Suncor Energy Inc (SU) 2023 Q1 法說會逐字稿

Good day, and welcome to the Suncor Energy First Quarter 2023 Results Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker, Mr. Troy Little, Vice President of Investor Relations. Please go ahead.

美好的一天，歡迎來到 Suncor Energy 2023 年第一季度業績電話會議。此時，所有參與者都處於只聽模式。演講者介紹結束後，將進行問答環節。 （操作員說明）請注意，今天的會議正在錄製中。我現在想將會議交給您的發言人，投資者關係副總裁 Troy Little 先生。請繼續。

Thank you, operator, and good morning. Welcome to Suncor Energy's first quarter earnings call. Please note that today's comments contain forward-looking information. Actual results may differ materially from the expected results because of various risk factors and assumptions that are described in our first quarter earnings release, as well as in our current Annual Information Form, both of which are available on SEDAR, EDGAR and our website, suncor.com. Certain financial measures referred to in these comments are not prescribed by Canadian generally accepted accounting principles. For a description of these financial measures, please see our first quarter earnings release. We will start with comments from Rich Kruger, President and Chief Executive Officer; followed by Kris Smith, Suncor's incoming Chief Financial Officer; and Alister Cowan, Suncor's current Chief Financial Officer. Also on the call are 3 of our senior operating leaders. Peter Zebedee, Executive Vice President, Mining and Upgrading; Shelley Powell, Senior Vice President InSitu and E&P; and Arlene Santos, Senior Vice President, Refining and Logistics. Following the formal remarks, we'll open up the call to questions. Now I'll hand it over to Rich to share his comments.

謝謝接線員，早上好。歡迎來到 Suncor Energy 的第一季度財報電話會議。請注意，今天的評論包含前瞻性信息。由於我們第一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，這兩者都可以在 SEDAR、EDGAR 和我們的網站 suncor 上找到.com。這些評論中提到的某些財務措施並未由加拿大公認的會計原則規定。有關這些財務措施的說明，請參閱我們的第一季度收益發布。我們將從總裁兼首席執行官 Rich Kruger 的評論開始；隨後是 Suncor 即將上任的首席財務官 Kris Smith； Suncor 現任首席財務官 Alister Cowan。與會的還有我們的 3 位高級運營主管。採礦和升級執行副總裁 Peter Zebedee； InSitu 和 E&P 高級副總裁 Shelley Powell；煉油和物流高級副總裁 Arlene Santos。在正式發言之後，我們將開始提問。現在我將把它交給 Rich 來分享他的評論。

Thanks, Troy. Good morning. Thanks for joining us. I know many of you on the line, and I look forward to reconnecting. For those of you that I don't know, maybe a very brief background. I come to Suncor with nearly 40 years in energy. 31 of those were with ExxonMobil around the world. And then the last 7 of those nearly 40 were with Imperial Oil here in Canada as their Chairman and CEO. Background includes everything from operations, capital projects, commercial, corporate strategy, et cetera, upstream, downstream, oil gas, onshore/offshore, conventional LNG oil sands and the geography started out in North America, Southeast Asia, Middle East, West Africa, former Soviet Union and now back to reterm supposed to be North America and Canada. So I would never say that I've seen and done it all, but I think it's pretty fair to say I've seen and done a lot. Personality, what can you expect from me? I strive to be quite clear. I hope you'll find me candid transparent. I live in a fact-based world, and I tend to be quite focused. Last but not least, I consider myself to be reasonably decisive and very competitive. I play to win. My assessment, this is week 6 on the job. It's been quite a time. I see a very proud company here at Suncor, excellent people, quality assets, some very unique competitive advantages, but I also see a company with uncapped potential. I see a gap between our current performance and what I would consider best-in-class in many, many areas. So what is my objective? It's really quite simple. Lead the company to be the best of the best, the undisputed industry leader, #1. I think in our business that there's 4 kind of foundations or pillars that are key to that, safety, operational integrity, reliability and profitability. If you read the press release this morning, you probably noticed, I said that 3 2, if not 3x. That's because I believe in it, and that's what I've learned over the course of my career. I strive for us to be a company that delivers on its commitments and delivers long-term or superior long-term shareholder value. I never forget the shareholder, and promise you that. Will this be easy? No. But quite frankly, I wouldn't have come out of retirement to be here had it been easy. So what can you expect from Suncor going forward? This focus on the fundamentals, starting with safety, operational integrity, you can expect an intense focus on cost, organizational efficiency and then operational support from our center. We will become a simpler and a more focused organization. And I think it's important to note that we basically produce a series of commodities, commodity is subject to price cycles and those who have the lowest cost structure has the greatest resiliency to compete in whatever business cycle we happen to be in. We will look hard at reducing spending where value isn't added, whether that's operating costs, OpEx or CapEx. In terms of capital allocation philosophy, for those of you that know me, you've heard this before, we've had a strong balance sheet, very much believe in a reliable and growing dividend, selective high-quality well-timed investments and returning surplus cash to shareholders. I believe in rewarding our shareholders for their faith and ongoing commitment to the company. So I said succinctly, you can expect a lot of words around clarifying, simplifying and focusing what we do, why we do it and how we do it. And I would end with last but not least, you can expect a sense of urgency and urgency to improve, strengthen our competitiveness produce results. My first 5 weeks on the job, been quite busy. I visited about 50% of our major facilities. I met with with men and women who wear hard hats and boots for a living, our workplace leaders. I've observed, have listened, have learned, have started coaching. My general sense is this organization is ready. It is ready to respond. It is ready to step up and perform. I'm quite honored and excited to lead it, and I can assure you we won't leave anything on the table. So with that, I'll turn it over to Kris.

謝謝，特洛伊。早上好。感謝您加入我們。我認識你們中的許多人，我期待著重新連接。對於那些我不認識的人，也許是一個非常簡短的背景。我帶著近 40 年的精力來到 Suncor。其中 31 人在世界各地的埃克森美孚工作。然後這近 40 人中的最後 7 人在加拿大帝國石油公司擔任董事長兼首席執行官。背景包括從運營、資本項目、商業、企業戰略等，上游、下游、油氣、陸上/海上、常規液化天然氣油砂和地理開始於北美、東南亞、中東、西非的一切，前蘇聯現在又回來了，應該是北美和加拿大。所以我永遠不會說我已經看到並完成了這一切，但我認為說我已經看到並做了很多是很公平的。個性，你對我有什麼期望？我努力說得很清楚。我希望你會發現我坦率透明。我生活在一個以事實為基礎的世界裡，我傾向於非常專注。最後但同樣重要的是，我認為自己相當果斷且非常有競爭力。我為贏而戰。我的評估，這是工作的第 6 週。已經有一段時間了。我在 Suncor 看到一家非常自豪的公司，優秀的員工，優質的資產，一些非常獨特的競爭優勢，但我也看到一家潛力無限的公司。我看到我們目前的表現與我認為在許多領域中最好的表現之間存在差距。那麼我的目標是什麼？這真的很簡單。帶領公司成為精英中的精英，成為無可爭議的行業領導者，排名第一。我認為在我們的業務中，有 4 種基礎或支柱是關鍵，即安全性、運營完整性、可靠性和盈利能力。如果你今天早上讀了新聞稿，你可能會注意到，我說的是 3 2，如果不是 3x。那是因為我相信它，這就是我在職業生涯中學到的東西。我努力讓我們成為一家兌現承諾並提供長期或卓越的長期股東價值的公司。我永遠不會忘記股東，並向你保證。這會容易嗎？不，但坦率地說，如果這很容易，我就不會從退休後來到這裡。那麼您對 Suncor 的未來有何期待？這側重於基本面，從安全、運營完整性開始，您可以期望高度關注成本、組織效率，然後是我們中心的運營支持。我們將成為一個更簡單、更專注的組織。而且我認為重要的是要注意我們基本上生產一系列商品，商品受價格週期影響，而那些成本結構最低的商品在我們碰巧處於的任何商業周期中具有最大的競爭彈性。我們會努力尋找減少沒有增加價值的支出，無論是運營成本、運營支出還是資本支出。在資本配置理念方面，對於那些認識我的人來說，您之前已經聽說過，我們擁有強大的資產負債表，非常相信可靠且不斷增長的股息，選擇性的高質量適時投資和向股東返還剩餘現金。我相信應該獎勵我們的股東對公司的信任和持續承諾。所以我簡明扼要地說，你可以期待很多關於澄清、簡化和集中我們所做的事情、我們為什麼這樣做以及我們如何做的文字。最後但並非最不重要的一點是，你可以期待一種緊迫感和緊迫感來改善、加強我們的競爭力產生結果。我工作的前 5 周非常忙碌。我參觀了大約 50% 的主要設施。我會見了以戴安全帽和穿靴子為生的男男女女，他們是我們的工作場所領導者。我觀察過、傾聽過、學習過，並開始執教。我的一般感覺是這個組織已經準備好了。它準備回應。它已準備好加強和執行。我很榮幸也很興奮能夠領導它，我可以向你保證我們不會留下任何東西。因此，我將把它交給 Kris。

All right. Thanks, Rich, and good morning, everyone. Well, first of all, I'd like to acknowledge all the achievements that our company and employees have made over the last 9 months as I've handed the reins over to Rich as our permanent CEO, we took decisive action to address our safety performance and drive increased focus on operational excellence. We refocused our portfolio through the sale of our renewable power and international E&P assets in Norway and the U.K. And meanwhile, we acquired an additional stake in Fort Hills at an attractive price and recently announced our transaction with Total Energy to acquire its Canadian upstream assets, including its stake in Fort Hills. We also presented a Fort Hills mine improvement plan in November that enables us to improve long-term asset performance and drive down unit costs. And we continue to work across our entire portfolio to drive improved performance. Now we have more work to do, but I'm confident that we will build on that momentum under Rich's leadership and deliver strong performance and results for our shareholders. I'm very excited about what the future holds for Suncor, and I look forward to working with all of you in my new role as CFO following our AGM. Now before handing it over to Alister, I would like to update you on 3 transactions we recently announced as well as provide a brief operational update. As mentioned, 2 weeks ago, we announced the acquisition of Total Energy Canada for CAD 5.5 billion. The transaction, which remains subject to the exercise of Arriofirst refusal includes a 50% non-operated working interest in Surmont and a 31.23% working interest in Fort Hills. This transaction adds 135,000 barrels per day of high-quality bitumen production capacity to our portfolio and strengthens our long-term free cash flow potential. The transaction is accretive to adjusted funds from operations per share and delivers attractive returns at mid-cycle pricing. As for Surmont, it is a high-quality InSitu asset, with top quartile steam oil ratios, a 50-year reserve life and low cash operating cost per barrel, which will improve Suncor's cash margins and provide a reliable source of funds through the commodity cycle. With the 2 recent acquisitions of additional Fort Hills interest between the tech and Total transactions totaling 46% as well as bitumen production at our Firebag and MacKay River operations, Suncor will have sufficient owned bitumen volume with an oil sands reserve life of 29 years to keep the baseline upgraders full post the projected end of base mine life in the mid-2030s. In addition, Suncor has now eliminated the need to replace the base mines production with new developments, which also provide optionality for future growth, if that is the best use of investors' capital. The transaction will be fully funded via debt and is expected to close sometime in Q3. With a more resilient pro forma business supported by incremental production and cash flow potential, Suncor's Board of Directors intends to approve an increase in the quarterly dividend of approximately 10% after the close of the transaction is contemplated. Also, consistent with Suncor's strategy of refocusing on our core business, we announced the sale of our U.K. E&P assets at CAD 1.2 billion, including $338 million in contingent payments and excluding working capital adjustments. The transaction is expected to close soon, and we look forward to it. And lastly, we announced last week that Suncor will become the primary long-term fuel supplier for Canadian Tire's retail fuel sites. Consistent with the retail optimization plan presented in November by bringing 2 iconic Canadian brands and loyalty programs together in Central Canada and Canadian Tire, this strategic partnership provides long-term value to Suncor by expanding our noncontrolled retail fuel network and securing long-term supply to protect refinery utilization and maximize sales volumes. Now switching to current operations. We're pleased to report that our Commerce City refinery returned to service as scheduled at the end of Q1 after a progressive restart that commenced in February. For Terra Nova, the FPSO is undergoing additional work side in Bull Arm, Newfoundland to ensure that it is ready for safe and reliable operation in the field. Based on this and looking forward to the remainder of the year, we are removing any expected production from Terra Nova from our 2023 E&P production guidance. An updated plan for reaching first oil will be available after midyear once we are further through the additional work. With the removal of production volumes from Terra Nova as well as the impact of acquiring a lower-than-expected stake in Fort Hills with respect to the acquisition from tech and the potential early closing of the sale of our U.K. North Sea assets as expected, we expect to be near the bottom of our 2023 upstream production guidance range. Once we have further progressed the acquisition of Total's Canadian upstream assets, we will update shareholders further on production guidance for the year. Now just before I close, I would like to thank Alister for his tremendous leadership as Suncor's CFO over these last 9 years and in particular, to thank him for his support of me over these last 9 months. Congratulations, Alister. I hope you enjoy a well-deserved retirement, but you still have a little bit more to do. Go back over to you.

好的。謝謝，里奇，大家早上好。好吧，首先，我要感謝我們公司和員工在過去 9 個月中取得的所有成就，因為我已將控制權移交給 Rich 作為我們的永久首席執行官，我們採取了果斷行動來解決我們的安全問題績效並推動更加關注卓越運營。我們通過出售我們在挪威和英國的可再生能源和國際勘探與生產資產重新調整我們的投資組合。與此同時，我們以極具吸引力的價格收購了 Fort Hills 的額外股份，並且最近宣布我們與 Total Energy 的交易以收購其加拿大上游資產，包括其在 Fort Hills 的股份。我們還在 11 月提出了 Fort Hills 礦山改善計劃，使我們能夠改善長期資產績效並降低單位成本。我們將繼續在我們的整個產品組合中開展工作，以推動性能的提升。現在我們有更多的工作要做，但我相信我們將在 Rich 的領導下鞏固這一勢頭，為我們的股東帶來強勁的業績和成果。我對 Suncor 的未來感到非常興奮，我期待著在我們的 AGM 之後擔任首席財務官的新角色時與大家一起工作。現在，在將其移交給 Alister 之前，我想向您介紹我們最近宣布的 3 筆交易的最新情況，並提供一個簡短的運營更新。如前所述，兩週前，我們宣布以 55 億加元收購 Total Energy Canada。該交易仍受 Arriofirst 拒絕行使的約束，包括 Surmont 50% 的非經營性工作權益和 Fort Hills 31.23% 的工作權益。該交易為我們的投資組合增加了每天 135,000 桶的優質瀝青生產能力，並增強了我們的長期自由現金流潛力。該交易增加了調整後的每股運營資金，並以周期中期定價提供了有吸引力的回報。至於 Surmont，它是一項優質的 InSitu 資產，具有最高四分之一的蒸汽油比率、50 年的儲備壽命和每桶較低的現金運營成本，這將提高 Suncor 的現金利潤率並通過商品提供可靠的資金來源循環。隨著技術和道達爾交易之間的 2 項額外的 Fort Hills 權益總計 46% 以及我們 Firebag 和 MacKay River 業務的瀝青生產，Suncor 將擁有足夠的自有瀝青量和 29 年的油砂儲量壽命來保持基線升級器完全發布了 2030 年代中期預計的基線礦山壽命結束。此外，Suncor 現在不再需要用新的開發項目取代基礎礦山生產，如果這是對投資者資本的最佳利用，這也為未來的增長提供了選擇權。該交易將通過債務全額融資，預計將在第三季度的某個時候完成。憑藉增量生產和現金流潛力支持的更具彈性的備考業務，Suncor 的董事會打算在交易完成後批准將季度股息增加約 10%。此外，根據 Suncor 重新專注於核心業務的戰略，我們宣布以 12 億加元的價格出售我們在英國的 E&P 資產，其中包括 3.38 億美元的或有付款，不包括營運資本調整。交易有望很快完成，讓我們拭目以待。最後，我們上周宣布 Suncor 將成為 Canadian Tire 零售燃料站點的主要長期燃料供應商。與 11 月提出的零售優化計劃一致，將加拿大中部和 Canadian Tire 的兩個標誌性加拿大品牌和忠誠度計劃結合在一起，這一戰略合作夥伴關係通過擴大我們的非受控零售燃料網絡並確保長期供應到保護煉油廠利用率並最大限度地提高銷量。現在切換到當前操作。我們很高興地報告，我們的 Commerce City 煉油廠在 2 月份開始逐步重啟後，於第一季度末按計劃恢復運營。對於 Terra Nova，FPSO 正在紐芬蘭布爾阿姆進行額外的工作，以確保它已準備好在現場安全可靠地運行。基於此並展望今年剩餘時間，我們將從 2023 年 E&P 生產指南中刪除 Terra Nova 的任何預期產量。一旦我們進一步完成額外的工作，將在年中之後提供獲取第一批石油的更新計劃。隨著 Terra Nova 產量的減少，以及收購低於預期的 Fort Hills 股份對技術收購的影響，以及可能按預期提前結束出售我們的英國北海資產，我們預計將接近我們 2023 年上游生產指導範圍的底部。一旦我們進一步推進對道達爾加拿大上游資產的收購，我們將進一步向股東更新今年的生產指導。現在，就在我結束之前，我要感謝 Alister 在過去 9 年擔任 Suncor 首席財務官期間的出色領導，尤其要感謝他在過去 9 個月中對我的支持。恭喜你，阿利斯特。我希望您享受當之無愧的退休生活，但您還有更多工作要做。回到你身邊。

Thanks for the kind words, Kris, a little bit more to do. I've certainly appreciated all of the relationships I form with members of the investment community over these last 9 years, Bilibino Suncor as well as before that time. And I'm very thankful for the support of my colleagues and the finance team during my time here. Now enough of that, and let's get on to the quarter highlights. Overall, we generated $3 billion of adjusted funds from operations. The oil sands segment delivered $2.6 billion of adjusted funds from operations with production of 675,000 barrels per day. This performance reflects a new quarterly InSitu production record of 361,000 barrels per day and the average base plant and Syncrude utilization of 33%. At Fort Hills, we completed the acquisition of the additional working interest from tech resources in early February, and production remains on track to ramp up in Q2 prior to starting a 5-year turnaround in July, consistent with the restart plan. Oil Sands realizations averaged $91 per barrel or 89% of WTI. This reflects the USD 7 per barrel decrease in the benchmark WTI offset by small U.S. dollar, USD 1 per barrel, not only in the WCS heavy differentials versus Q4 of last year. Our E&P segment generated adjusted funds from operations of $500 million with production of 67,000 barrels per day at an average price realization of $108 per barrel or 98% of rent. Downstream generated adjusted funds from operations of $1.2 billion on a FIFO basis. Excluding the $130 million of FIFO losses would be about $1.3 billion on our LIFO leases. Refinery utilization averaged 79% and margin capture was strong at 102%. Overall segment performance was in line with our expectations, and it obviously impacted by the downtime at the Commerce City refinery that started at the end of Q4, but utilization in our Canadian refineries was a solid 94% during the quarter. During the quarter, we returned $1.6 billion to shareholders, including $700 million in dividends and $900 million of share buybacks. Sand core net debt position as of quarter end was $15.7 billion which primarily reflects working capital use of $2 billion and the earlier-than-expected closing of the acquisition of the stake in Fort Hills from tech, which all in, including leases, was $1 billion. Our final 2022 cash top-up payment was $500 million as we paid the majority of our cash taxes of $4.2 billion throughout 2022. And as Kris mentioned, we expect to receive the $1.2 billion of gross proceeds from the sale of the U.K. E&P in the near term. As stated previously with the acquisition of Total's Canadian upstream assets, we're now expecting to remain at a 50-50 capital allocation between share buybacks and debt reduction until we return to $12 million of net debt at which point, we also want to 75-25 allocation. And with that, thank you all, and I'll turn you back to Rich.

謝謝你的客氣話，克里斯，還有一點要做。在過去的 9 年裡，我非常感謝我與投資界成員建立的所有關係，包括 Bilibino Suncor 以及在那之前。我非常感謝我的同事和財務團隊在我任職期間給予的支持。現在夠了，讓我們繼續本季度的亮點。總體而言，我們從運營中產生了 30 億美元的調整後資金。油砂部門從每天生產 675,000 桶的運營中交付了 26 億美元的調整後資金。這一業績反映了新的季度 InSitu 生產記錄，每天 361,000 桶，平均基礎工廠和 Syncrude 利用率為 33%。在 Fort Hills，我們在 2 月初完成了對技術資源的額外工作權益的收購，並且在 7 月開始 5 年周轉之前，第二季度的產量仍有望增加，這與重啟計劃一致。油砂實現平均每桶 91 美元或 WTI 的 89%。這反映了基準 WTI 每桶 7 美元的下跌被小美元抵消，每桶 1 美元，不僅是 WCS 與去年第四季度的巨大差異。我們的 E&P 部門從運營中產生了 5 億美元的調整後資金，每天生產 67,000 桶，平均價格實現為每桶 108 美元或租金的 98%。下游根據先進先出原則從 12 億美元的運營中產生調整後資金。不包括 1.3 億美元的 FIFO 損失，我們的 LIFO 租賃約為 13 億美元。煉油廠平均利用率為 79%，利潤率高達 102%。整體部門業績符合我們的預期，這顯然受到了從第四季度末開始的 Commerce City 煉油廠停機的影響，但我們加拿大煉油廠的利用率在本季度穩定在 94%。本季度，我們向股東返還了 16 億美元，其中包括 7 億美元的股息和 9 億美元的股票回購。截至本季度末，Sand Core 淨債務頭寸為 157 億美元，這主要反映了 20 億美元的營運資金使用以及早於預期完成從科技公司收購 Fort Hills 股份的交易，包括租賃在內，總計為 1 美元十億。我們最終的 2022 年現金補足付款為 5 億美元，因為我們在整個 2022 年支付了大部分 42 億美元的現金稅。正如 Kris 所提到的，我們預計將從英國 E&P 的出售中獲得 12 億美元的總收益短期。正如之前收購道達爾的加拿大上游資產時所述，我們現在預計股票回購和債務減免之間的資本分配將保持在 50-50，直到我們回到 1200 萬美元的淨債務，屆時我們還希望 75 -25 分配。然後，謝謝大家，我會把你轉回里奇。

Before we get to your questions, I like to commend Kris for his leadership over the last 9 months, the focus he's brought to this business, particularly safety. I've seen that in site visits. And also, I can assure you, Kris and I are going to work very well together. We have been engaged since before I showed up or weeks before that, and I think we're going to make a very strong team. And lastly, thank Alister for his dedication and leadership for nearly a year. As I said, he will be missed, but not forgotten. Look forward to working with each of you and the investment community at large. And with that, I'll turn it back to Troy to kick off our question period.

在我們回答您的問題之前，我想讚揚 Kris 在過去 9 個月中的領導能力，以及他對這項業務的關注，尤其是安全性。我在實地考察中看到了這一點。而且，我可以向你保證，Kris 和我將一起工作得很好。在我出現之前或幾週前我們就已經訂婚了，我認為我們將成為一支非常強大的團隊。最後，感謝 Alister 近一年來的奉獻和領導。正如我所說，他會被想念，但不會被遺忘。期待與你們每個人和整個投資界合作。有了這個，我會把它轉回特洛伊開始我們的提問期。

Thank you, Rich. I'll turn the call back to the operator to take some questions.

謝謝你，里奇。我會將電話轉回給接線員回答一些問題。

(Operator Instructions) One moment while we compile the Q&A roster. And our first question will come from the line of Greg Pardy with RBC Capital Markets.

（操作員說明）我們正在整理問答名冊。我們的第一個問題將來自 RBC Capital Markets 的 Greg Pardy。

Yes. Thanks very much. Good morning, everybody, and thanks for the rundown and indeed, all the very best to you Alister. Rich, and welcome. You can't imagine how happy I am to have you back in the chair. So a couple of quick ones. So Rich, particularly as you looked at the business, I'm wondering if there are areas upstream or downstream where you see low-hanging fruit from an operating performance perspective to either higher throughput or lower operating costs? And if so, what those might be and how long do you think some of that might be to achieve better performance?

是的。非常感謝。大家早上好，感謝你的破敗，事實上，Alister 祝你一切順利。豐富，歡迎。你無法想像讓你回到椅子上我有多高興。所以幾個快速的。如此豐富，特別是當您審視業務時，我想知道從運營績效的角度來看，您是否在上游或下游的某些領域看到了唾手可得的成果，以提高吞吐量或降低運營成本？如果是這樣，這些可能是什麼？您認為其中一些可能需要多長時間才能實現更好的性能？

Greg, I missed you, too. So it's good to be back. Thank you. As I've seen opportunities across the organization. And I think let me start on the downstream a little bit. There was a baseball analogy that I want to share quick is the downstream here here and in Canada has done very, very well. I'm a baseball fan. And somebody told me we didn't hit a triple, we were born on third base. We have a lot of structural advantages right now. But what is important are we operating to the best of our ability. And I think as I look at the downstream, I see reliability is still an opportunity. I think our cost structure, turnaround performance, turnarounds, we spend a lot of money in the, of course, the time offline. So I think there, it's just getting incrementally better at the fundamentals, the basics, in the upstream, I mean, mining is a tough business. We know that. We've got aging mines. We've got more challenges on haul distances and things, but I've spent a lot of time with Peter in looking at as kind of improvement plans all the way from reducing contractors to enhance efficiency and reduce cost, improving the performance of our fleet. So Greg, in those areas, I would say, it's lots of little things. And so I don't know if I'd maybe describe them as low-hanging fruit, but I think they're very tangible in things that we have and will continue to have a very intense focus on. I hit at it in my comments. Just fundamentally, our cost structure is looking at ensuring that all our people, everybody above the operating units are focused on what they do to support the operating units. And I think there's some low-hanging fruit there and really looking at what we do, how we do it. And we're making small improvements. I'll have more to say about that in the next couple of months ahead, but I wrapped up my comments with the sense of urgency. We need to get on with it. And I don't see anything in my first 5, 6 weeks that will prevent us from bringing about material improvement from inside from focusing on those things that we control.

格雷格，我也很想你。所以很高興回來。謝謝。正如我在整個組織中看到的機會。我想讓我從下游開始。我想快速分享一個棒球類比，這里和加拿大的下游做得非常非常好。我是一個棒球迷。有人告訴我我們沒有打三壘，我們生來就在三壘。我們現在有很多結構性優勢。但重要的是我們要盡我們最大的努力。而且我認為，當我觀察下游時，我認為可靠性仍然是一個機會。我認為我們的成本結構、扭虧為盈、扭虧為盈，我們花了很多錢，當然還有離線時間。所以我認為，在上游，它只是在基礎知識、基礎知識方面逐漸變得更好，我的意思是，採礦是一項艱鉅的業務。我們知道。我們有老化的地雷。我們在運輸距離和事情上遇到了更多挑戰，但我花了很多時間和彼得一起研究從減少承包商到提高效率和降低成本，提高我們車隊性能的各種改進計劃.所以格雷格，在那些領域，我會說，這是很多小事。所以我不知道我是否可以將它們描述為唾手可得的果實，但我認為它們在我們擁有並將繼續高度關注的事情中非常有形。我在評論中提到了它。從根本上說，我們的成本結構正在考慮確保我們所有的人，運營部門以上的每個人都專注於他們為支持運營部門所做的工作。而且我認為那裡有一些唾手可得的果實，真正關注我們所做的事情，我們是如何做的。我們正在做一些小的改進。在接下來的幾個月裡，我將對此有更多話要說，但我帶著緊迫感結束了我的評論。我們需要繼續下去。在我的頭 5、6 週內，我沒有看到任何東西會阻止我們從內部實現實質性改進，而不是專注於我們控制的那些事情。

Okay. Understood. The second quick one. Well, maybe it's not a quick one. The pace at which you run the base line is coming up a lot. And there is a fairly defined view it would seem out there that it's really all about managing ARO that you're going to have to slow down the mine to manage ARO. How are you guys kind of thinking about that decision? Like how should we think about how fast that baseline is going to run over the next few years?

好的。明白了。第二個快的。好吧，也許這不是一個快速的。您運行基線的速度很快。並且有一個相當明確的觀點，它似乎在那裡，它真的是關於管理 ARO，你將不得不放慢礦山的速度來管理 ARO。你們是如何考慮這個決定的？比如我們應該如何考慮該基線在未來幾年內運行的速度有多快？

Well, I'm going to turn it over to Peter here in a second to maybe give you a little bit more specific on it. But I think if you look at and Kris described the recent deal we've done, looking at longer-term bitumen supply because the most valuable barrel through an upgrader is the incremental barrel, the last barrel. It's much like a refinery is so ensuring that we utilize those facilities to the fullest and then it becomes what's the most economic way to do that. And whether it's continuing to mine and extend the life of the baseline, whether it's bringing a bitumen supply from outside the lease. And I would say those are all kind of works in progress, but it's all about value. It's all about determining what is the most valuable barrel to fill up those upgraders with. But Peter, maybe if you want to add any further color to my comments?

好吧，我會在一秒鐘內將它轉交給 Peter，也許會給你一些更具體的信息。但我認為，如果你看看克里斯描述了我們最近完成的交易，看看長期瀝青供應，因為通過升級器最有價值的桶是增量桶，最後一桶。這很像煉油廠，確保我們充分利用這些設施，然後它成為最經濟的方式。以及它是否繼續開採並延長基線的使用壽命，是否從租約之外帶來瀝青供應。我會說這些都是正在進行的工作，但這都是關於價值的。這一切都是為了確定什麼是最有價值的桶來填充那些升級者。但是彼得，也許你想為我的評論添加更多顏色？

Yes, maybe a little bit more information, Greg. I think in the short term, and I mean, between now and 2026 and '27, the rate of mining at base line will continue as is. And so we'll be running to maximize volumes out of the baseline. This is a tailings driven facility. And so until we're able to open up our tailings plan, and we look to secure an additional piece of variability around potential for water management and recycle. We don't have a lot of ability in the short term to throttle the rate of mining. Post that in our long-term plans, we are looking to see what the rate of mining is that will maximize the value coming from the asset taking into consideration the ore body operating costs, et cetera.

是的，格雷格，也許可以提供更多信息。我認為在短期內，我的意思是，從現在到 2026 年和 27 年，基線的挖礦速度將保持不變。因此，我們將運行以最大化基線之外的數量。這是一個尾礦驅動的設施。因此，在我們能夠開放我們的尾礦計劃之前，我們希望確保圍繞水管理和回收潛力的額外可變性。短期內我們沒有太多能力來限制挖礦速度。發佈在我們的長期計劃中，我們希望看到在考慮礦體運營成本等因素的情況下，能夠最大化資產價值的採礦率。

And one moment for our next question. And that will come from the line of Dennis Fong with CIBC.

請稍等一下我們的下一個問題。這將來自 CIBC 的 Dennis Fong。

Thank you. Good morning, everyone. And again, congratulations to Kris and Rich on your new roles as well as Alister for a well-deserved retirement. The first question I have is, during the quarter, it looks like you had about 5,500 barrels a day of Fort Hills production that was processed at the base plant upgraders and about 1,800 barrels a day of oil sands of volumes that were procincrude. Can you talk towards I guess some of the impacts of feeding those barrels through the various upgraders and processing facilities? And maybe what some of the considerations may be in the future for shifting the destination of barrels across your portfolio?

謝謝。大家，早安。再次祝賀 Kris 和 Rich 擔任新職務，並祝賀 Alister 獲得當之無愧的退休生活。我的第一個問題是，在本季度，您似乎每天有大約 5,500 桶 Fort Hills 產品在基地工廠升級器中加工，每天有大約 1,800 桶油砂量是原油。你能談談我猜通過各種升級和加工設施餵養這些桶的一些影響嗎？也許將來在您的投資組合中轉移桶的目的地時可能會考慮哪些因素？

Dennis, this is Rich. I'll maybe start out with that again, then I'll probably turn it to Peter for more specifics, but it's all about value. And I think one of the things I said in my opening comments is that I really look forward to working with here is the unique competitive advantages that we have through the physical integration of our upstream through our upgrading and actually, quite frankly, all the way through refining and logistics. We've got an asset base that is quite hard. Well, it's unparalleled, it's hard to replicate. And so those kind of decisions are about incremental what are bitumen prices in the market, what's the sour crude, what's the synthetic price and how can we move molecules around to maximize the value of each and every barrel. Maybe I'll turn it to Peter, though, to kind of get into like how do we do it and how real time are those decisions to make the most money.

丹尼斯，這是里奇。我可能會再次從那開始，然後我可能會把它轉向彼得以獲得更多細節，但這一切都與價值有關。我認為我在開場白中所說的一件事是，我真的很期待與這里合作，這是我們通過升級實現上游物理整合所擁有的獨特競爭優勢，坦率地說，一直以來通過精煉和物流。我們的資產基礎相當堅硬。好吧，它是無與倫比的，很難復制。因此，這些決定是關於市場上瀝青價格的增量，什麼是含硫原油，合成價格是多少，以及我們如何移動分子以使每一桶的價值最大化。不過，也許我會把它交給彼得，讓我們了解一下我們是如何做的，以及這些決策的實時性如何才能賺到最多的錢。

Thanks, Rich, and thanks, Dennis. And it is indeed a really dynamic process. And frankly, it's all about margin optimization and generating the maximum value for those molecules. Dennis, we really look at it, I would say, on 3 time horizons, starting from the long range, kind of the business planning process and the budgeting process that really optimizes extraction at all of the bitumen production facilities, the utilities and takes into consideration major maintenance outages for the year. So it's that kind of macro level planning. And then zooming in on much more of a short-term planning process where we look at production planning and consideration of all the risks we have in our facilities on kind of a 1- to 12-week time horizon. And that really allows us to optimize on market-based conditions, food differentials, logistics, downstream demand, et cetera. And then finally, it's really in the here and now. It is that shift by shift optimization, that's done by our production planning team, and we have an integrated production planning team across the upstream assets in the region and extending down into downstream into the refining and production coordinators on a our ship-by-ship basis. So this is very dynamic, very real time, and it's all about making the most from the molecules that we produce.

謝謝，Rich，謝謝，Dennis。這確實是一個非常動態的過程。坦率地說，這全都與利潤優化和為這些分子產生最大值有關。丹尼斯，我們真的在 3 個時間範圍內審視它，從長遠來看，業務規劃流程和預算流程，真正優化了所有瀝青生產設施、公用事業的開採，並考慮到考慮當年的重大維修中斷。這就是那種宏觀層面的規劃。然後放大更多的短期計劃過程，我們在 1 到 12 週的時間範圍內查看生產計劃並考慮我們設施中的所有風險。這確實使我們能夠根據市場條件、食品差異、物流、下游需求等進行優化。最後，它真的就在此時此地。這是一個接一個的優化輪班，這是由我們的生產計劃團隊完成的，我們在該地區的上游資產中擁有一個集成的生產計劃團隊，並向下延伸到下游到我們逐船的煉油和生產協調員基礎。所以這是非常動態的，非常實時的，這一切都是為了最大限度地利用我們生產的分子。

Great. Great. I appreciate that color. Maybe shifting focus towards the downstream side and maybe a little bit more specifically, Commerce City. I know the facility itself was impacted by, we'll call it, a very unique circumstance with respect to winter conditions in the region. I was just curious as to whether or not there were any learnings from the events that occurred there. And if there were any changes to operations or operating procedures that were being implemented to maybe limit the risk of future kind of downtime as well as anything else across the rest of the platform?

偉大的。偉大的。我很欣賞那種顏色。也許將重點轉移到下游，更具體地說，商業城。我知道該設施本身受到了影響，我們稱之為該地區冬季條件的非常獨特的情況。我只是很好奇那裡發生的事件是否有任何教訓。如果正在實施的操作或操作程序有任何更改，可能會限制未來停機的風險以及平台其餘部分的任何其他風險？

Yes. Dennis, it's Rich here again. There have been a lot of learnings. And I think the best organizations whenever you have things like this happen, that's how you get better is through the learning process. And in fact, I'll say, just literally real time, we went through a pretty comprehensive discussion with our the Suncor Board of Directors yesterday on the learnings on it. And the learnings, they fall into a variety of buckets, but the competency of individual operators that we had sufficient training and the uniqueness of what happened, the temperature drop over the very, very short period was extreme. If you look at the temperature range itself and the low ends of it, that's not necessarily out of the realm of history, but it's how fast the temperature changed and then what that impacted on control systems, steam generation and our ability to keep things hot, keep things warm with that. And so as we lost steam capability, there was a little bit of a cascading effect and the judgment was made, it was before I was here, but I look at it, I think it's exactly the right judgment to take that entire facility down, and that was made out of concern, out of safety and operational integrity. And that, to me, was the right decision. But now you've got a facility in extremely cold weather that you're not able to be keeping warm anymore. And so it's kind of a damn if you do game if you don't. If you continue to operate, you run risk that in those extreme conditions, you could have some loss of primary containment and further escalating to that. But also you knew when shutting it down, now you've taken things to amiantemperature. So I would say there's been a lot of learnings. And what we're trying to do right now is take those learnings and incorporate it into the facility, whether it's operator capability and training, whether it's heat tracing, some things that we would do in preparation for the apparently every year, there's a winter in Denver. And before the next season, so that if we were to experience something as unique as this, we would be far better equipped to handle it. So yes, lots of learnings, and we're plowing it right back into actions to ensure that something this consequence doesn't happen again.

是的。丹尼斯，里奇又來了。學到了很多東西。而且我認為最好的組織，只要你有這樣的事情發生，這就是你通過學習過程變得更好的方式。事實上，我要說的是，就字面意思而言，昨天我們與我們的 Suncor 董事會就有關它的學習進行了非常全面的討論。和學習，他們分為各種各樣的桶，但我們接受過足夠培訓的個體操作員的能力和所發生事情的獨特性，在非常非常短的時間內溫度下降是極端的。如果你看看溫度範圍本身和它的低端，那不一定超出歷史範圍，但它是溫度變化的速度以及它對控制系統、蒸汽產生和我們保持溫度的能力的影響，用它來保暖。因此，當我們失去蒸汽能力時，會產生一點級聯效應，並且在我來這里之前就做出了判斷，但我看了一下，我認為關閉整個設施是完全正確的判斷，這是出於安全和操作完整性的考慮。對我來說，這是正確的決定。但是現在你在極端寒冷的天氣裡有了一個你無法再保暖的設施。因此，如果您不玩遊戲，那真是該死。如果你繼續運營，你將面臨在這些極端條件下的風險，你可能會失去一些初級遏制措施，並進一步升級到這種情況。但你也知道在關閉它時，現在你已經把事情帶到了一個溫度。所以我想說已經學到了很多東西。我們現在正在嘗試做的是將這些知識融入到設施中，無論是操作員能力和培訓，還是伴熱，我們都會做一些事情來為顯然每年的冬天做準備在丹佛。在下個賽季之前，如果我們要經歷像這樣獨特的事情，我們就會有更好的準備來應對它。所以是的，有很多經驗教訓，我們正在將其重新投入到行動中，以確保這種後果不會再次發生。

Great. I appreciate the incremental color you provided there, Rich.

偉大的。我很欣賞你在那裡提供的增量顏色，Rich。

And one moment for our next question. And that will come from the line of Neil Mehta with Goldman Sachs.

請稍等一下我們的下一個問題。這將來自 Neil Mehta 與 Goldman Sachs 的關係。

Welcome back, Rich. We missed you, sir.

歡迎回來，里奇。我們想念你，先生。

Thank you, Neil. It's good to be back.

謝謝你，尼爾。回來真好。

All right. progress to everyone and Alister on your retirement. The first question is just around the transactions, both Surmont and Fort Hills from Total. Maybe you could dive into what attracted you to this asset? Why now and dig more into the upside case associated with the deal? And how are you mitigating some of the risks associated with that?

好的。祝大家和 Alister 退休後取得進步。第一個問題是關於交易，包括 Total 的 Surmont 和 Fort Hills。也許您可以深入了解是什麼吸引了您對這項資產的興趣？為什麼現在要深入研究與交易相關的有利因素？您如何減輕與此相關的一些風險？

I'll give you a little bit of color commentary, but I'm really going to turn it over to Kris, because Kris and Alister are the ones that made this happen. I was brought this thing literally within an hour by announcement on February 21. And by then, things had moved along as we look at it, is we've talked about the long-term bitumen supply, the value in keeping the upgraders full and the uplift you get from that. Now we have other internal alternatives. We looked at those alternatives, whether they're developing incremental mining capacity or Insitu. But we looked at this and we saw a significant value in it. We saw a material dimension of risk management in it in terms of not having to plan and execute large-scale capital projects. The timing of it, it brings barrels immediately, and it's accretive. So to me, it looked at it, it was pretty clear that this is a win-win. Why don't I ask Kris to comment any further on it.

我會給你一些色彩評論，但我真的要把它交給 Kris，因為 Kris 和 Alister 是讓這一切發生的人。 2 月 21 日，我在一小時內收到了公告。到那時，事情已經發生了變化，我們是否已經討論了長期瀝青供應、保持升級器滿載的價值以及你從中得到的提升。現在我們有其他內部選擇。我們研究了這些替代方案，無論它們是在開發增量採礦能力還是 Insitu。但是我們看了這個，我們看到了它的重要價值。我們在不必計劃和執行大型資本項目方面看到了風險管理的重要方面。它的時機，它立即帶來了桶，而且它是增值的。所以對我來說，它看著它，很明顯這是雙贏的。為什麼我不請 Kris 對此做進一步的評論。

Well Thanks, Rich. I actually don't have too much more to add because I think you covered the major points. I mean Neil, when we looked at the opportunity of this transaction, I mean, it was checking a lot of boxes for us. And first of all, obviously, we know the Fortellis asset really well. We have a lot of confidence in the long-term value of that asset and the plan we have for it. Surmont is a high-quality bitumen assets. As I mentioned in my remarks, we're a very good operator in situaselves. We see a real opportunity to actually work with the operator and bring both of our advantages to that asset. And then as Rich mentioned, it's just a great strategic fit. There's a lot of industrial logic related to this transaction and long-term bitumen supply into the region. So we thought it was a really nice fit for our portfolio. As Rich mentioned, accretive to shareholders. We see very good return, long-term returns from this investment at the price we paid. So we just thought it attractive on all sorts of dimensions when we entered into the deal.

好吧，謝謝，里奇。實際上我沒有太多要補充的，因為我認為你涵蓋了要點。我的意思是尼爾，當我們看到這筆交易的機會時，我的意思是，它為我們檢查了很多方框。首先，顯然，我們非常了解 Fortellis 資產。我們對該資產的長期價值和我們的計劃充滿信心。 Surmont 是優質的瀝青資產。正如我在發言中提到的，我們在現場是一個非常好的運營商。我們看到了與運營商實際合作並將我們的兩個優勢帶到該資產中的真正機會。然後正如 Rich 提到的，這只是一個很好的戰略契合。有很多與該交易和該地區的長期瀝青供應相關的工業邏輯。所以我們認為它非常適合我們的投資組合。正如 Rich 提到的那樣，增加了股東的收益。我們看到了非常好的回報，以我們支付的價格從這項投資中獲得長期回報。因此，當我們達成交易時，我們只是認為它在各個方面都具有吸引力。

And I'll make one other comment on it. We're all aware that ConocoPhillips has a rotor on Surmont. We reached out the morning and the announcement and one of the overriding messages is we would be a partner, a very willing partner that would look to invest and grow value in this asset. We have tremendous respect for ConocoPhillips as an operator, and we think there would be synergies that we could bring that would add value to both the Surmont operation as well as our Firebag map and forth that together, we can make this more valuable than either of us individually. So we'll see what goes on in that, but we would very much look forward to being in that partnership.

我將對此發表另一評論。我們都知道 ConocoPhillips 在 Surmont 有一個轉子。我們在早上伸出手來，宣布和最重要的信息之一是我們將成為合作夥伴，一個非常願意投資並增加該資產價值的合作夥伴。作為一家運營商，我們非常尊重康菲石油公司，我們認為我們可以帶來協同效應，這將為 Surmont 運營以及我們的 Firebag 地圖增加價值，我們可以使它比任何一個都更有價值我們個人。所以我們將看看其中發生了什麼，但我們非常期待成為這種夥伴關係。

Yes. That makes sense. So that's the follow-up is, as you highlighted in the presentation, there are significant tax pools associated with this. To the extent that Conoco does execute a write-up first refusal on Surmont only. Do the tax pools exist at the asset level or they have to consolidate level? Does that make sense?

是的。這就說得通了。所以這就是後續行動，正如您在演示文稿中強調的那樣，與此相關的重要稅收池。在一定程度上，Conoco 僅對 Surmont 執行書面優先拒絕權。稅池存在於資產層面還是必須合併層面？那有意義嗎？

I will do one comment, then I'll ask Alister if he wants to supplement a little bit. But with the ROFO still out there kind of anything that might happen in the future is kind of speculative, if this than that. And I would say all those remain to be seen. It kind of depends on what happens. But Alister, would you have anything you'd want to add there or for a later date?

我會做一個評論，然後我會問Alister 是否要補充一點。但是由於 ROFO 仍然存在，未來可能發生的任何事情都是推測性的，如果不是這樣的話。我想說所有這些還有待觀察。這在某種程度上取決於發生了什麼。但是 Alister，你有什麼想在這里或以後添加的嗎？

No, you've got it right. I mean, it depends that gets executed what happens to the tax losses. They would on the face of it would be lower by the amount of the ROFR. But beyond that, we have to see how it was executed.

不，你沒看錯。我的意思是，這取決於稅收損失的執行情況。從表面上看，他們會降低 ROFR 的數量。但除此之外，我們還必須看看它是如何執行的。

And one moment for our next question. And that will come from the line of Doug Leggate with Bank of America.

請稍等一下我們的下一個問題。這將來自美國銀行的 Doug Leggate 系列。

Good morning everyone. I love the exotic version, but congrats to all you guys. And Alaster, I'm glad we were able to get our trip squeezed in before you walked away. So thanks for your time again. Guys, I wonder if I could follow up on Neil's question on the ROF, but I want to be a bit more specific about the tax benefits that you guys are acquiring. Kris, this might be for you, given it's more of a kind of a technical accounting question. But I'm trying to understand who owns the tax losses. Is it the Total entity that you're buying the shares of or do the tax losses sit at the asset level? In other words, if ConocoPhillips did preempt, do you hold on to the majority of those tax losses or do they get transferred with the asset? Any technical explanation of how that might work would be really appreciated.

大家，早安。我喜歡異國情調的版本，但祝賀你們所有人。還有 Alaster，我很高興我們能夠在你走開之前把我們的行程安排好。再次感謝您的寶貴時間。伙計們，我想知道我是否可以跟進尼爾關於 ROF 的問題，但我想更具體地談談你們獲得的稅收優惠。 Kris，這可能適合你，因為它更像是一種技術會計問題。但我試圖了解誰擁有稅收損失。您購買的是 Total 實體的股票還是資產層面的稅收損失？換句話說，如果康菲石油公司搶占了先發製人權，您是保留大部分稅收損失，還是將其與資產一起轉移？任何關於它如何工作的技術解釋將不勝感激。

Thanks, Doug. So as you pointed out, we're doing a share transaction. We're purchasing the entity. So the tax pools are at the entity level. Now as Alister mentioned in an answer to the earlier question from Neil, I mean, certainly, if the ROFR has triggered then is going to move into a different sort of transaction at an asset level. And then I think the cash pools are going to be looked at quite differently, and they're going to be lower. But we're transacting at the entity level. So as we're looking at the tax pools are on that basis.

謝謝，道格。所以正如你所指出的，我們正在進行股票交易。我們正在購買實體。所以稅池在實體層面。正如 Alister 在回答 Neil 之前的問題時提到的那樣，我的意思是，當然，如果 ROFR 已經觸發，那麼將在資產層面進入另一種交易。然後我認為現金池將被完全不同地看待，而且它們會更低。但我們在實體層面進行交易。因此，當我們查看稅池時，就是以此為基礎的。

Okay. So we're going to have to wait and see how please out. Are the tax pools split proportionately to the value of the assets included in the transaction sort of 2/3, 1/3?

好的。所以我們將不得不等待，看看如何取悅。稅池是否按交易中包含的資產價值的 2/3、1/3 按比例分配？

They're at the entity level.

它們處於實體級別。

Okay. I'll wait and see how that plays out. I guess, Rich, my question for you is that, obviously, you're inheriting a lot of legacy reliability issues, not all of those or rather a large part of those on margins or structure related to the age of the mine. So how do you anticipate closing some of those reliability gaps given the obvious more structural challenges of the mine life?

好的。我會等著看結果如何。我想，里奇，我想問你的是，很明顯，你繼承了很多遺留的可靠性問題，不是所有這些問題，而是大部分與礦齡相關的利潤率或結構問題。那麼，鑑於礦山壽命中明顯的結構性挑戰，您如何預期縮小其中一些可靠性差距？

Well, first of all, Doug, I would say that advanced age is no excuse for poor performance. So I'm saying that a bit tongue in cheek. You take the mines, yes. What you're saying is obviously, there's aging equipment. I think the issues are a little bit more things like haul distances and ore quality in different areas. Because if you look at it, I was up with Peter just a couple of weeks ago, I went into the maintenance phase at each of the base mine and Syncrude Fort Hills, and you talk about how we maintain things. We basically like rebuild trucks over time. So a truck is not old because over a period of a relatively short time, it's rebuilt. And now upgraders are different things. They look at refineries. Refineries across around the world have been operating and they can operate very reliably despite age. It comes down to maintenance. It comes down to best practices, operational discipline. And so yes, we have an aging mine in terms of assets. And yes, we have increased haul distances. But I think that just means we just have to get smarter and more creative about how we manage costs and improve reliability. I really don't look at that and certainly Peter doesn't either. I know we don't look at that as an excuse or as a well a limitation on what we can achieve. I think it just means we need to get more thoughtful and more creative. And it really means executing the fundamentals extremely well. Our maintenance programs, our reliability programs, looking at risk-based work selection on turnarounds. It's just the blocking and tackling in our business that we've learned for decades is whether you've learned that in refining or whether you've learned it in mining, but executing extremely well. And I hope and I think you've heard in my comments, that's going to be our plan looking at what we do, how we do them and then ensuring that those folks that are not at the asset that they're providing the highest level of support, whether that's for rotating equipment, whether that's near term, midterm or long-term mine planning. It's a focus on the basics but just doing the basics extraordinarily well. So I know kind of a long answer to it, but my premise is the age of our facilities and ultimately is not going to be a material inhibitor.

好吧，首先，道格，我想說高齡不是表現不佳的藉口。所以我說的有點開玩笑。你拿走地雷，是的。你說的很明顯，設備老化了。我認為問題更多的是不同地區的運輸距離和礦石質量。因為如果你看一下，幾週前我和彼得在一起，我進入了每個基地礦山和 Syncrude Fort Hills 的維護階段，你談論我們如何維護東西。我們基本上喜歡隨著時間的推移重建卡車。所以一輛卡車並不舊，因為在相對較短的時間內，它被重建了。現在升級器是不同的東西。他們關注煉油廠。世界各地的煉油廠一直在運營，儘管年久失修，它們仍能非常可靠地運行。歸結為維護。它歸結為最佳實踐、操作紀律。所以是的，就資產而言，我們有一個老化的礦山。是的，我們增加了運輸距離。但我認為這只意味著我們必須在管理成本和提高可靠性方面變得更聰明、更有創意。我真的不看那個，當然彼得也不看。我知道我們不會將此視為藉口或對我們所能取得的成就的限制。我認為這只是意味著我們需要更周到、更有創意。這真的意味著非常好地執行基本原理。我們的維護計劃，我們的可靠性計劃，著眼於基於風險的周轉工作選擇。幾十年來我們學到的只是我們業務中的阻塞和解決，無論你是在煉油中學到的，還是在採礦中學到的，但執行得非常好。我希望並且我想你已經在我的評論中聽到了，這將是我們的計劃，看看我們做什麼，我們如何做，然後確保那些不在他們提供最高水平資產的人支持，無論是針對旋轉設備，無論是近期、中期還是長期的礦山規劃。它專注於基礎知識，但只是把基礎知識做得非常好。所以我知道一個很長的答案，但我的前提是我們設施的年齡，最終不會成為物質抑制因素。

Great perspective, Peter, go ahead, please.

很好的視角，彼得，請繼續。

Anything you'd add to that, Peter?

彼得，你還有什麼要補充的嗎？

Well I would just say, and especially in the mining operations are really our approach is threefold. Across our portfolio, we're moving 1.3 billion tons of material every single year to generate the products that we do. And so little things make a big difference. And that means squeezing the efficiency out of our own operations every shift, every single day. It means reducing our exposure to more expensive tonnages by executed by our third-party contractor. I would say the last tranche of that really is around the implementation of new mining technologies like the autonomous trucking technology we have active in our base plan today, and we'll be scaling up across all of our assets in the near future.

好吧，我只想說，尤其是在採礦業務中，我們的方法實際上是三重的。在我們的產品組合中，我們每年要移動 13 億噸材料來生產我們所做的產品。如此小的事情會產生很大的不同。這意味著每天每個班次都要從我們自己的運營中榨取效率。這意味著通過我們的第三方承包商執行，減少我們對更昂貴噸位的風險敞口。我想說的是，最後一部分確實是圍繞新的採礦技術的實施，比如我們今天在我們的基本計劃中活躍的自動卡車運輸技術，我們將在不久的將來擴大我們所有資產的規模。

And Doug, it's Rich again. You got me going here. So I got to say one more thing. I think we haven't talked today so much, but our focus on safety and improving safety. Safety is a huge productivity driver. Not only do we have a moral obligation to people and we care about people, that's why, but it affects productivity. So activities that Peter has going on on safety systems, collision avoidance, fatigue management. We've talked about autonomous vehicles over time. All of these things not only ensure a safer workplace, but they provide a more productive workplace. And so I think those things the safety operational integrity, reliability and profitability they're all very interlinked. And so I think the other things we're working on add to that same reliability aspect, particularly in mining.

Doug，又是 Rich。你讓我去這裡。所以我得再說一件事。我想我們今天沒有談那麼多，但我們關注安全和提高安全性。安全是巨大的生產力驅動因素。我們不僅對人負有道德義務，我們關心人，這就是原因，但這會影響生產力。因此，彼得在安全系統、避免碰撞、疲勞管理方面進行的活動。隨著時間的推移，我們一直在談論自動駕駛汽車。所有這些不僅確保了更安全的工作場所，而且還提供了更高效的工作場所。因此，我認為安全操作的完整性、可靠性和盈利能力這些東西都是相互關聯的。所以我認為我們正在努力的其他事情增加了同樣的可靠性方面，特別是在採礦方面。

And one moment for our next question. And that will come from the line of Menno Hulshof with TD Securities.

請稍等一下我們的下一個問題。這將來自 Menno Hulshof 與 TD Securities 的合作。

Thanks, and good moring everyone. Rich, you talked about driving clarity and simplification throughout the organization. Can you just elaborate on what is meant by that? It felt like those words were carefully selected and what specific steps could we see over the next year to achieve that?

謝謝，大家早上好。 Rich，您談到了在整個組織中推動清晰度和簡化。你能詳細說明一下這是什麼意思嗎？感覺這些詞是經過精心挑選的，明年我們可以看到哪些具體步驟來實現這一目標？

To give me too much credit, Menno. I don't know that they were carefully selected. But what I believe is I believe everybody in the organization needs to have a line of sight to how do they support making money. And I very much believe in making money. We are in business to make money and as much of it as possible. And everybody starting with me needs to see how they do that. So what I believe here and just been here a short while, but I'm proof testing a lot of things is that we can enhance our clarity about what the workforce does to support, whether it's safety, integrity, reliability or profitability. And I think we can eliminate work, I think we can do a way with work that doesn't add value. I think we can look at things like service levels and service level of support, but all with a keen eye on how it enhances bottom line business performance. So if my words came across is carefully selected, they're not really intended. We're early in this, but I just see a lot of opportunity for organizational efficiency. And if that's focusing on higher-value activities, so be it. If that's eliminating low value-added work, awesome. It's combinations of all of that. And I do think above the field in an organization, you can create an energy, a motivation through clarity and focus that people can move mountains. I think fundamentally, if you look at our business, our business has kind of involves moving mountains in many cases. And I think this organization is ready for that I think they're asking for it. And that's exactly what I intend to provide.

太誇獎我了，門諾。我不知道他們是經過精心挑選的。但我相信組織中的每個人都需要了解他們如何支持賺錢。我非常相信賺錢。我們做生意是為了賺錢，並且盡可能多地賺錢。從我開始的每個人都需要看看他們是如何做到的。所以我在這里相信並且剛剛來這裡不久，但我證明測試了很多事情是我們可以提高我們對員工所做支持的清晰度，無論是安全性、完整性、可靠性還是盈利能力。而且我認為我們可以消除工作，我認為我們可以用一種不會增加價值的工作來解決問題。我認為我們可以關注服務水平和支持服務水平等問題，但都應密切關注它如何提高底線業務績效。因此，如果我的話是經過精心挑選的，那麼它們並不是真的有意為之。我們還處於早期階段，但我看到了很多提高組織效率的機會。如果那是專注於更高價值的活動，那就這樣吧。如果那是在消除低附加值的工作，那就太棒了。它是所有這些的組合。我確實認為在一個組織的領域之上，你可以創造一種能量，一種通過清晰和專注的動力，人們可以移山。我認為從根本上說，如果你看一下我們的業務，我們的業務在很多情況下都涉及到移山。我認為這個組織已經做好了準備，我認為他們正在要求它。而這正是我打算提供的。

Okay. And then having seen all of the inner workings at Exxon and Imperial for decades, are there any best practices that have been shortlisted for rollout of Suncor over the near to midterm? And I guess, as a follow-up to that, do you think there are ways that Suncor an empirical could work together even more effectively?

好的。然後，在了解了埃克森美孚和帝國理工公司數十年的所有內部運作之後，是否有任何最佳實踐已入圍 Suncor 在中短期推出的候選名單？我想，作為後續行動，您認為 Suncor 和經驗主義可以通過哪些方式更有效地合作？

Yes. I think I'm a big believer in benchmarking and best practices. How do you know if you're the best unless you've got some kind of a scorecard to it. And so what I think of best practice is, whether it's safety systems, integrity systems, there's kind of 3 categories, I think about. First, the system design itself is it a quality system. And in my short time here, I think we have quality systems. Our safety systems, our operational excellence systems, I think, are quality. Now can they be improved? Can they be made better to implement? Absolutely. Are they as simple as they can be to apply in the field, those are questions, but we have sound systems. So then you get into the application of the system. That's where in a short time, but I've seen variability in how well we've applied systems at different sites. And my vision there would be we reduce variability to the highest standard of performance. And once you have a quality system, once you've applied that system, then it comes into the effectiveness, are your systems delivering the intended result, and that's where you put that return feedback loop in place to enhance the system, strengthen the leadership that goes with the applicability to produce better results. So on the application of what I think are our quality systems, we have work to do to reduce variability. And then along with that is measuring the execution, quality, the effectiveness of our application. Those are the 2 areas where I plan to focus early on and other best practices. I think I'm a big one for learning. You look over the lease line to learn. And for collaboration, whether that's in operational refineries, whether that's in operation of mines. I believe that for the oil sands, well, for Suncor to be a winner in the oil sands, the oil sands also has to win and compete on the world stage. The consumer, when they put a nozzle in a car or a truck or the side of an airplane, quite frankly, they don't really think about where that low gas diesel or jet comes from. It comes from an oil sand, West Texas Intermediate at all. So we have to be globally competitive in the oil sands. And then our goal is to be the best of the best in the oil sands. So to be globally competitive, that comes with collaboration. And I think pathway is a great example of that. But I think there's other more fundamental examples of how do we run and operate mines? How do we maintain dikes and dams and tailings? How do we treat? How do we collaborate with the federal and provincial governments on sound public policies that achieve the objectives, but also ensure or maintain the competitiveness of what is a critical industry for not only Alberta but Canada overall. So that's a long after you got me going there, Menno on a topic I'm passionate about. But I think collaboration and application of standards and best practices is very much a part of a winning formula.

是的。我認為我非常相信基準測試和最佳實踐。除非你有某種記分卡，否則你怎麼知道你是否是最好的。因此，我認為最佳實踐是，無論是安全系統、完整性系統，我認為有 3 個類別。首先，系統設計本身就是一個質量系統。在我在這裡的短暫時間裡，我認為我們擁有質量體系。我們的安全系統，我們的卓越運營系統，我認為是質量。現在他們可以改進嗎？它們可以更好地實施嗎？絕對地。它們是否盡可能簡單地應用於現場，這些都是問題，但我們有完善的系統。那麼你就進入了系統的應用。那是在很短的時間內，但我已經看到我們在不同站點應用系統的程度存在差異。我的願景是我們將可變性降低到最高性能標準。一旦你有了一個質量體系，一旦你應用了這個系統，它就會發揮作用，你的系統是否提供了預期的結果，這就是你將反饋迴路放到位以增強系統、加強領導力的地方這與產生更好結果的適用性有關。因此，在應用我認為是我們的質量體係時，我們需要努力減少可變性。然後隨之而來的是衡量我們應用程序的執行、質量和有效性。這些是我計劃儘早關注的 2 個領域和其他最佳實踐。我認為我是一個學習的大人物。您查看租賃線路以了解。對於協作，無論是在運營中的煉油廠，還是在礦山運營中。我相信，對於油砂，森科爾要成為油砂的贏家，油砂也必須在世界舞台上獲勝和競爭。坦率地說，當消費者在汽車、卡車或飛機的側面安裝噴嘴時，他們並沒有真正考慮低氣體柴油或噴氣式飛機的來源。它完全來自西德克薩斯中質油砂。因此，我們必須在油砂領域具有全球競爭力。然後我們的目標是成為油砂領域中的佼佼者。因此，要具有全球競爭力，就需要協作。我認為通路就是一個很好的例子。但我認為還有其他更基本的例子可以說明我們如何經營礦山？我們如何維護堤壩、水壩和尾礦？我們如何治療？我們如何與聯邦和省政府合作制定健全的公共政策以實現目標，同時確保或保持這個不僅對艾伯塔省而且對整個加拿大來說都是關鍵行業的競爭力。所以那是在你讓我去那裡很久之後，Menno 關於我熱衷的話題。但我認為標準和最佳實踐的協作和應用是製勝法寶的重要組成部分。

I appreciate the thoughts, Rich, I'll turn it back.

我很欣賞這些想法，里奇，我會把它轉回去的。

And one moment for our next question. And that will come from the line of Harry Mateer with Barclays.

請稍等一下我們的下一個問題。這將來自 Harry Mateer 與 Barclays 的合作。

First one, I see Slide 4 about the capital allocation, and it looks mostly similar to what the company had previously. But at the same time, some comps coming out of the gates with a debt-funded acquisition and going above the $12 billion to $15 billion net debt range at least for a period of time. So Rich, for the credit investor community, I would like to get your reactive on the balance sheet, how you think about optimal leverage for Suncor and perhaps where in the investment-grade category, you think the right places for Suncor's ratings to be?

第一個，我看到關於資本配置的幻燈片 4，它看起來與公司之前的情況大體相似。但與此同時，一些公司通過債務融資收購走出了大門，至少在一段時間內超過了 120 億美元至 150 億美元的淨債務範圍。如此豐富，對於信貸投資者社區，我想了解您對資產負債表的反應，您如何看待 Suncor 的最佳槓桿率，以及您認為 Suncor 的評級在投資級類別中的哪個位置是正確的？

Yes. I think some of the specificity of what you've asked for maybe is beyond what I can comment on today. But fundamentally, I think I believe in a strong balance sheet. We produce a basket of commodities. Prices go up and down and how you have the resilience to get through the inevitable cycles is by having a strong balance sheet. And when I look at covering what our priorities are, the care and feeding of the existing asset base, the sustaining expenditures are you need to do those in the short term and the long term. And as I commented, a reliable and growing dividend, high dividend is very, very important to me. So I want to ensure that we have a cost structure, which includes a level of debt and financing cost on debt so that we can withstand those ups and downs and financially deliver, maybe you dial back on high-quality investments at periods of low prices, maybe you use the flywheel of returning surplus cash to shareholders is modified, but that you don't put at risk, taking care of what you already have and you can still continue with a reliable and growing dividend in periods of up and down. Maintaining a strong credit rate is key, obviously, for the cost I think coming out of Daisy is a bit of a reflection on confidence that we have in the corporation. And I think that's all important. Maintaining our ability to borrow when we can and should leverage for opportunities, keeping a strong credit rating, our credibility in the marketplace and then getting our cost structure where we can withstand the inevitable ups and downs you see in our business. It's the business we've chosen. Harry, I'm not sure if I was specific enough for you. Alister, if you have anything else to add or bolster that or refute it.

是的。我認為您所要求的一些特殊性可能超出了我今天可以評論的範圍。但從根本上說，我認為我相信強大的資產負債表。我們生產一籃子商品。價格起起落落，擁有強大的資產負債表才能讓您有能力度過不可避免的周期。當我考慮到我們的優先事項是什麼時，現有資產基礎的照顧和養活，你需要在短期和長期內進行持續性支出。正如我評論的那樣，可靠且不斷增長的股息，高股息對我來說非常非常重要。因此，我想確保我們有一個成本結構，其中包括一定程度的債務和債務融資成本，以便我們能夠承受這些起伏並在財務上交付，也許你會在低價時期減少高質量的投資，也許您使用向股東返還盈餘現金的飛輪進行了修改，但您沒有冒風險，照顧好您已經擁有的東西，並且您仍然可以在漲跌期間繼續獲得可靠且不斷增長的股息。顯然，保持強勁的信貸利率是關鍵，因為我認為從 Daisy 出來的成本在某種程度上反映了我們對公司的信心。我認為這很重要。在我們可以而且應該利用機會時保持我們的借貸能力，保持強大的信用評級，我們在市場上的信譽，然後建立我們的成本結構，使我們能夠承受您在我們的業務中看到的不可避免的起伏。這是我們選擇的業務。哈里，我不確定我對你來說是否足夠具體。 Alister，如果你還有什麼要補充、支持或反駁的。

I think you summarized it very well. And I would just emphasize the work, the rating agencies went through our Total acquisition and no changes to our ratings. I think that demonstrates their commitment to a strong balance sheet and getting the debt back down in a relatively short order.

我覺得你總結的很好。我只想強調工作，評級機構經歷了我們的全面收購，沒有改變我們的評級。我認為這表明他們致力於建立穩健的資產負債表並在相對較短的時間內收回債務。

Okay. And then a follow-up. I'm not sure for Alister or Kris. But given the planned debt financing, you've noted in the slides, I mean, Suncor has a pretty clean maturity play in the next couple of years. So how are you thinking about staggering that financing? Are you comfortable issuing some longer-term debt? Or are you thinking more like issuing shorter-dated notes or bank debt to provide a bit of a glide path to gross debt reduction in the next couple of years?

好的。然後是跟進。我不確定是 Alister 還是 Kris。但是考慮到計劃中的債務融資，你在幻燈片中已經註意到，我的意思是，Suncor 在未來幾年內有一個非常乾淨的到期遊戲。那麼，您如何考慮錯開融資？你願意發行一些長期債務嗎？還是您更傾向於發行短期票據或銀行債券，為未來幾年的總債務削減提供一條捷徑？

Yes. As you noted, Harry, our maturities have been in the short term, we tank taken most of those out with the debt buyback last year. We'll focus more on the shorter end. Obviously, we think we can accelerate the debt repayment, so we'll be focusing on our ability to be able to repay debt as quickly as we can. We will all see some longer-term stuff as part of the package, but the focus will be on the end.

是的。正如你所指出的，Harry，我們的到期期限是短期的，我們去年通過債務回購將大部分到期。我們將更多地關注較短的一端。顯然，我們認為我們可以加快償還債務，因此我們將專注於盡快償還債務的能力。我們都將看到一些長期的東西作為一攬子計劃的一部分，但重點將放在最後。

And we do have time for one final question, and that will come from the line of Roger Read with Wells Fargo Securities.

我們確實有時間提出最後一個問題，這將來自富國銀行證券公司的 Roger Read。

Yes. Thanks for working me in here. I guess what I'd like to really kind of understand Rich and Kris is so much of the forward focus is going to be on reliability, safety and the general systems are in. How much visibility do you have today or certainty do you have what needs to be done in terms of making things work the way you want them to work and improving the overall performance. And what I'm really just getting at is you had the Investor Day at the end of last year, and then we've had obviously some pretty significant changes here at the top. And I just want to kind of understand, are we looking at something that should really be a very quick impact? Are we looking at things that, well, let's think about it more as a 24% 25% kind of event. Anything you can do to help us with the time line. I'd appreciate.

是的。謝謝你在這里工作。我想我真正想了解的是 Rich 和 Kris 的大部分前瞻性重點將放在可靠性、安全性和通用系統上。你今天有多少能見度或你有什麼確定性需要在使事情按照您希望的方式工作和提高整體性能方面來完成。我真正要說的是你在去年年底舉辦了投資者日，然後我們在頂部顯然發生了一些非常重大的變化。我只是想了解一下，我們是否在尋找真正應該產生非常快速影響的東西？我們是不是在看那些事情，好吧，讓我們把它更多地看作是 24% 25% 的事件。您可以做些什麼來幫助我們制定時間表。我會很感激。

Yes. I think in terms of what needs to be done, a lot of it is not, and I don't mean to oversimplify it, but it's not rocket science either. It gets back to and looking down the table at the executive VPs and the senior VPs responsible for our operations. It's the kind of things we talked about. It's applying best practice. Well, it's executing our work exceedingly well. That is not necessarily complicated. It's ensuring that people have the skills, abilities, the time, the support to do what we know it takes to operate and maintain facilities. Yes, it is also getting smarter, looking for creative financial solutions, whether that's our truck fleet at Fort Hills, for example, or getting better at the turnaround expenditures, we spend, for example, nearly $1 billion a year on plant turnarounds across our massive asset base. Well, it seems like that should be something we become really, really good at. Because you save money and if you shorten time lines through risk-based work selection, you get online quicker and you start making money while you take facilities down. So I think I would love to be able to say how fast and what to expect. Roger, I'm not there yet. But I think what we need to do and what we need to focus on and equally important, what we need to be sure we don't focus on to allow the attention to where the biggest bang for the buck is. I think that's getting clearer and clearer. I think the senior leadership team and I are rapidly getting aligned on that. We will be pursuing any and all improvement opportunities with a sense of urgency. I know I didn't give you a time line or numbers, but when you started saying 24 25 million that in my time line, there's no better time than the present. And so I think I would hope that we start seeing hope not a very good strategy, by the way. So I would expect that we will start to see incremental improvements with time and that time is not just the future. That's sooner rather than later. I just signed to deliver. I'm looking at my team down there, and I just signed them up. I could tell there's a little tightness being form down there at the end of the table, but they're all smiling. So that's a good thing.

是的。我認為就需要做的事情而言，很多都不是，我並不是要過分簡化它，但這也不是火箭科學。它回到並向下看執行副總裁和負責我們運營的高級副總裁。這就是我們談論的事情。它正在應用最佳實踐。嗯，它非常好地執行我們的工作。這不一定很複雜。它確保人們擁有技能、能力、時間和支持來完成我們所知道的操作和維護設施所需的工作。是的，它也變得越來越聰明，尋找創造性的財務解決方案，例如，無論是我們在 Fort Hills 的卡車車隊，還是在周轉支出方面做得更好，例如，我們每年花費近 10 億美元用於我們整個工廠的周轉龐大的資產基礎。好吧，這似乎應該成為我們真正非常擅長的事情。因為您可以省錢，而且如果您通過基於風險的工作選擇來縮短時間線，您可以更快地上網，並且在拆除設施的同時開始賺錢。所以我想我很想能夠說出速度有多快以及會發生什麼。羅傑，我還沒到呢。但我認為我們需要做什麼，我們需要關注什麼，同樣重要的是，我們需要確保我們不關注什麼，以便讓人們關注最大的收益所在。我認為這越來越清楚了。我認為高級領導團隊和我正在迅速就此達成一致。我們將以緊迫感尋求任何和所有改進機會。我知道我沒有給你時間線或數字，但當你開始在我的時間線中說 24 2500 萬時，沒有比現在更好的時間了。順便說一句，所以我想我希望我們開始看到希望不是一個很好的策略。所以我希望我們會隨著時間的推移開始看到漸進的改進，而那個時間不僅僅是未來。那是遲早的事。我剛簽收。我正在看我的團隊，我剛剛簽了名。我看得出來，桌子盡頭的氣氛有些緊張，但他們都在微笑。所以這是一件好事。

Yes, I appreciate that. Yes, just as a quick follow-up, it's been kind of hammered already, but the ROFR that Conoco has if they exercise that, it obviously alters the transaction, would we anticipate then you would obviously, with a lot less debt would be likely to move back to a 75-25 payout more quickly. I mean, that seems like a natural progression if that happens, and I'm just trying to kind of anticipate what the changes might be if that piece of the Total transaction does not occur.

是的，我很感激。是的，就像快速跟進一樣，它已經受到了一些打擊，但是康菲石油公司擁有的 ROFR 如果他們行使它，它顯然會改變交易，我們是否可以預期那麼你顯然會，債務可能會減少很多更快地回到 75-25 支出。我的意思是，如果發生這種情況，這似乎是一個自然的過程，我只是想預測一下，如果總交易的那一部分沒有發生，可能會發生什麼變化。

Well, again, what Conoco may or may not do, we'll all learn that here in the relatively near future. But if I think about if I step back from it more broadly, if we go back to what I described on capital allocation, if we have if we have surplus cash, we'll look at what's the best way to return that to the shareholder. And that will be a combination of continued to look at our dividend and/or share buybacks and/or debt reduction. So undoubtedly, if we didn't have this big acquisition, our debt would be back closer to where we've talked about targeting it. But it would be that combination of events that we would just look at what we believe is the highest value of the shareholder. And I can assure you, Roger, everything we have done and will continue to do, we'll always have the shareholder at the front of the windshield, not looking at back, but looking forward, what's in the best interest of the shareholder. That is that's our mantra.

好吧，再一次，康菲石油公司可能會或可能不會做什麼，我們都會在相對不久的將來在這裡了解到。但如果我考慮是否更廣泛地退出它，如果我們回到我描述的資本配置，如果我們有盈餘現金，我們將研究將其返還給股東的最佳方式.這將是繼續關注我們的股息和/或股票回購和/或債務削減的結合。所以毫無疑問，如果我們沒有進行這次大收購，我們的債務將回到我們談到的目標水平。但是，正是這些事件的組合，我們才會看到我們認為是股東的最高價值。羅傑，我可以向你保證，我們所做的和將繼續做的一切，我們將始終讓股東站在擋風玻璃的前面，而不是回頭看，而是向前看，什麼最符合股東的利益。這就是我們的口頭禪。

Thank you. I would now like to turn the call back over to Mr. Troy Little for any closing remarks.

謝謝。我現在想將電話轉回給 Troy Little 先生，聽取任何結束語。

Thank you, operator. Thank you for joining us, everyone. Please don't hesitate to call us with any follow-up questions. Operator, you can now end the call.

謝謝你，運營商。感謝大家加入我們。如有任何後續問題，請隨時致電我們。接線員，您現在可以掛斷電話了。

Thank you all for participating. This concludes today's program. You may now disconnect.

謝謝大家的參與。今天的節目到此結束。您現在可以斷開連接。