Suncor Energy Inc (SU) 2022 Q2 法說會逐字稿

Good day, ladies and gentlemen, and thank you for standing by. Welcome to the Suncor Energy Second Quarter 2022 Results Conference Call. (Operator Instructions) At this time, I would now like to hand the conference over to your host today, Mr. Trevor Bell, Vice President of Investor Relations. Please go ahead.

女士們，先生們，美好的一天，感謝你們的支持。歡迎參加 Suncor Energy 2022 年第二季度業績電話會議。 （操作員說明）此時，我想將會議交給今天的主持人，投資者關係副總裁 Trevor Bell 先生。請繼續。

Thank you, operator, and good morning. Welcome to Suncor's second quarter earnings call. With me this morning are Kris Smith, Interim President and Chief Executive Officer; and Alister Cowan, Chief Financial Officer.

謝謝接線員，早上好。歡迎來到森科爾第二季度財報電話會議。今天早上和我在一起的是臨時總裁兼首席執行官 Kris Smith；和首席財務官 Alister Cowan。

Please note that today's comments contain forward-looking information. The actual results may differ materially from the expected results because of various risk factors and assumptions that are described in our second quarter earnings release as well as in our current annual information form. Both of those are available on SEDAR, EDGAR and our website, suncor.com.

請注意，今天的評論包含前瞻性信息。由於我們第二季度收益發布以及我們當前的年度信息表中描述的各種風險因素和假設，實際結果可能與預期結果存在重大差異。兩者都可以在 SEDAR、EDGAR 和我們的網站 suncor.com 上找到。

Certain financial measures referred to in these comments are not prescribed by Canadian GAAP. For a description of these financial measures, please see our second quarter's earnings release.

加拿大公認會計原則未規定這些評論中提到的某些財務措施。有關這些財務指標的描述，請參閱我們第二季度的收益發布。

Following formal remarks, we'll open up the call to some questions. Now I'll hand it over to Kris for his opening remarks.

在正式發言之後，我們將打開一些問題的電話。現在我將把它交給 Kris 來做他的開場白。

Great. Thanks, Trevor, and thanks to everyone for joining us today for our quarterly results call. As previously announced, I've been asked by our Board to lead our company forward during this period of transition. I've been with Suncor for 22 years, and I've held various operational business roles across the company. But since this is my first time speaking on Suncor's earnings call, I'd like to briefly introduce myself and discuss my priorities.

偉大的。謝謝，特雷弗，感謝大家今天加入我們的季度業績電話會議。正如之前宣布的那樣，我們的董事會要求我在這個過渡時期領導我們的公司向前發展。我在 Suncor 工作了 22 年，在整個公司擔任過各種運營業務職務。但由於這是我第一次在 Suncor 的財報電話會議上發言，我想簡要介紹一下自己並討論我的優先事項。

During my time with the company, I've worked in our Oil Sands, Downstream and Corporate divisions as well as in both our Canadian and U.S. businesses. And for the past 10 years, I led the company's Downstream business, which is the most profitable in North America on a per barrel basis. I have a great appreciation and understanding of Suncor's assets, business and people, and we'll be drawing on that experience to lead the company through this period with a focus on rebuilding confidence in Suncor.

在公司工作期間，我曾在我們的油砂、下游和企業部門以及我們的加拿大和美國業務部門工作。在過去的 10 年裡，我領導了公司的下游業務，這是北美每桶利潤最高的業務。我非常欣賞和了解 Suncor 的資產、業務和人員，我們將利用這些經驗帶領公司度過這段時期，重點是重建對 Suncor 的信心。

To be clear, as interim CEO, my mandate is not to simply maintain the status quo, but to work with our Board, executive team and all of our employees to make the changes necessary to improve our performance and deliver the value you expect. I believe it's important to step back and clearly assess where we are, confirm what is going well, identify what needs to be different and keep the momentum moving forward through executing the changes necessary to accelerate our progress towards improved performance.

需要明確的是，作為臨時首席執行官，我的任務不是簡單地維持現狀，而是與我們的董事會、執行團隊和我們所有的員工合作，做出必要的改變，以提高我們的績效並提供您期望的價值。我認為重要的是要退後一步，清楚地評估我們所處的位置，確認進展順利，確定需要改變的地方，並通過執行必要的變更來保持前進的勢頭，以加快我們在提高績效方面的進展。

Safety is the most important value at Suncor, and our safety record is unacceptable, and improvements must be made. This was brought home by the recent death at our base plant sites in the mine area. I want to express how deeply saddened we are by this loss, and I am fully committed to doing everything necessary to build a better safety culture and improve performance so that everyone at Suncor goes home safely each and every day.

在 Suncor，安全是最重要的價值，我們的安全記錄是不可接受的，必須進行改進。最近我們在礦區的基地工廠發生了死亡事件，這讓我們明白了這一點。我想表達我們對這次損失深感悲痛，我完全致力於盡一切必要建立更好的安全文化並提高績效，以便 Suncor 的每個人每天都能安全回家。

To that end, my #1 priority is improving our safety and operating performance. To me, safety and operating performance are strongly connected. We cannot have great operating performance without great safety. It's simply non-negotiable Safety is not only living up to our core values, but integral to delivering the industry-leading operating and financial performance we expect. I'll speak to this in a bit more detail later in our call.

為此，我的第一要務是提高我們的安全和運營績效。對我來說，安全性和操作性能密切相關。沒有大的安全，就不可能有大的經營業績。這簡直是不可談判的安全不僅是實現我們的核心價值觀，而且是實現我們期望的行業領先的運營和財務業績的組成部分。我將在稍後的電話會議中更詳細地談到這一點。

In addition to driving improvement in our safety and operating performance, I want to be clear, our strategy and debt reduction and shareholder return commitments and priorities are not changing. Suncor's strategy, which is fully endorsed and supported by our Board, is to optimize and sustain our base business while increasing shareholder returns, reducing our carbon footprint and prudently investing in lower carbon energy.

除了推動我們的安全和運營績效的改善，我想明確一點，我們的戰略和減債以及股東回報承諾和優先事項沒有改變。 Suncor 的戰略得到了董事會的充分認可和支持，即優化和維持我們的基礎業務，同時增加股東回報、減少我們的碳足跡並謹慎投資於低碳能源。

The capital allocation framework, as outlined last quarter, will support increasing shareholder returns. We announced a 12% dividend increase in the first quarter. And by quarter end, we've already repurchased half the targeted buyback of 10% of our public float. And once net debt reaches $12 billion, which we expect in the second half of the year, we remain committed to further increasing shareholder returns to 75% of excess funds after capital expenditures and dividends.

如上個季度所述，資本分配框架將支持增加股東回報。我們宣布第一季度股息增加 12%。到季度末，我們已經回購了 10% 的公眾持股量的一半目標回購。一旦淨債務達到 120 億美元（我們預計在今年下半年），我們將繼續致力於將股東回報進一步提高至資本支出和股息後超額資金的 75%。

Physical integration and Suncor's unparalleled integrated asset base will continue to be an area of strength that we will optimize to unlock incremental shareholder value, as demonstrated by our second quarter results. However, we are reviewing options for our retail business to ensure that we are maximizing the long-term value of that business for our shareholders, and we will disclose the results of this process in the fourth quarter.

正如我們第二季度的業績所證明的那樣，物理整合和 Suncor 無與倫比的綜合資產基礎將繼續成為我們將優化以釋放增量股東價值的優勢領域。但是，我們正在審查零售業務的選擇，以確保我們為股東實現該業務的長期價值最大化，我們將在第四季度披露這一過程的結果。

We also remain focused on delivering on our free funds flow growth initiative and unlocking synergies with Syncrude. And while we have to acknowledge headwinds from higher commodity costs and inflation, including in our mining costs, we continue to make very good progress on our initiatives.

我們還繼續專注於實現我們的自由資金流增長計劃並釋放與 Syncrude 的協同效應。雖然我們必須承認商品成本上漲和通貨膨脹帶來的不利因素，包括我們的採礦成本，但我們繼續在我們的舉措上取得非常好的進展。

We continue to optimize our portfolio to ensure our business is set up to deliver superior long-term returns to our shareholders. To that end, we have signed a sales agreement for the Norway assets for gross proceeds of approximately $400 million, which we expect to receive on closing later this year. As well, we have moved into the final round in our sale of our wind assets, and we're seeing very strong market interest. And we've begun the sales process for our U.K. North Sea assets. All of these actions are to improve fit and focus in our portfolio aligned with our strategy.

我們繼續優化我們的投資組合，以確保我們的業務能夠為我們的股東帶來卓越的長期回報。為此，我們已經簽署了一項挪威資產的銷售協議，總收益約為 4 億美元，我們預計將在今年晚些時候完成。同樣，我們已進入風能資產出售的最後一輪，我們看到了非常強烈的市場興趣。我們已經開始了我們英國北海資產的銷售流程。所有這些行動都是為了提高與我們的戰略相一致的投資組合的契合度和重點。

And finally, we will continue to advance our strategies to meet our long-term carbon reduction objectives and develop new low-carbon businesses, ensuring that we prudently manage investments in those areas.

最後，我們將繼續推進我們的戰略，以實現我們的長期碳減排目標並發展新的低碳業務，確保我們審慎管理這些領域的投資。

In summary, you should expect me to drive improvement in the safe and reliable execution of our operations while advancing our strategy, strengthening our balance sheet and growing returns to our shareholders.

總之，您應該期望我在推進我們的戰略、加強我們的資產負債表和增加股東回報的同時，推動我們安全可靠地執行我們的業務。

Now let's take a look at our second quarter results. In the second quarter of 2022, Suncor reported the highest quarterly adjusted funds from operations in its history at approximately $5.3 billion or $3.80 per share as well as free funds flow after capital expenditures of $4.1 billion or $2.88 per share. And we returned record adjusted fund flow right back to our shareholders.

現在讓我們來看看我們第二季度的業績。在 2022 年第二季度，Suncor 報告了其歷史上最高的季度調整後運營資金，約為 53 億美元或每股 3.80 美元，資本支出後的自由資金流動為 41 億美元或每股 2.88 美元。我們將創紀錄的調整後資金流返還給我們的股東。

Upstream realizations were on par with WTI, and downstream captured strong product market values with near 100% market capture. Both of these things highlight the strength and competitive advantage of our integrated model and our focus on higher-value products beyond vision.

上游實現與 WTI 相當，下游以接近 100% 的市場佔有率獲得了強勁的產品市場價值。這兩件事都凸顯了我們集成模式的實力和競爭優勢，以及我們對超越願景的高價值產品的關注。

Our upstream production of 720,000 barrels per day reflects both planned and unplanned events in the quarter. Oil Sands operations production of 365,000 barrels per day included planned maintenance of Firebag and Upgrader 2. While the significant 10-year turnaround at Firebag, which was the largest in its history, completed with solid execution and a smaller production impact than expected, our production from this area of the business was below our expectations due to unplanned events at our MacKay River in situ operations and base plant Upgrader 1.

我們每天 720,000 桶的上游產量反映了本季度計劃內和計劃外的事件。 Oil Sands 的運營產量為每天 365,000 桶，其中包括 Firebag 和 Upgrader 2 的計劃維護。雖然 Firebag 的 10 年重大周轉是其歷史上最大的一次，但執行穩健且生產影響小於預期，但我們的生產由於我們的 MacKay River 就地運營和基地工廠 Upgrader 1 的計劃外事件，該業務領域的收益低於我們的預期。

At the same time, we achieved 189,000 barrels per day production at Syncrude, which exceeded our plan for the quarter. And we produced 87,000 barrels per day of Fort Hills, which is in line with our plans and reflects planned maintenance at that asset. And we produced 79,000 barrels per day in our offshore segment.

與此同時，我們在 Syncrude 實現了每天 189,000 桶的產量，超出了我們本季度的計劃。我們每天生產 87,000 桶 Fort Hills，這符合我們的計劃並反映了該資產的計劃維護。我們在海上部門每天生產 79,000 桶石油。

Looking at our Downstream results. We generated record adjusted funds from operations on both the LIFO and the FIFO basis. Our throughput of 389,000 barrels per day reflects planned maintenance activities across all our Canadian refineries as well as unplanned at the Commerce City refinery, which had approximately a 15,000 barrel per day impact on the quarter. And we have no further planned major maintenance in our Downstream segment for the balance of the year.

查看我們的下游結果。我們在 LIFO 和 FIFO 基礎上的運營中產生了創紀錄的調整後資金。我們每天 389,000 桶的吞吐量反映了我們所有加拿大煉油廠的計劃維護活動以及 Commerce City 煉油廠的計劃外維護活動，這對本季度產生了每天約 15,000 桶的影響。在今年餘下的時間裡，我們的下游部門沒有進一步的重大維護計劃。

Now let me turn to our full year guidance. After a careful review, we've updated our annual production guidance to 740,000 to 760,000 barrels per day, reflecting the performance year-to-date July and our expectation for the remainder of the year. As well, we've updated our capital guidance to a range of $4.9 billion to $5.2 billion for 2022. This increase in capital reflects the White Rose offshore project restart and our increased working interest in that project as well as increased spend during turnarounds and maintenance to improve safety and reliability and general inflationary pressures that we're seeing across the portfolio.

現在讓我談談我們的全年指導。經過仔細審查，我們已將年度產量指導更新為每天 740,000 至 760,000 桶，以反映今年 7 月至今的表現以及我們對今年剩餘時間的預期。此外，我們已將 2022 年的資本指導更新至 49 億美元至 52 億美元的範圍。資本增加反映了白玫瑰海上項目的重啟、我們對該項目的工作興趣增加以及周轉和維護期間的支出增加以提高我們在整個投資組合中看到的安全性和可靠性以及總體通脹壓力。

And with that, I will pass it to Alister to walk through the financial highlights.

有了這個，我將把它傳遞給 Alister 來了解財務亮點。

Thanks, Kris. As you just noted, this quarter was the highest ever adjusted funds from operating quarter for the company at approximately $5.3 billion or $3.80 per share. Second quarter adjusted funds flow was strong and a record in Oil Sands in Downstream where they were approximately 25% and 30% better than prior periods -- prior records, respectively. We returned $3.2 billion or nearly 60% of adjusted funds from operations through dividends and share buybacks back to shareholders.

謝謝，克里斯。正如您剛才提到的，本季度是公司經營季度調整後的最高資金，約為 53 億美元或每股 3.80 美元。第二季度調整後的資金流動強勁，下游油砂創紀錄，分別比前期高出約 25% 和 30% - 之前的記錄。我們通過股息和股票回購向股東返還了 32 億美元或近 60% 的調整後運營資金。

For this quarter, we focused on share buybacks over debt reductions and bought back nearly 4% of the public float. Our net debt did increase due to the FX translation loss from the weaker Canadian dollar. However, our second half 2022 cash generation will allow us to achieve a $12 billion net debt target this year and continue to execute on our share buyback program.

在本季度，我們專注於股票回購而不是減債，並回購了近 4% 的公眾持股量。由於加元疲軟導致的外匯轉換損失，我們的淨債務確實增加了。然而，我們在 2022 年下半年產生的現金將使我們能夠在今年實現 120 億美元的淨債務目標，並繼續執行我們的股票回購計劃。

While the market conditions were exceptionally strong during the quarter, it is our strong asset base and the physical integration between them that drives industry-leading realizations and margin capture. Our SCO our risk price realized was CAD 141 per barrel, and the bitumen average price realized was CAD 120 barrels per barrel. I note that realizations on both price trended above (inaudible) benchmarks due to the investments in our marketing and logistics capabilities, which forms an integral part of our $2 billion free funds flow improvements.

儘管本季度市場狀況異常強勁，但正是我們強大的資產基礎以及它們之間的物理整合推動了行業領先的實現和利潤獲取。我們的 SCO 實現的風險價格為每桶 141 加元，實現的瀝青平均價格為每桶 120 加元。我注意到，由於對我們的營銷和物流能力的投資，這兩個價格的實現都高於（聽不清）基準，這是我們 20 億美元免費資金流改進的一個組成部分。

For Downstream, this has been an exceptional business environment, which is reflected in our results. Our before tax $2.1 billion of Downstream adjusted funds from operations includes approximately $500 million of FIFO gains. On a LIFO basis, the $1.6 billion of results had a significant increase from the prior quarter and reflect nearly 100% margin capture of these exceptional market conditions despite the planned maintenance across all our Canadian refineries. These margins are captured by prioritizing the highest margin channel and the flexibility within our network.

對於下游而言，這是一個特殊的商業環境，這反映在我們的業績中。我們從運營中獲得的 21 億美元的稅前調整後的下游資金包括大約 5 億美元的 FIFO 收益。在後進先出法的基礎上，16 億美元的業績比上一季度顯著增加，儘管我們所有加拿大煉油廠都計劃進行維護，但這些異常市場條件的利潤率接近 100%。這些利潤是通過優先考慮最高利潤渠道和我們網絡內的靈活性來獲得的。

To place the second quarter performance in perspective, we beat our prior adjusted funds from operations record by over 30%. And this was achieved even with our planned maintenance and with the summer travel and driving season yet to occur. Again, I have to credit the performance of our logistics and marketing team and assets in achieving this performance.

為了正確看待第二季度的業績，我們將之前調整後的資金從運營記錄中高出 30% 以上。即使在我們計劃的維護和夏季旅行和駕駛季節尚未到來的情況下，這也是實現的。再次，我必須歸功於我們的物流和營銷團隊以及資產在實現這一績效方面的表現。

Lastly, I'd also like to reiterate that our capital allocation policy remains on track to increase to 75% of excess funds towards share buybacks once the $12 billion net debt target is achieved. And we are confident in achieving that later in the second half of this year.

最後，我還想重申，一旦達到 120 億美元的淨債務目標，我們的資本分配政策仍將增加至 75% 的超額資金用於股票回購。我們有信心在今年下半年實現這一目標。

I'll now pass it back to Kris for some closing remarks.

我現在將把它傳回給 Kris 做一些結束語。

Thank you very much, Alister. As I mentioned earlier, my #1 focus is improving Suncor's safety and operating performance. I've been deeply engaged with the management team and our improvement plan and its execution to drive that improvement and strengthen our safety culture.

非常感謝，阿利斯特。正如我之前提到的，我的第一重點是提高 Suncor 的安全性和運營績效。我一直深入參與管理團隊和我們的改進計劃及其執行，以推動改進並加強我們的安全文化。

We completed independent safety assessment last year, and we're clear on what we need to do to improve our safety performance. We do not need more diagnosis, but what we do need to do is execute. And my goal is to deliver on this execution with focus and at an accelerated pace. I'll be working with my team on delivering a clear accelerated safety improvement plan that is focused on building a stronger safety culture, strengthening our risk management systems and improving contractor safety performance. And in my view, foundational to this will be engaging and enabling our front line to deliver safe work each and every day.

我們去年完成了獨立的安全評估，我們清楚地知道我們需要做些什麼來提高我們的安全績效。我們不需要更多的診斷，但我們需要做的是執行。我的目標是集中精力以更快的速度完成這項工作。我將與我的團隊一起制定明確的加速安全改進計劃，重點是建立更強大的安全文化、加強我們的風險管理系統和提高承包商的安全績效。在我看來，實現這一目標的基礎是參與並使我們的前線每天都能提供安全的工作。

I will also be working with my team to make sure we have the right organizational structure, capabilities and talent in place across the business to drive operational excellence. We've already taken many steps in this regard, including assembling a strong central operational risk management team staffed by experienced operating people as well as making key senior leadership changes in our Oil Sands and Downstream businesses.

我還將與我的團隊合作，確保我們在整個企業中擁有正確的組織結構、能力和人才，以推動卓越運營。在這方面，我們已經採取了許多措施，包括組建一支由經驗豐富的運營人員組成的強大的中央運營風險管理團隊，以及對我們的油砂和下游業務進行關鍵的高級領導層變動。

I'll continue to make sure that we have the right people, systems and structures to drive our performance forward. And I will be focused on reducing complexity and driving organizational focus across the company to deliver operating excellence, capital discipline and our free funds growth commitments.

我將繼續確保我們擁有合適的人員、系統和結構來推動我們的業績向前發展。我將專注於降低複雜性並推動整個公司的組織重點，以實現卓越運營、資本紀律和我們的免費資金增長承諾。

And as you know, our compensation systems are tied strongly to our performance, including environmental, safety, operating and cost performance. I'm going to be working with the Board and our executive team to further strengthen the connection between safety performance and compensation, supporting our organizational focus on reducing serious injuries and eliminating fatalities.

如您所知，我們的薪酬體係與我們的績效密切相關，包括環境、安全、運營和成本績效。我將與董事會和我們的執行團隊合作，進一步加強安全績效和薪酬之間的聯繫，支持我們的組織專注於減少嚴重傷害和消除死亡。

Again, to be clear, my commitment is to guide all company efforts and focus on improving our safety and operating performance while executing our long-term strategies, strengthening our balance sheet and growing long-term returns to shareholders.

再次明確地說，我的承諾是指導公司的所有努力，並專注於提高我們的安全和運營績效，同時執行我們的長期戰略，加強我們的資產負債表和增加對股東的長期回報。

To put it simply, what we need to do is get back to basics with focus and follow through, and that's exactly what we're going to do.

簡而言之，我們需要做的是回歸基礎，專注並堅持到底，這正是我們要做的。

Finally, we plan to hold the recently deferred Investor Operational Day in the fall. At which time, we'll describe our safety and operational improvement plans and actions in more detail. An announcement of the date of that presentation will be coming out shortly.

最後，我們計劃在秋季舉行最近推遲的投資者運營日。屆時，我們將更詳細地描述我們的安全和運營改進計劃和行動。該演示文稿的日期將很快公佈。

And with that, Trevor, I'll turn it back over to you.

有了這個，特雷弗，我會把它還給你。

Thank you, Kris and Alister. I'll turn the call back to the operator to take some questions. Operator? .

謝謝你，克里斯和阿利斯特。我會把電話轉給接線員回答一些問題。操作員？ .

(Operator Instructions) Our first question or comment comes from the line of Greg Pardy from RBC Capital Markets.

（操作員說明）我們的第一個問題或評論來自 RBC Capital Markets 的 Greg Pardy。

And Kris. Thanks for the rundown. I know you're going to talk in more depth around the safety initiatives, but can you perhaps just shed some light on maybe what you've uncovered, whether it's from a causality perspective, and perhaps just what some of the safety reset initiatives are underway right now?

還有克里斯。感謝您的破敗。我知道您將圍繞安全舉措進行更深入的討論，但您能否對您發現的內容進行一些說明，是否從因果關係的角度來看，也許只是一些安全重置舉措是什麼現在正在進行嗎？

Yes. Thanks for the question, Greg. As I mentioned in the remarks, we did some in-depth safety assessments last year, and particularly related to the fatalities that we had in the mine tailings areas of our business. And out of that safety assessment took a number of recommendations and started a number of actions. And so there's been a number of things underway. And examples would be -- and we've talked about this in the past -- investment in technologies to make operations in that part of the business inherently safer, collision avoidance technologies, deep management technologies, as well as team has been working doing full review of high-risk areas in that part of the business to validate controls and working with the teams who are working in those areas as well. And in addition, we're strengthening our risk management systems from the center, working with those areas of the company.

是的。謝謝你的問題，格雷格。正如我在評論中提到的，我們去年進行了一些深入的安全評估，特別是與我們業務的尾礦區發生的死亡事件有關。並且在安全評估中提出了一些建議並開始了一些行動。所以有很多事情正在進行中。例如——我們過去曾討論過這個——投資於技術以使這部分業務的運營本質上更安全、防撞技術、深度管理技術以及團隊一直在全力以赴審查該業務部分的高風險領域以驗證控制措施，並與在這些領域工作的團隊合作。此外，我們正在從中心加強我們的風險管理系統，與公司的這些領域合作。

As I look at it and as we've been working with the team, we need to continue the momentum on those things. We need to see where we can accelerate the pace, quite frankly. But the other part, in my view, that's really important is we have to engage and enable our front line. We have to work with the front line because that's where work happens. That's where the decisions happen each and every day around the work we do and managing risks, and that's working with the people managing the front line, the people doing work at the front line. And so that's going to be a big focus. Not that it wasn't, but I see that as an area that we can accelerate further because, in my view, Greg, at the end of the day, safety culture is about the work we do. It's how we do that work, and we really want to strengthen how we're doing work at the front line.

當我看到它並且我們一直在與團隊合作時，我們需要在這些事情上繼續保持勢頭。坦率地說，我們需要看看我們可以在哪裡加快步伐。但在我看來，另一部分非常重要的是我們必須參與並啟用我們的前線。我們必須與前線合作，因為那是工作發生的地方。這就是每天圍繞我們所做的工作和管理風險做出決定的地方，這就是與管理一線的人、在一線工作的人一起工作。所以這將是一個很大的焦點。並不是說不是，但我認為這是一個我們可以進一步加速的領域，因為在我看來，格雷格，歸根結底，安全文化與我們所做的工作有關。這就是我們做這項工作的方式，我們真的想加強我們在前線的工作方式。

Okay. Second question is maybe, could you provide us with a current status update like not long, but just maybe just some quick hits on where base Oil Sands, Fort Hills and Syncrude would sort of be sitting right now? Like are they at full rates? Are there any issues we should be aware of?

好的。第二個問題可能是，您能否向我們提供當前狀態更新，比如不久之後，但也許只是一些關於基礎油砂、Fort Hills 和 Syncrude 現在的位置的快速點擊？他們是全價嗎？有什麼問題是我們應該注意的嗎？

Yes. And maybe I'll cover a little bit of Q2 and then talking to where we are right now, Greg, and just bridge into it. But as we looked at the second quarter, we saw strong performance in Syncrude, and we're continuing to see that as we move into the quarter. And they obviously have moved into their large turnaround event, and it's off to a very good start. .

是的。也許我會介紹第二季度的一些內容，然後與我們現在所處的位置交談，格雷格，然後過渡到它。但是當我們查看第二季度時，我們看到了 Syncrude 的強勁表現，並且隨著我們進入該季度，我們將繼續看到這一點。他們顯然已經進入了他們的大型轉機活動，這是一個非常好的開始。 .

Fort Hills in line with plans -- planned maintenance last year, and coming out of that maintenance, continuing with our expectations on plan. And as well our in situ operations have returned from the incident at MacKay River in the second quarter and then Firebag completed its turnaround and has moved forward into the third quarter at capacity.

Fort Hills 符合計劃 - 去年計劃進行維護，並從維護中走出來，繼續我們對計劃的期望。此外，我們的現場運營已經從第二季度的麥凱河事件中恢復過來，然後 Firebag 完成了周轉，並已滿負荷推進到第三季度。

The issue has been in base plant. That's what we saw in the second quarter. We saw it in U1 upgrading with some reliability issues, and we saw it in the front end and mine extraction. Those issues, some of them are persisting into the second quarter. In U1, they're going to get addressed in the upcoming maintenance event, which we've also pulled some of the work from Q4 into the event, so we can create a really clean fourth quarter as well. And then the front-end issues that we're seeing in mine extraction, while we've been resolving them, they are persisting into the third quarter, they'll get resolved as well.

問題出在基礎工廠中。這就是我們在第二季度看到的。我們在 U1 升級中看到了一些可靠性問題，我們在前端和礦山開採中看到了它。這些問題，其中一些持續到第二季度。在 U1 中，它們將在即將到來的維護活動中得到解決，我們還將 Q4 的一些工作拉到了活動中，因此我們也可以創造一個非常乾淨的第四季度。然後是我們在礦山開採中看到的前端問題，雖然我們一直在解決它們，但它們一直持續到第三季度，它們也會得到解決。

So the way I would think about it, Greg, is our Q3 -- so we have large maintenance in Syncrude, as you know. We have maintenance going on in U1. The other operations, as I mentioned, are on plan. And so we're going to be -- you can expect Q3 to look similar to Q2. And then we're going to be setting up -- we have no maintenance in front of us going into Q4.

因此，格雷格，我認為這是我們的第三季度——所以我們在 Syncrude 進行了大量維護，正如你所知。我們在 U1 進行維護。正如我所提到的，其他行動都在計劃中。所以我們將成為 - 你可以期待第三季度看起來與第二季度相似。然後我們將進行設置——進入第四季度，我們面前沒有維護。

Our next question or comment comes from the line of Manav Gupta from Credit Suisse.

我們的下一個問題或評論來自瑞士信貸的 Manav Gupta。

My question is a quick one. The slight increase in CapEx does look like more of an adjustment. Can you help us understand what part of it was some inflation and then what part of it was the decision to go back into West White Rose? If you could give us some clarifying comments.

我的問題很快。資本支出的小幅增加看起來更像是一種調整。您能否幫助我們了解其中一部分是通貨膨脹，而另一部分是決定重返西白玫瑰？如果你能給我們一些澄清的意見。

Yes. No, thanks very much for the question. So yes, we did adjust our capital guidance up. And as I mentioned in my remarks, there's really 3 factors driving that, the West White Rose Project restart and our increased working interest in that project. Recall as well that when we took the increased working interest, we did get proceeds from the operator for taking that on, which offset a good portion of our capital in this year -- from that project this year. As well, we have increased spend related to turnarounds and maintenance year-to-date, and that relates to found work as well as decisions to undertake other work so that we could ensure we're improving safety and reliability or strengthen it in those assets. And then thirdly is the general inflationary pressure.

是的。不，非常感謝這個問題。所以，是的，我們確實向上調整了資本指引。正如我在講話中提到的那樣，確實有 3 個因素推動了這一點，西白玫瑰項目的重啟以及我們對該項目的工作興趣增加。還請回想一下，當我們獲得增加的工作權益時，我們確實從運營商那裡獲得了收益，這抵消了我們今年資本的很大一部分 - 今年來自該項目。此外，今年迄今為止，我們增加了與周轉和維護相關的支出，這與找到的工作以及承擔其他工作的決定有關，以便我們可以確保我們正在提高安全性和可靠性或加強這些資產的安全性和可靠性.第三是總體通脹壓力。

So to give you some sense of sort of the magnitude about -- half the forecast or guided increase is inflationary pressures, and the other half is related to those other 2 buckets.

因此，為了讓您對幅度有所了解——預測或引導增長的一半是通脹壓力，另一半與其他兩個桶有關。

Perfect, sir. And a quick follow-up here. You have been very clear that once you kind of get to that $12 billion, 75% of the free cash would be moving towards buyback. But when we look at the second quarter, it looks like you're already on that run rate where close to 75% of the free cash is moving towards buyback. Could you just comment on the pace of buybacks, which was very strong in the second quarter?

完美，先生。並在這裡進行快速跟進。你很清楚，一旦你達到 120 億美元，75% 的自由現金將用於回購。但是當我們看第二季度時，看起來你已經處於接近 75% 的自由現金正在回購的運行速度上。您能否評論一下第二季度非常強勁的回購步伐？

Thanks, Manav. It's Alister. I'll take that one. Yes. If you look at the second quarter, we focused on the buybacks. Our capital allocation policy is really on an annual basis. We'll pick and choose whether it's debt or reduction in our buybacks in any particular month or quarter. We made the decision to focus on buybacks in the second quarter. You'll see it move strongly in the third and fourth quarters to taking debt down. It's just really a function of cash flow generation and where we think the opportunities are from an economic perspective. We felt they were strongly in the buybacks area.

謝謝，馬納夫。是阿利斯特。我會拿那個。是的。如果你看第二季度，我們關注的是回購。我們的資本分配政策實際上是按年度進行的。我們將在任何特定月份或季度選擇是債務還是減少我們的回購。我們決定在第二季度專注於回購。你會看到它在第三和第四季度強勁地減少債務。這實際上只是產生現金流的功能，我們認為機會來自經濟角度。我們覺得他們在回購領域表現強勁。

With the rising interest rates, obviously, the second half will make bond redemption cheaper than in the first half, so economically better. And then we have more cash flow generation in the second half, particularly with asset sales coming in.

顯然，隨著利率的上升，下半年債券的贖回成本將低於上半年，因此經濟上會更好。然後我們在下半年有更多的現金流產生，特別是隨著資產出售的到來。

Our next question or comment comes from the line of Dennis Fong from CIBC.

我們的下一個問題或評論來自 CIBC 的 Dennis Fong。

Maybe the first one to build off of what Greg was asking on and a little bit of what Manav is asking on. Just with respect to the CapEx measures associated with improvement of safety and reliability and so forth. I was curious as to -- has that changed necessarily any of the timing? I know in a previous conference call, there was a discussion around installation of anticollision technology. Has that been brought forward at all just given some of the changes with capital spending?

也許是第一個以 Greg 所要求的內容和 Manav 所要求的內容為基礎的第一個。僅就與提高安全性和可靠性等相關的資本支出措施而言。我很好奇——這是否必然改變了任何時間？我知道在之前的電話會議中，有關於安裝防碰撞技術的討論。考慮到資本支出的一些變化，這是否已經提出來了？

Yes. No, thanks, Dennis, for that question. So yes, we do have these programs underway. And they are over a period of [talking] to implement this technology through 2022 and '23. We're looking right now at where there's opportunities to accelerate that where it makes sense. And we're going to, obviously, be limited by the pace at which we can do it just to get the technology out into all the equipment. But right now, we're taking a look to see where are those opportunities. These aren't material -- this isn't material capital. At the end of the day, it's about how -- at what pace can we get these investments in place related to those systems.

是的。不，謝謝，丹尼斯，這個問題。所以是的，我們確實有這些計劃正在進行中。他們正在[討論] 一段時間以在 2022 年和 23 年之前實施這項技術。我們現在正在尋找有機會加速它有意義的地方。很明顯，我們將受到我們能夠將技術應用於所有設備的速度的限制。但現在，我們正在看看這些機會在哪裡。這些不是物質的——這不是物質資本。歸根結底，它是關於我們如何以何種速度獲得與這些系統相關的這些投資。

Great. And my second question here is just around the $2.15 billion of free funds flow growth. Just as you've outlined a little bit around increased CapEx associated with inflation as well as a component of you just mentioned the improvements in safety measures, how does that potentially impact some of the initiatives like digital mine optimization as well as kind of technology initiatives that you're going forward?

偉大的。我的第二個問題是大約 21.5 億美元的自由資金流量增長。正如您已經概述了與通貨膨脹相關的資本支出增加以及您中的一部分剛剛提到安全措施的改進，這對數字礦山優化等一些舉措以及某種技術舉措有何潛在影響你要前進嗎？

Yes. And thanks, Dennis. So recall, our free funds flow initiatives, there's a number of projects or initiatives that really fall into 3 buckets, ones that are driving revenue and margin enhancements, ones that are driving capital efficiencies and ones that are driving cost reduction. And some initiatives will span 2 or more of those buckets. And we're seeing certainly really good progress on a number of those fronts. And particularly on our projects early on in the program have been focused on margin and revenue enhancement. And an example would be the interconnected pipeline that we put in place, which, quite frankly, is performing better than our expectations in terms of driving value and cash.

是的。謝謝，丹尼斯。所以回想一下，我們的自由資金流動計劃，有許多項目或計劃真正分為 3 個類別，一個是推動收入和利潤率提高的，一個是推動資本效率的，一個是推動成本降低的。一些舉措將跨越兩個或更多這些桶。我們在其中一些方面確實看到了非常好的進展。特別是在我們項目早期的項目中，我們一直專注於提高利潤率和收入。我們建立的互連管道就是一個例子，坦率地說，它在推動價值和現金方面的表現優於我們的預期。

In terms of the cost side of it, I mean, we do see headwinds, obviously, right now on the cost side, inflationary pressures that I was talking about. And so that's something that will cause us to take a look at those initiatives and see, can we accelerate? Is there other things we can be doing to offset?

就成本方面而言，我的意思是，我們確實看到了不利因素，顯然，現在在成本方面，我所說的通脹壓力。因此，這將促使我們審視這些舉措，看看我們能否加快步伐？我們還可以做其他事情來抵消嗎？

And with respect to the technology piece, that's a big play in terms of driving efficiency and driving cash. And I give you just a few examples. We just completed our ERP implementation with SAPS 4. It was probably one of the largest ones in industry and from stem to stern upstream to downstream. We went live in April. We're now getting into the mode of sustaining that system. So then we can move into starting to optimize and get the benefit. And there's an example of using technology to drive efficiencies in the work we do in a standard way as well as our central teams technology and digital teams are working with the businesses upstream and downstream on opportunities to use data analytics and digital to drive value, particularly through revenue and margin enhancement and just operation of the business.

就技術而言，這在提高效率和推動現金方面發揮了重要作用。我給你舉幾個例子。我們剛剛使用 SAPS 4 完成了我們的 ERP 實施。它可能是行業中最大的實施方案之一，從上游到下游。我們在四月上線了。我們現在正在進入維持該系統的模式。因此，我們可以開始優化並獲得收益。還有一個例子是使用技術來提高我們以標準方式開展的工作的效率，以及我們的中心團隊技術和數字團隊正在與上游和下游企業合作，尋找使用數據分析和數字來推動價值的機會，特別是通過收入和利潤率的提高以及業務的公正運作。

So I think to get back to the end of your question, I think, as you're asking about the technology and digital part of it, we'll look to see where we can accelerate those, where it makes sense. One of the things I'm going to do is take a review of the portfolio of initiatives with the team to look for opportunities to accelerate and also make sure that we're focusing on the highest value ones and driving that focus on those and then looking for further opportunities just given the headwinds that we're seeing.

所以我想回到你問題的最後，我想，當你問到技術和數字部分時，我們會看看我們可以在哪裡加速這些，哪裡是有意義的。我要做的一件事是與團隊一起審查計劃組合，以尋找加速的機會，並確保我們專注於最高價值的計劃並推動對這些計劃的關注，然後鑑於我們所看到的逆風，正在尋找更多機會。

Our next question comment comes from the line of Doug Leggate from Bank of America.

我們的下一個問題評論來自美國銀行的 Doug Leggate。

It's Doug Leggate from Bank of America. Kris, I guess -- I know that you touched on this already a couple of times, but I think you said you don't need more diligence or more reviews. You just need to execute. What, if I may, have you identified as the key differences between similar operations that your peers very different safety record? Is that something you can kind of frame to say this is where what we need to address? Or how would you frame those differences?

我是美國銀行的 Doug Leggate。克里斯，我想——我知道你已經提到過幾次了，但我想你說過你不需要更多的勤奮或更多的審查。你只需要執行。如果可以的話，您是否確定了您的同行安全記錄非常不同的類似操作之間的主要差異？你可以說這是我們需要解決的問題嗎？或者你會如何描述這些差異？

Yes. No, thanks very much for that, Doug. So if we go back to the safety assessments and go back to where we've seen these tragic instance happening, they're primarily -- they're in one area of the business, which is mining and tailing. And when I say we don't need more diagnosis, we've undertaken very detailed safety assessments with independent analysis, with independent experts coming in, which have outlined a number of recommendations. And as I mentioned, a few of them, technology we've already talked about as well as really understand going in and looking at our high-risk activities, heavy-to-heavy vehicle, light-to-heavy vehicle contact, working around water, the big risks that happen in that end of the business and just ensuring that our controls are robust. And then if it's not robust enough, ensuring that we get those controls in place. Those incidents, they also come down to the work that's happening and how the work is happening. So we're really focused on understanding how the work is happening at the front line, how it's being managed, how it's being executed. And so we've got loss. When I say we don't need more diagnosis, we've done a lot of assessment. We've done those comparisons. Those are the areas we need to focus in and work on, and that's exactly what we're going to do.

是的。不，非常感謝，道格。因此，如果我們回到安全評估並回到我們看到這些悲慘事件發生的地方，它們主要是——它們處於業務的一個領域，即採礦和尾礦。當我說我們不需要更多診斷時，我們已經進行了非常詳細的安全評估，並進行了獨立分析，並邀請了獨立專家，他們提出了一些建議。正如我所提到的，其中一些，我們已經討論過的技術以及真正了解進入並查看我們的高風險活動、重型車輛、輕型車輛到重型車輛的接觸、工作水，在業務的那一端發生的巨大風險，只是確保我們的控制是穩健的。然後，如果它不夠穩健，請確保我們將這些控制措施落實到位。這些事件也歸結為正在發生的工作以及工作的發生方式。所以我們真正專注於了解工作是如何在第一線進行的，它是如何被管理的，它是如何被執行的。所以我們有損失。當我說我們不需要更多的診斷時，我們已經做了很多評估。我們已經完成了這些比較。這些是我們需要關注和努力的領域，而這正是我們要做的。

And then the other piece, even though that's the area of the company where we've seen those issues, what we're committed to is continuing to drive and strengthen the safety culture throughout the company. And so we're not just focused in that one area of the business. We're going to continue to strengthen across the company.

然後是另一部分，儘管這是我們已經看到這些問題的公司領域，但我們致力於繼續推動和加強整個公司的安全文化。因此，我們不僅僅專注於業務的這一領域。我們將繼續加強整個公司的實力。

I know it's not an easy answer -- easy question to answer, Kris. I guess my follow-up is for Alister, but it's a pretty straightforward one, I hope. Alister, why is $9 billion the hard floor for net debt? Why is that the right number?

我知道這不是一個簡單的答案——很容易回答的問題，克里斯。我想我的後續行動是針對 Alister 的，但我希望這是一個非常簡單的後續行動。阿里斯特，為什麼 90 億美元是淨債務的硬底？為什麼這是正確的數字？

That's a good question, Doug. If you actually look at it in a low commodity price environment, and we're using $35, $40 WTI, if you look back at our history, we generally have made around about $6 billion of cash flow in that environment. The commodity price, much lower crack spreads. So the $9 billion is derived from 1.5x coverage on -- we would be 1.5x our cash flow at $9 billion. I think that's a reasonable level and a low point in the cycle, gives us some scope to take upwards if it's long enough for (inaudible) period of time. But eventually the rationale for that.

這是個好問題，道格。如果你真的在大宗商品價格低的環境中觀察它，而我們使用的是 35 美元、40 美元的 WTI，如果你回顧我們的歷史，我們通常在那種環境下賺取了大約 60 億美元的現金流。商品價格，低得多的裂解價差。因此，90 億美元來自 1.5 倍的覆蓋率——我們將是 90 億美元現金流的 1.5 倍。我認為這是一個合理的水平，也是周期中的一個低點，如果它足夠長（聽不清）一段時間，它會給我們一些向上的空間。但最終的理由。

Our next question comment comes from the line of Menno Hulshof from TD Securities.

我們的下一個問題評論來自道明證券的 Menno Hulshof。

I'll start with one on retail. Kris, I know you can't say too much given the ongoing strategic review. But as the former Head of Downstream, would you be able to give us your high-level thoughts on how you would expect a retail sale or spinout to impact your Downstream margins and your Downstream business more generally?

我將從零售開始。克里斯，我知道鑑於正在進行的戰略審查，你不能說太多。但是，作為前下游主管，您能否就您期望零售或分拆如何更廣泛地影響您的下游利潤和下游業務向我們提供您的高層想法？

Yes. Thanks for the question, Menno. And as we've outlined, we have set up that review process. We have an independent -- we have a Board committee set up and already underway undertaking that review. And the decision will be taken by the full Board. And we're reviewing all the options related to that business from -- and you mentioned some of those options. And so we're going to pursue that work and support the Board in that assessment through the coming months and then be in a position to have a decision and get back to you with that decision in Q4.

是的。謝謝你的問題，門諾。正如我們所概述的，我們已經建立了審查流程。我們有一個獨立的——我們設立了一個董事會委員會，並且已經開始進行審查。決定將由全體董事會作出。我們正在審查與該業務相關的所有選項 - 您提到了其中一些選項。因此，我們將繼續開展這項工作，並在未來幾個月內支持董事會進行該評估，然後能夠做出決定並在第四季度向您回复該決定。

In terms of your question with respect to how would it affect Downstream margins, how would -- I mean that's one of the key pieces of doing this work and supporting the decision of the Board around the business and look at these different alternatives and what -- and the value they create and the impact that they will have on the integrated model and the business and the Rack Back business as well.

關於您關於它將如何影響下游利潤率的問題，我的意思是，這是開展這項工作並支持董事會圍繞業務做出決定的關鍵部分之一，並查看這些不同的替代方案以及什麼 - - 以及他們創造的價值以及他們將對集成模型和業務以及 Rack Back 業務產生的影響。

So that's a key aspect of doing the work and then providing that really good, clear, unbiased view of both sides of that question to come to the best decision so that when we do make the decision around the retail business, it's in the best interest of driving long-term value for the shareholders.

所以這是做這項工作的一個關鍵方面，然後對問題的雙方提供非常好的、清晰、公正的觀點，以做出最佳決策，這樣當我們圍繞零售業務做出決定時，它符合最佳利益為股東創造長期價值。

Perfect. And then the second one is for Alister and your expectation that you get to a 75% return of free cash flow by the end of the year. And I noticed that, that does include disposition proceeds. So my question is, which asset sales are included in that calculation? And I'm probably stretching here, but would you be able to give us a rough sense of how much is being modeled in terms of aggregate proceeds?

完美的。然後第二個是針對 Alister 的，您期望在年底前獲得 75% 的自由現金流回報。我注意到，這確實包括處置收益。所以我的問題是，該計算中包括哪些資產銷售？而且我可能在這裡延伸，但是您能否讓我們粗略地了解在總收益方面建模了多少？

Yes. As to your question, Menno, obviously, Norway is in there. And we'll announce that's around $400 million. We're looking at the wind and solar sale as well. I'm not going to disclose that, I mean, because obviously, we're going to come out of some negotiations.

是的。至於你的問題，Menno，很明顯，挪威也在其中。我們將宣布大約 4 億美元。我們也在關注風能和太陽能的銷售。我不會透露這一點，我的意思是，因為很明顯，我們將結束一些談判。

Okay. And so presumably, the U.K. would not be in there?

好的。那麼據推測，英國不會在那裡？

No, no, absolutely not. The U.K. won't be in there. It will be a 2023 number.

不，不，絕對不是。英國不會在那裡。這將是一個 2023 年的數字。

Our next question or comment comes from the line of John Royall from JPMorgan.

我們的下一個問題或評論來自摩根大通的 John Royall。

So in refining, understood that you're done with major maintenance for the year, but just a broader question on turnarounds going forward. I'm wondering if coming out of this year, you'll be fully caught up on any deferrals of turnarounds you might have taken as a result of the pandemic? And is there anything beyond kind of normal course looking into next year? Any early look there?

因此，在精煉過程中，要了解您已經完成了今年的主要維護，但只是一個關於未來周轉的更廣泛的問題。我想知道今年結束後，您是否會完全趕上因大流行而可能推遲的周轉時間？明年還有什麼超出正常課程的嗎？有早看嗎？

Yes. No. Thanks for the question, John. It's pretty -- it's a straightforward answer. We don't -- we're not managing any deferrals out of the pandemic. We are on our regular turnaround cycle. And so next year, we'll -- our turnarounds will be part of that normal cycle.

是的。不，謝謝你的問題，約翰。很漂亮——這是一個直截了當的答案。我們沒有——我們沒有管理任何因大流行而推遲的事情。我們處於正常的周轉週期。所以明年，我們將 - 我們的轉變將成為正常週期的一部分。

Great. And then you had a big working capital headwind in 2Q. I was just wondering if you could speak to the source of that drag and maybe how much of it is price-related? And should we expect any of that to turn around in the back half of the year?

偉大的。然後你在第二季度遇到了巨大的營運資金逆風。我只是想知道您是否可以談談這種拖累的來源，也許其中有多少與價格有關？我們是否應該期望在今年下半年扭轉這種局面？

Yes. It's all price-related. I mean it's really accounts receivable and our inventory valuations -- mainly repurchased inventory for the Downstream. Certainly, as prices remain lower as you've seen in the last couple of weeks, we'd expect to see some of that released in Q3, Q4.

是的。這一切都與價格有關。我的意思是這實際上是應收賬款和我們的庫存估值——主要是為下游回購庫存。當然，正如您在過去幾週看到的那樣，由於價格仍然較低，我們預計會在第三季度和第四季度看到其中的一些發布。

Our next question or comment comes from the line of Roger Read from Wells Fargo.

我們的下一個問題或評論來自富國銀行的 Roger Read。

I'd like to come back to the safety aspects of the company. I mean it seems like the factor that really sort of separates what's been going on at Suncor from the rest. Obviously, the Board is looking for a new executive leader before the year is out or early next year. That person will want to put their stamp on it, but what do you feel you can get out or early next year -- that person will want to put their stamp on it, but what do you feel you can get done between now and then from a safety and from a culture standpoint to get the company pointed in all the right directions?

我想回到公司的安全方面。我的意思是，這似乎是真正將 Suncor 發生的事情與其他事情區分開來的因素。顯然，董事會正在尋找新的執行領導人，在今年結束之前或明年初。那個人會想在上面蓋上他們的印記，但是你覺得你可以在明年年初或明年早些時候出去——那個人會想在上面蓋上他們的印記，但是你覺得從現在到那時你可以完成什麼從安全和文化的角度來看，讓公司指向所有正確的方向？

Yes. Thanks for that question, Roger. Listen, my focus is to drive the safety and operational improvement and to really do the things that I talked about earlier. The Board will make its decision in terms of the permanent CEO and probably in that time frame you just outlined. But in the meantime, we can't stand still. And I have the full support of the Board to drive the changes necessary and to engage to do the things with the executive team and all our employees to get the improved performance we're looking for.

是的。謝謝你的問題，羅傑。聽著，我的重點是推動安全和運營改進，並真正做我之前談到的事情。董事會將根據常任 CEO 做出決定，並且可能在您剛剛概述的那個時間範圍內做出決定。但與此同時，我們也不能停滯不前。我得到了董事會的全力支持，以推動必要的變革，並與執行團隊和我們所有的員工一起做事，以獲得我們正在尋找的改進績效。

Also if I could just dig into that a little bit more. Do you feel that some of the safety issues -- is it as simple as technology and an underinvestment? Or does it feel like it was more of a maybe misplaced goals, in other words, focusing on 1 thing, but forgetting maybe some of the other important aspects? I'm just trying to get a feel for what it really will take to correct this, whether it's done in the next 6 months or it's done over the next 18 months.

另外，如果我能再深入一點。您是否覺得一些安全問題 - 是否像技術和投資不足一樣簡單？還是感覺它更像是一個可能錯位的目標，換句話說，專注於一件事，但可能忘記了其他一些重要方面？我只是想了解糾正這個問題需要做些什麼，無論是在接下來的 6 個月內完成還是在接下來的 18 個月內完成。

Yes. No, thanks, Roger. This isn't about -- that we had some underinvestment or missing technology. Technology is an enabler. It's one of the things that we can implement to improve our ability to manage the risks and if we do fail sales safely. And -- but that's not at its root, the issue, the fact that those systems weren't there. Similarly, this isn't -- in my view, it's not about we put the focus to the organization in the wrong places.

是的。不，謝謝，羅傑。這不是關於 - 我們有一些投資不足或缺少技術。技術是推動者。這是我們可以實施的事情之一，以提高我們管理風險的能力，如果我們確實未能安全地銷售。而且 - 但這不是問題的根源，這些系統不存在的事實。同樣，這不是——在我看來，這不是我們將重點放在錯誤的地方。

When we look at it and come back to what I was describing earlier, it's about the execution of the work. And if I go back to the incidents that we have had, it's been how the work has been executed in the field. And we have to get -- and while technology will be a huge enabler, and we'll implement those things, and while we will absolutely be strengthening our systems and processes and procedures, but we have great systems, processes and procedures, it's really enabling and engaging to ensure that, that work is happening safely each and every day in the field. And so that's really, I think, the area, in my view, that needs focus and attention. This isn't a question of just saying we didn't invest in technology, and therefore, we had safety issues. That's not the case.

當我們查看它並回到我之前描述的內容時，它是關於工作的執行。如果我回到我們曾經發生的事件，那就是在現場如何執行工作。我們必須得到——雖然技術將成為一個巨大的推動者，我們將實施這些事情，雖然我們絕對會加強我們的系統、流程和程序，但我們有很好的系統、流程和程序，真的啟用並參與以確保該工作每天在該領域安全地進行。因此，我認為，在我看來，這確實是需要關注和關注的領域。這不僅僅是說我們沒有投資於技術的問題，因此，我們存在安全問題。事實並非如此。

No, that's fair. I mean my experience with this is it tends to be more of a cultural issue and just sort of focusing on the right things. So I guess in the future, if you can kind of give us an idea of where that focus has shifted. And safety really being core enough to drive the changes in other processes, that will be great.

不，這很公平。我的意思是我的經驗是，它往往更多地是一個文化問題，只是專注於正確的事情。所以我想在未來，如果你能給我們一個關於焦點轉移的想法。安全真的是核心，足以推動其他流程的變化，那將是很棒的。

Thank you. I'm showing no additional questions in the queue at this time. I'd like to turn the conference back over to Mr. Trevor Bell, Vice President of Investor Relations.

謝謝你。我目前沒有在隊列中顯示其他問題。我想把會議轉給投資者關係副總裁 Trevor Bell 先生。

Thank you, operator, and thanks, everyone, for joining us today. If you have any follow-up questions, please reach out to myself and my team, and we're happy to answer them. Again, thank you for attending.

謝謝你，接線員，也謝謝大家今天加入我們。如果您有任何後續問題，請聯繫我和我的團隊，我們很樂意為您解答。再次感謝您的出席。

Ladies and gentlemen, thank you for participating in today's program. This concludes the program. You may now disconnect. Everyone, have a wonderful day.

女士們，先生們，感謝你們參加今天的節目。程序到此結束。您現在可以斷開連接。大家，有一個美好的一天。