1.9 billion of cash on hand. To our shareholders, we delivered over $1.8 billion through dividends and buybacks. Our strong financial performance and ability to return significant cash to shareholders was underpinned by higher volumes, including record crude production and high refinery utilization.

我們從經營活動中產生了近 18 億美元的現金流，並在季度末持有約 19 億美元的現金。我們透過分紅和股票回購向股東們發放了超過 18 億美元的收益。我們強勁的財務表現和向股東返還大量現金的能力，得益於更高的銷量，包括創紀錄的原油產量和高煉油廠利用率。

With planned turnaround activity now complete, we're positioned for a strong finish to the year across all of our assets. While crude has softened of late, our integrated business model is very resilient and we generate substantial free cash flow over a range of oil price environments. As such, we will continue executing on our strategy and the plans we provided at our Investor Day earlier this year.

隨著計畫中的調整措施完成，我們所有資產都已做好準備，力爭在今年底取得強勁的業績。雖然近期原油價格有所走軟，但我們的一體化商業模式具有很強的韌性，在各種油價環境下都能產生可觀的自由現金流。因此，我們將繼續執行我們的策略以及我們在今年稍早的投資者日上提出的計劃。

During the quarter, we also announced a restructuring effort that is aligned with our well-established strategy and will further strengthen our leading position and our foundation for future growth. I'll come back to this in more detail shortly.

本季度，我們還宣布了一項重組計劃，該計劃與我們既定的策略相一致，並將進一步鞏固我們的領先地位和未來成長的基礎。我稍後會更詳細地談到這一點。

Now let me share some highlights from the quarter. At Kearl, the bar has been raised again with the team delivering 316,000 barrels per day gross, the highest quarterly production in the asset's history, a great step on our path towards reaching annual production of 300,000 barrels per day. At Cold Lake, Grand Rapids continued to perform well, and the new Leming SAGD development finished steaming and we expect first production shortly. These projects support transformation at Cold Lake, where we continue to expect more than 40% of production by 2030 to come from advantaged technologies.

現在讓我來分享本季的一些亮點。在 Kearl，團隊再次提高了標準，日產量達到 316,000 桶，這是該資產歷史上最高的季度產量，也是我們朝著實現日產 30 萬桶的目標邁出的重要一步。在冷湖，大急流城繼續表現良好，新的雷明SAGD開發項目已完成試運行，我們預計很快就能投產。這些專案支持冷湖的轉型，我們繼續預計到 2030 年，冷湖 40% 以上的產量將來自優勢技術。

Downstream utilization of 98% was significantly higher quarter-over-quarter even with planned turnaround activity at Sarnia beginning in September. That turnaround is now complete and was executed below cost and ahead of schedule.

即使薩尼亞工廠從 9 月開始進行計畫內的檢修活動，下游工廠的利用率也比上一季顯著提高至 98%。該轉型計劃現已完成，並以低於成本的價格提前完成。

Now I'd like to share more on our restructuring plans. On September 29, we announced restructuring plans to further advance our well-established strategy of increasing cash flow and delivering unmatched industry-leading shareholder returns. We plan to further improve our industry-leading performance, by centralizing additional corporate and technical activities in global business and technology centers realizing substantial efficiency and effectiveness benefits from scale, integration and technology. This restructuring is consistent with our long-standing strategy to maximize the value of our existing assets, using technology, and leveraging our relationship with ExxonMobil.

現在我想和大家分享我們的重整計畫。9 月 29 日，我們宣布了重組計劃，以進一步推進我們成熟的策略，即增加現金流並提供無與倫比的行業領先的股東回報。我們計劃透過將更多企業和技術活動集中到全球業務和技術中心，進一步提高我們領先業界的業績，從而從規模、整合和技術中獲得巨大的效率和效益。此次重組符合我們長期以來利用科技並發揮與埃克森美孚關係優勢，以最大限度地提高現有資產價值的策略。

With data availability and processing capabilities growing at an accelerating pace, the changes are designed to fully leverage global available expertise to maximize the benefits of current technology and accelerate the cost-effective deployment of new technologies to drive value and enhance financial resilience. Our world is evolving quickly. Technology is advancing in leaps and bounds. We see it all around us. And there's been huge growth in global capability centers, and we have to move with it. As a company, our legacy is defined by change and adaptation to ever-evolving business environments, technology and customer needs.

隨著數據可用性和處理能力的加速成長，這些變革旨在充分利用全球可用專業知識，最大限度地發揮現有技術的優勢，並加速以經濟高效的方式部署新技術，從而創造價值並增強財務韌性。我們的世界正在快速變化。科技正在快速發展。我們周圍到處都能看到它。全球能力中心數量大幅成長，我們也必須順應這股趨勢。作為一家公司，我們的發展歷程體現在不斷變革和適應不斷變化的商業環境、技術和客戶需求。

That ability to evolve is one of our greatest strengths. We have done it time and time again, and it is key to our success and leading position. These restructuring actions will further enhance our foundation for future growth and position us to continue delivering unmatched industry-leading returns and long-term value for our shareholders. At the same time, we remain fully committed to meet or beat the medium-term growth and expense reduction plans communicated at our Investor Day in April. Additionally, as a result of the restructuring, we have recorded a onetime restructuring charge and expect to achieve a reduction in annual expenses of $150 million by 2028.

這種進化能力是我們最大的優勢之一。我們已經一次又一次地做到了這一點，而這正是我們成功和保持領先地位的關鍵。這些重組措施將進一步增強我們未來成長的基礎，並使我們能夠繼續為股東帶來無與倫比的行業領先回報和長期價值。同時，我們仍然全力以赴，力爭實現或超越我們在 4 月份投資者日上公佈的中期增長和成本削減計劃。此外，由於重組，我們已提列一次性重組費用，預計到 2028 年，年度支出將減少 1.5 億美元。

Larger benefits are expected over the long term. As more fully leveraging the global scale and expertise of ExxonMobil will enable us to further enhance cash flow growth by driving productivity improvements across our operations, including higher production, reduced downtime, lower unit operating costs as well as project planning and execution excellence. Our relationship with ExxonMobil is an advantage that others don't have and can't replicate. Now we will manage this transition through a rigorous process. We will be restructuring our corporate workforce, what we call above field, which will result in a reduction in the number of employee roles by the end of 2027.

從長遠來看，預計會帶來更大的收益。更充分地利用埃克森美孚的全球規模和專業知識，將使我們能夠透過提高營運效率（包括提高產量、減少停機時間、降低單位營運成本以及卓越的專案規劃和執行）來進一步增強現金流成長。我們與埃克森美孚的關係是其他公司不具備也無法複製的優勢。現在我們將透過嚴格的流程來管理這項過渡。我們將重組公司員工隊伍（我們稱之為上級職位），這將導致到 2027 年底員工職位數量減少。

Then in the second half of 2028, we will further consolidate activities at our operating sites, primarily the Strathcona refinery in Edmonton, to enhance collaboration, ,operational focus and execution excellence. Through this transition, our focus remains on supporting our employees, operating with integrity, putting safety first, and executing our business strategy. Additionally, in view of the restructuring and our reduced office space requirements, we have signed an agreement to sell our Calgary campus, resulting in a noncash impairment charge.

然後在 2028 年下半年，我們將進一步整合我們在營運場所的活動，主要是埃德蒙頓的斯特拉斯科納煉油廠，以加強合作、營運重點和卓越執行。在此轉型過程中，我們將繼續專注於支援員工、誠信經營、安全第一以及執行我們的業務策略。此外，鑑於公司重組和辦公空間需求減少，我們已簽署協議出售卡加利園區，導致產生非現金減損費用。

And on that note, I'll turn it over to Dan to discuss our financial results in more detail.

接下來，我將把發言權交給丹，讓他更詳細地討論我們的財務表現。

Thanks, John. We had two identified items in the third quarter in our corporate segment. First, restructuring plans that John mentioned resulted in a charge of $330 million before tax in the quarter with an unfavorable earnings impact of $249 million after tax. This charge largely consists of employee severance costs, which will be paid out over the next two years as we migrate activities to business and technology centers and achieve efficiencies.

謝謝你，約翰。第三季度，我們公司業務部門發現了兩個問題。首先，約翰提到的重組計畫導致該季度稅前支出 3.3 億美元，稅後收益受到不利影響 2.49 億美元。這項費用主要包括員工遣散費，我們將在未來兩年內分期支付，屆時我們將把業務活動轉移到業務和技術中心，並提高效率。

Second, following an extensive marketing effort and after careful consideration of the current status in the anticipated outlook for large properties in the Calgary real estate market, we signed a sales and purchase agreement to sell our Calgary campus, which is expected to close in the coming months. Consistent with this, we recorded a noncash impairment charge of $406 million before tax with an unfavorable earnings impact of $306 million after tax in the quarter. The sales and purchase agreement includes a leaseback arrangement to support Imperial's needs over the next several years.

其次，經過廣泛的市場推廣，並仔細考慮了卡加利房地產市場大型物業的預期前景，我們簽署了出售卡加利校區的買賣協議，預計將在未來幾個月內完成交易。與此相符，本季我們提列了稅前 4.06 億美元的非現金減損支出，稅後收益受到不利影響 3.06 億美元。該買賣協議包含一項售後回租安排，以滿足 Imperial 在未來幾年的需求。

Turning to our underlying third quarter results. We recorded net income of $539 million. However, excluding identified items, the ones I just described, net income from the quarter is $1.094 billion, down $143 million from the third quarter of 2024, driven by lower upstream realizations, partially offset by higher refining margins. When comparing sequentially, third quarter net income is down $410 million from the second quarter of 2025. But again, excluding identified items, net income is up $145 million, primarily due to strong operational performance.

接下來我們來看看第三季的基本業績。我們錄得淨收入5.39億美元。然而，若不計入我剛才描述的那些特定項目，本季淨收入為 10.94 億美元，比 2024 年第三季減少了 1.43 億美元，主要原因是上游產品實現價格下降，部分被煉油利潤率上升所抵消。與上一季相比，第三季淨收入比 2025 年第二季減少了 4.1 億美元。但再次強調，若不計入特定項目，淨收入將成長 1.45 億美元，主因是強勁的營運表現。

Now shifting our attention to each business line and looking sequentially. Upstream earnings $728 million are up $64 million from the second quarter, primarily due to higher volumes and realizations. Downstream earnings of $444 million are up $122 million from the second quarter, mainly reflecting higher margins and volumes. Our Chemical business generated earnings of $21 million, consistent with the second quarter.

現在我們將注意力轉移到各個業務線，並按順序進行分析。上游業務獲利7.28億美元，比第二季增加6,400萬美元，主要原因是銷售量和實現價格上漲。下游業務獲利 4.44 億美元，比第二季度成長 1.22 億美元，主要反映了利潤率和銷量的提高。我們的化工業務獲利2,100萬美元，與第二季持平。

Moving on to cash flow. In the third quarter, we generated $1.798 billion in cash flows from operating activities, excluding working capital effects, cash flows from operating activities for the third quarter were $1.600 billion, which includes a $149 million unfavorable impact from the previously mentioned restructuring charge. Taking this into account, normalized cash flow was about $1.750 billion in the quarter. As John mentioned, we ended the quarter in a strong position with about $1.9 billion of cash on hand.

接下來分析現金流。第三季度，我們從營運活動中產生了 17.98 億美元的現金流，不包括營運資本影響，第三季度經營活動產生的現金流為 16 億美元，其中包括先前提到的重組費用帶來的 1.49 億美元的不利影響。考慮到這一點，該季度的正常現金流約為 17.5 億美元。正如約翰所提到的，我們本季末現金儲備約為 19 億美元，財務狀況良好。

Now shifting to CapEx. Capital expenditures in the third quarter totaled $505 million, $19 million higher than the third quarter of 2024. In the Upstream, third quarter spending of $353 million focused on sustaining capital at Kearl, Cold Lake and Syncrude. In the Downstream, third quarter CapEx was primarily spent on sustaining capital projects across our refining network. Our full year outlook remains consistent with our previously issued guidance.

現在轉向資本支出。第三季資本支出總額為 5.05 億美元，比 2024 年第三季高出 1,900 萬美元。在上游方面，第三季支出 3.53 億美元，主要用於維持 Kearl、Cold Lake 和 Syncrude 的資本。在下游業務方面，第三季資本支出主要用於維持我們煉油網路中的資本項目。我們全年的展望與先前發布的預期保持一致。

Shifting to shareholder distributions. In the third quarter, we continued to demonstrate our long-standing commitment to return surplus cash to our shareholders, paying $366 million in dividends and returning almost $1.5 billion through our accelerated share repurchase program under our normal course issuer bid. We anticipate completing our NCIB program before year-end.

轉向股東分紅。第三季度，我們繼續履行了長期以來將盈餘現金返還給股東的承諾，支付了 3.66 億美元的股息，並透過我們正常的發行人要約加速股票回購計畫返還了近 15 億美元。我們預計將在年底前完成 NCIB 專案。

Finally, this morning, we announced the fourth quarter dividend of $0.72 per share, in line with our third quarter dividend. Imperial remains committed to a reliable and growing dividend, as demonstrated by 31 consecutive years of annual dividend growth.

最後，今天上午，我們宣布了第四季每股派息 0.72 美元，與第三季派息一致。Imperial 始終致力於提供可靠且不斷增長的股息，連續 31 年實現年度股息成長就證明了這一點。

Now I'll turn it back to John to discuss our operational performance.

現在我將把話題交還給約翰，讓他來討論我們的營運績效。

Thanks, Dan. I want to take the next few minutes to share the key highlights from our operating results. Upstream production for the quarter averaged 462,000 oil equivalent barrels per day, up 35,000 barrels per day versus the second quarter and up 15,000 barrels per day versus the third quarter of 2024. This quarter marks a new crude production record for the company.

謝謝你，丹。接下來幾分鐘，我想和大家分享我們營運績效的幾個關鍵亮點。本季上游產量平均為每天 462,000 桶油當量，比第二季每天增加 35,000 桶，比 2024 年第三季每天增加 15,000 桶。本季該公司原油產量創下新紀錄。

Now I'll cover highlights for each of the assets, starting with Kearl. Kearl set a quarterly production record averaging 316,000 barrels per day, up 41,000 barrels per day versus the second quarter and up 21,000 barrels per day versus the third quarter of 2024. This marks the highest quarterly production ever for Kearl, surpassing our previous best set in the fourth quarter of 2023. The strong volumes were driven by a combination of high ore quality and our optimization efforts associated with ore selectivity and we're also realizing reliability gains from upsizing and design improvements of the hydrotransport lines.

接下來我將介紹每項資產的亮點，首先是 Kearl。Kearl 油田創下季度產量紀錄，平均每天產量為 316,000 桶，比第二季每天增加 41,000 桶，比 2024 年第三季每天增加 21,000 桶。這標誌著 Kearl 的季度產量達到了歷史最高水平，超過了我們在 2023 年第四季度創下的最佳紀錄。產量強勁成長得益於礦石品質高，以及我們在礦石選擇性方面所做的最佳化努力。此外，透過擴大規模和改進水力輸送管線的設計，我們也提高了可靠性。

Kearl continued to progress on unit cash costs and that is quickly becoming one of my favorite parts of our story. Unit cash costs at Kearl were USD15.13 per barrel this quarter, a decrease of nearly USD4 per barrel compared to the second quarter, helped by the absence of our planned turnaround, but also improved reliability, recovery and or selectivity. When compared to the third quarter of last year, we achieved a decrease of over USD2 per barrel. The third quarter's strong performance contributed to our year-to-date unit cash cost of USD17.89 per barrel. With year-to-date unit cash costs down over USD2 per barrel, we are realizing the benefit of our strategy that is focused on growing volumes with lower unit cash costs.

Kearl 在降低單位現金成本方面持續取得進展，這正迅速成為我最喜歡的部分之一。本季 Kearl 的單位現金成本為每桶 15.13 美元，與第二季相比下降了近 4 美元，這得益於我們計劃的檢修計劃的取消，以及可靠性、回收率和/或選擇性的提高。與去年第三季相比，我們實現了每桶超過 2 美元的降幅。第三季強勁的業績使我們今年迄今的單位現金成本達到每桶 17.89 美元。今年迄今為止，單位現金成本已下降超過每桶 2 美元，我們正在實現以更低的單位現金成本實現銷售成長的策略效益。

Moving next to Cold Lake. Cold Lake's production averaged 150,000 barrels per day, up 5,000 barrels per day versus the second quarter of 2025 and up 3,000 barrels per day versus the third quarter of 2024. I would like to take a moment to draw your attention to unit cash costs at Cold Lake. The current cost in the third quarter was USD13.38 per barrel. And that is supporting year-to-date costs of USD14, which is down USD1 per barrel versus the same period last year. While we have certainly benefited from low gas prices, we continue to make progress on structural cost reduction initiatives and our strategy to transform Cold Lake to a high proportion of technology advantaged production.

搬到冷湖旁。冷湖油田日均產量為 15 萬桶，比 2025 年第二季增加 5,000 桶，比 2024 年第三季增加 3,000 桶。我想花一點時間提請大家注意一下冷湖的單位現金成本。第三季的當前成本為每桶 13.38 美元。這使得今年迄今的油價維持在每桶 14 美元，比去年同期下降了 1 美元。雖然我們確實受益於低天然氣價格，但我們仍在推動結構性成本削減計劃，並繼續推動將冷湖油田轉型為高比例技術優勢生產基地的策略。

Consistent with that, our Leming SAGD project remains on track. Having recently completed steam circulation, we expect to see first oil in the coming weeks, with production ramping up over the next year. And looking to the future, we have an abundance of high-quality in-situ opportunities in our portfolio. At Aspen, we continue to progress the EBRT pilot with start-up remaining on track for early 2027. In addition, our Clarke Creek and Corner assets provide us with further long-term growth opportunities. These three assets have the potential to support up to 150,000 barrels per day each of advantaged production during their estimated 25 to 50 year operating life.

與此相符，我們的雷明SAGD計畫仍在按計劃進行。由於最近完成了蒸汽循環，我們預計將在未來幾週內看到第一批石油，並在未來一年內逐步提高產量。展望未來，我們的投資組合中擁有大量高品質的現場開發機會。在 Aspen，我們繼續推進 EBRT 試點項目，預計將於 2027 年初啟動。此外，我們的 Clarke Creek 和 Corner 資產為我們提供了進一步的長期成長機會。這三處資產在其預計 25 至 50 年的營運壽命內，均有潛力支持每天高達 15 萬桶的優質產量。

And to round out the upstream, I'll cover Syncrude. Imperial's share of Syncrude production for the quarter averaged 78,000 barrels per day, which was up 1,000 barrels per day versus the second quarter and down 3,000 barrels per day versus the third quarter of 2024. In early September, Syncrude began its planned 50-day corporate turnaround and was able to complete it ahead of schedule and under budget, with work wrapping up at the beginning of last week. Syncrude also continued to utilize the interconnect pipeline to import bitumen and gas oil to ensure high upgrader utilization. And this enabled an additional 6,000 barrels per day, our share of Syncrude suite premium production.

最後，為了完善上游部分的介紹，我將介紹 Syncrude。該季度帝國石油公司在 Syncrude 原油產量中所佔份額平均為每天 78,000 桶，比第二季度每天增加 1,000 桶，比 2024 年第三季每天減少 3,000 桶。9月初，Syncrude開始了計劃中的50天企業整頓，並提前完成且預算控制在範圍內，工作已於上周初結束。Syncrude 也繼續利用連網管道進口瀝青和柴油，以確保高升級裝置的利用率。這使得我們每天能夠額外獲得 6,000 桶原油，這是我們在 Syncrude 高級原油系列產品中所佔的份額。

Now moving to the Downstream. We delivered strong operational results while progressing our planned turnaround at Sarnia. Refinery throughput averaged 425,000 barrels per day, equating to a refinery utilization of 98%. This exceeded last year's third quarter throughput by 36,000 barrels per day, and it exceeded the second quarter 2025 throughput by 49,000 barrels per primarily driven by lower turnaround impacts and strong reliability at all sites.

現在轉到下游部分。我們在推進薩尼亞工廠計劃轉型的同時，取得了強勁的營運表現。煉油廠日均處理量為 425,000 桶，煉油廠利用率為 98%。這比去年第三季的日產量高出 36,000 桶，比 2025 年第二季的日產量高出 49,000 桶，主要原因是檢修影響較小以及所有站點的可靠性較高。

As we mentioned in the second quarter earnings call, we started up the Strathcona renewable diesel facility and are already realizing benefits of backing out more expensive imported products and replacing them with our own low cost of supply. We continue to optimize production based on hydrogen availability.

正如我們在第二季財報電話會議上提到的，我們已經啟動了斯特拉斯科納可再生柴油工廠，並且已經開始享受淘汰價格更高的進口產品並用我們自己的低成本供應產品取而代之帶來的好處。我們將繼續根據氫氣供應情況優化生產。

Earlier this week, we successfully completed our turnaround at Sarnia, ahead of schedule and below budget. With our turnaround activity complete for the year, we are expecting a strong fourth quarter. Petroleum product sales in the quarter were 464,000 barrels per day, which is down 16,000 barrels per day versus the second quarter of 2025, driven by lower export volumes, partially offset by higher jet and asphalt sales. Overall, we continue to see robust demand in Canada with gas and diesel comparable to the third quarter of 2024 levels and jet showing stronger event.

本週早些時候，我們成功完成了薩尼亞工廠的改造，提前完工，且低於預算。隨著我們今年的扭虧為盈計畫完成，我們預計第四季將取得強勁的業績。本季石油產品日銷售量為 464,000 桶，比 2025 年第二季減少了 16,000 桶，主要原因是出口量下降，但航空煤油和瀝青銷量增加部分抵消了這一降幅。總體而言，我們繼續看到加拿大強勁的需求，汽油和柴油的需求與 2024 年第三季的水平相當，而航空煤油的需求則表現得更為強勁。

Turning now to Chemicals. Earnings in the third quarter were $21 million, consistent with the second quarter. Compared to the third quarter of 2024, earnings were down $7 million, driven by weaker polyethylene margins. While challenging market conditions persist, our integration with the Sarnia refinery continues to add value and provides resilience in low-price environments.

接下來我們來談談化學物質。第三季獲利為 2,100 萬美元，與第二季持平。與 2024 年第三季相比，收益下降了 700 萬美元，主要原因是聚乙烯利潤率下降。儘管市場環境充滿挑戰，但我們與薩尼亞煉油廠的整合仍在不斷創造價值，並在低迷的市場環境中提供韌性。

So to wrap up, I'm very pleased with the strong operational and financial performance in the quarter, highlighted by the record quarterly liquids production in our Upstream best-ever quarterly production at Kearl and strong refinery utilization of 98% in our Downstream. With our planned turnaround activity complete, we're focused on a strong finish and remain confident in our guidance. We continue to return surplus cash to our shareholders in a timely manner and still expect to complete the accelerated normal course issuer bid by the end of the year.

總而言之，我對本季強勁的營運和財務業績非常滿意，尤其值得一提的是，上游業務的季度液體產量創歷史新高，Kearl 煉油廠的季度產量也達到了有史以來的最高水平，下游業務的煉油廠利用率也高達 98%。隨著我們計劃中的扭虧為盈活動完成，我們正專注於取得強勁的業績，並對我們的業績指引充滿信心。我們將繼續及時向股東返還盈餘現金，並仍預計在年底前完成加速正常發行人要約收購。

As mentioned earlier, our restructuring plan advances our long-standing strategy of maximizing the value of our existing assets. The planned positions Imperial to continue delivering industry-leading shareholder returns over a range of market conditions. We are transforming from a position of strength, leveraging the rapidly advancing technology environment, the growth in global capability centers and our relationship with Exxon Mobil.

如前所述，我們的重組計劃推進了我們長期以來最大化現有資產價值的策略。該計劃旨在使帝國理工在各種市場條件下繼續為股東帶來行業領先的回報。我們正在從優勢地位出發進行轉型，利用快速發展的技術環境、全球能力中心的成長以及我們與埃克森美孚的關係。

I've described what is changing as part of our restructuring. It is equally important to highlight what is not. Our governance and leadership structure is not changing. What we are doing is fully aligned with our strategy. Our strategy is not changing, and our growth plans are not changing. We remain a proud Canadian company, and industry-leading technology-focused energy company contributing significantly to the country and our shareholders. And throughout this transition, we remain committed to supporting our employees, the communities where we operate and responsibly producing the energy and products Canadians rely on.

我已經描述了作為重組一部分而發生的變化。同樣重要的是要指出哪些不是。我們的治理和領導結構不會改變。我們所做的一切都與我們的策略完全一致。我們的策略不會改變，我們的成長計畫也不會改變。我們仍然是一家引以為傲的加拿大公司，也是一家領先業界的、以技術為中心的能源公司，為國家和股東做出了重大貢獻。在整個轉型過程中，我們將繼續致力於支持我們的員工、我們營運所在的社區，並負責任地生產加拿大人賴以生存的能源和產品。

In closing, let me say the combination of our financial position, strong operating results and our strategic initiatives to further strengthen our efficiency and effectiveness give me confidence in the future of Imperial and our ability to further enhance our industry-leading position. I am very pleased with the strong results our team has delivered and I want to thank them. And as always, I'd like to thank you once again for your continued interest and support. Looking ahead, we are planning to issue our annual guidance for 2026 in mid-December.

最後，我想說，我們良好的財務狀況、強勁的經營業績以及為進一步提高效率和效益而採取的戰略舉措，讓我對帝國集團的未來以及我們進一步鞏固行業領先地位的能力充滿信心。我對我們團隊取得的優異成績非常滿意，我要感謝他們。最後，我再次感謝大家一直以來的關注與支持。展望未來，我們計劃在 12 月中旬發布 2026 年年度業績指引。

And with that, we will now -- I will now move to our Q&A session and pass the floor back to Pete.

接下來，我將進入問答環節，把發言權交還給皮特。

(Event Instructions) So with that operator, could you please open up the line for questions?

（活動說明）那麼，請那位接線生開通提問頻道好嗎？

(Operator Instructions)

（操作說明）

Manav Gupta, UBS.

瑞銀集團的馬納夫·古普塔。

Kearl keeps setting new milestones. I mean production volume was significantly better than our expectations. And I don't think I've seen a $15 op cost out there. So help us understand what's driving these improvements? And how is this asset positioning Imperial extremely well for times to come ahead?

凱爾不斷創造新的里程碑。我的意思是，產量遠遠超出我們的預期。而且我好像還沒看過價格在 15 美元左右的手術。那麼，請幫助我們了解是什麼因素推動了這些改進？這種資產配置如何讓帝國學院在未來的發展中佔據極為有利的地位？

Thank you, Manav, and I may make a few comments and I'll -- Cheryl can chime in as well. Thank you for that comment. And as I said, Kearl, the unit cost performance there, the reliability, the performance of the asset has certainly become one of my favorite parts of the story. It is very key to our success and our future for sure. And as we look at where we are right now, I think we're really well positioned to meet the midpoint of our annual guidance.

謝謝你，馬納夫，我可能會說幾句，謝麗爾也可以插幾句。謝謝你的評論。正如我之前所說，凱爾，該資產的單位成本性能、可靠性和性能無疑已成為我最喜歡的部分之一。這對我們的成功和未來至關重要。就我們目前的狀況而言，我認為我們完全有能力實現年度業績指引的中點。

The team continues to set new records. We had a best second quarter, best ever second quarter. Now we've had the best ever quarter in the third quarter. But it is important to note, there's variability quarter-to-quarter, and we need to keep that in mind as we go forward as well. But this quarter, we had very strong volumes with our high ore quality, our optimization efforts and as well as reliability gains.

該隊不斷創造新紀錄。我們取得了有史以來最好的第二季成績。我們第三季的成績是史上最好的。但要注意的是，每季的情況都會有所不同，我們在未來的工作中也需要牢記這一點。但本季度，由於礦石品質高、優化措施到位以及可靠性提高，我們的產量非常強勁。

I couldn't be more -- I couldn't be prouder of this team and have -- be more optimistic about this asset and the importance of it to our business. We're on track to deliver on our commitments and around a future of 300,000 barrels a day for this asset and a unit cost target is up $18 a barrel in 2027.

我為這支團隊感到無比自豪，並且對這支隊伍及其對我們業務的重要性充滿信心。我們正按計畫履行承諾，該資產未來日產量將達到 30 萬桶左右，到 2027 年單位成本目標將上漲 18 美元/桶。

Cheryl can comment a bit more, but thank you for the comments. This is a very important part of our business for sure, and we're very pleased with the performance of this asset.

Cheryl還可以再補充一些內容，但謝謝你的評論。這無疑是我們業務中非常重要的一部分，我們對這項資產的表現非常滿意。

Thanks, John. So a little bit more in terms of what's made the difference. And I'm going to go back to some of the messages that I shared when we had Investor Day. Kearl continues to have a relentless focus on optimizing scope and collaborating lesson learned, and this is including implementing creative ideas. We continue to integrate lessons learned and technology, drive better decisions via data and analytics as well as leverage our global earnings and benchmarking.

謝謝你，約翰。所以，接下來我想更詳細地談談是什麼造成了這種差異。接下來，我將回顧我們在投資者日上分享的一些資訊。Kearl 一直孜孜不倦地專注於優化範圍和協作吸取經驗教訓，這其中也包括實施創新理念。我們將繼續整合經驗教訓和技術，透過數據和分析做出更好的決策，並利用我們的全球收益和基準。

In short, we're maintaining this continuous improvement mindset. The work and the success that we've had to date gives me confidence continue to outperform while maintaining our facility integrity as well as our strong risk management.

簡而言之，我們始終秉持著持續改善的理念。到目前為止，我們所取得的工作成果和成功讓我有信心繼續超越自我，同時保持設施的完整性和強大的風險管理能力。

My quick follow-up is on the refining macro. It looks like the diesel markets are very tight and whatever channel checks you are doing is indicating that the Russian refineries have taken a significant hit and it'll take a long time for those markets to normalize. And so I wanted to understand in the next three to six months, how do you see the refining market out there? Do you think the strength in diesel cracks can continue? Because if that's the case, your fourth quarter numbers in the refining side have definite upside from where we are. So if you could comment on that.

我的後續快速補充是關於精煉宏的。柴油市場似乎非常緊張，你所做的任何渠道調查都表明，俄羅斯煉油廠受到了嚴重衝擊，這些市場需要很長時間才能恢復正常。因此，我想了解一下，在接下來的三到六個月裡，您如何看待煉油市場？你認為柴油裂解價的強勁動能還能持續嗎？如果情況真是如此，那麼你們煉油業務第四季的業績肯定會比目前的情況有所提升。如果您能就此發表一下看法就太好了。

Sure. I'll jump in and take that. Yes, we have certainly seen the same things right out the door right now with the global supply demand balances and then the sanctions out there propping up diesel margins. And so we -- as long as those sanctions continue and the disruptions occur in the global market, we think that, that's a possible outcome for us. The way we manage our business is making the products that we see margins out the door on.

當然。我來接手。是的，我們目前確實看到了同樣的情況，全球供需平衡以及製裁措施支撐了柴油利潤。因此，只要這些制裁持續下去，全球市場持續動盪，我們就認為，這對我們來說可能就是最終結果。我們的經營理念是生產那些能帶來利潤的產品。

And with all of our maintenance work behind us this year, we see high utilization numbers for the balance of the fourth quarter. And combined with the margins that we're seeing, especially in the diesel channel, we're seeing -- we're looking forward to a positive fourth quarter.

隨著今年所有維護工作完成，我們預計第四季剩餘時間的利用率將保持在高水準。結合我們目前看到的利潤率，尤其是在柴油通路，我們期待第四季能取得正面的業績。

Greg Pardy, RBC Capital Markets.

格雷格·帕迪（Greg Pardy），加拿大皇家銀行資本市場部。

Thanks for the rundown, John and Dan. I wanted to come back to the restructuring, just to better understand how the transition is going to work. So you done a sale leaseback from the building, which means that the staff that will be retained presumably is going to be a Quarry Park. It sounds like you'll be a Quarry Park. And then I'm just trying to understand that if the transition is going to occur over essentially '26 and '27, have the folks that no longer have a role, are they still in the building? Or has that transition kind of move? I'm just trying to better understand how the dynamics are going to shake out?

謝謝約翰和丹的介紹。我想重新審視重組事宜，以便更了解過渡過程將如何進行。所以你們對這棟大樓進行了售後回租，這意味著保留下來的員工大概會是採石場公園的員工。聽起來你好像要開一家採石場公園。然後我只是想了解，如果過渡期基本上是在 2026 年和 2027 年，那麼那些不再擔任任何職位的人，他們是否還在公司裡？或者說，這種轉變已經發生了某種變化？我只是想更了解事態將如何發展？

Well, thanks, Greg. Let me cover that. This -- if you step back from this, what we're doing, I would say, and I'll get to the specifics of your question. This is -- we've been assessing this opportunity over a couple of years, and it really builds on the transformation journey that we've been on for more than a decade, frankly, of gradually outsourcing work to global capability centers and leveraging technology to improve efficiency. In the past, you've seen that over the last decade in terms of our organization size, we are doing just as much or more in terms of what we're operating, what we're executing, but with less people doing it in a more efficient manner. So in the past, we did this opportunity by opportunity based -- on an opportunity-by-opportunity basis or organization by organization.

謝謝你，格雷格。讓我來解答這個問題。——如果我們先退一步，看看我們正在做的事情，我會說，然後我再具體回答你的問題。我們已經評估這個機會好幾年了，坦白說，這實際上是建立在我們十多年來一直在進行的轉型之旅之上的，即逐步將工作外包給全球能力中心，並利用技術來提高效率。過去十年，就我們組織的規模而言，我們已經做到了同樣多甚至更多，但我們用更少的人力以更有效率的方式完成了這些工作。所以過去，我們都是逐一機會或逐個組織地進行這項工作。

Now we've looked at this from a company-wide perspective. And as we've kind of crawled and walked, we see the opportunity to run as we move forward. And I share that just to highlight, there's been a tremendous amount of planning put into this, and we have a detailed plan for how we will execute this over the next two years.

現在我們已經從公司整體的角度審視了這個問題。就像我們一路爬行和行走一樣，我們看到了向前邁進、奔跑的機會。我在此強調，我們為此投入了大量的規劃，並且制定了未來兩年內如何執行該計劃的詳細方案。

So in terms of -- you're right, this transition will occur over a two-year period in terms of the workforce transformation piece of it. And then the consolidation of operating sites will happen after that in 2028. So an overall a three-year period. We have detailed plans in place for the outsourcing of this -- of work to global capability centers.

所以就勞動力轉型而言——你說得對，這項過渡將在兩年內完成。然後，營運場所的整合將在 2028 年之後進行。所以總共是三年。我們已經制定了詳細的計劃，將這項工作外包給全球能力中心。

But another important part to consider is part of this efficiency gain is outsourcing work, but there's also about 40% of the reduction is pure efficiency gain. There will be less people required to do the work as we capture the scale that we can get in these global capability centers. So we have a two-year transition for how we'll capture those efficiencies and outsource the work to these global capability centers.

但需要考慮的另一個重要面向是，效率提升的一部分是外包工作，但也有約 40% 的成本降低是純粹的效率提升。隨著我們利用這些全球能力中心實現規模化發展，需要從事這項工作的人員將會減少。因此，我們將用兩年時間過渡，以實現這些效率提升，並將工作外包給這些全球能力中心。

Our organization, we are right, the office while we are -- we have entered into a sale and purchase agreement on the office that includes a leaseback for us where we will stay in Quarry Park through 2026 and 2027 and the first part of 2028 until we move staff to our consolidate them at operating sites at that time. So nobody will have to move.

我們公司，沒錯，辦公室——我們已經就該辦公室簽訂了買賣協議，其中包括回租協議，我們將留在採石場公園辦公至 2026 年和 2027 年以及 2028 年上半年，直到我們將員工轉移到我們屆時將他們整合到運營地點為止。這樣一來，就沒有人需要搬家了。

And we will -- you will see a transitioning a reduction in our workforce over that two-year period, '26 and '27. The end of '27, we will get to the outcome, the desired outcome that we have communicated. And then in '28, we will move people after we've achieved that reduction. I hope that answers your question, but --

你們將會看到，在 2026 年和 2027 年這兩年裡，我們的員工人數將會逐漸減少。到 2027 年底，我們將實現我們所傳達的預期結果。然後在 2028 年，在我們實現減員目標後，我們將調動人員。希望這能解答你的疑問，但是--

My goodness. Yes. No I mean, John, you're always well prepared. No, no, that's incredibly thorough. Maybe just to come back to what Cheryl was talking about with respect to Kearl. So in C dollars, a little over $20 is looking very, very good. I'm wondering if you could just maybe break it down between kind of volume versus input costs versus just perhaps the elimination of absolute costs or structural costs that have now been taken out of Kearl as a consequence of fewer people, digitalization and so forth. Because obviously, we had very weak natural gas prices in the third quarter, but not sure that's really a factor at all in terms of performance you put out.

我的天哪。是的。不，我的意思是，約翰，你總是準備得很充分。不，不，這真是非常全面了。也許我們只是想回到 Cheryl 剛才談到 Kearl 的事情。所以以加元計算，略高於 20 美元看起來非常非常好。我想知道您是否可以將其細分為產量與投入成本，以及由於人員減少、數位化等原因而從 Kearl 消除的絕對成本或結構性成本。很顯然，第三季天然氣價格非常疲軟，但我不確定這是否真的對你們的業績產生了任何影響。

I mean I'll start and then I will hand over to Cheryl, Greg. Thanks for the question. I mean -- and it is a really good point to make. It is a combination of both. We are working both the denominator and the numerator in that. So we have been reducing our absolute costs in what we call capturing structural efficiencies. So not just reducing in the short term, not pushing things out, but actually structurally reducing our costs that we can reduce and will remain reduced.

我的意思是，我會先開始，然後把麥克風交給 Cheryl 和 Greg。謝謝你的提問。我的意思是——這確實是一個很好的觀點。它是兩者的結合。我們同時考慮了分母和分子。因此，我們一直在降低絕對成本，我們稱之為提高結構效率。所以，我們不僅要在短期內減少開支，不要把事情往後推，而是要從結構上降低我們可以降低並且將會保持較低的成本。

And we do that with a very laser-like focus on maintaining integrity, safety and all of those things that are most important to us. You've heard me talk about in the past being the most responsible operator. And that involves safety performance, your integrity, your reliability, but also your cost structure. So we do those things in concert, ensuring that we maintain integrity, reliability and safety, but also reducing our structural costs. So there has been millions and millions of dollars structural savings identified.

我們以高度專注的態度，致力於維護誠信、安全以及所有對我們來說最重要的事情。你以前聽我說過，我要做最負責任的經營者。這不僅關係到安全性能、誠信、可靠性，也關係到成本結構。因此，我們協同開展這些工作，既確保了完整性、可靠性和安全性，也降低了結構性成本。因此，已經確定了數百萬美元的結構性節省方案。

But obviously, you have seen the barrels go up as well. And so it is the combination of both and the team continues to work on both parts of that equation, which is really important given the magnitude of the improvements we've seen and what we want to continue to do as we go forward.

但很顯然，你也看到了酒桶被抬高了。因此，我們需要將兩者結合起來，團隊將繼續努力完善這兩個方面，考慮到我們已經取得的進步幅度以及我們未來想要繼續做的事情，這一點非常重要。

I'll pass it over to Cheryl to elaborate a little more.

我將把這個問題交給謝麗爾，讓她再詳細解釋。

Sure. Thanks, John. And Greg, what I would say is this is a very good example of the and equation, as John mentioned. So in this space where we're looking at unit cash costs were leverage scale, looking at structural cost savings as well as incremental production. When I think about incremental production, it leverages the relatively high fixed cost structure at Kearl.

當然。謝謝你，約翰。格雷格，我想說的是，正如約翰所提到的，這是一個非常好的例子，說明了「與」等式。因此，在這個領域，我們關注的是單位現金成本，利用規模效應，關注結構性成本節約以及增量生產。當我考慮增量生產時，它利用了 Kearl 相對較高的固定成本結構。

So this is a powerful lever in terms of lowering our unit cash costs. And as John mentioned, we continue to focus on reliability maintenance optimization, deployment of digital solutions to improve our productivity and lower absolute costs. Several of the things we highlighted at our Investment Day in terms of automation, robotics, remote activities. So it's a yes and in terms of how we get there.

因此，這是降低單位現金成本的一個強大槓桿。正如約翰所提到的，我們將繼續專注於可靠性維護優化，部署數位化解決方案以提高生產力並降低絕對成本。我們在投資日上重點介紹了自動化、機器人技術和遠距辦公等方面的幾個方面。所以答案是肯定的，至於我們如何實現這一點，就看情況了。

Dennis Fong, CIBC.

丹尼斯·方，加拿大帝國商業銀行。

My first one is just related to your in situ pipeline, Aspen, Clark Creek and Corner. Thank you for the kind of the rundown. Obviously, EBRT is a focal point in terms of the go-forward strategy. Is just kind of solidifying and understanding the development potential and the results for the pilot, the primary driver for kind of moving on to the next steps? And maybe what else would you like to see beyond kind of further prove out of the technology for you to feel comfortable moving forward with Aspen, I guess, first or any of these three in situ projects?

我的第一個問題與你們的現場管道有關，Aspen、Clark Creek 和 Corner。謝謝你的簡要介紹。顯然，EBRT 是未來發展策略的重點。鞏固和了解試點計畫的發展潛力和成果，是否是推動計畫進入下一步的主要動力？除了進一步驗證這項技術之外，您還希望看到什麼，才能讓您放心地推進 Aspen 項目，或者首先推進這三個現場項目中的任何一個？

Thank you. Thank you, Dennis, for the question. I'll start again, and I may ask Cheryl to chime in as well. I think if we look at these future -- this future in situ portfolio, we remain very bullish about it. The resource base is significant and of high quality. And we believe we have the technology and EBRT to unlock that resource base at lower unit cost, lower emissions than even the technology we're using today. So we have decided to do the pilot.

謝謝。謝謝你的提問，丹尼斯。我重新開始，也許還會請謝麗爾也參與。我認為，如果我們展望未來——展望未來的原地投資組合，我們仍然非常看好它。資源基礎雄厚且品質優良。我們相信，我們擁有能夠以更低的單位成本和更低的排放量（甚至比我們今天使用的技術還要低）來釋放該資源基礎的技術和 EBRT。所以我們決定先做試播集。

We feel quite confident in the technology. We've done a lot of lab testing on it. But given the scale at which we want to deploy it, we felt it was valuable to do the pilot. The main things we're going to be looking for in the pilot is the solvent recovery and the production uplift that comes from those. So that's the main thing. And that we'll start off the pilot in 2027. So that's from a technology perspective.

我們對這項技術很有信心。我們已經對它進行了大量的實驗室測試。但考慮到我們希望部署的規模，我們認為進行試點是很有價值的。我們在試點計畫中主要關注的是溶劑回收率以及由此帶來的產量提升。所以，這就是最重要的事。我們將於 2027 年啟動試點計畫。這是從技術角度來看的。

But we're going in pretty positive about it, but it's important to prove that up, I think, through a real-life pilot in the field. We feel very good about the resource. We will continue to do some delineation work around that, but we've done a lot already, and we feel very comfortable in that space.

但我們對此持相當樂觀的態度，但我認為，透過實際的實地試點來證明這一點非常重要。我們對這項資源非常滿意。我們將繼續圍繞這方面進行一些界定工作，但我們已經做了很多工作，我們在這個領域感到非常得心應手。

And I think the other part is just the overall investment environment. You've heard us and industry talk about that, the importance and we've been on record with that at the government and we are working closely with the government around that, simplifying regulation, shortening project approval time lines and those type of things. That's important as we consider future investment and growth in production.

我認為另一部分原因在於整體投資環境。您已經聽我們和業界談論過這個問題，它的重要性，我們也已就此向政府表達過意見，我們正在與政府密切合作，簡化監管，縮短項目審批時間等等。這一點很重要，因為我們正在考慮未來的投資和生產成長。

And then the other aspect is egress, and we feel very good about that, particularly for Aspen. As we look out the next decade and we listen to what the pipeline companies are talking about in terms of debottlenecking projects with Trans Mountain, Enbridge's announced projects that they've been talking about, we feel very good that there's egress going to be available for the next decade or so. So we're doing some work on the technology. There's an investment climate piece that we continue to involve work with the government on. We think there's egress. So overall, we're very bullish about the opportunities.

另一方面是出口，我們對此感覺非常好，特別是對於阿斯彭來說。展望未來十年，當我們聽取管道公司關於消除瓶頸項目的討論，例如 Trans Mountain 和 Enbridge 宣布的那些項目時，我們感到非常樂觀，認為在未來十年左右的時間裡，管道出口將會暢通無阻。所以我們正在進行一些技術性的研究。投資環境方面，我們將繼續與政府合作。我們認為有出口。總的來說，我們對未來的機會非常看好。

Add I'll just add a couple of other comments, Dennis. We drilled the three wells. And as John mentioned, we're on target for an early 2027 start-up. We're going to run a pilot to validate production uplift here, John mentioned solvent recovery as well as overall operability. The other thing I'd highlight is the pilot is intended to derisk this technology, and it's a very similar approach to what we took for SA-SAGD. So I think we're well on track there. And I'd echo which the comments that John made, which is we're very -- we're looking forward to EBRT technology. This is what we're looking for in terms of being a game changer for institution developments going forward.

丹尼斯，我再補充幾點。我們鑽了三口井。正如約翰所提到的，我們預計在 2027 年初啟動專案。我們將進行試點，以驗證這裡的生產提升，約翰也提到了溶劑回收以及整體操作性。我還要強調一點，試點計畫的目的是降低這項技術的風險，這與我們為 SA-SAGD 所採取的方法非常相似。所以我覺得我們在這方面進展順利。我同意約翰的評論，那就是我們非常期待 EBRT 技術。這就是我們所期待的，能夠對機構未來的發展產生變革性影響的東西。

Great. Really appreciate that contacts from both of you. I wanted to shift focus back maybe towards Cold Lake. Obviously, you have the Leming SAGD project with the targeted start-up here. And I just wanted to think a little bit more how should we be thinking about the Mahihkan SA-SAGD project as well as if you wouldn't mind highlighting any of the future SA-SAGD project opportunities that exist within that field and maybe what that potentially looks like, both from an op cost perspective as well as a production perspective and level, if there's any further updates from what you guys highlighted at the Investor Day?

偉大的。非常感謝二位的聯繫。我想把注意力重新轉移到冷湖地區。顯然，這裡有 Leming SAGD 項目，其目標是啟動一家新創公司。我想再深入思考一下，我們應該如何看待 Mahihkan SA-SAGD 項目，以及您是否不介意重點介紹一下該領域未來存在的 SA-SAGD 項目機會，以及這些項目可能的發展前景，包括營運成本、產量和規模等方面。除了你們在投資者日上提到的內容之外，還有什麼新的進展嗎？

I'll make a few broader comments, Dennis, and then Cheryl can come in again as well. Our plan that we laid out for 165,000 barrels per day at Cold Lake in the next few years, we still feel very good about that plan. We're committed to that plan. And there's a number of things that contribute to that. There's low-cost base optimization projects such as our laser technology.

丹尼斯，我先說幾點比較寬泛的話，然後謝麗爾也可以再補充幾句。我們制定了未來幾年在冷湖實現日產 165,000 桶的計劃，我們仍然對這個計劃感到非常滿意。我們致力於執行該計劃。造成這種情況的原因有很多。有一些低成本的基礎優化項目，例如我們的雷射技術。

There's infill drilling using the unique compact rig that we have there to do infill drilling. That's a part of it. We are applying warm flow in a number of areas. We've got the Leming SAGD project that I just spoke about. Grand Rapids is going extremely well as well. So it's all of these building blocks and components that contribute to our confidence of getting to 165,000 barrels per day.

我們使用當地特有的小型鑽孔機進行加密鑽探。這是其中的一部分。我們正在多個領域應用暖流。我們有我剛才提到的萊明SAGD計畫。大急流城的情況也非常好。正是這些組成部分和要素讓我們有信心實現每天 165,000 桶的產量目標。

Now the Mahihkan SA-SAGD, I'll let Cheryl come back and talk more about that. That's obviously very important. But that's a 2029 startup with a peak production of about 30,000 barrels a day. But it's all of these building blocks that contribute to it and also the transition, the transformation really that we're making at Cold Lake moving to these advantaged technologies and seeing ourselves continue to see in 2030 with about 40% of our production coming from that advantage technology.

關於 Mahihkan SA-SAGD，我請 Cheryl 回來再詳細談談。這顯然非常重要。但那是一個計劃於 2029 年啟動的項目，高峰期日產量約為 3 萬桶。但正是所有這些組成部分促成了這一切，也促成了我們在冷湖進行的轉型，轉向這些優勢技術，我們預計到 2030 年，我們約 40% 的產量將來自這些優勢技術。

And I'll let Cheryl say a bit more specifically on Mahihkan and so on.

至於 Mahihkan 等等，我還是讓 Cheryl 更具體地談談吧。

Sure. Maybe I'll cycle back with Grand Rapids. We're very pleased, Dennis, with our results from Grand Rapids thus far. Specific to that effort, the next three pads are currently in development and this will fully leverage our plant capacity and offer inventory to sustain production at low capital. Now switching to Mahihkan, this will be our first commercial Clearwater SA-SAGD development.

當然。也許我會騎車回大急流城。丹尼斯，我們對目前為止在格蘭德拉皮茲取得的成績非常滿意。具體來說，為實現這一目標，目前正在開發接下來的三個墊層，這將充分利用我們的工廠產能，並提供庫存以低資本維持生產。現在轉到 Mahihkan，這將是我們第一個商業化的 Clearwater SA-SAGD 開發案。

John mentioned a 2029 startup. And one of the things that's an enabler and projects take time in the development is we have to convert the Mahihkan plant, which is currently a cyclic steam facility to a solvent-enabled SA-SAGD plant. All that in mind, we're on track to deliver, I'd say, more than about 50,000 barrels per day from SA-SAGD advantage production by the 2030 time frame. The other thing maybe I'll leave with is we do have a pipeline of future SA-SAGD projects as I look at 2040, 2050, and we'll take those in due course.

約翰提到了一個計劃於 2029 年啟動的創業計畫。而推動專案進展並需要時間的因素之一是，我們必須將目前是循環蒸汽裝置的 Mahihkan 工廠改造成溶劑驅動的 SA-SAGD 工廠。考慮到所有這些因素，我認為，到 2030 年，我們預計將實現 SA-SAGD 優勢生產每天超過 50,000 桶的產量。我最後要補充的是，展望 2040 年、2050 年，我們確實有一系列未來的 SA-SAGD 項目，我們將在適當的時候啟動這些項目。

Doug Leggate, Wolfe Research.

道格‧萊格特，沃爾夫研究公司。

John, I wonder if I could ask a really simple follow-up on Carol. Given the sustained efficiency improvements you've seen the consistent production performance, what would you say today is the production capacity trajectory for Carol in terms of where it is now and where you think you can get to? That's my first one.

約翰，我想問一個關於卡羅爾的非常簡單的後續問題。鑑於效率持續提高，生產性能穩定，您認為卡羅爾目前的產能發展軌跡如何？您認為未來能夠達到什麼水準？這是我的第一個。

My follow-up is a quick one. It's probably for Dan. It's always for Dan, same question every quarter. You leaned on your balance sheet a little bit this quarter, and you've accelerated the time line for your buyback. Is there any intention in the current environment for an SIB before the middle of next year?

我的後續問題很簡單。可能是給丹的。總是問丹，每季都問同樣的問題。本季你稍微動用了資產負債表，並且加快了股票回購的時間表。在當前環境下，是否有計劃在明年年中之前發行社會影響力債券（SIB）？

Thanks, Doug. Yes, let me take the Kearl one. Again, I couldn't be more proud of this team and the improvements that have been made at Kearl over a number of years. And I remain confident that we'll continue to make improvements at Kearl in terms of unit cost reductions and volumes uplift. I think our story is very consistent though with -- right now, the way we think about it. It's very consistent with our Investor Day.

謝謝你，道格。好的，我選凱爾那一個。再次重申，我對這支球隊以及凱爾多年來所取得的進步感到無比自豪。我仍然相信，我們將繼續在 Kearl 工廠取得進步，降低單位成本並提高產量。我認為我們的故事與——就目前而言，與我們的思考方式——非常一致。這與我們的投資者日活動非常一致。

We believe we have a strong foundation that supports potential for 300,000-plus barrels per day. We talked about at that time, the number of days that we're seeing a greater than 300,000 barrel a day days. You see the quarter that we just had in the quarter, that also builds that confidence. Right now, our focus is really how do we move it to 300,000 barrels a day.

我們相信我們擁有堅實的基礎，足以支撐日產量超過 30 萬桶的潛力。當時我們討論的是，日產量超過 30 萬桶的天數有多少天。你看看我們剛剛過去的季度業績，這也增強了這種信心。目前，我們的重點是如何將日產量提高到 30 萬桶。

And that -- I would just say the confidence in that is growing all the time. And we do -- and we talked about that in Investor Day. So we have a pretty clear path to get the asset to 300,000 barrels a day with bitumen recovery projects, continued focus on individual equipment performance, extending our turnaround intervals reduction duration.

而且──我想說的是，我對這方面的信心正在不斷增強。我們確實有這方面的內容——我們在投資者日上也談到了這一點。因此，我們有一條相當清晰的路徑，透過瀝青回收專案、持續專注於單一設備的性能、延長檢修間隔縮短時間，使該資產達到每天 30 萬桶的產量。

I feel very good about that. But we're not done at 300,000. We're very much focused on what's the potential beyond that. We believe there is potential beyond that. And we're continuing to work and develop those plans and we'll share them as those get matured.

我對此感到非常滿意。但我們的目標還不是30萬。我們非常關注除此之外的潛在發展方向。我們相信還有更大的潛力。我們正在繼續推進和完善這些計劃，待計劃成熟後會與大家分享。

Do you want me to take the second? Doug, -- so just to kind of address your question, as you said -- as we've said here, we fully plan to complete our accelerated NCIB by year by year-end, consistent with what we said few times. And then, of course, looking into next year, the soonest we can renew that is late June of '26. And of course, we plan to renew our NCIB and then your question is really around the first half of '26.

你想讓我拍第二張嗎？道格，——所以，為了回答你的問題，正如你所說——正如我們在這裡所說，我們完全計劃在年底前完成加速的 NCIB，這與我們之前多次說過的內容一致。當然，展望明年，我們最早也要到 2026 年 6 月下旬才能續約。當然，我們計劃續簽 NCIB，那麼你的問題實際上是關於 2026 年上半年的。

And as I said before, our ability to return cash in that period really just depends on commodity prices, right? It depends on the crude prices and cracks, and what we've said for a long time is as we generate surplus cash, we'll return it in a timely way. That still remains our principle. So it's really just going to be dependent on what the commodity markets give us in the first half of next year.

正如我之前所說，我們在那段時間內能否返還現金，實際上取決於大宗商品價格，對吧？這取決於原油價格和裂解價差，我們一直以來都表示，一旦產生盈餘現金，我們將及時回饋。這仍然是我們的原則。所以，這真的取決於明年上半年大宗商品市場的走勢。

And that does conclude the question-and-answer session. I'll now turn the conference back over to Peter Shaw for closing remarks.

問答環節到此結束。現在我將把會議交還給彼得·肖，請他作閉幕致詞。

Thank you. And on behalf of the management team, I'd like to thank everyone for joining us this morning. If you have any further questions, please don't hesitate to reach out to the IR team, and we'll be happy to answer those. With that, I'll say thank you very much, and have a great day.

謝謝。我謹代表管理團隊，感謝各位今天上午蒞臨現場。如果您還有其他疑問，請隨時聯繫投資者關係團隊，我們很樂意為您解答。最後，我要說聲非常感謝，祝您今天過得愉快。

Thank you. That does conclude today's conference. We do thank you for your participation. Have an excellent day.

謝謝。今天的會議到此結束。非常感謝您的參與。祝您今天過得愉快。