Suncor Energy Inc (SU) 2024 Q1 法說會逐字稿

Good day, and welcome to the Suncor Energy First Quarter 2024 Results Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，歡迎參加森科能源 2024 年第一季業績電話會議。 （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. You may begin, sir.

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。您可以開始了，先生。

Thank you, operator, and good morning. Welcome to Suncor Energy's first quarter earnings call. Please note that today's comments contain forward-looking information. Actual results may differ materially from the expected results because of various risk factors and assumptions that are detailed in our first quarter earnings release as well as in our current Annual Information Form, both of which are available on SEDAR+, EDGAR and our website, suncor.com.

謝謝您，接線員，早安。歡迎參加森科能源第一季財報電話會議。請注意，今天的評論包含前瞻性資訊。由於我們第一季收益發布以及我們目前的年度資訊表中詳細介紹的各種風險因素和假設，實際結果可能與預期結果有重大差異，這兩者均可在SEDAR+、EDGAR 和我們的網站suncor 上獲取。

Certain financial measures referred to in these comments are not prescribed by Canadian Generally Accepted Accounting Principles. For a description of these financial measures, please see our first quarter earnings release.

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，請參閱我們的第一季財報發布。

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 Peter Zebedee, Executive Vice President of Oil Sands; Dave Oldreive, Executive Vice President, Downstream; and Shelley Powell, Senior Vice President, Operational Improvement and Support Services. Following the formal remarks, we'll open up the call to questions.

我們將從總裁兼執行長 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油砂公司執行副總裁 Peter Zebedee； 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 Rich 來分享他的評論。

Good morning. First quarter. Following a strong fourth quarter 2023, I would characterize our first quarter as even stronger. So how so? I recognize I'm going to start sounding like a broken record here, but by focusing on the fundamentals, safety, reliability, profitability, coupled with the determination to deliver on commitments. Kris will highlight our results in more detail in a moment. So what I'd like to do is highlight some of the more notable achievements starting, of course, with the fundamentals, safety.

早安.第一季。繼 2023 年第四季的強勁表現之後，我認為我們的第一季更加強勁。那怎麼會這樣呢？我意識到我將開始聽起來像一個破紀錄，但透過專注於基本面、安全性、可靠性、獲利能力，以及兌現承諾的決心。克里斯稍後將更詳細地強調我們的結果。因此，我想做的是強調一些更顯著的成就，當然從基礎知識和安全性開始。

No life altering or life-threatening injuries, lost time incidents down 50% year-on-year, recordable incidents down 20% year-on-year, process safety events down greater than 50% year-on-year achieving first quartile U.S. fuel and petrochemical manufacturers performance. How so? This is really a tribute to our people, our processes, our priorities and site leadership.

沒有發生改變生活或危及生命的傷害，損失時間事故同比減少 50%，可記錄事故同比減少 20%，製程安全事件同比減少 50% 以上，實現美國燃油第一四分位數和石化製造商的表現。為何如此？這確實是對我們的員工、我們的流程、我們的優先事項和現場領導的致敬。

Second fundamental I'd like to continue with reliability. I'll start with refining. Refining throughput 455,000 barrels a day, up 88,000 barrels a day from a year ago or 24%. Highest first quarter in our company's history, driven by best ever first quarter utilization of 98% and led by Edmonton in excess of 100% achieved by operational excellence, improved winterization and once again, the focus of our people.

第二個基本原則我想繼續保持可靠性。我將從精煉開始。煉油吞吐量45.5萬桶/日，較去年同期增加8.8萬桶/日，增幅24%。這是我們公司歷史上最高的第一季度，其推動因素是有史以來最好的第一季度利用率98%，其中以埃德蒙頓為首，透過卓越營運、改善防凍措施以及我們員工的關注再次實現了超過100% 的目標。

Product sales, 581,000 barrels a day, our highest quarter ever. A tribute to Dave Oldreive's sales and marketing team for aggressively moving barrels and capturing value.

產品銷售量為每天 581,000 桶，是我們有史以來最高的季度。向戴夫·奧爾德雷夫 (Dave Oldreive) 的銷售和行銷團隊致敬，他們積極移動木桶並獲取價值。

Upstream production, 835,000 barrels a day, up 93,000 barrels a day or 13% for the quarter a year ago, highest quarter in our company's history. There are many, many multiple best-evers. Kris will detail a few shortly, but I'll continue. I'd like to highlight one in particular. Upgrader utilization combined at an impressive 102% and achieved in part via a very tangible competitive differentiator. I am growing to understand and recognize more and more of the longer I'm here. And this is our physical integration.

上游產量為每天 835,000 桶，比去年同期增加 93,000 桶/天，增幅 13%，是我們公司歷史上最高的季度。有很多很多歷史最佳。克里斯很快就會詳細介紹一些，但我會繼續。我想特別強調一點。升級器利用率總計達到令人印象深刻的 102%，部分是透過非常明顯的競爭優勢來實現的。我在這裡待的時間越長，我的理解和認識就越多。這就是我們的身體整合。

Reminds in situ operations interconnected to 2 large upgraders. The flexibility and optionality that this integration provides us is truly unparalleled. The ability to move molecules bitumen, partially processed hydrocarbons, water, steam again, all to maximize value. I guess to say it differently, there's integrated and they're Suncor integrated and they are not the same.

提醒與 2 個大型升級器互連的現場操作。這種集成為我們提供的靈活性和可選性確實是無與倫比的。能夠再次移動瀝青分子、部分加工的碳氫化合物、水、蒸汽，以達到價值最大化。我想換句話說，有整合的，有 Suncor 整合的，但它們並不相同。

The last thing I'll mention is it's one thing to have a physically integrated kit, but it's something entirely different to capitalize on it. And that's exactly what Peter Zebedee's entire Oil Sands' team did throughout the first quarter, well done.

我要提到的最後一件事是，擁有實體整合的套件是一回事，但利用它則完全不同。這正是 Peter Zebedee 的整個油砂團隊在第一季所做的，做得很好。

The -- so if you look at where we are on the production reliability, the year-to-date, the first quarter, everything is consistent with the first quarter's expected contribution to our full year guidance. In fact, I would say every major asset upstream and downstream delivered at or above our own internal expectations.

因此，如果你看看我們在生產可靠性方面的情況，年初至今，第一季度，一切都與第一季對我們全年指引的預期貢獻一致。事實上，我想說，上游和下游的每項主要資產的交付都達到或高於我們自己的內部預期。

The third fundamental I'll comment on profitability. Kris will dig into AFFO, free funds, shareholder distributions. So I won't steal his thunder, but I would like to comment on one essential aspect of profitability, cost management. Total OS&G in the first quarter all in, top to bottom, was $3.4 billion, for all practical purposes essentially flat with the first quarter of 2023. However, as I mentioned, we produced 93,000 barrels per day more in the upstream essentially 3 MacKay Rivers, we refined 88,000 barrels a day more in the downstream, essentially an additional Sarnia, and we sold 66,000 barrels a day additional of products -- refined products this year versus last year. We did all of that at essentially no extra cost, 0, nada. That's leverage.

第三個基本面我將評論獲利能力。 Kris 將深入研究 AFFO、自由資金、股東分配。所以我不會搶他的風頭，但我想評論一下盈利能力的一個重要方面，即成本管理。第一季的OS&G 總額（從上到下）為34 億美元，從所有實際目的來看，與2023 年第一季基本持平。麥凱河）每天多生產93,000 桶石油，我們在下游每天多精煉 88,000 桶，實質上是額外的薩尼亞，而且我們每天額外銷售 66,000 桶產品——今年與去年相比，精煉產品。我們基本上沒有額外成本就完成了所有這些工作，0，虛無。這就是槓桿。

In fact, all major assets, every single one upstream and downstream operated safely and efficiently at lower unit costs in the first quarter of 2024 than they did at the first quarter of 2023. I got to say I love free barrels. Bottom line, 2024 of to a strong start, good momentum, and we intend to keep it going.

事實上，2024 年第一季所有主要資產、上游和下游的每一個資產都以比 2023 年第一季更低的單位成本安全高效地運作。總而言之，2024 年將是一個強勁的開局、良好的勢頭，我們打算繼續保持下去。

You may have seen or may be aware that on May 21, we're going to provide an update via webcast on our overall story and our near-term outlook. Specifically, our management team will outline the next 2 to 3 years' expectations, financial and operating, our outlook on volumes, CapEx, or $5 a barrel reduction in breakeven, et cetera. We're also going to detail expected shareholder returns and capital allocation at various prices. Later in the year, we'll see at this point, but we anticipate a more comprehensive Investor Day with a longer-term outlook. So stay tuned. Troy Little and his IR team will provide further details in the days ahead.

您可能已經看到或可能知道，5 月 21 日，我們將透過網路廣播提供有關我們整體情況和近期展望的最新資訊。具體來說，我們的管理團隊將概述未來 2 到 3 年的財務和營運預期、我們對銷售的展望、資本支出或損益平衡點每桶減少 5 美元等。我們也將詳細說明不同價格下的預期股東回報和資本配置。今年晚些時候，我們將看到這一點，但我們預計會有一個更全面的投資者日，並展望更長期的前景。所以請繼續關注。 Troy Little 和他的 IR 團隊將在未來幾天提供更多詳細資訊。

As I look at the second quarter, recognizing that this update is only a couple of weeks away, I'll skip my usual detail on performance improvements and highlight only a couple of items. We've talked at length on earlier calls about mining fleet upgrades in the cost savings opportunity they provide. So I just wanted to comment on our conversion to autonomous haul trucks at the base plant. That continues as planned. Six months ago on a call, we were talking about how we had 30, 31 trucks operating autonomously. Today, that number is 56 trucks. And at year-end, we're on plan for 91 or the full base plant or fleet. Recall the impact is $1 million per truck per year in sustainable savings and an additional productivity gain. During the Q&A, I would urge someone to ask Peter Zebedee on what he has seen in autonomous productivity.

當我查看第二季度時，認識到此更新只有幾週的時間，因此我將跳過有關效能改進的通常細節，並僅突出顯示幾個項目。我們在先前的電話會議中詳細討論了採礦隊升級帶來的成本節約機會。所以我只想評論一下我們在基地工廠改建為自動運輸卡車的情況。這一切都按計劃繼續進行。在六個月前的一次電話會議中，我們討論瞭如何讓 30、31 輛卡車實現自動駕駛。如今，這個數字是 56 輛卡車。到年底，我們計劃建造 91 個或整個基地工廠或機隊。回想一下，每輛卡車每年可節省 100 萬美元，並額外提高生產力。在問答過程中，我會敦促有人向 Peter Zebedee 詢問他對自主生產力的看法。

We've also commented about acquiring 55 new 400-ton trucks to replace twice as many less efficient third-party trucks. The first 16 of those are now in operation, 21 more are on their way to Fort Hills over the next many months through November. And the final 18 of the 55 will arrive at the base plant starting in the fourth quarter of this year continuing into the first quarter of '25. Recall, in total, these trucks will lower our overall corporate breakeven by on the order of about USD 1 per barrel.

我們也評論了購買 55 輛新的 400 噸卡車，以取代兩倍效率較低的第三方卡車。其中前 16 個現已投入運營，另外 21 個將在接下來的幾個月（截至 11 月）運往福特山。 55 台中的最後 18 台將從今年第四季開始抵達基地工廠，一直持續到 25 年第一季。回想一下，這些卡車總共將使我們公司的整體損益平衡點降低約每桶 1 美元。

Turnarounds in the second quarter Second quarter is our big turnaround quarter for the year, upstream and downstream. In fact, about 75% of our 2024 turnaround activity, if you look at it on a spend basis is scheduled in the second quarter. Our priority here will be to safely cost-effectively execute on schedule and position for a strong second half. At this point in time, we're a month into the second quarter. Turnarounds are going well. We still have more work to do. So I really won't have any more detailed comments at this point.

第二季的轉虧為盈 第二季是我們今年上游和下游轉虧為盈的重要季度。事實上，如果從支出角度來看，我們 2024 年的周轉活動中約有 75% 計劃在第二季進行。我們的首要任務是安全、經濟高效地按計畫執行任務，並為下半年的強勁表現做好準備。此時，第二季度已經過了一個月。扭轉局面進展順利。我們還有更多工作要做。所以我現在不會有任何更詳細的評論。

If you look back in time, 15 years ago about the time of the Petro-Canada merger, Suncor implemented an enterprise-wide system management system to manage operational risk, reliability and overall performance. Internally, we refer to it as OEMS. In essence, this system provided each site with a standard list of operational requirements or expectations, largely leaving each site to determine exactly how to achieve the expectations.

如果您回顧過去，大約 15 年前加拿大石油公司合併時，Suncor 實施了企業範圍的系統管理系統來管理營運風險、可靠性和整體績效。在內部，我們稱之為 OEM。本質上，該系統為每個站點提供了一份標準的操作要求或期望列表，很大程度上讓每個站點自行確定如何實現期望。

Today, we sit back and we've judged that our original system is too complex and fundamentally insufficient in meeting our high performance expectations of today. Consequently, we're implementing a new revised operational excellence management system. It consists of 21 processes associated with the work we do and how we want it done. Processes like managing maintenance, addressing risk, completing turnarounds. Each process consists of a standard how to embedded with industry best practices.

今天，我們坐下來，我們判斷我們原來的系統過於複雜，從根本上不足以滿足我們今天的高性能期望。因此，我們正在實施新修訂的卓越營運管理系統。它由 21 個與我們所做的工作以及我們希望如何完成工作相關的流程組成。管理維護、解決風險、完成周轉等流程。每個流程都包含一個如何嵌入行業最佳實踐的標準。

We've developed this with subject matter experts, frontline employees and leaders across the organization, and our fundamental objective is to reduce site-by-site performance variations and institutionalized improvements. In other words, operationally, our vision is to become consistently and boringly excellent.

我們與整個組織的主題專家、第一線員工和領導者共同開發了這項技術，我們的基本目標是減少各個站點的績效差異和製度化的改進。換句話說，在營運上，我們的願景是變得始終如一、令人厭煩的卓越。

Our new system is clear, simpler and more focused with tangible leader-specific accountabilities. Implementation has started at each and every operating site and will continue throughout 2024 and throughout the bulk of the first half of 2025. I want to shout out to Shelley Powell and her leadership team for driving what I believe will be this game-changing work.

我們的新系統更清晰、更簡單、更專注，並具有具體的領導者特定責任。每個營運地點都已開始實施，並將持續到2024 年以及2025 年上半年的大部分時間。工作。

So with that, I'll turn it over to Kris, who will provide additional comments on financial and operating performance.

因此，我將把它交給克里斯，他將提供有關財務和營運績效的更多評論。

Great. Thanks, Rich, and good morning, everyone. While we saw synthetic crude prices weakened versus the prior quarter, it still remained a strong price and margin environment in the first quarter of the year. WTI averaged USD 77 a barrel in the quarter, and the light heavy differential tightened slightly versus Q4, averaging USD 19 a barrel. However, we also saw synthetic crude oil price weaken, averaging USD 7 a barrel, low WTI in Q1 on the back of strong regional upgrading production and egress constraints across the basin. However, we've already seen [sweet synthetic] strengthen as we have moved into the second quarter, recovering to a premium over WTI and we expect that to continue going forward.

偉大的。謝謝里奇，大家早安。儘管我們看到合成原油價格較上一季走弱，但今年第一季的價格和利潤環境仍然強勁。 WTI 本季平均每桶 77 美元，輕重價差較第四季略有收緊，平均每桶 19 美元。然而，我們也看到合成原油價格走軟，平均每桶 7 美元，第一季 WTI 價格較低，原因是區域生產升級和整個流域的出口限制強勁。然而，隨著進入第二季度，我們已經看到[甜合成]價格走強，恢復到比 WTI 溢價，我們預計這種情況將繼續下去。

On the refining side, 2-1-1 cracking margins remained robust with some softening of diesel cracks being offset by strengthening gasoline cracks. Our 5-2-2-1 refining index was USD 35.95 a barrel, which is about $2.50 a barrel above Q4, helped by discounted synthetic crude oil pricing. And finally, natural gas, which is a key input cost to our operations remain low, with AECO averaging $2.20 a GJ in the quarter, and we continue to see weakness in AECO pricing into the second quarter.

在煉油方面，2-1-1 裂解利潤仍然強勁，柴油裂解的一些軟化被汽油裂解的加強所抵消。我們的 5-2-2-1 煉油指數為每桶 35.95 美元，比第四季每桶高出約 2.50 美元，這得益於合成原油折扣定價。最後，天然氣作為我們營運的關鍵投入成本仍然很低，本季 AECO 平均每吉焦 2.20 美元，我們繼續看到第二季 AECO 定價疲軟。

With this business environment and the very strong operations that Rich just outlined in his opening remarks, Suncor delivered solid financial results in the fourth quarter -- or first quarter, generating $3.2 billion in adjusted funds from operations for $2.46 per share and adjusted operating earnings of $1.8 billion or $1.41 per share.

憑藉Rich 在開場白中概述的這種商業環境和非常強勁的運營，Suncor 在第四季度（即第一季度）取得了穩健的財務業績，從運營中產生了32 億美元的調整後資金，每股2.46 美元，調整後的營運收益為18 億美元或每股 1.41 美元。

During the quarter, we also returned nearly $1 billion to shareholders. This was comprised of about $700 million in dividends as well as about $300 million in share repurchases. Our net debt, including leases, ended at $13.5 billion, which is down about $200 million versus the end of the prior quarter and also included a $200 million increase from changes in FX on our U.S. dollar-denominated debt. We continued the commitment of our current capital allocation framework during the quarter by both reducing debt and returning cash to shareholders through share buybacks.

本季度，我們也向股東返還了近 10 億美元。其中包括約 7 億美元的股息以及約 3 億美元的股票回購。我們的淨債務（包括租賃）最終為 135 億美元，比上一季末減少約 2 億美元，其中還包括我們以美元計價的債務因匯率變化而增加的 2 億美元。本季我們持續履行目前資本配置框架的承諾，減少債務並透過股票回購向股東返還現金。

Turning now to operational performance and building on Rich's comments. We continue to see very strong operations in the quarter, including a number of records. Our upstream delivered total production of 835,000 barrels per day in the quarter, which was up 13% versus Q1 '23 and was the highest in our history. This included a record quarterly production in our Oil Sands segment with 240,000 barrels per day of non-upgraded bitumen and 545,000 barrels per day of synthetic crude oil and diesel.

現在轉向營運績效並以 Rich 的評論為基礎。我們繼續看到本季的營運非常強勁，包括多項記錄。本季我們上游的總產量為每天 835,000 桶，比 23 年第一季成長 13%，是我們歷史上最高的。其中包括我們的油砂業務季度產量創紀錄，非升級瀝青產量為每天 24 萬桶，合成原油和柴油產量為每天 54.5 萬桶。

Fort Hills had a very strong quarter, producing 178,000 barrels per day of paraffinic froth treated barrels, and which was in line with our 3-year improvement plan. Per that plan, Q1 is expected to be the highest producing quarter of the year as there is planned maintenance in Q2. And in the second half of the year, we will be moving more overburden as we accelerate opening the North pit. Overall, we remain very pleased with the progress and the focus of the Fort Hills team on delivering against our plan.

Fort Hills 的季度表現非常強勁，每天生產 178,000 桶石蠟泡沫處理桶，這符合我們的 3 年改進計劃。根據該計劃，由於第二季計劃進行維護，預計第一季將成為今年產量最高的季度。下半年，隨著北坑的加速開放，我們將搬運更多的負擔。總體而言，我們對 Fort Hills 團隊在實現我們的計劃方面取得的進展和重點感到非常滿意。

Our Firebag asset also had record quarterly production of 229,000 barrels per day, including an all-time monthly record in the quarter. Syncrude had a very strong upgrading quarter, achieving over 96% utilization while our base plant upgrader also had a record quarter with 107% utilization.

我們的 Firebag 資產還創下了每日 229,000 桶的季度產量記錄，其中包括該季度的歷史月度記錄。 Syncrude 有一個非常強勁的升級季度，利用率超過 96%，而我們的基地工廠升級商也有創紀錄的季度利用率，達到 107%。

Our internal bitumen transfers reached a new high at 58,000 barrels per day in Q1, demonstrating our increased level of integration within the region to maximize value. This was primarily driven by 42,000 barrels per day of bitumen transferred from Fort Hills to base plant upgrader, which also provided a yield uplift and contributed to that record I just mentioned.

第一季度，我們的內部瀝青轉運量達到每天 58,000 桶的新高，這表明我們在該地區的一體化程度不斷提高，以實現價值最大化。這主要是由每天 42,000 桶瀝青從 Fort Hills 轉移到基地工廠升級裝置推動的，這也提高了產量，並促成了我剛才提到的記錄。

Our E&P segment produced 50,000 barrels a day, which included 10,000 barrels a day in net production from Terra Nova as it continued to ramp up through the quarter. We continue to see Terra Nova improved through the quarter with flush production, and in April, it was at 20,000 barrels a day net production.

我們的勘探與生產部門每天生產 50,000 桶，其中包括 Terra Nova 的淨產量每天 10,000 桶，該公司在本季度繼續增加。我們繼續看到 Terra Nova 在本季度有所改善，產量充足，4 月的淨產量為每天 20,000 桶。

Now with respect to the downstream, refining utilization, an impressive 98% in the first quarter, which was 19% higher than Q1 '23, as we saw high availability across all the refineries. And this supported record refined product sales of 581,000 barrels a day.

現在就下游而言，煉油利用率在第一季達到了令人印象深刻的 98%，比 23 年第一季高出 19%，因為我們看到所有煉油廠的可用性都很高。這支撐了每日 581,000 桶創紀錄的成品油銷量。

Downstream margin capture was also strong in the quarter at 94% on a LIFO basis when compared to Suncor's 5-2-2-1 refining index, and our integrated business model enabled by downstream, partially mitigated the impact of weaker synthetic pricing in our Oil Sands business.

與 Suncor 的 5-2-2-1 煉油指數相比，本季下游利潤率也很強勁，按 LIFO 計算為 94%，而且我們由下游支持的綜合業務模式部分緩解了石油合成定價疲軟的影響金沙業務。

Capital and cost remain on plan. And as Rich pointed out in his remarks, we've essentially held our costs flat year-over-year while substantially increasing production and our cost and capital discipline focus continues.

資本和成本仍按計劃進行。正如里奇在演講中指出的那樣，我們的成本基本上與去年同期持平，同時大幅增加了產量，我們繼續關注成本和資本紀律。

Rich mentioned turnarounds. And in late March, we commenced the planned coker turnaround at Syncrude and turnarounds at Montreal and Sarnia refineries. All of these are going as planned and are reflected in our guidance. And next week, we'll be starting the planned major turnaround at base plant upgrader, which will also include prework for the U1 coke drum replacement project that is scheduled to be completed in '25.

里奇提到了扭虧為盈。 3 月下旬，我們開始計畫對 Syncrude 焦化裝置進行檢修，並對蒙特婁和薩尼亞煉油廠進行檢修。所有這些都按計劃進行，並反映在我們的指導中。下週，我們將開始計劃中的基地工廠升級改造，其中還包括計劃於 25 年完成的 U1 焦炭塔更換專案的前期工作。

There are no changes to our production, capital or cost guidance for the year as the team remains laser focused on delivering on our commitments and building on this momentum, which has continued into the second quarter.

我們今年的生產、資本或成本指導沒有變化，因為團隊仍然專注於兌現我們的承諾並鞏固這一勢頭，這種勢頭一直持續到第二季​​。

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

就這樣，里奇，我會把它還給你。

Okay. A few final comments before we go to the Q&A. Tomorrow marks the anniversary of my first earnings call with Suncor 4 full quarters in the book. The #1 question we keep getting asked is what's different at Suncor today than a year ago. And I would answer that as a lot. In a nutshell, we've been undergoing a transformation or a turnaround where we're integrating aspects of strategy, structure and culture.

好的。在我們進行問答之前，有一些最後的評論。明天是我第一次與 Suncor 進行財報電話會議的周年紀念日 4 個完整季度。我們不斷被問到的第一個問題是今天的森科爾與一年前有何不同。我也會回答這個問題。簡而言之，我們正在經歷一場轉型或轉變，我們正在整合策略、結構和文化的各個方面。

So what's different? We've got a new top-notch executive leadership team. We have top to bottom unwavering focus on the fundamentals. Our strategies and priorities are clearer and simpler. We have a smaller, more focused above field support organization. We have very tangible and accelerated operational performance improvement plans. We've revised how we evaluate performance and compensate accordingly and we have a leadership commitment and accountability to deliver on commitments.

那麼有什麼不同呢？我們擁有一支新的一流執行領導團隊。我們從上到下堅定不移地專注於基本面。我們的策略和優先事項更加清晰和簡單。我們有一個規模更小、更專注的上方現場支援組織。我們有非常切實且加速的營運績效改善計畫。我們修改了評估績效和相應薪酬的方式，我們有領導承諾和責任來兌現承諾。

So the bottom line, today, Suncor is increasingly a new Suncor. We've made significant progress in a year. But make no mistake, we're not done. So if I would comment on what's next? In addition to achieving continued financial and operating performance with a sense of urgency, 2024 will be about cultural and leadership development within the company. Leadership in terms of exhibiting the attributes of strong leaders, including but not limited to acting with integrity business acumen, quality decision-making, strong people culture in terms of developing a team-based results-oriented, high-performance culture and a work environment that enables all to contribute, be recognized and rewarded for it. My prediction, 2024 will be a very good year for Suncor and a fun year to be a part of this team.

因此，歸根結底，今天的 Suncor 已經成為一個新的 Suncor。一年來我們取得了重大進展。但別誤會，我們還沒完成。那麼我是否想對接下來的事情發表評論？除了以緊迫感實現持續的財務和營運績效外，2024 年還將關注公司內部的文化和領導力發展。領導力是指展現強大的領導者的特質，包括但不限於誠信行事、商業頭腦、高品質的決策、強大的員工文化，即發展以團隊為基礎、以結果為導向、高績效的文化和工作環境使所有人都能做出貢獻、得到認可和獎勵。我預測，2024 年對 Suncor 來說將是非常好的一年，也是成為這個團隊的一員的有趣的一年。

So with that, I'll turn it over to Troy to kick off our Q&A.

因此，我將把它交給特洛伊來開始我們的問答。

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

謝謝你，里奇。我會將電話轉回接線生以回答一些問題。

(Operator Instructions) 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。

Rich, I'm going to -- you had already kind of gotten into the question I was going to ask you, which is what I've asked it before is what inning do you think you're in from a turnaround perspective? And then in addition to the things that you've talked about, if you think of the company over the next 3 to 5 years, what are the steps you need to take, I guess, in terms of restoring leadership in the country?

里奇，我要──你已經有點進入我要問你的問題，這就是我之前問過的問題，從扭轉的角度來看，你認為你處於哪一局了？那麼除了您談到的事情之外，如果您考慮公司未來 3 到 5 年的情況，我想您需要採取哪些步驟來恢復在該國的領導地位？

Greg, thanks. Appreciate your question. Greg, I think we've really hit our stride. When you start stacking together quarter after quarter, which I think we've done, there's a level of focus and energy and urgency, a results orientation that's contagious. And I think what the market needs to see from us is a continued consistency, predictability, I use that phrase consistently and boringly excellent. And I think as we continue to deliver quarter after quarter, we'll see that. I will tell you, we are further ahead at a 1-year anniversary for me than I would have expected us to be. And that is a real tribute to our people, all the way down, in fact, starting at the bottom at the operational level, and then the assets. And I commented on the -- early on about the level of physical integration, I get it. I'm a believer. I see what that opportunity set that provides us and that is different. I did not have that same level of true physical integration in past lives.

格雷格，謝謝。感謝你的問題。格雷格，我認為我們已經取得了很大進展。當你開始一個季度又一個季度地疊加在一起時（我認為我們已經做到了），就會有一定程度的專注、精力和緊迫感，以及具有感染力的結果導向。我認為市場需要從我們身上看到的是持續的一致性、可預測性，我用這個詞來形容一貫的、令人厭煩的優秀。我認為，隨著我們繼續一個又一個季度地交付，我們會看到這一點。我會告訴你，對我來說，在一周年之際，我們比我預期的要領先得多。這是對我們員工的真正致敬，事實上，從營運層面的底層開始，然後是資產。我很早就評論過關於物理整合的水平，我明白了。我是一個信徒。我看到了為我們提供的機會，這是不同的。我在前世並沒有達到同樣程度的真正的身體整合。

So I think for us, it's -- in terms of what's next, it's continuing to capitalize that. And now go from playing checkers extremely well to playing chess extremely well. And to thinking about those important longer-term issues and topics to continue to create and add shareholder value. And as our base business runs better and better, me personally and the executive leadership team have more time to focus in those areas.

所以我認為對我們來說，就下一步而言，它將繼續利用這一點。現在，從跳棋下得非常好，到西洋棋下得非常好。並思考那些重要的長期問題和主題，以繼續創造和增加股東價值。隨著我們的基礎業務運作得越來越好，我個人和執行領導團隊有更多的時間專注於這些領域。

Okay. And I'm going to completely shift gears. I mean, Kris had touched on shareholder returns in the quarter. In the past few weeks, even this morning, getting questions on what does the shareholder return picture look like for Suncor just given, I guess, the favorable changes going on in the business and so forth. So you'll probably -- I suspect you'll address that on the 21st, but I'm wondering if you can give us maybe just a preview of your thought process.

好的。我將徹底改變態度。我的意思是，克里斯談到了本季的股東回報。在過去的幾周里，甚至在今天早上，人們都在詢問森科爾的股東回報情況如何，我想，考慮到業務中正在發生的有利變化等等。所以你可能——我懷疑你會在 21 日解決這個問題，但我想知道你是否可以給我們預覽你的思考過程。

Yes. Greg, thanks for that question. And obviously, you saw us continuing our share buybacks through the first quarter. They were probably quite honestly, a little bit lighter than we would have initially planned as we saw crude pricing in the market just react at the end of the quarter. We're certainly -- you're seeing an increase in buybacks. We've seen that in April. A bit of that to catch up from what we saw in the first quarter. But as well, I think the read across, Greg, you've already said it, is our increasing confidence in this business and its cash flow generation. We will talk about our capital allocation policy and our view of the business going forward on May 21. So it's only a couple of weeks away. So I would just say stay tuned.

是的。格雷格，謝謝你提出這個問題。顯然，您看到我們在第一季繼續進行股票回購。老實說，它們可能比我們最初計劃的要輕一些，因為我們看到市場上的原油價格在本季結束時才做出反應。我們當然會看到回購增加。我們在四月就已經看到了這一點。這是為了趕上我們在第一季看到的情況。但同樣，我認為格雷格，你已經說過了，我們對這項業務及其現金流產生的信心不斷增強。我們將在 5 月 21 日討論我們的資本配置政策以及我們對未來業務的看法。所以我只想說請繼續關注。

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

這將來自富國銀行證券公司的羅傑·里德 (Roger Read) 家族。

You set it up, Rich. So let's hear about autonomous trucking in more detail.

你安排好了，里奇。讓我們更詳細地了解自動駕駛卡車運輸。

Awesome. One, I'm a big believer in fewer, bigger autonomous operated trucks. They're safer. They're more efficient. And so the -- I've got this guy sitting to my left that is apparently is withholding the productivity gains we're seeing. So let's put Peter on the spot and say, "Peter, talk about autonomous productivity."

驚人的。第一，我堅信更少、更大的自動駕駛卡車。他們更安全。他們更有效率。因此，坐在我左邊的人顯然正在抑制我們所看到的生產力提高。因此，讓我們讓彼得處於現場並說：“彼得，談談自主生產力。”

If that wasn't a setup, I don't know what? As Rich mentioned, Roger, we've got over 50 units in autonomous operations at our North Steepbank mine right now. And actually, next week, we're going live with autonomous operations at Millennium. But I do want to give a big shout out to the team that's been working on this. They've taken a real almost an industrial engineering approach to delivering incremental productivity out of this fleet. And it's by focusing on the things that drive value, an extra kilometer an hour in the haul cycle, a few extra tons on the truck. And just given the amount of cycles that we're doing, that really adds up.

如果這不是設置，我不知道是什麼？正如 Rich 所提到的，Roger，我們的 North Steepbank 礦場目前有 50 多個設備處於自主運作狀態。事實上，下週，我們將在千禧年開始實行自主運作。但我確實想對一直致力於此的團隊表示大力讚揚。他們採用了真正的工業工程方法來提高這支車隊的生產力。這是透過專注於驅動價值的事情，在運輸週期中每小時增加一公里，在卡車上增加幾噸。考慮到我們正在做的周期數量，這確實是加起來的。

In fact, over the last 6-or-so months, the team has been able to improve the productivity of that fleet, about 20%, and generating the equivalent of 6 free haul trucks. That is just incredible. And while we benchmark ourselves internally, we also benchmark externally, and we still got some prides on the table to go after in the coming months. So I'm really excited about this. The team is doing an excellent job. We've got a big week next week going live at Millennium. And yes, lots more to come on the autonomous operations for Suncor.

事實上，在過去 6 個月左右的時間裡，該團隊已經將車隊的生產力提高了約 20%，並生產了相當於 6 輛免費運輸卡車的產量。這太不可思議了。雖然我們在內部對自己進行基準測試，但我們也在外部進行基準測試，並且在接下來的幾個月中我們仍然可以追求一些令人自豪的東西。所以我對此感到非常興奮。該團隊做得非常出色。下週我們將在 Millennium 舉辦重要的一周。是的，Suncor 的自主營運還有更多內容。

Thanks for sharing that with me, Peter.

感謝您與我分享這一點，彼得。

Yes. Yes. I'm glad I thought of asking that question on my own. Can I just ask you maybe a little bit more of a macro question with the startup here of TMX, kind of how you see that affecting overall flows or net backs for Suncor adjusted by the fact that your downstream business tends to benefit a little bit from the crude that has been backed up there. So when you look at it on a net basis to the corporation, how should we think about the impact of TMX?

是的。是的。我很高興我想到自己問這個問題。我能否問您一個關於 TMX 新創公司的宏觀問題，您如何看待影響 Suncor 的整體流量或淨回報，因為您的下游業務往往會從中受益一些在那裡儲備的原油。那麼，當你從公司的淨基礎來看，我們該如何看待TMX的影響呢？

Dave?

戴夫？

So Roger, thanks for the question. And as you know, and it's been said by us and by others before, the completion of this Trans Mountain pipeline is great for Canada. We've been waiting for this for some period of time, and we're excited to start shipping on the pipeline. It's good for our industry. It's good for Suncor. It allows Canadian crude to reach new markets, and that's very important for us. It enables growth of Alberta production and Suncor production. And it reduces the discounts, as you point out, on Canadian crude. This will clearly increase the profitability of our upstream. There'll be a partial offset by increased feedstock costs into our refineries. .

羅傑，謝謝你的提問。如您所知，我們和其他人之前都說過，這條跨山管道的竣工對加拿大來說是一件好事。我們已經等待這一點有一段時間了，我們很高興開始在管道上發貨。這對我們的行業有好處。這對森科爾來說是件好事。它使加拿大原油能夠進入新市場，這對我們來說非常重要。它促進了艾伯塔省產量和森科爾產量的成長。正如您所指出的，它減少了加拿大原油的折扣。這顯然會增加我們上游的獲利能力。我們煉油廠原料成本的增加將部分抵銷此影響。 。

We think the market will rebalance and some softening of that downstream impact. But what I can tell you, and what's maybe probably unique to Suncor is the way we're marketing the barrels of TMX and I think it gives us a bit of a competitive advantage.

我們認為市場將重新平衡，下游影響將減弱。但我可以告訴你的是，Suncor 的獨特之處在於我們行銷 TMX 桶的方式，我認為這給我們帶來了一些競爭優勢。

We're well positioned to take advantage of new markets available for our crude through our advantaged supply trading and optimization organization.

透過我們優勢的供應貿易和優化組織，我們處於有利位置，可以利用我們的原油的新市場。

Rich mentioned how we optimize feedstock into the upgraders. We optimize feedstock into the refineries. We also optimize where our products go into the market crude and refined products.

Rich 提到了我們如何優化升級產品的原料。我們優化煉油廠的原料。我們也優化我們的產品進入原油和精煉產品市場的地點。

Now we're growing our capabilities in this space and over the last number of years, both on the crude and the product space. We've got a pretty sophisticated training platform. And what might make us a bit unique is we're not relying on third-party trading shops. This allows us to capture the full value of the transaction by transaction, interacting directly with customers. It's kind of consistent with our integrated model across all of our business lines where we're trying to work directly with the customer to remove the intermediary and capture the full value.

現在，我們在過去幾年中不斷增強在這一領域的能力，包括原油和成品油領域的能力。我們有一個非常複雜的培訓平台。我們的獨特之處在於我們不依賴第三方交易商店。這使我們能夠透過交易捕捉交易的全部價值，直接與客戶互動。這與我們所有業務線的整合模型是一致的，我們試圖直接與客戶合作，消除中間商並獲得全部價值。

Now we've been doing this across our platform for some time. In fact, in the first quarter, we delivered diesel off the East Coast to Scandinavia, capturing unique quality differentials in that market. Similarly, we've been able to capture quality differentials off the West Coast down into Latin America. We're already leveraging this experience, our capabilities. We've got some established relationships, and we expect the crude oil coming off TMX to clear into primarily the California markets as well as Asia. And our trading offices in Calgary, Houston and in London have been working to strengthen those relationships along the West Coast and into Asia, which is where we expect the volumes to clear.

現在，我們在整個平台上這樣做已經有一段時間了。事實上，在第一季度，我們將柴油從東海岸運送到斯堪的納維亞半島，抓住了該市場獨特的品質差異。同樣，我們已經能夠捕捉到從西海岸到拉丁美洲的品質差異。我們已經在利用這些經驗和能力。我們已經建立了一些關係，我們預計來自 TMX 的原油將主要進入加州市場以及亞洲。我們在卡加利、休士頓和倫敦的貿易辦事處一直在努力加強西海岸和亞洲的關係，我們預計亞洲的交易量將會被清除。

We've leased Aframax vessels that we're operating in the Pacific. This gives us an advantage on shipping costs. So we're well positioned to deliver volumes into our customers and hope to remove that middleman and capture the full value for Suncor.

我們租賃了在太平洋營運的阿芙拉型船舶。這使我們在運輸成本上具有優勢。因此，我們有能力向客戶交付大量產品，並希望消除中間商並為 Suncor 獲得全部價值。

So this is where you'll see us differentiate ourselves. You can do the math in your models around how you see the upstream versus downstream playing out. But I think what you want to think about is we differentiate ourselves in this space on the trading side.

因此，這就是我們與眾不同的地方。您可以在模型中圍繞如何看待上游與下游的發展情況進行數學計算。但我認為你要考慮的是我們在交易方面的這個領域中脫穎而出。

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。

So I wanted to ask you a little bit about when we look at -- on the new Suncor, one of the older Suncors always off to a slightly weaker start and trying to then catch up and try and meet the lower end of the guidance. And so -- but this looks like a new Suncor, you're off to a very strong start. And it looks like not the lower end, but you should be targeting the midpoint or even the upper end of the guidance. Are we thinking about it in the right way, even taking into consideration all the turnaround, but this is a very strong start and looks like a new Suncor here?

因此，我想問您一些關於我們在新 Suncor 上看到的問題，其中一台較舊的 Suncor 總是起步稍弱，然後試圖趕上並嘗試達到指導的下限。所以，這看起來像是一個新的 Suncor，你有了一個非常強大的開始。它看起來不是下端，但你應該瞄準指導的中點甚至上端。我們是否以正確的方式思考這個問題，甚至考慮到所有的轉變，但這是一個非常強勁的開始，看起來就像一個新的森科？

We aim to deliver on our commitments, and we look at guidance as a commitment we've made. And we're -- we did -- as I commented that we -- in the first quarter, we've met all of our internal targets, which are consistent with that guidance. We're not issuing anything new at this time. We've got a lot of months ahead of us. And in particular, we've talked about it, Manav, we talked last year about we need to kind of get through the big turnarounds to know where we're positioned, but we're off to a very good start. And I think the -- looking higher in that range. That's where I'm looking.

我們的目標是兌現我們的承諾，我們將指導視為我們所做的承諾。正如我所說，我們在第一季實現了所有內部目標，這些目標與該指導方針一致。我們目前不會發布任何新內容。我們還有好幾個月的時間。特別是，我們已經討論過這個問題，馬納夫，我們去年討論過我們需要經歷重大轉變才能知道我們的定位，但我們已經有了一個非常好的開始。我認為在這個範圍內看起來更高。這就是我正在尋找的地方。

Perfect. My quick follow-up here is, when you look at the refining side, gross margin $45.75, operating costs $7.15. That's a solid $38 of EBITDA margin. That probably puts you on top of in terms of the North American refiners, in terms of EBITDA margin per barrel. So help us a little bit understand the kit, the integration, what's allowing you to deliver these record high EBITDA per margin barrels in your refining system?

完美的。我的快速跟進是，當你看煉油方面時，毛利率為 45.75 美元，營運成本為 7.15 美元。這是 38 美元的 EBITDA 利潤。就每桶 EBITDA 利潤率而言，這可能使您在北美煉油商中處於領先地位。那麼請幫助我們稍微了解一下套件、集成，是什麼讓您能夠在煉油系統中實現每桶利潤創歷史新高的 EBITDA？

Well, you read it right correctly. It all starts with the safety, operational integrity and reliability. Keeping these facilities operating just at their full capacity. And again, I won't repeat the statistics. But I look at what we're able to do in the first quarter. But even go back before that.

嗯，你讀得對。一切都始於安全性、操作完整性和可靠性。保持這些設施滿載運轉。再說一次，我不會重複統計數據。但我看看我們在第一季能做些什麼。但即使回到那之前。

Look at the second half of last year, 99% refining utilization. 98% in what -- in the first quarter, when you typically have weather working against you and you often have some demand variations on different products. And it gets back to this. The whole commentary Dave just had on the integration with our sales and marketing team with increasing confidence that their transactions can be backed by barrels because they're being reliably refined, they can get out there and aggressively market, whether that's domestic or across the border or into a new markets.

看去年下半年，煉油利用率99%。 98% 是在第一季度，當時天氣通常對您不利，對不同產品的需求經常會有一些變化。又回到了這一點。戴夫剛剛對我們的銷售和行銷團隊的整合發表了整個評論，他越來越有信心他們的交易可以得到桶的支持，因為它們正在被可靠地精煉，他們可以走出去積極進行行銷，無論是國內還是跨境或進入新市場。

And so it all fits together. And that's when you have one team focused on one Suncor goal and that's what you're seeing. And I think it -- we're not -- that glass is not full yet. This is new territory for us to operate in this way, and the team is very excited about continuing to do it and deliver value.

所以這一切都融合在一起。當您擁有一支團隊專注於 Suncor 的一個目標時，您就會看到這樣的情況。我認為——我們不認為——玻璃還沒滿。對於我們以這種方式運作來說，這是一個新領域，團隊對於繼續這樣做並創造價值感到非常興奮。

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

這將來自 CIBC 的 Dennis Fong。

The first one that I have and it's shifting a little bit more to the upstream. I was hoping you can talk towards some of the initiatives that you're focusing on that helped you achieve record production at Firebag. And specifically, maybe what further could be done to optimize production, both there and at the other assets base plant, Syncrude and Fort Hills?

我擁有的第一個，它向上游移動了一點。我希望您能談談您所關注的一些舉措，這些舉措幫助您在 Firebag 實現了創紀錄的產量。具體來說，也許可以進一步採取哪些措施來優化那裡以及其他資產基地工廠（Syncrude 和 Fort Hills）的生產？

Let me make a comment on Firebag. And then if Dave and/or Peter want to comment on it. If you go back over the last decade for us, we have been consumed by the development and startup and the modifications at Fort Hills on the mining side. And when you look at capital allocation, the mining has kind of demanded a lot of capital. And the phrase I've used before is, I think, as I look at our downstream and our in situ that for a whole variety of reasons that we won't debate, they took a bit of a backseat to mining over time.

讓我對 Firebag 發表評論。然後戴夫和/或彼得是否想對此發表評論。如果你回顧我們過去的十年，我們一直致力於 Fort Hills 採礦方面的開發、啟動和修改。當你看資本配置時，採礦業需要大量資本。我之前用過的一句話是，我認為，當我審視我們的下游和現場時，由於各種我們不會爭論的原因，隨著時間的推移，他們在採礦方面處於次要地位。

Well, to me, what gets to sit in the front seat is what makes the most money. And so when we look at all of our assets, we look at them individually. And we've looked at Firebag, and we've seen some very low cost debottlenecking opportunities to just continue to fill the capacity of the facility, but the creativity -- I'll give you one example of this team that we've had some work -- some routine work we would do that would have taken some ability to clear water out of the system. And the team looked at, well, that's our bottleneck, what alternatives do we do?

嗯，對我來說，坐在前排的人最賺錢。因此，當我們查看所有資產時，我們會單獨查看它們。我們研究了 Firebag，我們看到了一些非常低成本的消除瓶頸的機會，可以繼續滿足設施的容量，但是創造力 - 我將給您舉一個我們擁有的團隊的例子有些工作——我們要做的一些日常工作需要一定的能力來清除系統中的水。團隊認為，這就是我們的瓶頸，我們可以採取哪些替代方案？

So we took a water line that normally went one direction, and we made some minor modifications, reversed it to go another direction, so that as we did this maintenance, we could continue production. So those aren't fundamental shifts or development of new resources but they're really looking at your business, rolling up your sleeves, looking at it in detail and asking the question, what's possible?

因此，我們採用了一條通常朝一個方向的水管，我們做了一些小的修改，將其反轉到另一個方向，以便在我們進行維護時，我們可以繼續生產。因此，這些並不是根本性的轉變或新資源的開發，而是他們真正專注於您的業務，捲起袖子，詳細研究並提出問題，什麼是可能的？

And when you get really smart, energized people focused on what's possible, they produce amazing results, and that's exactly what we're seeing at Firebag right now.

當你變得非常聰明、充滿活力的人專注於可能性時，他們就會產生驚人的結果，而這正是我們現在在 Firebag 看到的。

The next thing, I'm not leaving a lot of room for Peter and Shelley here because this one excites me. Now when we continue to look at what's possible in the in situ front. We're getting the most out of our existing asset base, but we're also looking at those in situ technologies and looking at what's possible.

接下來，我不會在這裡為彼得和雪萊留下太多空間，因為這讓我感到興奮。現在，當我們繼續研究現場前沿的可能性時。我們正在充分利用現有的資產基礎，但我們也在研究那些現場技術並研究可能性。

We've got pilots for enhanced using solvents at it. We've now got a 50-50 pilot with Imperial Oil at their Aspen facility where we'll be looking at their EBRT technology, the enhanced bitumen recovery that darn near eliminates steam and replaces it with solvent.

我們有加強使用溶劑的試點。現在，我們在帝國石油公司的阿斯彭工廠進行了 50-50 試點，我們將在那裡研究他們的 EBRT 技術，即增強的瀝青回收技術，幾乎消除了蒸汽並用溶劑取代它。

So we're trying to get everything out of it today while we look at this enormously large valuable resource for the long term. I'm looking at Dave and Peter, I need to apologize because this one gets me excited, but is there anything else you would add?

因此，我們今天正努力從中獲取一切，同時我們會長期關注這龐大的寶貴資源。我正在看著戴夫和彼得，我需要道歉，因為這讓我很興奮，但你還有什麼要補充的嗎？

Yes, maybe a couple of things, Rich. And I think it comes back to those fundamentals and these are really driven by the asset team. If you just look at the base ability of the steam assets in and of themselves, the team has been able to improve that to levels beyond which we've ever been able to achieve historically. And so that just enables high consistent production. They're optimizing all of the operating variables in real time. And they're looking for those back to Rich's free barrels type of concept. They're looking for those free to no dollar type of incremental production things and very simple projects that are done within the control of the asset team we expect to unlock an additional 5,000 barrels per day that's included in our guidance and it's things like water piping from one unit to another. It's about the removal of the hydraulic restriction in the stripping unit. So these are all things that the asset teams taken control of in and of themselves. And there's a lot of pride and ownership by the team that's driving this performance improvement. So it's just been really great to see.

是的，也許有幾件事，里奇。我認為這又回到了這些基本面，而這些實際上是由資產團隊驅動的。如果你只看蒸汽資產本身的基本能力，團隊已經能夠將其提高到我們歷史上所能達到的水平。這樣就可以實現高度一致的生產。他們正在即時優化所有操作變數。他們正在尋找那些回到里奇的免費桶類型概念的人。他們正在尋找那些免費或無美元類型的增量生產項目以及非常簡單的項目，這些項目是在資產團隊的控制範圍內完成的，我們希望每天額外釋放5,000 桶石油，這包括在我們的指導中，例如水管從一個單位到另一個單位。這是關於消除剝離裝置中的液壓限制。所以這些都是資產團隊自己控制的事情。團隊的自豪感和主人翁精神推動了績效的提升。所以這真是太棒了。

You've heard a lot of comments today about our team and our people. And that's what -- they're the ones that show up on the field and win the game. And when you have the clarity and consistency from the top and then you unleash the site leadership and the creativity of an organization, 16,000 strong, you can do amazing things. And so going back to Greg's early question, kind of where are we on it? We're hitting our stride, but this team has got a lot of endurance, too. And I think there's -- if you sound like we have some enthusiasm excitement, you're reading is right because we're seeing it and we're feeling it, and I think that's going to continue.

今天您聽到了很多關於我們團隊和員工的評論。就是這樣——他們是那些出現在球場上並贏得比賽的人。當你擁有來自高層的明確性和一致性，然後釋放出一個擁有 16,000 名員工的組織的現場領導和創造力時，你可以做出令人驚嘆的事情。回到格雷格早期的問題，我們現在進展到哪一步了？我們正在大步前進，但這支球隊也有很強的耐力。我認為，如果你聽起來我們有一些熱情興奮，那麼你所讀到的就是對的，因為我們看到了它，我們感受到了它，而且我認為這種情況將會繼續下去。

Great. I appreciate that color, Rich and Peter. My second question is related to a little bit of incremental disclosure you had in the Q1 report where you highlight 80% yield for Oil Sands Base Upgrader throughput and 85% for Syncrude. I was hoping you can talk towards how, a, that might evolve through time as the feedstock into U1 and U2 adjust? And secondarily, any further initiatives to interconnect the various mines and in situ facilities to the upgraders and between the various upgraders?

偉大的。我很欣賞這種顏色，里奇和彼得。我的第二個問題與您在第一季報告中揭露的一點增量有關，其中您強調油砂基礎升級器吞吐量為 80%，Syncrude 產量為 85%。我希望你能談談隨著 U1 和 U2 原料的調整，a 隨著時間的推移，這可能會如何演變？其次，是否有進一步的措施將各個礦山和現場設施與升級裝置以及各個升級裝置之間互連起來？

Dennis, it's Kris here. I'll hand it over to Peter in a moment. I think as we're just providing disclosure to give our investors a view into actually a really key component of how we drive value. And I think it really is part of the story I mentioned in my opening comments about some of the paraffinic froth treated bitumen. We're moving down from Fort Hills and the yield uplift that we're seeing in base plant upgrader, and it actually was a contributor. It wasn't the full story. The story of our base plant upgrader performance starts with reliability, availability and really utilizing that asset to it's full potential. But there was a piece of that story around the utilization or the yield uplift from Fort Hills paraffinic froth treated bitumen, which is an example. Because as you pointed out, we're starting to move more volumes regionally. We actually manage the region for optimization, not specific single assets by themselves, and that translates through it. So this yield piece is a bit of a proof point. And Peter, do you want to just add like what you're seeing in terms of yield from...

丹尼斯，我是克里斯。我一會兒就把它交給彼得。我認為，我們只是提供揭露，讓我們的投資者了解我們如何推動價值的真正關鍵組成部分。我認為這確實是我在開場評論中提到的關於一些石蠟泡沫處理瀝青的故事的一部分。我們正在從福特山搬下來，我們在基地工廠升級中看到了產量的提升，這實際上是一個貢獻者。這不是故事的全部。我們的基地工廠升級器性能的故事始於可靠性、可用性以及真正充分利用該資產的潛力。但有一個關於福特山石蠟泡沫處理瀝青的利用率或產量提升的故事，這就是一個例子。因為正如您所指出的，我們開始在區域內轉移更多的數量。我們實際上管理該區域以進行最佳化，而不是單獨管理特定的單一資產，這就是透過它來實現的。所以這個收益部分就是一個證明點。彼得，你想添加你所看到的產量嗎？

Yes. I mean certainly, those upgraders like PFT, we're seeing plus 6% yield uplift from that PFT into the base upgrader. And again, Dennis, this just comes back to optimizing the physical integration that we have as a company in the region. We've moved Firebag over to Syncrude. We've moved Firebag, of course, into base plants, et cetera. And that's something that the team is looking at in near real time to deliver the most value. But beyond that, with Kent's development team, we're also exploring further opportunities for increased integration across our producing assets. And so stay tuned on that. There's a lot more to coming. And we still think there's more value to be able to deliver by increasing our optionality in the region beyond what we have today.

是的。我的意思當然是，像 PFT 這樣的升級程序，我們看到從 PFT 到基礎升級程序的收益率提高了 6%。丹尼斯，這又回到了優化我們作為一家公司在該地區的物理整合。我們已將 Firebag 移至 Syncrude。當然，我們已經將 Firebag 移至基地工廠等。這是團隊近乎即時地關注的問題，以提供最大的價值。但除此之外，我們也與 Kent 的開發團隊一起探索進一步加強生產資產整合的機會。所以請繼續關注。還有很多事情要做。我們仍然認為，透過增加我們在該地區的選擇性，能夠提供比目前更多的價值。

So Dennis, if I could add one other point to it. I keep coming back to the theme of free barrels. So that PFT, if we didn't have the ability to get it to our upgraders and capture the entire 6% uplift ourselves, we would sell that PFT in the market. And we would likely have to split that in somewhere. Some of a refiner or someone might pay some incremental value for that. But inevitably, in a commercial transaction, you would split it. So it gets right back to what Dave was describing is with this level of integration, we're increasingly looking at how can we cut out the middleman in this thing and maximize value for ourselves. And I think PFT, the physical connection with the base plant and the upgraders are yet another example of how we're able to do that in a way that our peers can't do it.

丹尼斯，如果我可以補充一點的話。我不斷回到免費桶的主題。因此，如果我們沒有能力將 PFT 提供給我們的升級者並自行獲得全部 6% 的提升，我們就會在市場上出售該 PFT。我們可能不得不將其拆分到某個地方。一些煉油廠或某人可能會為此支付一些增量價值。但不可避免的是，在商業交易中，你會分割它。因此，這又回到了戴夫所描述的這種整合水平，我們越來越多地考慮如何消除中間人並為我們自己實現價值最大化。我認為 PFT，即與基地工廠和升級設備的物理連接，是我們能夠以同行無法做到的方式做到這一點的另一個例子。

Great. I appreciate the color. And good to see the field driven initiatives, as you highlighted in previous conference calls are paying some dividends here.

偉大的。我很欣賞它的顏色。很高興看到現場驅動的舉措，正如您在之前的電話會議中所強調的那樣，在這裡帶來一些紅利。

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 the Canadian diesel market. I was on another call yesterday, and it was a reference to what they were calling a global diesel recession. So I guess my question is, what is your take on that? And more importantly, how does the Canadian diesel market differ from the global markets? And how do you think, at a high level, Suncor is positioned on a relative basis?

我首先會問一個關於加拿大柴油市場的問題。昨天我參加了另一個電話會議，電話會議提到了他們所說的全球柴油衰退。所以我想我的問題是，你對此有何看法？更重要的是，加拿大柴油市場與全球市場有何不同？您認為，在較高層面上，森科爾的相對定位如何？

Dave, do you want to comment?

戴夫，你想發表評論嗎？

Sure. Happy to take that one. Thanks for the question, Menno. I think we're seeing some softening in the diesel market. I mean, actually if you look at the cracks year-on-year for the first quarter, it was a more challenging environment in the first quarter of this year than last year. We were -- the Harbor was down about $10. Chicago was down about $12. Our 5-2-2-1 crack softened that a bit because of our propensity to make diesel, our capability to make diesel, we're about $7 a barrel. We did see gasoline cracks pick up through the quarter, and that kind of helped the market overall. But even with a $7 a barrel headwind, we were able to deliver higher profitability than last year. And that's -- as Rich pointed out, that's reliability and a bunch of other things.

當然。很高興接受那個。謝謝你的提問，門諾。我認為我們看到柴油市場有些疲軟。我的意思是，實際上，如果你看看第一季的同比情況，你會發現今年第一季的環境比去年更具挑戰性。 Harbour 下跌了約 10 美元。芝加哥下跌約 12 美元。我們的 5-2-2-1 裂縫有所軟化，因為我們有生產柴油的傾向，我們有能力生產柴油，我們的價格約為每桶 7 美元。我們確實看到整個季度汽油裂縫有所增加，這對整體市場有所幫助。但即使面臨每桶 7 美元的逆風，我們仍能夠實現比去年更高的獲利能力。正如里奇所指出的，這就是可靠性和其他一些東西。

One of the things we can do in Suncor is we've got a network across the country that we can optimize, particularly where we put our diesel. We were able to stand up additional logistics capability in Edmonton to move more diesel East. And that allowed us to put the diesel into the most profitable markets where we can, again, sell direct to customer, taking that intermediary out of the business transaction and capture all the value.

我們在森科可以做的事情之一是，我們擁有一個遍布全國的網絡，我們可以對其進行優化，特別是我們放置柴油的地方。我們能夠在埃德蒙頓建立額外的物流能力，將更多的柴油運往東部。這使我們能夠將柴油投入最有利可圖的市場，在那裡我們可以直接向客戶銷售，將中間人從商業交易中剔除並獲取所有價值。

And we have logistics assets on both coasts out of Montreal and out of Burrard that allow us to export diesel into profitable markets.

我們在蒙特利爾和伯拉德的兩個海岸都擁有物流資產，使我們能夠將柴油出口到有利可圖的市場。

And our trading organization has been able to do a really nice job finding those niche markets that make a lot of sense for us. And I mentioned Scandinavia earlier. Scandinavia saw some unique differentials with the conflicts nearby them and in Eastern Europe and have -- and pay an additional premium for [carbon] barrels that we -- low carbon barrels that we make in Canada.

我們的貿易組織非常出色地找到了對我們來說有意義的利基市場。我之前提到過斯堪的納維亞半島。斯堪的納維亞半島與附近和東歐的衝突存在一些獨特的差異，並且為我們在加拿大生產的低碳桶支付了額外的溢價。

Similarly off the West Coast, we set diesel down to markets in Latin America. They pay extra for cetane, and we make a high cetane due to our hydrocracking capabilities in the market. So some really interesting things we've been able to do to capture the diesel market. So I'd say, "Hey, we can't control where the market goes. But what we can do is make sure we find the homes to the best customers and capture the full value on the value chain."

同樣，在西海岸，我們將柴油運往拉丁美洲市場。他們為十六烷支付額外費用，而我們由於我們在市場上的加氫裂解能力而生產高十六烷值。因此，我們已經能夠做一些非常有趣的事情來佔領柴油市場。所以我會說，“嘿，我們無法控制市場走向。但我們能做的是確保為最好的客戶找到住所，並獲取價值鏈上的全部價值。”

That will come from the line of John Royall with JPMorgan.

這將來自約翰·羅亞爾 (John Royall) 與摩根大通 (JPMorgan) 的血統。

So I think Manav got into this a little bit, but just wanted to ask a little more specifically. Can you talk about the reliability in refining. You've had a really strong stretch of 3 quarters here in terms of utilization. I think it's probably the best 3 quarters consecutively I can find in your history. Can you talk about what's going right there? And I know 2Q is a big quarter from a turnaround perspective. But should we expect more of the same in the second half and going forward?

所以我認為馬納夫對此有所了解，但只是想問得更具體一些。能談談煉油的可靠性嗎？就利用率而言，這三個季度的表現非常強勁。我認為這可能是我在你們歷史上能找到的最好的連續三個季度。你能談談那裡發生了什麼事嗎？我知道從扭虧為盈的角度來看，第二季是一個重要的季度。但我們是否應該期待下半年和未來會出現更多相同的情況？

Dave, go ahead.

戴夫，繼續吧。

Sure. Happy to take that one. Thanks for the question, John.

當然。很高興接受那個。謝謝你的提問，約翰。

The answer expect more of the same. I'll tell you the answer ahead of time, Dave, on that one.

答案期待更多相同。戴夫，我會提前告訴你答案。

Okay. So coming -- you did point out, we had a pretty challenging first half of the year in '23. And we made a number of changes in the downstream that I believe are beginning to move the needle, particularly in our refining assets. I'll be honest, it's a relatively simple stuff. We started by creating clear lines of accountability, setting clear expectations and really laser focus on the fundamentals. Simple things like what safety improvement -- safety performance improves when the sites actually [steward] safety results through the line chain of command and not to a central organization.

好的。那麼，您確實指出，我們在 23 年上半年度過了相當具有挑戰性的時期。我們在下游做出了一些改變，我相信這些改變已經開始發揮作用，特別是在我們的煉油資產方面。老實說，這是一件相對簡單的事。我們首先建立了明確的責任界限，設定了明確的期望，並真正專注於基本面。簡單的事情，例如安全改進－當站點通過指揮鏈而不是中央組織實際[管理]安全結果時，安全性能就會提高。

In a similar vein, we've created clear stewardship to our assets around the whole balance portfolio results, detailed stewardship across our asset mix, to me and then I steward to Rich as well. We've created just a clear sense of accountability in the organization. We've created a detailed scorecards as well, which really allow us to measure across a balanced portfolio results, but also stack the sites up against each other.

同樣，我們圍繞整個資產組合結果對我們的資產進行了明確的管理，對我們的資產組合進行了詳細的管理，對我來說，然後我也對里奇進行管理。我們在組織中建立了明確的責任感。我們還創建了詳細的記分卡，這確實使我們能夠衡量平衡的投資組合結果，而且還可以將網站相互比較。

So there's a little bit of internal competitive tension that the organization is rising to. So it's actually pretty simple stuff so far. We've also been rolling out our -- as Rich mentioned earlier, OEMS work processes. We're at early stages of that. But there is huge suction in the organization, and we're seeing immediate benefits coming from that already. And I think you can expect even more of that as we go forward. These are really simple, well-designed processes that will create consistent work processes across the organization and allow us to operate with excellence.

因此，該組織正在面臨一些內部競爭壓力。所以到目前為止，這實際上是非常簡單的事情。正如 Rich 之前提到的，我們也推出了 OEMS 工作流程。我們正處於早期階段。但該組織有巨大的吸引力，我們已經看到了直接的好處。我認為隨著我們的前進，您可以期待更多。這些都是非常簡單、精心設計的流程，將在整個組織內創建一致的工作流程，並使我們能夠卓越運作。

There's no secret. Our Commerce City refinery was part of the challenge in the second half or the first half of last year and even into 2022 to some extent. We've made changes there to our leadership team. We've undertaken a reliability and recovery initiative led by our VP down in Commerce City. They're doing a tremendous job. That work is sponsored by me. In fact, we have stewardship from them to me this afternoon on how that's going. We do that monthly, and they're making incredible progress in their journey. So I would say, hey, more to come in that space, but we think we've made some fundamental shifts in just how we're driving accountability in the organization.

沒有什麼秘密。我們商業城煉油廠是去年下半年或上半年乃至2022年一定程度挑戰的一部分。我們對領導團隊進行了調整。我們在商業城的副總裁領導下實施了一項可靠性和恢復計劃。他們做得非常出色。那項工作是我贊助的。事實上，今天下午他們向我指示了事情的進展。我們每個月都會這樣做，他們在旅途中取得了令人難以置信的進步。所以我想說，嘿，這個領域還會有更多的事情發生，但我們認為我們已經在推動組織問責制的方式上做出了一些根本性的轉變。

John, this is Rich. I'd add one other thing to it, because I think it's true not only in the downstream, but in the upstream. Last year, while we were going through a number of other changes, Dave and Peter, they realigned all -- and I mentioned this on the last call, all of their operating sites to the same kind of organizational structure. So now whether it's operations managers, maintenance managers, technical managers, we have networks nationwide of people who have the same jobs and the same accountabilities.

約翰，這是里奇。我還要補充一件事，因為我認為這不僅在下游如此，在上游也是如此。去年，當我們經歷一些其他變化時，戴夫和彼得，他們重新調整了一切——我在最後一次電話會議上提到了這一點，他們所有的運營地點都採用了同一種組織結構。因此，現在無論是營運經理、維護經理或技術經理，我們都在全國範圍內擁有由具有相同工作和相同職責的人員組成的網路。

So although -- he referenced that we'll show sites against each other. I think the other aspect of it, we've greatly enhanced the collaboration across sites. And even something as simple as we've said before, we went to one incentive scorecard for Suncor. Suncor wins and loses as a team. In that collaboration, I see it not only across the downstream or the upstream but between the upstream and downstream. And so these are not single things you point out that this was the solution, but it's the aggregate. It's the puzzle of connecting these pieces that gets a results-oriented high-performance culture, and that is exactly what we're driving toward.

因此，儘管如此，他提到我們將展示彼此相對的網站。我認為另一方面，我們大大增強了跨站點的協作。即使是像我們之前說過的那麼簡單的事情，我們也為 Suncor 提供了一張激勵記分卡。森科作為一個團隊，無論輸贏。在這次合作中，我不僅看到了下游或上游的合作，而且看到了上游和下游之間的合作。因此，這些並不是您指出這是解決方案的單一事物，而是總體。正是將這些部分連結起來，形成了以結果為導向的高績效文化，而這正是我們所追求的目標。

That's very helpful. And then second one is maybe just more of a housekeeping one for Kris. But you had a working capital headwind of about $380 million in 1Q. Can you talk about the drivers there? Is that mostly price? And then last year, you had a much larger headwind in 1Q, but you got a lot of it back in 2Q through 4Q. Should we expect to get any of that 1Q build back as we progress through the year?

這非常有幫助。第二個可能對克里斯來說更像是家務事。但第一季的營運資金逆風約 3.8 億美元。可以談談那裡的司機嗎？主要是這個價格嗎？去年，第一季遇到了更大的阻力，但第二季到第四季又遇到了許多阻力。隨著今年的進展，我們是否應該預期第一季的建設能夠恢復？

Yes. Thanks for that, John. Yes, you're absolutely right, the way you just framed it. I mean Q1, primarily driven by higher sales volumes pricing. So that's what we saw in the working capital kind of use of cash and that's not unusual as well. We usually see a bit of a working capital build in Q1, particularly as we're prepping for turnarounds. And then similarly, as we're heading into Q2, we're going to start to see inventories wind down as we're supporting these turnarounds that we've been talking about.

是的。謝謝你，約翰。是的，你說得完全正確，就像你剛才描述的那樣。我的意思是第一季度，主要是由更高的銷售定價推動的。這就是我們在營運資金中看到的現金使用方式，這並不罕見。我們通常會在第一季看到一些營運資金的增加，特別是在我們為扭虧為盈做準備的時候。同樣，當我們進入第二季度時，我們將開始看到庫存減少，因為我們正在支持我們一直在談論的這些扭虧為盈。

So I think the way you just described it. The good news is, from my perspective, is we didn't see the large swing that we saw in Q1 of 2023. And so that's really what kind of the drivers behind what you saw in Q1 and then what -- kind of what we should expect as we come out of Q2.

所以我認為你剛才描述的方式。從我的角度來看，好消息是我們沒有看到2023 年第一季的大幅波動。 。

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。

It's been a pretty comprehensive run-through so far on a lot of the operational questions that I had. So maybe I'll ask something a little bit broader and more philosophical. You've obviously done some horse trading of assets here. Fort Hills consolidating the working interest there being the biggest piece on asset sales. Just wondering, there's been -- there was some media reports about potentially opening things up again on the retail side. Maybe some broader commentary with respect to your views of the overall asset portfolio, potential M&A opportunities on sort of both sides of the ledger there. I know the focus has been operations and improvements in the mines and things are doing great, but on that front. But do you look at transactions in this environment?

到目前為止，這是對我遇到的許多操作問題的相當全面的探討。所以也許我會問一些更廣泛、更哲學的問題。顯然你已經在這裡進行了一些資產交易。鞏固福特山的工作利益是資產出售的最大部分。只是想知道，有一些媒體報導零售方面可能會再次開放。也許對您對整體資產組合的看法、帳本雙方的潛在併購機會有一些更廣泛的評論。我知道重點是礦山的運作和改進，事情進展順利，但在這方面。但你會觀察這種環境下的交易嗎？

Yes. Sure, Patrick. I'll just comment. We look at all of our assets, all of the time in terms of their delivery of value today and what further potential they have across a range of market conditions. If you look at fundamentally who we are and what our core winning proposition, it's this heavy integration between our upstream and our downstream assets that are fundamentally underpinned by large long-life Oil Sands resources. That's the family photo.

是的。當然，派崔克。我就評論一下吧我們始終關注所有資產當前的價值交付情況以及它們在各種市場條件下的進一步潛力。如果你從根本上看我們是誰以及我們的核心製勝主張是什麼，就會發現我們的上游和下游資產之間的這種深度整合從根本上是由大量長壽命油砂資源支撐的。那是全家福照片。

Now that doesn't mean we have -- we don't have cousins and aunts and uncles and stuff that are part of the family, but they've got to contribute. And so we look at all of our assets all the time. I feel quite good about our asset base. But that doesn't mean we're not always looking at. Is there something that's worth more to someone else. Or is there something else out there that can enhance or add to our portfolio.

現在，這並不意味著我們有——我們沒有堂兄弟姐妹、阿姨叔叔和其他家庭成員，但他們必須做出貢獻。因此，我們一直關注我們的所有資產。我對我們的資產基礎感覺非常好。但這並不意味著我們不總是關注。有沒有什麼東西比別人更有價值。或者是否有其他東西可以增強或添加到我們的產品組合中。

So you've acknowledged a few things we've done here in the recent year or so, Fort Hills. The renewable power business and things like that, the North Sea assets. We'll continue to look at that. I'm not signaling anything. I don't have anything on the view screen right now, but that's just what we do as we manage a portfolio.

所以，福特山，您已經認可了我們最近一年左右在這裡所做的一些事情。再生能源業務以及類似的北海資產。我們將繼續關注這一點。我沒有發出任何訊號。我現在的視圖螢幕上沒有任何內容，但這正是我們管理投資組合時所做的。

Okay. Great. And then maybe on the return of capital policy, I'm not sure if you're able to forecast here at strip, but in terms of next hurdle at the $12 billion time frame potentially around that? And then thoughts with the structural improvements to the business that you're making on the increasing free cash flow that those generate. How do you think about allocating that structural improvement between, say, dividends and the balance being the NCIB?

好的。偉大的。然後，也許就資本政策的回歸而言，我不確定您是否能夠在這裡進行預測，但就可能圍繞該時間範圍的 120 億美元時間框架內的下一個障礙而言？然後考慮您正在對業務進行的結構性改進，以及由此產生的不斷增加的自由現金流。您如何看待在股息和 NCIB 餘額之間分配結構性改進？

We will talk about this at length on the May 21, but let me just comment a little bit. The current capital allocation framework with the tiers, I think it's important. That was put in place what, Kris, 2021 or so. And things change over time. And I think I'll just reiterate Kris' point made a few minutes ago is when we look at our underlying performance of the business and our confidence in that business to deliver incremental cash, that's different today than it was a few years ago. So as we look at capital allocation, I mean, we want to have a strong, resilient balance sheet. We want to continue to pay a reliable and growing dividend. You -- from a sustaining capital, you take care of the assets you have, but we also look at what exactly does it take. So all of those things are kind of works in motion. And what we plan to do on the 21st is kind of share that philosophy with you how we see our performance in the world we're operating in today and what does that mean. So that's a long answer to -- stay tuned.

我們將在 5 月 21 日詳細討論這個問題，但讓我簡單評論一下。目前的分級資本配置框架，我認為很重要。克里斯，2021 年左右，這一切都落實到位。隨著時間的推移，事情會發生變化。我想我只想重申克里斯幾分鐘前提出的觀點，即當我們審視我們業務的基本業績以及我們對該業務提供增量現金的信心時，今天的情況與幾年前不同。因此，當我們考慮資本配置時，我的意思是，我們希望擁有一個強大、有彈性的資產負債表。我們希望繼續支付可靠且不斷增長的股息。你——透過維持資本，你可以照顧你擁有的資產，但我們也會看看它到底需要什麼。所以所有這些事情都是動態的。我們計劃在 21 日與您分享這一理念，我們如何看待我們在當今營運世界中的表現以及這意味著什麼。這是一個很長的答案——敬請期待。

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 dropped the call halfway for your answer, Dave, but I'll be sure to pull the transcript. Yes, there was just dead silence after the answer. But second question was the -- on the replacement of OEMS, if I wrote that down correctly. The question, I guess, is how much is that going to cost? Do you see any risk in migrating to the new system? And how quickly do you expect that project to pay out?

戴夫，我在等待你的答覆時中途掛斷了電話，但我一定會提取筆錄。是的，回答之後就是一片死寂。但第二個問題是——關於 OEM 的更換，如果我寫得正確的話。我想問題是這要花多少錢？您認為遷移到新系統有任何風險嗎？您預計該項目多快能收回成本？

Menno, I think any time you have changed, particularly that at an operation, you need to be very, very thoughtful about your management of change process, as you go from one way of doing things to another. And I'm looking at down the table here at Shelley, Peter and Dave. And they meet comprehensively, I know they meet monthly on this very topic. But I also know, since their offices are right down the hall, they talk about this daily. So we wanted to be very thoughtful as we do it. So we don't drop anything in the process. And I would say we feel good -- quite good about that. The cost has been incurred. The cost is people's time to collaborate and develop the systems and the vision of where we are and where we want to go. So there's not a cost. There's a benefit that comes with this.

門諾，我認為任何時候你發生變化，特別是在運營中，當你從一種做事方式轉變為另一種做事方式時，你需要非常非常仔細地考慮變革過程的管理。我正在看著桌子底下的雪萊、彼得和戴夫。他們會面很全面，我知道他們每個月都會就這個主題舉行一次會議。但我也知道，因為他們的辦公室就在大廳的盡頭，所以他們每天都會談論這個。因此，我們在做這件事時希望考慮周到。所以我們在這個過程中不會失去任何東西。我想說我們感覺很好——非常好。費用已經發生。成本是人們協作和開發系統的時間以及我們所處的位置和我們想要去的地方的願景。所以沒有成本。這樣做有一個好處。

And I would say, I'll shut up and let my 3 experts talk about it. But a real test always in the operational world is as you're asking the operations to do something different? Are you pushing it on them or are they pulling it to them? And by the way we put this together with fundamental first level individuals involve site leadership, there is a pull, a draw. They are seeing how the new system can make their life clearer, simpler, better, safer, more efficient, more productive, That, to me, usually is the biggest indication of are we doing the right thing? Are the operations calling for it? Maybe Shelley, if you have any other comments you've been driving this train?

我會說，我會閉嘴，讓我的三位專家來討論這個問題。但在營運領域，真正的測試始終是您要求營運部門做一些不同的事情？是你把它強加給他們，還是他們把它拉給他們？順便說一句，我們將其與涉及現場領導的基本一級個人放在一起，有一種拉力，一種吸引力。他們正在看到新系統如何使他們的生活變得更清晰、更簡單、更好、更安全、更有效率、更有成效，對我來說，這通常是我們做正確事情的最大標誌？操作是否需要這樣做？也許是雪萊，如果您對駕駛這列火車還有其他意見嗎？

Yes, for sure. We're really excited about this. I would say at the heart of it is really the fundamental shift in defining how work happens at each site. I think Rich mentioned we had kind of been leaving it up independently to each site to figure out how to do work. This change is really about implementing standardized processes across all of our sites so that we really get repeatability within one site. We get consistency across multiple sites, really driving to predictable outcomes at the end of this. So this is about -- I'm sure you've heard the phrase that a rising tide lifts all boats. This is about OEMS being that tide lifting all of our sites so that we have consistent predictable outcomes at the end of this.

是肯定的。我們對此感到非常興奮。我想說，其核心實際上是定義每個網站工作方式的根本轉變。我想里奇提到我們已經將其獨立地留給每個站點來弄清楚如何開展工作。這項變更實際上是在我們所有網站上實施標準化流程，以便我們真正在一個網站內獲得可重複性。我們在多個站點之間實現了一致性，最終真正推動了可預測的結果。所以這就是——我相信你聽過「水漲船高」這句話。這是關於 OEMS 推動我們所有工廠的發展，以便我們最終獲得一致的可預測結果。

And just one more plug for Shelley and her team. Before we launched off, we didn't just cook this here in this tower in Calgary, they went and did a comprehensive assessment of industry best practices. Who's the best at this. And we didn't copy and paste anyone. We took what we thought were the best attributes of components across the industry, not just oil and gas but manufacturing to safely manage cost, reliability, risk, et cetera. And so we've created a one of a kind here, but it's based on the best of what we've seen across the globe. I think the way they've done this. I've been a part of a lot of these things over 40 years, my hats off to the way this team developed what I think is going to be a game changer for this company for a long time.

雪萊和她的團隊只需再多一個插頭即可。在我們出​​發之前，我們不僅僅是在卡加利的這座塔樓裡做這道菜，他們還對行業最佳實踐進行了全面評估。誰最擅長這個。我們沒有複製和貼上任何人。我們採用了整個行業（不僅是石油和天然氣，還包括製造業）的組件的最佳屬性，以安全地管理成本、可靠性、風險等。因此，我們在這裡創造了一個獨特的產品，但它是基於我們在全球見過的最好的產品。我認為他們這樣做的方式。 40 年來，我參與了許多此類事情，我對這個團隊開發的方式致以敬意，我認為這將在很長一段時間內改變這家公司的遊戲規則。

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

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

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.

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。

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

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。