Imperial Oil Ltd (IMO) 2026 Q1 法說會逐字稿

Please stand by. Good day and welcome to the Imperial Oil first quarter 2026 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. Please go ahead.

請稍候。各位早安，歡迎參加 Imperial Oil 2026 年第一季財報電話會議。今天的會議將進行錄音。此刻，我想將會議交給投資人關係副總裁 Peter Shaw。請開始。

Good morning, everyone. Welcome to our first 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。歡迎參加我們第一季財報電話會議。今天早上與我一同出席的有 Imperial 的高階管理團隊，包括董事長、總裁暨執行長 John Whelan；財務與行政資深副總裁 Dan Lyons；上游業務資深副總裁 Cheryl Gomez-Smith；以及下游業務副總裁 Scott Maloney。

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 the link to this conference call.

今天的發言將提及非 GAAP 財務衡量指標。這些指標的定義與調節表可見於我們最新新聞稿的附件 6，並可透過本次電話會議連結在我們網站上取得。

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.

今天的發言可能包含前瞻性資訊。任何前瞻性資訊均不保證未來表現，實際未來表現與營運結果可能因多項因素與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 first quarter earnings release that we issued earlier 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.

前瞻性資訊以及相關風險因素與假設，已在我們今天稍早發布的第一季財報新聞稿，以及我們最新的 Form 10-K 中更詳細說明。上述文件皆可於 SEDAR+、EDGAR 及我們網站取得，請各位參閱。

John is going to start this morning with some opening remarks and then hand it over to Dan, who's going to provide the financial update. And then John will provide his operations update. Once that is done, we will follow with the Q&A session. So with that, I will turn it over to John for his opening remarks.

John 將在今天早上先做開場致詞，接著交由 Dan 提供財務更新。然後 John 會提供營運更新。完成後，我們將進入問答環節。那麼，我現在把時間交給 John 進行開場致詞。

Thank you, Peter. Good morning, everybody, and welcome to our first quarter earnings call. I hope everyone is doing well. And as always, we appreciate you taking the time to join us this morning.

謝謝你，Peter。各位早安，歡迎參加我們第一季財報電話會議。希望大家都一切順利。一如既往，感謝各位今天早上撥冗參與。

Since our last earnings call, we've seen significant volatility in commodity markets, driven by geopolitical events in the Middle East. This has served to tighten the supply-demand balance for a range of commodities globally, resulting in a materially different outlook for this year and potentially beyond.

自上次財報電話會議以來，我們看到商品市場出現顯著波動，主要由中東地緣政治事件所驅動。這使全球多種商品的供需平衡趨於緊縮，導致今年、甚至可能更長期間的展望出現實質不同。

It also reinforces the strategic importance of commodity and product supply from Canada to the rest of the world. Our long-standing business model uniquely provides significant leverage to upside conditions, while also protecting against downside scenarios.

這也再次凸顯加拿大向世界其他地區供應商品與產品的策略重要性。我們長期以來的商業模式具獨特性，能在上行情境下提供顯著槓桿效益，同時也能在下行情境下提供保護。

This is a substantial long-term structural benefit that allows us to return additional surplus cash to shareholders at higher prices, while adhering to our investment plans and strategic priorities over a range of price scenarios. There continues to be a dynamic global backdrop. However, our corporate strategy and investment plans remain consistent.

這是一項重大的長期結構性優勢，使我們能在價格較高時，在遵循投資計畫與策略優先事項的同時，向股東返還更多超額現金，並可適用於各種價格情境。全球背景仍然動態多變。然而，我們的公司策略與投資計畫仍維持一致。

We continue to maximize the value of our existing assets and progress material, high-quality organic growth opportunities, leveraging our competitive advantages of technology, scale, integration, execution excellence, and very importantly, our people.

我們持續最大化既有資產價值，並推進具實質規模、高品質的有機成長機會，運用我們在技術、規模、整合、卓越執行力，以及非常重要的—我們的人才—等競爭優勢。

Speaking of technology and scale, we also continue to advance our business transformation restructuring plans. As a reminder, we expect to capture significant long-term efficiency and effectiveness benefits as we further leverage rapidly advancing technology and ExxonMobil's global capability centers.

談到技術與規模，我們也持續推進業務轉型重整計畫。提醒各位，隨著我們進一步運用快速進展的技術以及 ExxonMobil 的全球能力中心，我們預期將取得顯著的長期效率與效能效益。

Now from a financial perspective, cash flows from operating activities were $756 million in the quarter. Excluding the impact of working capital, cash flows from operating activities were over $1.2 billion.

從財務角度來看，本季營運活動現金流為 7.56 億美元。若排除營運資金影響，營運活動現金流超過 12 億美元。

Moving to operations, I want to highlight several achievements. At Kearl, production was in line with our second best first quarter ever, despite the impact of a third-party natural gas supply outage. At Cold Lake, we achieved our highest first-quarter production in over eight years, supported by new technology-advantaged, low-cost volume that is transforming the asset.

接著談營運面，我想強調幾項成果。在 Kearl，儘管受到第三方天然氣供應中斷影響，產量仍與我們歷來第二佳的第一季表現相當。在 Cold Lake，在新技術優勢、低成本產量的支撐下（正推動該資產轉型），我們達成超過八年來最高的第一季產量。

In the downstream, our renewable diesel facility at Strathcona captured significant value compared to more costly imports. In terms of capital allocation, our approach remains consistent with our long-standing priorities, which begins with investing in the business to sustain and grow value.

在下游方面，我們位於 Strathcona 的再生柴油設施相較於成本更高的進口品，成功取得顯著價值。在資本配置方面，我們的方法仍與長期優先事項一致，首先是投資於業務以維持並提升價值。

Next, a reliable and growing dividend remains a key priority. Our annual dividend has grown for 31 years. And then as we generate surplus cash above and beyond our commitments, we look to return that to shareholders in a timely manner. And as you've seen in the release, we intend to renew our normal course issuer bid at the end of June.

其次，穩健且持續成長的股利仍是關鍵優先事項。我們的年度股利已連續成長 31 年。接著，當我們產生超出承諾所需的超額現金時，我們會尋求及時返還給股東。如各位在新聞稿中所見，我們打算在六月底續辦我們的常規發行人回購（NCIB）。

Overall, I'm excited about the opportunities in front of us, including our long-term in-situ growth potential. We continue to construct the Enhanced Bitumen Recovery Technology pilot at our Aspen lease, which can unlock significant new low-cost volume growth for Imperial and its shareholders.

整體而言，我對眼前的機會感到振奮，包括我們長期的原地開採（in-situ）成長潛力。我們持續在 Aspen 租約區建置強化瀝青回收技術（Enhanced Bitumen Recovery Technology）試點，這可為 Imperial 及其股東解鎖可觀的新增低成本產量成長。

With that, I'll pass things over to Dan to walk through the financial results in more detail.

接下來我把時間交給 Dan，請他更詳細說明財務結果。

Thanks, John. Starting with financial results for the first quarter, we recorded net income of $940 million, down $348 million from the first quarter of 2025, primarily driven by higher incentive compensation charges as a result of our higher share price. And unfavorable upstream realizations based on lower average prices across the quarter.

謝謝，John。先從第一季財務結果開始，我們錄得淨利 9.40 億美元，較 2025 年第一季減少 3.48 億美元，主要原因是因股價上漲而導致的較高激勵薪酬費用，以及上游實現價格不利（本季平均價格較低）。

Elaborating on the incentive compensation item, the total charge in the quarter was $143 million after tax. This mark-to-market charge was driven by a historic share price increase of almost $65 over 50% in the quarter.

進一步說明激勵薪酬項目，本季稅後總費用為 1.43 億美元。此按市價計量（mark-to-market）費用係由本季股價歷史性上漲近 65 美元、漲幅超過 50% 所驅動。

When comparing sequentially, first quarter net income is up $448 million from the fourth quarter of 2025, primarily driven by the absence of identified items and by higher prices, partially offset by lower volumes and the incentive compensation charge I just mentioned.

若與前一季相比，第一季淨利較 2025 年第四季增加 4.48 億美元，主要受惠於不再出現特定項目以及價格上漲，但部分被產量下降與我剛提到的激勵薪酬費用所抵銷。

Now, shifting our attention to each business line and looking sequentially, upstream earnings of $470 million are up $472 million from fourth quarter. Year due to absence of identified items. When excluding those items, net income is up $52 million, primarily due to higher prices.

現在把焦點轉到各業務線並以季比來看，上游獲利 4.70 億美元，較第四季增加 4.72 億美元。主要是因為不再出現特定項目。若排除這些項目，淨利增加 5,200 萬美元，主要由價格上漲所帶動。

Downstream earnings of $611 million are up $92 million from fourth quarter. Excluding identified items in the fourth quarter, net income is up $47 million, mainly due to lower operating expenses. Our chemical business generated earnings of $24 million, up $15 million from the fourth quarter. Excluding identified items in the fourth quarter, net income is up $4 million.

下游獲利 6.11 億美元，較第四季增加 9,200 萬美元。若排除第四季的特定項目，淨利增加 4,700 萬美元，主要因營運費用較低。我們的化學品業務獲利 2,400 萬美元，較第四季增加 1,500 萬美元。若排除第四季的特定項目，淨利增加 400 萬美元。

Moving to cash flow, in the first quarter we generated $756 million in cash flow from operating activities, excluding working capital effects, cash flows from operating activities for the first quarter were $1,239 million, down $521 million from the first quarter of '25.

接著看現金流，第一季我們的營運活動現金流為 7.56 億美元；若排除營運資金影響，第一季營運活動現金流為 12.39 億美元，較 2025 年第一季減少 5.21 億美元。

Cash flows from operating activities were also impacted by unfavorable deferred tax effects of about $350 million, primarily driven by much higher commodity prices late in the first quarter as compared to the fourth quarter of 2025.

營運活動現金流亦受到約 3.50 億美元的不利遞延所得稅影響，主要是因第一季末商品價格相較 2025 年第四季大幅走高所致。

As a US GAAP LIFO reporter, we tend to see transitory negative inventory driven deferred tax impacts when prices rise and transitory positive impacts when prices fall. This is driven by our reporting earnings on a LIFO inventory basis, while our deferred taxes are calculated on a weighted average cost inventory basis consistent with Canadian tax regulations.

作為依美國 GAAP 採用 LIFO 的申報者，當價格上漲時，我們通常會看到由存貨所驅動的遞延所得稅出現短暫的負面影響；當價格下跌時，則會出現短暫的正面影響。這是因為我們以 LIFO 存貨基礎認列盈餘，但遞延所得稅則依加拿大全國稅務規範，以加權平均成本存貨基礎計算。

Now shifting to CapEx, capital expenditures in the first quarter were $478 million, $80 million higher than the first quarter of 2025 and $173 million lower than the fourth quarter of 2025.

最後轉到資本支出（CapEx），第一季資本支出為 4.78 億美元，較 2025 年第一季增加 8,000 萬美元，較 2025 年第四季減少 1.73 億美元。

In the upstream, first-quarter spending of $362 million focused on sustaining capital at Kearl, Cold Lake, and Syncrude. In the downstream, first-quarter CapEx was primarily spent on sustaining capital projects across our refinery network.

在上游方面，第一季3.62億美元的支出重點用於Kearl、Cold Lake與Syncrude的維持性資本。在下游方面，第一季資本支出（CapEx）主要投入於我們煉油網路各項維持性資本專案。

Shifting to shareholder distributions in the first quarter, we paid $350 million of dividends. And earlier this morning, as John noted, we announced our intention to renew our NCIB in June, and we declared a second-quarter dividend of $0.87 per share, in line with our long-standing philosophy of returning surplus cash to shareholders.

轉到第一季的股東回饋，我們支付了3.5億美元的股利。而且今天稍早，如John所提到的，我們宣布計畫於6月續辦我們的NCIB，並宣告第二季每股0.87美元的股利，符合我們長期以來將多餘現金回饋股東的理念。

Now I'll turn it back to John to discuss the company's operational performance.

現在我把時間交還給John，請他說明公司的營運表現。

Thanks, Dan. I want to take the next few minutes to share key highlights from our operating results. Upstream production for the quarter averaged 419,000 gross oil equivalent barrels per day, up 1,000 oil equivalent barrels per day versus the first quarter of 2025.

謝謝，Dan。我想用接下來幾分鐘分享我們營運成果的重點亮點。本季上游產量平均為每日419,000桶（總量）油當量，較2025年第一季增加每日1,000桶油當量。

First quarter crude production was the second highest quarter -- first quarter result in company history, just 1,000 barrels per day below the all-time first quarter record set in 2024.

第一季原油產量為公司歷史上第一季的第二高紀錄，僅比2024年創下的歷史第一季最高紀錄少每日1,000桶。

I'll now cover highlights for each of the assets, starting with Kearl. Kearl's quarterly production was 259,000 barrels per day gross, up 3,000 barrels per day versus the first quarter of 2025. As a reminder, first-quarter volumes at Kearl tend to be lower on a seasonal basis relative to the second-half of the year.

接下來我將逐一說明各資產的亮點，先從Kearl開始。Kearl本季產量為每日259,000桶（總量），較2025年第一季增加每日3,000桶。提醒一下，Kearl第一季的產量通常因季節性因素而相對低於下半年。

In addition, during March, a third-party regional gas supply outage required us to temporarily reduce production levels to match lower natural gas availability. Now that we're in the second quarter, the team is focused on the planned turnaround at Kearl. Work this year will extend the turnaround interval at the K1 train from two to four years, similar to the work completed last year at the K2 train.

此外，在3月期間，第三方區域天然氣供應中斷，迫使我們暫時降低產量以配合較低的天然氣供應量。進入第二季後，團隊正專注於Kearl的計畫性歲修。今年的工作將把K1產線的歲修週期由兩年延長至四年，類似於去年在K2產線完成的工作。

This is a great example of the work we're doing to maximize the value at Kearl, leading to higher volumes and lower unit cash costs.

這是我們為了最大化Kearl價值所做工作的絕佳例子，可帶來更高產量與更低的單位現金成本。

Consistent with the framework we outlined at our 2025 Investor Day, we are advancing growth at Kearl across multiple fronts, including higher recovery, productivity and reliability enhancements, and the turnaround optimization work I just mentioned.

依循我們在2025年投資人日所提出的架構，我們正從多個面向推進Kearl的成長，包括提高回收率、提升生產力與可靠性，以及我剛提到的歲修最佳化工作。

Later this year, we're adding a secondary recovery project at Kearl designed to capture additional bitumen from the ore already being processed through the plant, supporting incremental capital-efficient volumes growth.

今年稍晚，我們將在Kearl新增一項二次回收專案，旨在從已在廠內處理的礦石中捕捉更多瀝青，以支持額外、資本效率更高的產量成長。

Moving next to Cold Lake highlights. Cold Lake's quarterly production averaged 155,000 barrels per day, up 1,000 barrels per day versus the first quarter of 2025. We continue to see the benefits of our strategy of transforming Cold Lake production to advantage technology.

接著看Cold Lake的亮點。Cold Lake本季產量平均為每日155,000桶，較2025年第一季增加每日1,000桶。我們持續看到將Cold Lake產量轉型為技術優勢的策略所帶來的效益。

With ongoing strong results from our Grand Rapids solvent-assisted SAGD project and continued ramp-up of the Leming SAGD project. We remain confident in our strategy at Cold Lake to deliver advantaged volumes at lower unit cash costs by leveraging technology.

在Grand Rapids溶劑輔助SAGD專案持續展現強勁成果，以及Leming SAGD專案持續爬坡之下。我們仍對Cold Lake的策略充滿信心，透過運用技術，以更低的單位現金成本提供具優勢的產量。

To round out the upstream, I'll cover Syncrude. Imperial's share of Syncrude production for the quarter averaged 72,000 barrels per day, which was down 1,000 barrels per day versus the first quarter of 2025. During the quarter, Syncrude experienced unplanned downtime associated with Coker 8-3, resulting in lower volumes and additional maintenance.

為了完整說明上游，我將談談Syncrude。本季Imperial分攤的Syncrude產量平均為每日72,000桶，較2025年第一季減少每日1,000桶。本季Syncrude因Coker 8-3相關的非計畫停機而受影響，導致產量降低並增加維修需求。

The interconnect pipeline was utilized to enable the export of an additional 8,000 barrels per day of bitumen and other products over the quarter. With the additional maintenance required at Syncrude this quarter, the decision was made to postpone the planned second-quarter turnaround work on Coker 8-2 until the summer.

本季透過互聯管線（interconnect pipeline），額外出口每日8,000桶的瀝青及其他產品。由於本季Syncrude需要額外維修，因此決定將原訂第二季在Coker 8-2進行的計畫性歲修延後至夏季。

Now let's move to the downstream. In the first quarter, we refined an average of 384,000 barrels per day, equating to a utilization of 88%. Compared to the first quarter of 2025, refinery throughput was down 13,000 barrels a day.

現在我們來看下游。第一季我們平均每日煉製384,000桶，等同於88%的產能利用率。與2025年第一季相比，煉廠處理量下降每日13,000桶。

During the quarter, we experienced unplanned downtime and Strathcona was impacted by the disruption of synthetic crude feedstock caused by the Syncrude coker outage until alternative supply was put in place.

本季我們遭遇非計畫停機，且在替代供應到位之前，Strathcona因Syncrude焦化裝置停機造成合成原油原料供應中斷而受到影響。

As I mentioned in my opening remarks, our renewable diesel facility at Strathcona captured significant value compared to more costly imports during the first quarter, even as we continued to optimize around hydrogen availability.

如我在開場致詞中提到的，即使我們仍在圍繞氫氣供應量持續進行最佳化，Strathcona的再生柴油設施在第一季相較於成本更高的進口品仍捕捉到顯著價值。

We are now executing the planned turnaround at Strathcona that began in early April and is scheduled to be completed in just over a week's time. The work is focused on the crude unit, which achieved the longest ever run length of 10 years before this planned turnaround.

我們目前正在執行Strathcona的計畫性歲修，該歲修於4月初開始，預計在一週多後完成。本次工作重點在原油蒸餾裝置（crude unit），該裝置在此次計畫性歲修前創下史上最長連續運轉10年的紀錄。

From a strategic perspective, we continue to invest in our structurally advantaged downstream business with a view to maximizing earnings and cash flow across the value chains. Investment in 2026 includes digital infrastructure enhancements and targeted projects to strengthen logistics and feedstock flexibility.

從策略角度來看，我們持續投資於具結構性優勢的下游業務，以期在各價值鏈中最大化獲利與現金流。2026年的投資包括數位基礎設施強化，以及用以提升物流與原料彈性的重點專案。

Petroleum product sales were 441,000 barrels per day, down 14,000 barrels per day compared to the first quarter of 2025, due primarily to a reduction in opportunistic supply sales, partially offset by increased retail sales. Overall, across our Canadian network, we saw very similar demand for each of our primary petroleum products in the first quarter of 2026 relative to 2025.

成品油銷售量為每日441,000桶，較2025年第一季減少每日14,000桶，主要因機會性供應銷售減少，部分被零售銷售增加所抵銷。整體而言，在我們加拿大網路中，2026年第一季相較於2025年，各主要成品油的需求表現非常相近。

Turning now to chemicals. Earnings in the first quarter were $24 million, down $7 million from the first quarter of 2025 due to lower product pricing, partially offset by reduced feedstock costs.

接著談化學品業務。第一季獲利為2,400萬美元，較2025年第一季減少700萬美元，原因是產品價格較低，部分被原料成本下降所抵銷。

In closing, I would like to reiterate that despite the dynamic geopolitical environment, our priorities remain clear and consistent. We are focused on continuing to profitably grow volumes, further lowering unit cash costs and increasing cash flow generation. We remain committed to maximizing the value of our existing asset base, progressing our volume and cost targets, driving greater efficiency and effectiveness, and delivering unmatched industry-leading shareholder returns.

最後，我想重申，儘管地緣政治環境多變，我們的優先事項仍清晰且一致。我們專注於持續以獲利方式成長產量、進一步降低單位現金成本並提升現金流創造能力。我們仍致力於最大化既有資產基礎的價值、推進產量與成本目標、提升效率與效能，並為股東帶來無可匹敵、業界領先的報酬。

Operationally, our focus remains on execution excellence and being the most responsible operator. This includes safely and effectively completing the planned turnaround at Strathcona, as well as the planned turnaround at Kearl in May. Both are important to sustaining reliability, capturing value from our assets, and supporting long-term performance.

在營運面，我們仍聚焦於卓越執行並成為最負責任的營運者。這包括安全且有效地完成Strathcona的計畫性歲修，以及5月在Kearl的計畫性歲修。兩者對於維持可靠性、從資產中捕捉價值並支持長期表現都很重要。

Looking ahead, our restructuring is firmly in the implementation phase and progressing well. We are taking a robust and disciplined approach with a focus on maintaining safe, reliable operations. This work is being advanced in an orderly manner with clear line of sight to the expected benefits over time, including improved efficiency, improved effectiveness, competitiveness, and long-term value creation.

展望未來，我們的重整已穩健進入落實階段，且進展良好。我們採取強健且嚴謹的方式，重點在於維持安全、可靠的營運。這項工作正以有序方式推進，並能清楚掌握預期效益將隨時間逐步顯現，包括提升效率、提升效能、強化競爭力，以及創造長期價值。

Finally, our capital allocation priorities remain unchanged. We expect to continue generating cash beyond the needs of our capital plan and our dividend, and our commitment remains to return that cash to shareholders in a timely manner. As noted in the press release this morning, we intend to renew our normal course issuer bid in late June.

最後，我們的資本配置優先順序維持不變。我們預期將持續產生超出資本計畫與股利需求的現金，而我們的承諾仍是及時將該現金回饋給股東。如同今天早上的新聞稿所述，我們打算在6月下旬續辦我們的常規發行人投標（normal course issuer bid）。

As always, I want to thank our employees for their commitment, professionalism and teamwork. Their dedication to safe operations, execution excellence, and customer and community service is what makes our achievements awesome. And I'd like to thank all of you once again for your continued interest and support.

一如既往，我要感謝我們員工的投入、專業與團隊合作。他們對安全營運、卓越執行，以及客戶與社區服務的奉獻，正是讓我們成就如此出色的原因。也再次感謝各位持續的關注與支持。

Now we'll move to the Q&A session. I'll pass it back to Peter.

現在我們進入問答環節。我把時間交回給Peter。

Thank you, John. As always, we'd appreciate it if you could limit yourself to one question plus a follow-up so that we can get to as many questions as possible.

謝謝你，John。一如往常，我們希望你能將問題限制為一個問題加上一個追問，這樣我們才能回答盡可能多的提問。

So with that, operator, could you please open up the lines for questions?

那麼，接線員，請你開放電話線讓大家提問，好嗎？

(Operator Instructions)

(接線員指示)

Dennis Fong, CIBC World Markets.

Dennis Fong，CIBC World Markets。

Hi, good morning and thanks for taking my questions. The first one for me is just really around the upstream. Can you maybe discuss -- we'll call it the progress around the pipeline of SA-SAGD projects at Cold Lake. I know that there's kind of a long duration strategy around kind of growing or layering in projects between now and 2050.

嗨，早安，謝謝讓我提問。我第一個問題主要是關於上游。你能否談談——我們就稱之為——Cold Lake 的 SA-SAGD 專案管線進展？我知道你們有一個長期策略，計畫在現在到 2050 年之間逐步擴增或分層導入專案。

As the world kind of obviously evolves in terms of diversifying supply chains globally, can you talk about opportunities to maybe accelerate some of that pipeline of projects as well as your appetite for that?

隨著全球在供應鏈多元化方面顯然持續演變，你能否談談是否有機會加速這些專案管線，以及你們對此的意願？

Thanks, Dennis. I'll make a few comments on that. I think maybe I'll step back first and talk about our capital plans in light, as you say, of the current situation and commodity prices. Every year, we review our corporate plan, and we consider that over a range of inputs and a range of price scenarios.

謝謝，Dennis。我先就此做幾點說明。我想也許先退一步，從你提到的當前情勢與商品價格的角度，談談我們的資本計畫。每一年，我們都會檢視公司的企業計畫，並在一系列投入因素與一系列價格情境下加以評估。

And we pace our investment strategy to maximize value at the end of the day and looking at that both in terms of our existing assets and progressing advantage growth, so we are remain very focused on Kearl getting it to 300,000, Cold Lake getting it to 165,000 barrels per day.

我們會調整投資節奏，以在最終最大化價值，並同時從既有資產與推進具優勢的成長兩方面來看；因此我們仍然非常專注於讓 Kearl 達到 30 萬桶/日、讓 Cold Lake 達到 16.5 萬桶/日。

And in the downstream, flexibility in logistics projects, and of course, we're advancing our EBRT pilot. So I think at the high level, I wouldn't, you shouldn't expect or anticipate major changes. We weren't waiting for a price signal to drive pace. We're looking at maximizing value for shareholders over a long-term view. We believe we're progressing our growth opportunities at the appropriate pace to do just that. So that's kind of at the highest level.

而在下游方面，則是物流專案的彈性，當然我們也在推進 EBRT 試點。所以在高層次上，我不會——你也不應該——預期會有重大變動。我們並不是在等待價格訊號來決定節奏。我們著眼於以長期視角為股東最大化價值。我們相信，我們正以適當的節奏推進成長機會，以達成這一點。以上是最高層次的說明。

If you think at Cold Lake, I mean, we continue to work through this transformation of the asset. As I mentioned, Grand Rapids SA-SAGD is continuing to perform very well above 20,000 barrels a day are ramping up the Leming SAGD, which is going back into where the original pilot was, that's ramping up toward 9,000 barrels per day.

如果談到 Cold Lake，我們持續推動該資產的轉型。如我提到的，Grand Rapids 的 SA-SAGD 持續表現非常好，日產量超過 2 萬桶；我們也在提升 Leming SAGD 的產量，該專案回到最初試點所在區域，目前正提升至接近 9,000 桶/日。

And then in the future plans, we have Mohican, which we've started to invest in, and that's still on track to bring on 30,000 barrels a day of advantaged technology volumes starting up in 2029. So we continue to progress those at a pace we think that makes sense. And stepping back from that at Cold Lake, if you think about the percentage we talked about is transforming the asset.

至於未來計畫，我們有 Mohican，已開始投入資本，仍按計畫在 2029 年起投產 3 萬桶/日、採用具優勢技術的產量。因此我們持續以我們認為合理的節奏推進。再退一步看 Cold Lake，若你回想我們談到的資產轉型比例。

In 2020, all of our production there was coming from CSS and steamflood and not from what we're today characterizing as advantage technology.

在 2020 年，我們在那裡的所有產量都來自 CSS 與蒸汽驅（steamflood），而不是我們今天所稱的具優勢技術。

In 2025, that was 20% was coming from Advantage Technology, largely the SA-SAGD at Grand Rapids. If you go ahead five more years, that's going to be up to 45%. Five years after that, it's going to be 60%. And by the time you get to 2040, which is less than 15 years from now, about two-thirds of our production will come from Advantage Technology at Cold Lake. So we continue to progress that at a pace we think that makes sense.

到 2025 年，有 20% 來自具優勢技術，主要是 Grand Rapids 的 SA-SAGD。再往後五年，將提升到 45%。再五年後，將達到 60%。而到 2040 年——距今不到 15 年——Cold Lake 約三分之二的產量將來自具優勢技術。因此我們持續以我們認為合理的節奏推進。

Great. Really appreciate that color and context there, John. My second question shifts the focus back toward the downstream. And I was hoping you could provide us or at least remind us about the flexibility in terms of refining assets.

很好。John，非常感謝你提供這些細節與背景。我的第二個問題把焦點轉回下游。我希望你能提供，或至少提醒我們，煉油資產在彈性方面的情況。

As well as kind of revealing any opportunities to capitalize on dislocations in the markets, whether it be locally or globally as well and kind of maybe specifically focusing around distillates and jet fuel, just given how desirable those products happen to be?

以及是否有任何機會可以把握市場錯位所帶來的機會，不論是本地或全球；並且或許特別聚焦在中間餾分油與航空燃油，考量到這些產品目前的需求有多強？

Yes, I'll make a few comments. I'm going to ask Scott to chime in as well. We feel really good about the -- obviously, our downstream business, the margin capture that we're able to get, Canada remains advantaged globally in terms of margin that we get, and then Imperial remains advantaged within Canada. So we really like our position.

好的，我先說幾點。我也會請 Scott 一起補充。我們對——顯然——我們的下游業務很有信心，包含我們能夠取得的利潤捕捉（margin capture）；加拿大在我們取得的利潤方面相較全球仍具優勢，而 Imperial 在加拿大境內也仍具優勢。所以我們很喜歡我們的定位。

So we're really looking to maximize sales locally. However, given the current environment, we do look at the export market as well. And look to overall maximize the margin -- our margin capture in that regard. So, there are some constraints about what we can export when you look at logistics and so on, but we do continue to look across the whole portfolio and how to maximize overall capture, but we're really pleased with the advantage we have in Canada.

因此我們確實希望在本地把銷售最大化。不過，鑑於目前的環境，我們也會看出口市場。並在這方面尋求整體最大化利潤——也就是我們的利潤捕捉。所以，當你考量物流等因素時，我們在可出口的量上確實有一些限制，但我們仍持續檢視整個投資組合，思考如何最大化整體捕捉；同時我們也很滿意我們在加拿大的優勢。

And I think you saw us do that in the first quarter in terms of margin capture as we benefit from producing renewable diesel, the flexibility we had to produce into the highest value products and into the highest value markets. So kind of high level, that's how I think about it, and I'll ask Scott to add some color to that.

而且我想你在第一季也看到我們這麼做：在利潤捕捉方面，我們受益於生產再生柴油（renewable diesel），並運用我們的彈性，把產量導向價值最高的產品與價值最高的市場。所以大致上，我是這樣看待的；我也請 Scott 再補充一些細節。

Sure. Thanks, John. Appreciate the question, Dennis. Well, first on the gas to diesel and jet splits within our refineries, we look at that from an optimization standpoint every single month. And so as we think about the feedstocks we're sending to our refineries, we're doing that based on the value we can achieve on the finished products that are manufactured. And so certainly in this time period, we've been maximizing our production of diesel and jet molecules over gasoline.

好的。謝謝，John。Dennis，謝謝你的問題。首先，關於我們煉油廠內汽油對柴油與航空燃油的切換比例（splits），我們每個月都會從最佳化角度檢視。因此當我們思考送進煉油廠的原料時，是依據我們在製成品上能達成的價值來決定。所以在這段期間，我們確實一直在把柴油與航空燃油的分子產量最大化，相對於汽油。

And that is a balance because a large portion of our production goes to supply customers within the Canadian marketplace, and we can efficiently supply those customers within the Canadian marketplace with our coast-to-coast logistics network, moving the barrels from our refineries in Eastern and Western Canada to those customers. And so that's where we see the highest uplift.

而這需要取得平衡，因為我們相當大一部分的產量是供應加拿大市場內的客戶；我們也能透過我們橫跨東西岸的物流網路，高效率地把東加拿大與西加拿大煉油廠的油品運送給這些客戶。因此我們認為這是提升幅度（uplift）最高的地方。

And as John mentioned, we do opportunistically look at exporting additional production on top of that. And certainly, that is an opportunity in this sort of marketplace when you're seeing margins increase in other markets.

如 John 所提到的，我們也會機會性地在此基礎上出口額外產量。而且在這類市場環境下——當你看到其他市場的利潤上升時——這確實是一個機會。

Thank you very much for that caller. I'll turn it back.

非常感謝這位來電者。我把時間交回去。

Greg Pardy, RBC Capital Markets.

Greg Pardy，RBC Capital Markets。

Yeah, thanks. Thanks. Good morning, guys. And as always, thanks for the detailed rundown. John, I wanted to come back to just the progress in terms of the restructuring that's going on. Maybe to better understand, perhaps, at what stage you're at in terms of transferring workflows from IMO into some of the ExxonMobil excellence centers and so forth.

是的，謝謝。謝謝。各位早安。也一如往常，謝謝你們詳細的說明。John，我想回到目前正在進行的重組進展。也許為了更好理解，你們目前在把工作流程從 IMO 轉移到一些 ExxonMobil 卓越中心等方面，進行到什麼階段？

And then also, just in terms of the technology we're talking about in terms of those advancements and how that's being incorporated, maybe what stage are we at and what are the things that you're looking for in terms of, key benchmarks of success?

另外，就我們談到的技術而言——關於這些進步以及如何被納入——我們目前處於什麼階段？以及你們在衡量成功時，會看哪些關鍵基準？

Thanks, Greg, yeah, as we -- if I step back in from this restructuring, it's all driven around, as you pointed to leveraging rapidly advancing technology environment and the growth of that that we've seen in these global capability centers that ExxonMobil has.

謝謝，Greg。是的，當我們——如果我退一步看這次重組——正如你指出的，這一切都是為了善用快速演進的技術環境，以及我們在 ExxonMobil 這些全球能力中心所看到的成長。

And that basis, that case for action remains really strong, and both of those things that drove the decision, and we feel very good about that. And it advances our long-standing strategy about maximizing value and leaning into technology and leaning into our relationship with ExxonMobil.

而且那個基礎、那個採取行動的理由依然非常強勁，驅動該決策的那兩項因素也同樣如此，我們對此感到非常有信心。這也推進了我們長期以來的策略：最大化價值、加大對科技的投入，並深化我們與埃克森美孚（ExxonMobil）的合作關係。

I would say I feel very good about the progress we're making, and we are advancing that transition on track today. If I think about that, if you look at it, well, basically, it's pretty rateable in terms of the -- we're doing two things, we're outsourcing work and we're capturing efficiencies. And as I've mentioned before, about 40% of the reduction in positions or the value is actually pure efficiency, and about 60% is outsourcing work to these global capability centers where we already have work being done for us today.

我會說，我對我們正在取得的進展感到非常滿意，而我們目前正按計畫推進這項轉型。如果我從這個角度來看，基本上它在節奏上是相當可預期的——我們在做兩件事：把工作外包，以及擷取效率。如我先前提到的，約40%的職位減少或價值其實是純粹的效率提升，而約60%則是把工作外包到這些全球能力中心（global capability centers），而我們今天已經有部分工作由它們為我們執行。

So we have very rigorous plans on the transfer of that work to those global capability centers and the positions where we will capture efficiencies. And each department and group within Imperial has detailed roadmaps on how they're progressing that.

因此，我們對於將該等工作移轉至那些全球能力中心，以及在哪些職位上擷取效率，都有非常嚴謹的計畫。而帝國石油（Imperial）內部的每個部門與團隊，也都有詳細的路線圖，說明他們如何推進這些工作。

It's going to be pretty rateable. We have had people leave the organization late last year. We've had people leave the organization in the first quarter of this year in the range of about 130 people in the first quarter of this year and that's going to continue pretty readably quarter-by-quarter and year-by-year this year and next year. So that's progressing well and on track and you'll see it kind of pretty readably over that period.

這將會是相當可預期的節奏。我們在去年年底已經有人離開組織。今年第一季也有人離開組織，第一季大約是130人左右，而這將會在今年與明年持續以相當可預期的方式按季、按年推進。所以進展良好且符合進度，你會在那段期間看到它以相當可預期的方式展開。

The technology, I think a couple of things, part of it is. What we've put in place that has enabled us to move at this pace and then the second part of it is, as you move that into these global capability centers, we're going to be able to deploy technology more quickly at scale in the future.

至於科技，我想有幾點，其中一部分是：我們已經建立的那些措施，使我們能以這樣的速度推進；第二部分是，當你把工作移到這些全球能力中心後，未來我們將能更快、以更大規模部署科技。

So a lot of it was putting the digital programs that we've spoken about in the past, putting in place digital our data lakes, getting our data organized and in a structure that could be used in an efficient way regardless where the work was being done, putting digital twins in place and then automating some of our work. So that enabled us to continue on this path.

因此，其中很大一部分是把我們過去談過的數位計畫落地，包括建立我們的數位資料湖（data lakes）、把資料整理並以可有效使用的架構加以組織，讓不論工作在哪裡執行都能有效運用；建立數位分身（digital twins），並將部分工作自動化。這使我們得以持續走在這條路徑上。

And then as we move these workflows into global capability centers, we see greater opportunity, AI, machine learning and so on to further automate those workflows. And we're going to be able to do that more quickly and at scale when that work is being at a global capability center in being done in a broader sense across ExxonMobil's network.

接著，當我們把這些工作流程移到全球能力中心時，我們看到更大的機會——例如AI、機器學習等——來進一步自動化這些工作流程。而當這些工作在全球能力中心執行，並在埃克森美孚的網路中以更廣泛的方式推動時，我們將能更快、以更大規模做到這一點。

No, it does. I mean, I think it's usually these announcements, they come out and then the focus is on cost of the future, but obviously there's a transition to go through, so it's good to understand some of the context there.

不，確實是。我的意思是，通常這類公告一出來，焦點就會放在未來的成本上，但顯然中間還有一段轉換期要走，所以了解一些背景脈絡是好的。

So let me just pose maybe a related question then in terms from your perspective as a CEO, the capability of Imperial to go execute Aspen in the future and recognizing there's a pilot there and there's a bunch of work to do and so forth.

那我再提出一個可能相關的問題：從你作為執行長的角度來看，帝國石油未來執行Aspen的能力——也考量到那裡有試點（pilot），還有一大堆工作要做等等。

It certainly sounds from where you're sitting that the only change in terms of where corporate strategy might be headed is not necessarily in terms of what you're going to deliver, but just where it's going to be delivered from and at what cost. Is that the right way to think about it?

從你的位置聽起來，企業策略可能前進方向唯一的改變，不一定是在你要交付什麼，而只是改成從哪裡交付，以及以什麼成本交付。這樣理解對嗎？

Absolutely. That's exactly the way to think about it. Nothing is changing in our company in terms of the governance of our company, the skill sets we will have on the ground to support the assets we have today to support growth into the future, we will have -- we're still going to be an organization of 4,000 people after we go through this transition. And our growth plans, I really believe this sets us up to continue to deliver industry-leading performance and actually builds the foundation for us to grow.

完全正確。這正是應該這樣思考。就公司治理而言，我們公司沒有任何改變；就我們在現場將具備的技能組合而言，也不會改變——我們會有能力支援我們今天擁有的資產，並支援未來的成長；在完成這次轉型後，我們仍將是一個約4,000人的組織。而就我們的成長計畫而言，我真的相信這讓我們能持續交付業界領先的表現，並且實際上為我們成長奠定基礎。

And of course, if you think about an Aspen project, we're not sitting here today with the project team waiting for that project to come, right, we build up capability when we see those projects coming in, of course, a lot of it is done by contractors, but we will need additional capability.

當然，如果你想到Aspen專案，我們今天並不是坐在這裡、讓專案團隊等著那個專案到來，對吧？我們會在看到那些專案即將到來時再建立能力；當然，其中很多工作是由承包商完成，但我們也會需要額外的能力。

We're going to be in a better position to build up that capability because we're going to have support networks globally that are there that we can leverage and ramp up. So it doesn't change anything with our governance, doesn't change anything with our strategy. I'm as bullish or more bullish than I've ever been on our future in situ portfolio. The technology and we have the ability to double our production with that future in situ portfolio. And when the time is right, when the technology is ready and the investment environment is there, we have the capability to do that.

我們將處於更有利的位置來建立那樣的能力，因為我們會有可運用並可擴增的全球支援網路。所以這不會改變我們的治理，也不會改變我們的策略。我對我們未來的原位（in situ）資產組合前景，跟以往一樣看多，甚至更看多。憑藉技術，以及我們未來的原位資產組合，我們有能力把產量翻倍。而當時機成熟、技術就緒、投資環境到位時，我們具備做到這一點的能力。

All right. Very good. Thanks, John.

好。非常好。謝謝你，John。

Menno Hulshof, TD Cowen.

Menno Hulshof，TD Cowen。

Thanks, and good morning, everyone. I'll start with a question on Kearl. In your opening remarks, you touched on some of the initiatives you're pursuing to drive production above 300,000 barrels a day on a sustained basis. And you talked about turnaround optimization. But can you elaborate on where things stand on the key pieces within enhanced bitumen recovery in the overall performance of the equipment?

謝謝，各位早安。我先從Kearl的問題開始。在你開場致詞中，你提到一些你們正在推動的措施，以在可持續的基礎上把產量提升到每日30萬桶以上。你也談到大修（turnaround）最佳化。但你能否更詳細說明，在提高瀝青採收（enhanced bitumen recovery）以及設備整體表現方面，關鍵環節目前的進展如何？

Yes, that's right, Menno. I mean, I'm going to ask Cheryl to chime in here, but we've got these three focus areas that we've had, which is around productivity and reliability improvement, the turnarounds and then the one you mentioned around enhanced recovery. And we have specific projects focused on enhanced recovery.

是的，沒錯，Menno。我的意思是，我會請Cheryl在這裡補充，但我們有三個一直以來的重點領域：生產力與可靠度提升、大修（turnarounds），以及你提到的提高採收（enhanced recovery）。而且我們有一些專案是專注在提高採收上的。

And so we're working all three of those components. Those are the things that will unlock and get us to 300,000 barrels a day, $18 a barrel. And I'm going to let Cheryl talk about a couple of the enhanced recovery projects that we have, that we're progressing right now.

因此，我們同時在推進這三個組成部分。這些就是能解鎖並讓我們達到每日30萬桶、每桶18美元成本的關鍵。我讓Cheryl談談我們目前正在推進的幾個提高採收專案。

Sure. Thanks, John, and thank you for the question, Menno. John references three items. I'd probably say there are more. This is a space this is kind of our ultimate and equation.

好的。謝謝你，John，也謝謝你的提問，Menno。John提到三項。我可能會說其實不只三項。這個領域有點像是我們的終極目標與方程式。

So when I think about Kearl and where we're headed with 300 kbd, I have very strong confidence in our future. You've heard me say this before, which is we're anchored and we're building on a strong foundation.

所以當我思考Kearl以及我們要邁向每日30萬桶（300 kbd）時，我對我們的未來非常有信心。你以前也聽我說過：我們是以堅實的基礎為錨，並在其上持續建構。

We're leveraging scale such that our incremental production really leverages this fixed high-cost structure. We're doing recovery projects. We've got 2 in the hopper right now. One is called KFCC, and that's going to come online at the end of the year, and that captures additional bitumen from ore already processed.

我們在運用規模效益，使我們的增量產量能真正攤薄這個固定的高成本結構。我們正在做採收專案。目前有兩個正在排隊推進。其中一個叫KFCC，預計在年底投產，它能從已經處理過的礦石中捕捉額外的瀝青。

The second one is called CST or core sand, that's in development. Think of this as free in the system, and it makes bubbles. So the bitumen droplets you're able to recover more bitumen. The other and in this space is the turnaround optimization that John mentioned and then technology solutions. This really hits on that productivity and reliability space.

第二個叫CST或核心砂（core sand），目前在開發中。你可以把它想成系統中的「免費」助力，它會產生氣泡。因此，對於瀝青液滴，你就能回收更多瀝青。另外在這個領域，還有John提到的大修最佳化，以及技術解決方案。這些正好切中生產力與可靠度的提升。

You've heard me mention about we're continuing to upsize our hydro transport lines. We're looking at mine automation, where we're looking for more remote semi and automated binding. This really takes the physical operations out, continuing with our fleet optimizations on the autonomous side.

你們聽我提過，我們正持續擴大我們的水力運輸管線規模。我們也在看礦山自動化，尋求更多遠端的半自動與自動化綁紮作業。這能真正把實體操作工作抽離出來，並在自動化面向持續推進我們的車隊最佳化。

And then the other thing I find interesting with Kearl is just by design, your whole distances get longer as mine developed. So there's cost headwinds. Our intent is to more than offset those via scale, optimization and technology solutions.

另外，我覺得 Kearl 有趣的一點是，從設計上來看，隨著礦區開發，你的整體運輸距離會變得更長。因此會有成本逆風。我們的目標是透過規模化、最佳化與技術解決方案，讓這些逆風不僅被抵銷，甚至超額抵銷。

And the final thing I'll leave you with, and this is one of the key milestones I'm very proud of. By late this summer, Kearl is on target to hit our 1 billion barrels of production. So this is a significant milestone and very much looking forward to it.

最後我想留給大家的一點，也是我非常自豪的關鍵里程碑之一。在今年夏末之前，Kearl 預計可望達到累計產量 10 億桶的目標。這是一個重大的里程碑，我們也非常期待。

Yes. Cheryl, that is a big number. Second question, maybe on the recent increase to the SEO premium. What is your marketing team seeing day-to-day in terms of rising SEO demand to meet diesel and jet supply shortfalls? And how long do you think premium pricing could persist?

是的。Cheryl，這個數字很驚人。第二個問題，可能是關於近期 SEO 溢價的上調。就為了彌補柴油與航煤供應缺口而帶動的 SEO 需求上升，你們行銷團隊在日常觀察到什麼？你認為溢價定價可能會持續多久？

I'm going to ask Scott to take that one.

我請 Scott 來回答這題。

Yes. So we -- I mentioned before that certainly, we're optimizing our refineries to manage additional diesel and jet production. We feel like there's ample feedstocks in the marketplace to do that. And with the demand profile within Canada in particular, there's even some imported jet from other markets into portions of Western Canada.

好的。所以我們——我之前提過，確實我們正在最佳化我們的煉油廠，以管理額外的柴油與航煤產量。我們認為市場上有充足的原料可支撐這件事。而且就加拿大、特別是加拿大國內的需求型態來看，西加拿大部分地區甚至還會從其他市場進口一些航煤。

So we see some ongoing ability to continue which didn't get production and sales into the Canadian marketplace and believe we have enough feedstock to do that.

因此我們看到仍有持續的能力，把更多產品生產並銷售到加拿大市場，並且相信我們有足夠的原料來做到這點。

Yes. And I would just add, obviously, synthetics are trading higher because they're a good way to make diesel and jet. And that's probably -- we're not going to predict the future synthetic premium, but that may persist for a little bit as these margins stay quite high.

是的。我再補充一點，顯然合成油（synthetics）的交易價格較高，因為它是生產柴油與航煤的好方式。而這大概——我們不會去預測未來的合成油溢價，但只要這些利差仍維持在相當高的水準，這種溢價可能還會持續一段時間。

Terrific. Thanks to you all. I'll turn it back.

太好了。謝謝各位。我把時間交回去。

Neil Mehta, Goldman Sachs.

Neil Mehta，高盛。

Thank you. Yes. And this might be for you, Dan. Just your perspective on return of capital, which has really been the hallmark of Imperial over the last couple of years. And as we've gotten into a firmer commodity environment, certainly, the NCIB will get turned on, but how do you think about buying back stock here and the potential for an SIB and if there's any price sensitivity around shrinking the share count because stocks have not done really well. So any perspective around that would be great.

謝謝。是的。這題可能是問你，Dan。想請你談談資本回饋的看法，這在過去幾年確實一直是 Imperial 的標誌性作法。在商品環境更為穩健之際，當然 NCIB 會啟動，但你如何看待在此時回購股票、以及進行 SIB 的可能性？另外，若股價敏感度方面——因為股價表現並沒有真的很好——你們對於縮減股本（股數）是否會有任何價格敏感度的考量？如果能分享一些觀點就太好了。

Sure, Neil. Bottom line is no change in the way we look at this, consistent with John's kind of remarks and earlier on, we're committed, obviously, to the reliable and growing dividend. We paid our April 1 dividend at the higher rate of $0.87, which is a 20% increase from the prior.

當然，Neil。結論是，我們看待這件事的方式沒有改變；也呼應 John 先前的發言，我們顯然致力於穩定且成長的股利。我們已在 4 月 1 日以較高的每股 0.87 美元股利率支付股利，較先前提高 20%。

And as you noted, and we said we're going to renew our NCIB at the end of June when we can. And we'll certainly plan to proceed with that. And then the question is, okay, is there an SIB in there somewhere too? And the answer is it's just going to depend on where cash goes, right? I mean right now, at current prices, if those persist, we'll have a lot of cash, right?

如你所提到的，我們也說過會在 6 月底、在允許的時點更新我們的 NCIB。我們當然計畫照此推進。接著問題是：那麼是否也會有 SIB？答案是這將取決於現金的去向，對吧？我的意思是，以目前價格來看，如果這些價格持續，我們會有很多現金。

So that would certainly be a possibility. But we'll just have to see what happens. So I'd say no change in our philosophy. We remain committed to returning cash to shareholders. And as we generate the cash, based on commodity prices, we'll continue to return that really as we have in the past. So no change to our philosophy.

所以那確實會是一種可能性。但我們得看看後續發展。因此我會說，我們的理念沒有改變。我們仍致力於把現金回饋給股東。而隨著我們在商品價格帶動下產生現金，我們會一如過往持續回饋。所以我們的理念沒有改變。

I would say we're not really setting our prices at a great run. And as I said in my opening remarks, it had this -- the mark-to-market was so big. It showed up as a factor because of the rapid rise in the share price. But we believe that reflects value, and we see the share buybacks as an efficient way to return cash. So we'll continue to return cash.

我會說，我們並不是在一個很好的走勢下來設定我們的價格。而且如我在開場談到的，那個——按市價評價（mark-to-market）的影響非常大。由於股價快速上漲，它就以一個因素的形式反映出來。但我們相信那反映的是價值，而我們也把股票回購視為一種有效率的回饋現金方式。所以我們會持續回饋現金。

Yes. Dan, it's been a great run. So just a follow-up on the questions about what you want to accomplish during the turnarounds that you referenced earlier for both Strathcona and Kearl. Can you talk -- can you give us pull back a little bit and talk about specifically what are the two things you want to accomplish at both of those turnarounds that we should be focused on?

是的。Dan，這段表現很亮眼。所以我想追問一下你先前提到的 Strathcona 與 Kearl 兩個停工檢修（turnaround）期間，你們想達成什麼目標。你能否把視角拉遠一點，具體談談在這兩個停工檢修中，你希望達成、而我們應該關注的兩件事分別是什麼？

I mean, I'll make a few high-level comments and then Cheryl and Scott can chime in. But being at Strathcona with the turnaround of the crude unit, again, it's had a 10-year run. So there are some -- we monitor, obviously, the integrity and -- of the unit. And there are some elements, components that need to be changed out at that point. They've come to -- towards the end of their life.

我先做幾點高層次的說明，然後 Cheryl 和 Scott 也可以補充。在 Strathcona 這邊，原油裝置的停工檢修——同樣地，它已經連續運轉了 10 年。所以有一些——我們當然會監測裝置的完整性與——。而在那個時間點，有一些要素、零組件需要更換。它們已經接近——使用壽命的末期。

So part of that is just the maintenance that comes with it. So -- but 10 years is a long time to run a unit, and we look to continue to optimize that. There's -- but at a certain point, you do need to go in and make some adjustments.

所以其中一部分就是隨之而來的維護工作。所以——但連續運轉 10 年是很長的時間，我們也希望持續把它最佳化。不過——到某個時間點，你確實需要進去做一些調整。

Then at Kearl, I mean, there is again the same thing. We've been -- there are some elements that components and things that we do need to change out. They come to end of life. In general, we try to have redundancy when we do that. But we don't have that full redundancy to do it everywhere. But a big part is some of the upgrades that we're doing.

接著在 Kearl，我的意思是，同樣也是類似情況。我們一直——有一些要素、零組件與一些項目確實需要更換。它們到了使用壽命終點。一般而言，我們在做這些時會盡量設計備援。但我們並沒有在所有地方都具備完整備援來進行。不過很大一部分是我們正在做的一些升級。

Cheryl mentioned it already, I mentioned it, but it's some of the upgrades we're doing to allow us to get that turnaround to go from a two-year interval to a four-year interval. So that's metallurgy improvements. size of transport lines and things like that, that will allow us to go longer. So that's at the high level.

Cheryl 已經提過，我也提過，其中一些升級是為了讓我們把停工檢修週期從兩年拉長到四年。這包括冶金改善、運輸管線的尺寸等，這些都能讓我們運轉更久。以上是高層次的說明。

Maybe, Scott, anything further on the Strathcona?

Scott，關於 Strathcona 還有要補充的嗎？

Yes. Maybe just one other comment. Yes, just to confirm, it is an extended turnaround interval length. So that is something that we're pretty proud of actually getting the units to run this long. But it is a normal turnaround from a work scope perspective. We don't plan to add any new equipment or things like that.

有的。也許再補充一點。是的，確認一下，這確實是延長停工檢修間隔的週期長度。所以我們其實對於能讓裝置運轉這麼久感到相當自豪。但就工作範疇而言，這是一個正常的停工檢修。我們不打算新增任何新設備或類似項目。

But one other comment I'd share is that with our new renewable diesel unit located at our Strathcona refinery, that continues to run during this turnaround. And so we continue to manufacture renewable diesel, and that's really been a bright spot for us in the first quarter. And so that has not been impacted by the turnaround activity and strength going in the first quarter to date.

另外我想分享的是，我們位於 Strathcona 煉油廠的新再生柴油裝置，在這次停工檢修期間仍持續運轉。因此我們持續生產再生柴油，而這在第一季對我們而言確實是一個亮點。所以它沒有受到停工檢修活動的影響，且第一季迄今的強勁表現也未受影響。

Sure. And I'll answer just a little bit of context for Kearl. So the K1 scope that we've got this year is essentially the same scope that we had for Q2 last year. The work we completed on Q2 gives us confidence as we head into the turnaround in May.

當然。我也補充一點關於 Kearl 的背景脈絡。因此，我們今年的 K1 工作範疇基本上與去年第二季的範疇相同。我們在第二季完成的工作，讓我們在邁入 5 月的停工檢修時更有信心。

And a couple of key items there. We have some modifications on the primary separation sale, and then we've got some hardening on our surge bins. And those are really the key items to enable the four-year turnaround. We do have a couple of incremental items to work for K1 around the flare. But in general, I would say the majority of the scope is exactly what we did last year for K2.

另外有幾個關鍵項目。我們對主要分離裝置做了一些改造，並且對我們的緩衝料倉（surge bins）進行了強化。而這些確實是支撐四年一次大修的關鍵項目。在 K1 方面，我們還有幾個與火炬（flare）相關的增量工作要做。但整體而言，我會說大部分的範疇就跟我們去年在 K2 做的一模一樣。

Awesome.

太棒了。

Doug Leggate, Wolfe Research.

Doug Leggate，Wolfe Research。

Thank you. Good morning, everyone. I guess this might be for Dan. Dan, royalties in Canada are typically priced off WTI, which obviously has gone into overdrive here. WCS has rolled out quite a bit. I wonder if you could walk us through how we should think about that. You're getting obviously royalties priced on one number, but you're getting realizing prices a different number, particularly on the heavy oil.

謝謝。各位早安。我想這題可能是問 Dan。Dan，加拿大的權利金通常是以 WTI 作為定價基準，而顯然 WTI 這邊最近大幅飆升。WCS 的價差拉開了不少。我想請你帶我們梳理一下，我們應該如何看待這件事。你們顯然是用一個數字來計算權利金，但實現價格（realized prices）卻是另一個數字，尤其是在重油上。

Obviously, your production is more heavy than light. So can you walk us through that? And I guess, if I could risk a follow-up here. This is a really -- I know it's a stupid question before I ask it, but I'm going to ask it anyway. And it's about technology on things like SAGD. Where does it sit? Does it sit at ExxonMobil or does it sit at Imperial?

顯然你們的產量重油比輕油多。所以你能帶我們走一遍嗎？另外如果我可以冒昧追問一下。這真的是一個——我知道在問之前就很蠢，但我還是要問。是關於像 SAGD 這類技術。它是歸在 ExxonMobil，還是歸在 Imperial？

And the stupid bit of my question is one can't help feeling that we're coming in to a very different era for oil prices with UAE pulling out of OPEC. And maybe there is a restocking cycle and underinvestment and all the rest of it. Imperial has never operated outside of the US. Sorry to say the Canada my apologies, is there ever a situation where the heavy oil opportunities in places like Venezuela might change that? Or does it all sit with ExxonMobil?

我這個問題之所以顯得蠢，是因為人不免覺得，隨著阿聯（UAE）退出 OPEC，我們正進入一個油價非常不同的時代。也許會有補庫存循環、投資不足等等各種因素。Imperial 從未在美國以外營運。抱歉，我是說加拿大以外，我的歉意；那麼是否曾有一種情況，像委內瑞拉這類地區的重油機會可能會改變這點？還是說一切都由 ExxonMobil 來主導？

Okay. So maybe I'll take the first one on royalties. You're right. I mean, it's pegged -- the royalties are pegged. The royalty rates, I should say, are pegged to WTI. But the actual royalty payment is tied to your realizations on bitumen. So -- and that's been the case for a long time.

好的。那我先回答第一個關於權利金的問題。你說得沒錯。也就是說，它是掛鉤——權利金是掛鉤的。更精確地說，權利金稅率是掛鉤 WTI。但實際的權利金支付金額，是與你們在瀝青（bitumen）上的實現價格掛鉤。所以——而且這種情況已經持續很久了。

And I would say, on balance, we feel the royalty regime in Canada is attractive. And in particular, for Kearl, which is prepay out, even at the very highest royalty rate, which is over CAD120 WTI, we tap out at 9% gross, which -- so we have really great leverage to the upside on prices. So yes, we don't see it as a significant issue. I mean the spread has widened out a bit. It's like maybe 15 -- I haven't looked today, but 15-ish, which is historically not very wide.

整體來看，我們認為加拿大的權利金制度是有吸引力的。特別是對 Kearl 而言，因為它仍在回收前（pre-payout）階段，即便在最高的權利金稅率下——也就是 WTI 超過 120 加元時——我們的總額（gross）上限也只到 9%，因此我們在油價上行時有非常好的槓桿效應。所以是的，我們不認為這是重大問題。我的意思是，價差確實擴大了一點。大概是 15 左右——我今天還沒看，但大概 15 上下，從歷史來看並不算很寬。

So it's the rates that are set on the WTI, but the actual payments are based on your realization of bitumen actual prices. So it's really, to us, overall, given the way the rates work, a good regime, and we don't see it as a headwind. We see it as more of a tailwind in a high price environment, especially for an asset like Kearl.

所以是稅率以 WTI 來設定，但實際支付金額是基於你們瀝青的實現價格。因此對我們而言，整體來說，考量稅率的運作方式，這是一個不錯的制度，我們不把它視為逆風。在高油價環境下，尤其對像 Kearl 這樣的資產，我們反而把它視為順風。

And let me take, yes, the technology question, Doug. I think here's how I think about it. We basically have access to all of ExxonMobil's technology and they have access to ours. So in terms of -- at the high level, is Imperial looking to expand its footprint beyond Canada. We're not. We're focused on Canada.

再來我也回答技術的問題，Doug。我對這件事的看法是這樣。我們基本上可以取得 ExxonMobil 的所有技術，而他們也能取得我們的技術。所以就高層次而言，Imperial 是否打算把版圖擴展到加拿大以外？我們沒有。我們專注在加拿大。

But we basically have sharing agreements on the technology. And Imperial has largely the heavy oil related technologies, SAGD, SA-SAGD, the technologies we use at Kearl, the paraffinic froth treatment and so on. That has been developed by Imperial. So Imperial has kind of been the center of excellence around heavy oil technology.

但我們基本上在技術上有共享協議。而 Imperial 大多掌握與重油相關的技術：SAGD、SA-SAGD、我們在 Kearl 使用的技術、石蠟型泡沫處理（paraffinic froth treatment）等等。這些都是由 Imperial 開發的。所以 Imperial 某種程度上一直是重油技術的卓越中心（center of excellence）。

So if ExxonMobil were to decide to look at Venezuela or whatever, they could utilize some of our heavy oil technology involved in that. Right now, we and Imperial are not looking to go outside of Canada. The flip side of that is we get to take advantage of ExxonMobil's technology.

因此，如果 ExxonMobil 決定去看委內瑞拉或其他地方，他們可以運用我們的一些重油技術。但目前我們以及 Imperial 都沒有打算走出加拿大。反過來說，我們也能受益於 ExxonMobil 的技術。

So we talked a lot about renewable diesel here today. We're using a low-temperature proprietary technology that allows us to use that our renewable diesel can be used year-round in cold weather environment. That's an ExxonMobil mobile developed technology that we have full access to and we're able to use to give us a competitive advantage with our renewable diesel project.

所以我們今天談了很多可再生柴油。我們使用一項低溫的專有技術，使我們的可再生柴油能在寒冷氣候環境中全年使用。那是 ExxonMobil 開發的技術，我們可以完全使用，並能用它為我們的可再生柴油專案帶來競爭優勢。

Much -- some of the metallurgy we use at Kearl on our hydro transport lines has come from metallurgical technology advancements that ExxonMobil has developed. We just used the ExxonMobil proxima carbon fiber material in one of our bridges at Kearl. So we have full access, and we use much of their process optimization technology in our downstream and in our upstream as well.

另外，我們在 Kearl 的水力輸送管線（hydro transport lines）所使用的一些冶金材料，來自 ExxonMobil 在冶金技術上的進步。我們剛在 Kearl 的一座橋梁上使用了 ExxonMobil 的 Proxima 碳纖維材料。所以我們可以完全取得他們的技術，而且我們在下游以及上游也大量使用他們的製程最佳化技術。

So we have full and free access to their technology. We use it in areas when it comes to heavy oil. That technology development has largely occurred through Imperial and will continue to occur.

所以我們可以完整且自由地取得他們的技術。在重油相關領域，我們會使用它。而重油方面的技術開發，大多是透過 Imperial 進行，未來也會持續如此。

We just announced last year how we donated our technology center here to which was a $37 million donation, the largest ever donation to an educational institution in Alberta. But we'll continue to have research at that research center going forward and specific to heavy oil optimization as well as tailings work and so on. So that's kind of how --

我們去年剛宣布，我們把這裡的技術中心捐贈出去，捐贈金額為 3,700 萬美元，這是亞伯達省對教育機構史上最大的一筆捐贈。但未來我們仍會在該研究中心持續進行研究，特別是重油最佳化以及尾礦（tailings）等相關工作。所以大概就是這樣--

Maybe not such a dump question, John. That's very informative.

也許不是那麼蠢的問題，John。非常有資訊量。

You love your questions, Doug, just for the record.

Doug，順帶一提，你的問題我們都很喜歡。

Thanks, guys.

謝謝，各位。

And that does conclude the question-and-answer session. I will now turn the conference back over to Peter Shaw, Vice President of Investor Relations, for closing remarks.

問答環節到此結束。接下來我將把電話會議交回給投資人關係副總裁 Peter Shaw，請他做結語。

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

謝謝。我謹代表管理團隊，感謝各位今天早上參與。若還有任何其他問題，請隨時聯繫投資人關係團隊，我們很樂意回答各位的問題。那麼，再次非常感謝，祝各位有美好的一天。