Suncor Energy Inc (SU) 2024 Q2 法說會逐字稿

Good day and welcome to the Suncor Energy second quarter 2024 financial results call.

美好的一天，歡迎參加 Suncor Energy 2024 年第二季財務業績電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（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, Suncor Energy's Vice President, Mr. Troy Little.

現在我想將會議交給您的發言人、森科爾能源公司副總裁 Troy Little 先生。

Mr. Little, the floor is yours.

利特爾先生，地板是你的。

Thank you, Operator, and good morning.

謝謝您，接線員，早安。

Welcome to Suncor Energy's second quarter earnings call.

歡迎參加森科能源第二季財報電話會議。

Please note that today's comments contain forward-looking information.

請注意，今天的評論包含前瞻性資訊。

Actual results may differ materially from the expected results because of various risk factors and assumptions that are described in our second quarter earnings release, as well as in our current annual information form, both of which are available on SEDAR, EDGAR, and our website, suncor.com.

由於我們第二季收益發布以及我們目前的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有重大差異，這兩種資訊都可以在SEDAR、EDGAR 和我們的網站上找到， suncor.com。

Certain financial measures referred to in these comments are not prescribed by Canadian generally accepted accounting principles.

這些評論中提到的某些財務措施並未由加拿大公認會計原則規定。

For a description of these financial measures, please see our second quarter earnings release.

有關這些財務指標的說明，請參閱我們的第二季財報發布。

We will start with comments from Rich Kruger, President and Chief Executive Officer; followed by Kris Smith, Suncor's Chief Financial Officer.

我們將從總裁兼執行長 Rich Kruger 的評論開始；其次是 Suncor 財務長克里斯史密斯 (Kris Smith)。

Also on the call are Peter Zebedee, Executive Vice President, Oil Sands; and Shelley Powell, Senior Vice President, Operational Improvement and Support Services.

參加電話會議的還有油砂業務執行副總裁 Peter Zebedee；以及營運改善和支援服務資深副總裁 Shelley Powell。

Following the formal remarks, we'll open up the call to questions.

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.

謝謝，特洛伊。

Yeah, good morning.

是的，早安。

Following a strong first quarter, our second quarter was about execution and momentum.

繼第一季表現強勁之後，第二季的重點是執行力和動力。

Execution of major turnaround activities and momentum in targeted improvement areas.

在有針對性的改進領域執行重大周轉活動和勢頭。

Kris will detail the quarter here in a few moments, but I'll start with some color commentary, with beginning with a recap of our May 21 Investor Day.

Kris 稍後將詳細介紹本季的情況，但我將從一些彩色評論開始，首先回顧 5 月 21 日的投資者日。

May 21 was about unveiling today's Suncor and its ambitions.

5 月 21 日是今天的森科 (Suncor) 及其雄心壯志的揭曉日。

A company committed to consistently deliver high performance.

致力於始終如一地提供高性能的公司。

May 21 was also about backing up our words with a growing list of proof points to build trust and credibility, trust in our company, and credibility in our management.

5 月 21 日也是為了用越來越多的證據來支持我們的言論，以建立信任和可信度、對我們公司的信任以及對我們管理的可信度。

In terms of key messages, I'll highlight three.

就關鍵訊息而言，我將重點放在三點。

First, with across the board improvements and a 100,000 barrels-plus a day of increased production, we intend to grow free funds flow by greater than $3 billion per year by 2026.

首先，透過全面改善和每天增加 10 萬桶以上的產量，我們計劃在 2026 年將自由資金流動每年增加超過 30 億美元。

Second, aligned with stronger performance, we're now allocating 75% of excess funds to share buybacks and have increased our net debt target for moving to a 100%.

其次，為了配合更強的業績，我們現在將 75% 的超額資金用於股票回購，並將淨債務目標提高到 100%。

Third, with growth from within existing assets and a wealth of long term internal options, there will be no significant capital directed to new bitumen development in the next five years.

第三，由於現有資產的成長和豐富的長期內部選擇，未來五年不會有大量資本用於新的瀝青開發。

Lastly, on May 21, we discussed culture.

最後，5 月 21 日，我們討論了文化。

Competitive, results oriented, high performance, a culture being institutionalized within Suncor today.

競爭性、結果導向、高績效，這種文化如今已在 Suncor 內部製度化。

I'll turn to the second quarter starting with safety, where we continue to achieve exceptional results, particularly impressive with high turnaround activity and seasonally high number of contractors on site.

我將從安全開始談第二季度，我們繼續取得卓越的成果，特別是令人印象深刻的高週轉活動和季節性的大量現場承包商。

Our safety performance is a credit to our people, processes, priorities, and site leadership.

我們的安全績效歸功於我們的人員、流程、優先事項和現場領導。

I'll move on to reliability.

我將繼續討論可靠性。

Kris will detail the second quarter.

克里斯將詳細介紹第二季的情況。

I'd like to reflect on the first half.

我想回顧一下上半場。

Refining throughput in the first half is 443,000 barrels a day, up 62,000 barrels a day, or 16% from the first half of last year.

上半年煉油吞吐量為44.3萬桶/日，比去年上半年增加6.2萬桶/日，成長16%。

It represents our best first half in company history, and our second best second quarter in company history.

它代表了我們公司歷史上最好的上半年，以及我們公司歷史上第二好的第二季。

The results were driven by a 95% overall utilization rate in the first half versus 82% in the first half of last year.

上半年整體利用率為 95%，而去年上半年為 82%，推動了這項業績。

Achieved despite major turnarounds at both Sarnia and Montreal.

儘管薩尼亞和蒙特利爾都取得了重大轉變，但仍取得了成功。

Edmonton, our moneymaker, had its best ever utilization of 107% in the first half.

我們的搖錢樹埃德蒙頓上半年的利用率達到了歷史最高水準 107%。

Refined product sales in the first half were 588,000 barrels a day, up 57,000 barrels a day, or 11% from the first half of last year.

上半年成品油銷售量為58.8萬桶/日，較去年上半年增加5.7萬桶/日，成長11%。

Again the best first half in company history and the best second quarter in history.

又是公司史上最好的上半年和史上最棒的第二季。

The first and second quarters were back-to-back record highs for refined product sales.

一、二季成品油銷量連續創歷史新高。

Upstream production, the first half, 803,000 barrels a day, up 61,000 barrels a day, or 8% versus the first half of last year.

上游產量，上半年80.3萬桶/日，比去年上半年增加6.1萬桶/日，成長8%。

Again, the best first half in the company history and second best second quarter in our history.

再次，這是公司歷史上最好的上半年和我們歷史上第二好的第二季。

Multiple asset specific records were set.

設定了多項資產特定記錄。

But I want to highlight one particular noteworthy accomplishment, upgrader utilization at 94% in the first half, with a very impressive 99% at the base plant, despite turnarounds completed in the second quarter.

但我想強調一個特別值得注意的成就，儘管第二季完成了周轉，但上半年的升級利用率為 94%，而基地工廠的利用率高達 99%，令人印象深刻。

And for context on our upgraders, our OpEx on upgraders are about CAD6 to CAD7 a barrel.

對於我們升級器的背景，我們升級器的營運成本約為每桶 6 至 7 加幣。

These behemoths print money.

這些龐然大物印鈔票。

We get a value uplift of about USD15 a barrel, so every 1% increase in utilization adds about $20 million a year in free funds flow.

每桶價值提升約 15 美元，因此利用率每增加 1%，每年就會增加約 2,000 萬美元的自由資金流動。

Last year, we had a record annual utilization of 92% for the whole year, and at the first half of this year, we're at 94% despite the (inaudible) turnaround activity.

去年，我們全年的利用率達到創紀錄的 92%，今年上半年，儘管進行了（聽不清楚）週轉活動，但利用率仍達到 94%。

So a summary, our first half reliability was exceptional.

總而言之，我們上半場的可靠性非常出色。

Again, it's a credit to our people, their expertise, their focus, teamwork, and determination.

再次強調，這歸功於我們的員工、他們的專業知識、他們的專注、團隊合作和決心。

Profitability, Kris will cover overall profitability shortly.

盈利能力，克里斯將很快討論整體盈利能力。

I'd like to comment on one aspect of it, cost management.

我想談談其中的一個方面，即成本管理。

In the first half of 2024, total OS&G, all-in top to bottom, $6.6 billion, down $270 million or 4% versus the first half of last year.

2024 年上半年，OS&G 總額（從上到下）為 66 億美元，比去年上半年減少 2.7 億美元，即 4%。

That's positive enough.

這已經夠積極了。

However, in the first half, as I mentioned, upstream production was 61,000 barrels a day higher.

然而，正如我所提到的，上半年上游產量每天增加 61,000 桶。

Refining throughput, 62,000 barrels a day higher, and refined product sales, 57,000 barrels a day higher than the first half of last year.

煉油吞吐量比去年上半年增加了6.2萬桶/天，成品油銷售量比去年上半年增加了5.7萬桶/天。

Higher absolute volumes, lower absolute costs, operating leverage.

更高的絕對銷售量、更低的絕對成本、營運槓桿。

In fact, every segment of our business, upstream, downstream, corporate, operated at lower absolute and or unit costs in the first half of this year versus the same period last year, every segment.

事實上，與去年同期相比，今年上半年我們業務的每個部門（上游、下游、企業）的絕對成本和/或單位成本都較低。

Cost management is about discipline and accountability, attention to detail, a mindset that every dollar matters, a checkbook like mentality.

成本管理涉及紀律和責任、對細節的關注、每一塊錢都很重要的心態、支票簿般的心態。

At today's Suncor, we don't spend money like it's our own.

在今天的 Suncor，我們不會像花錢一樣花錢。

We spend it like it's someone else's, and we are accountable for every dollar we spend.

我們像花別人的錢一樣花錢，對自己花的每一塊錢負責。

A disciplined, determined, cost-conscious culture.

一種紀律嚴明、堅定、具有成本意識的文化。

I'll move to the second quarter.

我將轉到第二季。

During our May 21 review and on previous earnings calls, we detailed numerous improvement plans.

在 5 月 21 日的審查和先前的財報電話會議中，我們詳細介紹了許多改進計劃。

I'll provide an update on a few this morning, starting with turnarounds.

今天早上我將提供一些最新情況，從週轉開始。

I previously described or stated that the second quarter would be our biggest turnaround quarter in 2024, with about 80% of the year's activity planned.

我之前描述或說過，第二季度將是我們 2024 年業績最大的季度，全年約 80% 的活動已計劃完成。

Recall, we spend about $1.2 billion per year on turnarounds across the upstream and downstream.

回想一下，我們每年花費約 12 億美元在上游和下游的周轉。

And in North America, we have not benchmarked well on both cost and schedule.

在北美，我們在成本和進度方面都沒有很好的基準。

In the third quarter of last year, we formed a dedicated turnaround organization and assigned ELT level accountability with Shelley Powell and Dave Oldreive.

去年第三季度，我們成立了一個專門的扭虧為盈組織，並為 Shelley Powell 和 Dave Oldreive 分配了 ELT 級別的責任。

So the second quarter is complete.

這樣第二季就完成了。

How did we do?

我們做得怎麼樣？

Four big events, two upstream Syncrude based plant, two downstream, Sarnia and Montreal.

四個重大事件，兩個上游 Syncrude 工廠，兩個下游工廠，薩尼亞和蒙特利爾。

We completed in aggregate all of our turnarounds on budget in a whopping 10% shorter in duration. 10% equates to roughly 20 days, 8 days of additional downstream throughput, 12 days of additional upstream production.

我們總共完成了所有預算週轉，時間縮短了 10%。 10% 大約相當於 20 天，其中下游吞吐量增加 8 天，上游生產增加 12 天。

In Sarnia, $150 million event, the largest in its history, and was $5 million under budget.

在薩尼亞，耗資 1.5 億美元的活動是其歷史上規模最大的一次，但比預算少了 500 萬美元。

Montreal, a $32 million event, completed in 48 days, 13 days ahead of schedule, and $7 million under budget.

蒙特婁，一項耗資 3,200 萬美元的活動，用時 48 天完成，比原計劃提前了 13 天，比預算少了 700 萬美元。

And our post-turnaround capacity at Montreal has been 105% of nameplate.

我們在蒙特婁的周轉後產能已達到銘牌的 105%。

Syncrude, $450 million gross event.

Syncrude，總價值 4.5 億美元的活動。

The 8.3 coker was complete in 57 days, 9 days less than our previous best ever.

8.3 焦化器在 57 天內完成，比我們之前的最佳成績縮短了 9 天。

Base plant, $370 million work scope, completed on budget, and 5 days ahead of schedule.

基地工廠，工程範圍 3.7 億美元，依預算完成，比原計畫提早 5 天。

The -- our teams delivered across the board safety, cost, schedule, and then restart.

我們的團隊全面交付了安全性、成本、進度，然後重新啟動。

The impact, we added nearly $20 million in free funds flow in the second quarter versus our budgeted plan performance.

其影響是，與我們的預算計劃績效相比，我們第二季的自由資金流動增加了近 2000 萬美元。

How did we do this, benchmark targets, risk-based work selection, quality planning and execution, clarity, focus, accountability, and determination.

我們是如何做到這一點的、基準目標、基於風險的工作選擇、品質規劃和執行、清晰度、重點、責任和決心。

Internally, 2023 was about achieving stability and predictability in turnaround performance. 2024 has been about improving work scope and duration.

在內部，2023 年的目標是實現週轉績效的穩定性和可預測性。 2024 年的重點是改善工作範圍和持續時間。

You may recall on May 21, Dave outlined capital cost reduction target of $225 million to $250 million per year in turnarounds by year-end 2026.

您可能還記得 5 月 21 日，Dave 概述了到 2026 年底每年週轉成本減少 2.25 億至 2.5 億美元的目標。

2024 has provided us another proof point through improved work scope and shorter duration.

2024年透過改進工作範圍和縮短工期為我們提供了另一個證明。

Our next target now is extended intervals between turnarounds.

我們現在的下一個目標是延長週轉間隔。

I'll move to a second area of targeted improvement, mining.

我將轉向第二個有針對性的改進領域：採礦。

Peter said it much more eloquently than I did on May 21 or then I will.

彼得說得比我在 5 月 21 日說得更有說服力，否則我會這麼做的。

But our mining strategy in a nutshell is fewer trucks, bigger trucks, autonomous trucks, operated better, maintained cheaper.

但簡而言之，我們的採礦策略是更少的卡車、更大的卡車、自動駕駛卡車、操作更好、維護更便宜。

We've said before, we have 55 new 400 ton trucks on order arriving and they will replace twice as many smaller, less efficient third-party trucks.

我們之前說過，我們有 55 輛新的 400 噸卡車訂單抵達，它們將取代兩倍數量的小型、效率較低的第三方卡車。

The first 22 are in operation, that's 6 more than our last call, 15 more will arrive at Fort Hills through November and the final 18 will be at base plant in the fourth quarter of this year and the first quarter of next year.

前 22 台已投入運營，比我們上次打電話的數量多了 6 台，另外 15 台將在 11 月抵達福特山，最後 18 台將在今年第四季和明年第一季抵達基地工廠。

Last week, I sat behind the wheel of one of these bad boys at Fort Hills and I got to tell you, I was ready to drive it into the mine, but sadly Peter concluded I wasn't qualified.

上週，我在福特山坐在其中一個壞男孩的方向盤後面，我必須告訴你，我已經準備好將它開進礦井，但遺憾的是彼得得出結論，我沒有資格。

Recall in total, these 55 new trucks will lower our overall corporate break-even by saving more than $300 million a year in operating costs.

總的來說，這 55 輛新卡車每年將節省超過 3 億美元的營運成本，從而降低我們公司的整體收支平衡。

We talked about autonomous previously.

我們之前討論過自治。

Our fleet conversion continues at base plant.

我們的機隊改造在基地工廠繼續進行。

Today we have 70 large haul trucks operating autonomously, that's 14 more than our last call.

今天，我們有 70 輛大型運輸卡車在自動運行，比我們上次呼叫的多了 14 輛。

By the end of the year, we'll be at 91.

到今年年底，我們將達到 91 歲。

Our North Steepbank mine, the ore movements are now fully autonomous, and Millennium is ramping up.

我們的 North Steepbank 礦，礦石運輸現在完全自主，Millennium 正在加速發展。

We are moving 80% of all base mine ore autonomously now.

我們現在正在自主運輸 80% 的基地礦石。

Our original target was 100% by year-end.

我們最初的目標是到年底達到 100%。

We will beat that target.

我們將實現這個目標。

Savings, $1 million per year per truck plus productivity gain.

每輛卡車每年可節省 100 萬美元，並提高生產力。

In total, $175 million annually by 2026 with expanded autonomous operations as outlined in our May 21 review.

正如我們 5 月 21 日的審查所述，到 2026 年，每年將投入 1.75 億美元用於擴大自主營運。

You may have noticed we've had increased commentary lately on in-situ.

您可能已經注意到，最近我們對現場的評論有所增加。

We have achieved growth with back-to-back record quarters.

我們實現了連續兩個季度創紀錄的成長。

In fact, we've set record quarters four of the last seven in our in-situ operations.

事實上，在過去七個季度中，我們有四個季度在現場營運中創下了記錄。

An example at Firebag, we're up essentially 10,000 barrels a day year-on-year with no growth investment.

以 Firebag 為例，在沒有成長投資的情況下，我們基本上每天產量增加 10,000 桶。

At today's prices, that's more than $100 million per year in additional free funds.

以今天的價格計算，每年額外的免費資金超過 1 億美元。

So how are we doing this, steam reliability, produced water piping, site water management, and infield drilling SOR management.

那麼我們該如何做到這一點：蒸汽可靠性、採出水管道、現場水管理和內場鑽井 SOR 管理。

Again, attention to detail.

再次，注重細節。

Firebag is our lowest cost, most profitable asset with growth potential.

Firebag 是我們成本最低、利潤最高且具有成長潛力的資產。

I was on site at Firebag in June.

六月我在 Firebag 現場。

What did I see, I saw a team focused on facility utilization and low-cost de-bottlenecking.

我看到了什麼，我看到了一個專注於設施利用率和低成本消除瓶頸的團隊。

The latest example I'll share is a $1 million modification to add diluent stripping capacity to increase bitumen production.

我要分享的最新例子是一項耗資 100 萬美元的改造，旨在增加稀釋劑汽提能力，從而提高瀝青產量。

Adding a fifth pressure safety valve adjacent to the existing four.

在現有四個壓力安全閥旁邊增加第五個壓力安全閥。

This simple add one valve will increase bitumen rates by 3,000 barrels to 5,000 barrels a day per year.

這個簡單的加一個閥門每年將使瀝青產量增加 3,000 桶到 5,000 桶。

I saw pictures of this work early this morning.

今天早上我看到了這個作品的照片。

The new equipment being installed could fit in the back of my son's pickup truck.

正在安裝的新設備可以安裝在我兒子的皮卡車的後面。

And the best part, this modification will be operational this month.

最棒的是，此修改將於本月投入使用。

A $1 million investment will deliver an additional $50 million per year in free funds.

100 萬美元的投資每年將額外提供 5,000 萬美元的免費資金。

This example is representative of the focus within our operations across the company today.

這個例子代表了我們今天整個公司運作的重點。

A laser-like focus on asset utilization, industrial engineering, challenging historic norms, testing facility limits, and safely modifying operating parameters.

高度關注資產利用、工業工程、挑戰歷史規範、測試設施限制、安全修改操作參數。

Identifying opportunities, capturing value, then immediately asking what's next.

辨識機會、捕捉價值，然後立即詢問下一步該怎麼做。

The result is low-cost or no-cost barrels, free barrels upstream and downstream.

結果是低成本或無成本的桶，上游和下游的免費桶。

So whether it's turnaround execution, mining improvements, in-situ growth, or other areas, these are tangible examples of today's Suncor, focused, competitive, results oriented.

因此，無論是周轉執行、採礦改進、原地成長或其他領域，這些都是當今 Suncor 的具體例子，專注、有競爭力、以結果為導向。

With that, I'll turn it over to Kris.

有了這個，我會把它交給克里斯。

Great, thanks, Rich, and good morning, everyone.

太好了，謝謝里奇，大家早安。

I'll now provide a brief overview of the financial and operating performance in the second quarter.

現在我將簡要概述第二季的財務和營運表現。

Beginning first with the business environment in the second quarter, which continued to remain very robust.

首先從第二季的商業環境開始，環境持續保持強勁。

Crude oil prices improved across the board versus the first quarter, with WTI averaging USD81 a barrel, the light heavy differential narrowing by USD6 a barrel to average USD14 a barrel, and the synthetic premium improving by USD10 a barrel, averaging a USD3 premium to WTI.

原油價格較一季全面上漲，WTI平均每桶81美元，輕重價差縮小6美元每桶，平均每桶14美元，合成溢價改善10美元每桶，平均較WTI溢價3美元。

On the refining side, [211] cracking margins decreased slightly, with softening of diesel cracks, partially offset by strengthening gasoline cracks.

在煉油方面，[211]裂解裕度略有下降，柴油裂解軟化，部分被汽油裂解強化所抵消。

Our [5221] refining index was USD26.70 a barrel, which is about USD9 a barrel below Q1, driven primarily by strong crude oil pricing, resulting in higher feedstock costs, along with softer cracking margins.

我們的[5221]煉油指數為每桶 26.70 美元，比第一季低約 9 美元每桶，主要是由於原油定價走強，導致原料成本上升，裂解利潤率下降。

As Rich noted in his comments, we continue to see strong operational performance across the board.

正如里奇在評論中指出的那樣，我們繼續看到全面強勁的營運表現。

Along with strong turnaround performance in the quarter, Suncor's upstream delivered production of 771,000 barrels per day in the quarter, including 55,000 barrels per day of production in our E&P segment, and record second-quarter oil sands production of 716,000 barrels per day, which included record quarterly production at Firebag of 234,000 barrels per day.

除了本季強勁的扭虧為盈表現外，Suncor 上游在本季的產量為771,000 桶/日，其中E&P 部門的日產量為55,000 桶，第二季度油砂產量創紀錄，為716,000 桶/日，其中包括Firebag 季度產量創紀錄，達到每天 234,000 桶。

Fort Hills also had another strong quarter, producing 167,000 barrels per day.

Fort Hills 季度也表現強勁，每日產量達 167,000 桶。

And consistent with our original plan outlined in the fall of 2022, and our current annual production guidance, production in the second half of 2024 is expected to be lower than the first half, as we will be moving more overburden as we open up the north pit.

根據我們在 2022 年秋季制定的原始計劃以及我們當前的年度生產指導，預計 2024 年下半年的產量將低於上半年，因為隨著我們向北方開放，我們將轉移更多的負擔坑。

Overall, we remain very pleased with the progress and the focus of the Fort Hills team on delivering against our improvement plan.

總的來說，我們對 Fort Hills 團隊在實現我們的改進計劃方面取得的進展和重點感到非常滿意。

Total internal synthetic crude oil and bitumen transfers averaged 63,000 barrels per day in Q2, demonstrating our ability to leverage our physical integration to maximize value and mitigate the impacts of turnarounds.

第二季內部合成原油和瀝青轉運總量平均為每天 63,000 桶，這表明我們有能力利用物理整合來實現價值最大化並減輕週轉影響。

This included 45,000 barrels per day of bitumen transferred from Fort Hills to base plant upgrade.

其中包括每天從福特山轉移至基地工廠升級的 45,000 桶瀝青。

Now with respect to the downstream, refining utilization was an impressive 92% in the second quarter, including impacts of planned turnarounds at Sarnia and Montreal, with the refining network running at over 100% utilization following completion of those turnarounds.

現在就下游而言，第二季煉油利用率達到令人印象深刻的 92%，其中包括薩尼亞和蒙特婁計畫檢修的影響，這些檢修完成後煉油網路的利用率超過 100%。

This supported refined product sales of 595,000 barrels per day, surpassing the previous record set last quarter by 14,000 barrels per day.

這支撐成品油銷量達到每天 595,000 桶，比上季度創下的記錄高出每天 14,000 桶。

Downstream margin capture was also an impressive 99% in the quarter on a LIFO basis when compared to Suncor's 5221 refining index.

與 Suncor 的 5221 煉油指數相比，以 LIFO 計算，本季下游利潤率也高達 99%，令人印象深刻。

On the back of this strong operational performance, disciplined cost and capital management, and a supportive business environment, Suncor delivered another quarter of solid financial results, generating $3.4 billion in adjusted funds from operation, or $2.65 per share.

憑藉強勁的營運業績、嚴格的成本和資本管理以及支持性的商業環境，Suncor 又實現了一個季度穩健的財務業績，從營運中產生了 34 億美元的調整後資金，即每股 2.65 美元。

In the first half, that translates into $6.6 billion in adjusted funds from operations, or $5.11 per share.

上半年，這相當於營運調整後資金 66 億美元，即每股 5.11 美元。

Our laser focus on cost continued with total operating, selling, and general expenses of $3.2 billion in the quarter, which is down over $250 million from Q1.

我們繼續高度關注成本，本季營運、銷售和一般費用總額為 32 億美元，比第一季減少了 2.5 億美元以上。

Second quarter costs were essentially flat with Q2 2023, when adjusting for the restructuring charge taken last year related to our organizational downsizing, and at the same time delivering 29,000 barrels per day more upstream production and 36,000 barrels per day more downstream throughput.

第二季成本與 2023 年第二季基本持平，調整了去年與我們的組織精簡相關的重組費用，同時上游產量每天增加 29,000 桶，下游吞吐量每天增加 36,000 桶。

As Rich said earlier, that's what we call operating leverage.

正如里奇之前所說，這就是我們所說的營運槓桿。

We also had a decrease in non-cash operating working capital in the quarter of approximately $400 million, primarily driven by higher accounts payable as well as timing of commodity tax and royalty payments.

本季我們的非現金營運營運資金也減少了約 4 億美元，這主要是由於應付帳款增加以及商品稅和特許權使用費支付的時間安排所致。

As for capital, it was $2 billion in the quarter, driven primarily by planned turnaround and maintenance activities, as outlined by Rich, across the assets as well as continuing work on key economic projects like the base plant cogeneration project and the Fort Hills north pit extension, and our capital program remains on plan for the year.

至於資本，本季資本額為 20 億美元，主要由 Rich 概述的資產計劃週轉和維護活動以及基地電廠熱電聯產項目和福特山北坑等關鍵經濟項目的持續工作推動延期，我們的資本計劃仍按計劃進行。

As a result, we generated $1.4 billion of free funds flow, or $1.05 per share in the quarter, and aligned with our revised capital allocation framework announced in May, returned $1.5 billion, or $1.19 per share, to our shareholders, including $698 million in dividends plus $825 million in share repurchases.

結果，我們在本季度產生了14 億美元的自由資金流，即每股1.05 美元，並與我們5 月份宣布的修訂後的資本分配框架保持一致，向股東返還了15 億美元，即每股1.19美元，其中包括6.98 億美元股息加上 8.25 億美元的股票回購。

For the first half, that means we've already returned $2.5 billion to our shareholders this year via dividends and buybacks, and as of this call, year-to-date, we have bought back over 2% of our shares.

這意味著今年上半年我們已經透過股利和回購向股東返還了 25 億美元，截至本次電話會議，今年迄今為止，我們已經回購了超過 2% 的股票。

Our net debt ended the quarter at just under $9.1 billion, which is down $500 million versus the end of prior quarter, and also included a $100 million increase from changes in foreign exchange on our US dollar denominated debt.

本季末，我們的淨債務略低於 91 億美元，比上一季末減少了 5 億美元，其中還包括美元計價債務因外匯變動而增加的 1 億美元。

This reduction is consistent with our plans to continue to reduce net debt toward our $8 billion target as we laid out at our recent Investor Day.

這一減少與我們在最近的投資者日制定的繼續減少淨債務以實現 80 億美元目標的計劃是一致的。

The second quarter was a very strong one from every perspective, safety, operations, cost and capital discipline, and financial performance, resulting in strong financial returns for our shareholders, and which is a reflection of the continued focus and execution by the teams across the business.

從安全、營運、成本和資本紀律以及財務表現等各個角度來看，第二季度都是非常強勁的，為我們的股東帶來了強勁的財務回報，這反映了整個團隊的持續關注和執行力商業。

Looking forward, the Suncor team is fully focused on delivering the improvements laid out in our May 21 investor update, and as can be seen by our second quarter results, accelerating that plan wherever possible and driving shareholder value.

展望未來，Suncor 團隊將完全專注於實現 5 月 21 日投資者更新中提出的改進，從我們第二季度的業績可以看出，將盡可能加快該計劃並提高股東價值。

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

有了這個，我會把它交還給里奇。

Okay, a couple comments before we get to your questions.

好的，在回答您的問題之前，請先發表一些評論。

First, full year guidance.

一是全年指導。

Second quarter is complete.

第二季已結束。

It's halftime, and team Suncor is looking good, folks.

半場結束了，夥計們，森科隊看起來狀態不錯。

Upstream production, we are tracking above the high end of our guidance.

在上游生產方面，我們的追蹤水準高於指導值的上限。

Refining throughput, we are tracking above the high end of guidance.

煉油產量方面，我們追蹤的數據高於指導值的上限。

Refined product sales, again, tracking above the high end of guidance.

成品油銷售再次高於指引值的高端。

OS&G and CapEx, we are tracking within or better than guidance.

OS&G 和資本支出，我們正在追蹤或優於指導。

Now that said, we know we've got a second half to go, and we're going to play it out until the final whistle.

話雖如此，我們知道我們還有下半場比賽，我們會一直踢到終場哨響。

We've repeatedly stated that today's Suncor is a new Suncor.

我們多次說過，今天的森科是新的森科。

Strategy changes, structural and cultural changes, tangible improvement plans, and performance proof points, lots of them.

策略變化、結構和文化變化、實際的改進計劃和績效證明點，等等。

We have a clear, comprehensive roadmap and a determination to win.

我們有清晰、全面的路線圖和必勝的決心。

Personally, I come from a long line of hardworking, early to bed, early to rise farmers.

就我個人而言，我出身於勤奮、早睡、早起的農夫。

And at the crack of dawn, my dad would often say, get up, son, you make hay while the sun shines.

黎明時分，我爸爸常常會說，起床，兒子，趁著陽光明媚，你去曬乾草。

Well, the sun is shining on this company, and we plan to make hay in the second half of the year.

嗯，這家公司陽光明媚，下半年我們打算乾草。

With that, I'll turn it over to Troy.

有了這個，我就把它交給特洛伊。

Thank you, Rich.

謝謝你，里奇。

I'll turn the call back to the operator to take some questions.

我會將電話轉回接線生以回答一些問題。

(Operator Instructions) Greg Pardy, RBC Capital Markets.

（操作員指示）Greg Pardy，RBC 資本市場。

Thanks.

謝謝。

Good morning, and thanks for a very energetic and detailed rundown.

早安，感謝您的充滿活力和詳細的總結。

I was hoping to come back to the turnaround that as you laid out went extremely well.

我希望能回到你所安排的非常順利的轉變。

But Rich, could you or the team maybe point towards some specific examples as to what you're doing differently now that are working?

但是 Rich，您或您的團隊能否舉出一些具體的例子來說明您現在正在採取的不同做法？

Absolutely.

絕對地。

Greg, thanks.

格雷格，謝謝。

I'm going to turn it over to Shelley Powell, because Shelley along with Dave are really the ones who are the prime movers driving the performance improvement here.

我將把它交給 Shelley Powell，因為 Shelley 和 Dave 確實是推動效能改進的主要推動者。

Shelley, do you want to offer some comments about what's different?

Shelley，您想對不同之處發表一些評論嗎？

Yeah, absolutely.

是的，絕對是。

I'd love to talk about turnaround.

我很想談談轉型。

So I think as Dave mentioned during the May 21 Investor Day, and then Rich reiterated this morning, certainly improving our turnaround competitiveness is a major opportunity for us.

因此，我認為，正如戴夫在 5 月 21 日投資者日期間提到的，以及里奇今天早上重申的那樣，提高我們的周轉競爭力對我們來說無疑是一個重大機會。

And we know this because we have the benchmark front and center.

我們知道這一點，因為我們有基準的前沿和中心。

And when we look at those benchmarks, what we see is an opportunity to both shorten the duration of our events, they're too long, and also improve our overall cost performance and bring costs down.

當我們查看這些基準時，我們看到的是一個機會，既可以縮短我們活動的持續時間（它們太長了），也可以提高我們的整體性價比並降低成本。

So to answer your question, maybe let me give you an example in each of these areas of some of the things we're doing differently.

因此，為了回答您的問題，也許讓我在每個領域給您一個例子，說明我們正在做的一些不同的事情。

So first, the biggest lever when it comes to shortening events is quite simply to do less work.

因此，首先，縮短賽事的最大槓桿就是減少工作量。

And when we look in the past, some of our own inspection processes and standards were preventing us from doing this.

當我們回顧過去時，我們自己的一些檢查流程和標準阻礙了我們這樣做。

It required us to open and inspect certain pieces of equipment at very specific and defined time intervals, regardless of how that piece of equipment might have been used.

它要求我們以非常具體和規定的時間間隔打開和檢查某些設備，無論該設備的使用方式如何。

So as a bit of an analogy, maybe think of taking your car in for an oil change every four months, regardless of how often you drove it.

打個比方，也許可以考慮每四個月更換一次機油，無論您開車的頻率如何。

So now what we're doing is taking a much more specific approach, looking at each piece of equipment, looking at how it was operated, the conditions that it was exposed to, and then really deciding on the best inspection approach, up to an including really kind of giving ourselves a tough question around, what would it take to inspect this equipment offline and keep it out of the turnaround window entirely.

因此，現在我們正在採取更具體的方法，查看每台設備，查看其操作方式、所暴露的條件，然後真正決定最佳的檢查方法，直至包括給我們自己提出一個棘手的問題，即如何才能離線檢查該設備並將其完全排除在周轉窗口之外。

So this is a new approach to what we call risk based inspection, and it's allowed us to take a fair amount of work out of the turnaround without adding any additional risk, that's been a big win for us.

因此，這是一種我們稱之為基於風險的檢查的新方法，它使我們能夠在周轉中減少相當多的工作，而不增加任何額外的風險，這對我們來說是一個巨大的勝利。

Maybe a second example on the cost reduction side.

也許是降低成本的第二個例子。

This is an area where technology has really helped us.

這是科技真正幫助我們的領域。

In our spring events, we used drones to complete refractory and stack inspections that were up at higher elevations.

在我們的春季活動中，我們使用無人機在較高海拔處完成耐火材料和堆疊檢查。

In just one of our events, this reduced and eliminated close to 3,000 hours that would have traditionally gone to building scaffolds to get up to those heights.

僅在我們的一次活動中，這就減少並消除了近 3,000 個小時，而傳統上，這些時間需要搭建鷹架才能達到這樣的高度。

So this is an example that I think really delivers on all fronts.

所以我認為這是一個在各方面都真正有效的例子。

First of all, it means fewer people in our units, fewer exposure hours.

首先，這意味著我們單位的人員減少，暴露時間減少。

So from a safety perspective, we really like that.

因此，從安全角度來看，我們真的很喜歡這樣。

It means reducing overhead costs, and as we get more efficient on this type of routine inspection over the long term, we also have the ability to shorten events.

這意味著減少管理成本，並且隨著我們在長期內提高此類例行檢查的效率，我們也有能力縮短事件時間。

So now that we've got these benchmarks in front of us, we know exactly where to focus, and that's what we're doing.

現在我們已經有了這些基準，我們確切地知道應該關注哪裡，這就是我們正在做的事情。

Thanks Shelley.

謝謝雪萊。

Okay.

好的。

Yeah, understood.

是的，明白了。

Now, thanks for that.

現在，謝謝你。

And maybe just to completely shift gears, Rich, you've talked about a number of the assets, Firebag base operations, and so on.

也許只是為了徹底改變方向，Rich，您談到了一些資產、Firebag 基地運營等等。

With Syncrude, there's been good success, I think, with the bi-directional pipelines, but are there any further synergies that you'd see there on a go forward basis?

我認為，Syncrude 的雙向管道已經取得了巨大的成功，但是您在未來的基礎上是否會看到任何進一步的協同效應？

I think there are, Greg.

我想是有的，格雷格。

In fact, I'd say broadly, we see synergies across the entirety of our asset base.

事實上，我想說的是，我們看到了整個資產基礎的綜效。

And now, with Suncor being in the operating position with Syncrude that the natural networks of people and sharing of ideas is just more, it's real time.

現在，隨著 Suncor 與 Syncrude 一起運營，人們的自然網路和想法共享變得更加即時。

And we've moved people into the Syncrude operation and out of the Syncrude operation to our other business, and so that network of expertise keeps expanding, and that creates synergies at a fundamental operating level with safety.

我們已將人員轉移到 Syncrude 營運部門，並從 Syncrude 營運部門轉移到我們的其他業務，因此專業知識網路不斷擴大，並在安全的基本營運層面上創造了協同效應。

The bi-directional pipelines certainly have helped there, but I think we're seeing synergies across the board.

雙向管道當然對此有所幫助，但我認為我們正在看到全面的協同效應。

I don't know, Peter, do you have anything else you'd add, a specific example?

我不知道，彼得，你還有什麼要補充的嗎，具體的例子嗎？

Well, I think, certainly, Greg, we look at Fort Hills and Aurora and their proximity, I mean, you can throw a baseball between the two sites, so there's some obvious synergies in terms of us operating those assets that we're looking to do.

嗯，我想，當然，格雷格，我們會關注福特山和奧羅拉以及它們的鄰近性，我的意思是，你可以在這兩個地點之間扔一個棒球，所以在我們運營我們正在尋找的這些資產方面存在一些明顯的綜效去做。

But maybe just to reinforce Rich's comments earlier, its regardless of how close the assets are, we believe our competitive differentiator really is the interconnectedness of our site.

但也許只是為了強化里奇先前的評論，無論資產有多接近，我們相信我們的競爭優勢實際上是我們網站的互連性。

So whether that's Fort Hills to the base plant, Syncrude and Firebag connects, et cetera, we're really looking to optimize and improve those as we go forward.

因此，無論是 Fort Hills 到基地工廠、Syncrude 和 Firebag 連接等等，我們都非常希望在前進的過程中優化和改進這些。

And I think, Greg, I'd just add to that.

我想，格雷格，我只想補充一下。

You're seeing that in the upgrader utilization, where previously Syncrude, as an example, was mine connected to upgraders, and anywhere you had planned or unplanned work, there was an impact on it.

您會看到，在升級器利用率中，以前的 Syncrude 是我連接到升級器的，並且您計劃或計劃外的工作的任何地方都會對其產生影響。

Now with this interconnectedness, we are able to maximum run these upgraders, just like conceptually like they're refineries, where they're connected to multiple sources of feedstock.

現在，有了這種互連性，我們能夠最大程度地運行這些升級器，就像概念上它們是煉油廠一樣，它們連接到多個原料來源。

And I commented on the added value of every 1% utilization.

我評論了每1%利用率的附加價值。

And so, we will achieve a record high utilization this year, following upon a record high utilization last year, that's money in the bank.

因此，繼去年創紀錄的高利用率之後，今年我們將實現創紀錄的高利用率，這就是銀行的錢。

Understood.

明白了。

Thanks very much.

非常感謝。

Dennis Fong, CIBC.

丹尼斯·方，CIBC。

Hi, good morning.

嗨，早安。

Thanks for taking my question and congrats on, obviously, a very strong first half, we'll looking forward to kind of what the second half in 2025 looks like.

感謝您提出我的問題，並祝賀您，顯然，上半年非常強勁，我們期待 2025 年下半年的情況。

My first question may be directed maybe towards Peter a little bit more.

我的第一個問題可能更多地針對彼得。

You've talked a little bit from Shelley, as well as in your opening remarks, about technology and implementation.

您在雪萊的開場白中談到了一些關於技術和實施的內容。

I just wanted to run back towards [MineConnect], one of the, I guess, in-house developed pieces of technology that you are using to help track efficiency of the trucks.

我只是想回到 [MineConnect]，我猜這是內部開發的技術之一，您正在使用它來幫助追蹤卡車的效率。

Can you talk towards maybe some surprises you've seen in terms of the mining fleet efficiency, also maybe coupled with, obviously, the addition of these ultra class trucks that you're adding to the field.

您能否談談您在採礦車隊效率方面看到的一些驚喜，顯然，還可能加上您要添加到該領域的這些超級卡車。

Yeah, sure, Dennis, happy to do that.

是的，當然，丹尼斯，很高興這樣做。

And I think to start with the -- it's my belief that transparency of data really drives performance.

我認為首先——我相信數據的透明度確實可以提高效能。

So with MineConnect, it's simply a tool that aggregates the data across our site.

因此，對於 MineConnect，它只是一個聚合整個網站資料的工具。

So we can see how Fort Hills is doing relative to base plant, to Syncrude, et cetera.

因此，我們可以看到 Fort Hills 相對於基地工廠、Syncrude 等的表現如何。

And that drives a little bit of internal competitiveness.

這推動了一些內部競爭力。

But it also gets down into the details.

但它也涉及細節。

And the key to driving improvements in the upstream in our mining business is really around efficiency, and particularly the efficiency of the ultra-class haul truck fleet.

推動我們採礦業務上游改進的關鍵實際上是圍繞著效率，特別是超一流運輸卡車車隊的效率。

So we can drill down on a shift-by-shift basis how fast these trucks are operating, how many tons they have on per load, et cetera, et cetera.

因此，我們可以逐班深入了解這些卡車的運行速度、每次裝載的噸數等等。

And even drill down into the individual operator performance.

甚至深入了解單一操作員的績效。

Actually, we shared with Rich last week just an example of a scorecard that we developed for operators in terms of relative performance, safety performance, truck productivity performance, et cetera.

實際上，我們上週與 Rich 分享了一個我們為操作員開發的記分卡範例，涉及相對績效、安全績效、卡車生產率績效等。

So it sets up that data transparency, internal competitiveness, and a structural way to drive improvements, a targeted way to drive improvements.

因此，它建立了數據透明度、內部競爭力和推動改進的結構性方式，以及推動改進的有針對性的方式。

I think what you're seeing on the OS&G costs that we've demonstrated year-to-date is really the starting of the manifestation of our truck strategy of buying those more trucks, driving efficiencies in scale, driving efficiencies in our operations, and really starting to get right-size for the material movements that we have today.

我認為您所看到的我們今年迄今為止所展示的運營和運營成本實際上是我們卡車戰略的開始，即購買更多卡車，提高規模效率，提高運營效率，以及真正開始為我們今天的物質運動找到合適的規模。

So we're going to continue to do that.

所以我們將繼續這樣做。

As Rich said, we've got a bunch more units that are up or coming in over the remaining six months of this year and into the first quarter of 2025.

正如 Rich 所說，我們在今年剩下的六個月和 2025 年第一季將有更多的單位投入使用。

And we're going to continue to drive the efficiencies with the scale of those trucks that we're bringing in.

我們將繼續透過引進卡車的規模來提高效率。

Great.

偉大的。

I appreciate that color there, Peter.

我很欣賞那裡的顏色，彼得。

Shifting gears to the downstream side, through the quarter, obviously, very strong runtime, but also fairly good capture in terms of margin.

顯然，整個季度的運行時間都非常強勁，但在利潤率方面也取得了相當不錯的成績。

I was hoping you could provide us a bit of an update in terms of some of the marketing initiatives, as well as management of inventory and global marketing of crude that you've been implementing, just, I guess, as Dave has been spending some more time at the company.

我希望您能為我們提供一些營銷舉措的最新信息，以及您一直在實施的庫存管理和原油全球營銷，我想，因為戴夫一直在花費一些時間在公司的時間更多。

Dave isn't here in the room with us today, or I'd turn it over to him.

戴夫今天沒有和我們一起在房間裡，否則我會把它交給他。

Kris, do you want to go ahead and comment on that?

克里斯，你想對此發表評論嗎？

Sounds good.

聽起來不錯。

Hi, Dennis.

嗨，丹尼斯。

Thanks for that.

謝謝你。

Yeah, I'm going to pinch hit for Dave, and put on my old downstream hat on this quarter.

是的，我要為戴夫提供幫助，並在本季度戴上我以前的下游帽子。

But your question is obviously broader than that, just in the marketing of crude, and I think it kind of touches on TMX.

但你的問題顯然比這更廣泛，只是在原油行銷方面，我認為這有點涉及 TMX。

But before I go there, I mean, you raised the point that we had market capture of 99% in the quarter.

但在我討論之前，我的意思是，您提出了我們在本季度佔據了 99% 的市場份額的觀點。

And really, when we have that type of market capture, I think it demonstrates the various elements of our downstream business and how we go-to-market and the underlying strength of the asset.

事實上，當我們擁有這種類型的市場佔領時，我認為它展示了我們下游業務的各種要素以及我們如何進入市場以及資產的潛在實力。

I mean, we have strong utilization, as we noted, particularly Edmonton set a quarterly record, which helps us also with channel mix.

我的意思是，正如我們所指出的，我們的利用率很高，特別是埃德蒙頓創下了季度記錄，這也有助於我們進行通路組合。

And then because of our position both domestically within our branded channels and our export capability, our ability to capture margin across the value chain, and we're seeing strength in our branded channels, both retail and wholesale, and then the strength of our logistics and marketing activities are also allowing us to export records amount of distillate to and clear the market.

然後，由於我們在國內的品牌通路地位和出口能力，我們在整個價值鏈中獲取利潤的能力，我們看到了我們的品牌通路（零售和批發）的實力，以及我們物流的實力行銷活動也使我們能夠向市場出口創紀錄數量的餾分油並清理市場。

So even though we're running at high utilization and there's it's a distillate long market in Western Canada, as an example, we're able to move those barrels and capture that margin.

因此，即使我們的利用率很高，並且例如加拿大西部有一個長餾分油市場，我們也能夠移動這些桶並獲得利潤。

And so that underlines that market capture number.

這凸顯了市場佔有率。

And we're continuing to build on that logistics capability, both domestically, as well as taking advantage of TMX.

我們將持續增強國內物流能力並利用 TMX。

You would have heard Dave talk at the last call about TMX.

您可能會在上次電話會議中聽到 Dave 談論 TMX。

And when that asset came on, we viewed it as just another great opportunity within our logistics network to expand our reach to different markets.

當該資產出現時，我們將其視為我們物流網絡中的另一個絕佳機會，可以將我們的業務範圍擴大到不同的市場。

And we don't just take the product to the dock and sell it at the dock.

我們不只是將產品帶到碼頭並在碼頭上出售。

We actually actively market into the end markets themselves and capture the arbitrage.

實際上，我們積極進軍終端市場並取得套利。

And for that reason, we've taken some positions with some time charters as well.

基於這個原因，我們也採取了一些定期租船的立場。

We're really pleased with what we're seeing there.

我們對在那裡所看到的感到非常滿意。

It's definitely adding value.

這絕對是在增加價值。

And just another demonstration, I think as Rich says, there's integration, there's Suncor integration.

我認為正如 Rich 所說，這只是另一個演示，有集成，有 Suncor 集成。

And you kind of look at our platform on our downstream business all the way from that rack, all the way through those domestic branded channels where we have best in class in Canada, along now our reach obviously, outside of Canada.

你可以從那個機架一直到我們在加拿大擁有一流的國內品牌管道，一直到我們下游業務的平台，現在我們的業務範圍顯然已經擴展到加拿大以外的地區。

And lastly, with inventories, we carefully manage those inventories.

最後，對於庫存，我們會仔細管理這些庫存。

We would have had obviously a buildup and a drawdown through Q2 as we prep for the turnarounds.

當我們為扭虧為盈做準備時，我們在第二季度顯然會經歷增持和回撤。

And that was another component to that market capture we saw in the quarter.

這是我們在本季看到的市場佔領的另一個組成部分。

Dennis, if I could just add to that a couple of comments.

丹尼斯，我能否補充一些意見。

There's a lot of research out there on refined product demand pre-pandemic versus now.

有很多關於大流行前和現在的精煉產品需求的研究。

I'm going to give you a couple examples.

我將給你舉幾個例子。

We've mentioned how we've set back-to-back refined product sales records for the company.

我們已經提到了我們如何為公司創造了連續兩屆精細化產品銷售記錄。

And on gasoline, for example, in North America, kind of the walking around number pre-pandemic, the gasoline demand's down about 5% from the second quarter, first half of '19 versus today, for the market, we're up 5%.

以汽油為例，在北美，在疫情大流行前，汽油需求比 19 年上半年第二季下降了約 5%，與今天相比，對於市場來說，我們成長了 5% %。

Diesel demand, depending on how you rack it up, is about flat or the pre-pandemic to now, we're up 10%.

柴油需求，取決於你如何增加它，大約持平或在大流行前到現在，我們成長了 10%。

Jet, the still recovering, global demand for jet down a few percent from pre-pandemic.

噴射機，仍在復甦，全球對噴射機的需求比疫情大流行前下降了幾個百分點。

We're on pace for an annual record high.

我們正朝著年度歷史新高的步伐邁進。

In fact, we're up about 15% from pre-pandemic.

事實上，與大流行前相比，我們成長了約 15%。

And I would attribute these results to kind of three factors, our strategic relationships, our partnerships, our logistical reach, and our understanding of the market and ability to capture opportunities.

我將這些結果歸因於三個因素：我們的策略關係、我們的合作夥伴關係、我們的物流範圍以及我們對市場的理解和捕捉機會的能力。

And then getting right back to the reliability of our base business that provides value to our customers.

然後回到我們為客戶提供價值的基礎業務的可靠性。

So we talk a lot about upstream and downstream operation.

所以我們談了很多關於上下游的運作。

Our supply and marketing teams are focused like a laser equally on adding value.

我們的供應和行銷團隊像雷射一樣專注於增加價值。

And I think you see that in the results.

我想你在結果中看到了這一點。

Great.

偉大的。

Really appreciate the color from all of you.

真的很欣賞你們所有人的顏色。

I'll turn it back.

我會把它轉回來。

Neil Mehta, Goldman Sachs.

尼爾梅塔，高盛。

Yeah, good morning Rich and team, very, very strong results.

是的，早安，里奇和他的團隊，取得了非常非常強勁的成績。

And maybe that's where I want to start which is the progress that you continue to make on driving down net debt, you're at $9 billion.

也許這就是我想開始的地方，即你們在降低淨債務方面繼續取得的進展，目前淨債務達到 90 億美元。

And so I just love your perspective on how you're tracking towards the $8 billion target.

因此，我非常喜歡您對如何實現 80 億美元目標的看法。

Is middle of next year still the best bogey that you could provide or is there the potential to pull that forward and just any perspective around how you see the cadence of deleveraging from here?

明年年中是否仍然是您可以提供的最佳柏忌，或者是否有可能將其向前推進，以及您如何看待從現在開始的去槓桿化節奏？

Well, I think, Neil, if you step back for a second, kind of take market out of it.

好吧，我想，尼爾，如果你退後一步，就可以排除市場了。

Some weeks we're excited about what the market conditions are.

有幾週我們對市場狀況感到興奮。

Some weeks we're not.

有幾週我們沒有。

But if you kind of strip that out, the operational performance, when we laid out the May 21 kind of the business plan, we said if you turn the crank, the numbers will spit out the middle of next year.

但如果你把它去掉，營運績效，當我們制定 5 月 21 日的業務計劃時，我們說，如果你轉動曲柄，數字將在明年年中公佈。

But we are focused on beating that.

但我們專注於克服這一點。

And I think there was someone on the call who said something about, maybe a Christmas present or no better Christmas present than year end.

我認為電話中有人說了一些話，也許是一份聖誕禮物，或者沒有比年底更好的聖誕禮物了。

We're looking at all the levers to do that.

我們正在尋找實現這一目標的所有手段。

And many of those levers are just our base performance.

其中許多槓桿只是我們的基本表現。

And when we put that business plan together that we reviewed, we benchmarked it off of 2023 in all areas, upstream, downstream, volumes, costs.

當我們將我們審查的業務計劃放在一起時，我們以 2023 年為基準，在上游、下游、數量、成本等所有領域對其進行了基準測試。

We are performing better than what we showed you on May 21.

我們的表現比 5 月 21 日向您展示的還要好。

Now, there's a long way to go.

現在，還有很長的路要走。

We're certainly not declaring victory.

我們當然不是在宣布勝利。

But when I look at that, market factors aside, that tells me that we're looking at pulling that forward, and I'm having increased confidence that those things that we can control, we will be pulling those that bring that net debt target forward.

但當我看到這一點時，撇開市場因素不談，這告訴我，我們正在考慮推動這一進程，而且我越來越有信心，我們可以控制的那些事情，我們將拉動那些帶來淨債務目標的事情向前。

There's still a second half of the year to go.

距離今年下半年還有一段時間。

Market plays a big factor in it.

市場在其中扮演很大的角色。

But quite pleased with the fundamental performance of the organization on those factors that we can control that could accelerate that hitting that target.

但對組織在我們可以控制的因素方面的基本表現感到非常滿意，這些因素可以加速實現該目標。

Yeah, thanks, Rich.

是的，謝謝，里奇。

That's really helpful.

這真的很有幫助。

And then just to follow up on how you can pull that forward, asset sales become part of the potential mechanism to do that.

然後，為了跟進如何推動這一進程，資產出售成為實現這一目標的潛在機制的一部分。

And then the other swing in the calculation, of course, is how we should be thinking about working capital.

當然，計算中的另一個波動是我們應該如何考慮營運資金。

So your perspective on those two line items would be great.

所以你對這兩個項目的看法會很好。

I've talked a little bit about asset sales in the past, those things that are kind of core to our integrated strategy and add the most value, and those assets that are less core, but they can be quite valuable to us.

我過去談過一些關於資產出售的問題，那些是我們綜合策略的核心並能增加最大價值的東西，以及那些不太核心的資產，但它們對我們來說可能非常有價值。

So we don't talk specifically about anything until we actually have something to talk about.

因此，在我們真正有東西要談論之前，我們不會具體談論任何事情。

But we continue to look at all of our assets and the value they add to us versus the value they may offer to others, so that could be a part of the timing on achieving net debt.

但我們會繼續關注我們的所有資產以及它們為我們增加的價值與它們可能為他人提供的價值，因此這可能是實現淨債務時機的一部分。

And Kris, on the working capital, would you like to comment on that?

克里斯，關於營運資金，您想對此發表評論嗎？

Yeah, for sure.

是的，當然。

Hey, Neil.

嘿，尼爾。

Yeah, I mean, good call out.

是的，我的意思是，很好的呼籲。

When we think about the levers for us to be pulling on every dimension of the business, I mean, Rich already mentioned, I think production costs, sustaining capital, but working capital is obviously a key component of that too.

當我們考慮影響業務各個方面的槓桿時，我的意思是，里奇已經提到過，我認為生產成本、維持資本，但營運資本顯然也是其中的關鍵組成部分。

So you can rest assured that the Suncor team has a laser focused on that as well and just sharply managing that working capital.

因此，您可以放心，Suncor 團隊也專注於此，並嚴格管理營運資金。

Like the others, it's a lever in our toolkit to ensure excellent execution of the business.

與其他工具一樣，它是我們工具包中確保業務出色執行的槓桿。

And so we've got our eye on that too, and its contribution to cash.

因此，我們也關注這一點及其對現金的貢獻。

Thanks Kris.

謝謝克里斯。

Thanks, Rick.

謝謝，瑞克。

You're welcome.

不客氣。

Manav Gupta, UBS.

馬納夫古普塔，瑞銀集團。

Thanks.

謝謝。

Good morning, guys.

早安，夥計們。

Would like to highlight that this is the second quarter in a row where you have pretty much beaten the street on every important metric, so congratulations on that, those things tend to drive very strong re-ratings.

我想強調的是，這是連續第二個季度，您在每個重要指標上都幾乎擊敗了市場，所以恭喜您，這些事情往往會帶來非常強勁的重新評級。

My first question to you sir is that when I look at year-to-date Fort Hills cash costs, it's close to $31, and your guidance is $33 to $36.

先生，我向您提出的第一個問題是，當我查看今年迄今為止的 Fort Hills 現金成本時，它接近 31 美元，而您的指導是 33 至 36 美元。

So first of all, should we expect you to be towards the lower end or beat your guidance?

因此，首先，我們是否應該期望您的業績會達到較低水準或超越您的指導？

And then as these new trucks arrive, can we see a scenario in 2025 where this cash cost drops closer to $30 or even below it?

然後，隨著這些新卡車的到來，我們能否看到 2025 年現金成本下降到接近 30 美元甚至更低的情況？

No, I think I appreciate you flagging that on the cost.

不，我想我很感謝你在成本上標記這一點。

What we're finding here, the volumetric effect is a huge lever on cost.

我們在這裡發現，體積效應是對成本的巨大影響。

And so running at the at or above our guidance range upstream and downstream, that is a big part of driving unit costs down.

因此，在上游和下游的指導範圍以上運行，這是推動單位成本下降的重要部分。

And as I said earlier, we're exceeding our rate of expected improvement on the volume side of it.

正如我之前所說，我們在數量方面的改善速度超出了預期。

The area that I had probably the biggest question mark and a little bit of the uncertainty on was fundamental cost management, the discipline that it takes on each and every dollar.

我可能有最大問號和一點不確定性的領域是基本成本管理，即每一美元所採取的紀律。

And I'm extremely pleased with the organization's response through the first half of the year.

我對該組織今年上半年的反應非常滿意。

Don't declare victory.

不要宣布勝利。

We've got a long way to go on that, but I think Peter has shared many of the examples with you on improving the mining performance, which is big.

我們還有很長的路要走，但我認為 Peter 已經與您分享了許多關於提高挖礦性能的範例，這很重要。

Dave's got the same kind of focus on the downstream.

戴夫對下游也有同樣的關注。

So where we are tracking will be at or better than our cost guidance.

因此，我們追蹤的情況將等於或優於我們的成本指導。

And that's, we've got five months of the year left, but I think that is a reasonable outlook, a reasonable expectation.

也就是說，今年還剩下五個月，但我認為這是一個合理的前景，一個合理的期望。

Peter, do you have anything else to comment on?

彼得，你還有什麼要評論的嗎？

The cost -- the biggest bulk in the costs are in your region.

成本－最大的成本是在你所在的地區。

Yeah, I would say especially at Fort Hills, Manav, it is a good call.

是的，我想說，特別是在馬納夫堡山，這是一個很好的決定。

We've had some really good months where our costs have been better than guidance, of course.

當然，我們度過了一些非常好的月份，我們的成本比指導更好。

But as we look forward for the rest of the year, we're remaining disciplined to our mine improvement plan.

但展望今年剩餘時間，我們仍將嚴格遵守礦場改善計畫。

We're exactly on track on that.

我們正在這方面完全步入正軌。

And some of the key activities involve the opening up of the north pit, which will drive higher mining volumes and hence our strategy to employ these larger haul trucks, drive efficiency in our mining operations, and maintain our unit mining cost tonnage at or better than where we have been historically.

一些關鍵活動涉及北礦坑的開放，這將推動更高的採礦量，因此我們的策略是使用這些大型運輸卡車，提高採礦作業的效率，並將單位採礦成本噸數保持在或更好我們歷史上去過的地方。

So it's really about driving discipline, making sure that we're staying true to having sufficient mine inventories, so that we have sufficient bitumen production out of that facility.

因此，這實際上是關於駕駛紀律，確保我們堅持擁有足夠的礦山庫存，以便我們從該設施生產足夠的瀝青。

And I'll just add, I think some of the exciting things, particularly in Peter's business, the steps we're taking are very tangible.

我想補充一點，我認為一些令人興奮的事情，特別是在彼得的業務中，我們正在採取的步驟是非常切實的。

You know when you convert a truck to autonomous, the costs that are extracted out of that.

您知道當您將卡車改裝為自動駕駛時，從中提取的成本。

We know when we bring a new 400 ton haul truck on the efficiency and the productivity.

我們知道，當我們引進新的 400 噸運輸卡車時，其效率和生產力會受到影響。

So these improvements are very tangible.

所以這些改進是非常明顯的。

They're independent of oil price, and they're a matter of the sequence and the pace at which we're pursuing.

它們與油價無關，並且與我們追求的順序和速度有關。

And what I'll tell you is we keep challenging ourselves to can we accelerate the pace of our improvements, the conversion to autonomy, can we accelerate that pace.

我要告訴你的是，我們不斷挑戰自己，我們能否加快改進的步伐，朝著自主化的轉變，我們能否加快這一步伐。

We're a little bit at the mercy of our OEM manufacturers on the delivery of haul trucks, but we're working hard directly with them on new trucks and shovels because of the tangible nature of the improvement.

在運輸卡車的交付方面，我們有點受到 OEM 製造商的擺佈，但由於改進的切實性，我們正在與他們直接努力開發新卡車和鏟車。

There's money in the bank when we capture those.

當我們捕獲這些時，銀行裡就有錢了。

And there's an urgency that Peter has created within his organization that I'm quite proud of.

彼得在他的組織內創造了一種緊迫感，我對此感到非常自豪。

And because we know it can make our business better, stronger for the long term.

因為我們知道，從長遠來看，它可以讓我們的業務變得更好、更強大。

Thank you for a very detailed response.

感謝您非常詳細的回覆。

My quick follow-up here is, we understand you're not as exposed to the WCS differential given your refining operations, but we have seen some widening here and trying to understand what's your near to medium term outlook on the WCS differential.

我的快速跟進是，我們知道，鑑於您的煉油業務，您並沒有受到 WCS 差異的影響，但我們已經看到這裡的一些擴大，並試圖了解您對 WCS 差異的近中期前景。

Obviously, TMX is running, but then you guys and everybody else will also be running much harder in the second half.

顯然，TMX 正在奔跑，但是你們和其他人在下半場也會更加努力地奔跑。

So trying to understand your outlook for the differential in medium and near term.

因此，請嘗試了解您對中短期差異的展望。

You're spot on that our level of integration and the nature of our asset base gives us a lot of resiliency or natural hedge or cushion where we're not nearly as vulnerable as our competitors might be.

您很清楚，我們的整合水平和資產基礎的性質為我們提供了很大的彈性或自然對沖或緩衝，使我們不像競爭對手那樣脆弱。

Kris, you want to talk a bit about that?

克里斯，你想談談這個嗎？

Sure, absolutely.

當然，絕對。

I mean, obviously with TMX coming on last quarter, it certainly provides a structural help to the WCS differential as that additional egress is now available to the basin.

我的意思是，很明顯，隨著 TMX 上個季度的推出，它肯定為 WCS 差異提供了結構性幫助，因為現在流域可以使用額外的出口。

That said, you're still going to see that light heavy differential move around a little bit depending on what's going on in the market.

也就是說，您仍然會看到輕重差異略有變化，具體取決於市場情況。

And we saw it come in, when the line came on, we all expected that, trading down kind of low-teens, it's since widened out, but that was a bunch of other factors.

我們看到它進來了，當線路出現時，我們都預計，交易價格會下降到十幾歲以下，此後它會擴大，但這是一堆其他因素。

There was refinery outages in pad 2 through that period of time.

在此期間，2 號基地的煉油廠曾發生停電。

There was a big drawdown in inventory out of Hardesty, so there was more product going to market.

Hardesty 的庫存大幅減少，因此有更多產品進入市場。

We saw a little bit of weakness in pricing at the Gulf Coast.

我們看到墨西哥灣沿岸的定價略有疲軟。

Those things factored into the differential widening out a bit.

這些因素都影響了差距的擴大。

But our view is that, we're going to continue to see that light heavy differential be supported in the low-to-mid-teens.

但我們的觀點是，我們將繼續看到輕重差異在青少年中得到支持。

Will it get a bit higher now and then because of market factors, we can absolutely expect that.

是否會因為市場因素而時不時地走高一點，我們絕對可以預料到。

But it should be far more structurally supported than we would have seen a number of years ago when we would see big volatility, and see blowouts in that light heavy differential.

但它應該得到比我們幾年前看到的更多的結構性支持，當時我們會看到巨大的波動，並看到輕重差異的井噴。

But I think the main underlying point to all that is the one Rich just made, just with our integrated business model all the way from bitumen production through upgrading, through our downstream business refining, and then on to the customer, we're largely insulated from that type of volatility.

但我認為這一切的主要根本點是里奇剛剛提出的，憑藉我們的一體化業務模式，從瀝青生產到升級，再到我們的下游業務精煉，再到客戶，我們在很大程度上是隔離的來自這種類型的波動。

Thank you so much.

太感謝了。

Thanks.

謝謝。

Roger Read, Wells Fargo.

羅傑·里德，富國銀行。

Yeah, thanks.

是的，謝謝。

Good morning.

早安.

Think maybe just to come back on the cost structure here.

想想看也許只是回到這裡的成本結構。

Obviously real good performance in the second quarter.

顯然第二季的表現確實不錯。

I was just wondering, is there anything in it that was one-time in nature, or a timing factor?

我只是想知道，其中是否有什麼是一次性的，或者是時間因素？

I just -- what I'm really trying to understand is what's the new baseline of costs that we should think about maybe how you're measuring that, and how you plan to, let's call it, maintain that for the rest of the year, lower it over time.

我只是 - 我真正想了解的是我們應該考慮的新成本基準是什麼，也許你如何衡量它，以及你計劃如何，我們稱之為，在今年剩下的時間裡維持它，隨著時間的推移降低它。

Yeah, Roger, this is Rich.

是的，羅傑，這是里奇。

There were no one-time any of those things.

這些事情都不是一次性的。

I think the biggest thing I'd say is we took a restructuring charge in the second quarter of last year.

我認為我想說的最重要的事情是我們在去年第二季度進行了重組。

I believe the number, somebody keep me honest, $275 million.

我相信這個數字，有人告訴我，是 2.75 億美元。

And what I said in my comments is that year-on-year we're in absolute dollars, we're $270 million less than we were in the first half.

我在評論中所說的是，與去年同期相比，我們以絕對美元計算，比上半年減少了 2.7 億美元。

So when you take out that restructuring charge, we're basically flat in absolute costs, despite the much, much higher volumes across the board.

因此，當你扣除重組費用後，我們的絕對成本基本上持平，儘管整體銷售量要高得多。

So I think that's that operating leverage we talked about.

所以我認為這就是我們討論的營運槓桿。

And so a going forward basis that's today's Suncor, that is the focus we're bringing and expected to continue with.

因此，未來的基礎就是今天的森科爾，這是​​我們正在關注並預計將繼續關注的焦點。

Higher reliability, you get the higher volumes.

可靠性越高，您獲得的產量就越高。

It drives down the unit costs with the discipline, with the actions that Peter has described in the upstream, Dave has similar in the downstream, to keep the cap on costs, I mean, that's who we are.

它透過紀律降低單位成本，透過彼得在上游描述的行動，戴夫在下游也有類似的行動，以保持成本上限，我的意思是，這就是我們。

Another way I'd offer you to look at it just as kind of an interesting way.

我建議您以一種有趣的方式來看待它。

We added the remaining interest at Fort Hills this year.

今年我們增加了 Fort Hills 的剩餘權益。

And we've offset inflationary pressures, which there are throughout our business.

我們已經抵消了整個業務中存在的通膨壓力。

We did all that for free.

我們免費做了這一切。

We offset inflation, added Fort Hills barrels at no higher cost.

我們抵消了通貨膨脹，在不增加成本的情況下增加了福特山桶。

Again it keeps coming back to the phrase I use is operating leverage.

它再次回到我使用的短語“經營槓桿”。

And I think that is, the thing I would say that I'm particularly continue to be pleased with is the level of focus within the organization on the goals, the objectives, what's important.

我認為，我要說的讓我特別滿意的是組織內部對目標、目標和重要事項的關注程度。

And when you create focus with 15,000 plus people, you can get results.

當您與 15,000 多人建立焦點時，您就能取得成果。

And that's exactly what you're seeing.

這正是您所看到的。

And I see no reason that won't continue.

我認為沒有理由不繼續下去。

No, it's definitely an impressive performance.

不，這絕對是一場令人印象深刻的表演。

That's why I was just -- I want to make sure I can start thinking about it as this is the level as opposed to just a good quarter.

這就是為什麼我只是——我想確保我可以開始考慮它，因為這是這個水平，而不是一個好的季度。

If I were you, that's the way I would start thinking of it.

如果我是你，我就會開始這樣思考。

Okay, great.

好的，太好了。

And then the last question I had, just what's the right way in terms of share repurchases.

然後我的最後一個問題是，在股票回購方面什麼是正確的方式。

You've hit the debt targets.

您已經達到了債務目標。

If you could just reiterate for us where we see that shake out on a quarterly basis.

如果您能為我們重申我們每季看到的情況。

Yeah, sure.

是的，當然。

Roger.

羅傑.

We laid that out.

我們已經把它列出來了。

This is Kris.

這是克里斯。

We laid that out at the May 21 update.

我們在 5 月 21 日的更新中對此進行了闡述。

So we've moved to a 75% share buyback, 25% debt reduction, allocation of excess refunds flow.

因此，我們轉向了 75% 的股票回購、25% 的債務削減、超額退款流的分配。

Once we get to the $8 billion net debt target, which we talked about on May 21 and a bit earlier on this call, then we're going to move ourselves to 100% shareholder return allocation.

一旦我們達到 80 億美元的淨債務目標（我們在 5 月 21 日以及早些時候在本次電話會議上討論過），那麼我們將轉向 100% 的股東回報分配。

And is there a -- I guess, again, kind of getting back to Neil's question earlier about working capital.

我想，這是否又回到了尼爾之前關於營運資金的問題。

I mean, assume that on an annual basis and then make the adjustments on a quarterly.

我的意思是，假設每年一次，然後每季進行調整。

Yeah, that's exactly right, that's the way I think about it.

是的，完全正確，我就是這麼想的。

Okay.

好的。

Thank you.

謝謝。

Yeah.

是的。

Menno Hulshof, TD Cowen.

門諾‧胡爾斯霍夫 (Menno Hulshof)，TD‧考恩 (TD Cowen)。

Thanks and good morning, everyone.

謝謝大家，早安。

I'll start with a question on the strong beat on production.

我將從一個關於生產強勁成長的問題開始。

Rich, you provided a lot of detailing your prepared remarks, but could you maybe loosely quantify how much production uplift you got from faster than expected completion of turnarounds versus like pure outperform for the assets?

Rich，您提供了許多詳細說明您準備好的評論，但是您是否可以粗略地量化您因比預期更快完成周轉而獲得的產量提升與資產的純粹跑贏大市相比有多少？

And then I guess the, the follow-up to that, and this is more a point of confirmation, but was there any maintenance activity deferred in a quarter?

然後我想，後續行動，這更多的是一個確認點，但是一個季度是否有任何維護活動延遲？

And if so, what was the thinking behind that?

如果是這樣，背後的想法是什麼？

Yeah, take that in reverse.

是的，反過來看。

We did everything in the quarter we had planned to do in our business plan.

我們在本季完成了業務計劃中計劃要做的所有事情。

So there were no deferrals and things.

所以沒有延期之類的事情。

So I commented on the upstream that we had 12 additional kind of days.

所以我對上游評論說我們還有 12 天的額外時間。

They weren't full days because they were parts of the assets.

它們不是全天，因為它們是資產的一部分。

So for example, Syncrude had a relative to plan seven days of additional [8.3] coker runtime.

例如，Syncrude 相對於計劃有 7 天的額外 [8.3] 煉焦運行時間。

We other things what I would say is Peter's team to the my pleasant surprise as they looked at the turnaround work, said all right, what else can we do elsewhere across the asset base to offset that.

我們其他的事情我想說的是彼得的團隊令我驚訝的是，他們在研究扭虧為盈工作時說，好吧，我們還能在資產基礎的其他地方做些什麼來抵消這一點。

So we were probably what maybe Peter, 30,000 barrels a day or so higher than what we might have thought about our internal plan would have been?

所以我們可能是彼得那樣，每天 30,000 桶左右，比我們對內部計劃的預期要高？

I think that's a fair assessment.

我認為這是一個公平的評估。

And again, it comes back to looking at this as an integrated production system.

再次，我們又將其視為一個整合的生產系統。

So we're moving, sour barrel, some base plant to Syncrude to take advantage of some hydro treating capacity that we have there.

因此，我們正在將一些酸桶基地工廠移至 Syncrude，以利用我們在那裡擁有的一些加氫處理能力。

We're looking to, as Shelley said, really minimize the scope and execute within a well-defined window and set ambitious targets for the team that they know, frankly, we're able to achieve this year.

正如雪萊所說，我們希望真正縮小範圍，並在明確定義的視窗內執行，並為團隊設定雄心勃勃的目標，坦白說，我們今年能夠實現這些目標。

So it was kind of, we're pulling all the levers here to get that maximum value that we possibly can.

所以，我們正在動用所有的槓桿來獲得我們可能獲得的最大價值。

I think Menno, I think, one of the things that it comes back to (inaudible) and I mentioned that we were at Fort Hills last week, Firebag, a few weeks earlier is the potential of the organization.

我認為門諾，我想，它回到（聽不清楚）的事情之一，我提到我們上週在堡壘山，Firebag，幾週前是該組織的潛力。

I don't think we could sit here on the phone today and tell you we fully understand the full potential yet because the organization continues to exceed what we think are challenging expectations.

我認為我們今天還不能坐在電話裡告訴您我們完全了解其全部潛力，因為該組織繼續超越我們認為具有挑戰性的期望。

And that is a lot of fun.

這很有趣。

And you see that energy and enthusiasm.

你會看到那能量和熱情。

I use some of the examples at Firebag in terms of adding or debottlenecking at low or no cost.

我使用 Firebag 中的一些範例來以低成本或無成本添加或消除瓶頸。

You're seeing that across the upstream and downstream.

你可以在上游和下游看到這一點。

And I don't know if we'll continue to beat like we did on this quarter.

我不知道我們是否會像本季那樣繼續取得勝利。

But I continue to be pleasantly surprised at the organization's ability to creatively find ways to exceed expectations and that makes for a lot of fun.

但我仍然對組織創造性地找到超出預期的方法的能力感到驚喜，這帶來了很多樂趣。

Terrific.

了不起。

And maybe I'll just sort of continue along the -- sort of continue the conversation on the turnaround side of things.

也許我會繼續——繼續就事情的轉變進行對話。

Rich, you mentioned extended intervals between the turnarounds as one of the next potential focus areas.

Rich，您提到延長週轉間隔是下一個潛在的重點領域之一。

What is your best guess on what that could look like and which assets are most likely to benefit first?

您對這可能會是什麼樣子以及哪些資產最有可能首先受益的最佳猜測是什麼？

I think it comes in two areas, and this is kind of building off of Shelley's comments.

我認為它有兩個方面，這是雪萊評論的基礎。

As we look at individual pieces of equipment, you may have a turnaround at an upstream or downstream facility, but component parts of that turnaround, we may look at and instead of doing a three year interval, we may convince ourselves that we have sufficient information to go five-year interval on component parts.

當我們查看單一設備時，您可能會在上游或下游設施中進行週轉，但是我們可能會查看該週轉的組成部分，而不是每隔三年進行一次，我們可能會說服自己我們擁有足夠的資訊零部件的間隔期為五年。

So that would shorten the overall duration of a turnaround, but we might still have a turnaround at that facility every so often.

因此，這將縮短週轉的總持續時間，但我們仍然可能經常在該設施進行週轉。

So that's part of it.

這就是其中的一部分。

The bigger opportunity is if we can just simply extend the intervals on entire turnarounds.

更大的機會是，如果我們能夠簡單地延長整個週轉的時間間隔。

I think that's a bigger question for us right now.

我認為這對我們來說是一個更大的問題。

But I think the prize, if we get into it, and I'll go back to the May 21 deck where we had kind of the target of the capital cost reduction that we believe we can achieve as we go from third and fourth quartile in turnarounds to first and second quartile, that continues to be kind of the right magnitude of the prize.

但我認為，如果我們參與其中，我將回到5 月21 日的平台，其中我們有一個降低資本成本的目標，我們相信，當我們從第三個和第四個四分位數開始時，我們可以實現這一目標。

The added benefits that we're still quantifying is as we have more days on production, what is that benefit, and that I think is a further upside to what we've shown in the May 21 deck.

我們仍在量化的額外好處是，我們有更多的生產天數，這個好處是什麼，我認為這是我們在 5 月 21 日的甲板上展示的進一步的好處。

Shelley, do you have any other -- or Peter, do you have any other comments on that?

雪萊，您還有其他意見嗎？

Peter, I saw you raise your hand there.

彼得，我看到你舉手了。

We've got a couple of specific examples, Menno.

門諾，我們有幾個具體的例子。

We're really looking across the entire upgrading base and we're guided by

我們確實正在審視整個升級基地，並以以下為指導：

[Solomon].

[所羅門]。

So our strategies are rooted in benchmarking on where there are clear opportunities.

因此，我們的策略植根於對存在明顯機會的地方進行基準測試。

There's some good examples of Syncrude of looking at decoupling the units, at looking at extending turnaround units or turnaround intervals, so like that cover from three years to six years, the recovery units from four years to six years, higher tiers, three years to six years.

Syncrude 有一些很好的例子，考慮將單元解耦，考慮延長週轉單元或週轉間隔，因此覆蓋從三年到六年，回收單元從四年到六年，更高層次，三年到一年。六年。

So we have very specific plans that are asset-by-asset informed by Solomon and a similar thing at base plant.

因此，我們有非常具體的計劃，這些計劃是由所羅門逐項告知的，在基地工廠也有類似的計劃。

So I still think there's lots of opportunity in the turnaround space that we're going after some of these, given the intervals and the cycles, we'll take some time to play out in the coming years.

因此，我仍然認為，我們正在追求的周轉空間中有很多機會，考慮到間隔和週期，我們將在未來幾年中花費一些時間來發揮作用。

But rest assured, our engineering teams, and the site teams are really laser focused on making a big difference here.

但請放心，我們的工程團隊和現場團隊確實專注於在這裡做出重大改變。

And at the end result is more uptime, improved safety, improved reliability, and improved turnaround efficiency, which is the bottom line free funds flow increase.

最終結果是更長的正常運作時間、更高的安全性、更高的可靠性以及更高的周轉效率，這是自由資金流動增加的底線。

And just to comment on that, we've talked in the past about how we had gotten a bit lagged on benchmarking.

為了對此發表評論，我們過去曾討論過我們在基準測試方面是如何有點滯後的。

Today's Suncor is all about benchmarking.

今天的 Suncor 就是標竿管理。

We want to know who the best of the best is, why they're better than us, and then what we can do to then close that gap and then exceed that performance.

我們想知道誰是最好的，為什麼他們比我們更好，然後我們可以做些什麼來縮小差距並超越我們的表現。

So I mentioned before that we had not participated in the most recent Solomon survey or two.

所以我之前提到過，我們沒有參加最近一兩次所羅門調查。

Solomon, the Holy grail on plant benchmarking.

所羅門，工廠基準測試的聖杯。

I'm not getting any commission for plugging Solomon on this, but Shelley and Dave reached out and said, the next survey is next year, that's too long for us.

我沒有因為向所羅門插話而獲得任何佣金，但雪萊和戴夫主動聯繫說，下一次調查是明年，這對我們來說太長了。

We want to get in and get the most recent update of where we benchmark, and Solomon did that for us.

我們想要進入並獲得我們基準測試的最新更新，所羅門為我們做到了這一點。

And we had their President and their leadership team here with us, what, two weeks ago.

兩週前，我們有他們的總統和領導團隊和我們在一起。

And we sat down one afternoon going item by item across our business, where we have room for improvement.

有一天下午，我們坐下來逐項研究我們的業務，發現我們還有改進的空間。

Yeah, I think now as we take that back into our broader plans and individual facilities, I think we're going to find and identify areas to improve even beyond what our kind of our initial expectations have been.

是的，我認為現在當我們將其納入更廣泛的計劃和個人設施時，我認為我們將找到並確定需要改進的領域，甚至超越我們最初的期望。

I appreciate the thoughts.

我很欣賞這些想法。

I'll turn it back.

我會把它轉回來。

Thank you.

謝謝。

That concludes today's question-and-answer session.

今天的問答環節到此結束。

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

現在，我想將電話轉回給特洛伊·利特爾先生，請他發表結束語。

Thank you everyone for joining our call this morning.

感謝大家今天早上加入我們的電話會議。

If you have any follow-up questions, please don't hesitate to reach out to our team.

如果您有任何後續問題，請隨時聯絡我們的團隊。

Operator, you can end the call.

接線員，您可以結束通話了。

This concludes today's program.

今天的節目到此結束。

Thank you all for participating.

感謝大家的參與。

You may now disconnect.

您現在可以斷開連線。