Suncor Energy Inc (SU) 2023 Q2 法說會逐字稿

Good day, and welcome to the Suncor Energy Second Quarter 2023 Results Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，歡迎參加 Suncor Energy 2023 年第二季度業績電話會議。 （操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your host, Mr. Troy Little, Vice President of Investor Relations. Please go ahead.

現在我想將會議交給東道主投資者關係副總裁 Troy Little 先生。請繼續。

Thank you, operator, and good morning. Welcome to Suncor Energy's Second Quarter Earnings Call. Please note that today's comments contain forward-looking information. Actual results may differ materially from the expected results because of risk factors and assumptions that are described in our second 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 second quarter earnings release.

謝謝您，接線員，早上好。歡迎參加森科能源第二季度財報電話會議。請注意，今天的評論包含前瞻性信息。由於我們第二季度收益發布以及我們當前的年度信息表中描述的風險因素和假設，實際結果可能與預期結果存在重大差異，這兩種信息均可在SEDAR+、EDGAR 和我們的網站suncor.com 上獲取。這些評論中提到的某些財務措施並未由加拿大公認會計原則規定。有關這些財務指標的說明，請參閱我們的第二季度收益發布。

We will start with comments from Rich Kruger, President and Chief Executive Officer; followed by Kris Smith, Suncor's Chief Financial Officer. Also on the call are three of our senior operating leaders: Peter Zebedee, Executive Vice President, Oil Sands; Dave Oldreive, Executive Vice President, Downstream; and Shelley Powell, Senior Vice President, Operational Improvement and Support Services. Following the formal remarks, we'll open up the call to questions.

我們將從總裁兼首席執行官 Rich Kruger 的評論開始；其次是 Suncor 首席財務官 Kris Smith。參加電話會議的還有我們的三位高級運營領導：Peter Zebedee，油砂執行副總裁； Dave Oldreive，下游執行副總裁；以及運營改進和支持服務高級副總裁 Shelley Powell。在正式發言之後，我們將開始提問。

Now I'll hand it over to Rich to share his comments.

現在我將把它交給 Rich 來分享他的評論。

Good morning. The second quarter was a very active time for the company. We made material progress in a number of areas we'll share with you today. First, creating an organization-wide what I would refer to as focus on the fundamentals of safety, operational integrity, reliability and profitability. Second, we took a number of tangible actions to construct a simpler, more focused, lower-cost organization that we'll describe today. And last but not least, we found time in the second quarter to deal with a cybersecurity incident. I'll have more on each of these topics shortly.

早上好。第二季度是公司非常活躍的時期。我們在今天將與大家分享的許多領域取得了實質性進展。首先，在整個組織範圍內建立一個關注安全、運營完整性、可靠性和盈利能力等基本要素的組織。其次，我們採取了一些切實的行動來構建一個更簡單、更專注、成本更低的組織，正如我們今天將要描述的那樣。最後但並非最不重要的一點是，我們在第二季度找到了時間來處理網絡安全事件。我很快就會對這些主題進行更多介紹。

I want to give you a few general comments though. During our first quarter call, I referenced having visited 50% of our major operating facilities. Since that time, I've continued to go to the field. I've now set foot on essentially all our major sites. Meeting operational leaders, engaging frontline employees, touring the facilities, been at our mines or upgraders or in situ operations or drilling rigs, refineries and the Terra Nova FPSO. In all locations, our conversations were on the fundamentals and what those of us above the field or above the operating site can do to help improve overall performance. I want to comment on fundamental number one, safety for a moment. In particular, what did I see when I went to locations. First of all, safety. Why is this so important? We care about people, management has a moral obligation to provide a safe workplace and quite frankly, it's good for business, a very strong correlation between safety performance and business performance. So what did I see on site? I saw strong site leadership, I saw worker engagement, I saw a very active near miss reporting, I saw a comprehensive root cause investigations. I saw technology highlighting the mines, collision awareness, fatigue management.

不過，我想給你一些一般性的評論。在我們第一季度的電話會議中，我提到參觀了我們 50% 的主要運營設施。從那時起，我就繼續奔赴外地。我現在基本上已經踏足了我們所有的主要站點。與運營領導會面、與一線員工互動、參觀設施、參觀我們的礦山或升級設施或現場作業或鑽井平台、煉油廠和 Terra Nova FPSO。在所有地點，我們的對話都是圍繞基礎知識以及我們這些現場或操作現場上方的人員可以採取哪些措施來幫助提高整體績效。我想暫時談談第一條基本原則：安全。特別是當我去現場時我看到了什麼。首先，安全。為什麼這個這麼重要？我們關心人，管理層有道德義務提供一個安全的工作場所，坦率地說，這對業務有好處，安全績效和業務績效之間有很強的相關性。那麼我在現場看到了什麼？我看到了強有力的現場領導，我看到了工人的參與，我看到了非常活躍的未遂事故報告，我看到了全面的根本原因調查。我看到了突出地雷、碰撞意識、疲勞管理的技術。

By the end of this year, we'll have 1,000 pieces of mobile equipment with these technologies installed. The -- that should make us the first to implement these technologies on a full scale in oil sands, and they have been proven around the world to reduce safety risk. Our approach is not hope or faith-based but relies on tangible actions, starting with leadership, engagement, technology and trading.

到今年年底，我們將擁有 1,000 台安裝了這些技術的移動設備。這應該使我們成為第一個在油砂中全面實施這些技術的國家，並且它們已在世界各地被證明可以降低安全風險。我們的方法不是基於希望或信仰，而是依賴於切實的行動，從領導力、參與、技術和貿易開始。

Other observations from the sites. It's evident our company's level of the physical integration is a unique opportunity, an unparalleled advantage. But what I like the best is I saw opportunities to improve our financial and operating performance in most all aspects of our business. Also made time in the second quarter to meet face-to-face with several of our major shareholders, had trips to Toronto, New York, Boston, a series of other virtual meetings. Shared my approach, areas of focus, initial assessments of the company, highest priority plans, but equally spent time listening to concerns, expectations and our shareholders' assessment of the company. So bottom line, what I'd say is 120 days in Suncor is pedal to the metal. Our opportunities are abundant and they're clear.

現場的其他觀察結果。很明顯，我們公司的物理集成水平是一個獨特的機會，一個無與倫比的優勢。但我最喜歡的是我看到了在業務的大多數方面改善財務和運營績效的機會。第二季度還抽出了時間與我們的幾位主要股東進行了面對面的會面，並前往多倫多、紐約、波士頓進行了一系列其他虛擬會議。分享了我的方法、重點領域、對公司的初步評估、最高優先級計劃，但同樣花時間傾聽擔憂、期望和股東對公司的評估。所以最重要的是，我想說的是，在 Suncor 的 120 天是全力以赴。我們的機會很多而且很明確。

So let me hit on -- let's get to some meat, and I'll talk about some specific actions in the second quarter, and I'll highlight four areas starting with the leadership team. We announced yesterday a series of changes to the composition and responsibilities of our senior executive team, i.e., those reporting directly to me. The changes are consistent with developing a simpler, more focused, high-performing organization. You'll recall, I used those words in our first quarter call.

因此，讓我繼續說下去——讓我們開始討論一些實際內容，我將討論第二季度的一些具體行動，我將重點強調從領導團隊開始的四個領域。昨天我們宣布了對我們的高級管理團隊（即直接向我匯報的人員）的組成和職責的一系列變更。這些變化與發展一個更簡單、更專注、高績效的組織是一致的。您會記得，我在第一季度電話會議中使用了這些詞。

The changes are designed to improve clarity and alignment on strategies, priorities, fundamentals and execution excellence. We will have clear accountabilities, fewer internal interfaces. We're delayering the organization, and we are concentrating centers of expertise. The senior executive team will be 8, including me, 4 newly externally sourced this year, 3 of the 4 on board now.

這些變化旨在提高戰略、優先事項、基本原理和卓越執行的清晰度和一致性。我們將有明確的職責，更少的內部接口。我們正在推遲組織，我們正在集中專業知識中心。包括我在內，高管團隊將有8人，今年新外部招聘的4人，現在4人中的3人。

A quick summary of the changes, Kris Smith, CFO. Kris will take on additional responsibilities for IT and supply chain. Peter Zebedee, our EVP, Oil Sands, will be adding in situ and drilling to his remit, giving him all oil sands operations. Dave Oldreive, EVP Downstream joined us in June, eliminated a layer of senior management, so all of our refineries now report directly to Dave. Shelley Powell, Senior VP of Operational Improvement and Support Services. Shelley retains our E&P portfolio that takes on the important role of revamping our operational improvement and associated support functions. Karen Keegans is our new Chief Human Resources Officer; and Jacquie Moore remains General Counsel and Corporate Secretary, both individuals with expanded portfolios. We will add a new senior executive role to lead strategy, sustainability, commercial and development. These changes were enabled by 3 senior executive retirements to this month, one later in the year. And I'll step it back a little bit. I once had a mentor who used to say simplicity creates clarity, clarity creates consistency and consistency creates success. This senior executive team is ready to create success.

首席財務官克里斯·史密斯（Kris Smith）對這些變化的快速總結。 Kris 將承擔 IT 和供應鏈方面的額外職責。我們的油砂執行副總裁 Peter Zebedee 將在其職權範圍內增加現場和鑽探工作，將所有油砂業務交給他。下游執行副總裁 Dave Oldreive 於 6 月加入我們，取消了一層高級管理層，因此我們所有的煉油廠現在都直接向 Dave 匯報。 Shelley Powell，運營改進和支持服務高級副總裁。雪萊保留了我們的勘探與生產組合，該組合在改進我們的運營改進和相關支持功能方面發揮著重要作用。 Karen Keegans 是我們新任首席人力資源官；杰奎·摩爾 (Jacquie Moore) 仍擔任總法律顧問和公司秘書，兩人的職責都得到了擴展。我們將增加一個新的高級管理職位來領導戰略、可持續發展、商業和發展。這些變化是由 3 名高級管理人員於本月退休以及今年晚些時候退休而促成的。我會把它退後一點。我曾經有一位導師曾經說過，簡單創造清晰，清晰創造一致性，一致性創造成功。這個高級管理團隊已準備好創造成功。

The next area I'd like to talk about is above field costs. On June 1, we announced internally plans to reduce above field costs by $400 million a year. If you think of it on an overall corporate breakeven basis, that would equate to about $1.50 a barrel. Staffing will be reduced by 1,500 or 20% by the end of this year based on performance and business need.

我想討論的下一個領域是現場成本。 6 月 1 日，我們在內部宣布計劃每年減少上述現場成本 4 億美元。如果從整體企業盈虧平衡的角度考慮，這相當於每桶 1.50 美元左右。根據業績和業務需求，到今年年底，員工人數將減少 1,500 人或 20%。

In the quarter, we took a onetime pretax charge of $275 million, about $210 million after tax. This would represent a 9-month payout. This is an internally led effort, eliminating work we consider to be unaffordable or low relative value. We are looking at what we do, why we do it, how we do it and the value it adds nothing is off limits.

本季度，我們一次性稅前費用為 2.75 億美元，稅後約為 2.1 億美元。這相當於 9 個月的付款。這是一項內部主導的工作，消除我們認為負擔不起或相對價值較低的工作。我們關注的是我們做什麼、為什麼這麼做、如何做以及它增加的價值，沒有任何限制。

Reductions are occurring at all levels, top to bottom, including the senior most executives. We are on plan, 1/3 complete. As of August 1, 535 individuals have left the company at a cost reduction of about $125 million so far. Now I would note these actions, they aren't easy, and they certainly aren't taken lightly, but they are necessary for our competitiveness.

裁員發生在從上到下的各個級別，包括最高級管理人員。我們正在按計劃進行，已完成 1/3。截至8月1日，已有535人離開公司，迄今為止成本減少了約1.25億美元。現在我要指出這些行動，它們並不容易，當然也不是輕率的，但它們對於我們的競爭力是必要的。

Another area we spent time in during the quarter was a strategy reexamination. In particular, we've taken a -- we've started a comprehensive relook at our strategies and our articulated objectives. Where we stand is we judge that our current strategic framework is not or is insufficient in terms of what it takes to win. The lack of emphasis on today's business drivers, and while important, we have a bit of a disproportionate emphasis on the longer-term energy transition. Today, we win by creating value through our large integrated asset base underpinned by oil sands. Discussions have occurred with our Board of Directors, who are supportive of our revised direction in tone, and I would just leave this with more to come but you can expect a sharper, clear, more tangible articulation of how Suncor plans to win.

我們在本季度花費時間的另一個領域是戰略重新審查。特別是，我們已經開始全面重新審視我們的戰略和明確的目標。我們的立場是，我們判斷我們當前的戰略框架不足以或不足以贏得勝利。缺乏對當今業務驅動因素的重視，雖然這很重要，但我們過分強調了長期能源轉型。今天，我們通過以油砂為基礎的大型綜合資產基礎創造價值來取勝。我們已經與董事會進行了討論，他們在語氣上支持我們修改後的方向，我只想留下更多內容，但您可以期待對 Suncor 計劃如何獲勝的更清晰、更明確、更具體的闡述。

In addition to the above, we encountered a cybersecurity incident in the quarter. On June 25, we confirmed a cyber incident stemming from unauthorized third-party access to our IT network. We immediately isolated our operational IT systems as well as backup databases. In the days thereafter, we established a safe, secure IT environment free of incursion and corruption. The incidence certainly caused disruption. However, it did not have a material impact on our financial and operating results. Our organization responded extremely well at all levels. Our IT professionals, our operations staff in terms of business continuity and third-party support teams brought in to assist. To date, we're largely back to normal with a few exceptions and the benefits of significant lessons learned.

除了上述情況外，我們在本季度還遇到了網絡安全事件。 6 月 25 日，我們確認了一起因未經授權的第三方訪問我們的 IT 網絡而引發的網絡事件。我們立即隔離了我們的運營 IT 系統以及備份數據庫。此後的日子裡，我們建立了一個安全可靠的 IT 環境，沒有入侵和腐敗。這次事件確實造成了混亂。然而，這並未對我們的財務和經營業績產生重大影響。我們的組織在各個層面的反應都非常好。我們的 IT 專業人員、業務連續性方面的運營人員以及第三方支持團隊都前來提供協助。迄今為止，除了少數例外情況和吸取的重要教訓外，我們基本上已恢復正常。

As I look to the rest of the year, I'll comment on a few areas. These are examples only, not all inclusive, that you can expect focus from our company. First and foremost, base business, continued focus on the fundamentals and continuing to determine ways to improve our financial performance, which I would measure in free cash flow per share.

當我展望今年剩餘時間時，我將在幾個方面發表評論。這些僅是示例，並非全部，您可以期待我們公司的關注。首先也是最重要的是，基礎業務，繼續關注基本面，並繼續確定改善我們財務業績的方法，我將用每股自由現金流來衡量。

Looking at the operational areas, mining fleet management. We have in the order of about 900 trucks operating in 5 mines with 3 operational trucks. We're examining the makeup of our truck fleet sizes, ownership, lease to contracted. We're -- we believe there's a material opportunity to lower our overall cost per ton on all earth movements. Peter Zebedee is the senior executive with the ball on this initiative.

看看運營領域，採礦車隊管理。我們擁有約 900 輛卡車，在 5 個礦場運營，其中 3 輛正在運營。我們正在檢查卡車車隊規模、所有權、租賃和合同的構成。我們相信，有一個實質性的機會可以降低我們在所有地球運動中每噸的總體成本。 Peter Zebedee 是該計劃的高級執行官。

A second area I'd like to highlight is turnaround planning and execution. And for context, we conduct large annual turnarounds at essentially all of our upstream and downstream facilities. We spend about $1.3 billion per year, roughly 20% of our capital budget. When we look at benchmarks, Solomon and others, we are well below average in turnaround planning and execution. So we see a major opportunity to improve cost schedule volumes. Dave Oldreive and Shelley Powell are our senior executive co-leads on this important initiative.

我想強調的第二個領域是周轉計劃和執行。就背景而言，我們幾乎對所有上游和下游設施進行了大規模的年度檢修。我們每年花費約 13 億美元，約占我們資本預算的 20%。當我們查看所羅門和其他人的基準時，我們在周轉計劃和執行方面遠遠低於平均水平。因此，我們看到了改善成本計劃量的重大機會。戴夫·奧爾德雷夫 (Dave Oldreive) 和雪莉·鮑威爾 (S​​helley Powell) 是我們這項重要舉措的高級執行聯席領導者。

Beyond the operation and when I look a little bit further on the radar screen, I'll flag two areas that are top of list. Fort Hills long-term plan. The near-term recovery plan was set last year with clear and definitive actions for the next several years. Given our confidence in the value in this long-life resource, our focus is now on years 4 through 40. The key strategic question is what is the best, most valuable way to move into the North mining areas. More to come on Fort Hills.

除了操作之外，當我在雷達屏幕上進一步觀察時，我將標記兩個位於列表頂部的區域。福特山的長期計劃。近期復蘇計劃是去年制定的，為未來幾年制定了明確而明確的行動。鑑於我們對這種長壽命資源的價值充滿信心，我們現在的重點是第 4 到 40 年。關鍵的戰略問題是進入北部礦區的最佳、最有價值的方式是什麼。福特山還將有更多精彩內容。

The last area I'll comment on is Pathways Alliance. We continue to work to achieve net zero greenhouse gas emissions from our operations by 2050. There is alignment within the Pathways Alliance and increasingly the federal and provincial governments. This fall is key to agree on a competitive fiscal framework for infrastructure investment. Kris Smith and Arlene Strom are the senior executives on this important file.

我要評論的最後一個領域是Pathways Alliance。我們繼續努力，到 2050 年實現我們運營中的溫室氣體淨零排放。Pathways Alliance 內部以及越來越多的聯邦和省政府內部都達成了一致。今年秋天是就基礎設施投資競爭性財政框架達成一致的關鍵。克里斯·史密斯 (Kris Smith) 和阿琳·斯特羅姆 (Arlene Strom) 是這份重要文件的高級管理人員。

Before I turn it over to Kris, I want to offer a couple of comments on guidance. On upstream production, we're tracking to the low end of our range, our range is 740 to 770, midpoint of 755. Our Terra Nova start-up delay and our lower stake in Fort Hills has been planned due to the tech acquisition in total, add up to about 20,000 barrels a day, which together would take us below the low end of the range. Downstream, our Commerce City refinery recovery from the incident in December 2022, makes achieving guidance a challenge although I'll note that Commerce City volumes don't have a proportional impact on downstream profitability simply given relative value contribution. That said, make no mistake about it, we are focused on meeting our targets, delivering on commitments. There are no revisions to guidance to date.

在將其交給克里斯之前，我想就指導提供一些評論。在上游生產方面，我們正在跟踪範圍的低端，我們的範圍是 740 至 770，中點為 755。由於在總計每天大約 20,000 桶，這將使我們低於該範圍的低端。下游，我們的商業城煉油廠從2022 年12 月的事件中恢復過來，使得實現指導成為一項挑戰，儘管我會指出，僅考慮相對價值貢獻，商業城的產量不會對下游盈利能力產生成比例的影響。也就是說，毫無疑問，我們專注於實現我們的目標，兌現承諾。迄今為止，指南沒有任何修訂。

Looking ahead, I envision updating when we have information and clarity on which to base any changes if there were to be changes, and given that turnarounds have such a material impact, both upstream and downstream for us, it makes sense to tend to upgrade after majority are completed each year or at least well underway. For us, for this year, that would essentially mean at the end of the third quarter.

展望未來，我設想當我們有信息和明確的信息來進行更新時，如果有任何變化，可以作為任何變化的基礎，並且考慮到周轉對我們的上游和下游都有如此重大的影響，在之後傾向於升級是有意義的大部分項目每年都會完成或至少正在進行中。對我們來說，今年這基本上意味著在第三季度末。

So with that, I'll turn it over to Kris.

所以，我會把它交給克里斯。

Great. Thanks, Rich, and good morning, everyone. Well, I'll just provide some high-level overview of the numbers and some color. Suncor generated $2.7 billion of adjusted funds from operations in the second quarter. This includes a onetime restructuring charge of $210 million after tax related to workforce reductions. Based on our expected annual savings, as outlined by Rich in his comments, this will have about a 9-month payback. Now when severance costs are excluded, AFFO was $2.9 billion or $2.19 per share. While not as strong as the previous year, the quarter still saw a very constructive business environment, we saw WTI averaging $74 a barrel in the quarter and light-heavy differentials strengthened versus Q1 and averaging $15 a barrel. As well, we continue to see synthetic crude oil trade at a premium to WTI. And while refining cracks were down from Q1, 211 cracking margins remained robust at around $30 a barrel.

偉大的。謝謝里奇，大家早上好。好吧，我只會提供一些數字和一些顏色的高級概述。 Suncor 第二季度運營調整後資金達 27 億美元。其中包括與裁員相關的 2.1 億美元稅後一次性重組費用。根據 Rich 在評論中概述的我們預期的年度節省，大約需要 9 個月即可收回投資。現在，如果排除遣散費，AFFO 為 29 億美元，即每股 2.19 美元。雖然不如去年那麼強勁，但本季度仍然看到了非常有建設性的商業環境，我們看到本季度 WTI 平均價格為每桶 74 美元，輕重油價差較第一季度加強，平均每桶 15 美元。此外，我們繼續看到合成原油交易價格高於 WTI。儘管煉油裂解產量較第一季度有所下降，但 211 裂解利潤仍保持在每桶 30 美元左右的強勁水平。

Natural gas, which is a key input cost to our operations remained low, with AECO averaging $2.35 a Gj in the quarter. Looking forward, we continue to see a strong business environment with both crude and refining crack strengthening since Q2 on the back of healthy supply-demand fundamentals and expect to see this continue.

天然氣是我們運營的關鍵投入成本，該成本仍然很低，本季度 AECO 平均成本為 2.35 美元/吉焦。展望未來，我們繼續看到強勁的商業環境，自第二季度以來，在健康的供需基本面的支持下，原油和煉油裂解均有所加強，並預計這種情況將持續下去。

Now turning to operations. Our upstream operations delivered 742,000 barrels of total production in the quarter. With respect to oil sands, we had strong operations, delivering $2.6 billion of adjusted funds from operations with oil sands realizations averaging CAD 94 a barrel, which was about 94% of WTI. Oil Sands delivered 679,000 barrels a day of production in a quarter that had the Syncrude turnaround, which turnaround was executed safely with quality and ahead of schedule. We saw strong upgrading performance in the quarter with 94% upgrading utilization, which included that turnaround and which also included 100% utilization at base plant upgrading, delivering a total of 505,000 barrels a day of synthetic crude oil production. Our In Situ assets also saw continued strong production, including 102% utilization at Firebag. Meanwhile, the Fort Hills asset was on plan with production ramping up quarter-over-quarter to 110,000 barrels a day net, including 14,000 barrels a day of internal transfers to base plant upgrading.

現在轉向運營。我們的上游業務本季度總產量為 742,000 桶。就油砂而言，我們的業務強勁，從業務中交付了 26 億美元的調整後資金，油砂平均實現每桶 94 加元，約為 WTI 的 94%。油砂公司在 Syncrude 檢修的一個季度內每天交付 679,000 桶產量，該檢修安全、優質、提前完成。本季度我們看到了強勁的升級表現，升級利用率為 94%，其中包括這次扭虧為盈，還包括基地工廠升級的 100% 利用率，每天合成原油產量總計 505,000 桶。我們的 In Situ 資產的生產也持續強勁，包括 Firebag 的利用率為 102%。與此同時，Fort Hills 資產正在按計劃進行，產量環比增加至每日淨產量 110,000 桶，其中包括每天 14,000 桶的內部轉移至基地工廠升級。

As we look forward into the quarter, Fort Hills started its 5-year full plant turnaround in late July, and we're pleased with the progress and that it's on track to complete on schedule later this week. Also, our base plant Upgrader 2 scheduled major turnaround will be starting in early September, stretching into Q4, and that's been reflected in our guidance. Exploration and production generated adjusted funds from operations of $521 million with production of 63,000 barrels per day and average realizations of CAD 108 per barrel, which was about 102% of Brent.

當我們展望本季度時，Fort Hills 於 7 月下旬開始了為期 5 年的全面工廠周轉，我們對進展感到滿意，並且有望在本週晚些時候按計劃完成。此外，我們的基地工廠 Upgrader 2 計劃的重大檢修將於 9 月初開始，一直持續到第四季度，這已反映在我們的指導中。勘探和生產業務產生的調整後資金為 5.21 億美元，產量為每天 63,000 桶，平均實現每桶 108 加元，約為布倫特原油的 102%。

We also closed the sale of our U.K. North Sea assets on June 30 for gross proceeds of CAD 1.1 billion. The asset life extension work on the Terra Nova FPSO continued in the quarter and is now complete with the vessel setting sail actually just a couple of days ago on Sunday. Once it arrives at station, it will then begin subsea reconnection activities through the remainder of the quarter and into Q4.

我們還於 6 月 30 日完成了英國北海資產的出售，總收益為 11 億加元。 Terra Nova FPSO 的資產壽命延長工作在本季度繼續進行，現已完成，該船實際上就在幾天前的周日起航。一旦到達站點，它將在本季度剩餘時間和第四季度開始海底重新連接活動。

Finally, Downstream generated adjusted funds from operations of $781 million on a FIFO basis in the quarter or $897 million on a LIFO basis. Average refinery utilization was 85%, which reflected planned turnaround activity. All refinery assets are back from spring turnaround activities and set up for a strong run for the rest of the year. And in fact, in July, we saw average refining utilizations across the network of over 100%. Meanwhile, in the quarter, margin capture was 89%, which reflected reduced heavy feedstock mix and increased intermediates during the turnarounds and rebuilding of inventories. And we had refined product sales of 547,000 barrels per day.

最後，Downstream 在本季度從運營中產生了 7.81 億美元的調整後資金（按先進先出法計算）或按後進先出法計算 8.97 億美元。煉油廠平均利用率為 85%，反映了計劃的周轉活動。所有煉油廠資產均已從春季周轉活動中恢復過來，並為今年剩餘時間的強勁運行做好了準備。事實上，7 月份，我們看到整個網絡的平均煉油利用率超過 100%。與此同時，本季度的利潤率為 89%，這反映出重質原料組合的減少以及庫存周轉和重建過程中中間體的增加。我們的成品油銷量為每天 547,000 桶。

With respect to overall costs, as Rich said in his comments, cost management, cost reduction is a key focus of this management team, and we're seeing progress on costs and see ourselves trending towards the bottom end of our Oil Sands cash cost per barrel guidance ranges for the rest of the year. Year-to-date capital spend to the end of Q2 was $2.7 billion. As with costs, we remain laser-focused on driving capital discipline. Though with the unplanned spend related to the Commerce City outage earlier this year, and the extended Terra Nova life extension work, along with some inflationary pressure, we are trending toward the upper end of our guidance range.

就總體成本而言，正如Rich 在他的評論中所說，成本管理、成本降低是該管理團隊的重點關注點，我們看到成本方面取得了進展，並看到我們的油砂現金成本正趨於觸底。今年剩餘時間的桶指導範圍。截至第二季度末，年初至今的資本支出為 27 億美元。與成本一樣，我們仍然專注於推動資本紀律。儘管由於今年早些時候與商業城停電相關的計劃外支出、Terra Nova 壽命延長工作的延長以及一些通脹壓力，我們正趨向指導範圍的上限。

On shareholder returns, we returned $1.4 billion to shareholders in the quarter which was made up of about $700 million in dividends and about $700 million in share buybacks. Year-to-date, we've bought back almost 3% of our shares. And at the end of Q2, our net debt was $14.4 billion, which was a $1.3 billion reduction from the end of Q1. As our shareholders expect, along with safety, reliability and profitability, we remain focused on prudently managing our balance sheet and reducing debt while continuing to provide very competitive returns to our shareholders, through our dividend and reduce share count via buybacks.

在股東回報方面，我們本季度向股東返還了 14 億美元，其中包括約 7 億美元的股息和約 7 億美元的股票回購。今年迄今為止，我們已經回購了近 3% 的股票。截至第二季度末，我們的淨債務為 144 億美元，比第一季度末減少了 13 億美元。正如我們的股東所期望的那樣，除了安全性、可靠性和盈利能力之外，我們仍然專注於審慎管理我們的資產負債表和減少債務，同時通過股息和通過回購減少股份數量繼續為股東提供非常有競爭力的回報。

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

這樣，我會把它交還給你，特洛伊。

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

謝謝你，克里斯。我會將電話轉回接線員以回答一些問題。

(Operator Instructions) And the first question today will come from the line of Greg Pardy with RBC Capital Markets.

（操作員說明）今天的第一個問題將來自 RBC Capital Markets 的 Greg Pardy。

Thanks for the detailed rundown. Kris, I mean, you delved into just what turnaround activity looks like in the third quarter. Are there any initiatives that you're taking to, I guess, mitigate the impacts of production being offline. I guess is there anything special or any modifications maybe that you're making to maintenance plan for the third quarter that you might not have done in previous years?

感謝您的詳細綱要。克里斯，我的意思是，您深入研究了第三季度的扭虧為盈活動。我猜你們正在採取任何措施來減輕離線生產的影響。我想您對第三季度的維護計劃是否有一些前幾年可能沒有做過的特殊或任何修改？

Yes. Thanks for the question, Greg. What I'd say is that the team has been super focused on delivering the turnaround as we planned and if anything, if you look at the Syncrude turnaround in the spring and the delivery of that, I think it's a great indication of that type of focus, that turnaround, as I mentioned in my comments, not only good quality, really good safety but came in a bit ahead of schedule. And that's what we like to see.

是的。謝謝你的提問，格雷格。我想說的是，團隊一直非常專注於按照我們的計劃實現扭虧為盈，如果有的話，如果你看看春季的Syncrude 周轉以及其交付情況，我認為這是這種類型的一個很好的跡象。重點是，正如我在評論中提到的那樣，這種轉變不僅質量好，安全性非常好，而且比計劃提前了一點。這就是我們喜歡看到的。

So I'm looking down at my colleagues at the end of the table, Peter Zebedee and Dave Oldreive, even I know that they're super focused on delivering the turnaround that we've outlined. We've outlined them in the guidance. As I mentioned, the big one in the quarter is the U2 turnaround, which will start in September and go into October.

因此，我低頭看著桌子末端的同事 Peter Zebedee 和 Dave Oldreive，即使我知道他們非常專注於實現我們概述的轉變。我們已在指南中概述了它們。正如我提到的，本季度最重要的事情是 U2 的周轉，將於 9 月開始並持續到 10 月。

And Fort Hills, I just mentioned, that was a full plant turnaround, 5-year turnaround, really pleased with what we've been seeing, and it's coming back this week as we expected. So I would say it's been a real double down focus on getting good planning into these turnarounds and focus on execution through them.

我剛才提到，福特山工廠實現了全面的周轉，為期 5 年的周轉，我們對所看到的情況非常滿意，並且正如我們預期的那樣，本週將恢復正常。所以我想說，這是真正的雙重關注，即為這些轉變做好良好的規劃，並專注於通過它們執行。

Okay. And then maybe just completely shifting gears. There's a reference in the release, obviously, to acquiring the balance of Fort Hills. I'm just interested in what your thoughts are there generally how you think about it strategically? And then whether there's any possibility of getting a deal done this year? And I'm not asking you to negotiate publicly here. I'm just curious as to whether that is something that could be sooner than later or whether it's just going to take some time.

好的。然後也許只是完全轉變。顯然，該版本中提到了獲取堡壘山的平衡。我只是想知道您的想法，一般來說您是如何從戰略角度考慮的？那麼今年有沒有可能達成協議呢？我並不是要求你們在這裡公開談判。我只是好奇這是否是遲早的事情，或者是否只是需要一些時間。

Yes, Greg, this is Rich. I think a couple of things I'd say is the long-term bitumen supply to the upgraders remains focus area for us. And between a combination of the ability to move Firebag volumes there and/or Fort Hills and/or incremental Fort Hills.

是的，格雷格，這是里奇。我認為我要說的幾件事是，向升級商提供長期瀝青供應仍然是我們的重點領域。以及將 Firebag 卷移動到那里和/或堡壘山和/或增量堡壘山的能力的組合。

As we look at it, we generally would prefer to operate and have 100% ownership of our assets. That's generally where we think we can add the most value and be the most competitive. And so Fort Hills would fit into that. The -- with ConocoPhillips exercising the ROFR, the deal as originally announced and configured changed, and we acknowledge that. Total acknowledges that. Discussions are still going, and I appreciate you not asking me to speculate where we'll end up, but discussions are going, continuing the strategic value to us. And I would say Total is -- largely remains the same. So we just -- we'll work through that. And when we -- if and when the time is right, we have something to announce, we'll do that. I think that -- but expecting a resolution on all that this year, that's a reasonable expectation.

從我們的角度來看，我們通常更願意經營並擁有我們資產的 100% 所有權。一般來說，我們認為我們可以在這方面增加最大價值並最具競爭力。因此，福特山就適合這一點。隨著康菲石油公司行使 ROFR，最初宣布和配置的交易發生了變化，我們承認這一點。道達爾承認這一點。討論仍在進行，我很感謝你沒有讓我推測我們最終會走向何方，但討論仍在進行，繼續為我們帶來戰略價值。我想說的是，總體情況基本上保持不變。所以我們只是——我們會解決這個問題。當我們——如果時機成熟時，我們有一些事情要宣布，我們就會這樣做。我認為，但期待今年就所有這些問題達成解決方案，這是一個合理的期望。

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。

The first one really here is, Rich, you've outlined a number of, we call it, strategic opportunities ahead of you. And also in light of the changes to the management team, can you talk to how some of these decisions can or will be made or at least how you envision them being made? And maybe while comparing or contrasting to how some decisions were made in the past.

第一個真正的問題是，Rich，您已經概述了擺在您面前的一些我們稱之為戰略機會的內容。另外，鑑於管理團隊的變化，您能否談談如何或將如何做出其中一些決策，或者至少您設想如何做出這些決策？也許是在與過去做出一些決定的方式進行比較或對比時。

Yes. Dennis, I think the big thing is when we -- we will -- we are disaggregating our business, our cost structure, the efficiencies, the value we add from top to bottom. So for example, I used -- I talked about mining fleet management. When you look at our mining operations, huge scale. And if you -- as Peter breaks down the component parts of his performance, he's got the mining, the extraction and the upgrading.

是的。丹尼斯，我認為最重要的是，我們——我們將會——從上到下分解我們的業務、我們的成本結構、效率和我們增加的價值。例如，我談到了採礦車隊管理。當你看看我們的採礦作業時，你會發現規模巨大。如果你——當彼得分解他的表現的組成部分時，他會進行採礦、開采和升級。

The greatest concentration of cost is in the mining and it also happens to be -- you heard Kris articulate the upgrader utilization, high performance. So the greatest concentration is cost and the greatest opportunity for improvement. So what we're doing, and it's not rocket science at all, we're very sharply focusing on where we have the biggest prizes and that represents a big prize. And the goal in all this is to make us obviously more profitable.

成本最集中的是採礦，而且它也恰好是——你聽到克里斯闡明了升級器利用率和高性能。所以最大的集中是成本和最大的改進機會。所以我們正在做的事情根本不是火箭科學，我們非常專注於我們擁有最大獎項的領域，這代表著一個巨大的獎項。所有這一切的目標顯然是讓我們獲得更多利潤。

But I would ask you to think of that in terms of -- because here's how we're thinking about it. In terms of our breakeven, what does it take? What business environment do we need to be in so that we can pay all our bills and when I say breakeven, I'll put pay our dividends, reliable and growing dividend, and pay or fund the sustaining capital required to take care of the assets we have. So our focus is on improving our quality, our efficiency and lowering that cost structure so that we are resilient in the tough times. And then in the good times, we have more free funds flow available for rewarding shareholders. And that's kind of the mental model that we have here.

但我想請你從以下角度來思考這個問題——因為這就是我們的思考方式。就我們的收支平衡而言，需要什麼？我們需要處於什麼樣的商業環境中才能支付所有賬單，當我說盈虧平衡時，我將支付我們的股息，可靠且不斷增長的股息，並支付或資助管理資產所需的維持資本我們有。因此，我們的重點是提高質量、效率並降低成本結構，以便我們在困難時期保持彈性。然後在經濟好的時候，我們有更多的自由資金流動來回報股東。這就是我們這裡的思維模型。

And I just -- I know I use this word a lot, but it's bringing a very strong, clear focus to where our opportunities lie. You ended your question with kind of to the past. Dennis, I was laying out a beach in St. Lucia, so I don't really know how the past, I just -- I kind of focused on the present and the future. But it -- I said on the very first call that we would be a simpler, more focused organization and I didn't pick those words lightly. And if you look at the actions we have and continue to take, I think they're very, very aligned with that.

我只是——我知道我經常使用這個詞，但它給我們的機會所在帶來了非常強烈、清晰的關注。你以某種過去的方式結束了你的問題。丹尼斯，我當時正在聖盧西亞佈置一個海灘，所以我真的不知道過去怎麼樣，我只是——我有點關注現在和未來。但我在第一次電話會議上就說過，我們將成為一個更簡單、更專注的組織，我並沒有輕易說出這些話。如果你看看我們已經採取並繼續採取的行動，我認為它們非常非常符合這一點。

Great. I appreciate that color. My second question, I guess, moving in a slightly different direction, as we saw a significant amount of volumes being transferred using the Intertek pipelines in the second quarter, really probably managing volumes around the planned turnaround, we also saw a higher throughput of Fort Hills volumes through the upgraders as well.

偉大的。我很欣賞那種顏色。我想，我的第二個問題是朝著稍微不同的方向發展，因為我們看到第二季度使用Intertek 管道傳輸了大量的捲，實際上很可能在計劃周轉期間管理卷，我們還看到Fort的吞吐量更高Hills 也通過升級器實現了擴容。

I think curiosity, how is the strategy of balancing the flow of all these crews determined? And then secondly, are there opportunities to potentially increase that integration or even increase the I guess, the interconnect between your various assets as you look at strategies going forward?

我想好奇的是，平衡所有這些人員流動的策略是如何確定的？其次，在您考慮未來的戰略時，是否有機會潛在地增加這種整合，甚至增加我猜想的各種資產之間的互連？

I may ask Peter here to comment here in a minute. But this is one of the things I commented on at the very beginning that as I went to site to site and looked at how we're -- literally how we're plumbed and the opportunity that, that provides for value, whether it's the Syncrude to the base plant, whether it's getting Firebag bitumen to the base plant increasingly Fort Hills, these are major opportunities for us. And they allow us the flexibility when we're doing planned maintenance or even unplanned events to capture value. And I think the -- what you saw in the quarter were just some very tangible examples of doing exactly that. If I think to the future or further opportunities, Peter, maybe can offer -- or can I ask you to maybe comment on kind of how you see, how things might unfold for us?

我可能會請彼得稍後在這裡發表評論。但這是我一開始評論的事情之一，當我逐個站點查看我們的情況時——從字面上看，我們是如何進行管道設計的，以及提供價值的機會，無論是與基地工廠同步，無論是越來越多的Fort Hills基地工廠越來越多地獲得Firebag瀝青，這些都是我們的重大機會。當我們進行計劃內維護甚至計劃外事件時，它們使我們能夠靈活地獲取價值。我認為，您在本季度看到的只是一些非常具體的例子。如果我想到未來或進一步的機會，彼得也許可以提供——或者我可以請你評論一下你的看法，事情可能會如何為我們展開？

I think you saw that through the quarter where we're flowing volumes and really keeping our upgraders full and optimizing the production network, the integrator production network within the region. This actually also extends into the downstream refining network that we have. Our -- and this is something that we've got our teams focused on 24 hours a day, 7 days a week, really looking to generate the maximum benefits for the company through placing volumes in the appropriate places.

我想您已經看到，整個季度我們的銷量都在不斷增加，我們的升級人員也確實保持了充足的狀態，並優化了生產網絡，即該地區的集成商生產網絡。這實際上也延伸到了我們擁有的下游煉油網絡。我們的團隊每週 7 天、每天 24 小時都專注於此，真正希望通過將數量放置在適當的位置來為公司帶來最大的利益。

We've seen a significant benefit in flowing Fort Hills volumes into the base plant upgrader in terms of yield uplift. Are there opportunities to expand that? Yes, we have our development teams focused on looking at what other regional physical integration opportunities and the physical integration opportunities down into the downstream.

我們已經看到，將福特山產量流入基地工廠升級設施在產量提升方面具有顯著優勢。有機會擴大這一範圍嗎？是的，我們的開發團隊專注於尋找其他區域物理整合機會以及下游的物理整合機會。

And Peter, that yield uplift is from PFT?

Peter，收益率的提升來自 PFT？

From paraffinic froth treatment process. Yes.

由石蠟泡沫處理工藝而成。是的。

And it's material. I mean it makes a difference.

而且它是物質的。我的意思是這會有所不同。

It is material. Yes.

它是物質的。是的。

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。這將來自尼爾·梅塔（Neil Mehta）和高盛（Goldman Sachs）的家族。

Yes. And Rich, this was very helpful color. I want to build on your comments on the cyberattack, and we were watching it from the outside, but maybe you can share some perspective with the investment community of lessons learned and how your new team was able to take on this challenge and as we evaluate its ability to navigate challenges going forward?

是的。 Rich，這是非常有用的顏色。我想以您對網絡攻擊的評論為基礎，我們是從外部觀察的，但也許您可以與投資界分享一些經驗教訓，以及您的新團隊如何應對這一挑戰以及我們評估的一些觀點它有能力應對未來的挑戰嗎？

Well, first of all, I'd rather have a root canal then go through one of these attacks again. They're not pleasant at all. But let me start with the tail end. I was -- look, we -- I had been here a couple of months, Dave Oldreive in the Downstream was four days into his new job, and I've got to tell you, I saw Suncor management at its best.

嗯，首先，我寧願做根管治療，也不願再經歷一次這樣的攻擊。他們一點也不令人愉快。但讓我從尾部開始。我——看，我們——我在這裡已經幾個月了，下游下游的戴夫·奧爾德雷夫剛剛上任四天，我必須告訴你，我看到了森科爾管理的最佳狀態。

In terms of the triggering, we call it different things, but I'd call it the business continuity plan, triggering that, putting it in motion, making decisive key decisions early in it. And that goes from the IT, as Peter led our internal business continuity efforts and I say it tongue in cheek, but June was our highest upstream production month of the year. So apparently, when the rest of us in Calgary were playing Whack-a-Mole here, the organization just delivered and so really pleased with that.

就觸發而言，我們稱其為不同的東西，但我將其稱為業務連續性計劃，觸發該計劃，將其付諸實踐，並儘早做出決定性的關鍵決策。這來自 IT，因為 Peter 領導了我們的內部業務連續性工作，我說這只是半開玩笑，但 6 月是我們今年上游生產最高的月份。顯然，當我們卡爾加里的其他人在這裡玩打地鼠遊戲時，該組織剛剛交付了成果，對此我們非常滿意。

Now what I'd also say is we had a comprehensive rundown with our Board 1.5 weeks ago, and John Hill, our Senior VP of IT, I've said John is free to share lessons learned with his colleagues in the IT community. And what I've also said is I'm very comfortable talking to any of my colleagues on lessons learned. But I would say a few simple things, and these -- these aren't rocket scientists, we're not the first and we're not the last to go through a cybersecurity attack. But a quick action. And it's like any emergency response. When in doubt, go the extra distance. It's easy if you over respond and pull back. If you under respond or slow play things, it likely doesn't turn out well. Then the confidence in reestablishing a safe, secure IT environment. And I'll tell you, I'm not the only one around this table, but in the 3 or 4 days that followed, I learned more about IT hardware, software interconnect, than I ever imagined I would in my life because you needed to understand that as we talked with John and his team to make informed decisions as the event unfolded. And so fast response, decisive, the -- building the safe, secure environment. And then as you resume or restore operations doing it very thoughtful, measure twice, cut once. And I'll probably end my comments there. But it -- wouldn't want anyone to go through this. But if I were ever to go through it again, this is the team I would want to go through it with.

現在我還要說的是，1.5 週前我們與董事會以及我們的 IT 高級副總裁 John Hill 進行了全面的總結，我說過 John 可以自由地與 IT 社區的同事分享經驗教訓。我還說過，我很樂意與我的任何同事談論經驗教訓。但我想說一些簡單的事情，這些人不是火箭科學家，我們不是第一個也不是最後一個遭受網絡安全攻擊的人。但動作要快。這就像任何緊急響應一樣。如有疑問，請多走一步。如果你反應過度並退縮，事情就很容易發生。如果你反應不足或緩慢行事，結果可能不會很好。然後是重建安全可靠的 IT 環境的信心。我會告訴你，我不是這張桌子上唯一的人，但在接下來的3 或4 天裡，我學到了更多關於IT 硬件、軟件互連的知識，比我一生中想像的還要多，因為你需要當我們與約翰和他的團隊交談時，了解這一點，以便隨著事件的發展做出明智的決定。如此快速、果斷的反應，構建了安全可靠的環境。然後，當您恢復或恢復運營時，請務必深思熟慮，測量兩次，削減一次。我可能會在這裡結束我的評論。但它——不希望任何人經歷這一切。但如果我能再次經歷這一切，我會想和這支球隊一起經歷這一切。

That's really helpful, Rich. And then the follow-up is just your perspective on Fort Hills as you've spent time now touring all the assets, investors are trying to evaluate whether the issues here are structural or there's a clear line of path to fixing it? And then how does that affect the way we should think about 2024 capital spend as well as you think about the plan to get that up to the capacity?

這真的很有幫助，里奇。然後，後續只是您對福特山的看法，因為您現在已經花時間瀏覽了所有資產，投資者正在嘗試評估這裡的問題是否是結構性的，或者是否有明確的解決路徑？那麼這會如何影響我們思考 2024 年資本支出的方式以及您思考使其達到容量的計劃的方式？

Well, I think the overall reset that was developed last year and communicated last year is solid. There's not a lot of margin for error in that we've got to execute. But fundamentally, that's true in all aspects of our business. It's execution that's key, and so I like that. And what it -- Peter uses the analogy with me, is now we're able to put on the high beams and we're looking not just in front of us month by month, quarter by quarter, but we're able to look longer term. And my confidence of the value in this asset is high.

嗯，我認為去年制定並傳達的整體重置是可靠的。我們必須執行，所以沒有太多的容錯空間。但從根本上來說，我們業務的各個方面都是如此。執行力是關鍵，所以我喜歡這一點。彼得用我的比喻來說，現在我們能夠打開遠光燈，我們不僅能逐月、逐季地看著我們面前，而且我們能夠看到長期來看。我對這項資產的價值充滿信心。

And so as we look at that, I made the comment in my earlier remarks of years 4 through 40, what is the best way to maximize that value in 4 through 40, I'll be very explicit what we're looking at. In the North part of the mine, you've got an area that has a higher fines content and in another area that has a lower fines content. So as we're looking to go to that North mine, we're thinking about are we better opening up two pits and blending bitumen volumes over time, getting to more ratable, stable, predictable production profile versus ups and downs that may occur quarter-to-quarter, year-on-year as you put a variable bitumen supply, higher fines content, lower fines content.

因此，當我們審視這一點時，我在之前對4 到40 年的評論中發表了評論，在4 到40 年間最大化該價值的最佳方法是什麼，我將非常明確地說明我們正在考慮的內容。在礦井的北部，有一個區域的細粉含量較高，而另一個區域的細粉含量較低。因此，當我們打算前往北礦時，我們正在考慮是否更好地開闢兩個礦坑並隨著時間的推移混合瀝青量，從而獲得更可評估、穩定、可預測的生產狀況，而不是季度可能發生的起伏-按季度、按年計算，當瀝青供應量變化時，細粉含量較高，細粉含量較低。

And that's a value based. It's a strategy based and that's where we're digging in right now. And what it may mean on capital as we move activities around, we may move some capital around. Is it fundamentally different? Is it at the end of the day? Is it different plan or a different overall capital profile? No, I don't think so. I think it's just what's the best timing and sequencing to do. And that's -- we'll have more to say on that, I would say, as we complete our work, which will largely be over the rest of the year. But it's not -- I would just finish up there. It's nice to be not hand-to-mouth and figuring out the short term, how we're responding to things. But with the confidence in the short-term plan, and I really mean the next few years, and now we're looking at, okay, how do we maximize long-term value, which is the name of the game.

這是基於價值的。這是基於策略的，這就是我們現在正在深入研究的地方。當我們轉移活動時，這對資本可能意味著什麼，我們可能會轉移一些資本。有本質上的不同嗎？是在一天結束的時候嗎？是不同的計劃還是不同的總體資本狀況？不，我不這麼認為。我認為這就是最好的時機和順序。我想說，當我們完成我們的工作時，我們將對此有更多話要說，這主要是在今年剩餘的時間裡。但事實並非如此——我只想到此為止。不用勉強糊口，而是弄清楚短期內我們如何應對事情，這很好。但有了對短期計劃的信心，我真正的意思是未來幾年，現在我們正在考慮如何最大化長期價值，這就是遊戲的名稱。

One moment for our next question. And that will come from the line of Manav Gupta with UBS.

請稍等一下我們的下一個問題。這將來自馬納夫·古普塔 (Manav Gupta) 與瑞銀 (UBS) 的血統。

I wanted to switch a little to that refining side, you are one of the most profitable North American refiners. In the third quarter, we are seeing a very strong rebound in cracks almost $5 to $6 higher quarter-over-quarter. And then you indicated you're running much harder in 3Q. So when we look at the third quarter in terms of refining, should we think of earnings closer to the first quarter versus second quarter? I think in the first quarter, your cash flow is about $400 million higher. So trying to get a hang of how the refining is looking in the third quarter from you guys?

我想稍微轉向煉油方面，你們是北美最賺錢的煉油商之一。在第三季度，我們看到裂縫出現強勁反彈，環比上漲近 5 至 6 美元。然後你表示你在第三季度更加努力地跑步。因此，當我們從煉油方面來看第三季度時，我們是否應該考慮更接近第一季度而不是第二季度的盈利？我認為第一季度你們的現金流增加了大約 4 億美元。那麼想從你們那裡了解第三季度的煉油情況嗎？

Yes. I'm going to turn it over to Dave here in a second. But Dave has been with us here a couple of months, which is play enough time to get up to speed. And his focus is on those same things we've talked about, safety, operational integrity and reliability. Kris commented how as we -- with a lot of the major work behind us, we're positioned for a good strong run. So Dave, why don't you comment on kind of how you see -- we're halfway through the third quarter and how you see the months ahead playing out?

是的。我馬上就把它交給戴夫。但戴夫已經和我們在一起幾個月了，這段時間足以讓我們加快速度。他的重點是我們已經討論過的那些同樣的事情，安全性、操作完整性和可靠性。克里斯評論道，隨著我們已經完成了許多主要工作，我們已經做好了強勁的準備。那麼，戴夫，你為什麼不評論一下你的看法——我們第三季度已經過半了，你對未來幾個月的情況有何看法？

Yes. Thanks, Manav for the question. We do have a very strong refining network here in Suncor with refineries in just great locations to make money in this business. If you look at the third and the fourth quarter, I mean, it was as Kris mentioned, July, even with the impact of the cyberattack, our refining business ran over 100% of capacity. And we expect largely to run close to capacity through the balance of the year. We have two small turnarounds planned, small hydrocracker turnaround in our Edmonton facility and a reformer turnaround in Montreal. Both of those have solid plans in place, we expect to deliver those on time and on schedule and on budget. And with that, I would see strong performance for the refining business for the balance of the year.

是的。謝謝馬納夫提出的問題。我們在森科爾確實擁有非常強大的煉油網絡，煉油廠位置優越，可以在這項業務中賺錢。如果你看一下第三季度和第四季度，我的意思是，正如克里斯提到的，7月份，即使受到網絡攻擊的影響，我們的煉油業務也運行了100%以上的產能。我們預計今年剩餘時間將基本接近產能。我們計劃進行兩次小型檢修，埃德蒙頓工廠的小型加氫裂化器檢修和蒙特利爾的重整器檢修。兩者都制定了可靠的計劃，我們希望按時、按計劃、按預算交付這些計劃。這樣，我將看到煉油業務在今年餘下的時間裡表現強勁。

Dave, can you comment a little bit to as you looked at things -- as you look at, okay, so what can we do better? And we've talked about turnarounds, if you want to comment on that. But I think you've said we've got a good network, good locations. A big part of it is where we are. So now what are we going to do to make it even better?

戴夫，你能在你看待事物時發表一些評論嗎？好吧，那麼我們可以在哪些方面做得更好呢？如果您想對此發表評論，我們已經討論過扭轉局面。但我想你已經說過我們擁有良好的網絡和良好的地理位置。其中很大一部分是我們所處的位置。那麼現在我們要做什麼才能讓它變得更好呢？

Yes. Thanks, Rich. Look, we have a strong refining business. We do have opportunities to be more focused in that business to leverage stronger work processes, stronger adherence to standards and to really drive operational excellence across that business.

是的。謝謝，里奇。看，我們有強大的煉油業務。我們確實有機會更加專注於該業務，以利用更強大的工作流程，更嚴格地遵守標準，並真正推動整個業務的卓越運營。

If you look at our Commerce City refinery, we had our event back in December, which we took most of the first quarter to recover from, but we did deliver and back up online. We had turnarounds that went longer than we'd like in Commerce City. But we know how to fix that. We've got new leadership in place. I'm committed to help fix that refinery to get that business really focused on excellence. So that's an opportunity for us.

如果你看看我們的商業城煉油廠，我們在 12 月就舉辦了活動，我們花了第一季度的大部分時間才恢復過來，但我們確實在線交付和備份。我們在商業城的周轉時間比我們希望的要長。但我們知道如何解決這個問題。我們已經有了新的領導層。我致力於幫助修復該煉油廠，使該業務真正專注於卓越。所以這對我們來說是一個機會。

But what I really like about our refining business is the ability to take our molecules and fully integrate them from our upstream assets through our refineries, particularly Edmonton refinery, where we have some really unique optimization, integration opportunities, but all the way through to our company-owned retail sites at the pump. That molecule is integrated. All the value is kept within Suncor and not lost to others in that value chain. That's a real competitive advantage for us.

但我真正喜歡我們煉油業務的是能夠通過我們的煉油廠，特別是埃德蒙頓煉油廠，將我們的分子從我們的上游資產中完全整合起來，在那裡我們有一些真正獨特的優化、整合機會，但一直到我們的煉油廠。公司在加油站擁有的零售站點。該分子已整合。所有價值都保留在 Suncor 內部，不會丟失給該價值鏈中的其他人。這對我們來說是一個真正的競爭優勢。

And I think just to add on to that, we talked about, in particularly, we focused on refining, but I want to just reiterate that retail when we talked last quarter, announced just before the quarter, the Canadian Tire deal, for example. I think things like that where we can further benefit from our ability to confidently provide volumes, strengthen the brand, try to ratchet up on the value per leader, value per barrel, whatever, it's those synergies that I think also, as I've talked to Dave and he's new in it. I can see him right now, you guys can't see him, but he's kind of salivating down there at the end of the table on what we see as continued opportunities.

我想補充一點，我們特別談論了煉油業務，但我想重申我們上個季度談論時的零售業，例如在本季度之前宣布的加拿大輪胎交易。我認為，在這樣的事情上，我們可以進一步受益於我們自信地提供產量、強化品牌、努力提高每個領導者的價值、每桶價值等等的能力，我認為這也是這些協同效應，因為我已經和戴夫談過，他是新手。我現在可以看到他，你們看不到他，但他在桌子的末尾有點垂涎欲滴，我們認為這是持續的機會。

Absolutely. Our retail business is solid and where we invest, we get really good results, really good business, great to see it integrated, company-owned and ability to continue to capture that short for the long term for our business. So really excited to continue to optimize that part of our business.

絕對地。我們的零售業務很穩固，在我們投資的地方，我們得到了非常好的結果，非常好的業務，很高興看到它的整合，公司擁有，並且有能力繼續捕捉我們業務的長期短板。能夠繼續優化我們這部分業務真的很興奮。

We completely agree, you have one of the best integrated downstream models out there. My quick follow-up question here is you have taken ownership of the Syncrude, you have announced some good measures over there. The cash cost at Fort Hills came down meaningfully quarter-over-quarter. Syncrude was still a little on the higher side. Is there a plan to make the Syncrude cash cost even more competitive from where we are right now? And I'll turn it over after that.

我們完全同意，你們擁有最好的集成下游模型之一。我的快速後續問題是你已經擁有了 Syncrude，你在那裡宣布了一些好的措施。福特山的現金成本環比顯著下降。 Syncrude 的價格仍然偏高。是否有計劃使 Syncrude 現金成本比我們目前的水平更具競爭力？之後我會把它翻過來。

Peter, do you want to comment on the Syncrude's cash costs in the -- or in particular, per barrel basis in the Syncrude.

Peter，您想對 Syncrude 的現金成本（特別是 Syncrude 的每桶現金成本）發表評論嗎？

No, I'm happy to do that, Rich. And I think I'll link back to your earlier comments, Rich, and the biggest component in cash cost per barrel is our mining costs at Syncrude, and this is true for all our operations. We are working to drive improved efficiency in our mining business.

不，我很高興這麼做，里奇。我想我會鏈接回您之前的評論，Rich，每桶現金成本的最大組成部分是我們在 Syncrude 的採礦成本，這對於我們所有的業務都是如此。我們正在努力提高采礦業務的效率。

The scale of our mining business across the Suncor portfolio, we're moving 1.3 billion tons per year. And so a little improvements add up to a lot here. And we will look at driving improvements within our own mining operations, especially at Syncrude, but also looking at the balance of how those tons are moved. How much we move with our own fleet versus how much we move with third-party contractors, and leveraging what we see as an arbitrage opportunity to move more ourselves.

我們整個 Suncor 產品組合中的採礦業務規模每年輸送 13 億噸。因此，一點點的改進加起來就可以帶來很多好處。我們將著眼於推動我們自己的採礦作業的改進，特別是在 Syncrude，但也會考慮這些噸的運輸方式的平衡。我們用自己的車隊運輸多少，與第三方承包商運輸多少，並利用我們認為的套利機會來增加我們自己的運輸。

So Syncrude is focused and an improvement on cash cost per barrel will be driven through improvements in further in-sourcing of mining operations and in the future, looking to implement autonomous haul truck technology to improve fleet productivity and drive a more competitive mining cost per barrel.

因此，Syncrude 的重點是通過進一步改善採礦業務內包來推動每桶現金成本的改善，並在未來尋求實施自動運輸卡車技術，以提高車隊生產力並推動每桶更具競爭力的採礦成本。

And 2Q was distorted a little bit by the turnaround impact. I think when you take it on a unit cost basis?

第二季度因扭虧為盈的影響而略有扭曲。我想當你以單位成本為基礎時？

It was distorted. We did have a coker out for 63 days, 2-day -- beat the turnaround schedule by 2 days. And that, of course, is another opportunity for us is to look to reduce the duration of those turnarounds, improved our risk-based work selection, and we'll be doing that coincident with our Downstream colleagues and corporately on improving the efficiency of our turnarounds. So that did impact our cost in the second quarter.

它被扭曲了。我們的焦化裝置確實停工了 63 天，即 2 天，比周轉計劃提前了 2 天。當然，這對我們來說是另一個機會，那就是尋求減少這些周轉的持續時間，改進我們基於風險的工作選擇，我們將與下游同事一起這樣做，並共同提高我們的效率周轉。所以這確實影響了我們第二季度的成本。

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。這將來自門諾·赫爾斯霍夫 (Menno Hulshof) 與道明證券 (TD Securities) 的團隊。

I'll start with a question on shareholder capital returns. You were quite active on share buybacks in the first half. So is it reasonable to assume that the second half will be more skewed towards debt reduction given your 50-50 target? And when do you expect to hit your secondary $12 billion net debt target on the strip?

我將從股東資本回報的問題開始。上半年您在股票回購方面非常活躍。那麼，考慮到 50-50 的目標，假設下半年將更加傾向於債務削減是否合理？您預計何時能實現 120 億美元的第二個淨債務目標？

Yes. Thanks, Menno. It's Kris here. Yes, as you pointed out, we had probably more weighted towards buybacks in the first half versus debt reduction, though obviously, we made progress on debt reduction, as I mentioned in my remarks.

是的。謝謝，門諾。這裡是克里斯。是的，正如您所指出的，與削減債務相比，我們在上半年可能更傾向於回購，儘管正如我在發言中提到的那樣，我們顯然在削減債務方面取得了進展。

I think as we go through the balance of the year, you probably see a little bit more trending towards the debt reduction side, but we're still going to be focused on both. And we've got that 50-50 capital allocation is our guidepost as we move through the balance of the year. So you're going to see us continue to toggle on both of those. But I think you're right to point out, it will probably be a bit less in the second half on the buyback side, but still I would say, a very good buyback program continuing.

我認為，當我們度過今年餘下的時間時，您可能會看到更多的債務削減趨勢，但我們仍將重點關注這兩方面。當我們度過今年餘下的時間時，我們將 50-50 的資本分配作為我們的指導方針。所以你會看到我們繼續在這兩個方面進行切換。但我認為你指出的是正確的，下半年回購方面可能會減少一些，但我仍然想說，一個非常好的回購計劃仍在繼續。

In terms of your question around the $12 billion net debt, I mean, obviously, it's going to be a factor on your view on what you think pricing is going to look like. I think if we see pricing continue at its current level, we're going to start approaching that kind of as we get it earlier into next year.

就您關於 120 億美元淨債務的問題而言，我的意思是，顯然，這將成為您對定價的看法的一個因素。我認為，如果我們看到定價繼續保持在目前的水平，我們將在明年早些時候開始接近這種水平。

Now the one piece, Menno that I would add is -- as we talked earlier in Rich's comments on the Q&A is the potential for the Fort Hills transaction. If that does transpire, then obviously, that will change the profile, but the amount would be much less than what we've been talking about a couple months ago in the original transaction. So we would expect to be able to work through that very quickly.

現在，門諾，我要補充的是——正如我們之前在里奇對問答的評論中談到的那樣，福特山交易的潛力。如果這確實發生，那麼顯然，這將改變概況，但金額將比我們幾個月前在原始交易中討論的金額少得多。因此，我們希望能夠很快解決這個問題。

Okay. Kris. And then my second question is more of a point of clarification on Neil's Fort Hills question. I believe the original redevelopment plan was to get to center pit this year and north pit towards the middle of next year, I think that was the time line. Is that still the general plan? Or is all of that getting reevaluated?

好的。克里斯。我的第二個問題更多的是對尼爾的福特山問題進行澄清。我相信最初的重建計劃是今年到達中心坑，明年中旬到達北坑，我認為這就是時間線。這仍然是總體計劃嗎？或者所有這些都被重新評估？

That is still the plan. And so my earlier comments were as we go into North pit and as we think a bit longer term, what is the best way to mine North pit overall. But that the plan you've heard before remains the plan.

這仍然是計劃。因此，我之前的評論是，當我們進入北礦坑時，從長遠來看，開採北礦坑的最佳方式是什麼。但您之前聽到的計劃仍然是計劃。

One moment for our next question. And that will come from the line of John Royall with JPMorgan.

請稍等一下我們的下一個問題。這將來自約翰·羅亞爾 (John Royall) 與摩根大通 (JPMorgan) 的血統。

So you mentioned on Terra Nova, the subsea connection will go into 4Q once the platform arrives on site. Is there an expectation you can give us for timing on getting production back up and running full?

所以你在 Terra Nova 上提到，一旦平台到達現場，海底連接將進入 4Q。您對我們恢復生產並全面運行的時間有什麼期望嗎？

Yes. I'm going to turn it over to Shelley Powell here in a second. And Kris mentioned we dropped ropes on Sunday, and I think we should be on station sometime today, I think, Shelley. And then it starts that process. But Shelley, why don't you describe a little bit of from the time we're on station, what happens to the integration or introduction of hydrocarbons?

是的。我稍後會將其轉交給雪萊·鮑威爾。克里斯提到我們週日放了繩子，我想我們應該在今天某個時候到達車站，我想，雪萊。然後它開始這個過程。但是雪萊，你為什麼不描述一下我們到達太空站後，碳氫化合物的整合或引入會發生什麼情況呢？

Sure. Thanks so much for that. So there is still a fair amount of work in front of us. So sailing away kind of marked one major milestone for the asset life extension project. The good news is the weather is in our favor right now off the coast of Newfoundland and Labrador. So sea states are good.

當然。非常感謝。因此，我們面前還有大量的工作要做。因此，啟航標誌著資產壽命延長項目的一個重要里程碑。好消息是紐芬蘭和拉布拉多海岸目前天氣對我們有利。所以海況很好。

As Rich mentioned, if all goes well, we are looking to reconnect over the course of the next couple of days. And then we still do have several weeks of additional work in front of us. So there's barrier testing that needs to be done with the subsea assets. There is a full set of commissioning activities that we need to undertake there as well. And primarily, we are very focused on making sure that we take the time to do the right work to make sure that when we do return to operation, we have a safe and reliable, sustainable operation going forward.

正如里奇所說，如果一切順利，我們希望在接下來的幾天內重新建立聯繫。然後我們仍然需要幾週的額外工作。因此，需要對海底資產進行屏障測試。我們還需要在那裡進行一整套的調試活動。首先，我們非常注重確保我們花時間做正確的工作，以確保當我們恢復運營時，我們能夠繼續安全、可靠、可持續的運營。

Is that -- sorry, go ahead, Shelley.

是——抱歉，繼續吧，雪萊。

I was just going to say, so in terms of exact timing, we will take the time that we need to do it safely.

我只是想說，所以就具體時間而言，我們會花安全所需的時間。

And the -- as we've got the reconnection and you've got to establish functionality with the well centers and to bring them up on and on that we've been a little innocuous on it. But with where things are, production in the fourth quarter at some time is not unreasonable. But what I'd just say is a little bit further down the line, get a few more of these things kind of checked off. And as we check off each of them our confidence in what that maintenance will get higher. But that's -- if we lay out a plan right now, that's what the plan would include.

而且——因為我們已經重新連接，你必須與井中心建立功能，並讓他們不斷地提出這一點，我們在這方面有點無傷大雅。但就目前的情況來看，第四季度的生產在某個時候出現並不是沒有道理的。但我想說的是，再進一步，檢查更多這些事情。當我們檢查每一項時，我們對維護工作的信心會更高。但這是——如果我們現在製定一個計劃，這就是該計劃將包括的內容。

Great. That's super helpful. And then given the Surmont asset is now not a part of the deal with Total and assuming you do ultimately buy in the rest of Fort Hills, what are your other options for backfilling the lost production from baseline next decade in terms of the production that would have come from Surmont? Just can you talk through some of the other options you have there?

偉大的。這非常有幫助。然後，鑑於甦蒙特資產現在不屬於與道達爾交易的一部分，並且假設您最終購買了福特山的其餘部分，那麼您還有哪些其他選擇可以彌補下一個十年基準線生產損失來自蘇爾蒙？您能談談您還有其他一些選擇嗎？

Yes, absolutely. When I talked earlier on, I mentioned about kind of the reexamination of our strategies and kind of what are those key articulated objectives. Obviously, long-term bitumen supply is in that top 10 list. There's no question about it. And I spent time here again with Shelley recently and now, Peter, looking at our -- some of our in situ opportunities.

是的，一點沒錯。當我早些時候談到時，我提到了對我們戰略的重新審查以及這些關鍵的明確目標是什麼。顯然，長期瀝青供應位列前十名。毫無疑問。最近我又和雪萊一起在這裡度過了一段時間，彼得，現在正在研究我們的一些現場機會。

And I think the -- we -- because I'll tell you, I'm agnostic to a barrel of bitumen. I don't care if it comes from dirt or the earth it's what's the most profitable, the lowest cost, most reliable supply. And we're looking at some of our own internal, like Lewis, for example, is one we've talked about at points in time. I guess, Firebag south is one area we've looked at. And we're looking at a variety of other kind of alternatives in the mine, just adjacent leases.

我認為——我們——因為我告訴你，我對一桶瀝青持不可知論。我不在乎它是來自泥土還是地球，它是最有利可圖、成本最低、最可靠的供應。我們正在研究我們自己的一些內部因素，例如劉易斯，這是我們在某個時間點談論過的人。我想 Firebag 南區是我們關注過的地區之一。我們正在礦井中尋找各種其他類型的替代方案，只是相鄰的租約。

So I think the -- John, what I'd say is we're looking at kind of the full swath of opportunities. And whatever we do will be driven by lowest supply cost and whether that's incremental in situ or whether that's incremental mining and whether that's from assets in our portfolio today or assets that we think we can -- are worth more to us than they are to their current owners. So it's that full view screen or radar screen we're looking at in Fort Hills, obviously helps in that regard from the standpoint. Not just the Fort Hills ramp up as well as whatever happens with the Total side of it. That definitely helps in keeping the upgraders full then beyond that, it's all about value, whether that's maintaining a production profile, growing it or not. It's about what value opportunities are there for us. And I'm excited because we're -- we've got a number of things that are there available -- a number of levers that are available for us to consider pulling over time.

所以我認為——約翰，我想說的是我們正在尋找各種各樣的機會。無論我們做什麼，都將受到最低供應成本的驅動，無論是增量原地開採還是增量開採，無論是來自我們今天投資組合中的資產還是我們認為可以的資產——對我們來說比對他們來說更有價值當前所有者。因此，從角度來看，我們在福特山看到的全視圖屏幕或雷達屏幕顯然在這方面有所幫助。不僅僅是福特山的崛起，還有道達爾方面發生的一切。這肯定有助於保持升級者的滿意度，除此之外，這一切都與價值有關，無論是維持生產狀況，還是擴大生產狀況。這是關於我們有哪些價值機會。我很興奮，因為我們有很多可用的東西，有很多可供我們考慮隨著時間的推移而採取的槓桿。

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。這將來自道格·萊格特 (Doug Leggate) 與美國銀行 (Bank of America) 的關係。

This is Kalei on for Doug. My first question is also on Syncrude maybe it's best for Rich. So the trend as we see it in recent years has seen the Canadians consolidate the oil sands and the result has been just a lot of synergies. When I think about your interest in Fort Hills, it's perhaps another play on this. And when I think about Syncrude, it's just another asset that you're highly familiar with.

這是卡雷 (Kalei) 替道格 (Doug) 發言。我的第一個問題也是關於 Syncrude 的，也許這對 Rich 來說是最好的。因此，正如我們近年來看到的趨勢，加拿大人鞏固了油砂，其結果就是產生了很多協同效應。當我想到你對福特山的興趣時，這可能是另一個遊戲。當我想到 Syncrude 時，它​​只是您非常熟悉的另一項資產。

So I'm wondering if the ownership structure as it stands today, does maximize the value of that asset? Or do you think there could be synergies? And I guess I'm asking that in the context that you guys were just able to identify material cost savings across the business that you do wholly own.

所以我想知道目前的所有權結構是否能夠最大化該資產的價值？或者您認為可能存在協同效應？我想我問這個問題的背景是，你們剛剛能夠確定你們全資擁有的業務中的材料成本節省。

Yes. I think it gets back to my earlier broad comments that ownership and partnerships get there for a variety of reasons over time. In a clean sheet of paper world, we would prefer to operate, have a 100% interest and then -- and I think it's -- our asset base is a real vivid illustration of that.

是的。我認為這又回到了我之前的廣泛評論，即隨著時間的推移，所有權和合作夥伴關係會因各種原因而出現。在一張白紙的世界裡，我們更願意經營，擁有 100% 的權益，然後——我認為是——我們的資產基礎是這一點的生動例證。

The synergies, and Dave commented earlier, Peter did too, of kind of molecule management from the mine all the way through to someone's gas tank, that gives us opportunities, so the flexibility that goes with that is also important. And I think Peter's business is probably the best example of it.

戴夫之前評論過，彼得也做過，從礦山一直到某人的油箱的分子管理，這給了我們機會，所以隨之而來的靈活性也很重要。我認為彼得的生意可能就是最好的例子。

I commented in round numbers, we have 900 trucks in 5 different mines, in 3 different kind of asset bases that have 3 different sets of ownership. Well, if Peter wants to move, Komatsu 980 or Cat 797 and he wants to move them from one to another, he's got to ask people. Well, Peter doesn't like to ask people. Peter just likes to do it and get on with it and save money. So there's opportunities there but I'm being a little tongue in cheek, but they all come down to value.

我用整數表示，我們有 900 輛卡車分佈在 5 個不同的礦山，分佈在 3 個不同類型的資產基地，擁有 3 種不同的所有權。好吧，如果 Peter 想要移動小松 980 或 Cat 797，並且他想將它們從一台移動到另一台，他就必須詢問人們。嗯，彼得不喜歡問人。彼得只是喜歡這樣做並繼續做並省錢。所以那裡有機會，但我有點開玩笑，但它們都歸結為價值。

Aligned partnerships can be highly, highly successful. I think the Interconnect pipeline at Syncrude is a real good example of that. It was a long time in coming. There was some ba(expletive) that used to be at Imperial that made that problematic. Well, he retired and they got it done. And so the opportunity when both sides can benefit, which is what we're about, creating partnerships that value and again, 100% ownership, operatorship is ideal, but we're not always there. And if we get there a move there, it's because both parties will see value in such a deal.

一致的伙伴關係可以取得巨大的成功。我認為 Syncrude 的互連管道就是一個很好的例子。已經等了很長時間了。帝國理工學院曾經有過一些咒罵，這使得這個問題成為了問題。好吧，他退休了，他們完成了。因此，雙方都能受益的機會，這就是我們的目的，建立重視的合作夥伴關係，100% 所有權、經營權是理想的，但我們並不總是在那裡。如果我們採取行動，那是因為雙方都會看到這樣一筆交易的價值。

That's very helpful, Rich. I appreciate that. My second question is on the breakeven that you touched on earlier. Just wondering if you can quantify where that is today, following those cost reductions and where you think it could go organically. And do you think that level would be low enough? Or would you consider supporting it with additional downstream? And I'm thinking back to last November when you guys decided to keep the retail segment because it helped bolster your cash margins.

這非常有幫助，里奇。我很感激。我的第二個問題是關於您之前提到的盈虧平衡點。只是想知道您是否可以量化當前的情況，隨著成本的降低以及您認為它可以有機地發展到哪裡。您認為這個水平足夠低嗎？或者您會考慮通過額外的下游支持它嗎？我回想起去年 11 月，當時你們決定保留零售部門，因為它有助於提高你們的現金利潤率。

Yes. I'm a bit of a numbers guy. So I was playing around with numbers last night, and texted an e-mail and back and forth. And I got to tell you, on a calculation of breakeven I was $0.50 off from what Troy's experts in IR came up with. And I would say we're kind of -- and you guys put out a lot of stuff depending on what you put in and what period you look at whether it's dividends or sustaining level, we're kind of in that $50 a barrel range, plus or minus a little bit.

是的。我是一個有點喜歡數字的人。所以昨晚我一直在擺弄數字，並來回發短信。我必須告訴你，根據盈虧平衡計算，我比 Troy 的 IR 專家得出的結果少了 0.50 美元。我想說的是，你們推出了很多東西，具體取決於您投入的內容以及您所關注的時期，無論是股息還是維持水平，我們都在每桶 50 美元的範圍內，加或減一點點。

And is it -- what you said is that -- I always like it to be lower because I like the resiliency that provides and I like the incremental or supplemental free cash flow and the options that go with that. So that will continue to be a big focus area for us as we get to be a simpler, more focused organization, as we prioritize operational improvements, whether they're turnarounds, mine fleet, whatever they happen to be to strengthen the company and give us more and more optionality on it.

是嗎——你說的是——我總是喜歡它較低，因為我喜歡它提供的彈性，我喜歡增量或補充的自由現金流以及隨之而來的選擇。因此，這將繼續成為我們的一個重點領域，因為我們將成為一個更簡單、更專注的組織，因為我們優先考慮運營改進，無論是周轉、礦山車隊，還是任何能夠增強公司實力並給予我們對它的選擇性越來越多。

Repeat the second -- the tail end of your question a little bit. So you got me going on breakeven because it's very much the way I look at things. And the -- the second part of your question, Troy is scratching a little note for me making sure I get it. Downstream. Yes, Downstream. The benefit of being an integrated company like ours is the natural hedge that goes with it. So if the downstream growth, whether that's in retail, whether that's in partnerships in retail, whether that's looking at the pots and pans we have at our four facilities, could be midstream assets. To me, all of those are on the table to look at how we further strengthen, increase our resiliency, increase our cash flow. I don't have a corresponding list right now to say, here's what those things would be. But I'm looking to my left at a fellow named Dave and it won't be too long before I say, Dave, let's talk about your list. Because I think that's really part of the benefit of kind of our identity, who we are with the level of physical integration and the synergies that go with that.

重複第二個——你問題的末尾一點。所以你讓我實現了收支平衡，因為這就是我看待事物的方式。你的問題的第二部分，特洛伊正在幫我寫一個小紙條，以確保我明白。下游。是的，下游。成為像我們這樣的綜合性公司的好處是隨之而來的自然對沖。因此，如果下游增長，無論是零售業，還是零售業的合作夥伴關係，無論是我們四個工廠的鍋碗瓢盆，都可能是中游資產。對我來說，所有這些都擺在桌面上，看看我們如何進一步加強、提高我們的彈性、增加我們的現金流。我現在沒有相應的清單可以說，這就是這些東西。但我看著左邊一個叫戴夫的傢伙，過不了多久我就會說，戴夫，我們來談談你的清單吧。因為我認為這確實是我們身份的好處的一部分，我們是誰以及物理整合的水平以及隨之而來的協同作用。

I appreciate that. And just to be clear, the $50 that you mentioned, that's a WTI number. And what's the WTI...

我很感激。需要明確的是，您提到的 50 美元是 WTI 價格。那麼 WTI 是什麼...

Hear the number and then forget it because it's not precise. But yes, we talk about it here and what kind of a business environment in a WTI kind of world do we need to be in to be able to pay our priority bills. Our ongoing operating costs and I put dividend and sustaining capital, taking care of the assets we have. I put those in that priority builds.

聽到這個數字然後就忘記了，因為它不精確。但是，是的，我們在這裡討論的是，在 WTI 類型的世界中，我們需要處於什麼樣的商業環境才能支付我們的優先賬單。我們持續的運營成本，我投入股息和維持資本，照顧我們擁有的資產。我把它們放在優先構建中。

Dividend is sacrosanct to me. And I've learned in other areas, you got to take care of what you have. You got to feed the kids you have before you have any more kids. And sustaining capital is very much that take care of the asset base you have. And you want to be able to do that in good business environments, in weaker business environment.

股息對我來說是神聖不可侵犯的。我在其他領域學到了，你必須照顧好你所擁有的。在你有更多的孩子之前，你必須養活你的孩子。維持資本很大程度上取決於您擁有的資產基礎。你希望能夠在良好的商業環境或較弱的商業環境中做到這一點。

So when I talk about breakeven, I include dividends and sustaining capital. What kind of business environment do we need to be in, so we have resiliency and we can withstand or ride through when times are -- they're not as strong as we'd like them to be.

因此，當我談論盈虧平衡時，我包括股息和維持資本。我們需要處於什麼樣的商業環境中，這樣我們就有彈性，我們可以承受或渡過困難時期——它們並不像我們希望的那麼強大。

I'm showing no further questions in the queue at this time. I would now like to turn the call back over to Mr. Troy Little for any closing remarks.

目前我在隊列中沒有顯示任何其他問題。現在，我想將電話轉回給特洛伊·利特爾先生，請他發表結束語。

Thank you for joining us today. Please don't hesitate to reach out to us should you have any follow-up questions. Operator, you can close the call.

感謝您今天加入我們。如果您有任何後續問題，請隨時與我們聯繫。接線員，您可以結束通話了。

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

感謝大家的參與。今天的節目到此結束。您現在可以斷開連接。