Suncor Energy Inc (SU) 2023 Q4 法說會逐字稿

Good day, and welcome to the Suncor Energy Fourth 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 年第四季業績電話會議。 （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 speaker, Mr. Troy Little, Vice President of Investor Relations. Mr. Little, the floor is yours.

現在我想將會議交給您的發言人，投資者關係副總裁 Troy Little 先生。利特爾先生，地板是你的。

Thank you, operator, and good morning. Welcome to Suncor Energy's fourth 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 fourth quarter earnings release, as well as in our Annual Information Form, both of which are available on SEDAR, EDGAR and our website, suncor.com.

謝謝您，接線員，早安。歡迎參加森科能源第四季財報電話會議。請注意，今天的評論包含前瞻性資訊。由於我們第四季度收益發布以及年度資訊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，這兩種資訊均可在 SEDAR、EDGAR 和我們的網站 suncor 上取得。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 fourth quarter earnings release.

這些評論中提到的某些財務措施並未受到加拿大公認會計原則的規定。有關這些財務指標的說明，請參閱我們的第四季財報發布。

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 3 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 & Support Services. Following the formal remarks, we'll open up the call to questions.

我們將從總裁兼執行長 Rich Kruger 的評論開始；其次是 Suncor 財務長 Kris Smith。參加電話會議的還有我們的 3 位高階營運領導者：Peter Zebedee，油砂執行副總裁； Dave Oldreive，下游執行副總裁；以及營運改善和支援服務資深副總裁 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，我將把它交給里奇來分享他的評論。

Thanks Troy. Good morning. Fourth quarter, I would characterize it as strong results across the board, safety, upstream production, downstream reliability, cost management. We finalized the Fort Hills purchase. It was about delivering on commitments for our company.

謝謝特洛伊。早安.第四季度，我將其描述為全面、安全、上游生產、下游可靠性、成本管理的強勁業績。我們完成了對福特山的購買。這是關於兌現我們公司的承諾。

Kris will detail the Q4, but first, I'd like to provide a little bit of a look back at 2023 overall. For context, on my first earnings call 10 months ago, I outlined 4 things you could expect to see from Suncor.

Kris 將詳細介紹第四季的情況，但首先，我想回顧一下 2023 年的整體情況。作為背景，在 10 個月前的第一次財報電話會議上，我概述了您可以從 Suncor 看到的 4 件事。

One, an intense focus on the fundamentals; Two, a simpler more focused organization; Three, a shareholder oriented executive leadership team; and Four, an overall urgency to improve performance. So how are we doing?

第一，高度關注基本面；第二，更簡單、更專注的組織；三、以股東為中心的執行領導團隊；四是提高績效的整體迫切性。那我們怎麼樣？

Let me start with the focus on the fundamentals and first and most importantly, the fundamental of safety. The fourth quarter of the year was our safest quarter in 2023 and 2023 was the safest year in the company's history.

讓我先專注在基本原理，首先也是最重要的是安全的基本原理。今年第四季是我們2023年最安全的季度，2023年是公司史上最安全的一年。

We had no life-altering or life-threatening injuries for the first time since 2015. We had a nearly 50% reduction in lost time incidents year-on-year. We had our best ever recordable incident rate in the downstream and our second best ever in the upstream. How? Leadership, workforce engagement, risk management, procedures and technology.

自 2015 年以來，我們首次沒有發生改變生命或危及生命的傷害。我們的損失時間事件比去年同期減少了近 50%。我們在下游實現了有史以來最好的可記錄事故率，在上游實現了有史以來第二高的事故率。如何？領導力、員工敬業度、風險管理、程序和技術。

I'll continue with the second fundamental asset reliability, starting with the upstream. Our bitumen upgraders are our moneymakers, full year utilization of 92%, our best ever. We had 91% of the Base Plant, 93% at Syncrude. This is the first time in our history that both assets were at or above 90%. And combined, they were 3% higher than our previous best ever. How? Operational excellence by our site teams and our unique inter-site physical integration.

我將繼續討論第二個基本資產可靠性，從上游開始。我們的瀝青升級商是我們的搖錢樹，全年利用率為 92%，是我們有史以來最好的。我們擁有基地工廠 91% 的股份，93% 位於 Syncrude。這是我們歷史上第一次這兩項資產的利用率都達到或超過 90%。綜合起來，它們比我們之前的最高記錄高出了 3%。如何？我們的站點團隊的卓越營運和獨特的站點間實體整合。

I'll continue with the downstream liability. Crude unit utilization, 90% for the full year, nothing to brag about, but it's a tale of 2 halves. 82% utilization in the first half and 99% utilization in the second half. For the full year, Sarnia refinery had its best ever utilization. Edmonton had its second best ever, and Montreal, its third best ever. How? Again, leadership workforce commitment to perform.

我將繼續承擔下游責任。原油裝置利用率，全年90%，沒什麼值得吹噓的，但這是一個兩半的故事。上半年使用率為82%，下半年利用率為99%。薩尼亞煉油廠全年利用率達到歷史最高水準。埃德蒙頓是有史以來第二好的，蒙特婁是有史以來第三好的。如何？再次，領導團隊承諾履行職責。

I'll continue with delivering on commitments, and I'll highlight upstream production. We finished the year at 746,000 barrels a day, second highest in our company history, including 808,000 [b/d] in the fourth quarter. We achieved external guidance for the first time in 6 years, highest ever annual production at Syncrude in its 45 year history and at Firebag in its 20 year history.

我將繼續履行承諾，並專注於上游生產。我們全年產量達到每天 746,000 桶，這是公司歷史上第二高的水平，其中第四季度產量為 808,000 桶/天。我們六年來首次實現了外部指導，實現了 Syncrude 45 年歷史上的最高年產量和 Firebag 20 年歷史上的最高年產量。

Fort Hills delivered on year 1 of a 3-year plan, full year was at 147,000 barrels a day and the fourth quarter at a very strong 186,000 barrels a day. How? I'll begin to sound like a broken record. Leadership, clear priorities, workforce focus. We understand that trust and credibility, are based on delivering on commitments.

Fort Hills 完成了三年計畫的第一年，全年產量為每天 147,000 桶，第四季產量為每天 186,000 桶。如何？我會開始聽起來像一張破唱片。領導力、明確的優先事項、員工關注點。我們知道信任和信譽是基於兌現承諾的基礎上的。

The second area I highlighted, you could expect from Suncor was a simpler, more focused organization. Well, we have a new executive leadership team, smaller at 8 versus previous 9, 4 of us were new in 2023, a 1/5 in 2022. Individually, the functional expertise on this team is outstanding, but we're even better collectively, or in terms of a team competency.

我強調的第二個領域是，您可以從 Suncor 獲得一個更簡單、更專注的組織。嗯，我們有一個新的執行領導團隊，人數減少到8 人，而之前只有9 人，其中4 人是2023 年的新人，1/5 是2022 年的新人。就個人而言，這個團隊的職能專業知識非常出色，但我們集體表現得更好，或就團隊能力而言。

Our newest member of the team, Kent Ferguson joined us here a month or so ago as our Senior VP of Strategy, Sustainability, Commercial and Development and Kent is in the room with us this morning as well. We reorganized and refocused our above field, or our non-operating workforce, a 20% reduction in headcount completed in 5 months last year between June and November.

我們團隊的最新成員肯特·弗格森 (Kent Ferguson) 大約一個月前加入我們，擔任我們的策略、永續發展、商業和開發高級副總裁，今天早上肯特也和我們在一起。我們對上述領域或非營運人員進行了重組和調整，去年 6 月至 11 月的 5 個月內完成了 20% 的人員削減。

And we did this through the elimination of work, work that was judged to be low priority or simply unaffordable. We spent $275 million in severance costs, to achieve a $450 million annual savings starting this year, $50 million above our target. You do the math on that, that's about an 8-month payout.

我們透過消除那些被認為是低優先級或根本無法負擔的工作來做到這一點。我們花了 2.75 億美元的遣散費，從今年開始每年節省 4.5 億美元，比我們的目標高出 5,000 萬美元。你算一下，大約是 8 個月的付款。

Our central above field teams have clear priorities, and they are very intensely focused on operational support and improvement. Another change we made above field, is we consolidated corporate wide strategy, commercial, sustainability and development work, not only to increase efficiency, but even more importantly, to ensure we focus on the highest value work.

我們的中央以上現場團隊有明確的優先事項，他們非常專注於營運支援和改進。我們在上述領域做出的另一個改變是，我們整合了整個公司的策略、商業、永續發展和發展工作，不僅是為了提高效率，更重要的是，確保我們專注於最高價值的工作。

Simultaneously, in the second half, an area we haven't talked about, we restructured and reorganized our upstream and downstream operational site teams. So we now have a common site design across the company, operations, maintenance, engineering, et cetera, with crystal clear site accountabilities.

同時，下半年，我們沒有談到的一個領域，我們對上下游營運現場團隊進行了重組和重組。因此，我們現在在整個公司、營運、維護、工程等方面都有一個共同的站點設計，並且具有清晰的站點責任。

The benefits of this is our common operating standards, applications of best practices, and natural improvement networks across the company. I would say the early results in this are positive: greater clarity, accountability. We're seeing it in the improvements in the execution of our work.

這樣做的好處是我們共同的營運標準、最佳實踐的應用以及整個公司的自然改進網路。我想說，這方面的早期結果是正面的：更明確、更問責。我們在工作執行方面的改進中看到了這一點。

An example, although early 2023, our cost per barrel was at, or below guidance across all upstream oil sand sites. And for the first time in our company history, we executed our turnaround scope upstream, downstream, $1.3 billion in aggregate on budget and on schedule.

舉個例子，儘管到了 2023 年初，我們的每桶成本仍處於或低於所有上游油砂場地的指導水準。在我們公司歷史上，我們第一次按照預算和計劃執行了上游、下游總計 13 億美元的周轉範圍。

Our third area, I promised, you could see, was a shareholder oriented executive leadership team. Well, in the year, we high graded our asset portfolio to strengthen our competitive advantage and add shareholder value. We did that in part by acquiring the remaining 46% interest in Fort Hills in 2 separate transactions that totaled $2.2 billion, both transactions, we consider to be at attractive prices.

我保證，你可以看到，我們的第三個領域是一個以股東為導向的執行領導團隊。那麼這一年我們對我們的資產組合進行了高評級，以增強我們的競爭優勢並增加股東價值。為此，我們透過兩筆單獨交易收購了 Fort Hills 剩餘 46% 的權益，總價值達 22 億美元，我們認為這兩筆交易的價格都很有吸引力。

The second one, Total Canada also provides large and immediate tax benefits as articulated in our release. These acquisitions address our long term bitumen supply uncertainty, but in addition, they enabled material regional synergies with the large footprint of our operations.

第二個，道達爾加拿大還提供大量且即時的稅收優惠，如我們的新聞稿中所述。這些收購解決了我們長期瀝青供應的不確定性，但此外，它們也透過我們龐大的業務足跡實現了實質的區域協同效應。

In the year, we also sold non-core U.K. North Sea upstream assets for $1.1 billion and the solar and wind business for about $700 million of our combined $1.8 billion.

今年，我們也以 11 億美元的價格出售了英國北海非核心上游資產，並以 18 億美元的總價值中的約 7 億美元出售了太陽能和風能業務。

In the year, profitability and shareholder returns, we had AFFO of $13.3 billion, the second highest in our history, despite oil prices being the seventh highest over the same period of time.

今年，就獲利能力和股東回報而言，我們的 AFFO 達到 133 億美元，是我們歷史上第二高的，儘管石油價格在同期排名第七。

We generated free funds flow of $7.5 billion, second highest, and we executed a $5.7 billion capital program, again within our guidance. We distributed $5 billion to shareholders, $2.8 billion in dividends, $2.2 billion in buybacks, and when combined, this is a 9.1% cash return in the year.

我們產生了 75 億美元的自由資金流量，位居第二，並且執行了 57 億美元的資本計劃，同樣在我們的指導範圍內。我們向股東分配了 50 億美元、28 億美元的股息、22 億美元的回購，合計起來，今年的現金回報率為 9.1%。

Where we are today and going forward? Continued priorities are to lower our overall corporate WTI breakeven and increase free cash flow, free funds flow per share. In terms of continuing to improve and the urgency to do that, I'll talk a bit more about that when Kris is done. But I would say that despite overall strong financial and operating performance in 2023, I look at it as we also left some on the table.

我們今天的處境和未來的發展如何？持續的首要任務是降低我們的整體 WTI 損益平衡點並增加自由現金流和每股自由資金流。關於繼續改進和這樣做的緊迫性，當克里斯完成後我會更多地談論這一點。但我想說的是，儘管 2023 年的財務和營運業績總體強勁，但我認為我們還留下了一些問題。

We missed our refining utilization guidance by a couple percent, really attributed to a slow recovery in the first half of the year at Commerce City. And we had disappointing project execution at Terra Nova and the subsequent delayed start-up, with the ramp up of that asset now going on.

我們的煉油利用率指引比預期低了幾個百分點，這其實是由於商業城上半年復甦緩慢所致。我們在 Terra Nova 的專案執行情況令人失望，隨後啟動也被推遲，而該資產目前仍在增加。

So in summary, 2023, I would say, was a good year in many areas, very good in other areas, but I believe we can do better and that's exactly our plan. So I'll come back to 2024 in a few minutes.

總而言之，我想說，2023 年在許多領域都是美好的一年，在其他領域也非常好，但我相信我們可以做得更好，這正是我們的計劃。幾分鐘後我會回到 2024 年。

But first I'll turn it over to Kris, who will talk about our Q4 summary.

但首先我將把它交給克里斯，他將談論我們的第四季總結。

Great. Thanks, Rich, and good morning, everyone. Well, while we saw crude prices and refining margins weaken versus the prior quarter, the fourth quarter still saw a robust price and margin environment.

偉大的。謝謝里奇，大家早安。好吧，雖然我們看到原油價格和煉油利潤與上一季相比有所下降，但第四季的價格和利潤環境仍然強勁。

WTI averaged USD 78 a barrel in the quarter, while the light heavy differential widened versus Q3 averaging about USD 22 a barrel. We also saw synthetic crude oil premiums retreat in Q4 on the back of strong regional upgrading production and egress constraints, across the basin averaging about USD 0.30 a barrel above TI.

本季 WTI 平均價格為每桶 78 美元，而輕質原油價差較第三季平均每桶約 22 美元有所擴大。我們還看到，由於區域生產升級和出口限制強勁，第四季度合成原油溢價有所回落，整個流域的合成原油溢價平均比 TI 高出每桶約 0.30 美元。

On the refining side, while we saw weakening gasoline cracks in the quarter, distillate cracks continued to be strong, and our 5-2-2-1 refining index was USD 33.45 a barrel, which was about USD 2.55 a barrel below Q3.

煉油方面，雖然本季汽油裂解價疲軟，但餾分油裂解價持續強勁，我們的 5-2-2-1 煉油指數為每桶 33.45 美元，比第三季每桶低約 2.55 美元。

Finally, natural gas, which is a key input cost to our operations remained low with AECO averaging CAD 2.15 at GJ in the quarter. With this business environment and very strong operations, Suncor delivered strong financial results in the Q4 generating $4 billion in adjusted funds from operations or $3.12 a share and adjusted operating earnings of $1.6 billion or $1.26 per share.

最後，作為我們營運的關鍵投入成本的天然氣仍然處於較低水平，本季 AECO 在 GJ 的平均成本為 2.15 加幣。憑藉這種商業環境和非常強勁的運營，Suncor 在第四季度取得了強勁的財務業績，調整後的營運資金達40 億美元，即每股3.12 美元，調整後的營運收益為16 億美元，即每股1.26 美元。

During the quarter, we also returned nearly $1.1 billion to shareholders. This was comprised of $704 million in dividends, which represented a 5% increase over the previous quarterly dividend, as well as $375 million in share repurchases.

本季度，我們也向股東返還了近 11 億美元。其中包括 7.04 億美元的股息（比上一季股息增加 5%）以及 3.75 億美元的股票回購。

In 2023, we bought back $2.2 billion of shares, which was almost 4% of our float. Our net debt ended at $13.7 billion, reflecting the closing of the acquisition of Total Energy Canada in the quarter for CAD 1.5 billion, plus closing adjustments and closing costs. And we continue to remain focused on our capital allocation framework, of allocating free cash flow to continued debt reduction and cash returns to shareholders, through share buybacks.

2023 年，我們回購了 22 億美元的股票，幾乎占我們流通股的 4%。我們的淨債務最終達到 137 億美元，反映出本季以 15 億加元完成對 Total Energy Canada 的收購，加上結算調整和結算成本。我們繼續專注於我們的資本配置框架，透過股票回購將自由現金流分配給持續減少債務和向股東提供現金回報。

Turning now to operational performance in the quarter. We saw very strong operational performance in both the upstream and downstream as outlined by Rich. Our upstream delivered total production of 808,000 barrels per day in the quarter, the second highest in our history.

現在轉向本季的營運業績。正如 Rich 所概述的那樣，我們看到上游和下游的營運績效都非常強勁。本季我們上游的總產量為每天 808,000 桶，這是我們歷史上第二高的。

This included 875,000 barrels per day in November and 904,000 in December, which were the highest months of production in company history. The Q4 also saw record quarterly production in our Oil Sands segment.

其中 11 月日產量為 875,000 桶，12 月日產量為 904,000 桶，是公司歷史上產量最高的月份。第四季我們的油砂業務季度產量也創下歷史新高。

The Base Plant Upgrader 2 turnaround was successfully completed on time and on budget early in the quarter, while we also completed our Firebag turnaround successfully. As well, Syncrude had a very strong upgrading quarter, achieving over 100% utilization, another record.

基地工廠升級器 2 週轉已在本季度初按時、按預算成功完成，同時我們也成功完成了 Firebag 週轉。此外，Syncrude 的季度升級非常強勁，利用率超過 100%，再創紀錄。

With the successful completion of the Fort Hills full plant turnaround in Q3, and the mine plan being set up to maximize ore delivery in the quarter, we saw very strong production at Fort Hills, with total production averaging 186,000 barrels per day, or about 96% utilization, a quarterly record.

隨著第三季福特山全廠檢修的成功完成，以及製定礦山計劃以最大限度地提高本季度礦石交付量，我們看到福特山的產量非常強勁，總產量平均為每天186,000 桶，即約96桶。利用率%，創下季度紀錄。

In addition to high reliability across our Oil Sands assets, we also optimized inter-asset volume transfers, to maximize value across those assets. This included internal bitumen transfers of about 45,000 barrels per day in Q4, demonstrating an increased level of integration within Oil Sands. This increase was primarily driven by bitumen transferred from Fort Hills to the Base Plant upgrader, taking advantage of the SCO yield uplift from the paraffinic froth treated Fort Hills barrels.

除了油砂資產的高可靠性之外，我們還優化了資產間的交易量轉移，以最大限度地提高這些資產的價值。其中包括第四季度每天約 45,000 桶的內部瀝青轉移，這表明油砂內部的一體化程度有所提高。這一增長主要是由從 Fort Hills 轉移到基地工廠升級裝置的瀝青推動的，利用了經過石蠟泡沫處理的 Fort Hills 桶的 SCO 產量提升。

Also in the quarter, we saw the return to operation of the Terra Nova asset in our East Coast E&P segment, and that asset continues its ramp-up of production into this quarter.

同樣在本季度，我們看到東海岸勘探與生產部門的 Terra Nova 資產恢復運營，並且該資產在本季度繼續提高產量。

With respect to the downstream, refining utilization was an impressive 98% in the quarter, which included 2 smaller turnarounds at Edmonton and Montreal that were successfully completed.

就下游而言，本季煉油利用率高達 98%，令人印象深刻，其中包括在埃德蒙頓和蒙特利爾成功完成的兩次較小的檢修。

Downstream margin capture was strong in the quarter at 103% on a LIFO basis when compared to Suncor's 5-2-2-1 refining index, primarily driven by higher realizations from seasonal diesel differentials, over the previous quarter. And with diesel cracks continuing to outperform gasoline, Suncor is structurally advantaged as our network produces a higher distillate cut, when compared to the average North American refining.

與 Suncor 的 5-2-2-1 煉油指數相比，本季下游利潤率表現強勁，以 LIFO 計算為 103%，這主要是由於季節性柴油差異比上一季實現更高。由於柴油裂解油的表現繼續優於汽油，森科爾在結構上具有優勢，因為與北美煉油平均水平相比，我們的網絡產生的餾分油含量更高。

As mentioned, we closed the purchase of Total Energy Canada on November 20 for CAD 1.5 billion before closing adjustments and other closing costs, making Suncor the sole owner of Fort Hills. In the quarter, we recognized an initial tax benefit of $880 million associated with the transaction, which supports the strong acquisition economics.

如前所述，我們於11 月20 日以15 億加元的價格完成了對加拿大道達爾能源公司(Total Energy Canada) 的收購，未計成交調整和其他成交成本，使森科爾(Suncor)成為Fort Hills 的唯一所有者。在本季度，我們確認了與該交易相關的 8.8 億美元的初始稅收優惠，這支持了強勁的收購經濟效益。

With the asset now in 100% Suncor ownership, we are focused on continuing to drive the mine improvement plan and maximizing value through integration with our other regional operations.

該資產目前由 Suncor 100% 擁有，我們致力於繼續推動礦山改進計劃，並透過與我們其他區域業務的整合實現價值最大化。

Now for a brief update on the Oil Sands Pathways Alliance to Net Zero carbon capture and storage project. As we continue to work closely with federal and provincial governments on necessary fiscal and regulatory framework, major regulatory applications for the CO2 transportation network and storage hub, are being prepared and are expected to be filed in the first half of this year.

現在簡要介紹油砂淨零碳捕獲和封存途徑聯盟計畫的最新情況。隨著我們繼續與聯邦和省政府就必要的財政和監管框架密切合作，二氧化碳運輸網路和儲存中心的主要監管申請正在準備中，預計今年上半年提交。

While front-end engineering and design of the proposed CO2 transportation line is now more than half complete. As well, more than 2,000 hours of environmental field work have been completed so far, and formal consultation with indigenous groups along the proposed transportation corridor and storage hub began in 2023 and continue.

擬議的二氧化碳運輸線的前端工程和設計現已完成一半以上。此外，到目前為止，已經完成了 2,000 多個小時的環境實地工作，並於 2023 年開始與擬建交通走廊和倉儲中心沿線的土著群體進行正式磋商，並將繼續進行。

Now finally, before handing it back to Rich, I just wanted to make a few comments on our 2024 guidance released this past December. As set out in the guidance, we expect production to grow by about 6% or 44,000 barrels per day versus '23.

最後，在將其交還給 Rich 之前，我只想對我們去年 12 月發布的 2024 年指南發表一些評論。如指南中所述，我們預計產量將比 2023 年增長約 6%，即每天 44,000 桶。

The key drivers to that are the ramp up in Fort Hills production, as we move into the second year of our improvement plan, our increased ownership in Fort Hills as we move from effectively 70% of gross production in '23 to 100% in '24, and increased SCO production at Base Plant as it has a shorter maintenance schedule this year.

實現這一目標的關鍵驅動因素是，隨著我們進入改進計劃的第二年，福特山產量的增加，以及我們在福特山的所有權的增加，因為我們從「23 年」佔總產量的70%上升到「2003 年」的 100%。24 日，由於今年的維護計劃較短，因此增加了基地工廠的 SCO 產量。

As well, while we sold our U.K. E&P business in '23, we now have Terra Nova ramping up, which has us guiding fairly flat with 2023 E&P volumes. That guidance includes a number of large plans' maintenance activities in the year.

此外，雖然我們在 23 年出售了英國勘探與生產業務，但現在 Terra Nova 的產量正在增加，這使我們對 2023 年勘探與生產量的指導相當平穩。該指南包括今年許多大型計劃的維護活動。

At Base Plant, we have a large turnaround in Upgrader 1 in the second quarter, and Upgrader 2 annual coker turnaround in Q3, Q4. And at Syncrude, we have an annual coker turnaround starting in late Q1. And in the downstream in the second quarter, we have large turnarounds at the Sarnia and Montreal refineries this year.

在基地工廠，我們在第二季度升級器 1 進行了大幅檢修，在第三季、第四季升級器 2 進行了年度焦化器檢修。在 Syncrude，我們從第一季末開始進行年度焦化裝置檢修。在第二季度下游，我們的薩尼亞和蒙特利爾煉油廠今年實現了大幅週轉。

With regards to our cash operating costs for '24, we are essentially holding our costs flat with '23, while bringing on additional Fort Hills working interest, and growing production. That's an example of moving costs in the right direction, and we continue to be laser focused on driving costs down across the company.

就我們 24 年的現金營運成本而言，我們的成本基本上與 23 年持平，同時增加了 Fort Hills 的工作興趣並增加了產量。這是一個向正確方向轉移成本的一個例子，我們將繼續專注於降低整個公司的成本。

And finally, our capital guidance for 2024 is $6.3 billion to $6.5 billion. This includes asset sustainment and maintenance capital largely consistent with what we saw in 2023, and higher economic investment capital versus prior year, which reflects a number of key investments that, will drive value for our shareholders.

最後，我們 2024 年的資本指引為 63 億至 65 億美元。這包括與我們在 2023 年看到的情況基本一致的資產維持和維護資本，以及比前一年更高的經濟投資資本，這反映了一些將為股東帶來價值的關鍵投資。

These include the Fort Hills Mine Improvement Plan, the Upgrader 1 coke drum replacement project, Mildred Lake mine extension at Syncrude, finishing up the Base Plant cogeneration project this year, the West White Rose project and SeaRose asset life extension. Our sales and marketing growth plan, and investment in new mining trucks at Fort Hills and Base Plant, including the continued rollout of autonomous trucks at base plant.

其中包括 Fort Hills 礦場改善計畫、Upgrader 1 焦炭鼓更換計畫、Syncrude 的 Mildred Lake 礦場擴建、今年完成的 Base Plant 熱電聯產計畫、West White Rose 計畫和 SeaRose 資產壽命延長。我們的銷售和行銷成長計劃，以及在福特山和基地工廠投資新礦用卡車，包括在基地工廠繼續推出自動駕駛卡車。

I'm confident that the team is 100% focused on delivering against these commitments, and is building on the strong momentum we had finished up in 2023.

我相信，團隊將 100% 專注於兌現這些承諾，並在 2023 年完成的強勁勢頭的基礎上再接再厲。

And with that, Rich, I'll hand it back to you.

就這樣，里奇，我會把它還給你。

Thanks, Kris. Okay. 2023 in the books, it's all about '24 and beyond. Let me talk about what we're doing right now, to continue to add shareholder value.

謝謝，克里斯。好的。書中的 2023 年，都是關於 24 歲及以後的事。讓我談談我們現在正在做什麼，以繼續增加股東價值。

As we look at the year, I think first and foremost, it has achieved our volume growth commitments. I won't go through those in detail. Kris just did. It's a 6% year-on-year versus a midpoint of our guidance. That will require continued strong upgrader utilization, continued strong in situ, and then, of course, the growth that comes along with Fort Hills.

回顧這一年，我認為首先也是最重要的是，它實現了我們的銷售成長承諾。我不會詳細介紹這些內容。克里斯剛剛做到了。與我們指導值的中位數相比，年增 6%。這將需要持續強勁的升級利用，持續強勁的原地，當然，還有伴隨著福特山而來的成長。

In the downstream, we're about a 4% year-on-year growth versus midpoint of guidance. This will require continued strong performance at each of the Edmonton, Sarnia, and Montreal refineries and a full year of successful operations at Commerce City. And then, of course last, but not least on volume, it's about executing the turnarounds across all of our major sites.

在下游，與指導中位數相比，我們的年增長約為 4%。這將需要埃德蒙頓、薩尼亞和蒙特利爾煉油廠持續強勁的表現，以及商業城全年的成功運作。當然，最後但並非最不重要的一點是，在我們所有主要站點上執行週轉。

A second area that I've talked about before, I want to give you a bit of an update on, is mining. Fundamentally, we as a company, we will improve our cost performance as our mining business improves its performance. And for context, again, I've said it before, the cost of moving ore from a mine to a crusher, that's the single highest cost component in bitumen production.

我之前談到的第二個領域是採礦，我想向您介紹一些最新情況。從根本上說，我們作為一家公司，隨著我們的採礦業務改善其業績，我們將提高我們的成本效益。就背景而言，我之前已經說過，將礦石從礦山轉移到破碎機的成本，這是瀝青生產中成本最高的一個組成部分。

And where we sit today, we know exactly what our unit cost competitive gap is relative to best-in-class. And there's really 2 components. A structural gap that's due to the relative age and configurations of our mines, and deals with things like haul distances, and strip ratios. And then there's a performance gap that's, related to simply how well we plan and execute our work.

我們今天所處的位置，我們確切地知道我們的單位成本競爭差距是相對於同類最佳企業而言的。實際上有兩個組成部分。由於礦山的相對年齡和配置而產生的結構性差距，涉及運輸距離和剝離比等問題。然後是績效差距，這與我們規劃和執行工作的程度有關。

Peter has a very definitive plan focused on closing our performance GAAP, with a specific list of tangible actions to bring about improvement. And what we're doing is we're also evaluating alternatives, to address our structural gap via alternate mining scenarios, or our different technologies in our mines. More to come each quarter on the mining business.

彼得有一個非常明確的計劃，重點是結束我們的公認會計準則績效，並列出了一系列具體的實際行動來實現改進。我們正在做的是，我們也在評估替代方案，透過替代採礦方案或我們礦山的不同技術來解決我們的結構性差距。每個季度都會有更多關於採礦業務的消息。

But I want to share 2 specific examples on closing the mining performance gap, the how we plan and execute our work. We've mentioned the trucks, the addition of 55 new, the 400-ton ultra-class trucks through the rest of this year. New and bigger trucks, 55 will displace about twice as many less efficient smaller third-party trucks.

但我想分享兩個關於縮小挖礦性能差距的具體例子，以及我們如何規劃和執行工作。我們已經提到了卡車，今年剩餘時間將增加 55 輛新的 400 噸超級卡車。 55 輛新型更大卡車將取代約兩倍效率較低的小型第三方卡車。

We've received and are operating 13 of those 55 trucks, or about 25%. They're the Komatsu 980s. And recall that I've said before, with all 55 in operation, that will lower our overall corporate breakeven about USD 1 per barrel, when they're all up and running by the end of the year.

我們已收到並正在營運這 55 輛卡車中的 13 輛，約佔 25%。它們是小松 980。還記得我之前說過，當 55 個工廠全部投入運作時，當它們在年底全部投入運作時，這將使我們的整體企業損益平衡點降低約每桶 1 美元。

I've also commented on autonomous operations. We're continuing to ramp up autonomous operations, the haul trucks at our base mines. The last time we talked about 3 months ago, we had 31 trucks operating autonomously. Today, it's 45. And we'll be at 91 by the end of the year. We're in essence by the end of the year, 100% of the ore, at the Base Plant will be moved autonomously.

我也對自主營運發表了評論。我們正在繼續加強基礦運輸卡車的自主運作。上次我們談論 3 個月前，我們有 31 輛卡車在自動駕駛。今天是 45。到年底我們將達到 91。到今年年底，我們基本上將實現基地工廠 100% 的礦石自動運輸。

Recall that conversion delivers about $1 million per truck per year in sustainable annual cost savings. So it's a material improvement.

回想一下，每輛卡車的轉換每年可節省約 100 萬美元的可持續年度成本。所以這是一個物質上的改進。

We'll also get with autonomy what we believe to be a productivity increase where we will effectively moving the same ore tonnage, but with fewer trucks. Specifically, our estimate is it will be the equivalent of 3 free 400-ton haul trucks through the conversion to autonomy. And you recall these trucks cost $10 million plus each.

我們還將透過自主性獲得我們認為生產力的提高，我們將有效地運輸相同的礦石噸位，但使用更少的卡車。具體來說，我們估計，透過轉換為自動駕駛，這將相當於 3 輛免費的 400 噸運輸卡車。您還記得這些卡車每輛價值 1000 萬美元嗎？

What we will do in practice is move these surplus trucks, to displace higher cost third-party vehicles elsewhere in our operation.

在實踐中，我們要做的就是轉移這些多餘的卡車，以取代我們營運中其他地方成本較高的第三方車輛。

So, the winning formula in mining continues to be fewer trucks, bigger trucks, more efficient trucks, autonomous haul trucks, but coupled with an industrial engineering like focus, on all aspect of today's business.

因此，採礦業的致勝法寶仍然是更少的卡車、更大的卡車、更有效率的卡車、自動運輸卡車，但再加上對當今業務各個方面的工業工程等關注。

Existing fleet availability, utilization, maintenance, all the ancillary equipment reliability across the board. And maybe in the Q&A I can ask Peter to address some of the specific things we're working on to bring about further improvement.

現有車隊的可用性、使用率、維護性、所有輔助設備的可靠性全面提高。也許在問答中我可以請 Peter 解決我們正在努力實現進一步改進的一些具體問題。

I'll comment a bit more on turnarounds which I've shared, give you a bit of an update on our effort there. You will recall I mentioned we have formed a new central group under Shelley Powell in 2023 and they're singularly focused on turnaround performance. Dave and Shelley combined, Dave Oldreive and Shelley are our executive co-leads across both upstream and downstream, to elevate our overall accountability on turnarounds.

我將對我所分享的轉變進行更多評論，為您提供我們在這方面所做努力的一些最新資訊。您可能還記得我提到過，我們已於 2023 年在 Shelley Powell 的領導下組建了一個新的核心團隊，他們特別關注扭虧為盈的表現。 Dave 和 Shelley 合併後，Dave Oldreive 和 Shelley 是我們上游和下游的執行聯合領導，以提高我們對扭虧為盈的整體責任。

We are completing extensive third-party benchmarking to identify our improvement opportunities and establish expectations. We are holding monthly reviews on scope, cost, duration, and readiness where previously these reviews had been held at an asset level.

我們正在完成廣泛的第三方基準測試，以確定我們的改進機會並建立期望。我們每月對範圍、成本、持續時間和準備進行審查，而以前這些審查是在資產層面進行的。

And along with our theme and our unique competitive value proposition, we're capturing regional synergies, or efficiencies, because of the proximity of our operations, the ability to coordinate turnarounds.

除了我們的主題和獨特的競爭價值主張之外，由於我們的營運地點接近，並且具有協調週轉的能力，我們正在捕捉區域協同效應或效率。

Examples, early on, but of some of the improvements we're seeing, I'll use refining as an example. Montreal, second quarter this year, we've got a material turnaround dealing with heavy crude processing. Through benchmarking, preplanning, we've cut the duration from the original 62 days to 53 days and are very comfortable with it.

早期的範例，但在我們看到的一些改進中，我將使用精煉作為範例。蒙特利爾，今年第二季度，我們在重質原油加工方面實現了重大轉變。透過對標、預先規劃，我們將工期從原來的 62 天縮短到了 53 天，我們對此感到非常滿意。

A second example I'll share is at our Sarnia refinery where, again, we have a second quarter turnaround looking at risk-based work selection, our scope challenge. We've cut 66,000 hours out of that turnaround, 15%. That would equate to about a $21 million cost avoidance and because we'll be up and running earlier, another $12 million, or so in value addition.

我要分享的第二個例子是在我們的薩尼亞煉油廠，我們再次在第二季度進行了周轉，著眼於基於風險的工作選擇，即我們的範圍挑戰。我們已經將這一周轉時間削減了 66,000 個小時，即 15%。這相當於節省了約 2100 萬美元的成本，而且因為我們將更早啟動並運行，另外還有 1200 萬美元左右的增值。

It's early in our improvement process here, but I want to share some of those examples. We're already starting to see the benefits and as I've said, our goal is to be best-in-class in turnaround performance across our business. Bottom line, there's big prizes here, lower costs, shorter durations, higher margins. And to achieve those, it's about benchmarking, knowing who's, the best and why, quality risk assessments, advanced quality preplanning, very clear accountability, and then high-quality disciplined execution.

現在還處於我們改進過程的早期階段，但我想分享其中的一些範例。我們已經開始看到好處，正如我所說，我們的目標是在整個業務中實現一流的周轉績效。底線是，這裡有豐厚的回報：更低的成本、更短的工期、更高的利潤。為了實現這些目標，需要進行基準測試，了解誰是最好的以及為什麼，品質風險評估，先進的品質預先規劃，非常明確的責任，然後是高品質的嚴格執行。

Now, as I wrap up, I want to share with you 2 less visible, but also I believe very, very fundamental changes we have and are making at the company that will contribute to continued improved performance.

現在，在我結束演講時，我想與大家分享兩個不太明顯的事情，但我也相信我們公司已經和正在做出的非常非常根本的改變將有助於持續提高業績。

My objective from day 1 was to create a level of alignment between our strategies, our organizational structure, and our corporate culture with the goal, being to achieve a team-based, results-oriented, high-performance culture.

從第一天起，我的目標就是在我們的策略、組織結構和企業文化之間建立一定程度的一致性，目標是實現以團隊為基礎、以結果為導向的高績效文化。

So with that in mind, in the second half of 2023, we implemented a new redesigned employee performance evaluation system, designed to evaluate an individual's performance based on their impact, versus their effort, or the activity behind their work.

因此，考慮到這一點，我們在 2023 年下半年實施了重新設計的新員工績效評估系統，旨在根據個人的影響、努力或工作背後的活動來評估個人的績效。

The goal is to better differentiate individual performance and recognize and reward individuals accordingly. The outcomes of the performance evaluation system, are directly linked to individuals' compensation in terms of base salary increases, and the individual component of their annual incentive.

目標是更好地區分個人績效並相應地認可和獎勵個人。績效評估系統的結果與個人的基本薪資成長和年度激勵的個人組成部分直接相關。

Also, effective going into 2024, we are implementing a new redesigned employee annual incentive program. Our previous program had multiple scorecards, even at the level of those sitting around the table with me this morning, each with a separate series of measures.

此外，自 2024 年起，我們正在實施重新設計的新員工年度激勵計畫。我們之前的計劃有多個記分卡，即使是今天早上和我坐在一起的人的水平，每個記分卡都有一系列單獨的措施。

Our new program has one single Suncor scorecard. We win and lose as a team. It will be applicable to all, and it will have far fewer very priority measures. What measures? Surprise, the fundamentals. Safety and environmental performance, production and throughput, cost and profitability. We want to ensure that we incentivize what's most important, and that we have an entire workforce focused on delivering on commitments and that our performance parallels the experience of the shareholder.

我們的新計劃只有一張 Suncor 記分卡。我們作為一個團隊，無論輸贏。它將適用於所有人，而且非常優先的措施將少得多。有什麼措施？驚喜，基本面。安全和環境績效、生產和吞吐量、成本和獲利能力。我們希望確保激勵最重要的事情，並確保我們的全體員工都專注於履行承諾，並且我們的績效與股東的經驗相符。

Our new annual incentive program, is very much aligned with my philosophy to clarify, simplify, focus, which I think is the key to delivering -- consistently delivering superior results. So as I sit here today, I feel as an organization, we've got the right people, the right leadership, we're focused on the right work, and we're committed top to bottom to perform.

我們新的年度激勵計畫與我的理念非常一致，即澄清、簡化、專注，我認為這是實現目標的關鍵——始終如一地提供卓越的結果。因此，當我今天坐在這裡時，我覺得作為一個組織，我們擁有合適的人員、合適的領導層，我們專注於正確的工作，並且我們從上到下都致力於履行職責。

My final comments, employees, I'd like to thank our employees for first and foremost working safely, and their commitment and dedication, to making Suncor the best it can be.

最後，員工們，我要感謝我們的員工，首先也是最重要的是安全工作，以及他們的承諾和奉獻精神，使 Suncor 成為最好的公司。

Our shareholders, I'd like to thank our shareholders, for their trust and confidence. We don't take it for granted, and we know it must be continually earned.

我們的股東，我要感謝我們的股東的信任和信心。我們不認為這是理所當然的，我們知道它必須不斷贏得。

So with that, I'll pause and I'll turn it to Troy. Go ahead, Troy.

因此，我會暫停一下，然後將話題轉向特洛伊。繼續吧，特洛伊。

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

謝謝你，里奇。我現在將電話轉給接線員，回答一些問題。

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

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

And Rich, there's a lot of content in there. I don't think I could write fast enough. I got a couple of questions for you, but maybe just before I start, obviously a big welcome to Mr. Ferguson now in the Suncor biz.

Rich，裡面有很多內容。我覺得我寫得不夠快。我有幾個問題想問你，但也許就在我開始之前，我對現在加入森科公司的弗格森先生表示熱烈的歡迎。

So there's really 2 things. I want to come back to the question I asked you the last time. And I think a lot of the things you've already said would reinforce, this change that's going on in the company. But what inning do you think you're at now, maybe versus when you arrived? That was probably the first inning when you arrived. But I'm curious where you're at now in terms of the turnaround.

所以確實有兩件事。我想回到上次問你的問題。我認為你已經說過的很多事情都會加強公司正在發生的這種變化。但你認為你現在處於第幾局，也許與你到達時相比？那可能是你到達時的第一局。但我很好奇你現在的轉變狀況如何。

And then what are the steps you need to take maybe over the next year, or 2 to maybe, get back to the leadership position that Suncor used to be in?

那麼，您可能需要在明年或兩年內採取哪些步驟，才能回到森科爾以前的領導地位？

Thanks, Greg. If I look at it, I would say 2023, there was just, a large amount of change. And we've talked about that. But I would describe a lot of that change as disruptive and potentially distracting. New leadership team, people coming and going. We had a workforce reduction. A lot of things that could distract people from performing. So given that, I'm really proud of the organization, how it did perform despite that.

謝謝，格雷格。如果我看一下，我會說 2023 年，發生了很大的變化。我們已經討論過這一點。但我認為其中許多變化具有破壞性和潛在的干擾。新的領導班子，人來人往。我們減少了勞動力。很多事情可能會分散人們的注意力。因此，我真的為這個組織感到自豪，儘管如此，它的表現卻是如此。

So as we get into the -- as we turn the page on 2024, I think we built a lot of momentum in the fourth quarter. I think our starting pitcher is throwing strikes. And we, I think we're well into the game. I think the momentum that we've created, and I can comment on how, we're doing through the first half of the first quarter, if folks would like, I think we're in a really good position to focus.

因此，當我們進入 2024 年時，我認為我們在第四季度建立了很大的勢頭。我認為我們的先發投手正在投好球。而我們，我認為我們已經很好地融入了這場遊戲。我認為我們已經創造了勢頭，如果人們願意的話，我可以評論我們在第一季上半場的表現，我認為我們處於一個非常好的集中註意力的位置。

Some of these other things that I mentioned, we've got a lot of very tangible operational things. But a lot of these things that I would refer to as cultural, the performance evaluation system, the annual incentive program, things like this, I think those are part of the secret sauce to getting 16,338 people focused like a laser on performance. And I feel really good that we put a lot of that in place now. And our best days are ahead of us.

在我提到的其他一些事情中，我們有很多非常切實的可操作的事情。但是很多我稱之為文化的東西，績效評估體系，年度激勵計劃，諸如此類的東西，我認為這些都是讓 16,338 人像激光一樣專注於績效的秘訣的一部分。我感覺非常好，我們現在已經落實了很多這樣的措施。我們最美好的日子就在前方。

And I don't think it's so much of a -- I don't think it's a, trust us, believe us, have faith. I think you're going to start seeing that. I think the fourth quarter gave you a pretty good glimpse of that.

我不認為這是一個——我不認為這是一個，相信我們，相信我們，有信心。我想你會開始看到這一點。我認為第四季度讓你很好地了解了這一點。

What's next? Just doubling down on things we're doing. Keeping the pedal to the metal on improvement efforts, lowering that cost structure, maintaining the highest levels of operational excellence and safety, and just continuing to create value.

下一步是什麼？只是加倍努力我們正在做的事情。全力以赴進行改進，降低成本結構，保持最高水準的卓越營運和安全性，並繼續創造價值。

And we've got examples. And, maybe I'll let Dave and Peter comment on some of the things we're doing to create that clarity deep, deep into the organization about what we're trying to achieve. So I've got to tell you, Greg, I wake up every day, feel pretty excited to come to work. 10 months in, I feel more excited every day than I did 10 months ago.

我們有例子。而且，也許我會讓戴夫和彼得評論我們正在做的一些事情，這些事情是為了讓組織深處清楚地了解我們正在努力實現的目標。所以我必須告訴你，格雷格，我每天醒來都對上班感到非常興奮。 10個月以來，我每天都比10個月前更興奮。

Very good. And then maybe just to shift gears a little bit, because you touched on the first quarter. So I guess the simple question would be, how much of a weather, how much did favorable weather impact fourth quarter production? Because it was warmer, but, and this quarter has been different. And then within that context, could you give us an update just on how ops are going thus far in 1Q?

非常好。然後也許只是稍微改變一下方向，因為你談到了第一季。所以我想一個簡單的問題是，天氣對第四季生產的影響有多大？因為天氣暖和了，但是，這個季度有所不同。然後在這種情況下，您能否向我們介紹第一季迄今為止營運的最新情況？

Yes, absolutely. We did have good weather in the fourth quarter, but typically we don't have a lot of our more severe time. The mining business likes it when it's minus 10, 15. You know, that just everything operates the best. They don't like it when it's minus 43, which it was in January. So I would say the fourth quarter weather played a bit of a role, but not a big bit.

是的，一點沒錯。第四季的天氣確實不錯，但通常不會有很多更惡劣的天氣。採礦業喜歡負 10、15 的溫度。你知道，一切都運作得最好。他們不喜歡氣溫為負 43 度，那是一月份的事。所以我想說第四季的天氣起了一定的作用，但影響不大。

But when we came into the New Year, the first couple of weeks, we had a very uniquely cold spell there. Seems like we would expect that. But what I'm really pleased about in that is, although we had some issues with the mobile equipment, fuel filters, plug-in, things like that, the plants kept running really, really well. The upgraders, they've kept all the refineries up and running.

但當我們進入新年的前幾週，我們經歷了一段非常獨特的寒潮。看來我們會預料到這一點。但令我真正高興的是，儘管我們在行動裝置、燃油過濾器、插件等方面遇到了一些問題，但工廠仍然運作得非常非常好。升級者，他們讓所有煉油廠保持正常運作。

So yes, we had a bit of a slow spot in the mining in the first couple of weeks of the year. But as I sit here, as we sit here at the midpoint of the first quarter, refining is at 98% utilization for the first 6, 7 weeks of the year. I'll let you do the math on throughput, but they are continuing the very strong performance we saw in the second half of last year.

所以，是的，今年前幾週我們的採礦工作有點緩慢。但當我坐在這裡，當我們坐在這裡，在第一季的中點時，今年前 6、7 週的煉油利用率為 98%。我會讓你計算一下吞吐量，但他們正在繼續我們去年下半年看到的非常強勁的表現。

And on the upstream, despite a little bit of slowdown in the mining the first week or 2 of the year, we are now at or above for the first quarter to deliver a quarter that is higher than our fourth quarter was. So, we're kind of -- we started out a bit slow the first couple of weeks, but we're gaining week-by-week. So I don't know exactly where we'll end the first quarter. But I think when we put it in the books, you're going to see that that operational momentum has continued, quite frankly, through the entire second half of last year, and on into the first quarter.

在上游，儘管今年第一週或第二週的採礦業略有放緩，但我們現在第一季的業績達到或高於第四季的水平。所以，我們在前幾週開始有點慢，但我們每週都在進步。所以我不知道第一季會在哪裡結束。但我認為，當我們將其記入帳簿時，坦白說，您會看到這種營運勢頭一直持續到去年整個下半年，一直持續到第一季。

And that will come from the line of Dennis Fong with CIBC.

這將來自 CIBC 的 Dennis Fong。

My first one here focuses on Fort Hills. Production in Q4 reached near nameplate capacity, and we understand that the focus in 2024 is -- and maybe the early part of 2025, is opening up 2 phases in the North Pit to access sufficient ore more consistently into the facilities.

我在這裡的第一個重點是福特山。第四季的產量接近銘牌產能，我們知道 2024 年的重點是——也許是 2025 年初——在北礦坑開設兩個階段，以便更一致地為設施提供足夠的礦石。

My question here is, can you discuss how you see the opportunity set at Fort Hills, once you've, we'll call it, fixed or remediated the feedstock bottleneck in addition to applying the more trucks and smoothing out operations?

我的問題是，除了使用更多卡車和平滑運營之外，一旦您（我們稱之為）修復或補救了原料瓶頸，您能否討論一下您如何看待福特山的機會？

Yes thanks, Dennis. I'll turn it over to Peter in just a second. But I think what the fourth quarter showed, is when we can feed the plant, just how good that plant is, we average, what, 186 or something for the quarter? If you squeeze Peter hard, he would tell you he had days over 200. So that plant is quite strong. So you've rightly said that the challenge is ensuring that we feed it. And that's why the opening the 2 pits in the North Mine is so important. So, we're able to do that.

是的，謝謝，丹尼斯。我馬上就把它交給彼得。但我認為第四季度所顯示的是，當我們可以給植物飼料時，該植物有多好，我們平均，什麼，本季 186 左右？如果你用力擠壓彼得，他會告訴你他已經活了200多天了。所以那棵植物相當堅固。所以你說得對，挑戰是確保我們能夠養活它。這就是為什麼北礦的兩個礦坑的開放如此重要。所以，我們能夠做到這一點。

But Peter, you want to maybe comment a little bit on kind of the whole -- the mining, where you are in the mining and confidence in continuing to feed this beast?

但是彼得，你也許想對採礦業的整體情況發表一點評論，你在採礦業中的處境以及繼續餵養這隻野獸的信心？

I think it is a good point. Rich is absolutely correct. Fixed plant assets at Fort Hills are extremely robust, and we're confident that we can push high volumes to the back end of that facility. Our focus is indeed on the mine. As you said, it is opening up, ultimately delivering ore from the North Pit and reducing the mining bottleneck. And hence, our focus at Fort Hills is really on mining efficiency improvements.

我認為這是一個很好的觀點。豐富是絕對正確的。福特山的固定工廠資產非常穩健，我們有信心將大量產能推至工廠的後端。我們的重點確實是在礦井上。正如你所說，它正在開放，最終從北礦坑輸送礦石，減少採礦瓶頸。因此，我們在 Fort Hills 的重點實際上是提高採礦效率。

The purchase of the ultra-class haul tracks, obviously, helps that. But beyond that, we're really focused, as Rich would say, we're focused on the fundamentals. We're really focused on the little things that drive mining efficiency, that extra ton on the trucks, that extra kilometer per hour in the haul cycle.

顯然，購買超一流的運輸軌道對此有所幫助。但除此之外，我們真的很專注，正如里奇所說，我們專注於基本面。我們真正關注的是提高採礦效率的小事情，卡車上的額外噸位，運輸週期中每小時額外的公里數。

And leveraging that efficiency, not only to deliver ore into the production facility, but to reduce our unit costs, and remove higher cost mining volumes out of our fleet and delivering that with our own trucks.

利用這種效率，不僅可以將礦石運送到生產設施中，還可以降低我們的單位成本，並將成本較高的採礦量從我們的車隊中剔除，並用我們自己的卡車運送。

And the 2 pits in the North Mine will give us that opportunity to blend ore. So, we won't have the natural up and down variation of a variable input. So I think it's, as we improve the capacity to deliver ore, we'll also have a bit of a stability in it, because of the approach Peter's taking in mining it.

北礦的 2 個礦坑將為我們提供混合礦石的機會。因此，我們不會有變數輸入的自然上下變化。所以我認為，隨著我們提高礦石運輸能力，我們也會有一定的穩定性，因為彼得在開採礦石時所採取的方法。

Yes, one of the key factors is to reestablish a robust inventory of mineable oil sands in front of us. So we have lots of options for the shovels that we can bring into the fixed plant. And that has been key to the success that we've seen at Fort Hills. And that team has done a fantastic job, at opening up those pits, reestablishing the inventory, managing the risks, and now driving productivity improvements.

是的，關鍵因素之一是在我們面前重新建立強大的可開採油砂庫存。因此，我們有很多鏟子可供選擇，可以帶入固定工廠。這是我們在福特山取得成功的關鍵。該團隊在開闢這些礦坑、重建庫存、管理風險以及現在推動生產力提高方面做得非常出色。

My second question, and shifting focus more to the base mine, and Rich, really appreciate the context around the oil sands mining fleet, as well as any adjustments you're making to operations to drive controllable costs lower.

我的第二個問題，將重點更多地轉移到基礎礦山，里奇非常欣賞油砂開採車隊的背景，以及您為降低可控成本而對營運所做的任何調整。

I know in a previous conference call, Peter discussed the kind of cadence of production through time, as well as the need to balance that with sourcing ore to build tailings ponds and other earth-based infrastructure. Can you talk a little bit about how, again, some of these tweaks and changes to improving controlling costs may impact or affect, or even maintain or improve some of the flexibility and development, specifically with North Sea bank and the other areas of the base mine?

我知道在之前的一次電話會議中，彼得討論了隨著時間的推移生產節奏，以及平衡生產節奏與購買礦石以建造尾礦池和其他地面基礎設施的必要性。您能否再次談談這些旨在改善控製成本的調整和變化如何影響或影響，甚至維持或改善一些靈活性和發展，特別是與北海銀行和基地其他區域的靈活性和發展礦？

Sure. Let me, I'm going to give Peter the opportunity here in a second. But one of the things I want to start a little broader, Dennis, with now with 100% ownership of Fort Hills and our level of physical integration, Fort Hills bitumen to the Base Plant, Firebag to it, we increasingly are looking at this basin as one large bitumen supply source.

當然。讓我，我馬上就給彼得這個機會。但我想開始更廣泛的一件事，丹尼斯，現在擁有福特山 100% 的所有權以及我們的物理整合水平，從福特山瀝青到基地工廠，再到 Firebag，我們越來越多地關注這個盆地作為大型瀝青供應源之一。

And what's the optimum way, the lowest cost, the greatest value way to do it? And what that does is it gives us flexibility, at each individual site where we're optimizing the whole versus what would previously have been, an optimizing of the site. So that's where the options at the Base Plant come in.

最佳、成本最低、價值最大的方法是什麼？這樣做的作用是，它為我們提供了靈活性，在每個單獨的網站上，我們正​​在優化整體，而不是先前的網站優化。這就是基地工廠的選擇發揮作用的地方。

I've talked about we're moving to more autonomy. We're looking at, where we deploy new trucks and shovels. We're looking at the rate at which we deplete the remaining ore at the Base Plant. And so it's that physical integration that allows us to do this. And everything we're going to be looking at is going to be ultimately value, long-term value on it. But maybe that's kind of a broad setup to your question. But Peter, if you want to maybe comment a little bit more specifically on some of the things at the Base Plant?

我已經談到我們正在轉向更多的自主權。我們正在考慮在哪裡部署新的卡車和鏟車。我們正在研究我們消耗基地工廠剩餘礦石的速度。因此，正是這種物理整合使我們能夠做到這一點。我們要關注的一切都將最終產生價值，長期價值。但也許這對你的問題來說是一個廣泛的設定。但是彼得，您是否想對基地工廠的一些事情進行更具體的評論？

Yes, no, absolutely, Rich. As you said, really, the Base Plant is the nexus of our bitumen supply into the region. We are, you know, leveraging that integration with Fort Hills and with Firebag to really be able to flex which bitumen is going to the upgraders when. That, obviously, translates back into additional mining flexibility at Base Plant.

是的，不，絕對，里奇。正如您所說，實際上，基地工廠是我們向該地區供應瀝青的紐帶。您知道，我們正在利用與 Fort Hills 和 Firebag 的集成，真正能夠靈活調整何時向升級者提供哪種瀝青。顯然，這又轉化為基地工廠額外的採礦彈性。

And I think with the investment that we made in the trucks, as I mentioned before, and the productivity improvements the team is driving, coupled with autonomous, that gives us more mining flexibility. And it will give us more choices in the future on the rate in which we want to mine bitumen at Base Plant. And that's something that our teams under Kent are evaluating, as we look to what we're going to do in the future with respect to the Base Plant mine.

我認為，正如我之前提到的，我們在卡車上的投資以及團隊正在推動的生產力提高，再加上自動化，為我們帶來了更大的採礦靈活性。這將為我們未來在基地工廠開採瀝青的速度提供更多選擇。這是我們肯特領導下的團隊正在評估的事情，因為我們正在考慮未來對基地工廠礦場要做的事情。

I've got maybe just another comment. It's a little bit from the Base Plant, away from the Base Plant. But, you know, I mentioned we produce 746,000 barrels a day. I know all of you on the line had complete confidence with us last fall that we were going to meet guidance. I know that.

我可能還有另一條評論。離基地廠有點遠，遠離基地廠。但是，你知道，我提到我們每天生產 746,000 桶。我知道去年秋天大家都對我們充滿信心，相信我們將達到指導的要求。我知道。

But Peter, running his upgraders at record high utilization, he actually put more bitumen from Firebag and Fort Hills into it that have a shrinkage component to it. So -- because there's more value in it. But absent that, Peter, we've been over 750,000 barrels a day.

但彼得以創紀錄的高利用率運行他的升級設備，他實際上將更多來自 Firebag 和 Fort Hills 的瀝青放入其中，這些瀝青具有收縮成分。所以——因為它有更多的價值。但彼得，如果沒有這個，我們每天的產量就超過了 75 萬桶。

But there again is an example of that physical integration. And it's all about value for us, not volume. And I think that was a, to me, as I saw, through the fourth quarter, as they redirected barrels to capture what was in the market, that again is something that makes us, different. I know that's not on your question, Dennis, but I couldn't help but go there.

但還有一個物理整合的例子。對我們來說，這一切都與價值有關，而不是數量。我認為，對我來說，正如我在第四季度看到的那樣，當他們重新調整桶子以捕獲市場上的東西時，這又使我們與眾不同。我知道這不是你的問題，丹尼斯，但我忍不住去那裡。

And that will come from the line of Doug Leggate with Bank of America.

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

Tremendous continued progress. So congratulations to everything you've done and the changes you've made. I feel like I ask you this question every quarter, so forgive me for being predictable.

巨大的持續進步。祝賀您所做的一切以及所做的改變。我覺得我每季都會問你這個問題，所以請原諒我的預見性。

But, I guess, I'm not sure I've seen the Analyst Day yet. So maybe we'll get it there. But the $5 target you originally set out, where do you think you are? I guess, it's a different way of asking the question about what inning you're in, was earlier. But how much of the $5 do you feel you've now achieved at this point?

但是，我想，我不確定我是否已經看過分析師日了。所以也許我們能到達那裡。但你最初設定的 5 美元目標，你認為現在在哪裡？我想，這是一種不同的方式來詢問你在哪一局的問題，是早期。但您認為此時您已經實現了 5 美元中​​的多少？

Yes, I think, Doug, we've talked about things like the workforce reduction, which was, more than a $1 about $1.50. So that has happened. And I think with many of the other things, I think we've captured a couple bucks of that already is kind of where I'm at. And we do have some headwinds. We've got inflation and things like this. But our $5 goal is a net goal. We've got to offset whatever headwinds we're facing on it.

是的，我想，道格，我們已經討論過諸如裁員之類的事情，這不僅僅是 1 美元，大約是 1.50 美元。所以事情就這樣發生了。我認為，在許多其他事情上，我認為我們已經賺到了一些錢，這就是我現在的處境。我們確實遇到了一些阻力。我們有通貨膨脹和類似的事情。但我們的 5 美元目標是淨目標。我們必須抵消我們面臨的任何阻力。

And so, I think we've captured a couple of that. But we have an urgency over the rest of this year with the new trucks we've talked about, improvements in turnaround performance. Dave Oldreive's got a list of things of value he's capturing on the downstream. So, I don't have an absolute timeline on the $5, but no better time than the present.

所以，我認為我們已經抓住了其中的一些。但在今年剩下的時間裡，我們迫切需要我們所討論的新卡車，以提高週轉性能。戴夫·奧爾德雷夫 (Dave Oldreive) 列出了他在下游捕獲的有價值的物品。所以，我沒有 5 美元的絕對時間表，但沒有比現在更好的時機了。

And so I think this will be a big year in continuing to see that accumulate. And quite frankly, you know, when we get to $5, well, what number is better than $5? $6 is better than $5. $7 is better. So, it's going to be a continued priority. But I think we're off to quite a good start on it.

因此，我認為今年將是繼續累積的重要一年。坦白說，你知道，當我們達到 5 美元時，什麼數字比 5 美元更好？ 6 美元比 5 美元好。 7 美元更好。因此，這將是一個持續的優先事項。但我認為我們已經有了一個好的開始。

I am I right in thinking you haven't given us an Analyst Day yet? Troy's going to kill me for that, but maybe we'll get clarification later.

我的想法是對的，您還沒有為我們舉辦分析師日嗎？特洛伊會為此殺了我，但也許我們稍後會得到澄清。

Doug, you're always right. I was going to say, so here's what we're thinking of doing. And Troy looking at me and I hope this is what you're thinking. We have some big, big decisions, some big analytics, the base mine, the rate at which we mine it toward depletion. We've got some big things that we're tackling right now. What's the priority on our continued development?

道格，你總是對的。我想說，這就是我們正在考慮做的事情。特洛伊看著我，我希望這就是你的想法。我們有一些重大決定，一些重大分析，基礎礦，我們開採它走向枯竭的速度。我們現在正在處理一些重大事情。我們持續發展的首要任務是什麼？

I'm looking long and hard at in situ opportunities. I like what I see. And so, we can hold an Analyst Day sooner and tell you the things we're looking at, or we could hold it later and tell you where we land on these. So what we're inclined to do right now, is have a sometime probably in the second quarter, a pretty comprehensive update. I don't know what we'll call it.

我正在長期努力地尋找實地機會。我喜歡我所看到的。因此，我們可以提前舉行分析師日並告訴您我們正在研究的事情，或者我們可以稍後舉行並告訴您我們在這些方面的進展。因此，我們現在傾向於做的，可能是在第二季的某個時候，進行相當全面的更新。我不知道我們會怎麼稱呼它。

It wouldn't be a full blown Analyst Day. But we dig in in detail, particularly think about this $5 a barrel, et cetera. And then later this year, have a full blown Analyst Day that looks at answering, a lot of these longer term key strategic questions.

這不會是一個完整的分析師日。但我們會深入研究細節，特別是考慮每桶 5 美元，等等。今年晚些時候，會有一個全面的分析師日，旨在回答許多長期關鍵策略問題。

Don't think we can wait till late this year, and do all that. So I'm feeling we're going to need to give you something sooner. But that's where Troy and I's heads are right now. And we're trying to land on those dates. That's what we're thinking.

不要認為我們可以等到今年年底才做這一切。所以我覺得我們需要盡快給你一些東西。但這就是特洛伊和我現在的想法。我們正在努力確定這些日期。這就是我們的想法。

Well, Rich, I didn't intend to ask you my second question, but you did address some of the portfolio questions, which I guess you haven't resolved yet. So I will pass it back --

好吧，里奇，我本來不想問你第二個問題，但你確實解決了一些投資組合問題，我猜你還沒解決。所以我會把它傳回來——

You get another one, Doug.

你再拿一份，道格。

Oh, I do.

哦，我願意。

No, no, no.

不不不。

It was it was actually then --

原來是那時——

That was a freebie.

那是免費贈品。

It's kind of on that exact topic actually. Because when you and I have chatted about this before, you've said, look, we don't necessarily have to replace bitumen, because we could use that capital commitment to buyback an enormous amount of stock with the capital and grow and basically shrink the share count.

實際上，這就是這個主題。因為當你和我之前討論過這個問題時，你說過，看，我們不一定要更換瀝青，因為我們可以利用該資本承諾用資本回購大量股票，然後增長並基本上收縮份額數。

And I guess my question is, were you any further forward in that thought process? And I guess, you've kind of addressed it in your last question, but any updated thoughts on that would be appreciated?

我想我的問題是，你在這個思考過程中是否進一步前進了？我想，您在上一個問題中已經解決了這個問題，但是對此有任何更新的想法將不勝感激嗎？

Well, I think you're spot on. For us, it's all going to be about value. And I think the one area that is just pretty intuitively obvious to us is keep the upgraders full, because in doing that, the value uplift from a barrel of bitumen to a barrel of synthetic crude, whether it's sweet or sour, is kind of obvious by inspection that that creates tremendous value.

嗯，我認為你說得對。對我們來說，一切都與價值有關。我認為對我們來說直觀上顯而易見的一個領域是保持升級者滿員，因為這樣做時，從一桶瀝青到一桶合成原油（無論是甜的還是酸的）的價值提升是顯而易見的通過檢查發現這創造了巨大的價值。

Going beyond that, it's just like anybody else, whether we were in West Texas or the South China Sea, does adding new capacity make economic sense? So we don't have a bias toward maintaining production levels at a given level or not, but it will be about value.

除此之外，就像其他人一樣，無論我們是在西德克薩斯還是南中國海，增加新產能是否具有經濟意義？因此，我們並不偏向於將生產水平維持在給定水平或不維持在給定水平，但這將與價值有關。

Now, I also do believe that as we have good, valuable development opportunities, they can create more long-term value, but we don't have a -- it's not a bias one way or another. The upgrader is full, yes. Anything beyond that will have to stand on its own 2 feet in terms of the value it creates to shareholders. And we're going to look at that at the end of the day on free cash flow per share.

現在，我也確實相信，由於我們擁有良好的、有價值的發展機會，它們可以創造更多的長期價值，但我們沒有——這不是一種偏見。升級器已滿，是的。除此之外的任何事情都必須在為股東創造的價值方面站穩腳跟。我們將在一天結束時查看每股自由現金流。

And that will come from the line of Menno Hulshof with TD Cowen.

這將來自 Menno Hulshof 和 TD Cowen 的血系。

I'll start with a question on upstream OpEx, given your comments, Rich, on the mine performance gap. Has your thinking changed at all in recent quarters in terms of where longer-term per barrel OpEx could land over the next several years? And I'm thinking along the lines of Oil Sands ops, Syncrude and Fort Hills, and if not, maybe you could just remind us of what the current goalposts are?

我將從上游營運支出的問題開始，考慮到您對礦山績效差距的評論，Rich。就未來幾年每桶長期營運支出可能下降的情況而言，您的想法在最近幾季是否發生了變化？我正在思考油砂業務、Syncrude 和 Fort Hills 的思路，如果沒有，也許您可以提醒我們當前的目標是什麼？

I don't know, Menno, that I would say our outlook has changed. Obviously, I won't go back over the examples, but our intent is to drive them down. I do think, if I take Fort Hills specifically, we would have been driving it down, if we go back a year or 2 ago, a little bit faster. The opening of the 2 pits in the North Mine has kind of delayed that a year or so.

門諾，我不知道我們的觀點是否已經改變。顯然，我不會回顧這些例子，但我們的目的是減少它們。我確實認為，如果我專門以福特山為例，如果我們回到一兩年前，我們會推動它下降，速度更快一點。北礦的兩個礦坑的開放有點推遲了一年左右。

And we got specifics. I'm looking at Peter, if he's got anything to say on it. But we do believe in our existing business, by executing the day-to-day work we do, we can continue to bring about improvements. And that is, so I don't know if that, translates. I think if you talk about this $5 a barrel, Peter himself is talking about $5 a ton.

我們得到了具體細節。我正在看著彼得，看看他對此有什麼要說的。但我們確實相信我們現有的業務，透過執行我們所做的日常工作，我們可以繼續帶來改進。也就是說，所以我不知道這是否可以翻譯。我認為，如果你談論每桶 5 美元，彼得本人正在談論每噸 5 美元。

$1 a ton.

1 美元一噸。

Excuse me, $1 a ton, which would be equivalent of $5 a barrel. He's targeting that in the mining. I've kind of hedged my bet, saying well, Peter's going to give me a big chunk of that. Dave is going to give me some more of that. So our corporate number is $5 a barrel. But Peter has an inventory list that would largely give him the $5 a barrel or $1 a ton, just with all the things he's pursuing. Peter, do you have any other comments on our outlook on OpEx?

對不起，一噸 1 美元，相當於一桶 5 美元。他的目標是採礦。我有點對沖我的賭注，說好吧，彼得會給我很大一部分。戴夫會給我更多的。所以我們的公司編號是每桶 5 美元。但彼得有一份庫存清單，只要包含他所追求的所有東西，基本上就能為他提供每桶 5 美元或每噸 1 美元的價格。 Peter，您對我們對營運支出的展望還有什麼其他評論嗎？

Yes, thanks, Rich. And I think, you know, we talked a lot about the mining efficiencies and the improvements. And really, that is the big gearing to reducing our operating costs. But beyond just, investment in haul trucks, driving mine productivity, we're looking at lots of dimensions in our mining business.

是的，謝謝，里奇。我想，你知道，我們討論了很多關於採礦效率和改進的問題。事實上，這是降低我們營運成本的重要手段。但除了對運輸卡車的投資、提高礦山生產率之外，我們還關注採礦業務的許多方面。

So whether that's our light civil strategy, whether that's our maintenance and reliability expenditures, the benefits that we're going to get from the autonomous haul trucks that Rich spoke about earlier, fuel contractors, everything we can, as it relates to the operating cost build up for mining is where our focus area is.

因此，無論這是我們的輕型民用策略，無論是我們的維護和可靠性支出，還是我們將從里奇之前談到的自動運輸卡車、燃料承包商中獲得的好處，以及我們所能提供的一切，因為這與營運成本有關採礦業的建設是我們的重點領域。

The team is challenged to go out and find $1 a ton. That's quite a substantial amount of cash if you project that over how many tons we move in the year, which is more than 1 billion tons a year. And that is the objective, not just at one site, but in the whole mine operating sites across our upstream portfolio.

團隊面臨著出去尋找每噸 1 美元的挑戰。如果以我們一年運送的噸數（每年超過 10 億噸）計算，這將是一筆相當可觀的現金。這就是目標，不僅是在一個地點，而是在我們上游投資組合的整個礦山運營地點。

So, Peter, comment on what's different today about how we're going about this than, say, maybe, a few years back before your time here on your perception of how the company was going about it. I'm really thinking about the -- I'm looking at your little chart here, the tangible nature and the accountability by the component parts. So I'm giving you the cue on how to answer the question. You take it from there?

所以，彼得，請評論一下我們今天的處理方式與幾年前您對公司處理方式的看法有何不同。我真的在考慮——我正在看你這裡的小圖表，有形的性質和組成部分的責任。所以我給你如何回答這個問題的提示。你從那裡拿走它嗎？

There's a very high degree of specificity in the tactics that we are taking to drive efficiency in the mine. I mentioned it earlier. This isn't just something that we look at on a monthly basis in our performance stewardship. This is a day-by-day, shift-by-shift, dare I say, even by hour, hour-by-hour, driving efficiencies and improvements in our operation. That's owned by the operating leaders at the sites.

我們為提高礦井效率而採取的策略具有非常高的針對性。我之前有提到過。這不僅僅是我們每月在績效管理中關注的事情。我敢說，這是日復一日、每個班次、甚至每個小時、每個小時的工作，推動著我們營運的效率和改進。它歸現場營運領導者所有。

They understand what the targets are. They have a strong commitment to deliver and they understand what the big picture is and how that fits into, driving the overall corporate performance.

他們了解目標是什麼。他們對交付有堅定的承諾，他們了解大局是什麼以及如何適應，從而推動整體公司績效。

And going back to a comment I made earlier on is with a common organizational structure at all of our sites now, upstream and downstream, whether that's a maintenance opportunity, an operational reliability, an engineering technical solution. We have natural networks now across the company who can collaborate on bringing, sharing ideas and bringing about in a faster way the execution of an idea companywide.

回到我之前發表的評論，現在我們所有的站點（上游和下游）都有一個共同的組織結構，無論是維護機會、操作可靠性還是工程技術解決方案。我們現在在整個公司擁有天然的網絡，他們可以協作提出、分享想法，並在全公司範圍內更快地執行想法。

And you might say, well, why weren't you organized like that before? That's a different question. But we are now. And I think that will help not only identify new opportunities, but accelerate their implementation.

你可能會說，好吧，為什麼你們以前不這樣組織呢？這是一個不同的問題。但我們現在是。我認為這不僅有助於發現新的機會，還有助於加速其實施。

I think one of the clear things on when we reorganized through the back half of 2023 and really crystallized the accountabilities for a site. So that has enabled us to implement very efficient work processes, not just within a given site, but indeed across the breadth of the Suncor operating assets. So given role and my assets are very similar to, or exactly the same as what Dave has in the downstream and refining assets.

我認為，當我們在 2023 年下半年進行重組並真正明確網站的職責時，最明確的事情之一就是。因此，這使我們能夠實施非常高效的工作流程，不僅在特定地點，而且確實在整個 Suncor 營運資產中。因此，我的角色和資產與戴夫在下游和精煉資產中擁有的非常相似或完全相同。

Shelley's central team is focused on delivering value to the assets. It's a very asset centric organizational design, and it's enabled by consistent work processes. So we are very clear on what's required, who's accountable to deliver it, and what a measure of success looks like. And that archetype is showing, to deliver some really good results for us, across our operations.

雪萊的核心團隊專注於為資產創造價值。這是一種非常以資產為中心的組織設計，並且是透過一致的工作流程來實現的。因此，我們非常清楚需要什麼、誰負責交付它以及衡量成功的標準是什麼。這種原型正在展示，為我們的整個營運帶來一些真正好的結果。

Terrific. That was a very thorough rundown. So maybe the second question for Rich. You've been in the seat for almost a year. So I have a question on your take on strategic fit for the 4 refineries. I think the fit is really obvious for Edmonton and Sarnia, but maybe a little bit more nuanced for Commerce City and Montreal.

了不起。這是一個非常徹底的概要。所以也許是里奇的第二個問題。你在這個座位上已經快一年了。我想問您對這 4 家煉油廠的戰略適應性的看法。我認為埃德蒙頓和薩尼亞的契合度非常明顯，但商業城和蒙特婁的契合度可能更微妙。

So the question is, how core do you consider Commerce City and Montreal? And if we look across the entire downstream portfolio, what are you seeing in terms of near term opportunities to further enhance margin capture?

那麼問題來了，您認為商業城和蒙特婁的核心程度如何？如果我們縱觀整個下游投資組合，您認為短期內進一步提高利潤率的機會是什麼？

Well, I think any of our assets, wherever they are, they're about the value they can provide. And I would go a step further and say, is there something unique about our capabilities, our competencies? We've talked a lot about physical integration. Is there a unique level of value that we can bring to owning and operating an asset versus an alternative?

嗯，我認為我們的任何資產，無論它們在哪裡，都與它們可以提供的價值有關。我想更進一步說，我們的能力、能力有什麼獨特之處嗎？我們已經討論了很多關於物理整合的問題。與替代資產相比，我們擁有和經營資產是否可以帶來獨特的價值水準？

Now, I mean, I think Commerce City is a bit more of an island compared to the rest of our operations, but it also has a strong market, and it's got some logistical advantages there that we believe can add and create value. So the key for us over the last year and a half there, is keeping that thing up and running. And when it's up and running, it generates a lot of cash.

現在，我的意思是，我認為與我們其他業務相比，商業城更像是一座島嶼，但它也擁有強大的市場，並且在那裡有一些物流優勢，我們相信這些優勢可以增加和創造價值。因此，在過去一年半的時間裡，我們的關鍵是保持該專案的正常運作。當它啟動並運行時，它會產生大量現金。

I would say you look at the East Coast operations kind of in the same way. You've got the dichotomy of Hebron and Hibernia, non-operated, different kind of operations, and then you've got the 2 floaters. But again, it's the idea of can we keep these assets up and running with high reliability, high integrity? And when we do, they can add material value to the enterprise. So we look at our assets individually, collectively, and it all comes down to what kind of value do, we believe they can. How well can we operate them and what kind of value can they provide to us?

我想說，你以同樣的方式看待東海岸的業務。你有希伯崙和希伯尼亞的二分法，非手術，不同類型的手術，然後你有兩個漂浮物。但同樣，我們的想法是我們能否以高可靠性、高完整性維持這些資產的正常運作？當我們這樣做時，他們可以為企業增加物質價值。因此，我們單獨或集體地審視我們的資產，這一切都取決於我們相信它們可以實現什麼樣的價值。我們如何運作它們以及它們能為我們提供什麼樣的價值？

And that will come from the line of Neil Mehta with Goldman Sachs.

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

My first question is just around your framework for capital allocation. So that's Slide 5. Maybe, Rich, you can step back and talk big picture about how, as you're balancing the operational turnaround, you're also prioritizing return of capital.

我的第一個問題是關於資本配置架構的。這就是投影片 5。Rich，也許您可以退後一步，從全局角度討論在平衡營運週轉時如何優先考慮資本回報。

And we've anchored to this $9 billion to $12 billion being the right net debt level, at which you shift to a 75% to 25% -- versus 25% -- 50%-50% payout. But how are you tracking towards that? Are those the right levels as you spent more time thinking about it?

我們將 90 億至 120 億美元確定為正確的淨債務水平，在此水平下，您將支付 75% 至 25%（而不是 25%）至 50%-50% 的支出。但你是如何實現這目標的呢？當您花了更多時間思考時，這些水平是否正確？

Yes, Neil, I'm going to ask Kris to comment here in a second, but I want to step back again and frame it in the context of why we keep talking about this $5 a barrel. Our breakeven now is kind of 50-ish or low 50s, and we want to take $5 out of that so that we have a greater level of financial resiliency and the inevitable ups and downs of this business that we're in.

是的，Neil，我稍後會請 Kris 發表評論，但我想再次退後一步，將其放在我們為什麼繼續談論每桶 5 美元的背景下。我們現在的損益平衡點約為 50 左右或 50 左右，我們希望從中拿出 5 美元，以便我們擁有更高水平的財務彈性，並應對我們所處業務不可避免的起伏。

And so in doing that, that allows us, from a capital allocation standpoint, to weather the storms when we get in weak market conditions, and be more opportunistic when maybe others are in a bit more of a difficult position. So the $5 a barrel objective we have aligns with then having a -- ensuring we have a strong balance sheet, we have financial resiliency. We can pay all of our bills in good times and bad.

因此，從資本配置的角度來看，這樣做可以讓我們在市場疲軟時度過難關，並在其他人處境更為困難時更加投機取巧。因此，我們每桶 5 美元的目標與確保我們擁有強大的資產負債表和財務彈性是一致的。無論順境或逆境，我們都可以支付所有帳單。

I put dividend in those bills. And then have the added flexibility of continuing to return cash to shareholders. But Kris, you maybe want to talk more specifically about the current structure we have and our thoughts?

我把股息存入這些帳單中。然後獲得繼續向股東返還現金的額外彈性。但是克里斯，你也許想更具體地談談我們目前的結構和我們的想法？

Yes, I mean, as you pointed out, our capital allocation structure is pretty clear. When we hit $12 billion net debt, we go to 75, 25 buyback and reduction. And then once we get to $9 billion, and that is a net debt basis, including capitalized leases.

是的，我的意思是，正如您所指出的，我們的資本配置結構非常清晰。當我們達到 120 億美元的淨債務時，我們將進行 75、25 次回購和減持。一旦我們達到 90 億美元，這是淨債務基礎，包括資本化租賃。

We're focused on that framework. I think to piggyback on Rich's comments, what we're trying to do is drive more free cash flow out of the business so we can drive to those targets even more quickly. Now, obviously, it's all going to be dependent on where commodity price lands, and people will take varying views of when we're going to hit the $12 billion. But we're focused on driving that debt down while continuing to return cash to shareholders.

我們專注於該框架。我認為，借助里奇的評論，我們正在努力做的是從業務中推動更多的自由現金流，以便我們可以更快地實現這些目標。現在，顯然，這一切都將取決於大宗商品價格的走勢，人們對於我們何時達到 120 億美元會有不同的看法。但我們的重點是降低債務，同時繼續向股東返還現金。

I mean, I think to your other question about will the targets change? I mean, we're always looking at the resiliency of the business, and do these targets make sense. But in a commodity business like this, as you know, having really strong balance sheet. And we want a balance sheet in a place that's going to weather, not even mid-cycle low, below mid-cycle pricing. And that's really what the $9 billion is driving towards. But we're continually looking at our capital position. We're driving, but the allocation framework isn't changing at this time.

我的意思是，我想你的另一個問題是目標會改變嗎？我的意思是，我們一直在關注業務的彈性，以及這些目標是否有意義。但如你所知，在這樣的大宗商品業務中，資產負債表非常強勁。我們希望資產負債表能夠經得起考驗，甚至不會低於週期中期的低點、低於週期中期的定價。這確實是 90 億美元的目標。但我們一直在關注我們的資本狀況。我們正在開車，但分配框架目前沒有改變。

And then the follow-up is just on Slide 13. It is a pretty heavy year for economic investment capital between West White Rose, the well pads, Mildred Lake, the Drum, Cogen, and Fort Hills and the trucks. So maybe you could just talk about that set of projects, how they're tracking relative to expectations and update on the investments that you're making here?

接下來的內容就在幻燈片 13 上。對於 West White Rose、井場、Mildred Lake、Drum、Cogen、Fort Hills 和卡車之間的經濟投資資本來說，今年是相當沉重的一年。那麼也許您可以只談談這組項目，它們相對於預期的跟踪情況以及您在這裡進行的投資的最新情況？

I think, on West White Rose, I'll let the operator maybe comment a bit more on that. But I think, you know, we do have a lot of things going on. The Coke Boiler Replacements will be wrapping up later this year as we approach start-up. Well pads are quite economic investment for us. And so, we're wrapping some things up.

我想，在《西白玫瑰》上，我可能會讓接線員對此發表更多評論。但我認為，你知道，我們確實發生了很多事情。隨著我們即將啟動，焦炭鍋爐更換工作將於今年稍後完成。井場對我們來說是相當經濟的投資。所以，我們正在總結一些事情。

And now we're really looking at kind of what goes on from here forward in terms of what is the right level of CapEx. But, maybe if there's any -- in terms of the execution, Shelley, you want to comment a little bit on the capital projects and/or Peter, the bulk of the monies in you guys' areas. Any comments you'd offer there?

現在我們正在真正研究從現在開始發生的事情，確定什麼是正確的資本支出水準。但是，也許如果有的話——在執行方面，雪萊，你想對資本項目和/或彼得，你們領域的大部分資金發表一些評論。您有什麼意見嗎？

Yes, I think you've hit the high points. The execution for all of those major projects is on track, proceeding as we expect them to be. Some of the -- certainly the Coke Boiler Replacements, we're into system turnover, starting to commission some of those key systems. So we're expecting that spend to progress as we expected it to be.

是的，我認為你已經達到高潮了。所有這些重大項目的執行都步入正軌，並按照我們的預期進行。其中一些——當然是焦炭鍋爐更換，我們正在進行系統週轉，開始調試其中一些關鍵系統。因此，我們預計支出將以我們的預期進行。

One of the things I'd comment on projects. Projects is just like operations and others. It's a specialty expertise that goes with planning and executing projects. You know, shame on us. We learned a lot through Terra Nova. But as we've been learning it, we've been strengthening our execution capability in other areas.

我對項目的評論之一。項目就像營運和其他一樣。這是與規劃和執行專案相關的專業知識。你知道，我們感到羞恥。我們透過 Terra Nova 學到了很多東西。但正如我們一直在學習的那樣，我們一直在加強其他領域的執行能力。

And although turnarounds are different, they also have a lot of similarities in the importance of pre-planning, ensuring you have the necessary resources, scheduled out in time. So this is a whole area of emphasis for us on planning and executing our work. And that applies really across the board, but you'll really see it tangibly in project execution.

儘管週轉時間有所不同，但它們在預先規劃的重要性方面也有很多相似之處，以確保您擁有及時安排的必要資源。因此，這是我們規劃和執行工作的重點領域。這確實適用於所有領域，但您會在專案執行中真正看到它。

And that will come from the line of Patrick O'Rourke with ATB Capital Markets.

這將來自 ATB Capital Markets 的 Patrick O'Rourke。

You spent a lot of time going over sort of mining operations, but you touched on in situ opportunities earlier in the call. I'm sure a lot out there, just like myself, have been watching very impressive results at Firebag & MacKay. And you're running, from what I can see, very close to nameplate capacity there.

您花了很多時間研究採礦作業，但您在電話會議的早些時候談到了現場機會。我確信很多人，就像我自己一樣，都在 Firebag & MacKay 上看到了非常令人印象深刻的結果。從我看來，你的運行速度非常接近銘牌容量。

So I'm just wondering if you could kind of maybe unpack a little bit more what the opportunities in the thermal units are. Are they growth? Are they capital efficiency? Are they on the operating cost side and what that could look like going forward?

所以我只是想知道您是否可以更多地了解熱力設備中的機會是什麼。它們是成長嗎？它們是資本效率嗎？他們是否在營運成本方面以及未來會是什麼樣子？

Sure. If you look back over our last 10 years, we had such intense focus on mining with the initial investment at Fort Hills and things. And it's not -- I'm going to use a word, and I don't mean it quite as strong, but in a sense, our in situ kind of took a bit of a backseat in some regards, because we had so many other capital needs.

當然。如果你回顧過去 10 年，我們非常專注於採礦業，並在福特山等地進行了初步投資。這不是——我要用一個詞，我的意思不是那麼強烈，但從某種意義上說，我們的現場在某些方面有點退居二線，因為我們有太多其他資金需求。

But as we look at the quality of that operation, Firebag's a rock star. I wish we had a couple more of them. And we do have opportunities to continue to de-bottleneck at lower relative, cost per flowing barrel at Firebag.

但當我們審視該行動的品質時，Firebag 堪稱搖滾明星。我希望我們能多幾個。我們確實有機會繼續以 Firebag 相對較低的每桶流動成本消除瓶頸。

We've got opportunities for new developments, Lewis or Firebag South. And what we're doing right now, and this gets in kind of to the Investor Day, we're doing a lot of work right now to answer some key questions there about what's next, what's the most capital efficient and when.

我們有機會進行新的開發，Lewis 或 Firebag South。我們現在正在做的事情，這有點接近投資者日，我們現在正在做大量的工作來回答一些關鍵問題，例如接下來會發生什麼，什麼是最有資本效率的以及什麼時候。

And I'd love to have those questions earlier rather than later, but it's going to take us, the bulk of the spring and the summer to get there on some of those. But I think in situ plays into our future in a bigger way.

我很想早點而不是晚點提出這些問題，但是我們需要春天和夏天的大部分時間才能解決其中一些問題。但我認為原地對我們的未來有更大的影響。

So that, your question's a good setup. You're going to hear more from us about in situ. Some of the opportunities are very much low cost de-bottlenecking at the Firebag plant in itself, water handling capability, whatnot. Where you can spend a small amount of money and open up, 2,000, 3,000, 4,000, 5,000 barrels a day of additional capacity.

所以，你的問題是一個很好的設定。您將從我們這裡聽到更多有關現場的資訊。其中一些機會是非常低成本地消除 Firebag 工廠本身的瓶頸、水處理能力等等。在那裡你可以花少量的錢，開啟每天2,000、3,000、4,000、5,000桶的額外產能。

We're also testing solvent technologies. Solvent to me is a winning formula. If you can convince yourself you get equal to, or better recovery, you lower carbon emissions with it, lower steam use. So we've got some pilot work that's, some of it that's wrapping up this spring. And so you can expect to hear more on that.

我們還在測試溶劑技術。溶劑對我來說是一個成功的秘訣。如果您能說服自己獲得相同或更好的回收率，您就可以降低碳排放量，並減少蒸氣使用。因此，我們已經開展了一些試點工作，其中一些工作將於今年春天結束。因此，您可以期待聽到更多相關內容。

But in the Greenfield developments, we're also, like Lewis, for example, we're looking at synergies given its proximity to the Base Plant with surplus steam utilization. So here again, it comes back to the concentrated, geographic footprint of our assets, the physical integration of what we have, and the ability to do things, or add value that are above and beyond what our competitors can say.

但在綠地開發項目中，我們也像劉易斯一樣，考慮到其靠近具有剩餘蒸汽利用的基地工廠的協同效應。因此，這又回到了我們資產的集中、地理分佈、我們所擁有的資產的物理整合、以及做事的能力，或者說增加的價值超出了我們的競爭對手所能說的。

So, you answered, or you asked a great question for me, because in situ is something you're going to be hearing more and more from us about in the, in the months and the quarters ahead.

所以，你回答了，或者你向我提出了一個很好的問題，因為在未來的幾個月和幾個季度裡，你會從我們那裡聽到越來越多關於「現場」的資訊。

And just to follow-up here, just looking ahead at the year, I know, a lot of these risks are completely unpredictable. We've had things like wildfires in the past, but one of the things we've been watching is, drought conditions here, Athabasca River, water levels and flow rates look okay so far, but just wondering if you have any contingencies, or any concerns on that end?

只是為了跟進，只是展望今年，我知道，很多風險是完全不可預測的。我們過去發生過野火之類的事情，但我們一直在關注的事情之一是，這裡的乾旱狀況，阿薩巴斯卡河，水位和流量到目前為止看起來還不錯，但只是想知道是否有任何意外情況，或對此有何擔憂？

Yes, I'm going to ask Peter to comment on that specifically, because obviously the importance of water to our resource, and of course. Our operations are where the vast majority of the source of water is in Alberta, and we in industry use a relatively small fraction of that source. But Peter, you want to comment a little bit about kind of our overall approach around water use and management?

是的，我要請彼得對此具體發表評論，因為顯然水對我們的資源的重要性，當然。我們的業務位於艾伯塔省的絕大多數水源所在地，而我們在工業領域使用的水源的比例相對較小。但是彼得，您想對我們圍繞用水和管理的整體方法發表一些評論嗎？

Yes, absolutely, Rich. I think I'd like to start by just saying, in our operations today, we're recycling 94% of the water we use in our operations, and we are very careful in the amount of water that we're drying off the river.

是的，絕對如此，里奇。我想我首先想說的是，在我們今天的運營中，我們回收了運營中使用的 94% 的水，並且我們非常小心地控制從河流中乾燥的水量。

We are, we have contingency plans in place. Yes, absolutely. And we're also casting our eyes to the future to look at investments that will reduce our water intensity across our operations.

我們是，我們已經制定了應急計劃。是的，一點沒錯。我們也著眼於未來，尋找能夠降低整個營運用水強度的投資。

First and foremost, at Base Plant, we'll look to develop a potential waste water treatment plant, and bring that on kind of by the, towards the end of the decade here.

首先也是最重要的是，在基地工廠，我們將尋求開發一個潛在的廢水處理廠，並在本世紀末實現這一目標。

So first, in our operations, it is all about efficiency and scarcity of use, heavy focus on recycling and building the contingency. And so that we can weather through these drought conditions that we are going to see across the province this summer.

因此，首先，在我們的營運中，一切都與效率和使用稀缺性有關，並專注於回收和建立應急措施。這樣我們就能度過今年夏天全省出現的乾旱狀況。

And that will come from the line of Manav Gupta with UBS.

這將來自馬納夫·古普塔 (Manav Gupta) 與瑞銀 (UBS) 的血統。

Well, my first question here is, it looks like you don't have too much downtime in the refining segment in 1Q. Your fourth quarter of capture number was 103%. Every time the capture goes over 100%, we view that very favorably. Looks like a lot of North America is in a turnaround and you are running all out in 1Q. Does that set you up very well for at least the first half of the year as far as downstream earnings are concerned?

嗯，我的第一個問題是，看起來第一季煉油部門沒有太多的停機時間。第四季的捕獲率為 103%。每次捕獲率超過 100% 時，我們都會非常看好。看起來北美很多地區都在好轉，第一季就已經用完了。就下游收益而言，這是否讓您至少在今年上半年處於良好狀態？

Yes, I think, we like the 100% too. That's good. Right, Dave?

是的，我想，我們也喜歡 100%。那挺好的。對吧，戴夫？

Sure is.

當然是。

We like more than 100%. Yes, I'll ask Dave to comment. We do have turnarounds at Montreal and Sarnia that come on this year -- in the kind of second quarter-ish. You're right, for the rest of the bulk of the first quarter, we're going to be up and running. But Dave, comment on that.

我們喜歡的程度超過100%。是的，我會請戴夫發表評論。今年，我們在蒙特婁和薩尼亞確實出現了轉變——大約是在第二季左右。你是對的，在第一季的剩餘時間裡，我們將正常運作。但是戴夫，對此發表評論。

But I also want, we've I've asked you to give your quarter a pint of blood on the $5 a barrel. So answer that question, but then also talk about what the downstream is doing to contribute to our $5 a barrel corporate break-even reduction. So Manav, sorry, you still get another question. But I want Dave to comment on what his team is doing in that regard as well.

但我也想，我們已經要求你以每桶 5 美元的價格給你的四分之一品脫血。因此，請回答這個問題，但也要談談下游正在採取哪些措施來幫助我們將企業損益平衡點降低到每桶 5 美元。馬納夫，抱歉，您還有另一個問題。但我也希望戴夫評論一下他的團隊在這方面所做的事情。

Well, that's actually a lot of material to go work with. I could probably spend a bit of time on this one. But you mentioned margin capture, and I think the story for the first quarter is going to be fairly similar to the story for the fourth quarter. And for the fourth quarter, we delivered, a strong, a strong margin capture.

嗯，這實際上有很多需要處理的材料。我可能會花一點時間在這個問題上。但你提到了利潤捕獲，我認為第一季的情況將與第四季的情況非常相似。在第四季度，我們實現了強勁的利潤率。

And when I think about it we -- Kris mentioned some of the reasons why we were able to run our refineries full, why they're economic, and we've got some structural advantages in terms of our G2D, our location, our connectivity to our upstream, as well as our retail business. But we ran full and saw a strong margin capture. I'd also flip that around. Running full allows you to capture strong margin capture. Strong margin capture gives you the economics to run full, and we saw both.

當我想到這一點時，克里斯提到了我們能夠滿載運行煉油廠的一些原因，為什麼它們是經濟的，以及我們在 G2D、我們的位置、我們的連通性方面擁有一些結構性優勢到我們的上游以及我們的零售業務。但我們滿載而歸，並看到了強勁的利潤率。我也會翻轉這一點。滿倉運行可以讓您獲得強大的利潤捕獲。強大的利潤獲取讓您能夠充分發揮經濟效益，我們看到了這兩點。

In the downstream, in the fourth quarter, we have optimization that our downstream teams do aggressively every day, and we saw some really good examples of that. First off, reliable operations allowed us to optimize our molecules through our refineries and integrate the value chain to the customer.

在下游，在第四季度，我們下游團隊每天都在積極地進行最佳化，我們看到了一些非常好的例子。首先，可靠的營運使我們能夠透過煉油廠優化我們的分子，並將價值鏈整合到客戶手中。

We were also able to give economic full signals to all of our refineries despite falling gasoline prices. That was assisted by, deeper West Can crude discounts, particularly on SCO, our lower G2D ratios relative to our competition, and our ability to export diesel across both coasts, and that will continue through the first quarter as well. That ability to move diesel across both coasts, and ability to move volume between the 2 regions east to west on rail is a real good advantage for us to allow us to take advantage of that.

儘管汽油價格下跌，我們仍能夠向所有煉油廠發出全面的經濟訊號。這得益於更大的西加原油折扣，特別是在 SCO 上，我們相對於競爭對手較低的 G2D 比率，以及我們在兩個海岸出口柴油的能力，這也將持續到第一季。在兩個海岸之間運輸柴油的能力，以及透過鐵路在兩個地區之間從東到西運輸貨物的能力，對我們來說是一個真正的優勢，讓我們能夠利用這一點。

Our Edmonton refinery is highly integrated with our upstream assets, and we optimize that every day to make sure that we - fill out the refinery to all of its constraints, as well as try to tailor the mix to meet our customer demands, and that's a unique capability in the industry.

我們的埃德蒙頓煉油廠與我們的上游資產高度集成，我們每天都對其進行優化，以確保我們 - 滿足煉油廠的所有限制，並嘗試調整組合以滿足我們的客戶需求，這就是行業內獨一無二的能力。

Our trading organization has done a great job in the fourth quarter, continues in the first quarter, to move volumes off the coast at really good netbacks. We saw that in December. We see that through January while gasoline cracks were low. Gasoline cracks have picked up. That should continue to help us.

我們的貿易組織在第四季度做得很好，並在第一季繼續，以非常好的淨回報將交易量轉移到海外。我們在十二月就看到了這一點。我們看到整個一月汽油裂解量都較低。汽油裂縫已經加劇。這應該會繼續幫助我們。

And our Rack forward business was -- just continues to be strong and provides a nice cushion. It also provides a little bit of a cushion in the following pricing market, which we saw through the fourth quarter in our wholesale pricing when our street price kind of lagged wholesale pricing. So really good fourth quarter in terms of margin capture. We'd expect that to continue through the first quarter.

我們的機架前移業務繼續保持強勁並提供了良好的緩衝。它也為後續定價市場提供了一點緩衝，我們在第四季度的批發定價中看到了這一點，當時我們的街頭價格有點落後於批發定價。就利潤率而言，第四季確實非常好。我們預計這種情況將持續到第一季。

In terms of value capture, that's a really exciting thing for us in the downstream. If we think about, where are our opportunities -- Peter talks a lot about how we reduce costs of mining. That's a big opportunity in the upstream. In the downstream, our volumes are a little bit smaller. And the cost of production is -- it's a smaller piece to work with to begin with.

就價值獲取而言，這對我們下游來說確實是一件令人興奮的事情。如果我們思考一下，我們的機會在哪裡——彼得談到了很多關於我們如何降低採礦成本的問題。這對上游來說是一個巨大的機會。在下游，我們的產量要小一些。生產成本是——它首先是一個較小的部件。

So there's some opportunities in the dollar per barrel OpEx side of things, but our bigger opportunity is our ability to capture value. And that's really where we're focused. Our team is really excited about it.

因此，每桶營運支出方面存在一些機會，但我們更大的機會是我們獲取價值的能力。這確實是我們關注的焦點。我們的團隊對此感到非常興奮。

We're building plans to capture value in a number of key areas. And that value will turn into cash. And it's all about cash, which to the bottom line of the enterprise, which overall helps our breakeven for the enterprise.

我們正在製定計劃，以在許多關鍵領域中獲取價值。這個價值將變成現金。這一切都與現金有關，這關係到企業的利潤，這總體上有助於我們企業的損益平衡。

We're looking at structural reliability improvements at all of our assets in the refining business. We're looking at supply and logistics opportunities. We're taking a look in the supply side at a lot of our contracts that maybe we haven't looked at in a number of years and checking whether they still have service well. And we're seeing some opportunities in that space.

我們正在考慮提高煉油業務中所有資產的結構可靠性。我們正在尋找供應和物流機會。我們正在供應方面查看許多我們可能已經很多年沒有查看過的合同，並檢查它們是否仍然提供良好的服務。我們在這個領域看到了一些機會。

We spend a lot of money in logistics, moving large volumes of our product all across North America and even at export. There's vessel leases, there's rail car leases, there's pipeline contracts, all of that stuff. There's a lot of money being spent there. We think there's some opportunity to squeeze some of that and find some really good value there.

我們在物流方面投入了大量資金，將大量產品運送到整個北美地區，甚至出口。有船舶租賃、電車租賃、管道合約等等。那裡花了很多錢。我們認為有一些機會可以挖掘其中的一些並在那裡找到一些真正有價值的東西。

Our trading organization is world class, and we've been growing that over the last few years. And we continue to see opportunity to capture more value through that organization.

我們的貿易組織是世界一流的，並且在過去幾年中我們一直在不斷發展。我們繼續看到透過該組織獲取更多價值的機會。

On the refining side, we have a number of kind of really small investment opportunities, low CapEx, high return that we're going to look at each of our assets to continue to grow that. And of course, folks are aware of our retail growth strategy. We began implementing that in 2023, and that's going to -- that is actually delivering very well for us. We're seeing some really promising signals on some of the early sites that we've developed, and we're going to continue that through the next few years.

在煉油方面，我們有許多非常小的投資機會，資本支出低，回報高，我們將審視我們的每項資產以繼續成長。當然，人們都知道我們的零售成長策略。我們在 2023 年開始實施這項計劃，這實際上對我們來說效果非常好。我們在我們開發的一些早期網站上看到了一些真正有希望的信號，我們將在未來幾年繼續這樣做。

So we see a lot of opportunity to contribute, upwards of a couple dollars a barrel to that $5 a barrel challenge over the next number of years through downstream value capture.

因此，我們看到了很多機會，可以透過下游價值捕獲，在未來幾年內為每桶 5 美元的挑戰做出貢獻，每桶幾美元以上。

I just wrote that down, Dave. Thank you.

我剛剛寫下來了，戴夫。謝謝。

That's for the bank, Rich.

這是給銀行的，里奇。

My quick follow-up is, it looks like the net debt just went up a little because of the Fort Hills. I think you took on some more debt for that transaction, and maybe there was some lease liability things. I'm just trying to understand now that Fort Hills is in there, that you're crossing higher volumes, like what would be an optimal debt level after which you would say, we are very comfortable holding to this amount of debt, and then most of the other proceeds can just go to buybacks?

我的快速跟進是，由於福特山，淨債務似乎略有增加。我認為您為該交易承擔了更多債務，也許還存在一些租賃責任。我現在只是想了解福特山在那裡，你正在跨越更高的數量，比如最佳債務水平是多少，之後你會說，我們非常願意持有這一數額的債務，然後其他大部分收益可以直接用於回購嗎？

Hi, Manav. It's Kris here. Similar to the question we had earlier from Neil Mehta, our capital allocation framework is quite clear. So we're driving to $12 billion net debt as our next target, and then we'll change the capital allocation framework from 50-50 to 75-25. And we're on our -- and our goal is to get down to $9 billion net debt, including capitalized leases. So that's the framework we have in place.

嗨，馬納夫。這裡是克里斯。與我們之前尼爾梅塔提出的問題類似，我們的資本配置框架非常清晰。因此，我們將 120 億美元的淨債務作為下一個目標，然後將資本配置框架從 50-50 更改為 75-25。我們的目標是將淨債務降至 90 億美元，其中包括資本化租賃。這就是我們現有的框架。

And as I said earlier in the call, this is all about people. As you've listened for the last period of time, we're looking to release as much free cash flow as we can so that we can actually drive to that net debt target and return more cash to shareholders.

正如我之前在電話中所說，這一切都與人有關。正如您在過去一段時間所聽到的那樣，我們希望釋放盡可能多的自由現金流，以便我們能夠真正實現淨債務目標並向股東返還更多現金。

And the net debt only went up because of the Fort Hills transaction, right? I just want to clarify that in the quarter?

而淨債務只是因為福特山交易而增加，對吧？我只是想在本季澄清一下？

Yes, that's right. I mean, our net debt at the end of the day was flat year-over-year, and we had the acquisition, which was CAD 1.5 billion plus closing adjustments and closing costs. And as you pointed out, there were some capitalized leases that came with that. So when you look at that on that basis, we did the transaction, we kept the net debt level. Our debt excluding capitalized leases actually went down.

恩，那就對了。我的意思是，最終我們的淨債務與去年同期持平，我們進行了收購，金額為 15 億加元，加上結算調整和結算成本。正如您所指出的，隨之而來的是一些資本化租賃。因此，當你在此基礎上查看時，我們進行了交易，我們保持了淨債務水平。我們的債務（不包括資本化租賃）實際上有所下降。

And that will come from the line of Roger Read with Wells Fargo.

這將來自富國銀行的羅傑·里德（Roger Read）的血統。

I'd like to just follow-up on one thing, as you mentioned, being able to supply Fort Hills and Firebag, kind of -- against Base Plant and others. Does it matter what you're putting through the upgraders in terms of bitumen and bitumen quality? What's the flexibility there as we think about the long-term question of replacing Base Plant production?

正如您所提到的，我只想跟進一件事，能夠為 Fort Hills 和 Firebag 提供供應，以對抗 Base Plant 和其他公司。就瀝青和瀝青品質而言，您透過升級器進行的改造重要嗎？當我們考慮更換基地工廠生產的長期問題時，靈活性是什麼？

I know it's a next decade kind of question, but it's out there. And so I'm just curious, are you learning something about the ability to be more flexible with the feedstock?

我知道這是下一個十年的問題，但它確實存在。所以我很好奇，您是否正在學習如何更靈活地使用原料？

The upgraders have the capability of handling whatever the feed is, but the cocktail that comes from Firebag is not exactly the same as the cocktail that comes from Fort Hills. And what we've learned with the paraffinic froth treatment at Fort Hills that basically is taking the heavier asphaltenes out of it before it comes.

升級者有能力處理任何飼料，但來自 Firebag 的雞尾酒與來自 Fort Hills 的雞尾酒並不完全相同。我們從福特山的石蠟泡沫處理中了解到，基本上是在其出現之前將其中的較重的瀝青質除去。

What Peter is getting at Base Plant when he runs that through. We've talked in the past about getting an uplift in volume that when it goes through there, but literally we've been testing that long and hard and with more Fort Hills barrels going through. Peter, keep me honest, we've talked about the volumetric uplift of bringing a Fort Hills barrel in on kind of the 4% range. Increasingly, we're thinking it's more than 6%.

Peter 在 Base Plant 經歷了這個過程後得到了什麼。我們過去曾討論過，當它通過那裡時，音量會有所提升，但實際上，我們已經進行了長時間和艱苦的測試，並且有更多的福特山桶通過。 Peter，老實說，我們已經討論過將 Fort Hills 桶引入 4% 範圍內的體積提升。我們越來越認為這個比例會超過 6%。

And what we think is we're getting that 4%. But as you stir those Fort Hills barrels in with all the other barrels, they have a synergistic effect that get an uplift from a larger volume.

我們認為我們得到了 4%。但當你將這些福特山桶與所有其他桶子攪拌時，它們會產生協同效應，從更大的體積中獲得提升。

And so, there again lies what's the value proposition when you can look at where a paraffinic froth treatment bitumen gets in the market versus a Firebag. We have the ability to move barrels literally day-to-day, week-to-week to get the highest value. So all barrels are not created equal. Peter, you have anything you'd add to that or I love this topic. This is awesome.

因此，當您查看石蠟泡沫處理瀝青與消防袋在市場上的競爭情況時，您會再次發現價值主張是什麼。我們有能力每天、每週移動桶子以獲得最高價值。因此，並不是所有的桶子都是一樣的。彼得，你有什麼可以補充的，或者我喜歡這個主題。這太棒了。

And actually that is what the results are showing north 6% yield uplift on those paraffinic froth treatment barrels from Fort Hills. Again, we can bring those into the upgrader at a maximum of 60,000 a day right now. And that's one of the things the teams do is look every day on where we're going to generate the most value for the company and what the mix is, what the cocktail is so we're bringing it to those upgraders.

事實上，結果顯示，來自 Fort Hills 的那些石蠟泡沫處理桶的產量提高了 6%。同樣，我們現在每天最多可以將這些內容帶入升級程序 60,000 個。團隊所做的事情之一就是每天專注於我們將為公司創造最大價值的地方以及組合是什麼，雞尾酒是什麼，所以我們將其帶給那些升級者。

So I guess just as a follow-up on that, I mean, does that imply as you're looking out 10 plus years that there's actually a lot more flexibility in the way to think about bitumen (technical difficulty) being laser focused on particular mine or something?

所以我想，作為這一點的後續行動，我的意思是，這是否意味著，當你展望十多年時，實際上在考慮瀝青（技術難度）被激光聚焦於特定的方式上有更多的靈活性我的還是什麼？

Absolutely. Yes, no, no doubt about it. We will look at the most holistic way so that we ensure we can accurately see what value can be captured. And here again, I think this is part of what makes us a bit different than others is the way we can look at a barrel of bitumen and what we can do with it.

絕對地。是的，不，毫無疑問。我們將採用最全面的方法，以確保我們能夠準確地了解可以捕捉哪些價值。再次強調，我認為我們與其他人有所不同的部分原因是我們看待一桶瀝青的方式以及我們可以用它做什麼。

We have options and that will be part of as we look forward on whatever the best long-term sources of bitumen. That will be very much a consideration as we look at where value can be created.

我們有選擇，這將是我們期待最好的長期瀝青來源的一部分。當我們考慮在哪裡可以創造價值時，這將是一個非常重要的考慮因素。

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

目前我在隊列中沒有顯示任何其他問題。我現在想將電話轉給 Rich Kruger 先生，請他發表結束語。

Yes, I'll just wrap up very quickly before giving it back to Troy. Thank you for the time, the questions today. We had a lot to cover.

是的，我會很快結束，然後再把它還給特洛伊。謝謝你今天抽空提問。我們有很多事情要講。

I'll just reiterate really where Greg started us. Where we are right now as we get into 2024, I believe we've got the right leadership, the right people. We're focused on the right work. We have an inventory of things that can make a good operation great and that's exactly what we intend to do. So with that, I'll just turn it back to Troy.

我只想重申格雷格開始我們的地方。進入 2024 年，我相信我們擁有正確的領導階層和正確的人才。我們專注於正確的工作。我們擁有一系列可以讓良好營運變得更加出色的東西，而這正是我們打算做的。那麼，我就把它轉回特洛伊。

Thank you, everyone, for joining our call this morning. If you have any follow-up questions, please don't hesitate to reach out to our team. Operator, you can end the call.

謝謝大家今天早上加入我們的電話會議。如果您有任何後續問題，請隨時聯絡我們的團隊。接線員，您可以結束通話了。

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

謝謝。今天的節目到此結束。感謝大家的參與。您現在可以斷開連線。