Suncor Energy Inc (SU) 2025 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to the Suncor Energy third-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's Chief Financial Officer; Mr. Troy Little.

您好，感謝您的耐心等待。歡迎參加森科能源公司2025年第三季財務業績電話會議。（操作人員指示）請注意，今天的會議正在錄音。現在我謹將會議交給你們的發言人，森科能源公司的財務長特洛伊·利特爾先生。

Troy, please go ahead.

特洛伊，請繼續。

Thank you, operator, and good morning. Welcome to Suncor Energy's third-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 third-quarter earnings release as well as in our current annual information form, both of which are available on SEDAR, EDGAR and our website, suncor.com. Certain financial measures referred to in these comments are not prescribed by Canadian generally accepted accounting principles.

謝謝接線員，早安。歡迎參加森科能源第三季財報電話會議。請注意，今天的評論包含前瞻性資訊。由於各種風險因素和假設（詳見我們第三季財報以及目前的年度資訊揭露表，這兩份文件均可在SEDAR、EDGAR以及我們的網站suncor.com上查閱），實際結果可能與預期結果有重大差異。本說明中提及的某些財務指標並非加拿大公認會計原則所規定。

For a description of these financial measures, please see our third-quarter earnings release. We will start with comments from Rich Kruger, President and Chief Executive Officer; followed by Kris Smith, Executive Vice President. Also on the call are Peter Zebedee, Executive Vice President of Oil Sands; Dave Oldreive, Executive Vice President of Downstream; Shelley Powell, Senior Vice President, Operational Improvement and Support Services; and Adam Albeldawi, Suncor's Senior Vice President of External Affairs. Following the formal remarks, we'll open the call up to questions. Now I'll hand it over to Rich to share his comments.

有關這些財務指標的詳細說明，請參閱我們的第三季財報。首先是總裁兼執行長 Rich Kruger 的發言；然後是執行副總裁 Kris Smith 的發言。參與此電話會議的還有：油砂執行副總裁 Peter Zebedee；下游業務執行副總裁 Dave Oldreive；營運改善與支援服務資深副總裁 Shelley Powell；以及 Suncor 對外事務資深副總裁 Adam Albeldawi。正式致詞結束後，我們將開放提問環節。現在我把麥克風交給Rich，讓他發表一下看法。

Our third quarter was about completing this year's major maintenance and building momentum for a strong finish to the year we accomplished both. I'll highlight operational performance. Kris will cover financial. First, I'd like to make a few comments on safety. I've shared before that 2023 and 2024 were the safest years in Suncor's history.

第三季我們主要完成了今年的重大維護工作，並為年底取得佳績積蓄力量，我們兩項工作都完成了。我將重點介紹營運績效。克里斯將負責財務方面的內容。首先，我想就安全問題​​談幾點看法。我之前說過，2023 年和 2024 年是森科能源史上最安全的年份。

While the first nine months of 2025 have been even safer across the board, fewer incidents, lower severity, both personnel safety and process safety. I strongly believe that being a great company in oil and gas starts with being a safe company. Our performance now places us among the safest oil and gas companies in North America. Upstream production, 870,000 barrels a day in the third quarter, far and away our best third quarter ever. In fact, 41,000 barrels a day higher than our previous best, which was achieved last year.

2025 年頭九個月整體上更加安全，事故更少，嚴重程度更低，人員安全和製程安全都得到了保障。我堅信，一家偉大的石油天然氣公司首先要成為一家安全的公司。目前，我們的業績使我們躋身北美最安全的石油和天然氣公司之列。第三季上游產量為每天 87 萬桶，遠超過以往任何一季。事實上，比我們之前的最佳成績（去年創下）每天高出 41,000 桶。

Also within 5,000 barrels a day of our best quarter of any quarter ever. This was accomplished despite turnaround activity at both Firebag and Syncrude. A bit of context. Over the past two years, our third quarter has averaged 850,000 barrels a day, 145 higher than the prior three-year average. I'll comment more on this performance shortly.

此外，我們的日產量也僅比有史以來最好的季度少了 5,000 桶。儘管 Firebag 和 Syncrude 兩家公司都進行了扭虧為盈的調整，但最終還是實現了這一目標。提供一些背景資訊。過去兩年，我們第三季的平均日產量為 85 萬桶，比前三年的平均值高出 145 萬桶。我稍後會就這場演出發表更多評論。

Upgrader utilization, 102% for the quarter with base plant following the successful cover replacement project at 106%. Year-to-date utilization at 96% with both base plant and Syncrude, exactly at that level. Refining throughput, 492,000 barrels a day in the third quarter, our best quarter of any quarter ever exceeded our previous best in the third quarter of last year. The third quarter is typically the highest throughput quarter each year. That said, with back-to-back records in '24 and now '25, we've averaged 27,000 barrels a day or 6% higher than the prior three-year period.

本季升級裝置利用率為 102%，基礎裝置在成功完成蓋板更換專案後利用率為 106%。今年迄今為止，基礎工廠和 Syncrude 的利用率均為 96%，完全達到該水準。第三季煉油量達到每天 492,000 桶，是我們有史以來最好的季度，超過了去年第三季度的最佳成績。通常來說，每年第三季是吞吐量最高的季度。也就是說，在 2024 年和現在的 2025 年連續創下紀錄後，我們平均每天的產量為 27,000 桶，比前三年同期高出 6%。

Our third-quarter results were achieved with an industry-leading 106% utilization. All refineries were effectively at 100% or higher with record set at Sarnia and Montreal. Overall, year to date, we're at 101% on pace to beat our annual record of 100% set last year. Product sales, 647,000 barrels a day in the third quarter again, our highest quarter of any quarter ever. 34,000 barrels a day or 6% higher than our previous best quarter, which was the fourth quarter of last year.

我們第三季的業績得益於業界領先的106%的產能利用率。所有煉油廠的產能均達到或超過 100%，其中薩尼亞和蒙特婁的煉油廠更是創下紀錄。今年迄今為止，我們的整體完成率已達到 101%，並有望打破去年創下的 100% 的年度紀錄。第三季產品銷售再次達到每日64.7萬桶，創歷史新高。比我們之前的最佳季度（去年第四季）高出每日3.4萬桶，增幅達6%。

Recognizing all sales are not created equal, our highest margin retail sales are up 8% year on year, while lower-margin export sales are down 11% year on year. Our strategy is to achieve both volumes and value growth. Operating costs. Year-to-date OS&G $9.7 billion, essentially flat with year-to-date '24 despite 32,000 barrels a day of higher upstream production, 14,000 barrels a day higher refining throughput and 21,000 barrels a day in higher product sales, higher volumes, lower unit costs. Turnaround.

考慮到並非所有銷售都具有相同的價值，我們利潤率最高的零售銷售額同比增長 8%，而利潤率較低的出口銷售額同比下降 11%。我們的策略是實現銷售和價值的雙重成長。營運成本。今年迄今的油氣產業收入為 97 億美元，與 2024 年迄今基本持平，儘管上游產量每天增加 32,000 桶，煉油加工量每天增加 14,000 桶，成品油銷量每天增加 21,000 桶，銷量增加，單位成本降低。迴轉。

On our second-quarter call, we shared second-quarter turnarounds were completed at historically low cost and best-ever durations. Our third-quarter turnarounds were completed equally well. A couple of examples: Montreal refinery, our hydrocracker and hydrogen plants. Previously, 55 days to complete the work, we budgeted it at 50. We completed it in 40 going from industry fourth quartile to second quarter.

在第二季財報電話會議上，我們分享了第二季企業檢修工作以歷史最低成本和最短工期完成的情況。我們第三季的扭虧為盈工作也同樣出色地完成了。舉幾個例子：蒙特婁煉油廠、我們的加氫裂解裝置和氫氣工廠。之前，完成這項工作需要 55 天，而我們的預算是 50 天。我們只花了 40 分鐘就完成了，從產業第四季躍升至第二季。

Previously, it cost us $80 million, we budgeted it at $71 million, we completed it for $62 million, again, going from industry fourth to second quartile. And I'm really pleased to say it was completed without so much as a cut finger or a spilt barrel. Edmonton refinery synthetic crude unit completed at an industry first quartile level. Firebag plant 92 in July, similar story under budget, ahead of schedule. Syncrude 81 coker completed early in the fourth quarter at best-ever performance, cost and schedule.

之前，這個項目耗資 8000 萬美元，我們預算了 7100 萬美元，最終以 6200 萬美元完成，再次從行業第四分位躍升至第二分位。我很高興地說，整個過程順利完成，連手指都沒割破，桶子也沒灑出來。埃德蒙頓煉油廠合成原油裝置完工，其水準達到業界前四分之一水準。Firebag 工廠 92 於 7 月投產，情況類似，預算控制得當，提前完工。Syncrude 81 焦化裝置於第四季初完工，實現了有史以來最佳的性能、成本和進度。

Historically, this work took us 72 days. We had a very aggressive budget of $50 million, and we did it in $48 million. Literally, every single turnaround in '25 has been completed at lower cost and best ever relations. In aggregate, our '25 turnaround program is approaching industry second quartile in North America, with second quartile in North America, representing best-in-class in Canada. And the best news, we aren't done yet.

從歷史上看，這項工作我們花了 72 天。我們的預算非常緊張，只有 5000 萬美元，而我們最終只用了 4800 萬美元就完成了專案。從字面上講，2025 年的每一次轉型都以更低的成本和最佳的關係完成。總體而言，我們的 2025 年轉型計劃在北美已接近該行業第二季度水平，在北美第二季度水平代表了加拿大同類最佳水平。最棒的是，我們還沒完成。

We have tangible plans and a pathway to further improve it. 2025 is the second consecutive year, our annual turnaround program was completed at under $1 billion, under $1 billion is now Suncor's new norm versus $1.25 billion historically. I'd like to -- here, I'd like to kind of pause and make a comment or two on the context on our performance. For two-plus years, the last -- the past eight or nine quarters, we have announced performance records, safety, production, throughput, product sales, asset utilization, turnarounds and so on. We've dramatically reduced our WTI breakeven and at the same time, reduced our net debt.

我們制定了切實可行的計劃和進一步改進的途徑。 2025年是我們連續第二年年度扭虧為盈計畫的成本控制在10億美元以下，低於10億美元現在已成為森科能源的新常態，而歷史平均為12.5億美元。我想——在這裡，我想稍作停頓，就我們表演的背景發表一兩點評論。在過去的兩年多時間裡，特別是最近八到九個季度，我們公佈了業績記錄、安全、生產、吞吐量、產品銷售、資產利用率、檢修等數據。我們大幅降低了 WTI 損益平衡點，同時降低了淨債務。

We materially grown free funds flow, fueling higher return of capital to shareholders. We've strengthened and already uniquely integrated high-quality asset base, consolidating ownership and achieving full control at Fort Hills, debottlenecking upstream and downstream capacities at little to no cost, expanding bitumen transfer capabilities between base plant upgraders and other assets and capturing downstream synergies during and outside of turnarounds.

我們大幅增加了自由資金流，從而提高了股東的資本回報。我們加強並獨特地整合了高品質的資產基礎，鞏固了所有權，並在 Fort Hills 實現了完全控制，以極低的成本甚至零成本消除了上游和下游產能瓶頸，擴大了基礎工廠升級裝置與其他資產之間的瀝青輸送能力，並在檢修期間和檢修之外獲得了下游協同效應。

The impact of our actions is most notably seen in our volumes, which are historically the lowest in the second or third quarters of each year. However, starting in '24 and now again in '25, our second and third-quarter volumes have been higher -- much higher with significantly less variation versus historic first and fourth quarter. How?

我們的行動的影響最明顯地體現在我們的銷量上，銷量歷來在每年的第二季或第三季最低。然而，從 2024 年開始，到 2025 年，我們的第二季和第三季銷量都更高——與歷史上的第一季和第四季相比，銷量高得多，波動也明顯更小。如何？

By design, we are systematically reducing variation and elevating overall performance, embracing an industrial engineering mindset improving systems, processes, practices and tools, delivering higher, more predictable, more ratable results quarter after quarter in turn, delivering higher, more predictable, more ratable cash flow quarter after quarter.

透過精心設計，我們有系統地減少差異，提升整體績效，秉持工業工程思維，改善系統、流程、實務和工具，從而逐季交付更高、更可預測、更可評估的業績，進而逐季交付更高、更可預測、更可評估的現金流。

A few illustrations. Third quarter 2025 AFFO, $3.8 billion with WTI at $65 a barrel. Last time, we had $3.8 billion AFFO was the third quarter of '24 with WTI at $75 a barrel. Third-quarter free funds flow, $2.3 billion, the highest operationally since fourth quarter of '22 when WTI averaged $83 a barrel, $18 higher.

舉幾個例子。2025 年第三季調整後營運資金 (AFFO) 為 38 億美元，假設 WTI 原油價格為每桶 65 美元。上次，我們的調整後營運資金 (AFFO) 為 38 億美元，那是 2024 年第三季度，當時 WTI 原油價格為每桶 75 美元。第三季自由資金流為 23 億美元，是自 2022 年第四季以來營運資金流最高的，當時 WTI 原油均價為每桶 83 美元，比第三季高出 18 美元。

Year-to-date free funds $5.2 billion within $200 million of 2024 despite oil prices being $11 a barrel lower. Buybacks, $250 million a month in 2025 every month, independent of oil price, $250 million when WTI was $75 in January, $250 million when WTI was $61 in May. Year to date, we bought back more than $42 million shares, 3.4% of our float at an average cost of $53. Year on year, $340 million more in buybacks despite oil prices being down $9 a barrel. At today's oil price, I strongly believe buying our stock is our best investment and we intend to keep buying it month after month after month.

儘管油價每桶下跌了 11 美元，但截至目前，2024 年已釋放 52 億美元的自由資金，預計到 2024 年將達到 2 億美元。2025 年每月回購 2.5 億美元，與油價無關，1 月 WTI 原油價格為 75 美元時回購 2.5 億美元，5 月 WTI 原油價格為 61 美元時回購 2.5 億美元。今年迄今，我們已回購超過 4,200 萬美元的股票，佔流通股的 3.4%，平均成本為每股 53 美元。儘管油價下跌了每桶 9 美元，但股票回購金額仍比前一年增加了 3.4 億美元。以今天的油價來看，我堅信買進我們的股票是我們最好的投資，我們打算每個月都繼續買。

The fact is our business model and uniquely integrated asset base now coupled with much higher performance offers investors a unique and, I believe, a premium value proposition. High performance with more predictable, more ratable cash flow to dependence on oil price. With any large industrial complex, the highest performance occurs when systems and capabilities align in sync. What you are seeing is Suncor's unique integrated cash generation capabilities increasingly aligned and in sync with fundamental attributes that cannot be readily replicated. 2025 guidance.

事實上，我們的商業模式和獨特的綜合資產基礎，再加上更高的業績，為投資者提供了獨特且我認為是超值的投資方案。業績優異，現金流更可預測、穩定，不受油價影響。對於任何大型工業複合體而言，當系統和能力同步協調時，才能達到最高績效。您所看到的，是森科能源獨特的綜合現金流產生能力，這種能力與一些難以複製的基本屬性日益契合。 2025年業績指引。

On our second-quarter call, we revised capital guidance down, dropping the range midpoint by $400 million to $5.7 billion to $5.9 billion. Today, we believe we will come in at the low end of the revised range. Now based on third-quarter performance, we're revising 2025 volumes guidance up across the board. Production revised range $8.45 to $8.55 with our midpoint up 25,000 barrels a day. Refining, revised range, 470,000 to 475,000 barrels a day, the midpoint up 30,000 barrels a day.

在第二季電話會議上，我們下調了資本預期，將區間中點下調了 4 億美元，至 57 億美元至 59 億美元。今天，我們認為我們的報價將處於修訂後價格區間的下限。根據第三季的業績，我們全面上調了 2025 年的銷售預期。產量調整範圍為每桶 8.45 美元至 8.55 美元，其中數值每天增加 25,000 桶。煉油，修訂範圍為每天 470,000 至 475,000 桶，中間值每天增加 30,000 桶。

Refined product sales, revised range, $6.10 to $6.20, midpoint up 45,000 barrels a day. We expect to exceed the high end of our original guidance for the second consecutive year. Now I recognize the temptation to conclude what we must have been conservative. But let me remind you, every single turnaround was completed at its shortest duration ever. Our massive coke drum replacement project was executed flawlessly and upstream and downstream asset utilizations are once again at record levels.

成品油銷售價格區間調整為每桶 6.10 美元至 6.20 美元，中間價上漲 45,000 桶/天。我們預計將連續第二年超過原先預期的上限。現在我意識到，人們很容易得出我們一定是保守派的結論。但我要提醒你們，每一次的檢修都是在有史以來最短的時間內完成。我們的大型焦化爐更換專案完美執行，上下游資產利用率再次達到歷史最高水準。

The result: every volume category in 2025 and is expected to be a new annual best ever. So was our original guidance conservative or is today's Suncor simply continuing to outperform? I've said before, we are institutionalizing a culture that every barrel and every dollar matter. With that, I'll turn it to Kris.

結果：2025 年所有銷售類別都將創下年度新高。那麼，我們最初的預測是否過於保守，還是說如今森科能源的表現仍優於預期？我之前說過，我們正在建立一種文化，那就是每一桶酒、每一美元都至關重要。接下來，我將把麥克風交給克里斯。

All right. Thanks, Rich, good morning, everyone. Well, since this will be my final earnings call, I do want to start by first thanking the investment community for your engagement your questions, your partnership over these last three years and it's certainly been a privilege to engage with all of you during my time here at Suncor.

好的。謝謝Rich，大家早安。鑑於這將是我最後一次財報電話會議，我首先要感謝投資界的各位，感謝你們的參與、提問以及過去三年來的合作。在森科能源任職期間，能夠與各位交流互動，我深感榮幸。

I'll have a bit more to say on my retirement in a moment, but before I do, let's first talk about what is an exceptionally strong quarter. To begin with, I'm pleased to announce that the Board of Directors has approved a 5% dividend raised for an annualized dividend of $2.40 per share, which is in keeping with our commitment to reliably and sustainably grow the dividend.

稍後我會再詳細談談我的退休計劃，但在那之前，我們先來談談這個異常強勁的季度。首先，我很高興地宣布，董事會已批准將股息提高 5%，使年度股息達到每股 2.40 美元，這符合我們可靠且可持續地提高股息的承諾。

This dividend increase is a direct result of the great progress our team has made in sustainably growing incremental free funds flow. And because of our steady return of cash to shareholders through our share buyback program, this increase in our dividend does not affect our WTI breakeven price. Our buyback program continues to be a key driver of per share dividend growth, creating a reliable flywheel for shareholder returns. It's yet another proof point that we are doing what we said we would do, delivering reliable, growing cash returns to our shareholders. The third quarter was also another strong quarter for shareholder returns, consistent with our disciplined capital allocation framework.

此次股息成長直接得益於我們團隊在可持續增加自由資金流方面取得的巨大進展。由於我們透過股票回購計畫持續向股東返還現金，因此此次股利增加不會影響我們的 WTI 損益平衡價格。我們的股票回購計畫仍然是每股股利成長的關鍵驅動力，為股東回報創造了可靠的飛輪效應。這再次證明，我們正在履行我們承諾要做的事情，為股東帶來可靠且不斷增長的現金回報。第三季股東回報也表現強勁，這與我們嚴謹的資本配置框架相符。

We returned just over $1.4 billion to shareholders, including $688 million in dividends and $750 million in share buybacks. At the end of the quarter, we had repurchased 3.4% of our equity float, supporting future dividend and free funds flow per share growth. Our approach remains unchanged, drive growing free funds flow and returning 100% of excess funds to our shareholders on a full year basis. As Rich mentioned, our buybacks have been consistent despite commodity movements in 2025, a testament to the predictability and quality of this company's cash flows. Turning to the business environment in Q3.

我們向股東返還了略高於 14 億美元的資金，其中包括 6.88 億美元的股息和 7.5 億美元的股票回購。截至季度末，我們已回購了 3.4% 的流通股，為未來的每股股息和自由資金流成長提供了支持。我們的方法保持不變，即推動自由資金流動不斷增長，並將全年100%的盈餘資金返還給股東。正如 Rich 所提到的，儘管 2025 年大宗商品價格波動，但我們的股票回購一直保持穩定，這證明了該公司現金流的可預測性和品質。接下來談談第三季的商業環境。

It was marked by slightly higher commodity prices with WTI averaging USD64.95 per barrel, which is up $1.25 per barrel versus the prior quarter. Notably, we saw an improvement in our downstream 5221 custom index of USD3.35 per barrel with improved cracking margins, averaging [31.20] in the quarter versus [27.85] in the prior quarter and contributing to strong financial performance in our downstream. This improvement in commodity prices was partly offset by a stronger Canadian dollar moving from USD0.72 to USD0.73.

本季大宗商品價格略有上漲，WTI原油均價每桶64.95美元，較上一季上漲1.25美元。值得注意的是，我們的下游 5221 客製化指數有所改善，達到每桶 3.35 美元，裂解利潤率有所提高，本季平均為 [31.20]，而上一季為 [27.85]，這有助於我們下游業務取得強勁的財務業績。大宗商品價格的上漲部分被加幣走強所抵消，加幣兌美元匯率從 0.72 升至 0.73。

We have seen some weakening of crude price as we moved into the fourth quarter, but our strong operations, coupled with our integrated business model ensures the continued resiliency of our free funds flow through a lower commodity price environment supporting continued strong cash returns to shareholders. Now Rich talked a lot about records in his opening remarks.

進入第四季度，我們看到原油價格有所走弱，但我們強大的營運能力，加上我們一體化的商業模式，確保了即使在商品價格較低的環境下，我們的自由資金流也能保持韌性，從而支持股東持續獲得強勁的現金回報。里奇在開場白中談了很多關於唱片的事情。

I do want to highlight another one of those. This quarter, AFFO was $3.8 billion or $3.16 per share, and it was the second highest Q3 AFFO in Suncor's history despite much lower crude prices, You'd have to go back to Q3 of 2022 for the record, which was in a commodity price environment over $90. Operating earnings were $1.8 billion or $1.48 per share. How did we generate $3.8 billion of AFFO with average WTI at $65? Well, to begin with, a number of those records that Rich was just talking about, record third-quarter upstream production of 870,000 barrels per day including Oil Sands at 812,000 and E&P at 58,000.

我想重點介紹其中的另一個例子。本季度，AFFO 為 38 億美元，即每股 3.16 美元，儘管原油價格大幅下降，但這是 Suncor 歷史上第二高的第三季度 AFFO。要追溯到 2022 年第三季度，當時大宗商品價格超過 90 美元，創下了歷史新高。營業利潤為18億美元，即每股1.48美元。在WTI原油平均價格為每桶65美元的情況下，我們是如何創造38億美元的AFFO的？首先，Rich 剛才提到的記錄中，有幾項創下了紀錄，例如第三季上游產量創下每日 87 萬桶的紀錄，其中油砂產量為 81.2 萬桶，勘探與生產產量為 5.8 萬桶。

Record total bitumen production of 958,000 barrels per day. Record quarterly downstream with refining throughput at a whopping 492,000 barrels per day and utilization of 106%. And record quarterly refined product sales of 647,000 barrels per day. That's a lot of records. Total OS&G expense in the quarter of $3.3 billion is consistent with the first six months of the year, further demonstrating our operating leverage with higher volumes and absolute costs.

瀝青總產量創歷史新高，達到每天95.8萬桶。下游業務季度業績創歷史新高，煉油產能高達每天 492,000 桶，利用率達 106%。季度成品油日銷量創下64.7萬桶的紀錄。那可是很多記錄啊。本季總營運、生產和營運費用為 33 億美元，與今年上半年基本持平，進一步證明了我們在銷售和絕對成本增加的情況下實現了營運槓桿效應。

Capital expenditures in the quarter totaled $1.4 billion, including $565 million of economic investments and $874 million of sustaining and maintenance capital as we execute our fall turnaround schedule. Working capital use was $183 million in the quarter, primarily reflecting the timing of payments and net debt at quarter end was $7.1 billion, with net debt to trailing 12-month AFFO at 0.5x.

本季資本支出總額為 14 億美元，其中包括 5.65 億美元的經濟投資和 8.74 億美元的維持和維護資本，以執行我們的秋季檢修計劃。本季營運資金使用額為 1.83 億美元，主要反映了付款時間；季度末淨負債為 71 億美元，淨負債與過去 12 個月 AFFO 的比率為 0.5 倍。

This is all about managing our balance sheet in the best interest of our shareholders, while continuing to steadily return significant cash to them. I do want to spend a moment on what I believe is an underappreciated part of the Suncor story. Our ability to consistently generate industry-leading margins across the value chain.

這一切都是為了在最大程度上維護股東利益的前提下管理好我們的資產負債表，同時繼續穩步地向股東返還大量現金。我想花點時間談談我認為被低估的森科能源公司故事的一部分。我們有能力在整個價值鏈中持續創造業界領先的利潤率。

We often emphasize the strength of our integrated model, allowing us to capture margin at every step from extraction out of the ground to the upgrader, to the refinery and finally, to customers all along the value chain. Like our peers, we make bitumen, but then we transform those barrels into high-value products. Rich has previously described this as our ability to make craft cocktails for our customers. It's this competitive advantage, coupled with our strong logistics and trading capabilities that enabled us to sell our Oil Sands barrels at 96% of average WTI over the quarter. And our downstream margin captures consistently above industry benchmarks.

我們經常強調我們一體化模式的優勢，使我們能夠從地下開採到升級，再到煉油廠，最終到價值鏈上的客戶，在每個環節都獲得利潤。和同行一樣，我們也生產瀝青，但我們將這些瀝青轉化為高價值產品。Rich 之前曾將此描述為我們為顧客調製精釀雞尾酒的能力。正是這種競爭優勢，加上我們強大的物流和貿易能力，使我們能夠在本季以 WTI 平均價格的 96% 出售我們的油砂原油。我們的下游利潤率一直高於行業平均。

This quarter was no exception, with margin capture at 92% of our custom 5221 index, an index which represents the margin power of our downstream business. LIFO gross margin was USD28.87 versus an average New York (inaudible) in Chicago [3, 2, 1 crack of 2639]. Suncor is quite simply a margin machine, and this should be recognized as a core driver of this company's value proposition. Now this is my last quarterly call with Suncor. I do want to take a moment to express what a privilege it's been to work at this company for the last 25 years and to be part of this executive team for the last 13.

本季也不例外，利潤率達到我們自訂 5221 指數的 92%，該指數代表了我們下游業務的利潤。芝加哥的後進先出毛利率為28.87美元，而紐約的平均為（聽不清楚）[3, 2, 1 裂紋 2639]。Suncor 簡直就是一台利潤機器，這應該被視為該公司價值主張的核心驅動力。這是我與森科能源公司進行的最後一次季度電話會議。我想藉此機會表達一下，過去 25 年能在這家公司工作，以及過去 13 年能成為這個管理團隊的一員，對我來說是多麼榮幸。

Over my 25 years, I've worked in almost every part of this company, and I've seen its tremendous growth over that time to become Canada's premier integrated Oil Sands Company. I deeply believe in the strategic importance of the Oil Sands to the long-term prosperity of Canada and Alberta and is a source of long-term value for our shareholders.

在我工作的這 25 年裡，我幾乎在這家公司的每個部門都工作過，並親眼見證了它在這段時間裡的巨大發展，使其成為加拿大首屈一指的綜合性油砂公司。我深信油砂對加拿大和阿爾伯塔省的長期繁榮具有重要的戰略意義，也是我們股東長期價值的來源。

And know that Suncor will play a significant role in that future as it continues to grow its competitive advantage of maximizing value of this world-scale long-life resource through its unmatched integrated value chain. I want to thank the Board, Rich, all my colleagues for their support over the years, and thank you to all our employees for their dedication and drive to deliver results each and every day. As I said, it's been a real privilege to be a part of this team.

要知道，森科能源將在未來發揮重要作用，因為它將繼續透過其無與倫比的綜合價值鏈，最大限度地發揮這一世界級長壽命資源的價值，從而不斷增強其競爭優勢。我要感謝董事會、Rich、所有同事多年來的支持，也要感謝所有員工每天的奉獻和努力，為公司取得成果。正如我所說，能夠成為這個團隊的一份子，我感到非常榮幸。

I also want to congratulate Troy on his appointment to the CFO chair and know that his experience and leadership will be critical in the years ahead. This company is so very well positioned for the future. And as I move on, I'm confident that Suncor will continue to deliver exceptional value to our shareholders through operational excellence, capital discipline and a relentless focus on value creation. And with that, for a final time, I'll turn it back over to Rich.

我還要祝賀特洛伊被任命為財務長主席，我知道他的經驗和領導在未來幾年至關重要。這家公司未來發展前景非常光明。展望未來，我相信森科能源將繼續透過卓越的營運、嚴格的資本紀律和對價值創造的不懈追求，為股東創造非凡價值。就這樣，最後一次，我把麥克風交還給里奇。

Thanks, Kris. First of all, I want to thank you and congratulate you. You have been an integral part of our turnaround over the past few years. your timing couldn't be better, wrapping up with the quarterly results. And for those on the phone, I've got to know Kris quite well, outstanding executive, a class act, and I'm proud to say a close friend.

謝謝你，克里斯。首先，我要感謝你並祝賀你。過去幾年，您一直是公司扭虧為盈不可或缺的一部分。您的到來恰逢季度業績公佈之際，可謂恰逢其時。對於那些打電話來的人，我和克里斯很熟，他是一位傑出的高階主管，品格高尚，我很自豪地說，他是我親密的朋友。

Kris, you'll be missed, but not forgotten. We all wish you, [Sandra, Ethan and Catherine], I was going to add [Mazy], your Golden Retriever that I see walk by the house, the best in your future endeavors. I also want to thank -- congratulate Troy, our new CFO; and Adam, our new Senior VP of External Affairs, which includes Investor Relations. Gentlemen, it was high performance that earned you these roles and as you've heard me say, high performance results in even higher expectations. I look forward to continuing to work with you as we create shareholder value.

克里斯，我們會想念你，但不會忘記你。我們都祝福你（桑德拉、伊森和凱瑟琳），還有我經常從你家門口經過的金毛犬梅齊，在未來的事業中一切順利。我還要感謝並祝賀新任財務長 Troy；以及新任負責對外事務（包括投資者關係）的高級副總裁 Adam。各位先生，正是你們的出色表現才贏得了這些職位，正如你們所聽到的，出色的表現會帶來更高的期望。我期待繼續與您合作，共同創造股東價值。

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

這樣，我就把麥克風交給特洛伊了。

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

謝謝你，里奇。我將把電話轉回給接線生，讓她回答一些問題。

(Operator Instructions) Greg Pardy, RBC Capital Markets.

（操作員說明）Greg Pardy，加拿大皇家銀行資本市場。

Yes. And I'd probably put your conference call commentary right up in that first quartile. So great, great run down. So first off, Kris, just all the very best, I sure hope our paths cross again soon. And big congratulations, I think, to Troy and looking forward to working with Adam.

是的。我大概會把你在電話會議上的評論排進前四分之一。太棒了，總結得真好。克里斯，首先祝你一切順利，我真心希望我們能盡快再次相遇。我想對特洛伊表示衷心的祝賀，並期待與亞當合作。

So questions wise, there are a couple of things kind of going through my head. But Rich, I wanted to come back to maybe what prevailing narrative was on Suncor before you got there. To some extent, which was, hey, old assets can't be fixed. And I've heard that from multiple quarters. How do you put that together perhaps with the maintenance interval extension that we're now seeing at U1 but also just the planning and turnaround and improved turnaround performance? I'm just -- it's a very broad question by definition, but I just wanted to get a better understanding of how all those pieces fit together.

所以就問題而言，我腦子裡有幾個問題在思考。但是 Rich，我想回到你加入 Suncor 之前，關於這家公司的主流說法是什麼。在某種程度上，這意味著，唉，舊資產是無法修復的。我從多方都聽過類似的說法。如何將這些因素結合起來，例如我們現在在 U1 看到的維護間隔延長，以及規劃、週轉和改進的周轉效能？我只是——從定義上來說，這是一個非常廣泛的問題，但我只是想更好地了解所有這些部分是如何結合在一起的。

Well, two things, Greg, first of all, to start it off, I appreciate you saying first quartile because that gives us room to improve. Our goal is best-in-class. Second thing, I think I'm living proof that age shouldn't directly correlate with performance in a negative way.

好的，格雷格，有兩件事。首先，我很感謝你提到第一四分位數，因為這給了我們改進的空間。我們的目標是做到一流。第二點，我認為我就是年齡不該與表現直接產生負面影響的活生生的例子。

So I'm going to turn this over to a team to my left here in a moment because the entire way we're approaching our business, the depth, the analytics upon which we plan and perform our work is fundamentally different. So Shelly, maybe I'll start with you, but then I'll ask perhaps Peter and Dave to give a quick example in the business, because Shelley is kind of at the central point of how we've redesigned our entire approach to operational excellence.

所以，我一會兒要把這個交接給左邊的團隊，因為我們開展業務的方式，以及我們計劃和執行工作的深度和分析方法，都與此截然不同。所以，雪莉，也許我會先從你開始，然後我會請彼得和戴夫舉一個公司裡的例子，因為雪莉在我們重新設計整個卓越營運方法的過程中扮演著核心角色。

Yes. And the first thing I would say on that, like the intervals as well as just across performance. For us, it really starts with benchmarks. We want to look and see what does global performance look like and then we want to be the best of the best in that bunch. So we look at the best intervals that are being achieved across several units in the globe. And then we do the work to understand what would it take for us to hit that benchmark. So the work is really about making the right decision at the right time. Peter?

是的。首先我想說的是，就像音程以及整個演奏過程一樣。對我們來說，一切都始於基準測試。我們想看看全球業績如何，然後我們希望成為其中最優秀的一方。因此，我們檢視了全球多個單位所取得的最佳間隔。然後我們開展工作，了解我們需要做些什麼才能達到這個目標。所以這項工作的本質就是在正確的時間做出正確的決定。彼得？

Yes. I would also say, Greg, and you mentioned U1 there. We're moving the intervals at U1 to six years. That's really a function of the upgraded metallurgy on the drums investment that we put in with the Coke term replacement project this year and coupled with some work on the coker frac section that has enabled us, and we're confident in our ability to extend it to six years. So it's a real success story. And you see that replicated across a broad variety of our upstream Oil Sands assets, both the Syncrude, Firebag as well as --

是的。我還要補充一點，格雷格，你剛才也提到了U1。我們將U1的間隔時間改為六年。這實際上得益於我們今年在焦炭定期更換項目中對焦爐冶金技術進行升級改造，再加上焦化壓裂部分的一些工作，使我們能夠有信心將其延長至六年。所以這真是一個成功的案例。而且，這種情況在我們各種上游油砂資產中都有體現，包括 Syncrude、Firebag 以及其他項目。--

Yes, for the Downstream we'll use Edmonton as an example, but we're applying the same principles and the same logic across all of our assets. The downstream also starts with benchmarking. For Edmonton, we just completed a sweet crude and hydrocracker turnaround block. That was an integral increase from four years to five years. And going forward, that unit will be on a six-year interval.

是的，對於下游業務，我們將以埃德蒙頓為例，但我們對所有資產都應用了相同的原則和邏輯。下游環節也從基準測試開始。對於埃德蒙頓，我們剛剛完成了一個甜原油和加氫裂解裝置的檢修區塊。這是從四年到五年的重要成長。今後，該裝置的維護週期將為六年。

So that's a 50% increase over two cycles. In the spring of this year, we did a sour crude and hydrocracker block. And that was an increase from three years to four years due to some improved catalyst we put in back in 2021. In this turnaround, we made some modifications to the distribution of flow over that catalyst and we're planning on a five-year interval going forward. So that's three years to five years, a 65% improvement in turnaround interval over two cycles.

所以兩個週期內成長了50%。今年春天，我們做了一個酸性原油和加氫裂解裝置。由於我們在 2021 年引入了一些改進的催化劑，因此有效期從三年延長到了四年。在這個轉變過程中，我們對催化劑上的流量分佈進行了一些修改，並且我們計劃今後每五年進行一次這樣的修改。所以周轉時間縮短了三到五年，兩個週期內週轉時間縮短了 65%。

We're applying that same logic across all the units in Edmonton, but we're also applying that same principles across all of our refineries. Grounded in solid work selection and benchmarking, we're applying that same approach everywhere. We're not done yet.

我們在埃德蒙頓的所有工廠都應用了同樣的邏輯，同時也把同樣的原則應用到了我們所有的煉油廠。我們以紮實的工作選擇和基準測試為基礎，並將這種方法應用於各個領域。我們還沒完成。

And Greg, I'd just add to close this one out. there is not a new refinery in North America. The entire refinery network has some age to it. And I would say just candidly, the -- I don't know where it all came from. It doesn't really matter, but the statement or narrative that old assets couldn't perform. That was an excuse for subpar performance, and this company doesn't make excuses anymore.

格雷格，我最後補充一點，北美沒有新建煉油廠。整個煉油廠網路都有些年頭了。坦白說，我不知道這一切是從哪裡來的。其實這並不重要，重要的是要說明或描述舊資產無法發揮作用。那隻是業績不佳的藉口，而這家公司現在不會再找藉口了。

Yes. Okay. No, I think you've captured it. So let me relate this then to your share price relative valuation and then just your trajectory. So the trajectory that you're on right now would suggest that your outperformance is going to continue.

是的。好的。不，我覺得你已經捕捉到了。那麼，讓我把這和你的股價相對估值以及股價走勢連結起來。所以，你目前的上升勢頭表明，你的優異表現還會繼續。

But there's this gap between your relative valuation and others. So the market is either impatient, it just hasn't recognized it, what have you. If you look at your $8 billion net debt target in the context of improved mid-cycle cash flows plus the trajectory, does that not suggest either moving the $8 billion up, number one? Or secondly, maybe taking a more aggressive stance with respect to share buybacks like doing an SIB or what have you?

但你的相對估值與其他人的估值之間存在差距。所以，市場不是缺乏耐心，就是還沒意識到這一點，或是其他什麼原因。如果從週期中期現金流改善以及發展軌蹟的角度來看待您設定的 80 億美元淨債務目標，這難道不意味著應該先將 80 億美元的目標提高嗎？或者其次，或許可以採取更積極的股票回購策略，例如進行系統性投資計畫（SIB）或其他類似措施？

I'll start it out, and then I'll ask both our new and departing CFOs to comment on it. As we put that target in place, it was a little less than two years ago now, it was on the assumption of a rate of improvement in '24, '25 and '26. We've accelerated. We've improved faster than we anticipated in that. In fact, you've heard us -- we talk about this three-year plan.

我先拋磚引玉，然後我會請新任和即將離任的財務長們對此發表意見。在製定該目標時，距今不到兩年，當時的假設是 2024 年、2025 年和 2026 年的業績會有所改善。我們加速了。我們在這方面的進步速度比預期的還要快。事實上，你們都聽到了——我們正在討論這個三年計畫。

Are we going to achieve [3 and 2], that's kind of a separate (inaudible). But the examining of how we manage the balance sheet, looking at the business (inaudible) the return of capital to shareholders. These are very active dialogues. These are not where we set something in stone and that's just the way it is. We want to be outstanding technical and operational executives, and we want to be astute and outstanding money managers.

我們能否實現[3和2]，這算是另一個問題。（聽不清楚）但是，我們需要檢視我們如何管理資產負債表，審視業務（聽不清楚）以及向股東返還資本的情況。這些都是非常活躍的對話。這裡並非我們制定規則的地方，事情就是這樣。我們希望成為傑出的技術和營運主管，我們也希望成為精明且傑出的資金管理者。

So maybe I'll just give that. But Kris or Troy, do you want to add to it?

所以也許我就這樣給吧。克里斯或特洛伊，你們想補充什麼嗎？

I'll answer to a few comments and ask if Troy wants to add anything as well. I mean Greg, on the back of Rich's comments, we've set ourselves up in this company to ensure that we're really managing the balance sheet well, but we're driving that prefunds flow growth, and we're returning that excess cash to shareholders. We set that debt target a couple of years ago now when we kind of reset the company. We're obviously ahead of schedule on just the level of improvement this company continues to drive. I expect that Troy and Rich are going to continue to look at what the appropriate level of leverage is for the company but prudently manage this balance sheet for the long term.

我會回覆一些評論，並問特洛伊是否還有什麼要補充的。我的意思是，格雷格，根據里奇的評論，我們公司已經做好準備，確保我們能夠真正有效地管理資產負債表，同時推動資金流入增長，並將多餘的現金返還給股東。我們幾年前在公司重整時設定了這個債務目標。顯然，就公司持續推進的改進水準而言，我們已經提前完成了計劃。我預計 Troy 和 Rich 將繼續研究公司合適的槓桿水平，但會謹慎地管理好公司的資產負債表，以實現長期穩定發展。

And really -- and have that underscore of ratable, consistent buybacks to our shareholders and return of cash. So right now, we've been at a very consistent level for the last number of quarters. We think there's a ton of value in that consistency. And I know that's something that Troy and I have talked about is really it's the brand of the new Suncor is the ability to deliver consistently ratably reliably to our shareholders. Will that change over time and be managed prudently and obviously, looking at how we view near-term and medium-term commodity price?

而且，我們還要強調向股東按比例、持續地回購股票和返還現金。所以目前為止，我們在過去幾季一直保持著非常穩定的水平。我們認為這種一致性非常有價值。我知道我和特洛伊都討論過這個問題，新森科能源的品牌真正意義在於能夠持續、穩定、可靠地為股東創造價值。隨著時間的推移，這種情況是否會改變，並得到審慎和明顯的管理？我們需要從近期和中期大宗商品價格的角度來看待這個問題。

Of course. Troy?

當然。特洛伊？

Yes, I think I would just -- I think your question is, is our net debt target or how we view debt. Is it static? Really, the level of debt that a company carries or should hold depends on a few things. It depends on the company's underlying cash flows, the consistency of the performance of our assets, the quality of the leadership team that's managing those assets and also the external environment.

是的，我想我會——我認為你的問題是，我們的淨債務目標是什麼，或者我們如何看待債務。它是靜止的嗎？實際上，一家公司所承擔或應該承擔的債務水準取決於幾個因素。這取決於公司的基本現金流量、資產表現的穩定性、管理這些資產的領導團隊的品質以及外部環境。

I think everyone would agree on those first three things, Suncor has made an enormous amount of progress in the last few years. So my intent is to manage the balance sheet just like my colleagues and operations, manage their assets, and it's to deliver consistent returns to the shareholders.

我想大家都會同意前三點，森科能源在過去幾年裡取得了巨大的進步。因此，我的目標是像我的同事和營運團隊一樣管理資產負債表，管理他們的資產，並為股東帶來持續的回報。

Doug Leggate, Wolfe Research.

道格‧萊格特，沃爾夫研究公司。

Thank you. Good morning, everyone. I would also like to add my congratulations to everyone. Kris. It's been a real pleasure. And as you'll see in a second, I'm going to challenge you on one last question, if I may. And Troy -- all right. So let me -- if I may, Rich, I'm probably front running a little bit 2026, but I want to try and hit the capital outlook. So obviously, there is one substantial project still in your portfolio, which is West White Rose, that obviously is 2026, as we understand it.

謝謝。各位早安。我還要向大家表示祝賀。克里斯。真是太榮幸了。稍後您就會看到，如果可以的話，我想向您提出最後一個問題。特洛伊——好吧。所以，里奇，如果可以的話，我想說，我可能有點提前預測 ​​2026 年的市場走勢，但我希望能夠預測資本前景。顯然，你的投資組合中還有一個重要的項目，那就是西白玫瑰項目，據我們了解，該項目顯然要到 2026 年才能完成。

And a fairly large slug of capital. And I guess my question is that as you start to think about the use of discretionary cash flow going forward, as some of these bigger projects, one-off projects roll off, how are you thinking about the absolute level of discretionary spending versus that sort of almost $6 billion number? Does that go lower? Or does the capital get reallocated to other things?

以及相當可觀的資金。我想問的是，隨著一些大型項目和一次性項目陸續結束，當您開始考慮未來如何使用可自由支配的現金流時，您是如何看待可自由支配支出的絕對水平與近 60 億美元的數字之間的關係的？還能更低嗎？還是這筆資金會被重新分配到其他用途？

Thanks, Doug. As we've looked at it, one of the things that I heard early on our market, we spend a lot of money. We generate a lot of money, but we spend a lot of money. So we have had a very concerted effort at exhibiting discipline on all of our operating costs, our capital costs. I think turnarounds are a vivid example of our maintenance or our sustaining capital is being -- has been driven down and will continue to do so.

謝謝你，道格。正如我們所看到的，我早期在市場上聽到的一件事是，我們花了很多錢。我們賺了很多錢，但我們也花了很多錢。因此，我們一直齊心協力地對所有營運成本和資本成本進行嚴格控制。我認為企業轉虧為盈就是一個生動的例子，說明我們的維護或維持資本正在－已經－減少，並將繼續減少。

And that was also we could open up headroom for economic capital for growth and quality investments. We don't have a hard cap that we had set internally, that we want to have a year-on-year capital expenditure at less than $6 billion a year. That was a core tenant in our three-year plan. We're achieving that now this year. If anybody is anticipating waking up on guidance and seeing a bigger number next year, stay in bed, don't get up early.

這也意味著我們可以為經濟成長和高品質投資騰出經濟資本空間。我們沒有設定內部硬性上限，例如希望每年的資本支出低於 60 億美元。這是我們三年計畫的核心原則之一。我們今年正在實現這個目標。如果有人期待明年醒來後看到更高的預測數字，那就繼續待在床上，不要早起。

We're going to deliver that. And what that does is it allows us to be very judicious about quality. And at a capital construct of less than [6] you can pick the oil price world. Is it $50, $55, $60 a barrel, we believe we can continue to pay a reliable and growing dividend, fund our full capital program and buy back shares. And we want to thread the needle where we can do all of that in most any business environment.

我們會實現這個目標。這樣做的好處是，我們可以非常謹慎地對待品質問題。而資本結構低於[6]，你就可以選擇石油價格世界。無論油價是每桶 50 美元、55 美元還是 60 美元，我們相信我們都能繼續支付可靠且不斷增長的股息，為我們的全部資本計劃提供資金，並回購股票。我們希望找到一個平衡點，使我們能夠在幾乎任何商業環境中做到這一切。

And the unique level of our integration and the kind of the natural hedges that are within our construct, upstream, downstream all the way to the customer now. gives us less volatility, less dependent on what the external world is. We want to be a cash machine that invest wisely and returns capital to shareholders predictably and reliably. It's taken us a couple of years to get all the bells and whistles in place to improve fundamental performance. But I think that's what you're seeing now.

我們獨特的整合水平，以及我們架構中從上游、下游一直延伸到客戶的天然對沖機制，使我們波動性更小，對外部世界的依賴性更低。我們希望成為一台印鈔機，進行明智的投資，並以可預測和可靠的方式為股東帶來資本回報。我們花了兩年時間才把所有能提升基本效能的措施都落實。但我認為你現在看到的正是這種情況。

And to me, that's quite exciting. So the -- we put a high a bar to justify new economic capital because it really needs to be tested against an alternate use of returning that capital to shareholders. And I think at our current share price, as I said, I think we're in an extremely good buy. And so that will be the push and pull we will have internally and we have quite rigorous discussions and debates on that, but they're all centered on how can we increase shareholder value the highest, fastest and best.

對我來說，這真是太令人興奮了。因此，我們對新的經濟資本的合理性設定了很高的標準，因為它確實需要與將該資本返還給股東的其他用途進行比較。正如我所說，我認為以我們目前的股價來看，現在是絕佳的買入時機。因此，這將是我們內部的拉鋸戰，我們對此進行了相當嚴格的討論和辯論，但所有這些都圍繞著如何以最高、最快、最好的方式提高股東價值。

I appreciate the answer, and I guess we'll have to wait on 2026 for the actual capital number, but thank you, Rich, for that. Okay. My follow-up, I'm hoping this is for Kris, but Rich, I'm sure you're going to want to have an input to this. You've just reiterated again, I apologize, that you think Suncor is a great buy here as you put it. We certainly concur, it's been a tremendous stock, obviously, and the turnaround has been extraordinary.

感謝您的解答，我想我們得等到 2026 年才能知道具體的資本數字，但還是要謝謝您，Rich。好的。我的後續問題是，我希望這是給克里斯的，但里奇，我相信你也想對此發表意見。很抱歉，您剛才又重申了您認為Suncor現在是一個不錯的買進時機。我們當然同意，這支股票表現非常出色，而且其反彈也非同尋常。

But you are an oil company. And oil prices are subjective. And value, therefore, if your free cash flow is a function of the oil price is also subjective. So when you say you are a great buy, you're implicitly saying, I have an oil price view, which is not necessarily going to be right. So my question is this, when you look at your relative performance to your closest peer, which is probably Imperial, the big difference has been the rate of dividend growth.

但你們是一家石油公司。而且石油價格是主觀的。因此，如果你的自由現金流是油價的函數，那麼價值也是主觀的。所以，當你說你是一個值得買的股票時，你實際上是在說，我對油價有一個看法，但這並不一定是正確的。所以我的問題是，當你將你的業績與最接近的同行（可能是帝國學院）進行比較時，最大的差異在於股息成長率。

And your dividend growth remains somewhat glacial despite all the improvements. So my question to you is why emphasize the buyback with a pedestrian dividend growth and not if the improvements are flowing through to the bottom line, pivot to a more aggressive rate of dividend growth.

儘管各項指標都有所改善，但您的股息成長仍然相當緩慢。所以我的問題是，為什麼在股息成長緩慢的情況下仍然強調股票回購，而不是在利潤改善的情況下轉向更積極的股息成長速度。

Doug, I'm going to turn it to Kris the next time we're together, we'll have a couple of beers, and we'll go through this as well. But Kris, go ahead, comment on it.

道格，下次我和克里斯見面的時候，我會把這件事告訴他，我們喝幾杯啤酒，然後一起討論一下。不過克里斯，你儘管說說你的看法。

Yes. No. Thanks. And again, if Troy wants to add anything here, to the answer. I mean, thanks, Doug.

是的。不。謝謝。如果 Troy 還想補充什麼，也請告訴我。我是說，謝謝你，道格。

Like first of all, our company, obviously, we're an oil company and commodity price makes a big difference. But this company also is differentially positioned in terms of our integrated business model. and how we drive value and sustainable free cash flow and growing that. So start there. In terms of the dividend, our commitment is to reliably and sustainably grow that dividend and position this company so that we have a strong WTI breakeven that can weather through the commodity price cycle.

首先，我們公司顯然是一家石油公司，大宗商品價格對我們影響很大。但就我們的一體化商業模式以及我們如何創造價值和永續自由現金流並實現成長而言，這家公司也具有差異化優勢。那就從這裡開始吧。就股息而言，我們承諾可靠且可持續地增長股息，並使公司擁有強大的 WTI 盈虧平衡點，從而能夠經受住大宗商品價格週期的考驗。

And you've seen us over the last two years reduced that WTI breakeven by -- we're on our way to $10 a barrel. So we've repositioned the sustainability of the company, which makes us more resilient in the lower end of the commodity price cycle. So we're not taking -- we're not betting on oil price in this company. What we're betting on is sustainably and reliably generating free cash flow and having a resilient company that does that. In terms of the dividend to the investors, we view that as a commitment and a promise.

過去兩年，你們也看到了我們不斷降低 WTI 原油的損益平衡點——我們正朝著每桶 10 美元的目標邁進。因此，我們重新調整了公司的永續發展策略，這使我們在大宗商品價格週期的低迷時期更具韌性。所以，我們公司並沒有押注油價。我們押注的是可持續、可靠地產生自由現金流，以及擁有一家能夠做到這一點的具有韌性的公司。就向投資者派發股息而言，我們認為這是一項承諾。

And this company is going forward, this is a commitment and a promise to our shareholders. We will grow it reliably. We have what we view as a competitive yield, but the share price is actually low, and that yield needs to be lower and we'll continue to grow the dividend appropriately over the years. The cash return strategy though of buybacks. Our view, it is one of the best mechanisms to get cash back to our shareholders and really drive that per share value to our shareholders.

公司將繼續前進，這是我們對股東的承諾。我們將穩步發展它。我們認為目前的收益率具有競爭力，但股價實際上很低，因此收益率需要進一步降低，我們將繼續在未來幾年適當提高股息。現金回報策略是透過回購實現的。我們認為，這是將現金回饋給股東並真正提高股東每股價值的最佳機制之一。

So we think we've got a winning formula in our capital allocation strategy, Doug. And maybe I'll just turn it over to Troy for any other comments.

所以我們認為，我們的資本配置策略已經找到了致勝之道，道格。也許我應該把這個問題交給特洛伊，讓他發表其他意見。

Yes, I'll just add this from a perspective point of view. As a management team, our focus is on maximizing the free cash flow per share from our assets so that we can generate returns for our shareholders. We really look to our shareholders, though, to guide us on how they want those returns delivered to them. And the almost constant feedback we get is that our investors want a reliable and growing dividend, as Kris referred to, and they want the excess to be used for share buybacks. And until they really tell us something different, that's going to be our focus.

是的，我從一個角度補充。作為管理團隊，我們的重點是最大限度地提高我們資產的每股自由現金流，以便為我們的股東創造回報。不過，我們確實非常重視股東的意見，希望他們能引導我們如何為他們帶來回報。正如克里斯所說，我們幾乎不斷得到的反饋是，我們的投資者希望獲得可靠且不斷增長的股息，並且他們希望將多餘的股息用於股票回購。在他們給出不同說法之前，這將是我們關注的重點。

And Doug, I want to make one comment on this, too. I run the risk because I'm just thinking about it on the fly and sometimes I get in trouble when I do this, but what the heck, we're going to go for it. You talk about a peer or peers. I honestly don't think we have a true Canadian peer. I think the unique assembly of our assets, upstream, downstream, the differentiated value proposition we have, I think we have an ability under -- over a much wider range of market conditions, to deliver predictable, reliable cash flow.

道格，我也想就此發表一點看法。我這樣做是有風險的，因為我只是臨時想出來的，有時候這樣做會給我帶來麻煩，但是管他呢，我們決定試一試。你指的是同儕或同儕。說實話，我認為我們沒有真正意義上的加拿大同行。我認為，憑藉我們獨特的資產組合（包括上游和下游資產）以及我們差異化的價值主張，我們有能力在更廣泛的市場條件下提供可預測、可靠的現金流。

Now at any point in time, whether it's oil price, gas price, low differential, high differential, downstream cracks or whatever. There can be parties that might stand out. But I think if you look over the test of time, who has been assembled to compete and win for the long term, I increasingly don't think that looking around Calgary is the right lens to look at us on. So I'm probably going to get in trouble for that, I'm probably going to be challenged on that and stuff. But you asked me a question, you get what I -- you get the answer I feel, and that's how I feel.

現在，無論何時，無論是石油價格、天然氣價格、低價差、高價差、下游裂解價差或其他任何因素。可能會有一些政黨脫穎而出。但我認為，如果你回顧時間的考驗，看看哪些人已經組建起來，能夠長期競爭並取得勝利，我越來越覺得，僅僅從卡加利的角度來看待我們是不合適的。所以，我可能因此惹上麻煩，可能要為此受到質疑之類的。但你問了我一個問題，你就應該得到我的答案──你應該得到我的感受，那就是我的感受。

Dennis Fong, CIBC WN.

Dennis Fong，CIBC WN。

First off, I'd just like to echo Greg and Doug's congratulations to the team on the quarter and specifically to Kris, Troy and Adam for their -- I guess, new roles or exiting your existing role. My first question really focuses on Fort Hills. Q3 operations and production quite strong. From our observation to the mine plan, it seems like you've opened up potentially the first cut and should have turned that maybe over to operations. Can you maybe talk towards the progress on the second cut?

首先，我想附和 Greg 和 Doug 對團隊本季業績的祝賀，尤其要祝賀 Kris、Troy 和 Adam——我想，他們可能是擔任了新的職務，或者離開了現有的職務。我的第一個問題主要集中在福特山莊。第三季營運和生產狀況良好。根據我們對礦山規劃的觀察，你們似乎已經開採了第一道礦井，或許應該把它交給營運部門。您能否談談第二版剪輯的進展？

And maybe as you're kind of progressing through the plan, what that means for optimization of the asset?

隨著計劃的推進，也許這對資產優化意味著什麼？

Peter, why don't you take that?

彼得，你為什麼不拿走？

Yes. Thanks, Dennis. And you're absolutely right. We are actively producing ore from the first cut -- the first pit in the North Pit 1 now, and that's going exceptionally well, blending off that ore with ore from center pit. And you have seen, as you saw in the third quarter, our production volumes start to increase.

是的。謝謝你，丹尼斯。你說得完全正確。我們正在積極地從北礦坑 1 的第一個礦坑（即第一個礦坑）開採礦石，而且進展非常順利，我們將該礦坑的礦石與中心礦坑的礦石混合在一起。正如你們在第三季所看到的，我們的產量開始增加。

We've also just started opening up the second pit in the North pit, which will be an active blending pit. So we're just kind of in the top cut of that now, and we'll develop that over the remaining months turn 2025 and into '26. And our drive is really to take the Fort Hills' volumes up to nameplate and potentially beyond in the next couple of years, and it really --

我們也剛開始在北礦坑開挖第二個礦坑，這將是一個活躍的混合礦坑。所以我們現在正處於這個階段的初期，我們將在接下來的幾個月裡，也就是 2025 年到 2026 年這段時間裡，繼續發展壯大。我們的目標是在未來幾年內將 Fort Hills 的銷量提升至標配水平，甚至更高，這確實非常重要。--

Potentially.

有可能。

We get lots of offers (inaudible) so we're trying to get up into that 195,000 barrels a day, 200,000 barrel per day range in the next couple of years. That's the goal. North pit 2 is going to be a big part of that and we're just in the top stripping of that battery of the mine right now.

我們收到了很多報價（聽不清楚），所以我們正努力在未來幾年內將日產量提高到 195,000 桶到 200,000 桶的水平。這就是目標。北2號礦坑將是其中的重要組成部分，而我們現在正處於該礦坑頂部剝離階段。

You continue to test and evaluate the plant. And I think there, Peter, I don't know if you have any specific comments on that, that we have a lot of capability and capacity with that plant. So the focus on the bitumen delivery is the key because we do have a really -- a stellar facility there.

你們繼續對工廠進行測試和評估。彼得，我不知道你對此有沒有什麼具體評論，但我們那家工廠擁有很大的能力和產能。因此，重點放在瀝青輸送上是關鍵，因為我們在那裡確實擁有一個非常出色的設施。

Yes. And we really have proven that out, especially through 2025, we've taken the opportunity to really test the range on the fixed plant to really put some high throughput in it from the mine. It delivered better than what we expected even. And so our confidence in the ability of the fixed plant to take the ore from the mine is extremely high. And so right now, it's all about getting that mindset up to deliver those high production volumes here into the future.

是的。我們已經證明了這一點，尤其是在 2025 年，我們抓住機會，並真正測試了固定工廠的運行範圍，以便真正從礦山中獲得一些高吞吐量。它的表現甚至比我們預期的還要好。因此，我們對固定工廠從礦場提取礦石的能力非常有信心。所以現在，關鍵在於建立這種心態，以便將來能夠實現高產量。

Great. Really appreciate that context there, Peter and Rich. My second question, and maybe it's addressed to Dave. Rich, in your opening comments, you highlighted record of refined product sales through the quarter.

偉大的。Peter 和 Rich，非常感謝你們提供的背景資訊。我的第二個問題，或許應該問戴夫。Rich，你在開場白中重點提到了本季精煉產品銷售創紀錄的成績。

I was hoping you could touch on and maybe highlight what you found in your opportunity to visit a variety of the retail, logistics and distribution terminals across Suncor's Canadian operations? And how that feels or drives comfort level or an ability to kind of press throughput on downstream and market those volumes in the most, we'll call it, profitable channels?

希望您能談談您在參觀森科能源加拿大業務的各個零售、物流和配送中心時，有哪些發現並重點介紹一下？這種感覺如何？它如何影響舒適度？它是否能夠推動下游產能提升，並將這些產品銷往最有利可圖的通路？

Dave, do you want to go there?

戴夫，你想去那裡嗎？

Yes, for sure. Dennis, we -- as Rich mentioned, we changed our philosophy about a year or so ago to focus on value versus volume, but value and volume. So our plan is we run our refineries full, and we sell full and then we improve our channel mix over time. And what's really great about what we've seen so far in that philosophy is it's all working. You've seen the records, but what you may not see in the numbers is the work that's happening to grow our most profitable channels.

是的，當然。丹尼斯，正如里奇所提到的，我們大約在一年前改變了經營理念，開始注重價值而非數量，而是兼顧價值和數量。所以我們的計劃是讓煉油廠滿載運轉，讓產品全部售出，然後隨著時間的推移，我們再改進我們的通路組合。而我們目前看到的這種理念最棒的地方在於，它確實奏效了。你已經看到了這些記錄，但你可能從這些數字中看不到的是我們為發展我們最賺錢的管道所做的工作。

And that's our retail growth plans, our wholesale growth and really reducing the volume of exports that we make. So on the retail side, just a few numbers because folks probably have seen some of this as you drive around major cities across Canada. We've enhanced 23 sites this year, including rebuilding two new sites. We're on track to rebrand from other competitor brands, 75 sites across the country this year. And each of those operators, as they rebrand to the Petro-Canada Canopy above their site are seeing significant increases in volumes.

這就是我們的零售成長計劃、批發成長計劃，以及真正減少出口量的目標。所以，在零售方面，這裡只列舉一些數字，因為大家在加拿大各大城市開車時可能已經看過這些了。今年我們改進了 23 個網站，包括重建了兩個新網站。我們正按計畫推進品牌重塑工作，今年將在全國範圍內對 75 個網站進行品牌替換，不再使用其他競爭對手的品牌。隨著這些營運商在其網站上方重新啟用 Petro-Canada Canopy 標誌，他們的業務量都出現了顯著成長。

So we see the strong brand that we have in Petro Canada continuing to grow. In fact, our share market is up 1.5% this year. And our retail sales, as Rich mentioned, are up 8% year on year and 10% over the last couple of years. So we're growing our most profitable channels. Our distribution network is solid.

因此，我們看到加拿大石油公司強大的品牌實力持續成長。事實上，今年我們的股市上漲了1.5%。正如 Rich 所提到的，我們的零售額年增了 8%，過去幾年成長了 10%。所以我們正在發展利潤最高的管道。我們的分銷網絡非常穩固。

And as we do need to export, we can do that incredibly profitably through our trading organization who sell direct to customer with minimizing the profit that's taken by the folks in the middle. And we can sell off both codes. So we can sell off Vancouver, we can sell out of Montreal. And we can optimize our network in between to go anywhere, pretty much anywhere in the world with largely diesel is what we see exporting out of Canada. So our network is strong.

而且，由於我們需要出口，我們可以透過我們的貿易組織以極高的利潤率做到這一點，該組織直接向客戶銷售，最大限度地減少中間商的利潤。我們可以把這兩個代碼都賣掉。所以我們可以賣掉溫哥華，也可以賣掉蒙特婁。而且我們可以優化我們的網絡，幾乎可以到達世界任何地方，而我們看到從加拿大出口的主要是柴油。所以我們的網路很強大。

We're growing the highest profitable channels. And we have lots of flexibility to continue to grow.

我們正在發展利潤最高的管道。我們擁有很大的靈活性，可以繼續成長。

I'm looking at Adam, as I say this. In late 2022, the company had a retail growth plan that had communicated to the market, and had a series of commitments to '27 and stuff on that. I would say in the Investor Day, we need to give a good recap of where we stand on that. And just kind of a headline as we -- it's going quite well. We're delivering everything and more that in late '22 we said we were going to do.

我一邊看著亞當一邊說這番話。2022 年末，該公司製定了一項零售成長計劃，並向市場進行了溝通，也就 2027 年做出了一系列承諾等等。我認為在投資者日上，我們需要好好總結一下我們在這方面的立場。簡單來說，就是──一切進展順利。我們正在兌現我們在 2022 年底承諾的一切，甚至更多。

And I think, Dennis, one other little added point I'd make, a nuance on it. In today's world of of commodity price uncertainty and volatility, owning all the way through the customer is a competitive advantage because that can move around, whether it's the customer has the leverage or the manufacturer has the leverage or the producer does but this is a key part of that uniqueness of our value chain that all integration is not created equal. It's quite -- in fact, it's quite different. And our unparalleled integration is a part of our story and a part of our performance.

丹尼斯，我想再補充一點，一些細微之處。在當今大宗商品價格充滿不確定性和波動性的世界中，擁有貫穿整個價值鏈直至最終客戶的所有權是一種競爭優勢，因為所有權可能會轉移，無論是客戶、製造商還是生產商擁有議價能力，但這正是我們價值鏈獨特性的關鍵所在，並非所有的整合都具有相同的價值。實際上，這完全不同。我們無與倫比的整合能力既是我們發展歷程的一部分，也是我們績效的一部分。

Neil Mehta, Goldman Sachs.

尼爾梅塔，高盛集團。

Congratulations, Troy. Congratulations. Adam, and Kris, it's been a real pleasure. I guess two questions. The first is just on the Investor Day. When is -- have you put a data out for that? I'm guessing it's going to be May like you did in '21 and '24, but I might have missed that. But as you think about that Investor Day, what are the kind of the tangible KPIs or targets you want to educate the market on? And how -- what's the right time horizon? Are you thinking new three-year targets or going out further?

恭喜你，特洛伊。恭喜。亞當和克里斯，與你們合作真是太愉快了。我想問兩個問題。第一項活動就在投資者日當天。什麼時候公佈數據？我猜會像 2021 年和 2024 年那樣在五月份，但我可能錯過了。但是，在考慮投資者日活動時，您希望向市場普及哪些具體的KPI或目標？那麼，如何確定合適的期限呢？您是在考慮新的三年目標，還是設定更長遠的目標？

Just give us a little bit of preview for that.

請給我們一點預覽。

Neil, as I answer you, I have a roomful of people that are really, really curious as to what I'm going to say. So let's have some fun with it. Our original plan was sometime before midyear next year. That's not going to work. We're going to need to come out earlier than that.

尼爾，在我回答你的問題時，我面前有一群人，他們都非常非常好奇我要說什麼。那麼，就讓我們從中獲得一些樂趣吧。我們原計劃是在明年年中之前完成。這樣行不通。我們需要比那更早出來。

So we're looking at something earlier. We're looking at calendars when all you good folks are available. Those of you that have kids, when your kids are on spring break and all that. But we're going to pull that earlier. It won't be January or February, but it will be earlier than we had originally anticipated.

所以我們現在要看的是更早的東西。我們正在查看各位有空的時間安排。各位有孩子的家長們，當孩子放春假的時候…但我們會提前撤回這項決定。不會是1月或2月，但會比我們原先預期的早。

And the second thing, the one area that periodically -- and I read everything you guys write, every now and then when things are going really, really well. you guys look through what's the thing we can say as to why we have to justify to our bosses, we haven't all bought Suncor. So everybody wants to say, well, what the hell is going to happen when the base mine depletes?

第二點，也是你們時不時會提到的一個面向──我讀過你們寫的每一篇文章──每當事情進展得非常順利的時候，你們都會思考，我們該如何向老闆解釋，為什麼我們還沒有全部收購森科能源公司。所以大家都想問，當基地地雷耗盡時，到底會發生什麼事？

So we owe you and will present a very compelling long-term value proposition on bitumen development and replacement. But that's longer term. And we've said in the last Investor Day that don't anticipate a whole bunch of expenditures in the next five years on it.

因此，我們有責任向您提出一個極具吸引力的瀝青開發和替代的長期價值主張。但那是長期目標。我們在上次投資者日上說過，預計未來五年內不會在這方面投入大量資金。

So I think we're going to have to do both. We're going to have to give you what that long-term plan looks like. But we're going to have to give you kind of what is that next. For fun's sake, we'll say, what's that next three-year plan also going to deliver. So I think we're going to have to give you both.

所以我覺得我們兩方面都必須做到。我們需要向你說明這個長期計劃的具體內容。但接下來我們得先解釋一下那是什麼。為了好玩，我們不妨問問，下一個三年計畫還會帶來什麼。所以我覺得我們得兩個都給你們。

Longer term, add a new set of targets short term that will be compelling and inspiring and create the case (inaudible). This is a stock I just have to own. So a little bit earlier than we originally thought, two-pronged short term and long term. I'll tell you, I'm going to be there that day. I wouldn't miss it.

從長遠來看，要增加一系列新的短期目標，這些目標要引人注目、鼓舞人心，並以此為論點。（聽不清楚）這支股票我一定要買。所以比我們最初預想的要早一些，採取了短期和長期雙管齊下的策略。我告訴你，那天我一定會到場。我不會錯過的。

You have to have good pump up music before you get on stage. The follow-up is just on downstream. It does seem like we're in a good refining environment. Certainly, refining equities have done okay and downstream margins continue to do well up in Canada as well. So Richard would just love your perspective on the sustainability of the Canadian refining advantage.

上台前，你需要一些能讓你熱血沸騰的音樂。後續工作就在下游。看來我們正處於一個良好的煉油環境。當然，煉油股表現尚可，加拿大下游產業的利潤率也持續保持良好勢頭。所以理查德一定會很想聽聽你對加拿大煉油優勢可持續性的看法。

And do you think that we're going to sustain in a healthy environment. And then utilization averaging 101% for a system that was running low to mid-90s for a long time. Do you feel like you've got some momentum here to be able to sustain at these type of levels as you go into next year as well?

你認為我們能夠維持在一個健康的環境中嗎？然後，對於一個長期以來運行在 90% 到 95% 之間的系統來說，平均利用率達到了 101%。你覺得你現在勢頭正盛，能夠維持這樣的水準直到明年嗎？

Dave, let me take the second part, and then I'll turn it over to you on the utilization of things, the teams across the company, facility by facility have undertaken a very concerted okay, what's the limiter? What's the bottleneck? What's the last increment that if we make small changes can add incremental capacity? And when you now see -- and I literally think it's since mid-'23. I think we're over two years if you average over all that.

Dave，讓我來回答第二部分，然後我再把問題交給你，關於資源利用方面，公司各部門、各個工廠的團隊都進行了非常協調一致的討論，那麼限制因素是什麼呢？瓶頸在哪裡？最後，透過進行一些小的改動，可以增加多少容量？而當你現在看到——我真的認為是從 2023 年中期開始的。如果把所有這些時間平均下來，我認為已經超過兩年了。

I think we're at more than 100% utilization for that long period and you get 106%. So what is it really saying? The underlying capacity has grown. So we need to and maybe that will be Investor Day. I'm not -- it needs to be soon, we will rerate our downstream because it has more capacity than it previously had due to really smart, thoughtful frugal work site by site.

我認為我們長時間的利用率都超過了 100%，而你得到的是 106%。所以它到底想表達什麼？基礎容量已成長。所以我們需要這樣做，也許投資者日就是個機會。我不是——這需要盡快，我們將重新評估我們的下游產能，因為它比以前擁有更多產能，這得益於我們逐個站點進行的真正明智、周全、節儉的工作。

So there's something coming there. Is it sustainable? I think that gets right back to the turnaround discussions, our commitment to operational excellence on maintenance practices. The answer is absolutely is it sustainable? No, year on year, we'll have more turnarounds here, less turnarounds there, I think you'll get a little variation year on year.

所以那裡會有事情發生。它可持續嗎？我認為這又回到了扭虧為盈的討論，以及我們對維護實務中卓越營運的承諾。答案是：這絕對可持續嗎？不，每年都會有一些波動，有些地方週轉率會更高，有些地方週轉率會更低，我認為每年都會有一些變化。

But at the high performance levels you've become accustomed to this year and last year, our business plan, our guidance that you're soon going to see is very consistent with continuing to deliver that. So Dave, Neil, I'll flip it to you on kind of the value that you're going to create in that enterprise.

但是，在你們今年和去年已經習慣的高績效水準下，我們的商業計劃和指導方針（你們很快就會看到）與繼續實現這一目標非常一致。所以戴夫、尼爾，我把這個問題拋給你們，談談你們將在這個企業中創造的價值。

Yes, for sure. And I'll just build Rich, on your comments on the downstream, not only do we see that sustaining. We believe we can continue to incrementally creep capacity with all of the little ideas that are coming from the grassroots of the organization as folks are aligned to drive growth. You mentioned the markets are strong. We're seeing, particularly on the diesel side, low inventories, the geopolitical risks.

是的，當然。而我，Rich，根據你對下游的評論，我們不僅看到了永續性。我們相信，隨著大家齊心協力推動成長，組織基層湧現的各種小點子能夠幫助我們逐步提升產能。你提到市場行情強勁。我們看到，尤其是柴油方面，庫存低，地緣政治風險也不容忽視。

Some lagging renewables in the US and a growing short in California that's really starting to drive diesel as well as some local gasoline cracks in certain parts of the continent. So we see in the short term, some really strong cracking spreads going into the fourth quarter and through the fourth quarter. The longer-term view on Canada is we're going to continue, as I mentioned before, our retail growth plans. We have some plans on the wholesale side to do something similar.

美國一些再生能源發展落後，加州再生能源短缺日益嚴重，這開始推高柴油價格，並導致北美某些地區的汽油價格出現裂解。因此，我們看到短期內，第四季及整個第四季都會出現一些非常強勁的裂解價差。從長遠來看，正如我之前提到的，我們將繼續推動在加拿大的零售成長計畫。我們在批發方面也有一些類似的計劃。

So we even in a market that is maybe growing slowly at a couple of percent per year, we believe our strategy is we can take market share in the most profitable channels, and we'll continue to do that. And as I mentioned, on the balance, we can run our refineries full. We have some of the lowest cost crude advantages in the globe, and we can export profitably pretty much anywhere in the world to continue to grow our refining capacity through that mechanism as well --

因此，即使在市場成長可能只有每年幾個百分點的情況下，我們相信我們的策略是能夠在最賺錢的管道中佔據市場份額，我們將繼續這樣做。正如我之前提到的，總的來說，我們可以讓煉油廠滿載運轉。我們擁有全球最低的原油成本優勢，而且我們幾乎可以向世界各地獲利出口原油，並透過這種機制繼續擴大我們的煉油能力。--

One last thing, kind of a related point. Our downstream, I think, historically, folks have said, well, you guys have good downstream, high-performing downstream, et cetera, et cetera. All of that's true, but we've taken it from good to great. And our belief is it can be even greater. And it is so key to our financial resilience in uncertain times and the contribution to keeping our overall corporate breakeven at a very -- a low and very competitive level.

最後還有一點，也算是相關的一點。我認為，從歷史上看，人們一直說，你們的下游業務很好，下游業務表現很高等等。這一切都是真的，但我們已經把它從優秀提升到了卓越。我們相信它還能做得更好。在不確定的時期，這對我們的財務韌性至關重要，並有助於將我們整體的企業損益平衡點保持在非常低且極具競爭力的水平。

And I think what we've seen, the more we do in the downstream, and I'm smiling as I look at Dave, the more we do the more potential we see. So this is a -- I've used this phrase now for several quarters in a row, we are not done yet and that applies either equally or disproportionately to the downstream. There's a lot more value we believe we can continue to create. And so when you look at us it may not always be straight plotting volume points, either upstream or downstream may no longer be the best way to gauge are these guys improving, keep looking at the dollars. And where they're coming from and the dollars.

而且我認為，我們看到的是，我們在下游投入的越多，我看著戴夫時笑了，我們投入的越多，我們看到的潛力就越大。所以——我已經連續幾個季度使用這句話了，我們還沒有完成，這同樣適用於下游，或者說不成比例地適用於下游。我們相信我們還能繼續創造更多價值。因此，當你觀察我們時，可能並不總是簡單地繪製成交量點，無論是上游還是下游，這可能不再是衡量這些公司是否在進步的最佳方法，要繼續專注於美元。以及他們的資金來源和金額。

Now volumes, we're going to keep doing things to grow that. But our increasingly, our mindset is in the value dimensions and the downstream is going to be a big part of that.

至於銷量，我們將繼續採取措施來提升銷售量。但是，我們的思維方式越來越注重價值維度，而下游環節將是其中的重要組成部分。

Manav Gupta, UBS.

瑞銀集團的馬納夫·古普塔。

I actually wanted to start on a lighter note. As you get into the earnings call of Suncor, you're playing that Michael Jackson song Beat it and Beat it. And every 30 seconds, you were hearing Beat it and Beat it and then suddenly, it kind of struck me, that's where Suncor has become, right? Keep raising expectations and then beat it. So whoever chose that song thought through it very carefully.

我其實想先輕鬆地聊聊。當你收聽森科能源公司的財報電話會議時，你正在播放麥可傑克森的歌曲《Beat It and Beat It》。每隔 30 秒，你就會聽到「Beat it」和「Beat it」的聲音，然後突然間，我意識到，這就是 Suncor 的現狀，對吧？不斷提高期望值，然後超越它。所以選這首歌的人肯定是經過深思熟慮的。

Hey Manav, a quick one for you. We started that some time ago now, and it is one of the secrets of the crown, what our earnings call is going to be. There are only three people who know it ahead of time. Me, my wife and Troy. And my wife and Troy have way better sense in music than I.

嘿，馬納夫，給你個小問題。我們很久以前就開始做這件事了，這是我們公司的一個秘密，那就是我們的財報電話會議的內容。只有三個人事先知道這件事。我、我妻子和特洛伊。我妻子和特洛伊的音樂品味比我好得多。

So now we're going to bring Adam into the inner circle on it. But we do spend a little bit of time thinking what is the appropriate call for the quarter. So thank you for noticing that. Troy is smiling because he picked this one.

所以現在我們要讓亞當參與核心決策。但我們確實會花一些時間思考本季最合適的電話會議是什麼。謝謝你注意到這一點。特洛伊麵帶笑容，因為他選了這張照片。

I kind of figured it out because a couple of quarters ago, Rich, you were playing the Eye of the Tiger from Rocky so it's kind of your focus exactly showing what your song was playing. So I kind of figured that out. That's why I talked about it. My quick one question here, sir. When we look at Fort Hill then Syncrude cash operating costs, absolutely going in the right direction.

我大概猜到了，因為幾個季度前，Rich，你播放了電影《洛基》裡的《虎眼》，所以你的注意力正好表明了你當時正在播放的歌曲。所以我大概弄明白了。這就是我談論這件事的原因。先生，我這裡還有一個問題。當我們觀察 Fort Hill 和 Syncrude 的現金營運成本時，會發現它們正朝著正確的方向發展。

Every quarter, we are seeing an improvement. I'm just trying to understand what further improvements can happen over here? And how much lower can you think you can take this both at Fort Hills and Syncrude and I'll turn it over.

每個季度我們都能看到進步。我只是想了解這裡還有哪些可以改進的地方？你覺得 Fort Hills 和 Syncrude 的價格還能再低多少？我這就翻過來。

I'm going to turn it over to my operators here in a minute, but I think this gets at the very culture of the organization of spending how we look at spending money with our capital or operating it. I'll give you a little glimpse of my childhood. My dad would give me $2 to go to the store and get a pop and a candy bar and I'd spend $1.4 and I'd come back and he'd say, where's my $0.16. And so it's a philosophy and it's a culture of we're not spending our money. We need to manage risk, we need to be thoughtful and frugal. And the -- I think our progress on operating costs is probably one of the best barometers of is our culture permeating deeply.

我馬上要把這個交給我的操作員們，但我認為這觸及了我們組織在資金使用和運作方面的文化本質。我來帶你簡單了解我的童年。我爸會給我2美元讓我去商店買汽水和糖果，我花了1.4美元，回來後他會問，我的16美分呢？所以這是一種理念，一種文化，就是我們不花錢。我們需要管控風險，我們需要深思熟慮、節儉度日。而且—我認為我們在營運成本方面取得的進展可能是衡量我們企業文化是否深入滲透的最佳晴雨表之一。

Capital is allocated around this table. We can add or subtract but operating costs are the decisions of literally thousands of people every day. And that is each month when I see the numbers, that's where I get my best sense of, yes, okay. The organization has it. But on what continued improvement or Peter, do you have any comments, particularly? You've been the bulk of it.

資金分配圍繞著這張桌子展開。我們可以增加或減少成本，但營運成本實際上是每天成千上萬人共同決定的。每個月我看到這些數據的時候，我才能最清楚地感受到，是的，好吧。該組織擁有它。但是對於彼得的持續改進，您有什麼特別的意見嗎？你承擔了大部分責任。

Yes. And I would say it really does start with building that culture right from the front line. And we've put a lot of time and effort into building the transparency and an understanding with our frontline leadership and operators around the decisions they make on a given shift and what the cost implications that are. And that has proven to be really effective if you start to see that flow through at the bottom line now. We are working, as I said, in multiple calls, mining productivity where we spend bulk of our money and the mines and getting more out of what we have from our mining equipment is a really big part of this cost journey.

是的。我認為，這確實要從第一線員工開始建立這種文化。我們投入了大量的時間和精力，與第一線領導和操作人員建立透明度和相互理解，讓他們了解在特定班次中做出的決策以及這些決策的成本影響。如果你現在開始看到這種效果體現在最終結果上，那就證明這種方法確實非常有效。正如我所說，我們正在透過多次電話會議來研究採礦生產力，因為我們把大部分資金都花在了礦山上，如何從我們現有的採礦設備中獲得更多收益，是降低成本過程中非常重要的一部分。

But we haven't stopped there. We've been working broadly across the rest of our operations, specifically in maintenance efficiencies integrated activity and planning and ensuring that we're doing the right work at the right time in the most efficient way. And building out that capability and knowledge of our front line to folks that are making the decisions each and every day on what cost implications that have and then getting their creative decisions and driving efficiencies higher, and that's really what you're seeing flow through.

但我們並沒有就此止步。我們一直在其他營運部門廣泛開展工作，特別是提高維護效率、整合活動和規劃，並確保我們在正確的時間以最有效的方式做正確的工作。我們要提升第一線員工的能力和知識水平，讓他們每天都能做出決策，了解這些決策對成本的影響，從而做出更具創造性的決策，提高效率，而這正是你現在看到的成果。

I think some of the philosophical, we benchmark -- Shelley mentioned earlier, we competitively benchmark. We look at where gaps are, what actions can we take. So that was a part of our mining strategy on bigger trucks, fewer trucks, operated better, maintained cheaper. That was all part of that philosophy. The -- we have an internal philosophy around there's inflationary pressures in our business.

我認為有些哲學上，我們進行標竿分析──雪萊之前提到過，我們進行競爭性標竿分析。我們找出差距所在，以及我們可以採取哪些行動。所以，這是我們採礦策略的一部分，就是使用更大的卡車，減少卡車數量，提高營運效率，降低維護成本。那都是那種理念的一部分。我們內部有一種理念，認為我們的業務面臨通膨壓力。

Well, the market doesn't necessarily give us inflation on our products. So our business plans to get -- to walk in the door, you have to bring business plans to us that have fully offset inflation. And then we want to talk about how do we improve upon that. So it's just a real deep recognition. We are in a commodity business and cost, managing cost is so absolutely essential.

嗯，市場不一定會為我們的產品帶來通貨膨脹。所以，要獲得我們的商業計劃——要走進我們的大門，你必須向我們提交能夠完全抵消通貨膨脹的商業計劃。然後我們想討論如何在此基礎上改進。所以這是一種非常深刻的認同。我們從事的是商品業，成本，也就是成本控制，至關重要。

And I say costs, I mean every dollar we spend, whether it's capital or operating.

我說的是成本，指的是我們花的每一分錢，無論是資本支出還是營運支出。

Menno Hulshof, TD Securities.

Menno Hulshof，TD證券。

Thanks, and good morning, everyone, and congrats to everyone on the call on the changes. Most of my questions have been answered, but I'll maybe follow up with a question on nameplate capacity. You touched on this already for the downstream, in particular, but with certain upstream assets like Firebag also performing well above nameplate. What are your thoughts on rerate potential?

謝謝大家，大家早安，也祝賀所有參加電話會議討論這些變化的同事們。我的大部分問題都已得到解答，但我可能還會問一個關於銘牌容量的問題。您已經特別提到了下游的情況，但某些上游資產（如 Firebag）的表現也遠遠超出預期。您對重新評級的潛力有何看法？

And I think the last time you talked about this, I think you suggested you were still working through a discovery process on how each asset could perform on a sustained basis. But on balance, and it's more of a philosophical question, but what's the real benefits of rerating? I could make the argument either way, but curious as to how you're thinking about this.

我記得你上次談到這個問題時，好像說過你還在探索如何讓每項資產持續發揮作用。但總的來說，這更像是一個哲學問題，重新評級的真正好處是什麼？正反兩方的論點我都認同，但我很好奇你怎麼想的。

Yes. I think it's a fair question, Menno, on what's the benefit on it. It's probably as much as anything as credibility. How do you repeatedly extract more than 100% of something. But our I'll tell you right now, we -- internally, we have two things.

是的。門諾，我認為你問的這個問題很合理，那就是這樣做有什麼好處。這或許和信譽度一樣重要。如何重複提取超過100%的某種物質？但我現在就告訴你，我們──我們內部有兩件事。

We steward to you the historic external utilizations, but that is not at all internal. When you come into our executive meetings and we look at assets, we look at their performance relative to their best 30-day average consecutively. So we run two sets of numbers. And the goal is to always improve based on historical performance. So the rerating is a bit of a philosophical question on it.

我們向您報告歷史外部利用情況，但這完全不屬於內部情況。當你參加我們的高階主管會議，我們審視資產時，我們會檢視它們相對於其連續30天最佳平均值的表現。所以我們運行兩組數據。我們的目標是始終根據歷史表現不斷改進。所以重新評級其實是有點哲學意味的問題。

But the same approach that has been taken in the downstream has been applied to the upstream. And what is so uniquely similar in our business is our upstream has large plant operations, whereas many upstream around the world don't have that offshore platforms or whatever. So the same approaches and principles have applied. And you flagged Firebag in 2022, Firebag averaged 199,000 barrels a day. In 2024, it averaged 234,000 and in the fourth quarter, it was 25,000 million.

但是，下游採取的方法也同樣應用​​於上游。我們業務的獨特之處在於，我們的上游業務擁有大型工廠運營，而世界各地的許多上游業務卻沒有海上平台或其他設施。因此，所採用的方法和原則與之前相同。您在 2022 年指出了 Firebag，Firebag 平均每天產量為 199,000 桶。2024 年平均為 234,000，第四季為 25,000,000。

all without growth investment. So now what Peter and his team are scrambling to do is be sure we have the well capacity to feed, we would rather be a barrel short on the facility than a barrel short on the wells. So Peter has been doing an extensive infill drilling program, which are extremely lucrative. He's been looking at the expansion of noncondensable natural gas, so we can redeploy steam. So it's a continual chasing of the limiter the last limiter and saying, how do we unlock potential?

這一切都沒有進行增長性投資。所以現在彼得和他的團隊正在盡最大努力確保我們有足夠的油井產能來供應原油，我們寧願設施缺一桶原油，也不願油井缺一桶原油。因此，彼得一直在進行一項廣泛的加密鑽探計劃，這項計劃利潤非常豐厚。他一直在關注不可凝結天然氣的擴張，這樣我們就可以重新利用蒸汽。所以，我們不斷地追逐著極限，追逐最後一個極限，並思考著：我們要如何釋放潛能？

Is that well? Is that facility but the principles apply across our business, upstream and downstream. And I give kudos to our operating teams because they've embraced this challenge, and they are repeatedly continually finding ways to unlock capacity. And when you're a capital-intensive business, return on capital, that -- in many cases, I came from a company where for decades, that was the Holy Grail and I believe that we've spent a lot of money. It's our job to maximize the return on that money we've spent.

這樣可以嗎？雖然是這個設施，但其原則適用於我們整個業務的上游和下游。我要讚揚我們的營運團隊，因為他們欣然接受了這項挑戰，並且不斷地尋找釋放產能的方法。對於資本密集型企業來說，資本回報率至關重要——在許多情況下，我來自一家幾十年來一直追求這一目標的公司，我相信我們已經為此投入了大量資金。我們的職責就是最大限度地提高我們所投入資金的回報。

And I think our Suncor teams, upstream and downstream are doing a very good job on that. And I think my guys remind me, we're not done yet.

我認為我們森科能源公司的上游和下游團隊在這方面都做得非常出色。我覺得我的隊員提醒我，我們還沒完成任務。

That's really helpful. Maybe my second question is on your incremental free funds flow target and WTI breakeven target as well. And last, we were -- I didn't see it in the release, but I believe the last time we were updated, you were guiding to achievement of both targets by the end of the year, which would have -- which would be roughly a one-year acceleration. Where do you stand on those targets today? Is year-end still a reasonable guideline? And is there upside to those targets over time?

這真的很有幫助。我的第二個問題可能也與你們的增量自由資金流目標和WTI損益平衡目標有關。最後，雖然我在新聞稿中沒有看到，但我相信上次我們收到更新時，你們正在指導我們實現這兩個目標，這將——這將比原計劃提前大約一年完成。你目前對這些目標的立場是什麼？年底仍是合理的參考標準嗎？隨著時間的推移，這些目標是否有上漲空間？

Menno, we did the first year of the three-year plan. We achieved nearly two years. We've kind of suggested and insinuated that we could achieve a three in two. We've got 1.5 months, 2 months left in the year, but I got to tell you real quick. Quick story.

門諾，我們已經完成了三年計畫的第一年。我們實現了近兩年的目標。我們已經暗示過，我們可以在兩年內實現三連勝。今年還剩下一個半月到兩個月，但我得趕緊告訴你一件事。簡短的故事。

I'm reminded of the 2015 Super Bowl, the Seattle Seahawks were on the one-yard line losing by four against the Patriots, about to punch it in with the battering ram of a full back named Marshawn Lynch, they had victory, they were high fiving and celebrating. And for some unknown reason, they passed through an interception and they literally snatch defeat from the jaws of victory.

這讓我想起了 2015 年的超級碗，西雅圖海鷹隊在距離達陣區僅一碼處落後愛國者隊四分，眼看就要憑藉全衛馬肖恩·林奇的強力衝鋒達陣得分，他們贏了，他們擊掌慶祝。出於某種未知的原因，他們遭遇了一次攔截，結果從勝利的邊緣奪走了失敗。

They were celebrating before the game was over. We still got two more months left. I want this team focused like a laser to finish strong, but I think it is very fair and reasonable that you will get a comprehensive update on our three-year plan and how we're doing on that quite early in the new year. And right now, home team is looking pretty good.

比賽還沒結束他們就開始慶祝了。還有兩個月的時間。我希望這支隊伍像雷射一樣專注，以強勢收官，但我認為，在新的一年伊始，你們就能全面了解我們的三年計劃以及我們執行情況，這是非常公平合理的。目前來看，主隊情況相當不錯。

So you're going to be giving the ball to Marshawn then?

所以你打算把球交給馬肖恩？

I got a lot of battering rams on this team. So I could give it to a number of folks.

我隊上有很多進攻型球員。所以我可以把它送給很多人。

Patrick O'Rourke, ATB Capital Markets.

Patrick O'Rourke，ATB Capital Markets。

Congratulations to Kris, Troy and Adam there. Sort of first question here. With respect to the extension that you guys have done on the turnarounds here, and you've obviously been very thoughtful about planning and benchmarking these things. But what are the signposts and I'm sure you have them, but maybe you can articulate them to us, around reliability, particularly later in the cycle with the assets where you've extended the turnaround there? And then, if you're thinking about this, and I know every asset has sort of a different turnaround cycle, but what's the quantification of the volumes to date that you've done through these extensions?

恭喜克里斯、特洛伊和亞當。這是第一個問題。關於你們在扭虧為盈方面所做的擴展工作，顯然你們在規劃和基準測試方面考慮得非常周全。但是有哪些標誌物呢？我相信你們肯定有，但也許你們可以向我們詳細說明一下，特別是關於可靠性方面，尤其是在周期後期，對於你們已經延長了周轉期的資產而言？然後，如果你在考慮這個問題，我知道每項資產的周轉週期都略有不同，但是到目前為止，你透過這些延期所完成的交易量是多少？

Team, do you want -- to take a comment on the -- and I think on the first one, it's where I'd phrase is it's about managing risk and it's about looking at as we extend intervals, the confidence that we can do that without having anything go boom in the night or and/or cost us more. Won't you comment on that? And then maybe I'll come back on the volumetric impact.

團隊，你們想──就──發表一下意見嗎？我認為關於第一個問題，我會這樣表達：這是關於風險管理的，也是關於隨著我們延長間隔時間，我們能否有信心在不發生任何意外或造成更大損失的情況下做到這一點。你對此不予置評嗎？然後我或許會再來談談體積影響。

I mean we're really employing a risk-based inspection methodology to see the state of our current units and then applying the appropriate engineering fix to be able to assure ourselves that we're able to get these units kind of to the next interval. Shelley said at the start, we start with benchmarking.

我的意思是，我們確實採用了一種基於風險的檢查方法來了解我們現有設備的狀況，然後應用適當的工程修復措施，以確保我們能夠讓這些設備達到下一個使用壽命週期。雪萊說，一開始，我們就從標竿分析開始。

We see where other units of a similar nature are elsewhere in the world. And we set our North Star at or above that and then kind of back out, okay, what needs to be true to make that happen. We apply this risk-based inspection methodology, and we do the work that's necessary to give ourselves the confidence to achieve it.

我們看到世界其他地方也有性質類似的單位。我們將北極星的目標設定在它之上或更高，然後退後一步，思考：為了實現這個目標，需要滿足哪些條件？我們採用這種基於風險的檢查方法，並進行必要的工作，以使自己有信心實現這一目標。

And I think the key, one thing I'd just add to it, too, is your interim inspection techniques, is you're monitoring things. So we don't arbitrarily say, okay, we're going to a six-year interval and then just wake up five years from now and start preparing.

我認為關鍵在於，我還要補充一點，那就是你們的臨時檢查技術，你們在監控各項事宜。所以我們不能隨意地說，好吧，我們要設定一個六年間隔，然後五年後醒來就開始準備。

You are monitoring technical and operational data as we go I like that you're using more sophisticated techniques. You're using drones in our business. You're using a number of things that help us ensure that those intervals are indeed the right intervals. And what I think we keep finding is opportunities to further extend. Dave, do you have anything you'd add to it?

你們一直在監控技術和營運數據，我很高興你們採用了更先進的技術。你們公司正在使用無人機。你們使用了很多方法來幫助我們確保這些時間間隔確實是正確的時間間隔。我認為我們不斷發現的是進一步拓展的機會。戴夫，你還有什麼要補充的嗎？

Yes, Thanks, Rich. And I would just build on what Peter said is when we started our turnaround journey, we really focused on work selection. And what that did is allow us to do the right work at the right time and have a much better understanding of -- to do that, you have to have a better understanding of the condition of the equipment.

好的，謝謝你，里奇。我只想補充彼得所說的，當我們開始扭虧為盈之旅時，我們真正關注的是工作選擇。這樣做的好處是，我們可以在正確的時間做正確的工作，並且更好地了解——要做到這一點，你必須更好地了解設備的狀況。

And then the natural outcome of that was, hey, it looks like the equipment can go longer now that we really understand it better from a work selection perspective, we think it can go longer from a duration or interval perspective. So it really was an outcome of the work that we've done, grounded in benchmarking. We know what the best of the best do for each technology that we operate, and that's really our target.

然後，自然而然的結果是，嘿，既然我們現在從工作選擇的角度更好地了解了設備，那麼從持續時間或間隔的角度來看，我們認為設備的使用壽命可以更長。所以這確實是我們基於基準測試所做工作的成果。我們知道我們所採用的每項技術中，最優秀的人才都在做什麼，而這正是我們的目標。

Shelley?

雪萊？

Yes. I just want to maybe underline what Peter said that when we talk about interval extensions, this is really a detailed technical engineering exercise. We follow a very rigorous management of change process, that is embedded in our management system. So this isn't what is the benchmark say and let's go make it happen. This is a very detailed technical evaluation to make sure that we're very confident in the long-term reliability and safety of these assets.

是的。我只想強調彼得所說的，當我們談論區間擴展時，這實際上是一個詳細的技術工程練習。我們遵循一套非常嚴格的變革管理流程，該流程已融入我們的管理系統中。所以這不是基準，讓我們去實現它。這是一項非常詳細的技術評估，旨在確保我們對這些資產的長期可靠性和安全性充滿信心。

And if I go back to your first question, this is not a third-party certified, but the increase in volumes this year, the revising guidance upward in both production and refining throughput, the bulk of those revisions up are exceptional turnaround performance related.

回到你的第一個問題，雖然這不是第三方認證的數據，但今年產量增加，生產和煉油吞吐量的預期也向上修正，其中大部分上調都與特殊的周轉性能有關。

I am showing no further questions. I will now turn the call back over to Troy Little for closing remarks.

我不會再提出其他問題了。現在我將把電話交還給特洛伊·利特爾，請他作總結發言。

Thank you, everyone, for joining our call this morning. I look forward to continuing to work with you all in the future. and I also want to sincerely thank you for all your support these past several years. If you have any follow-up questions, please don't hesitate to reach out to our team. Operator, you can end the call.

感謝各位今天上午參加我們的電話會議。我期待未來能繼續與大家合作。同時，我也衷心感謝大家過去幾年來的支持。如果您有任何後續問題，請隨時與我們的團隊聯繫。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了。