Suncor Energy Inc (SU) 2024 Q3 法說會逐字稿

Good day, and welcome to the Suncor Energy third-quarter 2024 financial results call.

美好的一天，歡迎參加 Suncor Energy 2024 年第三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, Mr. Troy Little, Suncor Energy's Senior Vice President of External Affairs.

現在我想將會議交給您的發言人，森科爾能源公司對外事務高級副總裁 Troy Little 先生。

Please go ahead.

請繼續。

Thank you, operator, and good morning.

謝謝您，接線員，早安。

Welcome to Suncor Energy's third-quarter earnings call.

歡迎參加森科能源第三季財報電話會議。

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 third-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.

由於我們的第三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 third-quarter earnings release.

有關這些財務措施的說明，請參閱我們的第三季財報發布。

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 Kris Smith。

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.

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。

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 Rich 來分享他的評論。

Good morning.

早安.

Let me start with happy holidays, more on this later.

讓我先從節日快樂開始，稍後再詳細介紹。

Three months ago, I stated our second quarter was about execution and momentum, execution of major planned turnaround events and momentum in targeted improvement areas.

三個月前，我說過我們的第二季度是關於執行和動力、計劃中的重大周轉活動的執行以及有針對性的改進領域的動力。

Conversely, our third quarter was about performance and delivery.

相反，我們的第三季是關於績效和交付的。

Performance, largely unencumbered by major maintenance activities and delivery on commitments articulated during our May 21 Investor Day.

業績基本上不受主要維護活動和 5 月 21 日投資者日期間闡明的承諾兌現的影響。

As usual, Kris will detail quarterly results, I'll provide some color commentary, starting with safety.

像往常一樣，克里斯將詳細介紹季度業績，我將提供一些色彩評論，從安全開始。

Personal safety, core value, top priority, continues to be strong year on year.

人身安全作為核心價值，重中之重，年比持續強勁。

Lost time events down 40%, recordables down 23%.

損失時間事件減少 40%，可記錄事件減少 23%。

Rates are at or near our best ever.

價格處於或接近我們有史以來最好的價格。

Similarly, process safety performance year to date is at a best-ever level, positions us within the first quartile in North America.

同樣，今年迄今的製程安全績效處於歷史最佳水平，使我們躋身北美第一四分位。

I'll highlight our oil sands team for their third quarter performance particularly those at Firebag.

我將重點介紹我們的油砂團隊第三季的表現，尤其是 Firebag 的表現。

In early July, with wildfires in the region, we moved Firebag to essential personnel only.

7 月初，由於該地區發生野火，我們僅將 Firebag 移交給必要人員。

As a precaution, we shut in production site-wide.

作為預防措施，我們關閉了整個生產基地。

Thereafter, we started the least affected well pads was touch and go for several weeks.

此後，我們開始對受影響最小的井場進行幾週的接觸和使用。

Our teams worked closely with local and provincial authorities and responders.

我們的團隊與地方和省級當局以及響應人員密切合作。

Our number one focus was to protect our people and protect our assets.

我們的首要任務是保護我們的員工和資產。

I'm pleased to say the entire situation was managed incident-free, a credit to our people, procedures and site leadership.

我很高興地說，整個情況都得到了妥善處理，沒有發生任何事故，這要歸功於我們的人員、程序和現場領導。

Production impact was material, however, but limited to July only at 60,000 barrels a day for the month.

然而，產量影響很大，但僅限於 7 月份，該月產量僅為 60,000 桶/日。

Every quarter I talk about reliability or asset utilization because the incremental barrel produced to refined is the most profitable barrel produced or refined, it's delivered at little to no incremental cost essentially flows to the bottom line.

每個季度我都會談論可靠性或資產利用率，因為精煉生產的增量桶是生產或精煉的最有利可圖的桶，它的交付幾乎沒有增量成本基本上流入底線。

At today's Suncor, a full utilization of installed capacity closely follows safety in our priorities.

在今天的 Suncor，裝置容量的充分利用與安全密切相關。

And as full utilization is achieved, we turn to low-cost debottlenecking.

隨著充分利用的實現，我們轉向低成本消除瓶頸。

This clear, simple operational framework is delivering tremendous value company-wide.

這個清晰、簡單的營運框架正在為整個公司帶來巨大的價值。

I'll illustrate with refining throughput and upstream production.

我將透過煉油吞吐量和上游生產來進行說明。

Refining throughput in the third quarter was 488,000 barrels a day, up 25,000 barrels a day or 5% compared to a strong third quarter of '23.

第三季的煉油產量為每天 488,000 桶，與 23 年第三季的強勁表現相比，每天增加 25,000 桶，增幅為 5%。

It was the best quarter of any quarter in company history.

這是公司歷史上最好的季度。

In fact, there isn't even a close second.

事實上，甚至沒有緊跟在後的第二名。

It's 20,000 barrels a day or 4.3% higher than our previous best quarter, achieved with 105% overall refining utilization in the quarter.

該季度整體煉油利用率為 105%，比我們之前最好的季度提高了 20,000 桶/天，即 4.3%。

This was our highest overall network utilization in any quarter in history, and all four refineries achieved 100% or higher every single facility, led by Commerce City at 109% and Sarnia and Montreal with best evers both at 106%.

這是我們歷史上任何一個季度最高的整體網路利用率，所有四家煉油廠的每個設施都達到了100% 或更高，其中商業城領先，為109%，薩尼亞和蒙特利爾的利用率最高，均為106%。

Year-to-date utilization is 98% compared to 88% at the same time last year.

今年迄今的利用率為 98%，而去年同期為 88%。

We're on pace to blow away our previous high.

我們正在努力打破之前的高點。

High reliability and resulting throughput enable us to confidently and aggressively market and sell.

高可靠性和由此產生的吞吐量使我們能夠自信、積極地行銷和銷售。

The result, refined product sales of 612,000 barrels a day in the third quarter, the highest quarterly sales in our history in our first quarter ever with sales above 600,000 barrels a day.

結果，第三季成品油銷售量達到每天 612,000 桶，第一季銷售超過 60 萬桶，創歷史最高季度銷售量。

For those that are keeping track, this is now back to back to back record quarterly -- our quarterly records.

對於那些正在追蹤的人來說，這現在是連續兩個季度的記錄——我們的季度記錄。

Upstream production.

上游生產。

Third quarter, 829,000 barrels a day, up 138,000 barrels a day or 20% from the third quarter of last year.

第三季日產量82.9萬桶，較去年第三季日產量增加13.8萬桶，增幅20%。

It was our best third quarter in company history within 6,000 barrels a day of our best quarter ever.

這是我們公司歷史上最好的第三季度，與我們有史以來最好的季度每天產量相差 6,000 桶。

Performance exceeded our prior best third quarter by 67,000 barrels a day.

業績比之前第三季的最佳表現高出 67,000 桶/日。

And this was achieved despite a 20,000 barrel a day wildfire impact I mentioned at Firebag, and a 10,000 barrel a day turnaround impact at MacKay River.

儘管我在 Firebag 提到了每天 20,000 桶的野火影響，以及麥凱河每天 10,000 桶的周轉影響，但還是實現了這一目標。

Upgrader utilization in the third quarter is at an unprecedented 99%.

第三季的升級利用率達到前所未有的 99%。

Recall, each additional 1% utilization adds $20 million a year in free funds flow.

回想一下，利用率每增加 1%，每年就會增加 2,000 萬美元的自由資金流。

Year-to-date utilization is at 96%, including the impact of turnarounds.

年初至今的使用率為 96%，其中包括週轉的影響。

Our best prior annual average was last year at 92%.

我們之前最好的年度平均值是去年的 92%。

We're set to beat that in 2024.

我們定會在 2024 年戰勝這項挑戰。

Bottom line, third quarter and year-to-date reliability or asset utilization has been exceptional, on trend for best evers across the board, upstream and downstream.

底線是，第三季和今年迄今的可靠性或資產利用率非常出色，無論上游還是下游，都處於歷史最佳狀態。

Here again, a credit to our people, their expertise, their teamwork and their determination.

再次感謝我們的員工、他們的專業知識、他們的團隊合作和他們的決心。

Profitability.

盈利能力。

Kris will cover overall profitability.

克里斯將負責整體盈利能力。

I'll highlight cost management and operating leverage.

我將重點介紹成本管理和營運槓桿。

Year-to-date 2024, Holo SNG all-in top to bottom, is $9.65 billion, down $340 million versus year-to-date 2023.

2024 年迄今，Holo SNG 總收入為 96.5 億美元，比 2023 年迄今減少了 3.4 億美元。

However, upstream production is 87,000 barrels a day higher year on year.

然而，上游產量較去年同期增加87,000桶/日。

Refining throughput is 49,000 barrels a day higher year on year, and refined product sales are 51,000 barrels a day higher year on year.

煉油吞吐量較去年同期增加4.9萬桶/日，成品油銷量較去年同期增加5.1萬桶/日。

You get the message, free barrels, higher absolute volumes, lower absolute cost, the Oxford dictionary definition of operating leverage in a nutshell.

您得到的資訊是，免費桶子、更高的絕對產量、更低的絕對成本，簡而言之，牛津字典對營運槓桿的定義。

Every business segment or major operated asset, upstream, downstream corporate is at lower absolute and/or unit costs in the first nine months of this year compared to the first nine months of last year.

與去年前九個月相比，今年前九個月的每個業務部門或主要營運資產、上游、下游企業的絕對成本和/或單位成本都較低。

I'll offer you another perspective on year-on-year cost performance.

我將為您提供有關同比性價比的另一個視角。

Let's assume for a moment that our fourth quarter '23 acquisition of Total's 31% interest in Fort Hills never happened.

讓我們假設我們 23 年第四季收購道達爾 31% 的 Fort Hills 權益的交易從未發生。

In other words, take out all impacts in 2024 of the additional ownership, so we'll have an apples-to-apples, year-on-year performance with the exact same asset base.

換句話說，除去 2024 年額外所有權的所有影響，我們將在資產基礎完全相同的情況下獲得同等的同比業績。

Total OS&G year on year, down $880 million, yet upstream volumes are up 34,000 barrels a day and refining, of course, is up 49,000 barrels a day.

OS&G 總額年減 8.8 億美元，但上游產量每天增加 34,000 桶，煉油量當然每天增加 49,000 桶。

I'll repeat that apples-to-apples $880 million lower cost year on year with higher volumes.

我要重複一遍，成本比去年同期降低了 8.8 億美元，但產量卻增加了。

Bottom line, operating leverage is being achieved anyway you slice it.

最重要的是，無論你如何分割，都可以實現營運槓桿。

I've said it before, cost management is about attention to detail, discipline, and accountability, a mindset that every dollar matters, cost-conscious, determined, results-oriented, today's Suncor.

我之前說過，成本管理就是專注於細節、紀律和責任，每一塊錢都很重要，成本意識強，決心堅定，結果導向，這就是今天的森科爾。

During our May 21, I Day, we detailed a number of our improvement plans.

在 5 月 21 日「I Day」期間，我們詳細制定了一些改進計劃。

I'll provide an update on a few.

我將提供一些最新情況。

Turnarounds, we previously stated the second quarter was our biggest turnaround quarter in 2024 with 80% of the year's activity planned.

扭虧為盈，我們之前曾表示，第二季度是我們 2024 年扭虧最大的季度，計劃完成全年活動的 80%。

You recall, four big events, $800 million, completed on budget and 10% shorter in duration.

您還記得嗎，四場耗資 8 億美元的大型活動都按預算完成，而且工期縮短了 10%。

We've now completed the bulk of the year's remaining activity specifically base plant U2 upgraders annual maintenance in MacKay River, combined the two events, again, on budget, ahead of schedule.

我們現在已經完成了今年剩餘活動的大部分，特別是麥凱河基地工廠 U2 升級機的年度維護，將這兩項活動合併在一起，再次按預算提前完成。

For the year, total turnaround spend will be under $1 billion, down 20% from the prior five-year average.

今年總週轉支出將低於 10 億美元，比前五年平均下降 20%。

Mining, we've described our mining strategy in a nutshell as fewer trucks, bigger trucks, autonomous trucks, operated better, maintain cheaper, update on the 55 new 400-ton trucks that will replace twice as many smaller, less efficient third-party trucks.

採礦業，我們簡單地描述了我們的採礦策略，即更少的卡車、更大的卡車、自動駕駛卡車、操作更好、維護更便宜、更新55 輛新的400 噸卡車，這些卡車將取代兩倍數量的小型、效率較低的第三方卡車卡車。

The first 35 are now in operation, two more will arrive at Fort Hills shortly.

前 35 架現已投入運營，另外兩架很快將抵達福特山。

The final 18 will arrive at the base plant throughout the first quarter of 2025.

最後 18 架飛機將於 2025 年第一季抵達基地工廠。

These 55 new trucks will lower annual operating cost by more than $300 million a year.

這 55 輛新卡車每年將降低超過 3 億美元的營運成本。

In situ.

原地。

For several quarters, I've talked about the value of our in situ operations.

幾個季度以來，我一直在談論我們現場運營的價值。

Performance records keep piling up particularly at Firebag.

績效記錄不斷堆積，尤其是在 Firebag。

Through the first nine months of 2024, two record quarters in five record months, including August at 238,000 barrels a day in September at a whopping 247,000 barrels a day at Firebag.

2024 年前 9 個月，Firebag 在 5 個創紀錄的月份中創下了兩個創紀錄的季度產量，其中 8 月份的日產量為 238,000 桶，9 月份的日產量高達 247,000 桶。

Last quarter, I highlighted an opportunity that the Firebag team identified a $1 million modification to diluent stripping capacity to increase bitumen production, with the expected impact 3,000 to 5,000 barrels a day in increased annual average production and $50 million in additional free funds flow per year.

上個季度，我強調了Firebag 團隊確定了一個機會，即對稀釋劑汽提能力進行100 萬美元的改造，以增加瀝青產量，預計年平均產量將增加3,000 至5,000 桶/天，每年額外自由資金流量將增加5,000 萬美元。

The opportunity was implemented in the third quarter.

該機會已於第三季實施。

It was completed in mid-August ahead of schedule at a cost of $500,000 versus $1 million.

它於 8 月中旬提前完工，成本為 50 萬美元，而原計劃為 100 萬美元。

Incremental production to date has been more than double the 3,000 to 5,000 barrels a day expected.

迄今為止的產量增量是預期每天 3,000 至 5,000 桶的兩倍多。

Consequently, the incremental free funds of greater than $100 million a year.

因此，每年新增的自由資金超過 1 億美元。

This is Suncor's version of a double-double, half the cost twice the value.

這是 Suncor 的雙倍版本，一半的成本是兩倍的價值。

Fort Hills.

福特山。

We just passed the one-year anniversary of the Total Canada acquisition.

我們剛度過了收購道達爾加拿大公司一週年紀念日。

The primary asset was a 31% working interest in Fort Hills, bringing our ownership to 100%.

主要資產是 Fort Hills 31% 的工作權益，使我們的所有權達到 100%。

We've articulated the benefits production reserves, long-term bitumen supply tax pools.

我們已經闡明了生產儲備、長期瀝青供應稅池的好處。

I've got another example of value-added from this acquisition.

我還有另一個關於此次收購帶來的增值的例子。

Recall that Fort Hills applies the PFT process technology which partially decarbonizes produced bitumen, removes the heavier asphalt teen molecules results in a premium value in the market.

回想一下，Fort Hills 採用 PFT 製程技術，對生產的瀝青進行部分脫碳，並去除較重的瀝青分子，進而在市場上產生溢價。

Our physical integration allows us to either direct Fort Hills directly to the market or to our base plant upgraders.

我們的實體整合使我們能夠將 Fort Hills 直接引向市場或引向我們的基地工廠升級商。

Until recently, we were pipeline limited to a maximum of 65,000 barrels a day to the base plant.

直到最近，我們向基地工廠輸送的管道每天最多只能輸送 65,000 桶。

However, our team identified an opportunity to increase this capacity.

然而，我們的團隊發現了提高這種能力的機會。

So for $1 million, we have increased Fort Hills to base plant capacity from 65,000 barrels a day to 100,000 barrels a day.

因此，我們花費 100 萬美元將 Fort Hills 基地工廠的產能從每天 65,000 桶增加到每天 10 萬桶。

We debottlenecked the pipeline with improved hydraulics, completed the work in six weeks with the use of surplus equipment.

我們透過改進液壓系統消除了管道的瓶頸，並利用剩餘設備在六週內完成了工作。

This adds both operational flexibility and incremental financial value, specifically $50 million to $100 million a year in additional free funds flow depending on use.

這增加了營運靈活性和增量財務價值，具體來說，根據使用情況，每年可增加 5,000 萬至 1 億美元的額外自由資金流。

This is another tangible example of a competitive differentiator our peers can't replicate.

這是我們的同業無法複製的競爭優勢的另一個具體例子。

I've said before, there is integration and then there is Suncor integration.

我之前說過，先有整合，然後還有 Suncor 整合。

This is an example of the latter.

這是後者的例子。

These Fort Hills and Firebag examples are representative of the focus within the company today, the laser-like focus on asset utilization testing facility limits, capturing value, debottlenecking, adding low or no-cost barrels upstream and downstream.

這些 Fort Hills 和 Firebag 的例子代表了該公司今天的重點，像雷射一樣專注於資產利用測試設施限制、獲取價值、消除瓶頸、在上游和下游增加低成本或無成本的桶。

Our teams company-wide are literally raising the ceiling on both our performance and our potential.

我們全公司的團隊確實提高了我們的績效和潛力的上限。

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

有了這個，我會把它交給克里斯。

Great.

偉大的。

Thanks, Rich.

謝謝，里奇。

Good morning, everyone.

大家早安。

Well, before providing a brief overview of the financial and operating performance for the quarter, I want to go back to how Rich opened the call and start with happy holidays.

好吧，在簡要概述本季度的財務和營運業績之前，我想先回顧一下 Rich 是如何開始通話的，並從節日快樂開始。

You will remember that during our investor update in May, Rich talked about a Christmas present for our shareholders, specifically achieving our net debt target by year-end.

您會記得，在我們五月的投資者更新中，里奇談到了給我們股東的聖誕禮物，特別是在年底前實現我們的淨債務目標。

As you can see from our third quarter financial results, Christmas has indeed come early.

從我們第三季的財務表現可以看出，聖誕節確實來得早。

This is a significant milestone for our company and shareholders and starting in Q4 as per our capital allocation framework we will move to 100% return of excess funds to our shareholders.

這對我們公司和股東來說是一個重要的里程碑，從第四季度開始，根據我們的資本分配框架，我們將多餘資金 100% 回饋給股東。

This past May, at our Investor Day call, we announced a new $8 billion net debt target.

今年 5 月，在投資者日電話會議上，我們宣布了 80 億美元的新淨債務目標。

That was underpinned by an ambitious plan generating substantial incremental free funds flow.

這是一項雄心勃勃的計劃的基礎，該計劃產生了大量增量自由資金流。

Today, not only are we executing that plan, but we're ahead of it.

今天，我們不僅正在執行該計劃，而且還領先於它。

Enabling us to meet our net debt target well ahead of many external forecasts.

使我們能夠遠早於許多外部預測實現淨債務目標。

We do it by being laser-focused on what we can control: production, costs, capital, and working capital.

我們透過專注於我們可以控制的事情來做到這一點：生產、成本、資本和營運資本。

I want to congratulate the entire Suncor team, which did an amazing job delivering this result.

我要祝賀整個 Suncor 團隊，他們出色地完成了這項任務。

Now by way of recap, at the beginning of the year, we were returning 50% of excess funds to our shareholders.

現在回顧一下，年初時，我們將 50% 的超額資金回饋給股東。

In May, we reset our net debt target to $8 billion to reflect our improved performance and business plan and increased to 75% return of excess funds.

5 月份，我們將淨債務目標重設為 80 億美元，以反映我們業績和業務計劃的改善，並將超額資金回報率提高至 75%。

Now that we've hit our $8 billion target at the end of September, we are increasing to 100% return of excess funds starting in Q4.

現在我們已經在 9 月底達到了 80 億美元的目標，從第四季開始，我們將把超額資金的回報率提高到 100%。

Our shareholders ask for a new Suncor, and this is yet another example of how we're delivering.

我們的股東要求新的森科爾，這是​​我們如何交付的另一個例子。

Continuing on the subject of net debt subsequent to the quarter in October, we successfully completed a bond repurchase tender, retiring $1.1 billion in principal.

繼續討論 10 月季度後的淨債務問題，我們成功完成了債券回購招標，收回了 11 億美元的本金。

With interest rates coming down, building cash doesn't drive value.

隨著利率下降，累積現金並不能帶來價值。

The tender captured significant economic value by retiring a large portion of our 2038 maturity tower.

這次招標使我們 2038 年到期的塔樓的大部分退役，從而獲得了巨大的經濟價值。

As a result of this, we locked in annual interest savings of $70 million a year for the next 14 years.

因此，我們在接下來的 14 年裡每年可以節省 7,000 萬美元的利息。

We optimize timing of retirement of the higher interest US debt.

我們優化高息美國債務的償還時間。

We reduced our largest maturity tower by half, and we lowered our WTI breakeven while strengthening the resilience of our balance sheet.

我們將最大的期限塔減少了一半，並降低了 WTI 損益平衡點，同時增強了資產負債表的彈性。

This was a win-win for both Suncor shareholders and bondholders, allowing us to strategically delever the balance sheet to manage our $8 billion net debt target, while providing liquidity to our bondholders.

這對Suncor 股東和債券持有人來說是雙贏的，使我們能夠策略性地去槓桿化資產負債表，以管理我們80 億美元的淨債務目標，同時為我們的債券持有人提供流動性。

Now that we've hit the $8 billion net debt target, you may still see our net debt move up and down from quarter to quarter around that number driven by working capital movements that are a reflection of Suncor managing our business.

現在我們已經達到了 80 億美元的淨債務目標，您可能仍然會看到我們的淨債務在這個數字周圍上下波動，這是由營運資本變動驅動的，這反映了 Suncor 管理我們的業務。

That said, you can rest assured we will be allocating at or near 100% of excess funds on an annual basis while managing these fluctuations and are committed to ensuring maximum return of cash to shareholders while prudently managing our business and balance sheet.

也就是說，您可以放心，我們將每年分配或接近 100% 的超額資金，同時管理這些波動，並致力於確保股東獲得最大的現金回報，同時審慎管理我們的業務和資產負債表。

Now before handing back over to Rich, I will provide a brief overview of the financial and operating performance of the quarter, beginning with the business environment.

現在，在交給 Rich 之前，我將從商業環境開始，簡要概述本季的財務和營運表現。

Crude oil prices came down during the quarter with WTI averaging USD75 a barrel.

本季原油價格下跌，WTI 平均價格為每桶 75 美元。

The line heavy differential steady at USD14 a barrel, and the synthetic premium decreasing by USD1.50 a barrel, averaging a premium of $1.30 to WTI.

該線重價差穩定在每桶 14 美元，合成溢價下降 1.50 美元每桶，較 WTI 平均溢價 1.30 美元。

On the refining side, 211 cracking margins decreased, reflecting global supply-demand.

煉油方面，211裂解利潤下降，反映了全球供需情況。

However, our 5-2-2-1 refining index remained strong at USD26.05 a barrel, which was $0.65 a barrel below Q2 driven primarily by lower benchmark cracks offset by lower crude oil pricing.

然而，我們的 5-2-2-1 煉油指數依然強勁，達到每桶 26.05 美元，比第二季度低 0.65 美元，這主要是由於基準裂縫減少被原油定價下降所抵消。

Natural gas, a key input cost to our operations also came down in the quarter, averaging $0.65 a GJ.

天然氣是我們營運的關鍵投入成本，本季也有所下降，平均每吉焦 0.65 美元。

Now as Rich has already gone through the operational performance in the quarter, I won't go through it in detail other than to repeat that we saw strong operating performance in the quarter.

由於 Rich 已經介紹了本季的營運業績，因此我不會詳細介紹，只是重複一下我們在本季度看到了強勁的營運業績。

As Rich said, this included 829,000 barrels per day of upstream production, 776,000 barrels a day from oil sands, and 53,000 barrels a day from our E&P segment.

正如 Rich 所說，這包括每天 829,000 桶上游產量、776,000 桶油砂產量以及 53,000 桶每天來自勘探與生產部門的產量。

This was the best Q3 upstream volumetric performance in company history, including record Q3 upgrader utilization and Firebag monthly records in the quarter.

這是該公司歷史上最好的第三季上游容量表現，包括創紀錄的第三季升級器利用率和本季 Firebag 月號。

Fort Hills was right on plan at 166,000 barrels per day, and we remain very pleased with the progress of the asset and the focus of the Fort Hills team on delivering against that plan.

Fort Hills 的產量正好達到每天 166,000 桶的計劃，我們對該資產的進展以及 Fort Hills 團隊致力於實現該計劃的重點感到非常滿意。

We also achieved 488,000 barrels per day of refining throughput and 105% refinery utilization in the downstream, which is our best quarter ever.

我們還實現了每天 488,000 桶的煉油廠利用率和下游煉油廠利用率 105%，這是我們有史以來最好的季度。

As well, we saw 612,000 barrels per day in refined product sales, also a quarterly record and 101% margin capture on a LIFO basis when compared to our 5-2-2-1 refining index.

此外，我們的成品油銷售量為每天 612,000 桶，這也是季度記錄，與我們的 5-2-2-1 煉油指數相比，以 LIFO 計算的利潤率為 101%。

The company continued its tight cost focus with total OS&G expenses of $3.1 billion in the quarter, which are down quarter over quarter, while production is significantly up.

該公司繼續嚴格關注成本，本季 OS&G 總支出為 31 億美元，較上季下降，而產量卻大幅上升。

Again, as Rich pointed out, this is operating leverage in a nutshell.

正如里奇所指出的，簡而言之，這就是經營槓桿。

As for CapEx, it was $1.5 billion, excluding capitalized interest in the quarter, which is down from last quarter driven by less planned turnaround and maintenance activities across the business and is on plan for the year.

至於資本支出，不包括本季的資本化利息，資本支出為 15 億美元，由於整個業務的計劃週轉和維護活動減少，資本支出較上季度有所下降，並且已按今年計劃進行。

We continue to prudently invest in sustaining our integrated asset base and advancing key projects like base plant Cogen project, the Upgrader one coked replacement project, Fort Hills North pit development, and the Mildred Lake West mine expansion.

我們繼續審慎投資，維持我們的綜合資產基礎並推進關鍵項目，如基地熱電聯供項目、Upgrader one 焦化替代項目、Fort Hills North 礦坑開發和 Mildred Lake West 礦山擴建。

This record operational performance underpinned our strong quarterly financial results.

這項創紀錄的營運業績支撐了我們強勁的季度財務表現。

Despite the drop in crude price from Q2, we generated $3.8 billion in adjusted funds from operations or $2.98 per share in the quarter and adjusted operating earnings of $1.9 billion or $1.48 per share.

儘管原油價格較第二季有所下降，但本季我們從營運中獲得了 38 億美元的調整後資金，即每股 2.98 美元，調整後的營運收益為 19 億美元，即每股 1.48 美元。

In the quarter, we returned $1.5 billion to our shareholders. including $690 million in dividends plus $790 million in share repurchases, while as I've already mentioned, hitting our net debt target.

本季，我們向股東返還 15 億美元。其中包括 6.9 億美元的股息和 7.9 億美元的股票回購，同時正如我已經提到的，達到了我們的淨債務目標。

Overall, the third quarter was a continued demonstration of the new Suncor's focus on delivery of the fundamentals of safety, operational reliability, cost and capital discipline, and profitability, including strong financial returns for our shareholders.

總體而言，第三季繼續證明了新 Suncor 致力於實現安全、營運可靠性、成本和資本紀律以及盈利能力等基本要素，包括為股東帶來強勁的財務回報。

And rest assured that the Suncor team is focused on finishing this year strong and carrying that momentum into 2025.

請放心，Suncor 團隊致力於在今年取得強勁表現，並將這一勢頭延續到 2025 年。

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

有了這個，我會把它交還給你，里奇。

Thanks, Kris.

謝謝，克里斯。

Before we continue comments on full-year guidance, I don't have any new numbers for you today, but I'm going to leave that horse right up to the water.

在我們繼續對全年指導發表評論之前，我今天沒有任何新的數據給你們，但我將把那匹馬留在水中。

Third quarter complete six weeks into the fourth upstream production, we continue to track above the high end of our guidance.

第三季第四個上游生產已完成六週，我們繼續高於指引的上限。

Refining throughput.

精煉吞吐量。

We also continue to track above the high end of our guidance.

我們還繼續跟踪指導的上限。

Refined product sales, same message, continue to track above the high end of our guidance.

精煉產品銷售，同樣的訊息，繼續追蹤我們指導的高端。

OS&G and CapEx, we continue to track within or better than our guidance ranges.

OS&G 和資本支出，我們繼續追蹤或優於我們的指導範圍。

I've repeatedly said today's Suncor is a new Suncor.

我多次說過，今天的森科爾是新的森科爾。

Tangible improvement plans backed by a growing list of performance proof points and a clear, comprehensive roadmap in determination to compete and win.

有形的改進計劃，以越來越多的績效證明點和清晰、全面的路線圖為後盾，以堅定競爭和獲勝的決心。

During our May 21, Investor Day, I stated that with the plans that we had outlined at that time, we projected hitting at or near $8 billion net target sometime midyear 2025.

在 5 月 21 日投資者日期間，我表示，根據我們當時概述的計劃，我們預計在 2025 年年中某個時候達到或接近 80 億美元的淨目標。

I also stated that we were committed to do better, that we would pull every lever to accelerate achieving that target and the subsequent increase in buybacks.

我還表示，我們致力於做得更好，我們將竭盡全力加速實現該目標以及隨後增加回購。

Some of you have reminded me I went so far as to say that I couldn't think of a better Christmas present for our shareholders than to achieve that target by year-end 2024.

你們中的一些人提醒我，我甚至說過，我想不出比在 2024 年底實現這一目標更好的聖誕禮物了。

Well, as Kris described, Christmas is coming early this year at Suncor.

嗯，正如克里斯所描述的，森科爾今年的聖誕節提前到來。

I'm sure each of you on the call had the same confidence I had that we would achieve this.

我相信參加電話會議的每個人都和我一樣有信心我們能夠實現這一目標。

Another example of today's Suncor, focus, determined, results-oriented.

又如今日的Suncor，專注、堅定、注重結果。

Troy has even offered to sing Michael Buble's Santa Baby to celebrate, but in the interest of time, we'll skip that.

特洛伊甚至主動提出唱邁克爾·布布爾的《聖誕老人寶貝》來慶祝，但考慮到時間問題，我們就跳過這個。

So Troy back to you to kick off the Q&A.

那麼特洛伊回到你身邊開始問答。

Thanks so much, Rich.

非常感謝，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) Dennis Fong, CIBC

（操作員指示）Dennis Fong，CIBC

First and foremost, congratulations on, obviously, a very strong quarter and the achievement of your net floor well ahead of schedule.

首先也是最重要的，顯然，祝賀您度過了一個非常強勁的季度，並且提前實現了淨底線。

And I would love to see a live streaming of of Troy singing Santa Baby.

我很想看到 Troy 演唱 Santa Baby 的直播。

First and foremost, Rich, I appreciate the context you provided in kind of the prepared remarks, especially on individual opportunities that the team has seized.

首先，Rich，我很欣賞您在準備好的發言中提供的背景信息，尤其是關於團隊抓住的個人機會的內容。

And frankly, knowing you, I'm sure it's never too early to ask, what are the opportunities you're most excited coming up next as we kind of look into 2025, and frankly, beyond?

坦白說，我了解您，我相信現在問這個問題永遠不會太早：在我們展望 2025 年（甚至更遠的將來）時，接下來您最興奮的機會是什麼？

Dennis, I think what we continue to find as we create this intense focus on asset utilization and our unique level of physical integration we keep finding examples.

丹尼斯，我認為，當我們高度關注資產利用率和我們獨特的物理整合程度時，我們會繼續發現一些例子。

They don't always translate into a barrel or -- but they translate into dollars.

它們並不總是轉化為一桶或——但它們會轉化為美元。

When you take PFT to the base plant, we get a yield uplift and we get a higher-valued product, for example.

例如，當您將 PFT 帶到基地工廠時，我們會提高產量並獲得更高價值的產品。

And the way these teams that I'm looking down the table at Dave, Peter, and Shelley, the way our operating teams are integrating, looking at our world as an entire system in capturing value wherever it lies, that, to me, is quite exciting.

我在戴夫、彼得和雪萊身上看到的這些團隊的方式，我們的營運團隊整合的方式，將我們的世界視為一個完整的系統，無論它位於何處，都可以獲得價值，這對我來說是相當令人興奮。

And so I think the best way to judge us going forward is on the incremental free cash flow we generate.

因此，我認為判斷我們未來發展的最佳方法是我們產生的增量自由現金流。

We'll bring along barrels with it upstream or downstream.

我們將在上游或下游攜帶桶子。

But I'm seeing value in many, many areas in our business.

但我在我們業務的許多領域看到了價值。

And I share some of the examples on the call.

我在電話會議上分享了一些例子。

For everyone I shared, there's another 10 of the teams working together to create value.

對於我分享的每個人，還有另外 10 個團隊共同努力創造價值。

I've been in this business a long time, Dennis, and I've seen a lot of ups and downs.

丹尼斯，我從事這個行業已經很久了，我經歷過很多起起落落。

This is an exciting a personal opportunity as I've ever been a part of.

這是一個令人興奮的個人機會，我曾經參與過。

Great.

偉大的。

No, I appreciate that color.

不，我很欣賞這種顏色。

The other item that I wanted to kind of ask about was the Cogeneration facility.

我想詢問的另一個項目是熱電聯產設施。

I wanted to maybe get an update from you guys there and what you think is the opportunity or benefit once that facility or part of your baseline base plant ramps up?

我想從你們那裡得到最新消息，你們認為一旦該設施或你們的基線基地工廠的一部分啟動，機會或好處是什麼？

No.

不。

Shelley Powell and her team are managing that project.

雪莉·鮑威爾和她的團隊正在管理這個項目。

Shelley, give us an update.

雪萊，為我們介紹一下最新情況。

Yeah.

是的。

Great.

偉大的。

So this is a really exciting project for Suncor.

因此，這對 Suncor 來說是一個非常令人興奮的項目。

And I think for the province as well.

我也認為對於全省也是如此。

When it comes online, it's going to increase the reliability of our steam system at base plant.

當它上線時，它將提高我們基地工廠蒸汽系統的可靠性。

And it also is going to improve the carbon intensity of our barrels.

它還將提高我們桶的碳強度。

It's going to allow us to also export additional electricity, which is going to head to the Alberta grid, and I think really serves all well.

這將使我們能夠出口額外的電力，這些電力將輸送到艾伯塔省電網，我認為這真的很好。

So we're in the final stages of the project.

所以我們正處於該專案的最後階段。

We're well into commissioning things are looking good.

我們正在順利進行調試，一切看起來都很好。

We're in the final push to get things up and going before the cold weather sets in of Fort McMurray, but we're really happy with how this is coming together.

在麥克默里堡寒冷天氣到來之前，我們正在做最後的努力，以確保一切順利進行，但我們對目前的進展感到非常滿意。

And we expect that we will do that.

我們希望我們能夠做到這一點。

We're into the winter, we'll have this beast up and running.

我們已經進入冬天了，我們會讓這頭野獸開始運作。

(Operator Instructions) Greg Pardy, RBC.

（操作員說明）Greg Pardy，RBC。

And just to echo last comment, I mean, just an outstanding quarter.

只是為了呼應最後的評論，我的意思是，這是一個出色的季度。

Rich, I wanted to dig into what you're talking about from an operating standpoint.

Rich，我想從營運的角度深入探討您所說的內容。

And what I'm trying to better understand is, is that when you look at the upstream and downstream levels we're seeing operating levels we're seeing versus history.

我試圖更好地理解的是，當你觀察上游和下游水平時，我們會看到我們所看到的營運水平與歷史水平的比較。

Is this a function just of underutilization, so the assets simply were just running to slack a manner?

這是否只是由於未充分利用而造成的，因此資產只是處於閒置狀態？

Or are you re-rating the assets like Firebag.

或者您是否正在重新評估 Firebag 等資產。

I think it's more of the latter, Greg.

我認為更多的是後者，格雷格。

What we're seeing is teams going in and the integrated nature of how we work today with our technical teams, our operational teams, our central teams bring a level of expertise where they're looking at assets and identifying where is the bottleneck.

我們看到的是團隊的參與，以及我們今天與技術團隊、營運團隊、中心團隊合作方式的整合性質，他們在查看資產並確定瓶頸所在時帶來了一定程度的專業知識。

Where is the limiting factor the constraint.

哪裡是限制因素約束。

And then what does it take to modify or change that?

那麼需要做什麼來修改或改變它呢？

And I think I've used several examples throughout the year at Firebag.

我想我這一年在 Firebag 中使用了幾個例子。

I'll use an example earlier in the year coming out of a turnaround at the Montreal refinery.

我將使用今年早些時候蒙特利爾煉油廠扭虧為盈的一個例子。

And so you're incrementally literally changing the capacity or re-rating the facilities as we go.

因此，您實際上是在逐步改變容量或重新評估設施。

And I won't repeat it, but we all know those are the most profitable barrels.

我不會重複，但我們都知道這些是最賺錢的桶子。

They're the lowest cost.

他們的成本是最低的。

One of the things we're trying to continue to drive down is our capital intensity.

我們試圖繼續降低的事情之一是我們的資本密集度。

And so when we have the teams focused on this, we keep seeing examples.

因此，當我們讓團隊專注於此時，我們不斷看到例子。

And what I would say, I'm pleased at the identification of the examples.

我想說的是，我對這些例子的識別感到很高興。

I'm even happier with the pace at which folks are capturing them.

我甚至對人們捕捉它們的速度感到滿意。

And I use some examples, Suncor is double-double, half the cost, twice the value this is what our teams are accomplishing.

我舉了一些例子，Suncor 是雙倍的，成本是一半，價值是我們團隊所實現的兩倍。

And it's -- I feel a little remiss on these calls because I have so many examples I could share across the company, recognizing exactly what our teams are doing.

我對這些電話感到有點疏忽，因為我有很多例子可以在整個公司分享，準確地認識到我們的團隊正在做什麼。

So I think it's more of the -- we're re-rating, we're raising the ceiling on the potential of this company.

所以我認為更多的是——我們正在重新評級，我們正在提高這家公司潛力的上限。

Okay.

好的。

Understood.

明白了。

And then related, how have you re-engineered the maintenance approach.

然後相關的是，您如何重新設計維護方法。

And again, both upstream and downstream, and turnarounds have been a bigger focus quicker, faster, cheaper or what have you, but your safety record has been extremely strong as well.

再說一遍，無論是上游還是下游，以及更快、更快、更便宜或其他什麼的周轉一直是一個更大的焦點，但您的安全記錄也非常好。

So there's good integrity to what you're doing.

因此，您所做的事情具有良好的完整性。

But is there a philosophical change in how you now do maintenance.

但是，您現在的維護方式是否發生了理念上的改變？

Absolutely.

絕對地。

And I'm going to turn it over to Dave and Shelley here in a second.

我稍後會將其轉交給戴夫和雪萊。

But I mean, it all starts with safety and integrity.

但我的意思是，這一切都始於安全和誠信。

There's not a damn thing we're doing that jeopardizes safety and integrity in the interest of money and cost efficiency.

我們不會為了金錢和成本效率而做任何危害安全和誠信的事情。

So it starts with that.

所以就從那開始吧。

But I think our teams, again, we're fundamentally looking at how we maintain our equipment.

但我認為我們的團隊再次從根本上關注如何維護我們的設備。

So we've talked about turnarounds, but let me -- David and Shelley, why don't you comment again about kind of the mindset or the psychology on how we're executing our work.

我們已經討論了扭轉局面，但讓我——大衛和雪萊，你們為什麼不再評論一下我們如何執行工作的心態或心理。

Yeah, absolutely, Rich.

是的，絕對如此，里奇。

And thanks for the question, Greg.

謝謝你的提問，格雷格。

I think about it a couple of ways.

我從幾個方面思考這個問題。

We've talked about turnarounds before.

我們之前已經討論過轉型。

And really, the way we're approaching turnarounds is the same way we're approaching maintenance.

事實上，我們實現週轉的方式與我們實現維護的方式相同。

And you could really argue some of our sustained non-turnaround sustaining capital is largely the same approach.

你真的可以說我們的一些持續的非週轉維持資本基本上是相同的方法。

And we said before, there's no secret to turnaround, you have to select the right work and you have to execute it efficiently.

我們之前說過，扭虧為盈沒有秘訣，你必須選擇正確的工作，並且必須有效地執行它。

And that's the same thing that we try to do for turnarounds for routine maintenance as well as we're working going forward into our sustaining capital, non-turnaround sustaining capital.

這與我們嘗試為日常維護週轉所做的事情相同，我們正在努力推進我們的維持資本、非週轉維持資本。

So it all begins with benchmarking.

所以這一切都從基準測試開始。

We need to understand what competitiveness looks like.

我們需要了解競爭力是什麼樣的。

And then we need to select a work scope that's aligned with those competitive costs.

然後我們需要選擇與這些有競爭力的成本一致的工作範圍。

And we're seeing a couple of things with that.

我們看到了一些事情。

One, benchmarking allows us to set really focus and aggressive targets for the turnaround or the maintenance activity of the capital work.

第一，基準測試使我們能夠為基本工作的周轉或維護活動設定真正的重點和積極的目標。

But it also shows the whole organization what's possible because they know other people can do it.

但它也向整個組織展示了可能性，因為他們知道其他人也能做到。

It's not just a message from headquarters to go cut cost.

這不僅是總部發出的削減成本的訊息。

It's -- we know this can be done, and it's a great rallying drive for the organization to get involved.

我們知道這是可以做到的，而且這是組織參與的一個巨大的動力。

And then our risk-based work selection process has become much more focused.

然後我們基於風險的工作選擇流程變得更加集中。

And again, that applies to turnarounds to maintenance as well as some of our sustaining capital.

同樣，這適用於維護週轉以及我們的一些維持資本。

We ensure the right work is selected to reliably achieve the run.

我們確保選擇正確的工作以可靠地實現運作。

It's really not -- it's about doing less work, but it's not only about doing less work, it's really about doing the right work at the right time.

其實不是——它是關於減少工作量，但這不僅僅是減少工作量，而是在正確的時間做正確的工作。

And then with turnarounds as well as maintenance and capital, we're getting better at moving the approach, so we have our work list locked in earlier.

然後，透過週轉以及維護和資本，我們正在更好地改變方法，因此我們更早鎖定了工作清單。

We're applying our new OEMS processes with detailed planning milestones, and that gives us the opportunity to have the work planned ahead of time to allow us to then go optimize the turnaround or the maintenance activity.

我們正在應用具有詳細規劃里程碑的新 OEMS 流程，這使我們有機會提前規劃工作，以便我們能夠優化週轉或維護活動。

And a good example is in our Montreal turnaround, we challenged the team.

一個很好的例子是我們在蒙特婁的轉變，我們向團隊提出了挑戰。

They realized they had a non-competitive duration on their turnaround.

他們意識到他們的周轉期有一個非競爭性的持續時間。

So they looked -- they had some time.

所以他們看起來——他們有一些時間。

They looked at how they could prebuild some of the components for their furnaces and more of a plug-and-play approach.

他們研究瞭如何為熔爐預先建造一些組件以及更多的即插即用方法。

And that was really the secret to shape 15 days of that turnaround.

這確實是 15 天扭轉局面的秘訣。

So we've had some good turnaround so far this year.

今年到目前為止，我們已經取得了一些良好的轉變。

I see that moving into next year and even better as we get further lower competitiveness journey.

我認為隨著我們的競爭力進一步降低，明年情況會更好。

And then I see that also apply into maintenance and sustaining capital over time.

然後我發現這也適用於隨著時間的推移維護和維持資本。

So I mean, just -- it gets back to the whole cost attention to detail, critically looking at what we do, how we do it, how do we compare externally?

所以我的意思是，它回到了對細節的整體成本關注，批判性地審視我們所做的事情、我們如何做、我們如何與外部進行比較？

If the goal of the vision is to be the best of the best, you need to know who the best is.

如果願景的目標是成為最好的，那麼您需要知道誰是最好的。

So the benchmarking that both Shelly and Dave are bringing in and Peter as well to the business so that we don't necessarily just look at how did we do this before best ever.

因此，雪莉和戴夫以及彼得都為業務引入了基準測試，這樣我們就不一定只看我們以前是如何做到這一點的。

But how does the best in the business do it?

但業界最優秀的人是如何做到的呢？

It is a cultural change, and we're driving that wide and deep, and we're seeing results.

這是一種文化變革，我們正在廣泛而深入地推動，我們正在看到成果。

And as I've said before, we're seeing results faster than what I would have expected.

正如我之前所說，我們看到結果的速度比我預期的要快。

And I really give all that credit and tribute to our people because they want to be the best of the best and that is exactly what we'll be.

我真的把所有的榮譽和敬意歸功於我們的員工，因為他們想成為最好的人，而這正是我們將要做的。

Shelley, you have anything else you'd add to that?

雪萊，你還有什麼要補充的嗎？

Yeah.

是的。

I think I would underline the improvement that's really being driven by our operational excellence management system.

我想我會強調我們的卓越營運管理系統真正推動的改進。

I think it really ties into what Dave said, and it's underpinning how we're seeing the entire system come together.

我認為這確實與戴夫所說的相關，並且它支撐了我們如何看到整個系統的整合。

So as an example, on the maintenance side of the world, we have a new process that we've implemented, managed threats to availability.

舉個例子，在維護方面，我們實施了一個新流程，管理對可用性的威脅。

And what happens is we have the key people across all the different functions in our operating areas get together every morning.

實際情況是，我們營運區域內所有不同職能部門的關鍵人員每天早上都會​​聚集在一起。

They look at what's happening in our operation.

他們關注我們營運中發生的情況。

They discuss what those threats to the availability might be on a given day, a week, and a month.

他們討論在特定的一天、一周和一個月內可能對可用性造成的威脅。

And then they put their heads together and figure out how do we get in front of those threats, how do we eliminate them before they actually turn into losses, and how do we ensure that we're maintaining and preserving the safety of our operation as we go through that.

然後他們集思廣益，弄清楚我們如何應對這些威脅，如何在它們真正造成損失之前消除它們，以及如何確保我們維持和維護我們的營運安全。

So we're really seeing the benefits of that management system come to the forefront.

因此，我們確實看到該管理系統的優勢凸顯出來。

Neil Mehta, Goldman Sachs.

尼爾梅塔，高盛。

The first question is just around working capital.

第一個問題與營運資金有關。

It was a nice tailwind in the quarter.

這是本季的一個很好的推動力。

But the question we're getting this morning, is this structural, or is this more temporary that can wind back?

但我們今天早上收到的問題是，這是結構性的，還是暫時的、可以逆轉的？

I think you guys have done some good stuff around accounts receivables, payables, for example, that feels more structural, but more color around that would be helpful.

我認為你們在應收帳款、應付帳款等方面做了一些很好的工作，這些工作感覺更具結構性，但更多的色彩會有所幫助。

Well, this -- I'll ask Kris to comment on it.

嗯，這個——我會請克里斯對此發表評論。

This has been a -- like other areas, a focus area now for us for some time in a little faith.

與其他領域一樣，這一直是我們一段時間以來的重點領域。

This is structural in nature, but Kris, comment on the -- really the outstanding work your team has been doing.

這本質上是結構性的，但是克里斯，請評論一下您的團隊一直在做的出色工作。

Yeah.

是的。

Hey, Neil, thanks for that question.

嘿，尼爾，謝謝你的提問。

And not a surprise that that might be getting asked out there.

外界可能會問這個問題，這並不奇怪。

But as Rich just said, certainly, working capital can move around from quarter to quarter.

但正如里奇剛才所說，營運資金當然可以逐季度流動。

We all know that commodity price changes or inventory management, those types of things.

我們都知道商品價格變動或庫存管理之類的事情。

We'll continue to see working capital move around.

我們將繼續看到營運資金的流動。

But the key point, Rich just made it, and actually, Neil, you just said it in your own question, there are structural changes built into this.

但關鍵的一點是，里奇剛剛做到了，實際上，尼爾，你剛剛在自己的問題中說過，這裡面有結構性的變化。

I mean, as I mentioned in my remarks, this was -- has been driven by focus on the controllables, right?

我的意思是，正如我在發言中提到的，這是由對可控因素的關注所驅動的，對吧？

Production, cost, capital, and working capital.

生產、成本、資本和營運資本。

We've had the teams working hard this year, diving into our working capital.

今年我們的團隊努力工作，投入我們的營運資金。

There is a structural change that we're seeing, and this isn't just ringing the bell, right?

我們看到了結構性變化，這不僅僅是敲響警鐘，對吧？

This isn't lock or a tailwind that caused $8 billion of net debt to show up at the end of Q3.

這並不是導致第三季末出現 80 億美元淨債務的鎖定或順風車。

And our confidence in going to the 100% payout is our view of Q4 in 2025, and the fact that as we're managing our and our confidence around managing all those controllables.

我們對 100% 支付的信心是我們對 2025 年第四季的看法，也是我們管理所有這些可控因素時的事實。

So we will see working capital move around.

因此，我們將看到營運資金的流動。

We know that, but we also have a lot of confidence that that working cap is well in hand and in the zone, and we're confident that we're in our net debt target zone.

我們知道這一點，但我們也非常有信心，工作上限已在控制範圍內，我們有信心處於淨債務目標區域。

So anyway, thanks for the question because I think sometimes people do think working capital is just you're a taker on that.

不管怎樣，謝謝你提出這個問題，因為我認為有時人們確實認為營運資金只是你的接受者。

Sure, you can be when it comes to commodity price, but there's a lot of things that are in our control as well.

當然，在商品價格方面您可以這樣做，但還有很多事情也在我們的控制範圍內。

And I really have to recognize again the works of the teams that have been working on all aspects of our business including this one.

我真的必須再次認可那些一直致力於我們業務各個方面（包括這一方面）的團隊的工作。

So while some watch football on Saturday, Troy, Chris, and I, we're going door-to-door collecting accounts receivable.

因此，當我和特洛伊、克里斯在周六觀看足球賽時，我們會挨家挨戶收集應收帳款。

Great color.

顏色很棒。

Then the follow-up is just around Fort Hills.

接下來的行程就在福特山附近。

And so Rich, it has obviously been challenging on the southern part of that asset.

因此，里奇，該資產的南部顯然面臨挑戰。

But the view is, as you move towards the mid and then open up the north pit things should really start moving in your direction.

但觀點是，當你向中間移動，然後打開北坑時，事情應該真正開始朝你的方向移動。

So just talk about what's happened on the ground there.

所以就談談那裡發生的事情吧。

And how you see this evolving over the next couple of years?

您如何看待未來幾年的發展？

Absolutely.

絕對地。

Peter, do you want to comment on Fort Hills?

彼得，你想對福特山發表評論嗎？

Yeah, sure.

是的，當然。

Thanks, Neal.

謝謝，尼爾。

Yeah, you're absolutely right.

是的，你說得完全正確。

We're just finishing -- final mining in the South pit now in transitioning our ore delivery to the centre and the North pit.

我們剛完成南礦坑的最後採礦工作，現在正在將礦石運送到中心和北礦坑。

The key factor there as we stated kind of a number years ago now is ensuring that we've got really solid mine health, really good or inventory in front of us with adequate options for blending, and that has been the focus of the mining team.

正如我們幾年前所說的那樣，關鍵因素是確保我們擁有真正穩定的礦山健康狀況、真正良好的庫存或我們面前的庫存以及足夠的混合選項，這一直是採礦團隊的重點。

As we transition from the south pit to the center and ultimately, the North pit, which is the large purchase pit, we'll open up large strike areas for good, solid productive mining and ensuring that we've got lots of blend options in front of us that will ultimately translate into more barrels through the fixed plants.

當我們從南礦坑過渡到中心，並最終過渡到北礦坑（這是一個大型採購礦坑）時，我們將開闢大型罷工區域，進行良好、可靠的生產性採礦，並確保我們在我們面前的這些最終將透過固定工廠轉化為更多的桶子。

And as I stated before, I'm really happy with the fixed plants.

正如我之前所說，我對固定植物非常滿意。

It's an excellent asset.

這是一筆極好的資產。

It has got a significant potential to deliver high volumes.

它具有大量交付的巨大潛力。

So that's not where our focus is.

所以這不是我們的重點。

It's all in the front end, and it's all in the mine.

一切都在前端，一切都在礦坑。

And we're just about two years into a rebased three-year plan.

我們重新制定的三年計畫才剛過去兩年。

And month after month, month after quarter, that Fort Hills team is hitting the milestones.

月復一月、月復一季，福特山團隊正實現里程碑。

Yeah.

是的。

They've been bang on every single month with respect to our budget production volumes.

他們每個月都在我們的預算產量方面表現出色。

So we're really pleased with the Fort Hills team delivery.

所以我們對 Fort Hills 團隊的交付非常滿意。

And I'd add, not -- I'm smiling as I say this, not to put any added pressure on Peter, but now we're increasingly looking at, he's described these Ferraris we have for a plant.

我要補充一點，不是——當我這麼說時，我微笑著，不是為了給彼得施加任何額外的壓力，但現在我們越來越多地關注，他描述了我們工廠的這些法拉利。

I would prefer to say Lexus.

我更願意說雷克薩斯。

We're looking at how can we continue to further debottleneck and support the plant with added ore over time.

我們正在研究如何繼續進一步消除瓶頸並隨著時間的推移透過添加礦石來支持工廠。

So while we deliver on this three-year plan, we're spending much more time now thinking about longer term and how we can get the most out of this asset, and we're pretty -- more to say at future calls, but we're pretty excited about the opportunity slate we have there.

因此，在我們實現這個三年計劃的同時，我們現在花更多的時間考慮長期目標以及如何充分利用這項資產，而且我們在未來的電話會議上還有更多要說的，但是我們對那裡的機會感到非常興奮。

Menno Hulshof, TD Securities.

Menno Hulshof，道明證券。

I'll start with a question on your $3.3 billion incremental free funds flow target by 2026 that was first talked about in May.

我將從 5 月首次討論的 2026 年自由資金流動增量目標 33 億美元的問題開始。

How are things tracking internally relative to that target?

相對於該目標的內部追蹤情況如何？

Does $3.3 billion still feel like the right number in asset because it isn't on slightly more constructive macro outlook that we're seeing today and also because you seem to be flowing through all of your other targets.

33 億美元是否仍然是正確的資產數字，因為它並不像我們今天看到的那樣更具建設性的宏觀前景，而且還因為您似乎正在實現所有其他目標。

So any update there would be good.

所以任何更新都會很好。

Yeah, Menno, you may recall on May 21, one of the things we did there is we gave -- we referred to it as normalized.

是的，Menno，你可能還記得 5 月 21 日，我們在那裡做的一件事就是——我們稱之為標準化。

So we gave a set of market parameters, so you could use that to track how we're doing.

所以我們給了一組市場參數，這樣你就可以用它來追蹤我們的表現。

So we wouldn't be able to hide behind or take credit for whatever market changes.

因此，無論市場發生什麼變化，我們都無法躲藏或將其歸功於自己。

So as we're looking at that, and we look at it that way to really look at, are we -- what improvements within our control are we driving?

因此，當我們看待這個問題時，我們以這種方式來真正看待，我們正在推動哪些在我們控制範圍內的改進？

And so as we sit here approaching year-end, we are ahead of pace on essentially every commitment we articulated on May 21.

因此，當我們坐在這裡接近年底時，我們在 5 月 21 日闡明的每一項承諾上基本上都領先了。

We said we would have about a $4 a barrel reduction in our corporate breakeven in 2024.

我們表示，到 2024 年，我們的企業損益平衡點將減少約 4 美元/桶。

I don't have a new number yet, but it will be bigger than $4.

我還沒有新號碼，但它會大於 4 美元。

We said in 2024, we would -- the free funds flow, the reference point would be a growth from about $5 billion.

我們說過，到 2024 年，自由資金流動的參考點將是成長約 50 億美元。

I think the number on the chart was $6.3 billion, something like that.

我認為圖表上的數字是 63 億美元，類似的數字。

We will be above that $6.3 billion for 2024.

到 2024 年，我們的收入將超過 63 億美元。

So what we plan to do probably on a bit of an annual basis is give very tangible updates on how are we doing versus that plan?

因此，我們計劃每年做的可能是提供非常切實的更新，說明我們相對於該計劃的進展如何？

And where we stand right now for all of the 2024 commitments, we are ahead of pace in capturing those.

我們目前對 2024 年所有承諾的立場是，我們在兌現這些承諾方面處於領先地位。

And so what we're really looking at now are one of those things that were out there later in '25 and '26, what can we do to accelerate their capture and bring all that forward?

所以我們現在真正關注的是 25 年和 26 年晚些時候出現的事情之一，我們可以做些什麼來加速他們的捕獲並推動這一切？

Now what will be very key for us in 2025, too, is holding the gains of 2024.

2025 年對我們來說非常關鍵的是維持 2024 年的成果。

We've made a lot of progress on cost discipline, asset reliability of things.

我們在成本控制、資產可靠性方面取得了很大進展。

We're trying to be sure whether we institutionalize those and don't slip back at all.

我們正在努力確定我們是否將這些制度化並且完全不會倒退。

So we're a little bit of a victim of our own success in 2024, but I'll take that every day.

因此，我們在 2024 年有點成為自己成功的受害者，但我每天都會接受這一點。

Okay.

好的。

And then maybe along a similar track, and it sounds you've answered this already to some degree, but maybe just confirm that you still see CapEx trending to less than $6 billion, right, 2026 excluding capital leases.

然後也許沿著類似的軌道，聽起來您已經在某種程度上回答了這個問題，但也許只是確認您仍然認為 2026 年資本支出將低於 60 億美元，對吧，不包括資本租賃。

And then similarly, when you look beyond the next five years, where we could, key word being could, start to see brownfield spending on new bitumen capacity, is there a rough ceiling on annual spending towards the end of the decade that you could share today?

同樣，當你展望未來五年之後，我們可以，關鍵字是可以，開始看到新瀝青產能上的棕地支出，到這個十年末，年度支出是否有一個粗略的上限，你可以分享今天？

Or is it still too early?

還是現在還太早？

That capital profile that we outlined in May still remains.

我們在五月概述的資本狀況仍然存在。

This year, I think our guidance range for 2024 was $6.3 billion to $6.5 billion.

今年，我認為我們對 2024 年的指導範圍是 63 億美元至 65 億美元。

We're tracking quite frankly on the low end or below that.

坦白說，我們正在追蹤低端或低於該值的情況。

And we're in a part -- it's not because we're altering our plan, it's we're scrutinizing what we do, how we do it, and finding the most cost-effective ways to do it.

我們參與其中——這並不是因為我們正在改變我們的計劃，而是我們正在仔細審查我們所做的事情、我們如何做，並找到最具成本效益的方法來做到這一點。

So I think that the next several years would be very consistent with our May 21, I Day.

所以我認為接下來的幾年將與我們的 5 月 21 日“I Day”非常一致。

And then I think longer term, that's still work in progress.

然後我認為從長遠來看，這仍在進行中。

But I want to give you just -- I've shared this, but I want to give you just a little bit of context on that is here's the issue we face.

但我想向您提供——我已經分享了這一點，但我想向您提供一些背景信息，這就是我們面臨的問題。

If we were to elect to maintain the capacity of this enterprise at the roughly 800,000 barrels a day, roughly.

如果我們選擇將這個企業的產能維持在大約每天 80 萬桶，大約是這樣。

The base plant contributes about, round numbers, 30% of that, about 240,000 barrels a day or just walking around numbers.

基地工廠每天的產量約為 30%，約 24 萬桶，或只是一個數字。

So the issue this corporation faces if we wanted to maintain it flat is how do we replace 30% of our production in a decade?

因此，如果我們想保持平穩，這家公司面臨的問題是如何在十年內更換 30% 的產量？

If we all jumped on a plane and flew to Midland, Texas and pulled all the operators around the room, they're faced with how do they replace 30% every frigging year.

如果我們都跳上飛機飛往德克薩斯州米德蘭，並將所有操作員拉到房間裡，他們將面臨如何每年更換 30% 的人員的問題。

I'll take our replacing 30% in a decade any time.

我隨時都會在十年內更換 30%。

I've got a lot of confidence as we go through the internal suite of opportunities we have to debottleneck and expand a Fort Hills to continue to get more out of this rock star of Firebag, I have very high confidence that we will address that challenge in the most economic manner for our shareholders when the time is right in the right ways, and we will do that within a very disciplined capital construct that will allow us to compete and to continue to return significant capital to our shareholders while making the investments that make this company strong for the long term.

當我們經歷一系列內部機會時，我非常有信心，我們必須消除瓶頸並擴大 Fort Hills，以繼續從 Firebag 的這位搖滾明星身上獲得更多收益，我非常有信心我們將應對這一挑戰當時機在成熟時，以對我們的股東最經濟的方式，以正確的方式，我們將在非常嚴格的資本結構內做到這一點，這將使我們能夠競爭並繼續向股東返還大量資本，同時進行投資使這家公司長期強大。

So we've talked about it at Investor Day, and we've shown some charts.

我們在投資者日討論了這個問題，並展示了一些圖表。

I'm looking forward to what folks stop asking me about what's going to happen a decade from now because what I can assure you, it will be in the shareholders' best interest.

我期待人們不再問我十年後會發生什麼，因為我可以向你保證，這將符合股東的最佳利益。

It will be very, very thoughtful.

這將是非常非常深思熟慮的。

And I'm not losing any sleep over that.

我不會因此而失眠。

I think we have a wealth of opportunities.

我認為我們有很多機會。

Manav Gupta, UBS.

馬納夫古普塔，瑞銀集團。

My first question is, it looks like both Syncrude as well as the base mine are doing very well, exceeding expectations.

我的第一個問題是，看起來 Syncrude 和基礎礦場都表現得很好，超出了預期。

And can you help us remind what role is that bidirectional pipe playing in the outperformance of both these assets at this point of time?

您能否幫我們提醒一下，雙向管道在目前這兩種資產的優異表現中扮演了什麼角色？

Yeah.

是的。

I'll make a couple of comments, and then I'll ask Peter if he has anything to add to it.

我會發表一些評論，然後我會問彼得是否有什麼要補充的。

One of the things just broadly that we have constructed here that is quite unique relative to our peers or competitors is this physical integration where we can move barrels when we have maintenance in the mine at the base plant, we can backfill the upgrader with Firebag barrels.

與我們的同行或競爭對手相比，我們在這裡建造的一件事非常獨特，那就是這種物理集成，當我們在基地工廠的礦山進行維護時，我們可以移動桶，我們可以用Firebag 桶回填升級器。

And increasingly, I've described, Fort Hill's barrels, and we get an even an uplift when the Fort Hills barrels come in.

我越來越多地描述了 Fort Hill 的桶，當 Fort Hills 的桶進來時，我們得到了均勻的提升。

So we've created the base plant and the upgraders much like a refinery that can be fed through multiple feedstocks.

因此，我們創建了基礎工廠和升級工廠，就像煉油廠一樣，可以透過多種原料進行供​​應。

That is part of our winning formula.

這是我們致勝秘訣的一部分。

Now as we've extended in the bidirectional pipeline to Syncrude, we've kind of let them in on that party.

現在，當我們將雙向管道擴展到 Syncrude 時，我們就讓他們參與了這項活動。

So when Syncrude has challenges in our maintenance in the mine, we can keep the upgraders full or we can move different products because of the different pots and pans at the base plant or Syncrude to maximize the value each every molecule.

因此，當Syncrude 在礦井維護方面遇到挑戰時，我們可以讓升級裝置滿員，或者我們可以因為基地工廠或Syncrude 的不同鍋碗瓢盆而移動不同的產品，以最大限度地提高每個分子的價值。

So that's a long answer to say that has been very, very important to the performance at Syncrude.

所以這是一個很長的答案，要說這對 Syncrude 的表現非常非常重要。

Peter, anything you would add to that on the bidirectional mine?

彼得，您對雙向礦坑還有什麼要補充的嗎？

Yeah.

是的。

No, I think, Manav, I think a good way to think about it is that it really helps to buffer out variability in the upstream.

不，我認為，馬納夫，我認為思考這個問題的一個好方法是，它確實有助於緩衝上游的變化。

And so we like to keep those upgraders running extremely steady.

因此，我們希望讓這些升級程序保持極為穩定的運作。

That's where they run the best.

那是他們跑得最好的地方。

That's where we maximize our yield benefits off the upgraders.

這就是我們最大化升級者收益的地方。

And so having the ability to flexibly move bitumen where we need it, when we need it is really what is differentiating.

因此，能夠在需要時靈活地將瀝青轉移到需要的地方，這才是真正的差異化優勢。

I mean, you've seen that start to manifest in the very high upgrader utilization that we see both at Suncor and at the base plant.

我的意思是，您已經看到這一點開始體現在我們在森科爾和基地工廠看到的非常高的升級器利用率中。

So as an operator, it offers yet another degree of operational flexibility and allows us to keep the overall system stable.

因此，作為營運商，它提供了另一種程度的營運靈活性，使我們能夠保持整個系統的穩定性。

And as Rich said, we're hunting for every bit of value every barrel, making sure we're maximizing our margins on the integrated production system.

正如里奇所說，我們正在尋找每一桶的每一點價值，確保我們在綜合生產系統上最大化利潤。

And just to comment on that.

只是對此發表評論。

This is -- we talked about this before.

這是——我們之前討論過這個。

Keeping the upgraders full is so essential because depending on whether it's Syncrude or the base plant round numbers, they operate at $5 or $6 a barrel roughly, something like that.

保持升級裝置滿載非常重要，因為根據是 Syncrude 還是基地工廠的數量，它們的營運價格大致為每桶 5 美元或 6 美元，類似的價格。

Different processes, so a little different cost.

工藝不同，所以成本也略有不同。

Although they take a low value to bitumen product and upgrade it to a high-value product.

儘管他們將低價值的瀝青產品升級為高價值的產品。

So the uplift is tremendous.

所以提升是巨大的。

So job one is to keep the upgraders full -- and I think that's exactly why you're seeing record utilization rates because of our organization recognition of where value is created.

因此，第一項工作是讓升級者保持滿員狀態——我認為這正是您看到創紀錄的利用率的原因，因為我們的組織認識到價值的創造地點。

And when we put barrels into the upgraders, we actually reduce our total production because of the consumption, the shrinkage that goes in it, we reduced the barrels, but we greatly enhance the value.

當我們將桶放入升級裝置時，我們實際上減少了​​總產量，因為消耗，其中的收縮，我們減少了桶，但我們大大提高了價值。

And so that's -- those are the examples why I keep saying that I think they just judge us on the value we keep creating because that's exactly how we have the entire organization focused is on value.

這就是為什麼我一直說我認為他們只是根據我們不斷創造的價值來評判我們，因為這正是我們讓整個組織專注於價值的方式。

Perfect.

完美的。

My quick follow-up here is, if we adjust for the FIFO, your refining earnings were almost flat quarter over quarter.

我的快速跟進是，如果我們根據先進先出進行調整，您的煉油收益幾乎每季都持平。

Now when I look across the North American comp group, earnings are down, in some cases, 60%, in some cases, 90%.

現在，當我縱觀北美公司集團時，收益下降了，在某些情況下下降了 60%，在某些情況下下降了 90%。

So how have you been able to achieve a relatively flat quarter in refining while all your peers are down 60% to 70%?

那麼，當您的所有同業都下降 60% 至 70% 時，您是如何實現煉油季度相對平穩的呢？

Yeah.

是的。

I'm going to turn it over to Dave.

我要把它交給戴夫。

I know wouldn't you rather have our downstream that anybody is downstream?

我知道你不想讓我們的下游成為任何人的下游嗎？

I sure would.

我一定會的。

Dave, do you want to comment on that?

戴夫，你想對此發表評論嗎？

Thanks.

謝謝。

Rich, and we can make our downstream better.

豐富了，我們就能把我們的下游做得更好。

I think of it in two aspects.

我從兩個方面來考慮。

One, we delivered record rates in the quarter, and that certainly helped.

第一，我們在本季實現了創紀錄的利率，這當然有所幫助。

We also had strong margin capture.

我們的利潤率也很高。

So both of those contributed to strong free funds flow or AFFO coming from our downstream.

因此，這兩者都促成了來自我們下游的強勁自由資金流或 AFFO。

Rich mentioned the record is 488,000 barrels a day, 20 KBD over a prior record.

Rich 提到，這項紀錄是每天 488,000 桶，比之前的記錄高了 20 KBD。

We set monthly and quarterly rates in Montreal.

我們在蒙特婁設定月度和季度費率。

Commerce City, around 109% in the quarter.

商業城，本季約 109%。

In Edmonton, actually, we ran into a few external speed bumps, a rail strike as well as a third-party caused power outage, but still the team in Edmonton delivered 100% utilization for the quarter.

事實上，在埃德蒙頓，我們遇到了一些外部減速帶、鐵路罷工以及第三方造成的停電，但埃德蒙頓的團隊在本季度仍然實現了 100% 的利用率。

I'd say a record performance in the Downstream.

我想說的是下游的創紀錄表現。

I wouldn't attribute it to just one thing.

我不會將其歸因於一件事。

It's a combination of things, but certainly, our clear and focused priorities are really helping remove distractions at our assets and our teams -- my team tell me that every day.

這是多種因素共同作用的結果，但可以肯定的是，我們明確且重點突出的優先事項確實有助於消除對我們的資產和團隊的干擾——我的團隊每天都告訴我這一點。

It may sound a bit cliche, but our leaders are able to act as leaders and our engineers get to be engineers, and it's a lot of fun for them and they get to go bust through constraints.

這聽起來可能有點陳腔濫調，但我們的領導者能夠充當領導者，我們的工程師能夠成為工程師，這對他們來說很有趣，他們可以透過限製而破產。

We're using benchmark, and we're improving our turnarounds, and we have this culture of busting through constraints.

我們正在使用基準，我們正在改善我們的周轉率，我們有這種突破限制的文化。

I'll give you a couple of examples that also kind of highlight, Manav, just how structural some of these improvements are.

我將給你舉幾個例子，馬納夫，這些例子也強調了其中一些改進的結構性。

If you think -- starting at -- we completed our turnaround in the second quarter.

如果你認為——從——開始——我們在第二季完成了扭虧為盈。

And in that turnaround, we increased the size of the fee control valve on our crude unit and added 3,000 barrels a day of capacity, that's about a $20 million value for less than $100,000 investment.

在那次轉變中，我們增加了原油裝置的費用控制閥的規模，並增加了每天 3,000 桶的產能，相當於不到 10 萬美元的投資，價值約為 2,000 萬美元。

We talked about -- I talked about earlier in Greg's question around our Montreal turnaround using that plug-and-play approach to make the turnaround shorter.

我們討論過——我之前在格雷格關於蒙特利爾週轉的問題中談到過使用即插即用的方法來縮短週轉時間。

And we can continue to use that approach going forward.

我們可以繼續使用這種方法。

Once Montreal started up, the team was focused on conducting a bunch of test runs, and they were able to structurally add 12,000 barrels a day of capacity in both the light and heavy crude modes.

蒙特婁啟動後，團隊專注於進行一系列試運行，他們能夠在輕質和重質原油模式下結構性地每天增加 12,000 桶產能。

And that's a $50 million uplift for no incremental investment.

這相當於在不增加投資的情況下增加了 5000 萬美元。

And I get really excited because what we're seeing now when we use our benchmarking, and we have this culture of constraint busting, and we're challenging the organization, we're seeing everyone contributing.

我真的很興奮，因為當我們使用基準測試時，我們現在所看到的，我們有這種打破約束的文化，我們正在挑戰組織，我們看到每個人都做出了貢獻。

So I actually get more excited about the small opportunities.

所以我其實對小機會感到更興奮。

Our team at the Montreal terminal recently changed the material of the totes that they receive additives in.

我們蒙特利爾碼頭的團隊最近改變了他們接收添加劑的手提袋的材料。

It sounds like a small thing.

聽起來是一件小事。

It's worth $50,000 a year.

每年價值 50,000 美元。

Not a big deal in the big scheme of things, but you add those up, we get 15,000 people in this company doing that, we're going to continue to drive improvements.

從大計劃來看這沒什麼大不了的，但你把這些加起來，我們公司有 15,000 名員工在做這件事，我們將繼續推動改進。

So those small wins continue to add up.

所以這些小勝利會不斷累積。

In terms of margin capture, with our refineries running full, and we had more volume to capture margin on, but it also lowers our operating costs.

在利潤獲取方面，隨著我們的煉油廠滿載運行，我們有更多的產量來獲取利潤，但這也降低了我們的營運成本。

Year on year for the third quarter, we're down $0.40 a barrel.

第三季年減 0.40 美元。

Year to date, we're down $0.75 a barrel.

今年迄今為止，我們每桶下跌了 0.75 美元。

That's more volumes and lower absolute costs.

這意味著更大的產量和更低的絕對成本。

Steady operations allow us to go optimize between our refineries and across our logistics network.

穩定的營運使我們能夠在煉油廠和整個物流網絡之間進行最佳化。

We moved record volumes of diesel from the west to the east through the quarter, which helped drive volume.

本季度，我們將創紀錄的柴油量從西部轉移到東部，這有助於推動銷售。

And another example of optimizing molecules is we began moving intermediate components between Sarnia and Montreal to allow us to run higher rates during our turnaround.

優化分子的另一個例子是我們開始在薩尼亞和蒙特利爾之間移動中間組件，以便我們在周轉期間能夠運行更高的速率。

And we like that so much that we're doing that also in the fourth quarter to manage some smaller maintenance events.

我們非常喜歡這一點，因此我們也在第四季度這樣做來管理一些較小的維護活動。

We're growing our sales and marketing organization.

我們正在發展我們的銷售和行銷組織。

That's where our highest value products are sold through our sales and marketing domestic sales through our retail and our wholesale channels.

這是我們透過零售和批發管道進行國內銷售和行銷的最高價值產品的銷售管道。

We're up quarter-on-quarter, and we're up year on year on both retail and wholesale volumes, and we're seeing record jet fuel production and sales.

我們的零售量和批發量環比增長，同比增長，我們看到航空燃油的產量和銷售量創歷史新高。

Petro Canada in the quarter regained its number one share of the market.

加拿大石油公司本季重新奪回第一的市佔率。

So lots of things going on to help us capture that 100% margin capture for the quarter and drive volumes to our shareholders.

因此，我們正在採取許多措施來幫助我們實現本季 100% 的利潤率，並為股東帶來銷售。

So I think it's structural, and I think there's more upside to it going forward.

所以我認為這是結構性的，而且我認為它未來還有更多的好處。

Roger Read, Wells Fargo Securities.

羅傑‧里德，富國銀行證券公司。

A lot of the stuff has been covered here, but I think question-wise, I'd like to go is -- you've done a lot on the cost side, right?

這裡已經涵蓋了很多內容，但我認為從問題角度來看，我想說的是——你們在成本方面做了很多工作，對吧？

And a portion of that is clearly just running better, so you lower your per barrel or per unit cost.

其中一部分顯然只是運行得更好，因此您可以降低每桶或每單位的成本。

And another part is you're just taking costs out of the system.

另一部分是你只是從系統中扣除成本。

If you're running your refineries above 100%, probably not a lot more we're going to get on the top side there.

如果您的煉油廠的運作率超過 100%，那麼我們可能不會達到最高水準。

So I was just curious, as you look at the downstream and at the upstream operations, like what's the next thing you want to do in terms of improving the overall cost structure?

所以我很好奇，當你看看下游和上游業務時，你下一步想在改善整體成本結構方面做什麼？

I think it's a combination, continuing to operate well.

我認為這是一個組合，持續運作良好。

It has been mentioned a couple of times.

這已經被提到過幾次了。

Shelley mentioned it, our new -- and I mentioned, I think, two calls ago, our operational excellence management system, that really digs into the details of how we manage threats to availability, how we manage turnarounds, how we conduct safe operations, and on and on, it's just continuing to do everything better.

雪萊提到了它，我們的新——我想，我在兩次電話前提到過，我們的卓越營運管理系統，它真正深入研究了我們如何管理可用性威脅、我們如何管理週轉、我們如何進行安全營運的細節，如此周而復始，它只是繼續把每件事做得更好。

That is a part of it, and that's what the best do.

這是其中的一部分，也是最好的人所做的。

And the other aspect of it is continuing to find those large and small opportunities that just keep adding value.

另一方面是繼續尋找大大小小的機會，不斷增加價值。

And it's interesting.

這很有趣。

I like the nature of these calls.

我喜歡這些電話的性質。

A year ago, 15 months ago, it was kind of what the hell can you guys do to get off your knees and back on your feet?

一年前，15 個月前，你們到底能做些什麼才能擺脫困境並重新站起來？

And now folks are asking how high can we take this?

現在人們在問我們能把這個提升到什麼程度？

We believe we can continue to take this enterprise higher.

我們相信我們能夠繼續把這個企業推得更高。

But it's no one or two things.

但這不是一兩件事。

It's 15,400 people focused like a laser on adding or creating value.

15,400 名員工像雷射一樣專注於增加或創造價值。

And that's cultural.

這就是文化。

We don't talk about culture a lot.

我們很少談論文化。

But increasingly, what we're fundamentally doing here is changing the culture of this organization.

但我們在這裡所做的根本工作越來越多是改變這個組織的文化。

When we're done on this call, this team goes over, and we're meeting for the next day and a half with 450 leaders in our company to talk about leadership, culture, what it's like at today's Suncor.

當我們完成這次電話會議後，這個團隊就過去了，我們將在接下來的一天半時間裡與公司的 450 名領導者會面，討論領導力、文化以及今天的 Suncor 的情況。

That's all part of it.

這就是全部的一部分。

So where is the limit and what's next?

那麼極限在哪裡，下一步是什麼？

I don't know what the limit is next, and I think what the limit is.

我不知道接下來的極限是什麼，我想極限是什麼。

And I think there continues to be a lot of areas for us to add value.

我認為我們仍然有很多領域可以增加價值。

Let me follow up on that just one other way.

讓我以另一種方式跟進。

So other companies, very large oils and even some of the smaller refining companies, we've seen them maybe carve out underperforming assets, right, dispositions, addition by subtraction in a sense to help out costs and margins.

因此，其他公司，非常大的石油公司，甚至一些規模較小的煉油公司，我們看到他們可能會剝離表現不佳的資產，對吧，處置，在某種意義上通過減法來幫助降低成本和利潤。

You haven't really had to move out of a lot of stuff.

你其實不必搬出很多東西。

You've actually probably consolidated a little bit.

實際上你可能已經鞏固了一點。

So I'm just curious, are there -- we should think about maybe a pairing in the future a little bit here and there to improve -- further improve the structure?

所以我很好奇，我們是否應該考慮將來是否可以進行配對，以進一步改進結構？

Well, our model at the essence is, we like to operate with 100% ownership through an integrated asset base.

嗯，我們的模式本質上是，我們喜歡透過綜合資產基礎以 100% 的所有權進行營運。

For all the examples, I won't go through them again on where we can add and create value.

對於所有的例子，我不會再次討論我們可以在哪裡增加和創造價值。

So we'll continue to look at opportunities that align with that.

因此，我們將繼續尋找與之相符的機會。

And then on anything that is not aligned with that, we will continually ask and look at its performance and say, are assets worth more to us or are they worth more to others?

然後，對於任何與此不一致的事情，我們將不斷詢問並觀察其表現，並說，資產對我們來說更有價值，還是對其他人更有價值？

And we haven't had anything of a material nature since, I guess, our wind and solar sale a year ago, a little bit more than a year ago, and our North Sea assets.

我猜，自從我們一年前、一年多前出售風能和太陽能以及我們的北海資產以來，我們就沒有任何物質性質的東西了。

So we'll always be looking at the asset base where we can enhance it, and/or what doesn't fit with our proposition to win.

因此，我們將始終關注可以增強的資產基礎，和/或不符合我們獲勝主張的資產基礎。

Doug Leggate, Wolfe Research.

道格‧萊蓋特，沃爾夫研究中心。

Rich, nothing short of impressive delivery as you -- as everyone has opined this morning, but I've got two questions I was hoping you could clarify.

豐富，正如你今天早上所認為的那樣，令人印象深刻的交付，但我有兩個問題希望你能澄清。

So one is we've obviously -- weather is always a factor when you look at utilization rates, and things seem to be a bit of a tailwind this year.

因此，我們很明顯——當你考慮利用率時，天氣始終是一個因素，而今年的情況似乎有點順風順水。

So I'm trying to understand what inning do you think you're actually in on a normalized basis on execution?

所以我試著了解你認為在正常執行的基礎上你實際上處於哪一局？

And I guess it's another way of asking, how much of a $10 do you think you've actually achieved?

我想這是問的另一種方式，你認為你實際上已經實現了 10 美元的多少？

And at what point will you give us the upside case?

您會在什麼時候提供我們有利的情況？

In the $10 a barrel, we designed that.

在每桶 10 美元的價格中，我們就是這樣設計的。

We showed you in the May 21 update that we thought we'd get -- we target about 4 of it -- $4 a barrel in 2024, $2 in '25, and $4 in '26.

我們在 5 月 21 日的更新中向您展示了我們認為我們會得到的——我們的目標約為 4——2024 年每桶 4 美元，25 年每桶 2 美元，26 年每桶 4 美元。

And that's just tied with the activities, the work we had planned.

這與我們計劃的活動和工作有關。

We're going to capture more of it this year.

今年我們將捕捉到更多的內容。

And now we're looking at those things that are on our radar screen of work in later '25 and '26, what are the opportunities to bring it forward to accelerate it, while at the same time, starting to replenish or repopulate the opportunity list for what in addition to that.

現在我們正在研究 25 世紀末和 26 世紀後期工作雷達螢幕上的那些事情，有哪些機會可以推進它以加速它，同時開始補充或重新填充機會列出除此之外的內容。

So I think I'm a little early to say what that might be.

所以我認為我現在說這可能是什麼還為時過早。

But I can confidently say we're capturing improvements at a rate or a pace faster than we had even anticipated as recently as literally six to nine months ago.

但我可以自信地說，我們正在以比我們六到九個月前預期更快的速度或速度實現改進。

And Doug, on the utilization rates and the weather and winterization, we're looking at what are the things we can do to be more immune.

道格，關於利用率、天氣和防凍措施，我們正在研究我們可以採取哪些措施來增強免疫力。

We know we operate in the environment we operate in.

我們知道我們在我們所處的環境中運作。

So we've -- I think Dave in his refining sector has looked long and hard on how we can do that.

所以我們——我認為戴夫在他的煉油部門已經長期努力地研究我們如何做到這一點。

We're doing the same things across our upstream assets, trying to create a level of -- a bit of an immunity to what conditions.

我們正在對上游資產做同樣的事情，試圖創造一定程度的——對某些條件的某種程度的免疫力。

Mining, for example, the miners love it this time of year.

以採礦業為例，每年這個時候礦工都喜歡採礦。

Once it starts to get up in Canada and a Celsius minus 5 to minus 10.

一旦加拿大氣溫開始上升，氣溫將達到攝氏負 5 到負 10 度。

That's when they smile, and they come out to play because trucks can operate most efficiently.

那是他們微笑的時候，他們出來玩，因為卡車可以最有效地運行。

Now they don't like minus 30 -- minus 35.

現在他們不喜歡負30——負35。

They want to go hibernate.

他們想要冬眠。

So there's a sweet spot in there.

所以那裡有一個甜蜜的地方。

So we're trying to build our operations, whether it's through autonomous systems working with original equipment manufacturers on further winterization of our equipment.

因此，我們正在努力建立我們的業務，無論是透過與原始設備製造商合作的自主系統來進一步對我們的設備進行防凍。

We're trying to do things that allow us to be more predictable, rateable, stable throughout the year and whatever.

我們正在努力做一些事情，讓我們全年變得更可預測、可評價、穩定等等。

Obviously, the business environment from a cost standpoint, but then operationally, just throughout the inevitable swings we have in the business.

顯然，從成本的角度來看，這是商業環境，但從營運角度來看，我們在業務中不可避免地會出現波動。

That is the vision, to be more predictable, ratable, consistent week after week, month after month.

這就是願景，每週、每月變得更可預測、可評估、一致。

I know it's a work in progress and a tremendous effort all around showing up in the numbers, obviously.

我知道這是一項正在進行的工作，並且顯然在數字中體現了巨大的努力。

But I guess my follow-up is a little bit selfish of a question, Rich.

但我想我的後續問題有點自私，Rich。

Now I know we'll get a chance to get into this next week.

現在我知道我們下週將有機會討論這個問題。

But if you could forgive me this one.

但如果你能原諒我這一點。

A very large company with a very long runway.

非常大的公司，擁有很長的跑道。

It's kind of hard to move the needle in terms of market recognition of value from a DCF standpoint.

從 DCF 的角度來看，在市場對價值的認可方面很難取得進展。

Obviously, the breakeven coming down big, big positive to the free cash flow.

顯然，損益平衡點的大幅下降對自由現金流產生了巨大的正面影響。

But in our -- from our sense, market recognition value flows through the dividend.

但從我們的角度來看，市場認可價值是透過股息流動。

So when you talk about the $10 drop in dividend breakeven.

因此，當您談論股息盈虧平衡點下降 10 美元時。

My question is what happens to the dividend policy as you deliver the reduction in that breakeven?

我的問題是，當您減少損益平衡時，股利政策會發生什麼變化？

What happens to your dividend growth story as you go forward?

隨著您的發展，您的股息成長故事會發生什麼？

I think Doug, the last time we met, we talked about this as well.

我想道格，我們上次見面時，我們也討論過這個問題。

What I'd say fundamentally, we want to have a predictable, reliable, growing dividend that -- do we want it to be the highest yield?

我想說的是，從根本上來說，我們希望獲得可預測的、可靠的、不斷增長的股息——我們希望它是最高的收益率嗎？

No, we would prefer to have a high fundamental underlying share price on it, but predictable and reliable and growing over time.

不，我們更希望其基礎股價較高，但可預測、可靠，並隨著時間的推移而成長。

And a bit inside our brain right now is with our ability to be buying back shares, it's even better if we're able to buy back shares at a rate equal to or greater than the fundamental growth rate on a dividend per share because then that helps with this whole breakeven concept that we're not growing our dividend in absolute terms, but it's increasingly manageable as we strengthen the business.

現在我們腦子裡的一點是我們有能力回購股票，如果我們能夠以等於或大於每股股息基本增長率的速度回購股票那就更好了，因為那樣的話有助於實現整個盈虧平衡概念，即我們的股利絕對值不會增加，但隨著我們加強業務，它變得越來越容易管理。

So I brought in several concepts in that, but that's fundamentally what we're trying to do.

所以我在其中引入了幾個概念，但這從根本上就是我們想要做的。

Reliable and growing dividend, and in absolute terms, buyback shares equal to or greater than that growth in the dividend rate so that the total dividend doesn't continue to grow over time.

可靠且不斷增長的股息，從絕對值來看，回購股票等於或大於股息率的成長，因此總股息不會隨著時間的推移而繼續增長。

Appreciate the answers.

感謝您的回答。

Kris, anything -- is that fair?

克里斯，任何事——這公平嗎？

No, it's a great summary, Rich.

不，這是一個很好的總結，Rich。

And Doug, I think we laid it out at our May 21 investor update.

Doug，我想我們在 5 月 21 日的投資者更新中已經闡述了這一點。

We absolutely do view that this dividend will grow over time and will grow rateably and reliably on the back of us continuing to grow free cash flow in this business.

我們絕對認為，這種股息將隨著時間的推移而增長，並且在我們繼續增加該業務的自由現金流的支持下，股息將快速可靠地增長。

And obviously, as Rich said, buying back our shares just provide another flywheel to that dividend.

顯然，正如里奇所說，回購我們的股票只是為股息提供了另一個飛輪。

And at the same time, we're driving down our breakeven so that we're resilient and we don't get ahead of our headlights, and we keep the company very resilient in that respect too.

同時，我們正在降低盈虧平衡點，以便我們具有彈性，並且我們不會領先於我們的前燈，並且我們在這方面也使公司保持非常有彈性。

And -- just one final point.

最後一點。

I think everyone knows this.

我想每個人都知道這一點。

We look at the dividend as a commitment, an obligation.

我們將股利視為一種承諾、一種義務。

It's in our breakeven.

這是我們的損益平衡點。

So in any business environment, we want to be that reliable and growing the mantra.

因此，在任何商業環境中，我們都希望成為可靠且不斷發展的口號。

So the dividend is extremely important to us.

所以股息對我們來說非常重要。

Patrick O'Rourke, ATB.

帕特里克·奧羅克，ATB。

I've got two for you here.

我這裡有兩個給你。

My first question is on Firebag performance.

我的第一個問題是關於 Firebag 的效能。

The nameplate capacity is about 215,000 barrels per day.

銘牌產能約為每天215,000桶。

In your updated presentation, you've spoken to 230,000 plus.

在您更新的簡報中，您已經與超過 230,000 人進行了交談。

We've seen that asset running considerably higher than that in a full month basis in September.

我們發現該資產的運行速度比 9 月的全月運行速度高得多。

Where is the run rate for the asset sitting now?

現在該資產的運轉率是多少？

And what has the max single day production been from the asset so far this year?

今年迄今該資產的最大單日產量是多少？

Firebag is the gift that keeps on giving as we keep finding opportunities to increase it.

Firebag 是一份不斷贈送的禮物，我們不斷尋找機會來增加它。

So I think I mentioned September was a monthly record high at 247,000 barrels a day.

所以我想我提到過 9 月的產量創歷史新高，達到每天 247,000 桶。

I mean, if I were to slip and let the cat out of bag, I might say October is even higher than that.

我的意思是，如果我失手洩漏秘密，我可能會說十月的價格甚至更高。

We're still finalizing some of the numbers on it, but we're having stream days in the north of 250,000.

我們仍在敲定一些數字，但我們的直播天數已超過 25 萬。

And that, again, it gets back to what we're trying to do at all of our assets.

這又回到了我們正在努力利用我們的所有資產做的事情。

Operate them, we start out each day looking at what are our threats to availability.

操作它們後，我們每天都會開始研究對可用性的威脅。

We're focused like a laser on them.

我們像雷射一樣聚焦在他們身上。

We're looking at debottlenecking to incrementally increase that capacity.

我們正在考慮消除瓶頸，以逐步提高容量。

And I think Firebag is kind of the epitome of our strategy and the results it produces.

我認為 Firebag 是我們策略及其產生的結果的縮影。

I didn't say I was going to slip out of the bag that October was better.

我並沒有說我會洩漏十月更好的事實。

I can't [help] myself.

我無法[幫助]自己。

Second question?

第二個問題？

Second question is on Syncrude operating costs in the quarter, obviously very good.

第二個問題是關於 Syncrude 本季的營運成本，顯然非常好。

Could you provide a breakdown between what was structural durable there?

您能否提供一下那裡的結構耐用性的詳細資訊？

And what was helping to support some of those lower energy input costs.

以及是什麼幫助支持了一些較低的能源輸入成本。

Peter, you got any comments on Syncrude?

Peter，您對 Syncrude 有什麼意見嗎？

Yeah, I would say -- I mean, not just the Syncrude, but across the region, we've been really focused on improving the overall productivity of our mining business.

是的，我想說 - 我的意思是，不僅僅是 Syncrude，而是在整個地區，我們一直致力於提高採礦業務的整體生產力。

That is the single largest cost driver at all of these assets, certainly, the mining assets.

這是所有這些資產（當然是採礦資產）中最大的成本驅動因素。

And so the more that we can do with what we have already offsets more expensive alternatives that we would have to bring in to complete the work required.

因此，我們可以利用現有的資源做更多的事情，從而抵消我們為完成所需工作而必須引入的更昂貴的替代方案。

So am I confident that these cost savings are structural and sustainable?

那麼我是否有信心這些成本節約是結構性的、可持續的？

The answer is, yes. and that is absolutely the focus of the team to drive it and continue to improve on our mining productivity so that it drives more expensive third-party cost save.

答案是，是的。這絕對是團隊的重點，以推動它並繼續提高我們的採礦生產力，從而推動更昂貴的第三方成本節省。

And then you start to see that on the Syncrude bottom line, but indeed, across Fort Hills and base plant, it's the same story.

然後你開始在 Syncrude 的底線上看到這一點，但事實上，在福特山和基地工廠，情況都是一樣的。

Peter, keep me honest here, in delivering a barrel to the market of a product, the cost component, if you break the Syncrude or the base plant into three pieces.

彼得，請讓我誠實地說，在向產品市場交付一桶產品時，如果您將 Syncrude 或基礎設施分成三部分，則成本部分。

You've got the mining, extraction, and the upgrading.

你已經完成了採礦、開採和升級。

And we've got -- you've got tailings and other things to deal with.

我們還有尾礦和其他東西要處理。

Mining is the highest single cost component of that.

採礦是其中最高的單一成本組成部分。

And then depending on which asset either upgrading or extraction are closer to their similar numbers.

然後根據哪種資產升級或提取更接近其相似的數字。

So when you hear our strategy, it's heavy focused on driving mining costs down.

因此，當您聽到我們的策略時，您會發現它非常注重降低採礦成本。

It's heavy focused on maximizing upgrading utilization.

它非常注重最大化升級利用率。

The difference at Suncor today is we're zeroed in with lasers and rifles versus shot guns to identify where are the biggest prize, aggressively target it, capture it, and then move on to the next prize.

今天森科爾的不同之處在於，我們專注於雷射和步槍而不是霰彈槍，以確定最大的獎品在哪裡，積極瞄準它，捕獲它，然後繼續尋找下一個獎品。

And maybe -- I'll just maybe add a couple of more tables, Richard.

也許——我可能會再添加幾張桌子，理查德。

Bringing performance focus on the mining business is absolutely critical because you see it result in the bottom line costs.

將績效重點放在採礦業務上絕對至關重要，因為您會看到它會帶來底線成本。

We have done that by benchmarking, both externally but also internally.

我們透過外部和內部基準測試來做到這一點。

We mentioned a couple of calls ago about our Mine Connect program, where we can literally benchmark very minor details of our mining operations, and really look to optimize that across our various mines.

我們之前在幾次電話中提到過我們的 Mine Connect 計劃，在該計劃中，我們可以對採礦作業的非常微小的細節進行基準測試，並真正尋求在我們的各個礦山中進行優化。

And focusing on the small things in a business that moves 1.3 billion tons a year really adds up to a lot on the bottom line.

在年運輸量達 13 億噸的企業中，專注於小事確實可以增加利潤。

And so while we will focus on an extra kilometer, an hour faster on the haul cycle, or an extra ton on the truck, that adds up when you're moving as many cycles as we are, and that's what the teams have been doing.

因此，雖然我們將重點放在運輸週期上增加一公里、加快一小時或卡車上增加一噸，但當您移動與我們一樣多的周期時，這些就會增加，而這就是團隊一直在做的事情。

I'm showing no further questions in the queue at this time.

目前我在隊列中沒有顯示任何其他問題。

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。

Yeah, I'm going to briefly turn it back over to Rich.

是的，我將簡單地把它轉回給里奇。

Yeah, I'll just wrap up quickly.

是的，我會盡快結束。

Thank you for your questions today.

感謝您今天提出的問題。

But the themes I'd like you to recall is what we're talking about is cross-functional teamwork with a level of clarity and focus on results and value that is part of an evolving or part of today's Suncor.

但我希望您記住的主題是，我們正在談論的是跨職能團隊合作，具有一定程度的清晰度，並專注於結果和價值，這是不斷發展或當今 Suncor 的一部分。

This is the culture, increasingly the culture of this company.

這就是文化，越來越成為這家公司的文化。

And what our job is to continue to promote that culture, and institutionalize it deep embedded in the very fabric or DNA of this company.

我們的工作就是繼續推廣這種文化，並將其製度化，深深植根於公司的結構或 DNA 中。

And that's exactly what the folks on this phone call today are working on each and every day.

這正是今天接聽電話的人們每天所做的工作。

So with that, thank you.

就這樣，謝謝。

Troy.

特洛伊。

Thank you, everyone, for joining our call this morning.

謝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。