Suncor Energy Inc (SU) 2025 Q2 法說會逐字稿

Good day and thank you for stranding by. Welcome to the Suncor Energy second-quarter 2025 financial results call (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的光臨。歡迎參加 Suncor Energy 2025 年第二季財務業績電話會議（操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand over the conference to your speaker, Suncor Energy's Senior Vice President of External Affairs, Mr. Troy Little.

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 second 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 second quarter earnings release as well as in our current annual information form, both of which are available on SEDAR, EDGAR and our website, suncor.com.

謝謝接線員，早安。歡迎參加 Suncor Energy 第二季財報電話會議。請注意，今天的評論包含前瞻性資訊。由於我們第二季財報和目前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 second 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，請參閱我們的第二季財報。

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; and Dave Oldreive, Executive Vice President, Downstream. Following the formal remarks, we'll open the call up to questions.

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 和下游業務執行副總裁 Dave Oldreive。正式發言之後，我們將開始回答問題。

Now I'll hand it over to Rich to share his comments.

現在我將把時間交給 Rich 來分享他的評論。

Thanks, Troy. Our second quarter was about completing major maintenance and project activities and positioning for a strong second half. We successfully accomplished both. I'll highlight operational performance, Kris will cover financial. Let me first start with personnel and process safety.

謝謝，特洛伊。我們第二季的主要任務是完成主要的維護和專案活動，為下半年的強勁表現做好準備。我們成功地完成了這兩項任務。我將重點介紹營運績效，Kris 將介紹財務績效。我先從人員和流程安全開始。

Following our two safest years ever in 2023 and 2024, I'm pleased to report the first half of 2025 and has been even safer in all categories across the board, a credit to our employees and our contractors.

在 2023 年和 2024 年經歷了有史以來最安全的兩年之後，我很高興地報告 2025 年上半年，各個類別的安全性都得到了全面提升，這要歸功於我們的員工和承包商。

Upstream production, our highest second quarter and our highest first half in company history. First half at 831,000 barrels a day beat our previous best set last year by 28,000 barrels a day. For those keeping score, our past four quarters have all set quarterly records. First half upgrader utilization, 94% despite major base plant turnaround activity.

上游產量，這是我們公司歷史上第二季和上半年最高的產量。上半年日產量為 831,000 桶，比去年創下的最高紀錄高出 28,000 桶。對於那些保持記錄的人來說，我們過去的四個季度都創下了季度記錄。儘管主要基地工廠進行了周轉，但上半年升級裝置的利用率仍達到 94%。

Over two years, the first half of '25 versus the first half of '23, we've achieved a production increase of 89,000 barrels a day. This increase alone would rank us Canada's tenth largest oil producer. Refining throughput, again, highest second quarter and highest first half in company history. First half at 462,000 barrels a day beat our previous best also set last year by 20,000 barrels a day.

兩年來，2025 年上半年與 2023 年上半年相比，我們的日產量增加了 89,000 桶。僅此一項增長就將使我們成為加拿大第十大石油生產國。煉油產量再次創下公司史上第二季和上半年的最高紀錄。上半年日產量為 462,000 桶，比我們去年創下的最高紀錄高出 20,000 桶。

Like the upstream, our past four quarters have all set quarterly throughput records. First half refining utilization, 99% here again, despite major turnaround activity. Over two years, the first half of '25 versus the first half of '23, we've achieved a throughput increase of 81,000 barrels a day. This increase alone would rank us essentially Canada's tenth largest refining .

與上游一樣，我們過去四個季度都創下了季度吞吐量記錄。儘管進行了大規模的檢修活動，但上半年煉油利用率仍達 99%。兩年來，2025 年上半年與 2023 年上半年相比，我們的日產量增加了 81,000 桶。光是這成長就足以讓我們成為加拿大第十大煉油廠。

Product sales, same story, highest second quarter and highest first half in company history. First half at 603,000 barrels a day beat our previous best once again set last year by 15,000 barrels a day. Like refining and upstream, our past four quarters have all set quarterly sales records.

產品銷售額也是如此，第二季和上半年均創下公司歷史新高。上半年的產量為每天 603,000 桶，比去年創下的最高紀錄高出每天 15,000 桶。與煉油和上游業務一樣，我們過去四個季度都創下了季度銷售記錄。

We've had 13 months in our history with sales greater than 600,000 barrels a day, 9 of the 13 have been in the past 12 months. Over two years, first half of '25 versus first half of '23, achieved a product sales increase of 72,000 barrels a day. This increase alone equivalent to 5% of Canada's entire refined product sales.

在我們的歷史上，有 13 個月的每日銷售量超過 60 萬桶，其中 9 個月發生在過去 12 個月內。兩年來，25 年上半年與 23 年上半年相比，產品銷售量增加了 72,000 桶/天。僅此一項增幅就相當於加拿大整個成品油銷售量的5%。

Operating costs. First half OS&G, $6.46 billion, down $135 million versus the first half of '24 despite higher production, higher refining throughput and higher product sales.

營運成本。儘管產量、煉油吞吐量和產品銷售均有所提高，但上半年 OS&G 收入為 64.6 億美元，比 2024 年上半年下降了 1.35 億美元。

over two years, the first half of '25 versus the first half of '23, OS&G is down $765 million despite 89,000 barrels a day higher production, 81,000 barrels a day higher refining throughput and 72,000 barrels a day higher product sales. The message we continue to achieve higher performance, significantly higher volumes significantly lower cost, setting records raising the bar quarter-on-quarter, year-on-year, operating leverage creating value.

兩年來，2025 年上半年與 2023 年上半年相比，儘管 OS&G 的日產量增加了 89,000 桶，煉油量增加了 81,000 桶，產品銷量增加了 72,000 桶，但 OS&G 仍虧損 7.65 億美元。我們的訊息是，我們將繼續實現更高的績效，顯著提高產量，顯著降低成本，創下季度環比、年度環比提高的記錄，並透過經營槓桿創造價值。

Through our people, their expertise, commitment and determination focused on what we can control embracing a culture that every barrel and every dollar matters.

透過我們的員工，他們的專業知識、承諾和決心專注於我們能夠控制的事情，擁抱每一桶石油和每一美元都很重要的企業文化。

Let me move to turnarounds. Historically greater than 20% of our capital, $1.25 billion per year that has been spent on turnarounds. For two years, we've been focused on improving cost and schedule performance via benchmarking, risk-based work selection, work planning and execution. In May of last year, at our Investor Day, we committed to reduce turnaround costs by $250 million per year over three years.

讓我來談談轉變。歷史上，我們每年有超過 20% 的資本（12.5 億美元）用於轉虧為盈。兩年來，我們一直致力於透過基準測試、基於風險的工作選擇、工作規劃和執行來提高成本和進度績效。去年 5 月，在我們的投資者日上，我們承諾在三年內每年減少 2.5 億美元的周轉成本。

With that backdrop, I'll highlight second quarter performance. Edmonton refinery, large work scope, including major crude unit, previous turnaround of the same unit was 44 days. Our 2025 plan was 41 days. We completed it in 36, improving from the fourth quartile in North America to the second quartile.

在此背景下，我將重點放在第二季的表現。埃德蒙頓煉油廠，工作範圍大，包括主要原油裝置，同一裝置之前的周轉時間為 44 天。我們的 2025 年計畫是 41 天。我們花了36年的時間完成了它，從北美的第四四分位數提高到了第二四分位數。

Previous cost, $159 million. This year, $142 million, $17 million or 11% lower, complements to Gavin Knight in the Edmonton team. Sarnia refinery, also several units, including major crude, previous turnaround of the same scope, 44 days. Our 2025 plan was 40 days. We completed it in 28 improving from fourth quartile to first quartile.

之前的成本為 1.59 億美元。今年，1.42 億美元，下降 1700 萬美元或 11%，補充埃德蒙頓隊的加文奈特 (Gavin Knight)。薩尼亞煉油廠也有幾個裝置，包括主要原油裝置，之前的周轉時間與此相同，為 44 天。我們的2025年計畫是40天。我們在 28 天內完成了從第四四分位數到第一四分位數的改進。

Previous cost, $108 million this year, $94 million, $14 million or 13% lower credit to Lesli De Carolis and the Sarnia team. Base Plant upgrader 1, initial estimate was synced with the coke drum replacement project at greater than 100 days. Our 2025 plan required the turnaround completion in less than 91, we completed it in 67. Planned cost $259 million. We completed it for $231 million, $28 million or 11% lower, improving from fourth quartile performance to second, well done to Bruce Durnford and the Base Plant team.

之前的成本為 1.08 億美元，今年為 9,400 萬美元，Lesli De Carolis 和薩尼亞團隊的功勞減少了 1,400 萬美元，降幅達 13%。基礎工廠升級1，初步估計與焦炭塔更換工程同步超過100天。我們的 2025 年計畫要求在不到 91 個工作天內完成扭虧為盈，但我們只花了 67 個工作天就完成了。計劃成本2.59億美元。我們以 2.31 億美元完成了這項工作，降低了 2800 萬美元或 11%，從第四四分位數的績效提升到第二四分位數，向 Bruce Durnford 和 Base Plant 團隊表示祝賀。

2025's turnaround schedule is split between the second and third quarters, with third quarter events, including Firebag plant 92, Montreal refinery, Edmonton refinery and Syncrude 8-1 coker. Overall, we project 2025 performance to be approaching industry second quartile with second quartile in North America, representing best-in-class in Canada.

2025 年的檢修計畫分為第二季和第三季度，第三季的活動包括 Firebag 92 號工廠、蒙特婁煉油廠、埃德蒙頓煉油廠和 Syncrude 8-1 焦化廠。總體而言，我們預測 2025 年的表現將接近行業第二四分位數，即北美第二四分位數，代表加拿大一流水準。

Bottom line, we are exceeding our improvement targets, initially focused on duration and cost, now interval extensions. In fact, our 2026 business plan, which is under development, includes interval extensions on future base plant and Syncrude cokers, Edmonton and Sarnia refineries and all Firebag plant turnarounds.

總而言之，我們超越了我們的改進目標，最初專注於持續時間和成本，現在專注於間隔延長。事實上，我們正​​在製定的 2026 年商業計劃包括對未來基礎工廠和 Syncrude 焦化廠、埃德蒙頓和薩尼亞煉油廠以及所有 Firebag 工廠的檢修進行間隔延長。

Therefore, based on our improvement and our confidence, we are raising our annual turnaround capital reduction target by $100 million from $250 million per year to $350 million per year. This does not include the added benefit of higher uptimes and associated volumes.

因此，基於我們的進步和信心，我們將年度扭虧為盈資本削減目標提高 1 億美元，從每年 2.5 億美元提高到每年 3.5 億美元。這還不包括更長的正常運作時間和相關容量帶來的額外好處。

I want to talk about two capital projects completed in the second quarter. Base plant U1 coke drum replacement, the most extensive coke drum replacement project in industry history, eight 100-foot tall 26-foot diameter drums weighing nearly 300 tonnes each. New drums, foundations, [cutting decks], ancillary systems, 40 heavy lifts with one of the world's largest cranes, the heaviest equivalent to 620 forward F-150 pickup trucks.

我想談談第二季完成的兩個資本項目。基地工廠 U1 焦炭塔更換是該行業歷史上最大規模的焦炭塔更換項目，八個焦炭塔高 100 英尺，直徑 26 英尺，每個重近 300 噸。新的滾筒、地基、[切割平台]、輔助系統，使用世界上最大的起重機之一進行 40 次重型起重，最重的相當於 620 輛前進式 F-150 皮卡車。

We funded it at $1.2 billion, initially scoped at more than 100 days. We committed to 91 in guidance reviewed by third-party experts for validity. Well, Ryan Jackson and his team completed it in an astounding 67 days, a 24 day improvement versus guidance. $165 million or 14% below funding, the project was literally executed flawlessly.

我們為其提供了 12 億美元的資金，最初預計期限為 100 多天。我們承諾提供 91 條經第三方專家審查有效性的指導。好吧，Ryan Jackson 和他的團隊在令人震驚的 67 天內完成了這個項目，比指導時間提前了 24 天。該專案的資金比預期少了 1.65 億美元或 14%，但執行得確實完美無缺。

Every detail was mapped out, every scenario was contemplated. We built full-scale models to practice the most critical steps. Bottom line, we systematically derisked the entire event. World-class performance by any standard.

每個細節都經過規劃，每個場景都經過深思熟慮。我們建造了全尺寸模型來實踐最關鍵的步驟。總而言之，我們系統性地降低了整個事件的風險。無論以何種標準衡量，這都是世界級的表現。

Now decades of benefits, modernized design, upgraded metallurgy, automated controls, enhanced safety systems, lower maintenance costs and higher reliability. I would urge you to check out our website for a three-minute video on the project.

如今已有數十年的優勢，包括現代化的設計、升級的冶金技術、自動化的控制、增強的安全系統、更低的維護成本和更高的可靠性。我建議您訪問我們的網站，觀看有關該項目的三分鐘影片。

Second project, Syncrude, Mildred Lake West mine extension, $1.5 billion gross project to develop 730 million barrels of bitumen replacing the North mine. Project involved a new mine, haul roads, transport Bridge, power lines and pipeline. The oil sands lease is literally the size of Manhattan. We developed it without a new tailings pond or processing plant. We achieved first ore in April, six months ahead of schedule at a cost $100 million below funding. Kudos to Niaz Ahmed and Adrian Larkin and their teams.

第二個項目是 Syncrude，米爾德雷德湖西礦擴建項目，總投資 15 億美元，將開發 7.3 億桶瀝青，取代北礦。項目涉及新礦山、運輸道路、運輸橋樑、電力線和管道。油砂租賃面積實際上與曼哈頓相當。我們在沒有新建尾礦池或加工廠的情況下開發了它。我們在四月開採出第一批礦石，比計劃提前了六個月，成本比融資少了 1 億美元。向 Niaz Ahmed、Adrian Larkin 和他們的團隊致敬。

Our 2025 project and turnaround performances illustrate that today's Suncor delivers, beating ambitious benchmark-based performance improvement targets. Guidance. Last December, we issued a 2025 capital guidance range of $61 million to $63 billion. Since then, we have accelerated turnaround improvements, executed major capital projects under budget and performed better across a wide range of base business activities with an intense organization-wide focus on capital and capital efficiency.

我們的 2025 年專案和扭虧為盈表現表明，今天的 Suncor 已經超越了雄心勃勃的基於基準的績效改進目標。指導。去年 12 月，我們發布了 2025 年資本指引範圍，為 6,100 萬美元至 630 億美元。自那時起，我們加快了扭虧為盈的改進，在預算內實施了重大資本項目，並在廣泛的基礎業務活動中表現更佳，整個組織高度關注資本和資本效率。

As a result, today, we issued a revised lower 2025 capital range of $5.7 billion to $5.9 billion, a midpoint reduction of $400 million. Incremental free funds will go to buybacks. And although it's too early in the year to update volumes, year-to-date performance points to the high end of all guidance ranges.

因此，今天我們發布了修訂後的 2025 年資本下限，為 57 億美元至 59 億美元，中點減少了 4 億美元。增量自由資金將用於回購。儘管現在更新銷量還為時過早，但年初至今的表現已達到所有指導範圍的高端。

Institutionalizing operational excellence. 15 months ago on our first quarter 2024 earnings call, I described Suncor's long-standing system to manage risk, reliability and overall operational performance, a system that provided sites with operational requirements or expectations but a system that left it up to each site to determine how to meet the expectations.

制度化卓越營運。 15 個月前，在我們 2024 年第一季財報電話會議上，我描述了 Suncor 長期以來管理風險、可靠性和整體營運績效的系統，該系統為網站提供了營運要求或期望，但由每個站點自行決定如何滿足期望。

I shared with you that we judged that system to be too complex and insufficient in meeting all our high-performance standards of today. As a result, we designed an entirely new system to achieve operational excellence based on work processes, processes such as managing reliability and managing maintenance, 21 standards detailing how to achieve operational excellence based on industry best practice was developed by subject matter experts and frontline employees for more than a year.

我告訴你們，我們認為這個系統過於複雜，不足以滿足我們今天的所有高性能標準。因此，我們設計了一個全新的系統，以實現基於工作流程的卓越運營，例如管理可靠性和管理維護等流程，由主題專家和一線員工歷時一年多的時間開發了 21 項標準，詳細說明瞭如何基於行業最佳實踐實現卓越運營。

Our objective to ensure clarity, consistency and quality in how we operate. Conversion from the old system to our new system started in earnest in late 2024. I'm pleased to report we achieved our ambitious time line with all sites now fully converted to our new system. The new system is literally a game changer, institutionalizing operational excellence, reducing site-by-site variation and elevating overall performance.

我們的目標是確保營運方式的清晰度、一致性和品質。從舊系統到新系統的轉換將於 2024 年底正式開始。我很高興地報告，我們實現了我們雄心勃勃的時間表，所有站點現已完全轉換到我們的新系統。新系統確實改變了遊戲規則，使卓越營運制度化，減少了站點間的差異並提高了整體效能。

I personally reviewed page by page all 21 work processes and practices. And based on my 40 years of experience, I can attest it's best-in-class. Special call out to Sylvie Tran and her team who led this work and to our site leaders for embracing the change.

我親自逐頁審查了全部 21 個工作流程和實務。根據我 40 年的經驗，我可以證明它是同類產品中最好的。特別感謝領導這項工作的 Sylvie Tran 和她的團隊以及接受這項變革的現場領導。

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

說完這些，我就把麥克風交給克里斯。

Great. Thanks, Rich, and good morning, everyone. While it definitely was a stellar turnaround quarter and a showcase of operational excellence. Now before I review the quarter results, I do want to highlight our exceptional shareholder returns in Q2. We delivered during a major turnaround quarter and ongoing commodity price volatility.

偉大的。謝謝，Rich，大家早安。但這確實是一個出色的扭虧季度，也是卓越營運的展現。現在，在回顧季度業績之前，我想強調一下我們第二季度出色的股東回報。我們在一個重大轉折季度和持續的商品價格波動中實現了交付。

In Q2, we again returned nearly $1.5 billion to shareholders, including $697 million in dividends and $750 million in share buybacks. Year-to-date, our buybacks are nearly double those of our nearest oil sands competitor. We have repurchased 2.3% of our equity flow so far this year or nearly 1.2% per quarter, supporting future dividend and free funds flow per share growth.

在第二季度，我們再次向股東返還了近 15 億美元，其中包括 6.97 億美元的股息和 7.5 億美元的股票回購。今年迄今為止，我們的回購量幾乎是我們最接近的油砂競爭對手的兩倍。今年迄今為止，我們已經回購了 2.3% 的股票流量，即每季近 1.2%，以支持未來股息和每股自由資金流的成長。

Since the beginning of 2023, we've returned $13.6 billion to our shareholders via share buybacks and dividends, representing 22% of our average market cap through that period. Our integrated business model coupled with focused operational performance, delivers high-quality cash flows that are reliable across the commodity cycle, which we are deploying to ensure strong returns for our shareholders.

自 2023 年初以來，我們已透過股票回購和股利向股東返還了 136 億美元，佔該期間平均市值的 22%。我們的綜合業務模式加上專注的營運績效，提供了在整個商品週期內可靠的高品質現金流，我們正在利用這些現金流確保為股東帶來豐厚的回報。

Now turning to the second quarter overall performance. It was a quarter marked by continued volatility in crude oil prices. WTI range from the high 50s to the mid-70s in Q2, and all within a very short window, averaging USD63.70 per barrel for the quarter, a drop of almost $8 a barrel from Q1.

現在來談談第二季的整體表現。本季原油價格持續波動。第二季度，WTI 價格在很短的時間內從 50 多美元上漲至 70 多美元，本季平均價格為每桶 63.70 美元，較第一季下跌近 8 美元。

Also the light-heavy differential titan to $2.45 a barrel versus Q1, averaging USD10.20 per barrel discount relative to WTI, while synthetic crude improved by over $3 a barrel to a $1 per barrel premium versus [TI].

輕質原油和重質原油的差價也較第一季上漲至每桶 2.45 美元，平均較 WTI 低 10.20 美元/桶，而合成原油則上漲了每桶 3 美元以上，較 WTI 溢價 1 美元/桶。[TI]。

211 cracking margins improved in the quarter, driven by improving gasoline cracks and very strong distillate cracks and our 5221 refining index grew to USD27.85 a barrel. Meanwhile, the Canadian dollar strengthened with the CAD to USD exchange rate moving from $0.70 to $0.72.

受汽油裂解改善和餾分油裂解非常強勁的推動，本季 211 裂解利潤率有所提高，我們的 5221 煉油指數增長至每桶 27.85 美元。同時，加幣走強，加幣兌美元匯率從 0.70 美元升至 0.72 美元。

Even with this headline crude price volatility, our integration across the value chain allows us to offset those headwinds, delivering reliable and high-quality cash flows. An example, based on our publicly shared sensitivities, an $8 drop in WTI and a 2-point strengthening of the Canadian dollar would have about a $0.5 billion impact on quarterly AFFO all else being equal.

即使原油價格波動較大，我們在整個價值鏈中的整合也使我們能夠抵消這些不利因素，提供可靠、高品質的現金流。舉個例子，根據我們公開認同的敏感度，在其他條件相同的情況下，WTI 價格下跌 8 美元、加幣升值 2 點將對季度 AFFO 產生約 5 億美元的影響。

However, our best-in-class integrated model, which captured stronger refining margins and improved synthetic pricing, coupled with strong operational performance, mitigated over half that impact. That's an equivalent to an extra month of share buybacks at our current pace.

然而，我們一流的綜合模式，獲得了更高的煉油利潤率和更好的合成定價，再加上強勁的營運業績，減輕了一半以上的影響。按照我們目前的速度，這相當於額外一個月的股票回購。

That's the value of our unique integrated business. It enables us to reduce the inherent short-term variability of cash flow in a commodity business and deliver more stable, resilient results and cash for our shareholders.

這就是我們獨特的綜合業務的價值。它使我們能夠減少大宗商品業務中固有的短期現金流波動，並為股東提供更穩定、更有彈性的績效和現金。

Looking to the second half of 2025, we expect continued commodity market volatility, including ongoing concerns around global trade and tariffs. That said, the refining outlook remains constructive for Suncor with positive supply-demand balances, low product inventories, especially in distillate and announced refinery closures supporting demand for our exports.

展望 2025 年下半年，我們預期大宗商品市場將持續波動，包括對全球貿易和關稅的持續擔憂。儘管如此，由於供需平衡良好、產品庫存較低（尤其是餾分油庫存），以及宣布關閉煉油廠，森科爾的煉油前景依然看好，這支持了我們的出口需求。

As a 211 refiner, Suncor benefits from widening distillate cracks and our traders are actively pursuing margin-enhancing opportunities both domestically and leveraging Suncor's export capacity from both the West and East Coast.

作為 211 煉油廠，Suncor 受益於餾分油裂解價差的擴大，我們的貿易商正在積極尋求國內提高利潤的機會，並利用 Suncor 在西海岸和東海岸的出口能力。

On Q2 operational performance, even though it was a heavy turnaround quarter, impacting production and refinery throughput, we were still able to put a number of records on the board. Upstream production was 808,000 barrels per day in the quarter, the highest second quarter in company history. Oil sands production in the quarter was 748,000 barrels per day, reflecting the impact of the turnaround and coke drum replacement project at Base Plant Upgrader 1.

就第二季度的營運表現而言，儘管這是一個艱難的季度，影響了生產和煉油廠的吞吐量，但我們仍然能夠創造多項紀錄。本季上游產量為每天 808,000 桶，為公司歷史上最高的第二季。本季油砂產量為每天 748,000 桶，反映了基礎工廠升級裝置 1 號的檢修和焦炭塔更換項目的影響。

Meanwhile, E&P averaged 60,000 barrels per day in the quarter, which is in line with Q1 production. Also, despite the significant amount of turnaround activity in the downstream in the quarter, overall refining utilization remained extremely robust at 95% with crude throughput of 442,000 barrels per day, the highest second quarter in company history.

同時，本季 E&P 平均產量為每天 60,000 桶，與第一季的產量一致。此外，儘管本季下游業務出現大量週轉活動，但整體煉油利用率仍保持強勁，達到 95%，原油吞吐量為每天 442,000 桶，為公司歷史上第二季度的最高水平。

Refined product sales remained consistently strong at 600,000 barrels per day, thanks to our sales and marketing and supply and trading teams who ensured continued product supply to key markets and that we maximize margin across our value chain.

成品油銷售持續保持強勁，達到每天 60 萬桶，這要歸功於我們的銷售和行銷以及供應和貿易團隊，他們確保持續向主要市場供應產品，並確保我們在整個價值鏈中實現利潤最大化。

To that point, downstream margin capture relative to our 5221 index averaged 96% in the quarter despite the impact of planned maintenance at both Sarnia and Edmonton. Even with all the planned maintenance, our focused execution, integrated model and cost and capital management delivered solid financial results in the quarter. We generated $2.7 billion in adjusted funds from operations or $2.20 per share in the quarter and adjusted operating earnings of $873 million or $0.71 per share.

至此，儘管受到薩尼亞和埃德蒙頓計畫維護的影響，但本季相對於我們的 5221 指數的下游利潤率平均為 96%。即使進行了所有計劃的維護，我們專注的執行、綜合模型以及成本和資本管理仍在本季度取得了穩健的財務業績。本季度，我們產生的調整後營運資金為 27 億美元，即每股 2.20 美元，調整後營運收益為 8.73 億美元，即每股 0.71 美元。

Total OS&G expense was $3.2 billion, which was down over $130 million versus Q1. Capital expenditures totaled $1.65 billion in the quarter, including $674 million of economic investments and $975 million of sustaining and maintenance capital. And as Rich has already mentioned, we are reducing our full capital year guidance by $400 million to $5.7 billion to $5.9 billion.

作業系統和設備總支出為 32 億美元，較第一季下降超過 1.3 億美元。本季資本支出總計 16.5 億美元，其中包括 6.74 億美元的經濟投資和 9.75 億美元的維持和維護資本。正如里奇已經提到的，我們將全年資本指引金額下調 4 億美元，至 57 億美元至 59 億美元。

Our balance sheet remains very strong with net debt at quarter end at $7.7 billion and trailing 12-month net debt to AFFO at well below 1 times. In Q2, we realized an expected working capital release of $269 million with a drawdown in inventories following the Q1 build in support of turnarounds. As a reminder, we expect net debt to fluctuate around our $8 billion target as we actively manage working capital and ensure continued deployment of 100% of excess funds to shareholders.

我們的資產負債表仍然強勁，季度末淨債務為 77 億美元，過去 12 個月 AFFO 淨債務遠低於 1 倍。在第二季度，我們實現了預期的 2.69 億美元營運資金釋放，並在第一季為支持扭虧為盈而減少庫存。提醒一下，由於我們積極管理營運資金並確保繼續向股東部署 100% 的超額資金，我們預計淨債務將在 80 億美元的目標附近波動。

Overall, it was a very strong quarter on every front, and people across the company continue to drive for more improvement, focusing on delivering industry-leading reliability and operational uptime, along with improving cost and capital efficiency.

總體而言，本季在各方面都表現非常強勁，全公司員工繼續努力實現進一步改進，專注於提供業界領先的可靠性和正常運行時間，同時提高成本和資本效率。

As an example of that, after in-depth work by our technical and operating teams, we are extending all future YouTube coker furnace outages -- outage intervals by a year. This move delivers a triple benefit, it reduces our capital spend for 2025. It enhances profitability by delivering a greater proportion of higher-value SCO relative to non-upgraded bitumen and it supports future plans to extend two major turnarounds from five year to six year intervals.

舉例來說，經過我們的技術和營運團隊的深入工作，我們將把未來所有 YouTube 焦化爐的停機間隔延長一年。此舉帶來了三重好處，它減少了我們 2025 年的資本支出。它透過提供相對於未升級瀝青更大比例的高價值 SCO 來提高盈利能力，並支持未來將兩個重大周轉間隔從五年延長至六年的計劃。

At Upgrader one, the combination of the new coke drums and reliability improvements have already enabled us to extend the turnaround interval from five to six years with minimal maintenance required between turnarounds, translating into lower cost, higher reliability and more production between turnarounds.

在升級一號裝置中，新的焦炭塔和可靠性改進相結合已經使我們能夠將週轉間隔從五年延長到六年，並且週轉之間所需的維護最少，從而降低了成本、提高了可靠性並增加了周轉之間的產量。

Also, at Fort Hills, we are extending our primary separation cell outages from every six months to once annually, moving this fall's turnaround to the spring of '26. These are tangible examples of the continuous improvement at Suncor, which marks a step change in our capital and operating profile and a clear illustration of Suncor's disciplined and focused actions on driving real shareholder value.

此外，在 Fort Hills，我們將主分離槽的停機時間從每六個月延長至每年一次，從而將今年秋季的停機時間推遲到 2026 年春季。這些都是森科爾持續改進的具體例子，標誌著我們的資本和營運狀況的重大變化，也清楚地表明了森科爾在推動真正股東價值方面採取的嚴謹而專注的行動。

We could not be more proud of what the Suncor team continues to achieve and its relentless pursuit of continuous improvement.

我們對 Suncor 團隊不斷取得的成就及其對持續改進的不懈追求感到無比自豪。

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. I'll be quick. Today's Suncor of delivering operational excellence and high performance. We're sitting here in mid-2025. The year is shaping up to a good one, but I can assure you, we are not done yet. We're operationally focused, unnaturally strong and determined to compete and win.

謝謝，克里斯。我會很快的。今天的 Suncor 致力於提供卓越的營運和高性能。我們現在正處於 2025 年中期。今年將會是美好的一年，但我可以向你保證，我們還沒完成。我們專注於運營，實力超群，決心競爭並取得勝利。

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

有了這個，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。

(Operator Instructions) Greg Pardy, RBC.

（操作員指示）Greg Pardy，RBC。

Thanks for the really engaging summary. A couple of questions. Maybe just the first one, Rich, as it relates to stream day capacity now on U1. So with the project having gone well, enhancements in place and so forth, has the stream day capacity risen there?

感謝您提供如此引人入勝的總結。有幾個問題。也許只是第一個，Rich，因為它與現在 U1 上的串流媒體日容量有關。那麼，隨著專案進展順利、改進到位等等，那裡的串流媒體日容量是否有所提高？

Yes, I'll ask Peter to comment in a second, Greg. But I'll just make one comment. The project was not only executed incredibly well. But what was equally satisfying was the start-up. We turned the key and this thing, the engine roared and this thing has been humming ever since.

是的，格雷格，我會讓彼得馬上發表評論。但我只想發表一點評論。該項目不僅執行得非常好。但同樣令人滿意的是啟動過程。我們轉動鑰匙，引擎就轟鳴起來，從那以後，這東西就一直在嗡嗡作響。

Peter, do you want to comment specifically on what we're seeing?

彼得，你想具體評論一下我們所看到的情況嗎？

Yes. Thanks very much, Rich. Thanks, Greg. Stream day capacity on U1 remains the same today as it was historically around 140,000 barrels per day range. The real benefit of the drum replacement on U1 is the upgraded metallurgy, like Rich referred to earlier and our ability to extend the turnaround intervals now structurally to six years.

是的。非常感謝，里奇。謝謝，格雷格。U1 的日輸送能力目前保持不變，歷史水準約為每天 140,000 桶。U1 上更換滾筒的真正好處是冶金術的升級，就像 Rich 之前提到的那樣，而且我們能夠將週轉間隔從結構上延長至六年。

So that's a combination of the work done to upgrade the metallurgy on the U1 drums plus also some work that we did in the coker fractionation section, specifically around improving reliability around the trades and some of the flushing and the pump around circuits that we have there to manage falling. So at the end of the day, it will be a calendar day increase, but stream day remains the same.

因此，這是我們為升級 U1 鼓上的冶金技術而進行的工作以及我們在焦化分餾部分所做的一些工作的結合，特別是圍繞提高交易的可靠性以及我們在那裡管理的一些沖洗和泵送電路。因此，最終，日曆天數會增加，但串流媒體天數保持不變。

Okay. Understood. And then it's really a financial question. But between the lower CapEx, which from everything you said, sure sounds like it's going to be a structural reduction of $400 million plus margin enhancement and then when you relate that to your $8 billion net debt target, is $8 billion the right number on a go-forward basis, just presumably given better cash flow generation.

好的。明白了。這實際上是一個財務問題。但在較低的資本支出之間，從您所說的一切來看，這聽起來肯定是 4 億美元的結構性削減加上利潤率的提高，然後當您將其與 80 億美元的淨債務目標聯繫起來時，80 億美元是未來的正確數字，大概是因為現金流產生情況更好。

And then is there any consideration or discussion amongst you in terms of doing a bigger buyback in addition to the NCIB sale like an SIB, if you did go the route of with a higher allowable debt number?

那麼，如果您確實選擇了更高的允許債務金額，那麼除了 NCIB 出售（如 SIB）之外，您是否考慮或討論過進行更大規模的回購？

A very fair question, Greg. The $8 billion was determined by kind of 1 times coverage in a $50 a barrel WTI world. And as we put that three year plan together, it was as we execute and deliver on that three year plan, there's no doubt about it. We are ahead of schedule on delivering on that plan and in a number of areas exceeding it.

格雷格，這個問題問得非常公平。這 80 億美元是透過在每桶 50 美元的 WTI 市場中進行 1 倍的覆蓋來確定的。當我們制定這個三年計劃時，我們就會執行並實現這個三年計劃，這是毫無疑問的。我們提前完成了該計劃，並且在許多領域超出了計劃。

We -- I think that's something that we will need to examine and as the business performance continues to achieve, it's natural to look at that. We haven't done it yet. But I think it's a fair question and something I would anticipate we'll talk about more in the future.

我們——我認為這是我們需要研究的事情，隨著業務績效的不斷提高，我們自然會關注這一點。我們還沒做。但我認為這是一個公平的問題，我預計我們將來會討論更多。

Kris, do you have anything else you'd add on that one?

克里斯，你還有什麼要補充的嗎？

Not really too much, Rich. I think you just hit it on the head that as we're accelerating the pace of our improvement and we're looking at all dimensions of the business, we're certainly not looking at moving off our net debt target plan today. But we are generating a lot of cash flow. And Greg, you really pointed out the fact that we've got a lot of tailwinds behind us in terms of that cash generation. We are focused on increasing to the maximum amount possible excess free funds flow to our shareholders.

其實不算太多，Rich。我認為您剛才說到了一點，隨著我們加快改進步伐並審視業務的各個方面，我們當然不會考慮今天放棄我們的淨債務目標計劃。但我們正在產生大量現金流。格雷格，你確實指出了我們在現金創造方面有很多順風因素。我們致力於最大限度地增加流向股東的超額自由資金。

And so we'll be looking at all dimensions. We're just really pleased with how fast we've been moving, but we're not putting our foot off the pedal either. We need to continue focusing on driving that WTI breakeven down and ensuring that we're managing the balance sheet and returning cash to shareholders.

因此我們將從各個維度進行觀察。我們對於自己前進的速度感到非常滿意，但我們也不會放棄。我們需要繼續致力於推動 WTI 損益平衡，並確保我們管理資產負債表並向股東返還現金。

One other point I'd make and it relates to the buyback, it's a bit like a dividend in that we've talked about a reliable and growing dividend, a commitment to our shareholders is of the utmost priority to us. And Kris commented in his remarks about the our ability because of the nature of our business and the integration on it to really kind of dampen out the volatility in a commodity.

我想提出的另一點與回購有關，它有點像股息，因為我們談論的是可靠且不斷增長的股息，對股東的承諾對我們來說是最重要的。克里斯在他的評論中評論了我們的能力，因為我們的業務性質和對它的整合，可以真正抑製商品的波動。

And each month this year, the dividend has been -- excuse me, the buybacks have been $250 million a month, and we kind of look aside say, yes, what is oil price. It's not something that we wring our hands or fret on.

今年每個月的股息都是——不好意思，回購金額是每月 2.5 億美元，我們除了看看，還有什麼其他理由，例如，油價是多少。這不是什麼值得我們焦慮或煩惱的事。

So that predictability, that confidence that quality and cash flows that not only the dividend but the buyback provides are both high priorities for us. And if and as we can ratchet up that continued buyback based on the performance of the enterprise, that will certainly be something we will evaluate.

因此，可預測性、對股利和回購所提供的品質和現金流的信心都是我們的首要任務。如果我們能夠根據企業的表現加強持續回購力度，那麼我們肯定會對此進行評估。

Dennis Fong, CIBC.

加拿大帝國商業銀行的 Dennis Fong。

Congratulations on a record Q2. Rich, I appreciate your opening comments in relation to obviously, the OEMS implementation. I was actually hoping you could talk a little bit more towards how you're really driving the stronger turnaround performance and reducing the -- we'll call it the variation around kind of the performance of all of your individual assets and how that translates through into again, that higher confidence around stronger turnaround performance.

恭喜您第二季創下紀錄。Rich，我很感謝你關於 OEMS 實施的開場發言。我實際上希望您能多談談您是如何真正推動更強勁的扭虧為盈表現並減少——我們將其稱為所有個人資產表現的差異，以及如何將其轉化為對更強勁扭虧為盈表現的更高信心。

Sure. Thanks, Dennis. And just a little bit. I'm going to turn it over to Dave here in a second, but just as a little bit of a recall. Literally, two years ago on this exact call, I flagged to you how we would be putting an acute focus on turnaround performance.

當然。謝謝，丹尼斯。只是一點點。我馬上就把它交給戴夫，但只是稍微回顧一下。確切地說，兩年前的這次電話會議上，我曾向你們指出，我們將如何高度重視扭轉績效。

We saw the size of the prize in terms of our capital and then what it does for days offline. And particularly in the second and third quarters where we have annual lows. And our vision at that time is we want to reduce that variability, be a more ratable manufacturing organization across the year. So we made some structural changes in terms of how we support turnarounds, leadership. I put Dave and Shelly Powell, Shelly's not with us today, in charge from the senior-most executive level in terms of driving turnaround.

我們從資本角度了解了獎金的規模，然後了解了它在幾天內離線的效果。特別是在第二季和第三季度，我們的銷售額創下了年度新低。我們當時的願景是減少這種變化，成為一個全年更具競爭力的製造組織。因此，我們在支持扭虧為盈和領導力方面做出了一些結構性變革。我讓戴夫和雪莉鮑威爾（雪莉今天不在我們身邊）從最高管理層負責扭轉局面。

And today, we're exceeding the targets we set but it's not just luck and it's not just, well, try harder. It has been a very systematic comprehensive approach to achieving best-in-class performance.

今天，我們超額完成了設定的目標，但這不僅僅是運氣，也不僅僅是更努力。這是一種非常系統化的綜合方法，旨在實現一流的性能。

Dave, why don't you kind of comment on what are the -- what constitutes -- how do you achieve best-in-class turnaround performance?

戴夫，為什麼不評論一下什麼是——什麼構成了——你如何實現一流的扭虧為盈表現？

Yes. Thanks, Rich. And I think you said it well and Dennis, you pointed out that we've had -- we've safely executed our turnarounds with significant improvements over historical performance. And that's not by accident. That all starts two years ahead of a turnaround execution.

是的。謝謝，里奇。我認為你說得很好，丹尼斯，你指出我們已經——我們已經安全地實現了扭虧為盈，並且比歷史表現有了顯著的改善。這並非偶然。這一切都始於扭轉局勢的執行前兩年。

And we've been executing the plan for the last couple of years to deliver consistent world-class turnaround performance. World-class turnaround performance really begins two years prior to the event, it starts with benchmarking. Knowing what the best of the best to deliver and rallying the site teams to hit a competitive target.

過去幾年我們一直在執行該計劃，以持續實現世界一流的扭虧為盈業績。世界級的扭轉表現實際上在事件發生前兩年就開始了，它從基準測試開始。了解要提供的最佳服務，並團結現場團隊實現競爭目標。

It's a challenging target, but a target that they all need to believe in if they're going to be successful. Once we have that, then we follow our disciplined processes. Risk-based work selection to get the right work scope, detailed planning following our OEMS work processes, that reduces variability, as Rich mentioned. And then finally, strong execution in the field. Sounds simple, there's a lot of details that have to go in and make that happen.

這是一個具有挑戰性的目標，但如果他們想要成功，他們都必須相信這個目標。一旦我們有了這些，我們就會遵循嚴格的流程。正如 Rich 所提到的，基於風險的工作選擇可以獲得正確的工作範圍，並按照我們的 OEMS 工作流程進行詳細規劃，從而減少可變性。最後，在現場進行強而有力的執行。聽起來很簡單，但要實現這一點，還需要考慮很多細節。

The most exciting part is I think we still have room to improve. We initially focused on our benchmark and our work selection and our field execution, but now we're expanding our approach to extended turnaround intervals and that's the duration between each outage. So we're not done yet, lots of opportunity to continue to improve.

最令人興奮的是，我認為我們仍有進步的空間。我們最初專注於我們的基準、我們的工作選擇和我們的現場執行，但現在我們正在擴展我們的方法以延長週轉間隔，即每次停機之間的持續時間。所以我們還沒完成，還有很多機會可以繼續進步。

I'll just amplify a point Dave made, the people in this room right now can talk to you about 2027 turnarounds. The work scopes that we're trying to lock down the materials management that we need to have, the labor strategy and requirements, two years in advance, we can now talk about that, where previously we were focused on what was immediately in front of us the next three months, six months, it's a rigorous approach. Quite frankly, it's what world-class organizations do, and that is increasingly what we are.

我只是想強調一下戴夫提出的觀點，現在這個房間裡的人可以和你談談 2027 年的轉機。我們正在嘗試鎖定我們需要的材料管理、勞動力策略和要求的工作範圍，提前兩年，我們現在可以談論這些，而以前我們關注的是未來三個月、六個月內即將發生的事，這是一種嚴謹的方法。坦白說，這就是世界一流組織所做的事情，而我們也越來越這樣做。

Great. Really appreciate that color and kind of the fulsomeness of the planning looking forward. My second question, if we could switch gears a little bit, it's towards Fort Hills. I understand you've gone through some turnaround and maintenance there. Just from the work that we've done, it seems like progress has been made on the North pit as well.

偉大的。真的很欣賞這種色彩和對未來規劃的充分期待。我的第二個問題是，如果我們可以稍微轉換主題，那就是關於 Fort Hills 的。我知道你們已經在那裡經歷了一些週轉和維護。從我們所做的工作來看，北坑似乎也取得了進展。

Can you provide us a little bit of an update as to where that's at and how you think about the asset performance as you kind of go forward, specifically as it relates to access to resource and ore?

您能否提供我們一些最新情況，以及您對未來資產表現的看法，特別是與資源和礦石取得相關的表現？

Yes, sure. Thanks, Dennis. Yes, Fort Hills is actually delivering exactly on the three year plan that we set out. In fact, I think it's 13 months in a row now they've had their budget -- (multiple speakers)

是的，當然。謝謝，丹尼斯。是的，Fort Hills 實際上正在嚴格執行我們制定的三年計劃。事實上，我認為他們已經連續 13 個月有預算了——（多位發言者）

They've actually beat it 13 months in a row. We're going to audit that and see what's going on. What are they leaving in the bank? We want more.

他們實際上已經連續 13 個月打破紀錄。我們將對此進行審計並了解發生了什麼。他們在銀行留下了什麼？我們想要更多。

And so they are reliable, predictable. Importantly, they are managing the geological risks that manifest themselves a number of years ago, and we have that well on our radar stream with controls and mitigations forward.

因此它們是可靠的、可預測的。重要的是，他們正在管理幾年前就已顯現的地質風險，我們已將該風險納入我們的雷達監控範圍，並採取控制和緩解措施。

North pit development is progressing per plan. We're well established out there in the North pit now doing lots of stripping activities and dewatering activities. And I would say I'm confident in our ability to develop that resource per the plan and incrementally increase production from Fort Hills in the coming years.

北坑開發正在按計劃進行。我們已經在北坑做好了準備，目前正在進行大量的剝離活動和脫水活動。我想說，我相信我們有能力按照計劃開發該資源，並在未來幾年逐步提高 Fort Hills 的產量。

Maybe I'd add just -- Peter, one other comment to that is -- we have a nameplate on Fort Hills of 194,000 barrels a day the two plants and we've mentioned before how when we have maintenance work, we're testing the capacity of each plant. And I think some of the numbers we've shared is each plant, we have confidence we can get 110,000 barrels a day or more through each plant.

也許我想補充一點——彼得，對此還有另一點評論——我們在 Fort Hills 的兩家工廠的銘牌上寫著每天生產 194,000 桶石油，我們之前提到過，當我們進行維護工作時，我們會測試每家工廠的產能。我認為我們分享的一些數字是每個工廠，我們有信心每個工廠每天可以生產 110,000 桶或更多。

What Peter and his team are doing now though is they're looking at that entire from the very front end through it the sustainability of that. Are there any things we would need to do to achieve a higher rate on a sustainable level with metallurgy, with processing capabilities, anything, and that work is still ongoing but I think it exemplifies the not only striving to achieve our commitments but then looking at, okay, and how can we make it better?

然而，彼得和他的團隊現在正在做的是，他們正在從最前端全面審視這個問題的可持續性。我們需要做些什麼才能在冶金、加工能力等方面實現可持續的更高產量，這項工作仍在進行中，但我認為這不僅體現了我們努力實現承諾，而且還在考慮，好吧，我們如何做得更好？

And Fort Hills is a classic example of we want to achieve that plan, but then it's what's next. How can we get Fort Hills create more value through further debottlenecking. And I think we're early on, but I think we're pretty encouraged by what we're finding.

福特山就是一個典型的例子，我們想要實現這個計劃，但接下來該做什麼呢？我們如何能進一步消除瓶頸讓 Fort Hills 創造更多價值。我認為我們還處於早期階段，但我認為我們對所發現的結果感到非常鼓舞。

Neil Mehta, Goldman Sachs.

高盛的尼爾·梅塔。

I wanted to really unpack the upstream production volumes this year in the guide as of course, $810 million to $840 million, but yet, a lot of maintenance in Q2. So the back half, it feels to us like you can get to the top end of this range full year or maybe even exceed the top end just your perspective on that, and maybe you can break it down between oil sands, Fort Hills and Syncrude.

我想在指南中真正解讀出今年上游的產量，當然還有 8.1 億美元到 8.4 億美元，但第二季仍有許多維護工作。因此，對於下半年而言，我們感覺您可以在全年達到這個範圍的最高點，甚至可能超過最高點，這只是您對此的看法，也許您可以在油砂、Fort Hills 和 Syncrude 之間進行細分。

Neil, if you go back, if you look at -- I'm going to offer you a couple of numbers here, if you look at 2021, '22 and '23, during the second quarter, we averaged about 720,000 barrels a day, while we did a lot of the turnaround work. The last two years now, we've averaged almost 800,000 barrels a day of course, this year higher than the last.

尼爾，如果你回顧一下，如果你看一下——我在這裡給你幾個數字，如果你看看 2021 年、2022 年和 2023 年，在第二季度，我們平均每天的產量約為 720,000 桶，同時我們做了很多扭轉局面的工作。過去兩年，我們平均每天的產量接近 80 萬桶，今年的產量高於去年。

And what Peter and his team are doing as we do our major maintenance work, we talk about how we're improving performance, but they are very comprehensive efforts to reduce variation, the seasonal aspect. So the interconnectedness of Fort Hills and Firebag so that if we have work going on at the -- in the base plant line, for example, that we can keep upgraders full or while we're taking down upgraders, we can divert bitumen to market. So we're continuing to find ways and approaches that increase overall performance.

當我們進行主要維護工作時，彼得和他的團隊正在做什麼，我們談論如何提高效能，但他們做出了非常全面的努力來減少變化和季節性因素。因此，Fort Hills 和 Firebag 相互連接，以便如果我們在基礎工廠生產線上進行工作，例如，我們可以保持升級器滿載運轉，或者當我們拆除升級器時，我們可以將瀝青轉移到市場。因此，我們將繼續尋找提高整體性能的方法和途徑。

And if we go back to when we set guidance, we knew this was a heavy turnaround year. The -- U1 was the really the 800-pound gorilla in that. We completed it early. It's up and running and the teams keep finding ways to do better. I'll feel more comfortable when we get to the work that we have ongoing now over the next month or two but I think you rightfully point out when I say all indicators are pointing to the high end of guidance, I could have said that either the high end or above guidance.

如果我們回顧制定指導時的情況，我們就知道這是艱難的一年。U1 確實是其中最重的 800 磅大猩猩。我們提前完成了它。它已啟動並運行，團隊不斷尋找做得更好的方法。當我們在接下來的一兩個月內開始進行現在正在進行的工作時，我會感到更舒服，但我認為你正確地指出，當我說所有指標都指向指導的高端時，我本可以說高端或高於指導。

It's the organization. It's our people continuing to find ways to do things better. When we provide those clear priorities and what's most important, what we're seeing is an organization and an asset base deliver. And I'll literally comment that they are repeatedly exceeding my expectations. And I think it's been said a couple of times, we're not done yet.

這是組織。我們的員工不斷尋找更好的方法來做事。當我們提供明確的優先事項和最重要的事項時，我們看到的是一個組織和資產基礎的實現。我要說的是，他們一再超出我的預期。我認為我們已經說過幾次了，我們還沒有完成。

That's great, Rich. And then not only on volumes but also CapEx. So the [5.7], the bottom end of the new CapEx guide range is a year ahead of the '26 schedule, so is it fair to say that we have achieved a new normal for CapEx and that the sub-6 is what we should now start to anchor to on a go forward?

太棒了，里奇。然後不僅在數量上，而且在資本支出上。所以[5.7]，新的資本支出指導範圍的底端比26年的計劃提前了一年，那麼是否可以說我們已經實現了資本支出的新常態，而低於6%是我們現在應該開始向前邁進的目標呢？

What you rightfully flag it is what you're seeing this year is structural in nature. We are looking at whether it's turnarounds, whether it's our base risk management and compliance capital every dollar matters, and we have different teams, expert-led teams of people looking at how we spend our money. And we've known that for us to achieve our financial objectives to achieve the resiliency we want to, we needed to be more frugal thoughtful about managing CapEx and I think this -- we're putting the plan together for '26 and beyond, but the -- you're really looking at the new norm.

您正確指出的是，您今年所看到的是結構性的。我們正在研究是否能夠扭轉局面，是否是我們的基本風險管理和合規資本，每一美元都很重要，我們有不同的團隊，由專家領導的團隊來研究我們如何花錢。我們知道，為了實現我們的財務目標，實現我們想要的彈性，我們需要更加節儉地管理資本支出，我認為這一點 - 我們正在製定 26 年及以後的計劃，但是 - 你真正關注的是新常態。

We're not going to have these years where that capital blows out by -- blows up by $1 billion or less. We want to spend within our means, be very thoughtful on it so that we can not only reliably increase that dividend year-on-year but we can also reliably continue to return capital to shareholders via buyback. So I don't have a number yet for you for '26, '27, '28, but you accurately said, we are ahead of our plan to structurally lower the capital spending of this enterprise.

我們不會讓這些資本在那些年裡暴跌——暴跌 10 億美元或更少。我們希望量入為出，深思熟慮，這樣我們不僅可以可靠地逐年增加股息，還可以可靠地繼續透過回購向股東返還資本。因此，我還沒有 26、27、28 年的具體數字，但您準確地說，我們在結構性降低該企業資本支出的計劃上已經領先。

Doug Leggate, Wolfe Research.

道格‧萊格特（Doug Leggate），沃爾夫研究公司。

This is John Abbott on for Doug Leggate. I want to go back to the -- discussion earlier on capital returns and really, I mean, just what you're doing on the cost side and you sort of think about your corporate breakeven going lower, how do you think about the future dividend capacity of the firm? I know you want a reliable dividend, you want the future -- a steady reliable dividend growth? And how do you think about your ability to grow your dividend over time? And how do you see that future capacity? (technical difficulty)

我是約翰‧阿博特 (John Abbott)，代替道格‧萊格特 (Doug Leggate)。我想回到之前關於資本回報的討論，實際上，我的意思是，您在成本方面做了什麼，您認為公司的盈虧平衡點會降低，您如何看待公司未來的股息能力？我知道您想要可靠的股息，您想要未來－穩定可靠的股息成長？您認為您有怎樣的能力隨著時間的推移增加股息？您如何看待未來的產能？（技術難度）

John, it may be you, but you sound an awfully lot like Doug on this one. I think he primed the pump on this question. But Kris, why don't you talk about it?

約翰，可能是你，但從這一點上看，你聽起來很像道格。我認為他對這個問題進行了深入探討。但是克里斯，你為什麼不談論它呢？

You bet. John, Listen, and we laid this out during our Investor Day, our view is that we're setting up this company for consistent, reliable dividend growth. And that's how we're going to approach our dividend. At the same time, we're going to ensure we're maintaining the resilience of the company and directing that substantial excess refund flow back to buyback. So -- and one of the joys of this, John, is we do these buyback programs and it really the dividend growth, and we maintain that resilience and breakeven.

當然。約翰，聽著，我們在投資者日期間已經闡述了這一點，我們的觀點是，我們正在為這家公司實現持續、可靠的股息成長。這就是我們處理股利的方式。同時，我們將確保保持公司的韌性，並將大量超額退款流回購。所以 — — 約翰，其中的樂趣之一就是我們實施這些回購計劃，這確實帶來了股息增長，而且我們保持了這種彈性和盈虧平衡。

And so it's really a great, I call it a flywheel, that we're establishing here just the consistency and quality of our cash flows that are growing over time that allow us to grow the dividend consistently. Our shareholders should count on that and also kicks off a lot of excess cash to return back to our shareholders.

所以這真的是一個很棒的東西，我稱之為飛輪，我們在這裡建立的只是隨著時間推移而增長的現金流的一致性和質量，這使我們能夠持續增加股息。我們的股東應該依賴這一點，並且還會啟動大量剩餘現金回饋給我們的股東。

And John, if I just kind of add to that. This is not hardwired, but if you look back over the last several quarters, as we improved our financial performance through the operation, the we have been able to lower that net debt, drive down the breakeven, create resilience that allows us to feel comfortable in whatever world we're in.

約翰，如果我補充一點的話。這並不是硬性規定，但如果你回顧過去幾個季度，你會發現，隨著我們透過營運改善財務業績，我們已經能夠降低淨債務，降低盈虧平衡，創造韌性，讓我們無論身處何方都能感到安心。

And so as we've been buying back shares and increasing the dividend, the total dividend payments have really essentially remained the same. So as we continue to improve performance, buy back shares, that allows us to grow on a dividend per share basis even faster without growing the overall dividend expenditure or burden, keeping our resilience high, our breakeven low and growing the dividend.

因此，當我們回購股票並增加股利時，股利總額實際上基本上保持不變。因此，隨著我們繼續提高業績，回購股票，這使我們能夠在不增加整體股息支出或負擔的情況下以更快的速度增長每股股息，保持我們的高彈性，低盈虧平衡並增加股息。

So I think these are very interrelated, but they're all driven by improving the fundamental performance of the enterprise. And then it's sources and uses of funds kind of come thereafter. But I feel quite good about what we're achieving in being able to buy back shares and enable a very competitive growing per share dividend year-on-year-on-year. That's the construct we've been after and if you look back over multiple quarters now, you see that occurring in the bottom line numbers.

所以我認為這些都是相互關聯的，但它們都是由改善企業的基本績效所驅動的。然後是資金的來源和用途。但我對我們能夠回購股票並實現每股股息逐年增長的非常有競爭力的成績感到非常滿意。這就是我們一直追求的目標，如果你回顧過去多個季度，你會發現這一點出現在底線數字中。

Appreciate that. And then just a quick -- just another quick one for me. I mean, how are you sort of looking at portfolio clean up in this environment here. I mean, I guess, in particular, the non-op assets on the -- in the Northeast, on the East Coast. (technical difficulty)

非常感謝。然後只是一個快速的--對我來說只是一個快速的另一個。我的意思是，在這種環境下，您如何看待投資組合清理？我的意思是，我猜，特別是位於東北部和東海岸的非營運資產。（技術難度）

Yes. A couple of things. We've put such priority on getting the most out of the asset base we have, I think Commerce City is a great poster child on that. Commerce City had an operational incident in late 2022, the first half of '23 was a difficult recovery period. And since then, that refinery has been performing at an extremely high level.

是的。有幾件事。我們非常重視充分利用現有的資產基礎，我認為 Commerce City 就是這方面的典範。商業城於 2022 年底發生了一起營運事故，23 年上半年是一段艱難的恢復期。自那時起，該煉油廠一直保持著極高的運作水準。

And the East Coast is a little bit of -- it's a tale of two cities there. You've got the non-operated platforms Hebron and Hibernia and then the two, one operated on non-operated floaters. And what we've been -- our focus has been completing the work that we had targeted at Terranova for us, participating in the work on West White Rose.

東海岸有點像——這是兩個城市的故事。您擁有非營運平台 Hebron 和 Hibernia，然後還有兩個平台，其中一個在非營運浮動平台上運作。我們一直以來的重點是完成我們在 Terranova 設定的工作，參與 West White Rose 的工作。

And then as we look at the relative contribution and value of those assets, it's the same question we ask really of kind of anything, are they worth more to us or they are worth more to someone else. But we're not -- at Suncor, we want to be sure we get best value for anything we might either choose to buy or sell.

然後，當我們查看這些資產的相對貢獻和價值時，我們實際上會問同樣的問題，即它們對我們來說更有價值還是對其他人更有價值。但我們不是——在 Suncor，我們希望確保我們選擇購買或出售的任何東西都能獲得最佳價值。

And you -- when an asset is -- performs at its highest level, you don't put a for sale sign up or hold a garage sale when you're not performing at your best. And I think that's exactly what we're starting to do across our asset base. And then we'll make the judgments, do they -- are they worth more to us or worth more to others.

當一項資產表現最佳時，您不會在表現不佳時掛出待售標誌或舉行車庫拍賣。我認為這正是我們在整個資產基礎上開始做的事情。然後我們會做出判斷，它們對我們更有價值還是對其他人更有價值。

Asset sales is always an interesting conversation because we've got the outside world listening, but I have a lot of our internal world listening to in terms of Uh Oh, are we on the block or not? And the message we give always to our employee base perform at the highest level possible and all the rest of it will take care of itself.

資產出售始終是一個有趣的話題，因為我們不僅讓外界傾聽，而且也讓很多內部人士在聽，例如“哦，我們是否被收購了？”我們始終向員工傳達這樣的訊息：盡可能發揮最高的水平，其他一切都會水到渠成。

Manav Gupta, UBS.

瑞銀的 Manav Gupta。

I just wanted to ask you that something which is somewhat underappreciated in your portfolio because there was so much focus on this turnaround is the growth potential. At what point will you guys start talking a little more or giving us more details about multistage Lewis in situ project or Firebag debottleneck or Firebag expansion all of which could actually add to your volumes on a go-forward basis. So when can we start expecting you to talk about those growth projects?

我只是想問您一下，由於人們過於關注這次轉變，您的投資組合中有些東西被低估了，那就是成長潛力。你們何時會開始多談一點或向我們提供有關多級 Lewis 現場項目或 Firebag 瓶頸消除或 Firebag 擴展的更多細節，所有這些實際上都可以在未來增加你們的產量。那麼我們什麼時候可以開始期待您談論這些成長項目？

So Manav, I'm going to let -- I know it's just you and I on the phone, so I'm going to let you inside the tent. Here's the plan, a year -- a little over a year ago, 1.5 years ago, we put out a three year plan, '24, '25, '26, and we have been blowing the doors off of that plan. We have been exceeding it. And what my intent is we get to the end of the year, we put our head up and say, how are we doing on that three year plan. And I could think of nothing better than either getting close or achieving that three year plan in two years.

所以 Manav，我要讓你——我知道只有你和我透過電話，所以我要讓你進帳篷。這是一個計劃，一年多以前，也就是一年半以前，我們制定了三年計劃，即 24、25、26 年，我們一直在努力實現這個計劃。我們已經超越它了。我的目的是，到年底時，我們抬頭看看，我們的三年計劃進展如何。我認為最好的方法就是在兩年內接近或實現三年計畫。

And so then the question becomes what's next? And that's not a commitment we're going to do that. The vectors are pointing in the right direction. And at that time, I feel we will have re-earned the credibility to talk about the long term. And I'm spending -- and this leadership team is spending a lot of time on that right now, and I like it.

那麼問題來了，下一步該怎麼辦？這並不是我們要做出的承諾。這些向量指向正確的方向。到那時，我覺得我們將重新贏得談論長遠問題的信譽。我正在花費——而且這個領導團隊現在正在花很多時間在這上面，我很喜歡這一點。

I like how it looks. In fact, we spent two days with our Board last week looking at longer-term plans and options in different business environment. And one of the things I will tell you that I don't like, I didn't appreciate and I don't think we've done as good a job as we could do, is helping the outside world understand the internal options that this company has for either -- certainly for value growth, value over volume for the long term.

我喜歡它的外觀。事實上，上週我們與董事會一起花了兩天時間研究不同商業環境下的長期計畫和選擇。我要告訴你們的一件事是我不喜歡、不欣賞並且我認為我們做得不夠好，那就是幫助外界了解這家公司的內部選擇——當然是為了價值增長，長期來看價值高於數量。

So I see that as something in the first half of 2026, we'll give you a very fulsome longer-term outlook on what is this company going to look like 5, 10, 15 years from now, but it is a work in progress right now, and I like what I'm seeing.

因此，我認為在 2026 年上半年，我們將為您提供一個非常全面的長期展望，即這家公司在未來 5 年、10 年、15 年的發展方向，但目前這項工作仍在進行中，我對目前看到的情況感到滿意。

Perfect. My quick follow-up is if you could provide us some comment on the refining macro. It looks like some of the global capacity additions have come to and then outlook is better. So if you could help us understand how you're looking at both the diesel and the gasoline market and general refining cracks on a go-forward basis.

完美的。我的快速跟進問題是，您是否可以就精煉宏向我們提供一些評論。看起來全球部分產能已經增加，前景更好。因此，如果您能幫助我們了解您如何看待柴油和汽油市場以及未來一般煉油裂解市場。

Sure. I'll turn it to Dave here in a second. But I think it's important where crude is truly a global market and you've got most differences based on location and type of things. Refining, we've got a bit of a different situation here because of some of the structural advantages, access to crude supplies dislocations in pricing from New York and Chicago and then, of course, the performance of our asset base. So that's all quite good.

當然。我馬上就把它交給戴夫。但我認為重要的是，原油確實是一個全球市場，而且根據地點和事物的類型有很大差異。煉油方面，我們的情況略有不同，因為有一些結構性優勢，原油供應的取得、紐約和芝加哥定價的錯位，當然還有我們資產基礎的表現。一切都很好。

But Dave, do you want to comment on kind of -- and Kris made some comments in his opening about kind of the fundamentals and what we see.

但是戴夫，你想評論一下嗎 - 克里斯在開場時對基本面和我們所看到的情況發表了一些評論。

For sure. And thanks, Manav, for the question. Refining macro environment, we see it being fairly robust over the short term. As you pointed out, there's some capacity offline, there's capacity that came on that is struggling to get to full capacity. And we're seeing particularly diesel cracks being very strong.

一定。感謝 Manav 提出這個問題。完善宏觀環境，我們認為短期內它將相當強勁。正如您所指出的，有些產能處於離線狀態，有些產能正在努力達到滿載狀態。我們發現柴油裂紋特別嚴重。

And that's, in part, a global trend that's, in part, a US trend with some renewables that are offline due to the lack of incentives in that space. But in any case, it provides a pretty robust environment for us. And we, as you know, we are diesel machines in Suncor. We make a lot of diesel and strong diesel cracks are good for our business going forward.

這在一定程度上是一種全球趨勢，在某種程度上也是一種美國趨勢，由於缺乏激勵措施，一些再生能源專案處於離線狀態。但無論如何，它為我們提供了一個相當強大的環境。如您所知，我們是 Suncor 的柴油機械公司。我們生產大量柴油，強勁的柴油裂解對我們未來的業務有利。

We completed turnarounds in Edmonton and Sarnia this past quarter on primarily diesel producing units, and we're now producing record diesel production. Moving a little more locally. If we think about our business in Canada, our best outlook for our products is through our retail network. And we're seeing retail sales for Petro-Canada brand up 8% year-on-year, thanks to our retail growth. So we see strong global as well as strong local environment for our downstream business.

上個季度，我們完成了埃德蒙頓和薩尼亞主要柴油生產裝置的檢修，目前我們的柴油產量創下了歷史新高。稍微朝向本地化發展。如果我們考慮我們在加拿大的業務，我們產品的最佳前景是透過我們的零售網路。由於零售額的成長，我們看到加拿大石油品牌的零售額比去年同期成長了 8%。因此，我們預計我們的下游業務將擁有強勁的全球和本地環境。

Menno Hulshof, TD Cowen.

Menno Hulshof，TD Cowen。

I just have one question on the deployment of Autonomous Haul at Syncrude. Can we maybe get a refresh on where things stand on that front? And whether the economics and cost savings are going to look any different from deployment at (technical difficulty)?

我只有一個關於 Syncrude 的 Autonomous Haul 部署的問題。我們能否重新了解這方面的情況？以及經濟和成本節省是否會與部署在（技術難度）？

Yes, absolutely. I'll turn it to Peter in just a second, but I'll give you a couple of numbers. It was in May of last year, we had 20 trucks that were autonomous at that time. In May of this year, we had 120 and we've talked about the savings that go with each truck. Our plan is to be 150 or more by the end of the year.

是的，絕對是。我馬上就把它交給彼得，但我會給你幾個數字。那是去年五月，當時我們有 20 輛自動駕駛卡車。今年 5 月，我們已擁有 120 輛卡車，我們已經討論了每輛卡車節省的費用。我們的計劃是到今年年底達到 150 個或更多。

Peter, do you want to give a little bit of an update on it?

彼得，你想稍微更新一下狀況嗎？

Yes. Thanks, Menno. Things are going really well with the base plant continuing deployment. As Rich said, we're really scaling that up through to the end of the year, and we're seeing some real efficiency gains and our ability to extract productivity out of that system. Our plan for Syncrude is to implement autonomous haulage into Syncrude in 2026.

是的。謝謝，門諾。基地工廠的持續部署一切進展順利。正如里奇所說，我們確實在年底前擴大這一規模，並且我們看到了真正的效率提升和從該系統中提取生產力的能力。我們對 Syncrude 的計畫是在 2026 年在 Syncrude 實施自動運輸。

The economic case is consistent with that of the base plant, different starting points, just given the different types of operations. But we really see this as a strategic move for us. It helps us to improve safety. Again, this is a real kind of systems engineering approach, and we really believe as time goes on, our ability to extract a differentiated productivity relative to our staff fleet that remains robust and will be the basis of our mine plans going forward.

經濟狀況與基礎工廠一致，只是起點不同，操作類型也不同。但我們確實將此視為我們的策略舉措。它幫助我們提高安全性。再次強調，這是一種真正的系統工程方法，我們確實相信，隨著時間的推移，我們相對於員工隊伍提取差異化生產力的能力將保持強勁，並將成為我們未來礦山計劃的基礎。

So all the expected benefits, safety, direct cost productivity. All of those, we are on track to see or achieve all of those or more than we would have hoped for.

因此所有預期的效益、安全性、直接成本生產力。所有這些，我們都有望看到或實現，甚至超越我們的期望。

Patrick O'Rourke, ATB Capital Markets.

奧羅克 (Patrick O'Rourke)，ATB 資本市場。

Thanks for a very comprehensive and spirited rundown so far. I guess the first question I would have (multiple speakers) -- ?

感謝您迄今為止提供的非常全面和充滿活力的概述。我想我第一個要問的（多位發言者）－？

I think that was feedback for me.

我想那是對我的回饋。

I guess the first question I would have, you kind of touched a little bit on Fort Hills and nameplate capacities there and some of what you've been achieving. But I guess when you look at the asset, what your high output days look like right now? What's the variability? And I guess you pointed to the top end of production guidance for the full year, but how does that come into play here?

我想我第一個要問的問題是，您稍微談了一下 Fort Hills 和那裡的額定容量以及您已經取得的一些成就。但我想，當您查看資產時，您現在的高產出日子是什麼樣的？變異性如何？我想您指出的是全年生產指導的最高點，但這在這裡如何發揮作用？

Peter, I didn't put Patrick up to this question because I want to know too, Patrick. So Peter, you comment on how you're -- some of the testing you're doing and what you're seeing.

彼得，我沒有讓派崔克問這個問題，因為我也想知道，派崔克。那麼彼得，請評論一下您正在進行的測試以及您所看到的情況。

I think I said three years ago when I started here, that plant is a Ferrari, and I think that's proving true. Stream day capacities, we have demonstrated stream day capacities in excess of 220,000 barrels a day. So we know that potential is there. The work of the team is to ensure that we can do that reliably going forward and as well, coupled with the mine plan to support those types of rates while still managing all of the risks that I talked about earlier. So it's a balance, but we are quite confident based on the testing we've had over the last couple of months here that the stream day capacity of that plant is quite robust.

我想三年前當我開始在這裡工作時我就說過，那家工廠就像一輛法拉利，而我認為事實證明這是真的。日產量能力，我們已證明日產量能力超過 22 萬桶。所以我們知道潛力是存在的。團隊的工作是確保我們能夠可靠地做到這一點，同時結合礦山計劃來支援這些類型的費率，同時仍然管理我之前談到的所有風險。所以這是一個平衡，但根據過去幾個月我們在這裡進行的測試，我們非常有信心，工廠的日產量相當強勁。

And a real enabler is going to be when you get both of those two pits in the North mine kind of conditioned and ready to go. That's when we'll rev up that Ferrari.

而真正的推動因素是當北礦的兩個礦井都已準備就緒並準備投入使用時。那時我們就會加速那輛法拉利。

Okay. Great. And this is more of sort of a strategic question. But obviously, on the back of the success that you've had with OMES, I think you touched on maybe asset disposition side a little more earlier in the call. But when you look at the success in the implementation there and you think about the potential for acquisitions and creating shareholder value through implementing that on other assets.

好的。偉大的。這更像是一個戰略問題。但顯然，鑑於您在 OMES 方面取得的成功，我認為您在電話會議中可能早些時候就談到了資產處置方面。但是，當您看到在那裡實施的成功，並想到透過在其他資產上實施該措施來進行收購和創造股東價值的潛力時。

What does that sort of look like for you right now? And how is that appetite versus some of the organic greenfield growth opportunities you talked about earlier?

您現在覺得這是什麼樣子的？那麼，這種興趣與您之前談到的一些有機綠地成長機會相比如何呢？

Well, I'll reiterate. I believe we have more internal opportunities than perhaps we understood or certainly then we help the outside world understand so as we look at kind of our base capability to create value with what we have, that gives us a better lens to look at external opportunities. Do they add to the enterprise or they just make the enterprise different or bigger.

好吧，我重申一下。我相信，我們擁有的內在機會可能比我們自己所了解的要多，或者說，我們當然可以幫助外界了解，這樣，當我們審視利用現有資源創造價值的基本能力時，我們就能更好地審視外部機會。他們是否為企業做出了貢獻，或者只是讓企業變得更加不同或更大。

And we're not about being different or bigger, we're about being more valuable. So the more we've sharpened our understanding of our stand-alone internal set that really allows us to say is I shared the example with our Board last week. You go by the mall just because there's a for sale sign up doesn't mean you got to buy. And it's all about can we create value in a unique way relative to our other opportunities. And I'll never say never, but I like a lot of the cards we're holding.

我們的目標不是變得與眾不同或變得更強大，而是變得更有價值。因此，我們越是加深對獨立內部設定的理解，就越能讓我們說出我上週與董事會分享的例子。你去商場只是因為那裡有出售標誌並不意味著你必須購買。而這一切都取決於我們能否以相對於其他機會的獨特方式創造價值。我永遠不會說永遠，但我喜歡我們手中的許多牌。

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

目前隊列中沒有其他問題。現在我想將電話轉回給 Rich Kruger 先生，請他做最後發言。

Okay. I'll be brief on it, folks. I hope what you're hearing over Patrick referred to the spirited conversation. So today, Suncor, this is a different company. We've got great assets, great people, strong results, team-based results-oriented high performance, a different attitude, a different culture and I understand we play a little song at the start of each of these.

好的。各位，我就簡單介紹一下吧。我希望你在派崔克那裡聽到的指的是那場激烈的對話。所以今天，Suncor 是一家不同的公司。我們擁有寶貴的資產、優秀的人才、強勁的業績、以團隊為基礎、以結果為導向的高績效、不同的態度、不同的文化，我知道我們在每件事的開頭都會演奏一首小歌。

I listened to the one today. And my favorite line is you can keep the silver, we came for gold. That is the attitude at this company today. And look forward to sharing our future progress and results with you on subsequent calls. Thank you.

我今天聽了這首歌。我最喜歡的一句話是，你們可以保留銀牌，我們是為了金牌而來的。這就是目前這家公司的態度。並期待在後續電話會議中與您分享我們未來的進展和成果。謝謝。

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 now 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，您現在可以結束通話了。

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

今天的電話會議到此結束。感謝大家的參與。您現在可以斷開連線。