Suncor Energy Inc (SU) 2025 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the Suncor Energy for standing by. Welcome to the Suncor Energy first quarter 2025 financial results call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker, Suncor Energy Senior Vice President of External Affairs, Mr. Troy Little.

您好，感謝您的支持。歡迎 Suncor Energy 隨時待命。歡迎參加 Suncor Energy 2025 年第一季財務業績電話會議。（操作員指示）請注意，今天的會議正在錄音。現在，我想將會議交給發言人，Suncor Energy 外部事務資深副總裁 Troy Little 先生。

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

謝謝接線員，早安。歡迎參加 Suncor Energy 第一季財報電話會議。請注意，今天的評論包含前瞻性資訊。由於我們第一季財報和年度資訊表中所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，這兩份報告均可在 SEDAR、EDGAR 和我們的網站 suncor.com 上查閱。

Certain financial measures referred to in these comments are not prescribed by Canadian generally accepted accounting principles. For a description of these financial measures, please see our first quarter earnings release.

這些評論中提到的某些財務指標並非加拿大公認會計原則所規定的。有關這些財務指標的說明，請參閱我們的第一季財報。

We will start with comments from Rich Kruger, President and Chief Executive Officer, followed by Kris Smith, Suncor's Chief Financial Officer. Also on the call are Peter Zebedee, Executive Vice President, Oil Sands; Dave Oldreive, Executive Vice President, Downstream; and Shelley Powell, Senior Vice President, Operational Improvement and Support Services.

我們將首先從總裁兼執行長 Rich Kruger 的評論開始，然後是 Suncor 財務長 Kris Smith 的評論。參加電話會議的還有油砂業務執行副總裁 Peter Zebedee、下游業務執行副總裁 Dave Oldreive 和營運改善與支援服務資深副總裁 Shelley Powell。

Following the formal remarks, we'll open the call up to questions. Now I'll hand it over to Rich to share his comments.

正式發言之後，我們將開始回答問題。現在我將把時間交給 Rich 來分享他的評論。

Good morning. Suncor's first quarter was about maintaining momentum and starting 2025 strong. I believe we successfully accomplished both objectives. I'll comment on some operational highlights, and Kris will further focus on financial performance. I'll start with personnel safety. Previously shared that 2024's performance was as good or better than 2023's best ever, with recordable and last time events down significantly. I'm pleased to report the positive performance has continued year-to-date 2025.

早安.森科爾第一季的目標是保持發展勢頭並為 2025 年打下強勁基礎。我相信我們成功地實現了這兩個目標。我將對一些營運亮點發表評論，而 Kris 將進一步關注財務表現。我先從人員安全開始。之前曾分享過，2024 年的表現與 2023 年的最佳表現一樣好或更好，可記錄的事件和上次事件顯著減少。我很高興地報告，這種積極的表現一直持續到 2025 年。

Special call out to Dean Wilcox's base plant team, winners of the John T. Ryan 2024 National Safety Award for Outstanding Safety Performance in Major Projects and Civil Work. This is awarded annually by the Canadian Institute of Mining, and it's the holy grail in mine safety.

特別感謝 Dean Wilcox 的基地工廠團隊，他們因在重大項目和土木工程中的傑出安全表現而榮獲 John T. Ryan 2024 年度國家安全獎。該獎項由加拿大礦業協會每年頒發，是礦山安全的聖杯。

Process safety previously shared that 2024's performance was best ever first quartile in North America. Well, the first quarter of 25's performance demonstrated continued improvement significantly better than 2024's. Personal belief, you can't be a well-run company without being a safe company.

製程安全先前曾表示，2024 年的表現是北美有史以來最好的第一個四分位數。嗯，25 年第一季的表現持續改善，明顯優於 2024 年。個人認為，如果公司不安全，就不可能成為經營良好的公司。

Upstream production 853,000 barrels a day, our highest first quarter ever and our second highest quarter ever, 18,000 barrels a day higher than our previous best first quarter, which was achieved last year. Upgrader utilization, a very strong 102%. It's the fourth quarter out of the last five where we've been at 99% or higher.

上游產量達到每天 853,000 桶，這是我們有史以來第一季的最高產量，也是有史以來第二高的季度，比去年第一季的最佳產量高出每天 18,000 桶。升級利用率高達 102%。在過去五個季度中，這是我們第四個季度達到或超過 99% 的季度。

Continued high performance from our profitability pacesetter fire bag at 248,000 barrels a day. Results particularly good considering harsh weather for much of February in Alberta. Refining throughput 483,000 barrels a day, far and away the highest first quarter in our history. 28,000 barrels a day higher than our previous best first quarter again set last year. Refining utilization exceptional at 104%, the third consecutive quarter above 100%. In fact, every refinery achieved higher throughput and higher utilization year on year. And our overall bottom line is within 5,000 barrels a day of our best ever quarter of any quarter.

我們的獲利能力領導者火袋繼續保持高性能，每天產量為 248,000 桶。考慮到阿爾伯塔省二月大部分時間的天氣惡劣，這一結果顯得尤為好。煉油產量達到每天 483,000 桶，遙遙領先我們歷史上第一季的最高產量。比我們去年創下的第一季最佳產量高出每天 28,000 桶。煉油利用率達 104%，連續第三個季度超過 100%。事實上，每家煉油廠的產量和利用率都逐年提高。我們的整體底線與我們歷來最好的季度相比每天的產量相差 5,000 桶以內。

Refined product sales, 605,000 barrels a day. Here again, far and away the highest first quarter in company history, 24,000 barrels a day, higher than the previous best first quarter again set last year. The third highest quarter ever with the top two quarters being the last two.

成品油銷售量為每天60.5萬桶。這再次創下了公司歷史上第一季的最高產量，日產量 24,000 桶，高於去年創下的第一季最佳產量。這是有史以​​來第三高的季度，其中排名前兩個的季度是最近兩個季度。

In fact, the past five quarters have been our highest in company history. In 1954, a gentleman named Roger Bannister, the world's first four-minute miler, said records are meant to be broken, and that is exactly what Suncor teams continue to do break records. Total cost OS and $3.3 billion down $143 million or 4.2% in absolute dollars versus the first quarter of last year, despite higher production and throughput across the board. 3% to 4% higher absolute volumes, 4% lower absolute cost. Operating leverage achieved with a culture and a mindset that every barrel and every dollar matter.

事實上，過去五個季度是我們公司歷史上最高的。1954 年，世界上第一位四分鐘跑完一英里的運動員羅傑·班尼斯特 (Roger Bannister) 曾說過，記錄就是用來打破的，而這正是 Suncor 團隊不斷打破記錄的原因。總成本 OS 為 33 億美元，與去年第一季相比下降了 1.43 億美元，即絕對金額下降了 4.2%，儘管整體產量和吞吐量都有所提高。絕對產量提高了 3% 至 4%，絕對成本降低了 4%。透過每一桶油和每一美元都重要的文化和思維方式實現了經營槓桿。

I want to take you back 12 months ago, Investor Day, May 2024, we established several objectives for the three years, 2024 through 2026 to improve performance, create shareholder value. They were tied to production growth, cost reduction, free funds flow, growth, and net debt. At the end of last year, end of 2024, we reported on the first-year progress, production growth. We've achieved 75% of our three-year target, break even reduction, 70% or $7 a barrel US of the three-year target, free funds flow $2.3 billion or 70% of the three-year target. And of course net debt achieved our $8 billion target in the third quarter of last year.

我想帶大家回顧 12 個月前，也就是 2024 年 5 月的投資人日，我們為 2024 年至 2026 年的三年設定了幾個目標，以提高業績、創造股東價值。它們與生產成長、成本降低、自由資金流動、成長和淨債務有關。去年年底，也就是2024年底，我們報告了第一年的進展和產量成長。我們已經實現了三年目標的 75%，即盈虧平衡減產，即三年目標的 70%，即每桶 7 美元，自由資金流 23 億美元，即三年目標的 70%。當然，去年第三季淨負債達到了 80 億美元的目標。

The bottom line, one year into our three-year plan, we've exceeded every single target, essentially achieved two years of our planned improvements in the first year. But the best and most important part, we aren't done yet. What gives me this confidence in the first four months of the year, I've spent a lot of time in the field. At our plant sites in our minds, meeting with and talking to the hardworking, card carrying, operational and technical experts. I spent time at the base plant looking at our U1 coke drummer replacement project and reviewing autonomous haul truck operations.

總的來說，在實施三年計畫的一年裡，我們超額完成了每一個目標，基本上在第一年就實現了兩年計畫的改進。但最好也是最重要的部分是，我們還沒完成。是什麼讓我有這樣的信心，在今年的前四個月裡，我花了很多時間在這個領域。在我們的工廠現場，我們與辛勤工作的持卡營運和技術專家會面並交談。我花了一些時間在基地工廠考察我們的 U1 焦炭鼓更換項目並審查自動運輸卡車的操作。

Time at Syncrude's Mildred Lake and Aurora mines observing best in class truck and operations touring Suncor's heavy equipment maintenance shops at Port Hills inspecting the major new state-of-the-art heavy equipment arrivals. I've been at our Montreal and Sarnia refineries with teams driving industry leaving utilization, touring our retail site network, meeting PetroCanada associates across the country.

在 Syncrude 的 Mildred Lake 和 Aurora 礦場觀察一流的卡車和操作，參觀 Suncor 位於 Port Hills 的重型設備維修車間，檢查主要的新型最先進重型設備。我曾與團隊一起在蒙特利爾和薩尼亞煉油廠推動行業利用率，參觀我們的零售站點網絡，並與全國各地的加拿大石油公司同事會面。

Why do I and my colleagues spend all this time in the field? Because Suncor's leadership team knows the game is won on the field with the players and on the field is where you'll find us. So what did I see that reinforces we're not done yet.

為什麼我和我的同事要花這麼多時間在現場？因為 Suncor 的領導團隊知道，比賽的勝利取決於球員在球場上的努力，而您就會在球場上找到我們。那我看到了什麼證明我們還沒完成呢？

Base plant autonomous haul truck operations. Mike Gartenberg's team. A year in 2024, we achieved our objective of 91 autonomous haul trucks moving all productive ore. Since then, we've increased our fleet to more than 100 trucks on the way to 140. In nine months we've achieved performance equal to staffed operations versus a typical industry benchmark of two years. We're leveraging data analytics, creating a new world-class AHS command center.

基地工廠自主運輸卡車作業。麥克·加滕伯格的團隊。到 2024 年，我們實現了使用 91 輛自動運輸卡車運輸所有生產性礦石的目標。從那時起，我們的車隊數量已增加到 100 多輛卡車，並計劃達到 140 輛。在九個月內，我們實現了與人員配備營運相當的績效，而典型的產業基準是兩年。我們正在利用數據分析，創建一個新的世界級 AHS 指揮中心。

We're collaborating with our partners, Komatsu and SMS to upgrade AHS software to improve all weather or what we call mud mode operating performance. The productivity expectations we have in the AHS at the base plant is expected to yield the equivalent of 10 free, 400-ton haul trucks by 2026.

我們正在與我們的合作夥伴小松和 SMS 合作升級 AHS 軟體，以改善全天候或我們稱之為泥漿模式的運作效能。我們對基地工廠 AHS 的生產力預期是，到 2026 年，預計可產生相當於 10 輛免費的 400 噸運輸卡車的產量。

Coke drum, coke boiler replacement and cogeneration project. Mike Haig's team where we replace three old coke drum, or coke-fired boilers with two new 400-megawatt gas-fired generators, added new high efficiency heat recovery steams, excuse me. We completed the project and achieved startup in the 4th quarter of last year. We've now tested each unit at over 400 megawatts. The project will meet steam needs for the base plant with surplus power exported to the Alberta grid, improves reliability, lowers cost, generates power revenue, and lowers emissions.

焦炭塔、焦炭鍋爐更換及熱電聯產工程。麥克海格 (Mike Haig) 的團隊用兩台新的 400 兆瓦燃氣發電機取代了三個舊的焦炭鼓或焦炭燃燒鍋爐，並增加了新的高效熱回收蒸汽，對不起。我們在去年第四季完成了這個專案並實現啟動。我們現在已經對每個裝置進行了超過 400 兆瓦的測試。該項目將滿足基地工廠的蒸汽需求，並將剩餘電力輸送到阿爾伯塔省電網，提高可靠性，降低成本，產生電力收入，並減少排放。

Syncrude, Aurora mine truckloading operation, Alex Stark's team. Aurora supplies 2/3 of Sinn crude's mined bitumen. The mine is supported by a fleet of 70 to 75 Caterpillar, 797 400-ton haul trucks. Historically, we've loaded each truck to 93% of capacity or 370 tons per truck. Alex's team has increased its load factor to over 100% now, a full 10% increase, 30 to 40 more tons of productive ore on each and every truck, achieved through shovel operator best practices and load sensing technology. The impact, lower unit costs, higher productivity, equal to seven free 400-ton trucks.

Syncrude，Aurora 礦場卡車裝載作業，Alex Stark 的團隊。Aurora 為辛恩原油公司供應 2/3 的開採瀝青。該礦由一支由 70 至 75 輛卡特彼勒、797 輛 400 噸自卸卡車組成的車隊提供支援。從歷史上看，我們每輛卡車的裝載量都達到了容量的 93%，即每輛卡車 370 噸。現在，亞歷克斯的團隊已經將裝載率提高到了 100% 以上，增加了整整 10%，每輛卡車上的生產礦石增加了 30 到 40 噸，這是透過鏟車操作員的最佳實踐和負載感測技術實現的。其影響是，單位成本更低，生產率更高，相當於免費提供七輛 400 噸卡車。

Fort Hills, new hydraulic shovel, Alastair Gideon's team. Last Thursday I attended a ceremony commissioning the world's largest hydraulic shovel, the PC9000, first of its kind, serial number one, designed in partnership with Komatsu and SMS. Purpose-built for Suncor to be perfectly paired with our Komatsu 400-ton truck fleet. Larger bucket, longer reach, greater digging force, swivel capacity for dual side loading. The results faster loading, less repositioning, less spillage.

福特山，新型液壓鏟，阿拉斯泰爾·吉迪恩的團隊。上週四，我參加了世界上最大的液壓挖掘機 PC9000 的試運行儀式，這是同類產品中的第一台，序號為 1，由小松和 SMS 合作設計。專為 Suncor 打造，與我們的小松 400 噸卡車車隊完美搭配。鏟鬥更大、伸展距離更長、挖掘力更大、旋轉能力更強，可實現雙側裝載。結果是裝載速度更快、重新定位更少、溢出更少。

Having seen it and walked on it personally, the PC9000 is a beast. Personally taught, I personally pulled out my stopwatch on my phone in time loading operations, four scoops, 404 tons in 1.5 minutes. Folks, that's fast. Deployed in Fort Hills Center pit, we've got a second shovel scheduled for delivery in July and two more next year. This is an example of vision, partnership, technology, and scale driving productivity and lowering costs, refining operations. I spent time with Konter Putnis.

我親眼看過並親身體驗過 PC9000，它簡直就是一頭猛獸。親自教導，我親自拿出手機上的秒錶及時裝載操作，四鏟，1.5分鐘404噸。夥計們，這太快了。該鏟子已部署在 Fort Hills Center 礦井，第二台鏟子預計於 7 月交付，另外兩台將於明年交付。這是願景、夥伴關係、技術和規模推動生產力、降低成本、改善營運的一個例子。我和 Konter Putnis 一起度過了一段時光。

Sarnia team and Isabel Arbor's Montreal team see how maintenance and reliability breastfeed best practices are driving higher utilization, how turnaround benchmarking and risk-based work selection are reducing capital and operating costs, how low costly bottlenecking is achieving record setting refining throughput. Two examples I want to share with you of grassroots focus on driving performance and adding value. Frad Jones, process operator, Sarnia refinery. Brad had the idea to spend $200,000 for tie-ins to maintain flow flexibility during our recent April turnaround.

薩尼亞團隊和伊莎貝爾·阿伯的蒙特利爾團隊了解維護和可靠性母乳喂養最佳實踐如何推動更高的利用率，週轉基準測試和基於風險的工作選擇如何降低資本和運營成本，低成本瓶頸如何實現創紀錄的煉油吞吐量。我想與大家分享兩個基層注重提升績效和增加價值的例子。弗拉德瓊斯 (Frad Jones)，薩尼亞煉油廠工藝操作員。布拉德想花費 20 萬美元購買附加設備，以便在我們最近的四月份扭虧為盈期間保持流量靈活性。

$200,000 added $4 million in jet fuel margin, a 20-to-1 payout in one month. Well done, Brad. Remy LaBerge, crude unit operator, Montreal refinery, whose idea for minor pump or piping. Modifications at a one-time cost of $300,000 to increase refining capacity by 500 barrels a day is adding more than a million dollars in margin every year. 2025 will be the first full year.

20 萬美元增加了 400 萬美元的航空燃油利潤，一個月的賠付率達到 20 比 1。幹得好，布拉德。蒙特利爾煉油廠原油裝置操作員雷米·拉伯格 (Remy LaBerge)，他對小型泵浦或管道提出了自己的想法。一次性花費 30 萬美元進行改造，將煉油能力提高 500 桶/天，每年可增加一百多萬美元的利潤。 2025 年將是第一個完整的年份。

These examples illustrate the power of clear, simple priorities focusing on the fundamentals, understood and embraced top to bottom, delivering results. Supply trading and marketing. In the first quarter, I witnessed Paula O'Shaughnessy's, Paula Dimas, and Derek Davies' teams supplying trading in volatile east west crude and refined product markets to capture premium margins at lower costs. And lastly, I spent time with Pat Ritchie's, PetroCanada retail and wholesale associates working in partnership to increase market share and site margins nationwide.

這些例子說明了清晰、簡單的優先事項的力量，這些優先事項注重基本原則，從上到下都被理解和接受，並能產生成果。供應貿易和行銷。在第一季度，我親眼目睹了 Paula O'Shaughnessy、Paula Dimas 和 Derek Davies 的團隊在動蕩的東西方原油和成品油市場進行交易，以較低的成本獲取溢價利潤。最後，我花時間與 Pat Ritchie、PetroCanada 零售和批發合作夥伴合作，以增加全國的市場份額和站點利潤。

I'll stop there, but here again, these are only a few examples I could share of Suncor teams, technical, operational, and commercial working together to deliver industry leading results, teams with the drive of fierce competitors and the determination of champions, teams unstoppable in their commitment to be the best of the best.

我就講到這裡，但再次強調，這些只是我可以分享的幾個 Suncor 團隊的例子，這些團隊包括技術、營運和商業團隊，他們共同努力，提供行業領先的成果，這些團隊具有激烈競爭對手的動力和冠軍的決心，這些團隊堅定不移地致力於成為最好的。

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

說完這些，我就把麥克風交給克里斯。

All right, thanks, Rich, and good morning, everyone. Building on Rich's comments, it was yet another strong operational and financial quarter as we continue the positive momentum we built in 2024.

好的，謝謝，Rich，大家早安。根據里奇的評論，這又是一個強勁的營運和財務季度，我們將繼續保持 2024 年建立的積極勢頭。

But first, with respect to the business environment in the quarter, there was obviously a lot of uncertainty around the impact of US tariffs, but in the end, the commodity prices across the quarter remained constructive. In the quarter, WTI and the light heavy differential remained relatively flat versus Q4 at $71.40 US a barrel and $12.65 US a barrel respectively.

但首先，就本季的商業環境而言，美國關稅的影響顯然存在許多不確定性，但最終，本季的大宗商品價格仍保持積極態勢。本季度，WTI 和輕重質原油差價與第四季度相比保持相對平穩，分別為每桶 71.40 美元和每桶 12.65 美元。

While synthetic crude decreased about $3 a barrel, averaging a discount of $235 a barrel to TI. On the refining side, New York Harbor 211 cracking margins improved versus Q4 by US $2.25 a barrel, driven largely by improving distillate cracks. And our 5221 refining index remains strong at US $26.80 a barrel.

而合成原油價格則下跌約 3 美元/桶，平均比德州儀器 (TI) 低 235 美元/桶。在煉油方面，紐約港 211 裂解利潤較第四季度提高了每桶 2.25 美元，主要原因是餾分油裂解改善。我們的 5221 煉油指數仍然保持強勁，為每桶 26.80 美元。

Finally, natural gas prices increased by $0.60 Canadian a GJ versus Q4, averaging about $2 a GJ in the quarter, but obviously remain attractively priced for natural gas consumers like our business. Rich has already detailed our Q1 operational performances remarks, so I won't repeat them here other than a few points.

最後，天然氣價格與第四季度相比上漲了 0.60 加元/GJ，本季平均價格約為 2 加幣/GJ，但對於像我們這樣的天然氣消費者來說，顯然仍然具有吸引力。Rich 已經詳細介紹了我們第一季的營運表現，因此除了幾點之外，我不會在這裡重複。

Oil sands production in the quarter was 791,000 barrels per day, with ins averaging 283,000 barrels per day in the quarter. Fort Hill is continuing to deliver solid operations with 176,000 barrels per day in the quarter. While upgrading was strong at both base plant and Syncrude at 103% and 100% utilization respectively.

本季油砂產量為每天 791,000 桶，平均每天產量為 283,000 桶。本季度，Fort Hill 繼續保持穩健的產量，日產量達 176,000 桶。基礎工廠和 Syncrude 的升級表現強勁，利用率分別達到 103% 和 100%。

PNP averaged 62,000 barrels a day in the quarter, which is up 5,000 barrels per day from Q4, despite some temporary logistics challenges at Newfoundland loading terminal in the quarter, which have since been resolved.

本季度，紐芬蘭和拉脫維亞石油日均產量為 62,000 桶，比第四季度增加了 5,000 桶，儘管本季度紐芬蘭裝運碼頭遇到了一些暫時的物流挑戰（現已解決）。

In addition to very strong refining throughput and refined product sales in the quarter, our refining business also posted a very strong margin capture, averaging 99% on a LIFO basis when compared to our 5221 index.

除了本季非常強勁的煉油吞吐量和煉油產品銷售之外，我們的煉油業務還實現了非常強勁的利潤率，與我們的 5221 指數相比，按後進先出法計算，平均利潤率為 99%。

This high asset utilization and margin capture is a reflection of the powerful combination of strong asset reliability and our best-in-class supply and marketing business, which maximizes value across our various trade channels.

這種高資產利用率和利潤率體現了強大的資產可靠性和我們一流的供應和行銷業務的強大組合，從而實現了我們各種貿易管道的價值最大化。

We also continue to demonstrate operating leverage with total OSMG expense of $3.3 billion which is down quarter over quarter, while production and sales were up in both the upstream and the downstream. While capital expenditures totaled $1.1 billion in the quarter, including $600 million of economic investments.

我們也繼續展示營運槓桿，OSMG 總支出為 33 億美元，環比下降，而上游和下游的產量和銷售額均上升。本季資本支出總計 11 億美元，其中包括 6 億美元的經濟投資。

And $500 million of sustaining and maintenance capital. This strong operational performance and cost management led to very positive financial results in the quarter. We generated $3 billion of adjusted funds from operations, or $2.46 per share in the quarter, and adjusted operating earnings of $1.6 billion or $1.31 per share.

以及5億美元的維持維護資金。強勁的營運業績和成本管理為本季帶來了非常積極的財務業績。本季度，我們從營運中產生了 30 億美元的調整後資金，即每股 2.46 美元，調整後的營運收益為 16 億美元，即每股 1.31 美元。

I think it's worth noting that when comparing quarter over quarter, Q1 25 to Q1 24, despite a 7% decline in WTI an average 24% decline in New York Harbor and Chicago, 211 cracks, you see that our AFFO per share is the same and our free funds flow per share is actually 6% higher.

我認為值得注意的是，當進行季度環比比較（2025 年第一季與 2024 年第一季）時，儘管 WTI 下跌了 7%，紐約港和芝加哥原油平均下跌了 24%，但您會發現我們的每股 AFFO 相同，而每股自由資金流實際上高出 6%。

This is a clear demonstration of the impact of our improving performance. As Rich just said, at Suncor, every barrel and every dollar matters, and this is proof of that. In the quarter, we also returned nearly $1.5 billion to shareholders, including $705 million in dividends and $750 million in share buybacks, which was 1.1% of our float.

這清楚地顯示了我們績效提升所產生的影響。正如里奇剛才所說，在森科爾，每一桶石油、每一美元都很重要，這就是證明。本季度，我們也向股東返還了近 15 億美元，其中包括 7.05 億美元的股息和 7.5 億美元的股票回購，占我們流通股的 1.1%。

We continue to focus on returning 100% of excess funds to shareholders while prudently investing in the business to grow returns to our shareholders. As expected, we saw a working capital increase during the quarter of about a billion dollars, contributing to net debt at quarter end being $7.6 billion which is aligned with our debt management and capital allocation strategy.

我們繼續致力於將 100% 的剩餘資金返還給股東，同時審慎投資業務以增加股東回報。正如預期的那樣，我們本季的營運資本增加了約 10 億美元，導致季度末的淨債務達到 76 億美元，這與我們的債務管理和資本配置策略一致。

Overall, first quarter operational and financial performance demonstrate a continued relentless focus on executing the fundamentals of our business and generating value for our shareholders. Now, before handing it back to Rich, I just want to make a few comments on the second quarter.

總體而言，第一季的營運和財務表現表明，我們繼續堅持不懈地專注於執行業務基本面並為股東創造價值。現在，在將發言權交還給里奇之前，我只想對第二季發表一些評論。

We're into our second quarter turnaround program and it is on plan for our 2025 guidance. The Sarnia refinery started its crude unit one turnaround on March 29, which includes planned maintenance work on the cat cracker and alkylation units, and I'm pleased to say the team has made great progress on the event against the plan.

我們已進入第二季轉虧為盈計劃，並按照 2025 年的預期計劃進行。薩尼亞煉油廠於 3 月 29 日開始在原油裝置上進行一次檢修，其中包括對催化裂解裝置和烷基化裝置的計畫維護工作，我很高興地說，團隊已經按照計畫取得了巨大進展。

As well, the Edmonton refinery spring turnaround, which includes the sour crude unit, hydratreaters, sulfur train, and delayed coker unit, started on April 15 and is also proceeding very well and on plan. And lastly, the base plant upgrader one turnaround, which includes the coke drum replacement project, is also underway. The event started on May 1 and is a planned 91-day outage.

此外，埃德蒙頓煉油廠春季檢修（包括酸性原油裝置、水合物處理器、硫磺列車和延遲焦化裝置）於 4 月 15 日開始，目前進展順利，符合計畫。最後，包括焦炭塔更換工程在內的基礎工廠升級改造工程也正在進行中。該活動於 5 月 1 日開始，計劃停駛 91 天。

We are extremely pleased with the planning and preparation the team has done going into this event, and we're very well positioned for the execution of both the turnaround and this important project. And we look forward to completing all these events and reporting on them at the end of our second quarter.

我們對團隊為此次活動所做的規劃和準備感到非常滿意，並且我們為實現轉變和這項重要專案的執行做好了充分的準備。我們期待完成所有這些活動並在第二季末進行報告。

Finally, I want to take a moment to acknowledge the market conditions we're currently facing. With WTI prices currently bouncing around $60 a barrel amid the market uncertainty we've seen over the last few months.

最後，我想花點時間來了解我們目前面臨的市場狀況。在過去幾個月的市場不確定性中，WTI 價格目前在每桶 60 美元左右波動。

I'm very pleased that the significant strides we've made over the last two years to improve our operational and financial performance, significantly reduce our WTI breakeven and strengthen our balance sheet, has significantly improved our company's resiliency and positioned Suncor to weather these uncertain times and continue to generate solid pre-cash flow for our shareholders.

我很高興看到，過去兩年我們在改善營運和財務表現、大幅降低 WTI 盈虧平衡點和增強資產負債表方面取得了重大進展，這顯著提高了公司的彈性，使 Suncor 能夠度過這些不確定的時期，並繼續為股東創造穩健的預現金流。

Suncor is a resilient company with a best-in-class integrated business model and a highly focused and capable team. You heard many examples from Rich, both of which will prove to be a significant advantage during these times like these and position us extremely well into the future.

Suncor 是一家具有韌性的公司，擁有一流的綜合業務模式和高度專注且能力強的團隊。您從里奇那裡聽到了很多例子，這些例子在當前的時期都將被證明是一個顯著的優勢，並為我們在未來做好了充分的準備。

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

里奇，說完這些，我就把話題轉回給你了。

Thanks, Kris. A couple of comments before we just dive into the Q&A. Our objective, today's Suncor, high performance, sustained excellence. 2024 was a good year, 2025 is off to a good start. Chris talked about our strength and resiliency.

謝謝，克里斯。在我們深入問答之前，我想提幾點意見。我們的目標，今天的 Suncor，高性能，持續卓越。 2024 年是好的一年，2025 年將有一個好的開始。克里斯談到了我們的力量和韌性。

I'll end with a quote from the late Academy award-winning actor, Gene Hackman. In the 2000 film, The Replacements, Hackman starred with Keanu Reeves. The quote, winners always want the ball when the game is on the line. Folks, I am seeing Suncor teams’ company-wide continue to show me they want the ball. With that, I'll turn it back to Troy.

最後我想引用已故奧斯卡獲獎演員吉恩哈克曼的一句話。在 2000 年的電影《替補球員》中，哈克曼與基努李維共同主演。俗話說，當比賽處於關鍵時刻時，勝利者總是想要拿到球。夥計們，我看到 Suncor 公司上下的隊員們都不斷向我展示他們想要球。就這樣，我將把它交還給特洛伊。

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

謝謝你，里奇。我會將電話轉回給接線員來回答一些問題。

Thank you. Dennis Fong with CIBC.

謝謝。加拿大帝國商業銀行的 Dennis Fong。

Hi, good morning, and thanks for taking my questions as well as congratulations for a very strong first quarter. My first question here, just, you had to contend with the impacts of colder weather in January and February. Can you talk towards your strategy around managing the various Suncor assets and operations that you have through kind of those challenging conditions?

大家好，早安，謝謝您回答我的問題，也恭喜您第一季的業績非常強勁。我的第一個問題是，您是否必須應對一月和二月寒冷天氣的影響。您能否談談在這些充滿挑戰的條件下管理各種 Suncor 資產和營運的策略？

Yeah, I'll take it, thanks, Dennis. I don't mean to be here, but the last time I checked, it's always cold in Canada in the first quarter. So we have taken a strategy of philosophy. We're not going to be a weather taker, we're going to be a weather maker. And so what Peter and Dave have done is they focused, they've designed into our operation the resiliency for extremely cold weather conditions, whether that's the fuel in our haul trucks, whether that's supplemental winterization at our refineries, we face this uncertainty, this variability every year for the last two years we have been very focused on how do we engineer or design out that risk of that variability.

是的，我會接受的，謝謝，丹尼斯。我並不是有意來這裡，但上次我查看時發現，加拿大第一季的天氣總是很冷。因此我們採取了哲學策略。我們不會成為天氣操縱者，我們會成為天氣創造者。因此，彼得和戴夫所做的就是，他們專注於在我們的營運中設計應對極端寒冷天氣條件的彈性，無論是我們的運輸卡車中的燃料，還是煉油廠的補充防凍措施，我們每年都面臨這種不確定性和變化性，在過去的兩年裡，我們一直非常關注如何設計或消除這種變化的風險。

So if you want any further examples, I can ask Dave to comment, but we like so many other things in our company, we've looked at it and just not accepted the outcome but saying what can we do that can change or improve our performance independent of what the circumstances would be and I think our winterization program is you didn't read about winterization in our press release because we've engineered to accommodate and deal with it.

因此，如果您想要更多例子，我可以請戴夫發表評論，但我們喜歡公司中的許多其他事情，我們已經研究過它並且不接受結果，而是說我們可以做些什麼來改變或改善我們的表現，而不管情況如何，我認為我們的防寒計劃是您在我們的新聞稿中沒有讀到有關防寒的內容，因為我們已經設計了適應和處理它的方法。

I appreciate that color. I'm not sure if Peter was going to step in there.

我很欣賞那個顏色。我不確定彼得是否會介入。

I don't know that. Do you have anything particular to? Maybe I just said a couple things, Dennis. I didn't believe you. But I also, you really start to see the strength of our integration across oil sands, come out here. So where if an issue crops up in a single asset we can really lessen or buffer that impact by moving barrels, across our integrated production ecosystem. And you saw that in the high asset transfers that we reported on this quarter, that's really the strength of Suncor and the strength of Suncor integration coming through.

我不知道。有什麼特別想做的事嗎？也許我剛才說了幾件事，丹尼斯。我不相信你。但我也確實開始看到我們在油砂領域整合的實力。因此，如果單一資產出現問題，我們可以透過在綜合生產生態系統中移動原油來真正減輕或緩衝這種影響。您可以從我們本季報告的高資產轉移中看到，這確實體現了 Suncor 的優勢以及 Suncor 整合的優勢。

I can add a little bit from a refining perspective as well and save here, if there's thousands and thousands of things you have to get right for winterization to work at a complicated refinery, and I've seen these things all over the world and that. The key really is to learn from past winters and make sure you capture the learnings of the instruments and the various things that freeze up and make sure you have a disciplined approach to ensure that they're in good shape for the following winter. And the other thing that is probably interesting and people may not appreciate is we start our winterization program sometime around July.

我也可以從煉油的角度補充一點，如果在複雜的煉油廠進行防凍工作需要做好成千上萬的事情，而且我在世界各地都見過這些事情。關鍵在於從過去的冬天吸取教訓，確保掌握儀器和各種凍結物的經驗，並確保採取嚴謹的方法來確保它們在接下來的冬天處於良好狀態。另一件可能很有趣但人們可能不太了解的事情是，我們在七月左右開始了我們的防寒計劃。

Right, it's the middle of summer, and that's when we're starting to focus on it because we know winter comes every year.

是的，現在是夏季中旬，我們開始關注它，因為我們知道冬天每年都會到來。

Thank you guys. No, thanks, really appreciate that that underlying context. My second question shifts a little bit toward technology and aggregate improving operations. I know back with the May Investor Day and update you talk you guys talked a little bit around, the Mind Connect tool which really kind of helps optimize the Mind leet and aggregate, but I think the other thing that you've mentioned at least a few times in conference calls is that while you present some of the really interesting opportunities, a lot of those, kind of new ideas come from, we'll call it within the organization.

謝謝你們。不，謝謝，真的很感謝那個潛在的背景。我的第二個問題稍微轉向技術和整體改進營運。我知道在 5 月的投資者日和更新中，你們談到了一些 Mind Connect 工具，它確實有助於優化 Mind leet 和聚合，但我認為您在電話會議中至少提到過幾次的另一件事是，雖然您提出了一些非常有趣的機會，但其中許多新想法都來自組織內部。

So I wanted to kind of like address like how is the Mind Connect to Connect tool doing in terms of optimizing operations and secondarily, what is that maybe spun out in terms of incremental benefits that you maybe didn't realize right when you kind of implemented the tool to begin with.

因此，我想先了解 Mind Connect to Connect 工具在優化操作方面的表現如何，其次，它可能帶來的增量效益是什麼，而這些效益是您在一開始實施該工具時可能沒有意識到的。

Peter and I got, we were up at Port Hills last Thursday, and we went, the folks took us through and they were giving us their dashboards and their screen. Peter, you want to comment on some of the things we were focused on?

彼得和我上週四去了 Port Hills，那裡的工作人員帶我們參觀了現場，並向我們展示了他們的儀表板和螢幕。彼得，你想評論一下我們關注的一些事情嗎？

Yeah. And, Dennis, my Connect tool is only that it really is a tool, but it provides sites to the operations team so that they can take action and that's obviously where the value is generated. When Rich and I were up at Fort Hills last week, we talked with the Fort Hill team about their short interval control and the use of some Mind Connect data and how that comes into our operating cadence and our operating performance through our operational excellence management system.

是的。丹尼斯，我的 Connect 工具實際上只是一個工具，但它為營運團隊提供了一個站點，以便他們可以採取行動，而這顯然是產生價值的地方。上週，當我和 Rich 在 Fort Hills 時，我們與 Fort Hill 團隊討論了他們的短間隔控制和一些 Mind Connect 數據的使用情況，以及這些數據如何透過我們的卓越營運管理系統融入我們的營運節奏和營運績效。

So it's really about identifying an outlier, which is delivered by the Mind Connect tool, taking immediate action and then generating the value in the field, and that's really kind of where the power comes in from data and insights and technology, it's a quick action by the leadership team.

因此，這實際上就是識別異常值（由 Mind Connect 工具提供），立即採取行動，然後在現場產生價值，而這正是數據、洞察力和技術的力量來源，這是領導團隊的快速行動。

And Peter, one of the things that really struck me as we sat there is the real-time nature of the team leads who had the gentleman in the room with us, he talked about how they meet, periodically, multiple times a day, every few hours as the opportunity is migrating from whether it's a shovel operation or a truck efficiency, and so we don't lose a moment in the ability to optimize or improve overall performance. To me, that was really a powerful discussion that we had. Yeah, it really is about a timely response to a variant condition.

彼得，當我們坐在那裡時，真正讓我印象深刻的一件事是團隊領導的實時性，他和我們一起在房間裡的那位先生談到了他們如何定期開會，每天多次，每隔幾個小時開會一次，因為機會正在從鏟車操作或卡車效率轉移，因此我們不會錯過優化或提高整體性能的能力。對我來說，這是我們進行的一次非常有力的討論。是的，這確實與對變異情況的及時反應有關。

Great, thanks for that color. I'll turn it back.

太好了，謝謝你的顏色。我會把它轉回去。

Thank you. One moment for our next question.

謝謝。請稍等片刻，回答我們的下一個問題。

Greg Pardy with RBC Capital Markets.

加拿大皇家銀行資本市場的 Greg Pardy。

Yeah, thanks, good morning. I wondered if we could maybe just pivot to the downstream and then specifically. A progress made on retail EBIT growth. I guess I ride my bike around Toronto, what I see are, you're closing some stations. I know there's enhancements going on elsewhere. Just curious how the strategy is unfolding and whether the retail kind of in the same question, but whether the retail is ultimately core to your business longer term?

是的，謝謝，早安。我想知道我們是否可以轉向下游，然後具體一點。零售息稅前利潤成長進展。我想我騎著自行車在多倫多轉悠，我看到的是，你們正在關閉一些車站。我知道其他地方正在發生改進。只是好奇該策略是如何展開的，以及零售是否是同樣的問題，但零售是否最終是您長期業務的核心？

Thanks, Greg. I'll ask Dave to comment in a second, but you're exactly right. If you go back to either our retail review or our Investor Day, we talked about how that we're looking at that portfolio of some 1,600 plus sites nationwide and we're high grading and upgrading major markets, the highest volume, highest margin sites, we're growing those and then we're rationalizing on the other end of that. Dave, you want to comment on how we're doing?

謝謝，格雷格。我馬上會讓戴夫發表評論，但你說得完全正確。如果您回顧我們的零售評論或投資者日，我們談到了我們如何審視全國 1,600 多個站點的投資組合，以及我們如何對主要市場、交易量最大、利潤率最高的站點進行高評級和升級，我們正在發展這些站點，然後我們在另一端進行合理化。戴夫，你想評論一下我們做得怎麼樣嗎？

Yeah, for sure. And Greg, riding your bike around is not helping our retail business. We'll have to get you for a burger at an A&W loyalty program. We do have other options for you, Greg, in our convenience stores and our quicker, restaurants, but we are executing plans to grow our domestic retail business. I'd say actually retail and wholesale, and we mentioned back in May that we're committing to grow that EBITDA by $200 million by the end of 2026.

是的，當然。格雷格，騎自行車到處對我們的零售業務沒有幫助。我們必須按照 A&W 忠誠度計劃為您準備一個漢堡。格雷格，我們的便利商店和快餐店確實為您提供了其他選擇，但我們正在執行發展國內零售業務的計劃。我想說的是零售和批發，我們在 5 月提到，我們承諾在 2026 年底將 EBITDA 增加 2 億美元。

And in fact, we have plans that go beyond 2026 as well, and that serves us well in terms of finding good domestic outlets for our products. And that plan involves high grading or transforming 20% of our network between 2024 and 2026, and I would say it is well on track. As Rich mentioned, he likes to say we're building sites that you can take the family to for the day and enjoy hours of fun at our retail sites.

事實上，我們也有 2026 年以後的計劃，這對我們為產品找到良好的國內銷售管道非常有幫助。該計劃涉及在 2024 年至 2026 年期間對我們 20% 的網路進行升級或改造，我認為該計劃進展順利。正如里奇所提到的，他喜歡說我們正在建立這樣的網站，您可以帶著家人來這裡度過一天，並在我們的零售網站上享受數小時的樂趣。

There are larger sites with larger sea stars, quick serve restaurants, car washes, and all really designed to achieve top returns. In the first quarter we actually completed eight site enhancements and one new build.

這裡有更大的場地，有更大的海星、快餐店、洗車場，所有這些都是為了獲得最高回報而設計的。在第一季度，我們實際上完成了八項場地改進和一項新建工程。

We also rebranded 7, competitors Sitesana brand, and that's part of a program of 20 sites, which are actually, we completed 17, up until today, so seven in the first quarter, 17 today and the final three are actually opening today, so there'll be 20 new rebrands there.

我們還將 7 個競爭對手 Sitesana 品牌重新命名為品牌，這是 20 個站點計劃的一部分，實際上，到今天為止我們已經完成了 17 個站點，第一季度完成了 7 個，今天完成了 17 個，最後 3 個實際上是在今天開業，所以那裡將有 20 個新的品牌重新命名。

And you know we're enhancing our sites to drive to drive increased fuel sales and reduce our overall pumping costs and have resilient sites over time. We also mentioned previously our Canadian tire relationship that continues to go strong, and that's helped us over the past year increase our Petro Points membership by over 30%.

你知道，我們正在加強我們的網站，以推動燃料銷售的成長，降低我們的整體泵送成本，並隨著時間的推移擁有有彈性的網站。我們之前也提到過，我們與加拿大輪胎的關係持續強勁，這幫助我們在過去一年中將 Petro Points 會員人數增加了 30% 以上。

So that really material increases. We're starting to see that now in the volumes and play into the strong Canadian brand that we have that's been really helpful through the first quarter. We saw a 6% year on year increase in retail, 9% year on year increase in our Petra Pass truck stop business. So, we continue to grow on that business and it's delivering.

因此物質確實增加了。我們現在開始看到銷量的提高，並發揮我們強大的加拿大品牌的作用，這在第一季確實很有幫助。我們的零售額年增 6%，佩特拉山口卡車停車場業務年增 9%。因此，我們將繼續發展該業務並取得成果。

And David, I just can't build off of that one. I think it's important, Greg, to recognize all barrels aren't created equal. There is a clear Pareto Charter priority of the highest value barrels, the branded company owned retail in major markets, top of the food chain, and so on. And what I like Dave and Pat Richie's teams, understanding that it's not about volumes, it's about value.

大衛，我實在無法以此為基礎。格雷格，我認為認識到並非所有桶子都是一樣的很重要。帕累托憲章明確優先考慮價值最高的酒桶、主要市場的品牌公司自營零售、食物鏈頂端等等。我喜歡戴夫和帕特·里奇的團隊，因為他們明白重要的不是數量，而是價值。

But when you can couple volume with value, that's when you get the exponential effect, and that's what I see this team doing.

但是當你能將數量與價值結合時，你就會得到指數級的效果，這就是我看到這個團隊正在做的事情。

Okay, Rich, so kind of a part of the same question, I mean, back in Imperial you did that big transaction where you guys sold off the retail for a huge price at the time, not to put words in your mouth, but are you -- is this an asset that you're absolutely wed to or is it -- how do you think about the retail ultimately as a core part or not a core part of the business?

好的，Rich，這有點像是同一個問題的一部分，我的意思是，回到帝國百貨，你做了那筆大交易，當時你們以高價賣掉了零售業務，我不是在替你說話，但是你——這是一項你絕對堅持的資產嗎？或者——你如何看待零售最終作為業務的核心部分或不是核心部分？

The only thing I unconditionally love are my kids and my grandkids. Everybody else has to earn their seat at the table and I'm not making a statement about retail at all, but we look at all of our assets for their ongoing contribution and their value to us.

我唯一無條件愛的就是我的孩子和孫子。每個人都必須透過自己的努力才能獲得一席之地，我根本不想對零售業發表任何聲明，但我們會關注所有資產的持續貢獻及其對我們的價值。

And with right now with the value that's being created here, this is a very valuable part of our portfolio where we think there's continued growth in an uncertain world like we're in today, that full integration all the way through the value chain is another set of value opportunities for us. So I never say never, but right now that is a very valuable part of the company's operations.

就目前這裡所創造的價值而言，這是我們投資組合中非常有價值的一部分，我們認為在當今這個不確定的世界中，它將繼續增長，整個價值鏈的全面整合對我們來說是另一組價值機會。所以我從不說永遠，但現在這是公司營運中非常有價值的一部分。

Okay, thanks for that, and you feel it'll oblige me maybe just on a second one. So if I roll back the clock. This time last year you talked about $3.3 billion of incremental, free funds flow. You've accelerated it in terms of what you've been able to achieve, but I'm just curious from what I understand that that number was actually bigger, that there were headwinds that you kind of factored into the estimation of that number. And I'm just curious, what are you seeing in terms of are the headwinds as acute as you expected or what have you?

好的，謝謝你，你覺得這對我有幫助，也許只要再做一次。所以如果我把時鐘倒轉。去年這個時候，您談到了 33 億美元的增量自由資金流。就您所取得的成就而言，您已經加速了這一進程，但據我所知，我很好奇，這個數字實際上是否更大，您在估算這個數字時是否考慮到了一些阻力。我只是好奇，您認為逆風是否像您預期的那樣嚴重，或者您有什麼看法？

I think we're seeing examples where the, if you talk about inflation or things like this, that's part of it. But I also like the proactive things both Dave and Peter are doing that also affect those headwinds. As we, for example, and I'll use a simple example, as we deliver and take ownership of bigger haul trucks, we send home rental trucks that are smaller. Well, that also influences the market.

我認為我們看到的例子是，如果你談論通貨膨脹或類似的事情，那就是其中的一部分。但我也喜歡戴夫和彼得所採取的積極主動的措施，這些措施也能影響這些不利因素。舉個簡單的例子，當我們運送並擁有更大的運輸卡車時，我們會將較小的租賃卡車送回家。嗯，這也會影響市場。

And so I would say that the headwinds we're facing, and gentlemen don't let me put words in your mouth, are we're probably counteracting more of those headwinds than we would have anticipated a year ago. Fair. Yeah.

因此我想說，我們面臨的逆風，先生們，請不要讓我代你們說話，我們可能正在抵消比一年前預期的更多的逆風。公平的。是的。

I'd agree with that. It is all about driving efficiency and productivity and getting more out of the assets that we have and then what has been historically generated. So that is something. That is at the forefront of our minds and our daily drive each and every day.

我同意這一點。這一切都是為了提高效率和生產力，並從我們現有的資產和歷史創造的資產中獲得更多收益。所以這確實有點道理。這是我們每天最關心的問題和動力。

I'll come back to a point I made, just a few minutes ago, Greg though, we're approaching everything is we don't want to be a market taker but a market maker. And so whether that's for goods and services, whether that's how we participate in the refined product sales is historically you could look at things and well, this is up, this is down, what can we do?

我要回到幾分鐘前我提出的觀點，格雷格，我們處理一切的方式是，我們不想成為市場接受者，而是成為市場製造者。因此，無論是商品還是服務，也無論我們如何參與成品油銷售，從歷史上看，你都可以看看這些事情，嗯，這是上漲，這是下跌，我們能做什麼呢？

To alter that for a better outcome for Suncor. It's a mindset, it's a culture. It's just a -- it's a passion for making things the absolute best they can be. And I think this area in the headwinds is the same thing. We didn't, if there's a whatever that number was in our Investor Day, it was an offset and we're saying, okay, well, that's just like everything else. What can we do to reduce that impact and create more value?

改變這種狀況是為了為 Suncor 帶來更好的結果。這是一種心態，一種文化。這只是——這是一種讓事情變得盡可能完美的熱情。我認為這個處於逆風中的地區也存在著同樣的情況。我們沒有，如果投資者日有那個數字，那就是一個抵消，我們會說，好吧，這就像其他一切一樣。我們能做些什麼來減少這種影響並創造更多價值？

Got it thanks very much.

明白了，非常感謝。

Thank you. Manav Gupta with UBS.

謝謝。瑞銀的 Manav Gupta。

Good morning. I wanted to first focus on the refining side. 99% capture, one of the highest we have seen in North America. Help us understand a little more what's driving this high amount of capture versus relative to your peers and how you continuously on a per barrel basis remain one of the most profitable North American refiners?

早安.我想先關注煉油方面。捕獲率為 99%，是我們在北美見過的最高水準之一。請幫助我們進一步了解，與同行相比，是什麼推動瞭如此高的捕獲量，以及您如何持續保持每桶最賺錢的北美煉油商之一的地位？

Dave, how are we doing?

戴夫，我們做得怎麼樣？

How we're doing it. It's really, it really comes down to our integration and capturing value all the way through the value chain. Our Suncor integration helps us where we grow our branded channels, we're leveraging our trading capacity, we're optimizing our production and upstream and downstream assets, and as I mentioned, to in response to Greg's question, one of the big things that drove margin capture is improving our channel mix, and we saw that specifically in the first quarter, we saw retail volumes up 6%, we saw our truck stop business up 9%.

我們如何做。這實際上歸結於我們在整個價值鏈中的整合和價值獲取。我們與 Suncor 的整合有助於我們發展品牌管道，利用我們的交易能力，優化生產和上下游資產，正如我在回答 Greg 的問題時提到的，推動利潤獲取的一大因素是改善我們的渠道組合，我們在第一季度看到，零售量增長了 6%，卡車停車場業務增長了 9%。

And more importantly, even with increased throughput, record throughput at the refineries, we saw our exports down 25% in the quarter, and that's really what helped drive, that's a big factor in driving the margin of improvement. So we're capturing or the -- yeah, the margin capture and the improvement of that margin capture. So we're capturing the full value and we're trying to keep more and more of that domestically.

更重要的是，即使煉油廠的吞吐量增加了，創下了歷史新高，但本季我們的出口量卻下降了 25%，而這才是推動利潤率提高的真正原因，也是推動利潤率提高的一個重要因素。所以，我們正在捕獲或——是的，利潤捕獲以及利潤捕獲的改進。因此，我們正在獲取全部價值，並試圖在國內保留越來越多的價值。

And I'd say the other thing I'd add to it, David, I think that kind of the philosophy that over the last couple of years is our we have said to our refining teams, run your facilities to the full extent of their capacity. That drives down unit costs. It increases the throughput, and then the opportunity for your marketing teams is go out there and capture that improved volume mix.

我想補充的另一件事是，大衛，我認為過去幾年來我們一直向我們的煉油團隊傳達的理念是，要最大限度地發揮你們的設施的產能。這降低了單位成本。它增加了吞吐量，然後您的行銷團隊就有機會走出去並抓住改進的數量組合。

So as opposed to in the past, at times we've said, okay, well, here's what the demand is, so we might have, and we have. Actually adjusted refining throughput to meet an anticipated demand or our expectation of the markets. Last time I checked, I can never sell a barrel I don't produce or refine. So we've turned that around and said get after it and we'll find valuable homes, and I think our teams have risen to that opportunity.

因此，與過去不同，有時我們會說，好吧，這就是需求，所以我們可能會這樣做，而且我們也確實這樣做了。實際上調整了煉油產量以滿足預期的需求或我們對市場的預期。上次我檢查時發現，我永遠不能出售自己沒有生產或精煉過的桶子。因此，我們扭轉了這種局面，並表示要努力尋找，我們會找到有價值的房子，我認為我們的團隊已經抓住了這個機會。

Thank you. My second question is, you do have a big turnaround on upstream coming up. Help us understand the risk planning around it and how you will make sure that this turnaround completes on time and on budget? Thank you.

謝謝。我的第二個問題是，上游確實即將出現重大轉變。幫助我們了解圍繞它的風險規劃以及您將如何確保這一轉變按時按預算完成？謝謝。

It's a combination of a turnaround and then a project, a project on a coke drum replacement. So Shelly, let me ask you to comment on that because the real determinant of the success of this is the 91-day coke drum replacement project. Talk about the preparation, your teams and the risk management your teams have undertaken on that.

這是一次轉變和一個項目的結合，一個焦炭塔更換項目。所以 Shelly，請容許我請你對此作出評論，因為真正決定專案成功的因素是為期 91 天的焦炭塔更換專案。談談準備工作、你們的團隊以及你們的團隊為此採取的風險管理。

Yeah, for sure. So we're in a very good spot with this project. The team is in place and as you said, we are well into, the start of execution with that turnaround now underway. And in fact, this weekend we just completed, one of our first important lifts. So it's been very good to get back behind us. It sets the team up well for the remaining lift activities.

是的，當然。所以我們在這個項目上處於非常有利的位置。團隊已經到位，正如你所說，我們已經開始執行，目前正在進行轉變。事實上，這個週末我們剛剛完成了我們的第一次重要升降任務之一。所以回到我們身後感覺非常好。它為團隊完成剩餘的起重活動做好了準備。

And as you said, coming into the event, we did a lot of work focused on risk management, risk mitigation, and we were really well prepared. We have all of the pre-work done, and that included actually doing some early planning and preparatory lifts, so we practiced some of this stuff ahead of time to make sure that we had the equipment in the right spot, we had the people trained and ready to go and everybody knew what their role was going to be.

正如您所說，在此次活動之前，我們做了很多工作，重點是風險管理和風險緩解，我們準備得非常充分。我們已經完成了所有的前期工作，包括實際進行的一些早期規劃和準備工作，所以我們提前練習了一些內容，以確保我們的設備放置在正確的位置，我們的人員經過培訓並準備就緒，每個人都知道他們的角色是什麼。

So, we're very confident with the team that we have in place. A lot of these folks have actually done some of this type of work before, not necessarily at our site, but certainly the crane operator, they go around the world lifting coat drums into place. So this is just a different site for them to do that work.

因此，我們對現有的團隊非常有信心。這些人中很多人以前實際上都做過這類工作，不一定是在我們的現場，但肯定是起重機操作員，他們到世界各地將外套桶吊到位。所以這只是他們進行這項工作的另一個網站。

And we were up there as a leadership team what six weeks ago, six, seven weeks ago or something, and I was going to say we crawled all over that steel, but we crawled over a lot of concrete as well. And so it's a mix, it's a project, but it's extremely integrated with the operations and I would say Shelly's your team coupled with Peter's team, that is the best collaboration between technical operations and projects that I've probably witnessed in my career and that's what it'll take for this to be a huge success. We have to be seamless in our execution and our handoffs in the -- we won't declare victory until we're done, but we feel quite good about our level of preparation and planning.

大約六週前、六週前、七週前，我們作為領導團隊在那裡，我想說我們爬遍了所有鋼鐵，但我們也爬遍了很多混凝土。所以它是一個混合體，它是一個項目，但它與運營高度集成，我想說 Shelly 的團隊加上 Peter 的團隊，這是我職業生涯中可能見過的技術運營和項目之間最好的合作，這也是它取得巨大成功所需要的。我們的執行和交接必須無縫銜接——我們不會宣布勝利，直到我們完成為止，但我們對我們的準備和規劃水平感到相當滿意。

Thank you so much for the detailed response and congrats on another strong quarter. Every quarter you seem to be setting new positive records. Congratulations.

非常感謝您的詳細回复，並祝賀您又一個強勁的季度。每個季度你們似乎都在創下新的正面紀錄。恭喜。

Thank you, dial in next quarter.

謝謝，下季再撥。

Thank you. One moment for our next question. Neil Meta with Goldman Sachs.

謝謝。請稍等片刻，回答我們的下一個問題。高盛的 Neil Meta。

Yeah, good morning, Rich and team. Just want to start off with in a choppier macro, capital flexibility has been a hallmark of the businesses that you've run over the years. And so, as we think about that 61 to 63 capital, how are you thinking about that and how do you drive and maximize capital efficiency to ensure that there's headroom to continue to return capital to shareholders.

是的，早上好，Rich 和團隊。首先要說的是，在宏觀經濟波動較大的情況下，資本彈性一直是您多年來經營的企業的標誌。因此，當我們考慮 61 到 63 資本時，您是如何考慮的，以及如何推動和最大化資本效率，以確保有空間繼續向股東返還資本。

Yeah, thanks, Neil. If I could, if I, maybe let me step back just a little bit further than that. If you go back to May of last year, we outlined what our strategy, how do we win with the asset base we have, and we talked about industry leading performance and operational integrity, reliability. We highlighted it, in fact, it was on page 4, if I remember correctly, of the deck that that driving to a coff. Structure that gave us financial resilience in a less than a $45 WTI business environment. I think I heard someone recently in a call reference their tagline that they're built for this.

是的，謝謝，尼爾。如果可以的話，如果我，也許讓我再退後一點。如果回顧去年五月，我們概述了我們的策略，我們如何利用現有的資產基礎取勝，並且我們討論了行業領先的性能和營運完整性、可靠性。我們重點強調了這一點，事實上，如果我沒記錯的話，它在第 4 頁，即通往咖啡店的甲板上。這種結構使我們在低於 45 美元的 WTI 商業環境中具有財務韌性。我想我最近在電話中聽到有人提到他們的標語，說他們就是為此而建造的。

Well, Suncor's version, we are rebuilt for this. We are rebuilt for this business environment and what it allows us to do is execute our plans without hitting the gas or jamming on the brakes and doing what we know is in the best long-term interest of the business. And I think that's important. We go through commodity swings in this business, whether that's the early 90s, the early 2000s or the late 90s, early 2000s, 2014, 2020. If you've been in this business long enough, you, you've seen this movie. It's not new.

嗯，Suncor 的版本，我們為此進行了重建。我們為這種商業環境而重建，它使我們能夠執行我們的計劃，而不用踩油門或踩剎車，做我們知道最符合企業長期利益的事情。我認為這很重要。我們在這個行業中經歷了商品波動，無論是 90 年代初、21 世紀初，還是 90 年代末、21 世紀初、2014 年、2020 年。如果您從事這個行業的時間足夠長，那麼您就看過這部電影。這並不是什麼新鮮事。

But I'll take your question more explicitly. You do get more judicious on your economic spend. Does it, you establish a high hurdle for the economic payout?

但我會更明確地回答你的問題。你確實會更明智地選擇經濟支出。您是否為經濟賠償設立了較高的門檻？

Do we need to spend it today or can we let the dust settle and see where we are six months or a year from now? Those are the prudent things we're doing and looking at. And as we drive down our sustaining capital to improved turnaround performance and just work risk-based work selection, our overall capital decompresses. We're also at a stage where a lot of our economic capital is wrapping up and so we have the ability to say kind of what's next and at what pace. I talked about the CBR project, Shelly just commented on the U1C dip.

我們是否需要今天就花掉它，還是可以讓塵埃落定，看看六個月或一年後我們會在哪裡？這些都是我們正在做和考慮的謹慎的事情。當我們降低維持資本以改善週轉績效並僅進行基於風險的工作選擇時，我們的整體資本就會減少。我們也正處於大量經濟資本即將耗盡的階段，因此我們有能力預知下一步該做什麼以及以什麼樣的速度進行。我談到了 CBR 項目，Shelly 剛剛評論了 U1C 的下降。

So as those tail off, we will determine what economic capital replaces those? Does it replace it now? Does it replace it later in the map. And I like that flexibility, but it all starts with a rock-solid balance sheet, a low and very competitive WTI break even, and today's Suncor is rebuilt for this business environment.

那麼，隨著這些資本的減少，我們將確定用什麼經濟資本來取代它們？現在它能取代它嗎？它是否會在地圖的後面取代它？我喜歡這種靈活性，但一切都始於穩固的資產負債表、低且極具競爭力的 WTI 盈虧平衡點，而今天的 Suncor 正是針對這種商業環境而重建的。

No. No, that's fairly clear and it might be too early to comment on this, Rich, especially given the macro, but as we start to bridge to 26, which is coming rapidly in front of us here, how should we think about the moving pieces around capital, and, is it fair to say there's a downward bias relative to this year?

不。不，這相當清楚，現在評論這個可能還為時過早，Rich，特別是考慮到宏觀因素，但是當我們開始跨入 26 歲時，這個數字正在迅速出現在我們面前，我們應該如何看待資本周圍的變動，而且，可以說與今年相比存在下行趨勢嗎？

I think it, again, if you go back to the investor deck of a year ago, we showed that 24, 25, 26, we showed that coming down and a part of that is improvement in the overall level of sustaining spend as we just make better, wiser decisions there and then of course the rest of it. Is the economic and we'll -- I think the specific number I think for 26 that we showed was 5.7.

我認為，如果你回顧一年前的投資者情況，我們展示了 24、25、26，我們展示了下降，其中一部分是維持支出總體水平的提高，因為我們在那裡做出了更好、更明智的決定，當然還有其餘部分。是經濟問題，我們會——我認為我們顯示的 26 的具體數字是 5.7。

So it does show coming down year on year on year, and I think that's exactly what we'll be, driving to and if the business environment warrants that further, that's exactly what we will, that's exactly what we'll evaluate as we go through our business planning process, this year.

因此，它確實顯示出逐年下降的趨勢，我認為這正是我們要努力的方向，如果商業環境進一步證明這一點，那也正是我們在今年進行業務規劃過程中要評估的方向。

Okay. All right.

好的。好的。

That's really helpful. Thanks, Rich.

這真的很有幫助。謝謝，里奇。

Thank you. And that will come from the line of Menno Hulshof with TD Securities.

謝謝。這項任命將由道明證券 (TD Securities) 的 Menno Hulshof 擔任。

Good morning, everyone. I, I'll start with a bigger question on the political landscape, and I think it's probably too early to comment, but has there been any response from the feds on the group industry letter that was issued in recent weeks? And I guess, the more specific part of the question is, have you been given any loose guidance on pathways or the oil and gas emissions cap? It feels to me like it's all generally a part of the same conversation, but any thoughts there would be helpful.

大家早安。我，我將從一個關於政治格局的更大問題開始，我認為現在發表評論可能還為時過早，但聯邦政府對最近幾週發布的團體產業信函有任何回應嗎？我想，問題更具體的部分是，您是否收到過任何有關路徑或石油和天然氣排放上限的寬鬆指引？我覺得這通常都是同一次對話的一部分，但任何想法都會有所幫助。

Yeah, I think you described it well, it's pretty early in it, but if I go back to the two letters that industry signed, the first one was seven or eight weeks ago now before the election where 14 CEOs signed a letter to all of the political leaders on when we looked at the ambitions of the of the leadership for economic growth and prosperity for Canadians, that was our call to action that energy can and should in fact must be a part of that and we said, for that to occur we're ready, willing and able to do that, but we need these conditions.

是的，我認為你描述的很好，現在還處於早期階段，但如果我回顧一下業界簽署的兩封信，第一封是在七八週前，也就是選舉之前，14位執行長簽署了一封給所有政治領導人的信，當我們審視領導層對加拿大經濟成長和繁榮的雄心壯志時，這是我們的行動號召，即能源可以而且實際上必須成為其中的一部分，我們說，為了實現這一目標，我們已經準備好、願意並且能夠做到這一點，但我們需要這些條件。

And so the more recent letter, which it was those original 14, and we had another long list, I think the final count was 38 energy CEOs signed on to that letter where we reiterated those conditions that we need. Need to be a part of the ambition of the economic health and prosperity of Canadians, and it's a bit early. I won't get into, there are conversations going on. I won't get into what, he said or she said, but I think that the alignment within the industry, the importance of the industry to the economic health and well-being of the country, I think that is understood.

因此，最近的信函，也就是最初的 14 封，還有另一份長長的名單，我認為最終有 38 位能源執行長簽署了這封信，我們在信中重申了我們需要的條件。需要成為加拿大人經濟健康和繁榮雄心的一部分，現在還為時過早。我不想深入討論，因為對話還在繼續。我不會談論他說了什麼或她說了什麼，但我認為行業內部的協調，行業對國家經濟健康和福祉的重要性，我認為這是可以理解的。

And I hope our call to action, which has a sense of urgency to it. I hope we see the political powers that be the will to enable that investment environment to allow this industry to perform to its full potential. And when we do that, Canadians nationwide will benefit. And Suncor looks forward to being a part of that.

我希望我們的行動呼籲具有緊迫感。我希望我們看到政治力量願意創造這樣的投資環境，讓這個產業充分發揮其潛力。當我們這樣做時，全國的加拿大人都會受益。森科爾期待成為其中的一部分。

Thanks for that, Rich. And then my second question is on fire bag, which continues to perform exceptionally well. Is there anything you would want to flag in terms of recent changes to surface or sub-surface best practices or is it more a function of improved execution on existing standards and protocols?

謝謝你，Rich。我的第二個問題是關於防火包，它的表現一直非常出色。您是否想指出最近在地面或地下最佳實踐方面發生的變化，或者這更多的是現有標準和協議執行情況改進的功能？

Fire Bag is one of the few big assets that I have not, went to yet year-to-date primarily because I want to stay out of their way. That team is focused like a laser on incremental value, but what I will tell you is, several of us here in the leadership team, we've had what, five now? I think it's five sessions with our technical experts, geophysicists, engineers, geologists with logs, maps. Cores looking at how can we continue to extract and develop the full potential of this asset we're looking at completion technologies we're looking at the non-condensable natural gas utilization, further infill drilling.

Fire Bag 是我今年迄今尚未使用的少數大型資產之一，主要是因為我不想妨礙他們。團隊像雷射一樣專注於增量價值，但我想告訴你的是，我們領導團隊中的幾個人，現在已經有五個了？我認為這是我們與技術專家、地球物理學家、工程師、地質學家以及日誌和地圖進行的五場會議。核心問題是研究如何繼續提取和開發這項資產的全部潛力，我們正在研究完井技術，我們正在研究非凝結性天然氣的利用，進一步的加密鑽井。

So the folks around the table with me, we've rolled up our sleeves to engage with the folks that see the opportunities and. Every time I'm in one of those sessions, I walk away with a higher ambition, a higher expectation of what that asset can do, not only in the short term, but the long term. I've referred to it as everything as from a rock star to a gift that keeps on giving. I got to come up with some new phrases for it because that is a winning asset and that team understands.

因此，和我一起坐在桌旁的朋友們，我們已經捲起袖子，準備與那些看到機會的人們接觸。每次參加這些會議時，我都會帶著更高的抱負、更高的期望離開，對該資產的作用不僅在短期內，而且在長期內。我把它描述成各種事物，從搖滾明星到不斷給予的禮物。我必須想出一些新的短語來表達這一點，因為這是獲勝的資產，而且球隊也理解這一點。

We're prioritizing the work, the allocation of capital to achieve it, and I think you can get used to call, calls to come. We're going to continue to talk about progress at Fire Bag because it is just an incredible, it is a pace setting asset that I, as I've said before, you give me a choice of any single in situ asset in the province, my number one draft picks fire back.

我們正在優先考慮這項工作，並分配資金來實現它，我想你可以習慣打電話，打電話來。我們將繼續討論 Fire Bag 的進展，因為它是一項令人難以置信的、引領潮流的資產，正如我之前所說的那樣，你讓我選擇該省的任何一項單一的現場資產，我的頭號選秀權就會反擊。

Just a point of clarification, are you applying in ECG already or is that future upside?

只是需要澄清一點，您已經申請 ECG 了嗎，還是說這有未來的好處？

Small amounts, but we see when we look at this is a great example of today's Suncor. When we look over our fence line and look at what others are doing and try to capture and accelerate their learnings, we see an opportunity for us to further expand that, redistribute steam, lower our steam oil ratio, and develop incremental barrels. So yes, we've been applying it, but our future will be applying it at a larger scale.

雖然數量不多，但當我們觀察時就會發現，這是當今 Suncor 的一個很好的例子。當我們審視自己的界限，觀察其他人在做什麼，並試圖捕捉和加速他們的學習時，我們看到了進一步擴大規模、重新分配蒸汽、降低蒸汽油比和開發增量桶的機會。是的，我們一直在應用它，但我們未來將會更大規模地應用它。

Perfect. Thanks, Rich. I'll turn it back.

完美的。謝謝，里奇。我會把它轉回去。

Thank you. I'm showing no further questions at this time. I would now like to turn the conference back to Mr. Troy Little for closing remarks.

謝謝。我目前沒有其他問題。現在我想請特洛伊·利特爾先生致閉幕詞。

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

感謝大家今天上午參加我們的電話會議。如果您有任何後續問題，請隨時聯絡我們的團隊。接線員，您可以結束通話了。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。