Suncor Energy Inc (Canada) (SU) 2026 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Suncor Energy second-quarter 2026 financial results call. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，感謝您耐心等候。歡迎參加森科能源（Suncor Energy）2026年第二季財務業績電話會議。(接線員指示) 請注意，今天的會議將被錄音。

I would now like to hand the conference over to your speaker, Suncor Energy Senior Vice President of External Affairs, Mr. Adam Albeldawi. Please go ahead.

現在我想把會議交給今天的講者——森科能源對外事務資深副總裁 Adam Albeldawi 先生。請開始。

Thank you, operator, Good morning. Welcome to Suncor Energy's second quarter earnings call.

謝謝接線員，大家早安。歡迎參加森科能源第二季財報電話會議。

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

請注意，今天的評論包含前瞻性資訊。由於各種風險因素與假設（已於我們第二季財報新聞稿以及最新年度資訊表中說明），實際結果可能與預期結果有重大差異；上述文件可於 SEDAR+、EDGAR 以及我們的網站 suncor.com 查閱。部分在本次評論中提及的財務衡量指標並非加拿大一般公認會計原則所規定。關於這些財務衡量指標的說明，請參閱我們的第二季財報新聞稿。

We'll start with comments from Rich Kruger, President and Chief Executive Officer, followed by Troy Little, Suncor's Chief Financial Officer. Also on the call are Peter Zebedee, Executive Vice President, Upstream, Dave Oldreive, Executive Vice President, Downstream, and Shelley Powell, Senior Vice President, Operational Improvement and Support Services.

我們將先由總裁兼執行長 Rich Kruger 發表評論，接著由森科能源財務長 Troy Little 說明。同時在線的還有：上游業務執行副總裁 Peter Zebedee、下游業務執行副總裁 Dave Oldreive，以及營運改善與支援服務資深副總裁 Shelley Powell。

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

在正式發言結束後，我們將開放提問。接下來交給 Rich 分享他的評論。

Thanks, Adam. Our second quarter involved completing major maintenance positioning for a strong second half, and that's exactly what we did. Troy will cover financial performance.

謝謝你，Adam。我們第二季的重點是完成重大檢修維護，為下半年強勁表現做好布局，而我們確實做到了。Troy 將說明財務表現。

I'll first discuss operational, starting with safety. I'm pleased to report that our base plant mining received an industry safety award, the John T. Ryan Trophy for best-in-class safety performance, as recognized by the Canadian Institute of Mining. This marks the second consecutive year a Suncor mining team received this award. Extremely proud of our team for this well-deserved recognition for excellence in an area that represents our highest overall priority.

我先談營運，從安全開始。我很高興報告，我們基礎廠區（base plant）採礦作業獲得業界安全獎項——由加拿大採礦學會（Canadian Institute of Mining）認可、表彰同級最佳安全表現的 John T. Ryan 獎盃。這是森科採礦團隊連續第二年獲得此獎。我們為團隊感到無比自豪，這項在我們整體最高優先事項領域的卓越表現，實至名歸。

Moving to upstream production. 761,000 barrels a day a day in the second quarter. Before I continue, though, a pop quiz. What's the difference between the story of Noah's Ark told in the Book of Genesis and the Fort McMurray region in the second quarter of 2026?

接著談上游產量。第二季為每日 761,000 桶。不過在我繼續之前，先來個小測驗。《創世記》中諾亞方舟的故事，與 2026 年第二季的麥克默里堡（Fort McMurray）地區，有什麼不同？

In Noah's Ark, the torrential rains stopped after 40 days and 40 nights. In Fort Mac, record rain and snow melt continued throughout the quarter, with total precipitation the highest in more than 30 years, 50% higher than the 10-year average. Unfortunately, it materially affected mining productivity and quarterly production with an estimated 50,000 barrels a day-60,000 barrels a day a day impact in the second quarter.

在諾亞方舟的故事裡，傾盆大雨在 40 天 40 夜後停止。但在 Fort Mac，創紀錄的降雨與融雪貫穿整個季度，總降水量為 30 多年來最高，較 10 年平均高出 50%。不幸的是，這對採礦生產力與季度產量造成重大影響，估計第二季影響約每日 50,000 桶至每日 60,000 桶。

Clearly, this was an unusual one-off event, but we learned from it to build resilience for future events by improving our planning and preparation with new 48- and 72-hour weather outlooks, by stockpiling ore in the most vulnerable areas within each mine, by pre-securing critical minerals and equipment such as gravel and graders, by using technology such as drones to monitor mine conditions real-time. The takeaway is we can't eliminate weather risk, but we can better mitigate the impact.

顯然，這是一次不尋常的單次事件，但我們從中學習，透過提升規劃與準備來強化未來事件的韌性：導入新的 48 小時與 72 小時天氣展望、在各礦區最脆弱的區域預先堆存礦石、提前確保關鍵物料與設備（如碎石與平地機）、並運用無人機等技術即時監測礦區狀況。重點是：我們無法消除天氣風險，但可以更好地降低其影響。

The good news, since late second quarter, things are back to normal, with production at expected rates. In fact, July's preliminary production is on the order of 870,000 barrels a day a day, which would be our second highest July ever. Despite this year's weather, over the last three years, second quarter production has averaged 59,000 barrels a day a day higher than the second quarter of the prior three years, with better turnarounds and higher asset performance driving the results.

好消息是，自第二季末以來，一切已恢復正常，產量回到預期水準。事實上，7 月初步產量約為每日 870,000 桶，將會是我們歷來第二高的 7 月。儘管今年天候不佳，過去三年第二季產量平均仍較再前一個三年的第二季高出每日 59,000 桶，成果來自更佳的檢修（turnaround）與更高的資產表現。

Upgrader utilization, 93% in 2Q with our spring turnaround at base plant now complete. Year-to-date, we're at 94%, a new record, 1% higher than the first half of last year. Refining throughput, 471,000 barrels a day a day in the quarter, our second highest 2Q ever. 28,000 barrels a day a day higher than our previous best 2Q, which was last year.

升級廠（upgrader）利用率：第二季為 93%，且基礎廠區的春季檢修目前已完成。年初至今為 94%，創新紀錄，較去年上半年高 1%。煉油處理量：本季為每日 471,000 桶，為我們歷來第二高的第二季水準，較先前最佳第二季（去年）高出每日 28,000 桶。

Montreal and Edmonton, our largest refineries, led the way at 151,000 and 161,000 barrels a day a day respectively, and a combined utilization of 99%. Overall, 2Q network utilization, 92% on our new higher rerated capacity of 511,000 barrels a day a day. With major maintenance activities completed at both Commerce City and Sarnia. Year-to-date utilization is 95%, a new record, 4% higher than the first half of last year.

我們最大的兩座煉油廠——蒙特婁與愛德蒙頓——分別達到每日 151,000 桶與每日 161,000 桶，合計利用率 99%，表現領先。整體而言，第二季網路利用率為 92%，係以我們重新評定後較高的產能每日 511,000 桶為基礎。Commerce City 與 Sarnia 兩地的重大維護活動均已完成。年初至今利用率為 95%，創新紀錄，較去年上半年高 4%。

Here again, over the last three years, 2024 through 2026, 2Q throughput has increased every year, averaging 78,000 barrels a day a day higher than the 2Q of the prior three years, continuing to raise the bar and improve performance. Product sales, 655,000 barrels a day a day. Like refining throughput, our highest second quarter ever. 54,000 barrels a day a day higher than the previous best second quarter, which was last year.

同樣地，在過去三年（2024 至 2026 年），第二季處理量每年都增加，平均較再前一個三年的第二季高出每日 78,000 桶，持續拉高標準並改善表現。產品銷售量：每日 655,000 桶。如同煉油處理量，這也是我們歷來最高的第二季水準，較先前最佳第二季（去年）高出每日 54,000 桶。

Our eighth quarter in a row now with sales greater than 600,000 barrels a day a day after never achieving 600,000 barrels a day a day in any quarter over our history. A note of interest, jet sales were a record 51,000 barrels a day a day, 90% higher than our previous record of 27,000 barrels a day a day in the first quarter, achieved by fine-tuning our product slate to maximize global market value.

這已是我們連續第八個季度銷售量超過每日 600,000 桶；在此之前，我們歷史上從未在任何季度達到每日 600,000 桶。補充一點：航空燃油（jet）銷售創下每日 51,000 桶的紀錄，較我們先前在第一季創下的每日 27,000 桶紀錄高出 90%；這是透過微調產品組合以最大化全球市場價值所達成。

Over the last three years, 2024 through 2026, 2Q sales have increased every year, averaging 101,000 barrels a day a day higher than the 2Q of the prior three years. Here again, raising the bar, improving performance. Over the last several years, we've talked a lot about turnaround performance, improving cost and schedule.

在過去三年（2024 至 2026 年），第二季銷售量每年都增加，平均較再前一個三年的第二季高出每日 101,000 桶。同樣地，持續拉高標準、改善表現。過去幾年，我們談了很多關於檢修（turnaround）表現，以及成本與工期的改善。

As a reminder, historically, greater than 20% of our capital, roughly CAD1.25 billion per year, was spent on turnarounds. During our I-Day in May 2024, we committed to reduce turnaround costs by CAD250 million per year over three years. We achieved that objective in two years versus three. In mid 2025, we increased our ambition to CAD350 million per year in capital reductions. We now expect to achieve that in 2026, again, earlier than expected. This year, on March 31, we upped our goal to CAD400 million a year.

提醒一下，歷史上我們超過 20% 的資本支出——約每年 12.5 億加幣——用於檢修。在 2024 年 5 月的 I-Day，我們承諾在三年內將檢修成本每年降低 2.5 億加幣。我們在兩年內就達成該目標，而非三年。在 2025 年年中，我們將目標提高至每年 3.5 億加幣的資本削減。我們目前預期將於 2026 年達成，同樣早於預期。今年 3 月 31 日，我們把目標再提高到每年 4 億加幣。

With that context, I will highlight 2Q performance, focusing on Firebag, illustrating ways in which we continue to improve performance. Our Firebag turnaround involved major maintenance of the two largest of our four plants, 93 and 94. Combined, the two plants process roughly two-thirds of the field's 250,000 barrels a day a day capacity. In our guidance for the year, we included an estimated impact of 85,000 barrels a day a day in the second quarter.

在此背景下，我將重點說明第二季表現，聚焦 Firebag，說明我們持續改善績效的方式。我們的 Firebag 檢修包含對四座工廠中最大的兩座——93 與 94——進行重大維護。兩座工廠合計處理約占該油田每日 250,000 桶產能的三分之二。在我們對全年所提供的指引中，已納入第二季估計影響每日 85,000 桶。

This was our longest duration, biggest volumetric impact event of the year. The last turnaround of similar scope was completed in 2022, four years ago. It took 58 days at a cost of CAD150 million. This year, with a slightly larger scope, we completed the work in 44 days for CAD118 million. 24% reduction in duration, 21% reduction in cost.

這是我們今年持續時間最長、對產量影響最大的事件。上一次完成類似範圍的停工檢修是在2022年，也就是四年前。當時耗時58天，成本為1.5億加元。今年在範圍略有增加的情況下，我們以1.18億加元在44天內完成。工期縮短24%，成本降低21%。

This work, to achieve this, started more than two years ago, included innovations in equipment inspections and work practices. Examples, using ROVs for internally inspecting long steam line sections, using drones for inspections inside large diameter pipes and vessels, circulating mineral oil inside process vessels to accelerate cleaning cycles.

為了達成這些成果，相關工作在兩年多前就已啟動，並納入了設備檢查與作業方式的創新。例如：使用ROV對長段蒸汽管線進行內部檢查、使用無人機檢查大口徑管線與容器內部、在製程容器內循環礦物油以加速清洗週期。

An idea by Firebag coordinators, Max Bombardier and Samantha Snow. Max literally observed a contractor years ago using Johnson & Johnson baby oil to clean equipment. He contacted Samantha, a process engineer at the time, to research it. Samantha identified a Petro-Canada lube product.

這個點子來自Firebag協調員Max Bombardier與Samantha Snow。Max多年前親眼看到一位承包商使用Johnson & Johnson嬰兒油來清潔設備。他聯絡了當時擔任製程工程師的Samantha，請她進行研究。Samantha找到了Petro-Canada的一款潤滑油產品。

We tested it over time, this year we applied it at scale in plants 93 and 94, cutting two full days off of vessel cleaning by one simple idea. Save time, save money, kept people safer. This is one of a litany of examples of what Suncor people are doing today company-wide. Firebag results, lower cost, lower duration, and faster production restoration.

我們隨時間進行測試，今年在93與94號廠區大規模應用，僅憑一個簡單的想法就讓容器清洗縮短整整兩天。省時間、省成本，也讓人員更安全。這只是眾多例子之一，展現Suncor員工目前在全公司範圍內所做的努力。Firebag的成果是：更低成本、更短工期，以及更快恢復生產。

The second quarter impact was 60,000 barrels a day a day from the turnaround work, a 25,000-barrel a day a day improvement versus the plan. We also completed prep work for future tie-ins and further planned debottlenecking, working smarter today and smarter for tomorrow. The final prize is, with the work we did, we will now be extending plant 93 and 94's next turnaround cycle to five years versus the historic four years.

第二季因停工檢修作業造成的影響為每日6萬桶，較計畫改善每日2.5萬桶。我們也完成了未來接管（tie-ins）的前置作業，以及進一步的既定去瓶頸計畫；今天更聰明地工作，也為明天更聰明地工作。最終的成果是：透過我們完成的工作，93與94號廠區下一次停工檢修週期將由歷史上的四年延長至五年。

A total team accomplishment. Compliments to Nabil Jafri and his regional turnaround team, Miles Fleming and his operational management team, and Jason Gaudet and his central support team. Working together, focused, collaborative, results-oriented.

這是整個團隊的成就。向Nabil Jafri及其區域停工檢修團隊、Miles Fleming及其營運管理團隊，以及Jason Gaudet及其中央支援團隊致意。大家共同合作、專注、協作，以成果為導向。

I have highlighted Firebag, but we also completed other second quarter work successfully. Base plant U2 Coker, completed in 46 days versus 60 days in 2021. CAD203 million cost, 10% less than the last event at CAD225 million. Commerce City Refinery, completed in 50 days versus 74 days in 2021. We have got more work to do in the third quarter; our second quarter results position us well for a strong second half.

我已重點說明Firebag，但我們也成功完成了第二季的其他工作。基礎廠U2焦化裝置（Coker）在46天內完成，相較2021年的60天。成本為2.03億加元，較上次事件的2.25億加元低10%。Commerce City煉油廠在50天內完成，相較2021年的74天。第三季我們還有更多工作要做；第二季的成果讓我們為下半年強勁表現奠定良好基礎。

My overriding message, Suncor remains focused like a laser to perform, compete, and win. High operating standards, best-in-class performance ambitions, clear and definitive plans, priorities, short-term and long-term, a deep team-based, results-oriented, high-performance culture focused on what we can control and what we can execute. We believe we offer a compelling value proposition, reliable, ratable, high performance, reliable, ratable, high cash flow. A literal machine built to deliver in all business environments.

我最核心的訊息是：Suncor仍以雷射般的專注來執行、競爭並取勝。高營運標準、追求同業最佳的績效目標、清晰且明確的計畫與優先順序（短期與長期）、深厚的團隊合作、以成果為導向的高績效文化，聚焦於我們能控制與能執行的事項。我們相信我們提供具吸引力的價值主張：可靠、可預測（ratable）、高績效；可靠、可預測（ratable）、高現金流。這是一部在各種商業環境下都能交付成果的真正機器。

With that, I'll turn it to Troy.

接下來我把時間交給Troy。

Thanks, Rich. Good morning, everyone.

謝謝你，Rich。各位早安。

This quarter was a powerful demonstration of just how much Suncor's ability to generate cash has changed in the past four years. You may recall in our Q1 conference call that I highlighted that not only has our resilience improved through the lowering of our corporate breakeven by CAD10 per barrel, the earnings power of today's Suncor at higher prices has been improved by an even greater measure.

本季有力地展示了在過去四年中，Suncor創造現金的能力發生了多大的變化。各位或許記得在我們第一季的電話會議中，我曾強調：我們不僅透過將公司整體損益兩平點每桶降低10加元而提升了韌性，而且在較高價格環境下，今日Suncor的獲利能力提升幅度更大。

Proving this point, we finished the second quarter of 2026 with CAD5.3 billion in adjusted funds from operations, nearly double that of a year ago, and tying our all-time quarterly record set in the second quarter of 2022. The difference is that this time, WTI averaged CAD93 per barrel for the quarter, roughly CAD15 per barrel lower than in the second quarter of 2022, when it averaged CAD108 per barrel.

為了證明這一點，我們在2026年第二季以53億加元的調整後營運資金（AFFO）作收，幾乎是去年同期的兩倍，並追平我們在2022年第二季創下的歷史單季紀錄。不同之處在於，這次該季度WTI平均為每桶93加元，約比2022年第二季的每桶108加元低15加元。

Even more meaningfully, on a per-share basis, AFFO in the second quarter of 2026 of CAD4.52 per share is nearly 20% higher than the AFFO per share in that same historical quarter of 2022. We're delivering more cash flow and more value per share with less help from commodity prices. That's the result of building a stronger, more reliable, and more profitable business over the last few years.

更具意義的是，以每股計算，2026年第二季每股AFFO為4.52加元，較2022年同一歷史季度的每股AFFO高出近20%。在商品價格助力較少的情況下，我們仍能帶來更多現金流與更高的每股價值。這是過去幾年打造更強韌、更可靠且更具獲利能力的業務所帶來的成果。

What's important to remember, this wasn't a perfect quarter. Unprecedented weather conditions impacted production and left value on the table. Even so, we matched our all-time AFFO record and delivered our highest-ever AFFO and free fund flow per share. As we continue to advance our Investor Day plan, we see further opportunities to improve and grow earnings power from an already record level of performance.

需要記住的是，這並不是一個完美的季度。前所未有的天候條件影響了產量，讓部分價值未能實現。即便如此，我們仍追平了歷史最高AFFO紀錄，並創下史上最高的每股AFFO與每股自由資金流。隨著我們持續推進投資人日（Investor Day）計畫，我們看到在已創紀錄的績效水準之上，仍有進一步改善並提升獲利能力的機會。

Now I want to highlight our downstream business, which has again taken advantage of a strong margin environment to generate record segment AFFO. Suncor generated record downstream AFFO of CAD2.3 billion this quarter, nearly CAD200 million above our previous record in the second quarter of 2022. We did that with a New York Harbor 2-1-1 crack margin, net of the renewable volume obligation, or RVO, more than CAD10 per barrel lower than in the second quarter of 2022.

現在我想重點說明我們的下游業務；該業務再次把握強勁的利差環境，創造了創紀錄的分部AFFO。Suncor本季下游AFFO創下23億加元的紀錄，較我們在2022年第二季的前一紀錄高出近2億加元。我們是在紐約港2-1-1裂解價差（扣除可再生燃料配額義務，即RVO）較2022年第二季低逾每桶10加元的情況下達成的。

Margin capture this quarter came in at 89%. Not bad, but that number understates the underlying strength. This is because, unlike many of our peers, our benchmark does not deduct RVO, even though the gross margin we compare it to nets out our own RVO compliance costs.

本季利差捕捉率為89%。不錯，但這個數字低估了基本面實力。原因在於：與許多同業不同，我們的基準並未扣除RVO，儘管我們用來比較的毛利已扣除我們自身的RVO合規成本。

With average RVO pricing jumping CAD5 per barrel from the first quarter to the second, this single factor drove a variance of 10 percentage points of capture. Excluding this increase, we saw a very strong margin capture of 99% for the quarter. How did we achieve such strong margin capture?

由於平均RVO價格從第一季到第二季每桶跳升5加元，單一因素就造成捕捉率出現10個百分點的差異。若排除這項上升因素，本季我們的利差捕捉率其實非常強勁，達到99%。我們是如何達成如此強勁的利差捕捉？

Our sales and marketing and supply and trading teams again turned market dislocations into value, in particular in export markets. Through ports in Burrard and Montreal, we exported 56 cargoes in the first half of the year, nearly matching the 58 cargoes shipped in all of 2025. That's our integrated model at work, providing flexibility, capturing stronger net backs, and turning market volatility into value. Years of logistics and commercial build-out paid off once again this quarter.

我們的銷售與行銷，以及供應與交易團隊再次將市場錯位轉化為價值，特別是在出口市場。透過Burrard與蒙特婁港口，我們在上半年出口了56批貨運，幾乎追平2025年全年出貨的58批。這正是我們整合式模式的運作：提供彈性、捕捉更強的淨回收（netbacks），並將市場波動轉化為價值。多年來在物流與商業端的建置，本季再次獲得回報。

Let me spend a minute on our balance sheet as well as capital allocation. Suncor ended the quarter with CAD4.5 billion in net debt, 75% lower than where we started this decade and placing us at less than half of our guardrail of 1x net debt to cash flow at $50 per barrel WTI. Just like our low corporate breakeven, this amount of net debt gives the company a level of resilience that it has never had in its history.

我也想花一點時間談談我們的資產負債表以及資本配置。Suncor在本季末的淨負債為45億加元，較本十年初下降75%，且在WTI每桶50美元情境下，淨負債對現金流1倍的警戒線（guardrail）之下不到一半。就像我們較低的公司整體損益兩平點一樣，這樣的淨負債水準為公司帶來其歷史上前所未有的韌性。

With our balance sheet in excellent shape, backed by a business that is able to generate meaningful excess funds across the commodity cycle, our focus is then on getting funds back to shareholders in a reliable and predictable way.

在我們的資產負債表狀況極佳、且業務能在商品循環中產生可觀的超額資金作為支撐之下，我們的重點便是以可靠且可預期的方式，將資金回饋給股東。

From a shareholder return perspective, in the second quarter, we returned CAD1.8 billion to shareholders in the form of CAD1.1 billion in buybacks and CAD706 million in dividends. Starting this week, those buybacks will increase to CAD500 million per month or CAD1.5 billion per quarter, reflecting the substantial growth in excess funds this business is generating in the current environment, as well as the benefits of the improvements we detailed at our recent Investor Day. This marks our second increase in shareholder returns this year.

從股東回報的角度來看，在第二季，我們以加幣11億元的庫藏股回購與加幣7.06億元的股利形式，合計向股東返還加幣18億元。自本週起，回購金額將提高至每月加幣5億元（或每季加幣15億元），反映出在目前環境下本業所產生的超額資金大幅成長，以及我們在近期投資人日所詳述之改善措施所帶來的效益。這是我們今年第二次提高股東回報。

As a reminder, we entered 2026 with a buyback of CAD275 million per month. We then increased it to CAD350 million per month in April and now are increasing it again to CAD500 million per month. Put simply, the better this business performs, the more shareholders should expect to share in that success. While we will always retain the flexibility to respond to material changes in market conditions, we believe that predictable and ratable shareholder returns can be achieved even as commodity prices inevitably move around.

提醒一下，我們在2026年初的回購規模為每月加幣2.75億元。之後我們在4月將其提高至每月加幣3.5億元，而現在再次提高至每月加幣5億元。簡而言之，這項業務表現越好，股東就越應該期待能分享更多成功成果。雖然我們會始終保有因應市場狀況重大變化的彈性，但我們相信，即使商品價格不可避免地波動，仍可實現可預期且按比例的股東回報。

With that, I will turn the call back over so that we can take some questions.

接下來，我把電話會議交回去，讓我們可以開始提問。

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

謝謝你，Troy。我把電話會議交回給接線員，開始進行提問。

(Operator Instructions) Greg Pardy, RBC Capital Markets.

（接線員指示）RBC Capital Markets 的 Greg Pardy。

Yeah, thanks. Good morning, and thanks for the rundown. Probably the most obvious question is just with the increase in the buyback now to CAD500 million per month, is that sort of a forever number? It certainly has good legs as you move into 2027, just given free cash flow generation, the balance sheet.

好的，謝謝。早安，也謝謝你們的說明。最顯而易見的問題大概是：既然現在把回購提高到每月加幣5億元，這會是一個長期固定的數字嗎？考量自由現金流的產生能力與資產負債表狀況，進入2027年看起來也相當有延續性。

Let's just say at the CAD500 million level, you still have net debt kind of trending down to zero, which would be an incredibly good problem to have. Are there other levers that you could pull in terms of returning cash to shareholders?

假設就以每月加幣5億元的水準來看，你們的淨負債仍會一路下降趨近於零，這會是一個非常好的「煩惱」。在把現金返還給股東方面，還有其他可以運用的槓桿嗎？

Troy?

Troy？

Yeah, sure. Thanks, Greg. I think you should look at our actions to answer that question. Recall that in 2025, the crude price moved between the low 70s and the high 50s per barrel. Throughout that entire time, we kept our buyback constant at $250 million a month until we actually increased it in December by 10%. That increase came at the lower part of that year's commodity cycle.

好的，當然。謝謝你，Greg。我認為你可以從我們的行動來看待這個問題的答案。回想2025年，原油價格在每桶70多美元的低段到50多美元的高段之間波動。在那段期間，我們始終把回購維持在每月2.5億美元不變，直到12月才實際上提高了10%。而那次提高發生在當年商品循環的較低位置。

More recently, look at Q2. We started the quarter with WTI at over $100 per barrel and ended the quarter with it under $70 per barrel. Yet our buyback continued ratably and predictably at $350 million per month. Like any company, we have to maintain some flexibility for extreme events.

再看近期的第二季。我們在該季開始時，WTI 每桶超過100美元，季末則跌到每桶70美元以下。然而，我們的回購仍以按比例且可預期的方式，維持每月3.5億美元。如同任何公司一樣，我們必須保留一些彈性，以因應極端事件。

It should be clear by now that we want to deliver something that's unique and of value to investors, that is predictable and ratable shareholder returns through the commodity cycle. That's not the only thing we're doing that we think is unique. We also do not have an absolute dollar net debt target that includes thresholds for when we pay shareholder returns.

到目前為止應該很清楚，我們希望提供投資人一個獨特且有價值的主張：在商品循環中提供可預期且按比例的股東回報。而這並不是我們認為獨特之處的唯一作法。我們也沒有設定一個以絕對金額為基礎的淨負債目標，並以此作為何時支付股東回報的門檻。

We don't, because we don't think shareholder returns should be driven by what our debt is, but rather should be driven by what our performance is. That is why we instead have a guardrail of one times net debt to cash flow at $50 per barrel WTI. That allows us to manage our leverage alongside how our underlying business evolves.

我們沒有這麼做，因為我們認為股東回報不應由負債水準所驅動，而應由我們的經營表現所驅動。因此，我們改採一個護欄：在 WTI 每桶50美元的情境下，淨負債對現金流倍數為1倍。這讓我們能在基礎業務演進的同時，管理槓桿水準。

As to specific timing, I would recommend you all take your view of commodity prices, even if it's a low one, and run it through your models for the foreseeable future with a CAD500 million a month buyback and see how long that would last. That duration is what a rock-solid balance sheet and a top-quality business can offer.

至於具體能維持多久，我建議各位以你們對商品價格的看法（即使是偏低的看法），把每月加幣5億元的回購假設放進模型，對可預見的未來進行推算，看看能持續多久。這樣的持續時間，正是堅實的資產負債表與高品質業務所能提供的。

I'm glad I asked that question. I think we got the answer, which loves the reflection with a multitude of things you've already kind of come up with in terms of mitigation and how you'll prepare for this. I know you're always thinking through things. Are there any other just observations, learnings from the quarter operationally, whether it's upstream or downstream, and just how you're continuing to shape the company for resilience that you'd like to share?

我很高興我問了這個問題。我想我們得到答案了，也呼應了你們先前提出的多項緩解措施，以及你們將如何為此做準備。我知道你們一直在思考各種情境。就營運面而言，無論是上游或下游，這一季還有沒有其他觀察或學習，以及你們如何持續塑造公司以提升韌性，願意跟我們分享？

Greg, you're cracking up quite a bit, I think I got the gist of it, I'm going to turn it over to Peter in just a second to use an upstream example of some. What we're seeing as we've institutionalized a high-performance culture in the organization, we can't always stop things from happening or things we can't control, but we can very much control how we respond and recover when things off plan happen. I think the example of the rainfall is a good example in it that we step back and learn from that and just didn't accept what we were given, but said, how can we change this outcome in the future?

Greg，你的聲音斷斷續續得很厲害，但我大概理解你的意思。我等一下會把問題交給 Peter，用上游的例子來說明一些。我們看到的是，隨著我們在組織內制度化高績效文化，我們不一定能阻止某些事情發生，或是那些我們無法控制的事情，但我們可以非常有效地控制：當計畫外事件發生時，我們如何回應與復原。我認為降雨的例子就很能說明：我們退一步從中學習，而不是接受既有結果，而是問自己，未來要如何改變這個結果？

Peter, you and I were talking yesterday. Why don't you share a further example of what we're doing to learn as we go on?

Peter，你我昨天有聊到。你何不再分享一個例子，說明我們如何在過程中持續學習？

Yeah. Thanks for the question, Greg. I would say we've really taken the time to step back and understand what the learnings are from the significant rainfall events that we saw through the first quarter and really start to proceduralize even more our response to adverse weather conditions.

好的。謝謝你的問題，Greg。我會說，我們確實花了時間退一步，去理解第一季所遇到的重大降雨事件帶來了哪些學習，並進一步把我們對惡劣天候條件的應對更制度化、流程化。

Rich mentioned a couple of them in his comments there, but strategically, placing stockpiles of ore in and around the mine, strategically placing materials for road construction and support equipment to make sure our road networks come up quicker are just a couple examples of that. We've also looked at implementing technologies such as drone technologies and overlaying that on some maps to look at where are we most vulnerable and where do we have to deploy our equipment more rapidly. We've seen some success post Q2 in recent rainfall events where our response times are much quicker.

Rich 在他的評論中提到其中幾項，但從策略面來看，例如在礦區內外策略性地堆置礦石庫存、策略性地配置道路施工材料與支援設備，以確保我們的道路網能更快恢復通行，這些都是例子。我們也評估導入無人機等技術，並把影像疊加到地圖上，找出我們最脆弱的區域，以及必須更快速部署設備的地方。在第二季之後近期的降雨事件中，我們已看到一些成效，我們的反應時間快了很多。

Our ability to ramp back up to full production capacity has increased significantly. Maybe one more example, Greg, we had talked about on previous calls, implementation of a mud mode in our AHS system at base plant. In fact, we've now moved to mud mode 2.0 and seen a lot of success in reducing the slippage events on the trucks as a result.

我們把產能爬坡回到滿載的能力也顯著提升。再舉一個例子，Greg，我們在先前的電話會議中談過在基礎廠區的 AHS 系統導入「泥濘模式」。事實上，我們現在已經升級到泥濘模式2.0，並在降低卡車打滑事件方面取得很大成效。

In fact, the slippage events are down 80% relative to the initial version of this software. I think that's a good example of the continuous improvement mindset that our teams have, working collaboratively with our vendors to be able to do that and deploying that at scale. Lots of learnings and, yeah, pleased with the results and with recent performance.

實際上，相較於這套軟體的初始版本，打滑事件已下降80%。我認為這是我們團隊具備持續改善思維的好例子：與供應商協作，做到這件事，並且能夠規模化部署。有很多學習，也很高興看到成果與近期表現。

One other thing I'll just add to that. Thanks, Peter. The ELT, I'm looking around the room. We have a text thread that we communicate with pretty continuously. We'll talk about everything from Flames draft picks to movie quotes to performance.

我再補充一點。謝謝你，Peter。ELT（高階領導團隊），我環顧一下會議室。我們有一個訊息串，幾乎持續不斷地在溝通。我們聊的內容從 Flames 的選秀人選到電影台詞，再到營運表現，什麼都有。

I'm looking at Dave as I say this. Dave will share with us a particular unit at a refinery that went down, about the time I catch up with the text thread, he's already put another note in there, we fixed it. We're back on at full rates again. It's just an organizational capability that rallies and focuses when something goes off plan to correct and rectify it ASAP. We can give you dozens of examples of that that are different today than they were at points in time in the past.

我在說這段話時正看著 Dave。Dave 會跟我們分享煉油廠裡某個單元停機的情況；差不多就在我追上那串簡訊對話時，他已經又在裡面補了一則訊息：我們修好了。我們已經恢復到滿負荷運轉。這就是一種組織能力：當事情偏離計畫時，能迅速集結、聚焦，盡快修正並排除問題。我們可以給你幾十個例子，說明這點在今天與過去某些時期相比已經不同了。

Terrific. Thanks very much.

太好了。非常感謝。

Dennis Fong, CIBC World Markets.

Dennis Fong，CIBC World Markets。

Hi, good morning. Thanks for taking my questions. Appreciate the prepared remarks there just around how you're managing through a very tough quarter. My first question harkens back to the Investor Day where you discussed thoughts around near-term growth as well as long-term resource development, but with a large focus on value and volume.

嗨，早安。謝謝讓我提問。很感謝你們事先準備的發言，談到你們如何度過一個非常艱難的季度。我的第一個問題回到投資人日，當時你們談到短期成長以及長期資源開發的想法，但重點很放在價值與產量。

As we look towards scenarios where egress out of Western Canada have the potential to increase, and increase quite significantly, how does that necessarily maybe shift or shape your thoughts around managing options to either accelerate development from some of your in-situ opportunities at Lewis Firebag? How have your teams maybe found opportunities to showcase that same amount of growth, but maybe with lower capital or more efficient deployment of that capital?

當我們展望西加拿大外運（egress）能力可能提升、而且可能大幅提升的情境時，這會如何改變或形塑你們對於管理選項的想法，例如是否要加速你們在 Lewis 與 Firebag 的部分原位開採（in-situ）機會的開發？你們的團隊是否找到機會，在資本支出更低或資本配置更有效率的情況下，展現同等程度的成長？

Thanks, Dennis. It's like you sat in on our board meeting last week. You recall on March 31st, we defined or described that plan as largely within our control. It didn't need fiscal and regulatory reform. It didn't need new pipelines. This is something we had confidence that we could deliver and execute. Of course, it was underpinned by the large, high-quality resource base, predominantly in situ, that gives us a lot of optionality.

謝謝你，Dennis。聽起來你上週好像也參加了我們的董事會。你還記得在 3 月 31 日，我們把那個計畫定義或描述為大致在我們掌控之內。它不需要財政與監管改革。它不需要新的管線。這是我們有信心能交付並執行的事情。當然，它的基礎是我們龐大且高品質的資源基礎，主要是原位資源，讓我們有很大的選擇性。

We're very much embracing this design one, build multiple strategy approach for a whole host of reasons. Today, we're also looking at what's the right pace, cadence of that. We have optionality to accelerate that if growth were to be valued by us and our shareholders. We've not shifted to that mode at all, but we have that flexibility.

我們非常擁抱「設計一次、建造多次」（design one, build multiple）的策略做法，原因有很多。目前我們也在評估合適的推進速度與節奏。如果成長對我們與股東而言是有價值的，我們也有選擇性可以加速。我們完全還沒有切換到那種模式，但我們具備那樣的彈性。

Certainly, things in Canada have been more encouraging over the last year or so than the prior decade. The beauty with us is we have the optionality to go at a quicker pace, at a ramped-up growth if and when market conditions would say that is the right strategy. We're not there yet, but we're paying very close attention to the signposts and doing some pre-work that would preserve our options to do that if we selected it.

當然，加拿大在過去一年左右的情況，比起前十年要更令人鼓舞。我們的優勢在於：在市場條件顯示那是正確策略時，我們有選擇性可以用更快的步伐、以更高的成長速度推進。我們還沒到那一步，但我們非常密切關注各項指標，也在做一些前置工作，以保留我們在需要時採取該策略的選項。

Great. Appreciate that background, and I promise I was not sitting in your board meeting.

很好。感謝這些背景說明，我保證我沒有坐在你們的董事會裡。

You're welcome. You're welcome anytime, Dennis.

不客氣。Dennis，隨時歡迎你來。

Appreciate that. I want to ask a separate question just on regional integration. Clearly, through the second quarter, that benefited a lot of situations in, we'll call it avoiding the worst outcomes associated with the unprecedented weather conditions that you guys experienced in the second quarter.

謝謝。我想另外問一個關於區域整合的問題。很明顯，在第二季期間，這在很多情況下帶來了好處——我們可以說，它幫助你們避免了與第二季所經歷的前所未有天候條件相關的最糟結果。

I know that's frankly a backbone and a staple of the way that you think about operating your assets. Can you talk towards, again, in light of the potential growth optionality and even maybe the increased demand for diluent or even solvent for some of the technologies you're planning to employ, can you talk towards how that regional integration really helped drive, we'll call it confidence in terms of your ability to execute on some of those operations?

我知道這坦白說是你們思考資產營運方式的骨幹與核心。能否談談：同樣在潛在成長選擇性、甚至你們計畫採用的一些技術可能增加對稀釋劑（diluent）或溶劑（solvent）需求的背景下，區域整合如何真正提升你們對於執行這些營運的能力之信心？

I've been known to say corny slogans now and then. There's integration, there's Suncor integration, and you've hit right on it. Of course, it's the unique level of fiscal. If I'm looking down the table and really, Peter, Shelley, Dave, you all can comment on this because it's how your operating committee, how you work day in, day out to maximize value. Peter, do you want to start?

我偶爾會講一些老套的口號。有一般的整合，也有 Suncor 式的整合，而你正好點到重點。當然，這是獨特程度的財務面（fiscal）。如果我看向桌子另一端——其實 Peter、Shelley、Dave，你們都可以評論，因為這就是你們營運委員會日復一日如何最大化價值的工作方式。Peter，你要先開始嗎？

Yeah, maybe I'll start by saying yes, you're right, Dennis. We did move a large amount, over 90,000 barrels a day, around the region in the quarter. That certainly helped make sure we got the bitumen to those upgraders and maintain high upgrader utilization.

好，我先說。沒錯，Dennis，你說得對。我們在本季在區域內調度了大量產量，每天超過 90,000 桶。這確實有助於確保我們把瀝青（bitumen）送到那些升級廠（upgrader），並維持升級廠的高利用率。

Syncrude was a classic example of that, where we saw impacts due to wet weather conditions in the Syncrude mines. We moved Firebag bitumen over and kept the other upgraders running full. That's really the name of the game. Having that operational flexibility for us, we know is a competitive differentiator, moving lots of Fort Hills barrels into the base plants as well.

Syncrude 就是典型例子：我們看到 Syncrude 礦區因潮濕天候而受到影響。我們把 Firebag 的瀝青調過去，讓其他升級廠能滿載運轉。這才是關鍵。對我們而言，具備那樣的營運彈性是競爭差異化因素；我們也把大量 Fort Hills 的桶數調入基礎廠（base plant）。

Just to touch on the diluent side, we are fully integrated. We make our diluent at the base plant upgrader. We can ship it up to Firebag via a pipeline that's in place and operating today. We actually have a spare line in the ground as well today, should we choose to scale up, that will be one of our in situ development projects that we're going to bring on here in the next couple of years.

再談一下稀釋劑這一塊，我們是完全整合的。我們在基礎廠的升級廠生產稀釋劑。我們可以透過一條目前已建置並在運作的管線，把它輸送到 Firebag。我們現在地底下其實也還有一條備用管線；如果我們選擇擴大規模，這會是我們未來幾年要投產的原位開發專案之一。

It's one thing being integrated on the bitumen side, being integrated on the upgrading side between upgrader products, but also on the diluent side, which will help our in situ operations. Yeah, it's very handy to have as an operator when things don't quite go as expected.

整合不只是瀝青端、也包括升級端（升級產品之間），還包括稀釋劑端，這會幫助我們的原位作業。是的，當事情不如預期時，作為營運方能擁有這些真的非常方便。

Just to double down on that, the flexibility that provides us and the resiliency, market conditions, reduces our reliance on third-party providers and any operational upsets they may have. That flexibility is just tremendous, and you see it in our results.

再強調一次，這種彈性帶給我們的韌性，能因應市場條件，也降低我們對第三方供應商以及他們可能發生的營運擾動的依賴。這種彈性非常驚人，你也能在我們的業績結果中看到。

Dave, why don't you make a comment a little bit too as well? I'm thinking in terms of the integration of the upstream with Edmonton and the flexibility it provides.

Dave，你也稍微評論一下好嗎？我想到的是上游與 Edmonton 的整合，以及它所提供的彈性。

Yeah, absolutely. We integrate our Edmonton refinery directly with our oil sands operations. We run a single, what we call linear programming model to optimize that. Think of that as a big AI tool that optimizes the region with the Edmonton refinery and all the way to our markets and to our export sales globally and our domestic markets. With that capability, we can do a lot of interesting things.

好的，當然。我們把 Edmonton 煉油廠直接與我們的油砂作業整合。我們用一個單一的、我們稱之為線性規劃（linear programming）的模型來做最佳化。你可以把它想成一個大型 AI 工具，用來最佳化整個區域——包含 Edmonton 煉油廠，一直到我們的市場、全球出口銷售，以及國內市場。有了這種能力，我們可以做很多很有意思的事情。

One of those things is if there's an upset in the region, we can adjust the crude slate at Edmonton, take some special streams to help keep the base plant operator full, for example, while Edmonton Refinery is optimized. We also have diluent processing capability. For short diluent, we can send some diluent up north. More interestingly, we can run intermediate streams, special blended crudes to fill out the Edmonton pots and pans, and you'll see that in this quarter.

其中之一是：如果區域內出現營運擾動，我們可以調整 Edmonton 的原油配方（crude slate），接收一些特殊油流，例如在 Edmonton 煉油廠仍維持最佳化的同時，協助讓基礎廠的營運維持滿載。我們也具備稀釋劑處理能力。當稀釋劑短缺時，我們可以把部分稀釋劑送往北方。更有意思的是，我們可以運行中間油流、特殊調和原油，來補足 Edmonton 的各項裝置需求，而你會在本季看到這點。

Rich mentioned we had record throughput. We also had record sales, and you'll note that the record sales are a much bigger gap than the record throughput, and a large part of that difference is these intermediate streams that we ran to Edmonton Refinery over the quarter. 10,000 barrels a day to 15,000 barrels a day a day is our capability. We continue to grow that, and that really translates into pure diesel production that we sell really globally to our export markets around the world. Really, from the oil sands all the way to diesel sales in Europe and Panama and Asia, we integrate this business.

Rich 提到我們的處理量創下紀錄。我們的銷售量也創下紀錄，而且你會注意到，創紀錄的銷售量與創紀錄的處理量之間的差距要大得多，而這個差異很大一部分來自於本季我們把這些中間餾分物流送往埃德蒙頓煉油廠。每天 10,000 桶到每天 15,000 桶是我們的能力。我們持續擴大這個規模，而這確實轉化為純柴油產量，我們幾乎是面向全球、銷往世界各地的出口市場。確實，從油砂一路到歐洲、巴拿馬與亞洲的柴油銷售，我們把這門生意整合起來。

If we invited you inside our tent, what you would see is operations teams driving the safety, integrity, reliability at an asset-specific level. We've added, as our performance has reduced variation, elevated, integrated teams that are continually looking at maximum value. Where molecules move, how do they compensate when we have an operational upset?

如果我們邀請你走進我們的帳篷，你會看到的是：營運團隊在各個資產層級推動安全、完整性與可靠性。隨著我們的績效降低波動、提升表現，我們也新增了更高層級、整合式的團隊，持續尋找最大價值。分子如何流動？當我們遇到營運擾動時，它們如何互相補位？

Again, the whole goal is maximize value. At an operational level, you can't always see that, but when you rise above it, you see the interconnectedness, and that is a difference today than the past, and you see it in our results. I thought Troy described it very well. The ratable, predictable nature that has less reliance on underlying market conditions. It's how we work.

再次強調，整體目標就是最大化價值。在營運層面你不一定總能看得出來，但當你跳脫出來往上看，就會看到彼此之間的連結性；這是今天相較於過去的不同之處，而且你也能在我們的成果中看見。我覺得 Troy 形容得非常好。那種可按比例、可預測的特性，對底層市場條件的依賴更低。這就是我們的工作方式。

Menno Hulshof, TD Cowen.

Menno Hulshof，TD Cowen。

Thanks, good morning, everyone. I'll start with a question on global product sales, which were clearly very strong and continue to increase. Where do you stand in terms of building out access to global markets? Would you frame this as a more sustainable improvement to the business, or would you characterize it as being more transitory and largely driven by ongoing volatility in pricing for global refined products?

謝謝，各位早安。我先從全球產品銷售的問題開始，這顯然非常強勁且持續增加。在建立通往全球市場的管道方面，你們目前進展到哪一步？你會把這視為對業務更可持續的改善，還是會形容為較短暫、主要由全球成品油價格持續波動所驅動？

Thanks, Menno. I'll start, Dave will comment further. The strategy we put in place didn't just start with the recent volatility in global markets. We had a vision a few years ago of a broader presence that could open up markets and open up avenues of value for us.

謝謝你，Menno。我先回答，Dave 會再補充。我們所制定的策略並不是因為近期全球市場的波動才開始。幾年前我們就有一個願景：建立更廣泛的布局，以開拓市場並為我們打開價值通道。

In our Investor Day, we talked about how a few years ago, we could sell in 20-some countries around the world, now that's in the mid-40s. We have described how we've expanded our logistical capabilities with time charters on vessels so we could move products and crude off of the West Coast, products off of the East Coast. It has been a several year in creation, what you've seen now most recently, you've seen the benefits of that.

在我們的投資人日上，我們談到幾年前我們能在全球 20 多個國家銷售，現在已經到 40 多個國家的中段。我們也說明了我們如何透過船舶期租（time charters）擴大物流能力，讓我們可以從西岸運出產品與原油、從東岸運出產品。這是多年打造的成果，而你最近看到的，就是這些布局帶來的效益。

Dave, you want to comment a little bit about particularly this kind of, do we think there's a structural benefit here versus is this a one-off transient? I'll tell you what the right answer is, go ahead.

Dave，你要不要特別就這點補充一下：我們認為這裡有結構性的好處，還是只是一次性的短暫現象？我先告訴你正確答案是什麼，你來說吧。

I think I know. Menno, I'll comment a little bit on our Rich commented on how we've been building out our trading platform over the last number of years, selling into multiple countries around the world. I've commented before how we have unique capacity and capabilities to export off both coasts. I'll talk about each coast separately.

我想我知道。Menno，我補充一下。Rich 提到過去幾年我們如何擴建交易平台，銷往全球多個國家。我之前也提過，我們在兩岸都有獨特的出口產能與能力。我會把西岸與東岸分開說。

Off the West Coast, that is our terminal in Burrard. We rail and pipeline those molecules, almost all diesel, from our Edmonton Refinery, a highly competitive asset that can sell globally at competitive net backs. We've been growing that logistic just through attention to detail, a constraint-busting mindset. The integrated team kind of optimizes our rail loading, our rail movements, our rail offloading. We blend that with the pipeline shipments that come in on TMX. We optimize vessel loading windows, we maximize this efficient logistic.

在西岸，我們有位於 Burrard 的碼頭。我們透過鐵路與管線，將這些分子——幾乎全部是柴油——從埃德蒙頓煉油廠運出；那是一個高度具競爭力的資產，能以具競爭力的淨回收（netbacks）在全球銷售。我們一直透過對細節的關注、以及突破瓶頸的思維，來擴大這套物流。整合團隊會優化我們的鐵路裝載、鐵路運輸與鐵路卸載。我們也把這與透過 TMX 進來的管線運輸結合。我們優化船舶裝載時窗，最大化這套高效率物流。

With that, last year, we could do three to four cargoes a month on a good month. Near the end of last year and into early 2026. Through that constraint-busting activity, we've moved that up to five cargoes a month. In May, we actually achieved, in the calendar month of May, we achieved for the first time six cargoes a month. Yes, it is structural.

因此，去年在表現好的月份，我們每月可以做三到四船貨。到去年底以及進入 2026 年初。透過這些突破瓶頸的工作，我們把它提升到每月五船。在 5 月，我們其實在 5 月這個曆月首次達到每月六船。是的，這是結構性的。

We can continue to do more from that efficient logistic and that competitive asset base, and then we market that through our trading organization off the West Coast. On the East Coast, we have similar capabilities. We have our new Parachem asset, which we can rail supply. We also have our Montreal Refinery, which we can, what I call orbit shift. We can decide how much of Montreal Refinery supplies domestically versus exports.

憑藉這套高效率物流與具競爭力的資產基礎，我們還能持續做得更多，然後透過我們在西岸的交易組織來行銷。在東岸，我們也有類似能力。我們有新的 Parachem 資產，可以用鐵路供應。我們也有蒙特婁煉油廠，我稱之為「軌道切換」（orbit shift）。我們可以決定蒙特婁煉油廠供應國內與出口的比例。

The big story for Montreal in this quarter is our ability to export jet. Jet fuel, as you know, blew up in the late first quarter into the second quarter, and we recently started making jet fuel in Montreal really in the fourth quarter of last year and continued into the first quarter, and that was meant to be less than five KBD domestic sale opportunity that we would ultimately grow.

本季蒙特婁最大的亮點，是我們出口航煤的能力。如你所知，航煤在第一季末到第二季大幅飆升；而我們其實是在去年第四季才剛開始在蒙特婁生產航煤，並延續到第一季，原本的目標是國內銷售機會不到 5 KBD，之後再逐步擴大。

In the second quarter, Nelson Cotu from Montreal, he's Production Control Coordinator in Montreal. He went out, boots on the ground, walked the lines, looked around and said, I need to figure out how to export jet. What's the logistic that can do that? Found a zero-cost opportunity to go export jet fuel out of Montreal.

第二季，蒙特婁的 Nelson Cotu——他是蒙特婁的生產控制協調員。他親自到現場，沿著管線走、四處查看，並說：我得想辦法把航煤出口。能做到這件事的物流是什麼？他找到了一個零成本的機會，能把航煤從蒙特婁出口。

We were able to then take a number one diesel stream, which also meets jet qualities, convert it to jet qualities, and continue to export. We exported 22,000 barrels a day a day of jet fuel out of Montreal. That's a structural capability that we can continue to do if the market is there.

接著我們能把一股一號柴油餾分（同時也符合航煤品質要求），轉換成航煤規格，並持續出口。我們從蒙特婁出口了每天 22,000 桶的航煤。這是一項結構性的能力，只要市場存在，我們就能持續進行。

This time last year, that was zero.

去年這個時候，這個數字是零。

Zero. Our envision was 5 KBD. We can now do 25,000 barrels a day of jet fuel out of Montreal. Lots of opportunities there to continue that program.

零。我們原先的願景是 5 KBD。現在我們可以從蒙特婁出口每天 25,000 桶的航煤。這裡有很多機會可以持續推進這個計畫。

That's a long answer from both of us that says this is structural change that will add value on an ongoing basis long-term.

我們兩個的長篇回答總結就是：這是結構性的改變，將在長期、持續的基礎上創造價值。

Terrific. Yeah, thanks for that. Maybe second question is on the Commerce City refinery. In the past, you've suggested that you may not necessarily be married to it, but more recently you've suggested that the asset is performing at a higher level and holding its own. There's a couple of questions here. How much of that is stronger regional cracks versus fundamental improvements to how the asset is operated?

太好了。是的，謝謝你的說明。第二個問題可能是關於 Commerce City 煉油廠。過去你們曾表示未必一定要持有它，但最近你們又表示該資產的表現提升、也能站穩腳步。這裡有幾個問題。其中有多少是因為區域裂解價差（cracks）走強，多少是因為資產營運方式的根本改善？

Just in terms of refined product egress out of the Rockies, we're seeing some initiatives that point to improved egress from the Rockies to the West Coast, and how is that all dovetailing into how you're thinking about the longer-term fit for that asset?

就落磯山脈地區成品油外運而言，我們看到一些措施顯示從落磯山脈到西岸的外運能力正在改善；這與你們對該資產長期適配性的思考，是如何相互契合的？

Just for clarity, I've never used the word married on any asset. That's a very high bar. We've talked about do certain assets fit in the family photo? Make no mistake, Dave and I, a few years ago, went to Commerce City, and we took a photo and showed it landscape and portrait and said, If you want to stay in it, here's what you need to do and what you need to deliver. That facility and that team has delivered, improving their performance, fundamental safety, operational integrity, reliability, cost discipline. Still work to do, but they have changed their fate in a material way.

先澄清一下，我從未在任何資產上使用「已婚」這個詞。那是一個非常高的門檻。我們談過某些資產是否適合放進「全家福」裡。毫無疑問，幾年前 Dave 和我去了 Commerce City，我們拍了一張照片，橫式、直式都展示，並說：如果你想留在照片裡，這就是你需要做的事，以及你需要交付的成果。那座設施和那個團隊已經交付成果，提升了他們的表現、根本性的安全、營運完整性、可靠性與成本紀律。仍有工作要做，但他們已在實質上改變了自己的命運。

Now, we also have some market benefits in our favor. As we look at it, we'll differentiate from that. We'll take the market, we can get it, but we really want to look at our underlying performance. That facility's value to us has grown materially based on their performance, and we think that is also sustainable.

另外，市場面也有一些有利因素。就我們的觀察，我們會把這些因素與自身表現區分開來看。市場能拿到的我們會拿，但我們真正想看的，是我們的基本面表現。基於他們的表現，那座設施對我們的價值已實質提升，而我們也認為這同樣具有可持續性。

I don't know, Dave, if you have anything specific on egress or the Rockies to add to that?

我不知道，Dave，你是否有任何關於外運（egress）或落磯山脈（Rockies）方面的具體補充？

Maybe just a couple quick comments. Yeah, Menno, you're absolutely correct. With the growing short in California, particularly the Los Angeles area, we're seeing refiners in that mid-continent, kind of West Texas and into the mid-continent, find ways to move product towards markets that had historically been supplied by California refineries. We see that as constructive for Commerce City margins over time as those opportunities present themselves. We've also started our own ability to move product out of the region. We started rail loading gasoline, and we can move that to other markets outside.

也許就幾點簡短的評論。是的，Menno，你說得完全正確。隨著加州供給缺口擴大，特別是洛杉磯地區，我們看到中部地區的煉油商——有點像西德州一路延伸到美國中部——正在想辦法把產品運往那些過去主要由加州煉油廠供應的市場。我們認為，隨著這些機會逐步出現，這將在時間推移中對 Commerce City 的利潤率帶來正面支撐。我們也開始建立自身把產品運出該區域的能力。我們開始用鐵路裝載汽油，並可將其運往外部其他市場。

With that, Rich mentioned we've seen Commerce City turnaround performance. The first couple of years was really focused on safety and reliability. We had to get that right. Then in recent months, we've been focused on profitability.

此外，Rich 提到我們看到 Commerce City 的檢修（turnaround）表現。前一兩年主要聚焦在安全與可靠性。我們必須先把這些做好。而在最近幾個月，我們則聚焦在獲利能力上。

Pleased to say, we set a record all-time rate at Commerce City back in June, and we think we beat that again in July. Commerce City is looking like a pretty good asset at the moment.

很高興地說，我們在 6 月於 Commerce City 創下歷史最高的處理量紀錄，而我們認為 7 月又再度打破了這個紀錄。就目前而言，Commerce City 看起來是一項相當不錯的資產。

Manav Gupta, UBS.

Manav Gupta，瑞銀（UBS）。

Good morning. It's great to see that despite all the weather challenges that were thrown at you did not change your upstream guidance. Given your track record in the last two or three years, then most likely you'll still come in at the top end of the guide. Help us understand a little bit, should we model a very strong rebound in upstream volumes for the third quarter, given that you did not change your guide at all?

早安。很高興看到，儘管你們遭遇各種天候挑戰，你們仍未調整上游指引。以你們過去兩三年的紀錄來看，很可能仍會落在指引區間的上緣。請幫我們理解一下：既然你們完全沒有調整指引，我們是否應該在模型中假設第三季上游產量會非常強勁地反彈？

Our second half is typically, when you get outside of turnarounds, the strongest time of the year. There's a host of reasons. Major maintenance tends to get behind us, weather. We expect a much stronger second half than first half. That's built into our plans.

通常下半年在避開檢修期之後，會是一年中最強的時段。原因很多。大型維修通常會告一段落，天候也是因素之一。我們預期下半年會比上半年強得多。這已納入我們的計畫之中。

In terms of guidance and stuff, I'm a broken-down old athlete and at halftime, I've never given up on anything. There's no reason that we should. Well, we fully expect that we will meet our guidance this year.

至於指引之類的，我是一個退役的老運動員，在中場休息時我從來不會放棄任何事。我們也沒有理由放棄。我們完全預期今年會達成我們的指引。

Thank you.

謝謝。

You've noted the last few years, on the higher end of it, we have high expectations. We expect a very strong second half.

你提到過去幾年我們都落在較高端，我們的期望也很高。我們預期下半年會非常強勁。

We are absolutely confident you'll hit the top end.

我們絕對有信心你們會達到指引上緣。

Okay.

好的。

My second question is, I always appreciate your outlook on the refining macro. In the North America, you report strongest margins because you have an integrated business model. Can you help us understand what you're seeing in terms of refining macro out there and the sustainability of these cracks and how Suncor benefits from them?

我的第二個問題是，我一直很欣賞你對煉油總體環境的看法。在北美，你們報告的利潤率最強，因為你們有一體化的商業模式。你能否幫我們理解你們在外部看到的煉油宏觀情勢、這些裂解價差（cracks）的可持續性，以及 Suncor 如何從中受益？

Go ahead, Dave.

Dave，你來回答。

Yeah. Thanks, Manav. You've mentioned sustainability. We've seen record cracks, we've seen sustained cracks. We're seeing the refined product market really be much more resilient than the crude market to geopolitical news. It's largely a distillate story.

好的。謝謝你，Manav。你提到可持續性。我們看到創紀錄的裂解價差，也看到裂解價差維持在高位。我們看到成品油市場對地緣政治消息的韌性，確實比原油市場更強。這在很大程度上是一個中間餾分油（distillate）的故事。

Diesel and jet, we've talked about how we've sold diesel and jet to markets around the world. Hormuz is a big piece of that, but also Russia. We're seeing Ukraine is continuing to be very proficient at taking out Russian infrastructure. Russian refineries are at greater than 20-year lows in output. They took about 1.2 million barrels per day of diesel off the market with an export ban. We'd see that continuing to be resilient for at least the medium term.

柴油與航煤方面，我們談過我們如何把柴油與航煤銷往全球各地市場。荷姆茲（Hormuz）是其中很重要的一環，但俄羅斯也是。我們看到烏克蘭持續非常有效地打擊俄羅斯的基礎設施。俄羅斯煉油廠的產出降至 20 多年來的低點。他們透過出口禁令，讓約 120 萬桶/日的柴油退出市場。我們認為至少在中期內，這種韌性仍會持續。

For Suncor, our downstream business, we're designed to win in any environment, but we sure like good diesel cracks. This is set up for our success. Our integrated model, as you talked about, can deliver the full value all the way to the customer. We continue to grow diesel production preferentially over gasoline, which is also a good fit in this market. We'll continue to leverage our trading platform to be flexible and sell globally around the world as well as domestically. We're not done yet.

對 Suncor 而言，我們的下游業務設計上能在任何環境中勝出，但我們當然很喜歡良好的柴油裂解價差。這樣的環境有利於我們成功。如你所說，我們的一體化模式能把價值一路完整交付到客戶端。我們持續優先擴增柴油產量而非汽油，這也很符合目前的市場。我們也會持續運用我們的交易平台，保持彈性，除了在國內銷售，也能在全球各地銷售。我們還沒做完。

Doug Leggate, Wolfe Research.

Doug Leggate，Wolfe Research。

Thank you. Good morning. Rich, I got two things perhaps that one topic's already been hit already, which is growth. If I tried to frame it like this, some of your peers appear to be at least considering an acceleration in growth projects. You've obviously laid out your 100,000 barrels a day a day organic thesis through 2028.

謝謝。早安。Rich，我有兩點想問，其中一個主題可能已經被提到過了，就是成長。如果我這樣框架：你們的一些同業似乎至少正在考慮加速成長專案。你們顯然已提出到 2028 年透過有機方式增加 10 萬桶/日的論述。

I guess my question is not so much about individual projects or your appetite, but it's really more about the reinvestment rate. When you think about the appropriate level of sustaining capital and then growth capital on top of that, how should we think about the reinvestment rate as the macro environment changes perhaps over time?

我想我的問題與其說是針對個別專案或你們的偏好，不如說更關於再投資率。當你思考適當的維持性資本支出（sustaining capital）水準，以及其上再加上成長資本支出（growth capital）時，隨著宏觀環境可能隨時間變化，我們應該如何看待再投資率？

On growth, Doug, the way I would describe the things we're doing, because of this resource base we've described, because of our design one, build multiple strategy, we're doing preparatory work, whether that's shooting seismic, drilling delineation wells, so we have optionality. We were doing that, candidly, before the market disruptions of this spring. We were just doing that because we think that's good business.

談到成長，Doug，我會這樣描述我們正在做的事：基於我們所描述的資源基礎，以及我們的「設計一次、建造多次」（design one, build multiple）策略，我們正在做一些前期準備工作，不論是進行地震勘測、鑽探界定井（delineation wells），以便保有選擇權。坦白說，在今年春季市場擾動之前，我們就已在做這些事。我們之所以這麼做，是因為我們認為這是好的生意。

When it gets then to capital allocation, I hope we've increasingly demonstrated that we very much believe in a measure once, cut twice. We're not only frugal but very thoughtful on what we spend. The model we've described, how we see ourselves when we look in the mirror, this industrial machine-like that has incredible resilience in kind of any and all business environments. The ability to deliver so you can become a foundational part of an investment portfolio. That's who we are.

至於資本配置，我希望我們已愈來愈能證明：我們非常相信「量一次、切兩次」（measure once, cut twice）。我們不僅節儉，也非常審慎思考每一筆支出。我們所描述的模式、以及我們照鏡子時看到的自己，是一台工業機器般的存在，在任何或各種商業環境中都具有驚人的韌性。具備交付能力，讓你能成為投資組合中的基石。這就是我們。

It's hard to see us maneuvering around reinvestment rates or capital year to year to chase a rabbit. We don't see that. We look longer term. There's a few people that'll hear this that I don't mean this the way it is. You're talking to our corporate planning department right here. We look at oil prices over the last 25 years, they've averaged about CAD65 a barrel.

很難想像我們會為了追逐短期目標，而在每年之間圍繞再投資利率或資本配置去騰挪。我們不會那樣看。我們看的是更長期。有幾位聽到這段話的人，可能會覺得我不是這個意思。你現在就在跟我們的企業規劃部門對話。我們看過去25年的油價，平均大約是每桶65加幣。

We say, what are they going to average the next 25? 65 sounds like a reasonable number. We plan our business on that. If we have more than that, we certainly enjoy it. We share it with shareholders. If we have less than that, which we do, we're strong, resilient, and we don't have to slam on the brakes. We really spend a lot of time thinking about the business we're in and not trying to overreact or pursue the flavor of the day.

我們會說，那未來25年平均會是多少？65聽起來是個合理的數字。我們就以此來規劃我們的業務。如果高於這個水準，我們當然樂見其成。我們也會與股東分享。如果低於這個水準——而我們也確實遇到過——我們依然強健、有韌性，不需要急踩煞車。我們真的花很多時間思考我們所處的產業，而不是試圖過度反應或追逐當下的流行趨勢。

Not sure if I got at your question a little bit, Doug, but I think it's important that when you think about capital allocation, you understand how we see our business, because there'll be a direct correlation between that vision and capital allocation.

Doug，不確定我是否多少回答到你的問題，但我認為很重要的是，當你思考資本配置時，你要理解我們如何看待自己的業務，因為那個願景與資本配置之間會有直接的關聯。

I guess we'll wait on the strategy update or the Investor Day later for the year, but it's a great answer. Thank you for that, Rich. My follow-up is, look, there's a lot of plaudits about share buybacks, and we know that share buybacks are a means to an end. What we care, quite honestly, more about on a business like yours is dividend growth per share, where buybacks obviously play a role.

我想我們會等到今年稍晚的策略更新或投資人日，但這是個很棒的回答。謝謝你，Rich。我的追問是，你看，市場上對庫藏股（股票回購）有很多讚譽，而我們也知道回購只是達成目的的手段。老實說，對於像你們這樣的企業，我們更在意的是每股股利的成長，而回購顯然在其中扮演角色。

My question really is therefore, when you think about cash returns, you're really targeting that CAD38 breakeven number by 2028. What's the split in your thinking between the role of buybacks and the potential to raise that dividend more aggressively in the context of cash returns as opposed to just opining on whether buybacks are good or bad?

因此我的問題是，當你思考現金回饋時，你們其實是以2028年達到38加幣的損益兩平點為目標。在你的思考中，回購的角色與更積極提高股利的潛力之間，如何分配比重——是在現金回饋的脈絡下，而不是單純評論回購好或不好？

Fair question, I'll ask Troy to expand upon it here in a second. As we went over the last 3 years from a low to mid CAD50 a breakeven to the low to mid 40s, we feel very comfortable where we are now, that we are strong, resilient. The integration gives us level of less volatility in market conditions. It becomes less about a specific number targeting.

這是個公平的問題，我等一下請Troy來補充。過去三年我們把損益兩平點從50加幣出頭到中段，降到40加幣出頭到中段；我們對目前的位置非常有信心，因為我們強健、有韌性。整合讓我們在市場環境下的波動性更低。因此重點就不再是鎖定某一個特定數字。

In the Investor Day, we kept with the same kind of vernacular to describe a CAD2 billion increase in free funds flow, CAD5 a barrel reduction. We're not wed to, we're going to get to 38 or 39. We are wed to creating value in it. The balance between how we return to shareholders, dividends or buybacks, it's not like it's absolute, but let me ask Troy to come in because we talk a lot about this.

在投資人日，我們沿用相同的說法來描述：自由資金流增加20億加幣、每桶降低5加幣。我們不會死守一定要到38或39。我們在意的是創造價值。至於我們如何回饋股東——股利或回購——這不是非黑即白，但我請Troy進來談談，因為我們對這件事討論很多。

Troy, you want to offer some additional insight?

Troy，你要不要再提供一些見解？

Yeah. Thanks, Rich. We do talk a lot about it. Our shareholders really have a diverse set of objectives. While the vast majority favor buybacks as their preferred method of receiving shareholder returns, some others have a preference for dividends or a balance of both.

好。謝謝，Rich。我們確實談很多。我們的股東有非常多元的目標。雖然絕大多數偏好以回購作為取得股東回饋的方式，但也有一些人偏好股利，或兩者兼顧的平衡。

Now, in my career, I've found that keeping the most shareholders happy is generally the best path to success. You can count on us monitoring both methods of returning cash to shareholders to ensure that each is optimized, including from a competitiveness point of view, so as to create the greatest demand for our stock.

在我的職涯中，我發現讓最多股東滿意通常是通往成功的最佳道路。你可以相信我們會同時監控這兩種回饋股東現金的方法，確保各自都達到最佳化，包括從競爭力的角度，以創造對我們股票最大的需求。

We like Doug to be happy, too.

我們也希望Doug開心。

Most important.

最重要。

Yeah. Thanks for the answer. I really appreciate it. I think you know where we stand on this topic. I appreciate the time. Thanks so much.

是的。謝謝你的回答。我真的很感激。我想你知道我們在這個議題上的立場。謝謝你撥時間。非常感謝。

Yeah. I think just one last comment on that. We're not governed by hard and fast targets, thresholds, rules. We want to be outstanding operational executives and outstanding financial executives. We look holistically, we talk holistically, we engage our board.

是的。我想就此再補充最後一點。我們不受僵硬的目標、門檻或規則所約束。我們希望成為卓越的營運管理者，也成為卓越的財務管理者。我們以整體角度來看、以整體角度來談，並與董事會充分互動。

Again, this is one of these kind of behind-the-scenes that you don't see. It's not when we get to X, this happens. When we get to Y, that happens. We think we can be better than that, looking at market conditions, our unique financial position, our competitive strength. Troy said it well. We're trying to appeal to a very broad set because we think we can and should be that foundational investment for most any investor.

再說一次，這是一些你看不到的幕後運作。不是說到了X就會發生這件事。到了Y就會發生那件事。我們認為我們可以做得更好：看市場狀況、我們獨特的財務位置、我們的競爭優勢。Troy說得很好。我們希望吸引非常廣泛的投資人群體，因為我們認為我們可以、也應該成為幾乎任何投資人都可作為核心配置的基礎型投資。

Patrick O'Rourke, ATB Capital Markets.

Patrick O'Rourke，ATB Capital Markets。

Hey, good morning, guys. Thanks for taking my questions. Congratulations on the strong quarter there. Just wondering, I guess, you have a little bit of turnaround activity in the downstream unit in the third quarter here.

嗨，各位早安。謝謝讓我提問。恭喜你們這一季表現強勁。我想請教的是，我猜你們在第三季的下游事業單位會有一些歲修活動。

Obviously, with the second quarter, we saw a bit of a push to strike while the iron's hot and, despite challenging conditions, maximize to the extent possible output from the mines. I'm wondering, when you think about the scale and the scope of the turnarounds here in the third quarter and where cracks are presently, what your flexibility around sort of your approach to that is in this environment?

顯然在第二季，我們看到你們有點把握時機、趁熱打鐵；即使在具挑戰的環境下，也盡可能把礦場產量最大化。我想問的是，當你們思考第三季歲修的規模與範圍，以及目前裂解價差（cracks）的水準時，在這樣的環境下，你們在做法上有多大的彈性？

I'll make a comment, then I'm going to look down the table at Dave and Peter. One of the things we have talked about from day one, the importance of safety and operational integrity. We want to do the work we need to do to maintain our assets in the right condition. We don't want to do more, and we certainly don't want to do less.

我先說幾句，然後我會看向桌子那邊的Dave和Peter。我們從第一天起就談到的一件事，是安全與營運完整性的重要性。我們要做必要的工作，讓資產維持在正確的狀態。我們不想做得更多，當然也不想做得更少。

We're also not looking at, okay, margins are high. Can we slide this a year? Can we slide this six months? That introduces risk that we just don't think is prudent. Are we looking at optimizing things? Certainly, but not any material movements because, wow, the crude price is high or cracks are high. We won't change the oil in the Chevy this month. We'll wait till next month. That's just not how we do things.

我們也不會因為，好吧，利潤率很高，就想著能不能把這個延後一年？能不能延後六個月？那會引入我們認為不審慎的風險。我們會不會去做最佳化？當然會，但不會因為原油價格很高或裂解價差很高，就做任何重大的調整。我們不會因為這個月就不幫Chevy換機油，想說下個月再換。這不是我們做事的方式。我們不會這樣做。就是如此。

Dave, Peter, comment quickly on the third quarter, particularly in a frame of reference to, okay, the work we did in the second quarter, we had some pretty material things. How do you see the third quarter in terms of either scope and/or complexity relative to what we just accomplished?

Dave、Peter，請快速評論一下第三季，特別是作為參考：我們在第二季做的工作有一些相當重大的項目。你們怎麼看第三季在工作範圍和／或複雜度上，相較於我們剛完成的那些？

Dave here. For the downstream, we have two turnarounds planned. Montreal has three units offline in the third quarter. We would expect that to be a fairly minor scope of work, pretty typical turnaround activity, and I'd expect to do that in less duration than prior events, and we would set ourselves up for longer intervals going forward.

我是Dave。就下游而言，我們規劃了兩個歲修。蒙特婁在第三季會有三個裝置停機。我們預期那會是相當小的工作範圍，屬於很典型的歲修活動；我預期完成時間會比以往事件更短，並讓我們為未來更長的歲修間隔做好準備。

On the Edmonton turnaround, that's a cat cracker turnaround. Those are typically fairly complex turnarounds, but the team is well prepared. They've met their turnaround planning milestones well ahead of schedule and have been optimizing that plan for the last six months. We're in pretty good shape to execute that. We're going for flawless on that one.

關於埃德蒙頓的停工檢修，那是一項加氫裂化裝置（cat cracker）的停工檢修。這類檢修通常相當複雜，但團隊已做好充分準備。他們在遠早於進度的情況下就達成了檢修規劃的里程碑，並在過去六個月持續優化該計畫。我們在執行方面的準備狀況相當不錯。我們希望那一次做到零缺陷。

Okay, Peter?

好的，Peter？

Yeah, on the upstream, we have one major event left in the third quarter, and that is the Syncrude coke outage. I characterize it as a routine outage, planned to start here August 20, planned for 50 days, and it's extremely well-planned event. All of our turnaround preparations have been going on for many months now. We're confident that we're ready to execute that, and the team's obviously got some stretch targets that they're shooting for in that event. Looking forward to that.

是的，在上游方面，我們在第三季還剩下一個重大事件，那就是Syncrude的焦炭裝置停工。我把它定義為例行性停工，計畫在8月20日左右開始，預計50天，而且這是一個規劃得非常周全的事件。我們所有的停工檢修準備工作已經進行了好幾個月。我們有信心已準備好執行，當然團隊在這次事件中也設定了一些具挑戰性的目標要達成。很期待。

More work to do in the third quarter, less overall than the second quarter. Confidence in our preparation and expectations on execution and success are extremely high, and that positions us for what we believe will be a sprint in the second half of the year to deliver outstanding results.

第三季還有更多工作要做，但整體而言比第二季少。我們對準備工作充滿信心，對執行與成功的預期也非常高，這讓我們有條件在我們認為的下半年衝刺中，交出卓越成果。

Okay, great. Thanks. Maybe this is a broader strategic question. You kind of touched on this a little bit, but in terms of the growth opportunity, the MOU, the trilateral MOU, what needs to happen there? If this opens an opportunity, whether you need to underwrite a pipeline to access growth or something of that nature, how prepared would you be to sort of push for or accelerate some of this future growth if it's sort of a window of opportunity there for Suncor?

好的，很好。謝謝。也許這是一個更廣泛的策略性問題。你們稍微提到了一點，但就成長機會而言，那份MOU、三方MOU，接下來需要發生什麼？如果這帶來機會，例如你們需要承擔（underwrite）一條管線以取得成長通道或類似事項，若這對Suncor而言是一個機會窗口，你們會有多準備好去推動或加速一些未來成長？

For those that aren't as familiar here, a month or so ago, five oil sands companies, the alliance, we signed this non-binding MOU with the federal and provincial government. It outlined kind of shared ambitions around carbon policy, expanded market access, and the fiscal and regulatory conditions that would be required to attract capital and incent growth.

對於不太熟悉的人來說，大約一個月前，五家油砂公司（聯盟）與聯邦及省政府簽署了一份不具約束力的MOU。其中概述了在碳政策、擴大市場准入，以及吸引資本並激勵成長所需的財政與監管條件等方面的共同願景。

There's a lot of work to do to turn this non-binding set of ambitions into definitive agreements. As I said earlier, it's a very different mood and tenure today than it has been in the past. We're encouraged by that. In terms of how it may or how it has or may affect our plans, that's still to be determined. I would just echo Patrick, a little bit of some of the comments I said before is we look at the business long-term.

要把這套不具約束力的願景轉化為具體協議，還有很多工作要做。如我先前所說，現在的氛圍與任期狀態，與過去相比非常不同。我們對此感到鼓舞。至於它可能或已經如何影響我們的計畫，仍有待觀察。我只是呼應Patrick，也補充我之前的一些評論：我們以長期角度看待這門生意。

We want to be very thoughtful on long-term commitments and capital allocation. If there's opportunity for selective, high-quality, globally competitive growth, our shareholders value it, we see it, we have the ability to pursue it, but our position today isn't materially different than it would've been six months ago on the outlook. We're still in the, well, let's just see where things go.

我們希望在長期承諾與資本配置上非常審慎。如果存在選擇性、高品質、具全球競爭力的成長機會，我們的股東重視它，我們也看得到、也有能力去追求；但就展望而言，我們今天的立場與六個月前相比並沒有實質不同。我們仍處於「先看看事情如何發展」的階段。

Neil Mehta, Goldman Sachs.

Neil Mehta，高盛。

Rich and team, thanks for taking the time. The offshore results were really good this quarter, Rich, and it's not something we tend to spend a lot of time on these calls talking about the E&P business. Just curious on your thoughts around the sustainability of sort of that strength in production, and you got West White Rose kicking in. Anything that stands out to you on the E&P side?

Rich和團隊，謝謝你們撥冗。Rich，本季離岸業務的結果非常好，而在這些電話會議上，我們通常不會花太多時間談E&P業務。想請教你對於這種產量強勁表現的可持續性有何看法，另外West White Rose也開始貢獻。在E&P端，有沒有什麼特別值得注意的地方？

Certainly, have seen the benefit from the market environments. Those assets generally are pretty, as an aggregate, are relatively low cost overall, certainly Hebron and Hibernia. Much like the Commerce City story, you've seen tremendous turnaround in our performance at Terra Nova and the contribution that it has. They have been a big part on a relative volume basis. They've been a big part of the contribution. We expect that to continue.

當然，我們確實看到了市場環境帶來的效益。整體而言，這些資產的成本相對較低，尤其是Hebron和Hibernia。很像Commerce City的故事，你也看到我們在Terra Nova的表現出現了巨大的改善，以及它所帶來的貢獻。以相對產量來看，它們占了很大一部分。在貢獻度上也占了很大一部分。我們預期這種情況會持續。

At West White Rose, there's still drilling activity and what the resulting production is to be determined on it. Although they're a smaller part of our percentage in terms of upstream production, we've been quite pleased with how that East Coast, that overall set of assets has delivered, particularly in the current business environment.

至於West White Rose，目前仍在鑽井作業，最終會帶來多少產量仍有待確定。雖然就上游產量占比而言它們是較小的一部分，但我們對東岸這整體資產組合在當前商業環境下的交付表現感到相當滿意。

Thanks, Rich. The other one is just on Petro-Canada. I know there's a retail growth focus here as we think about other economic investment in your capital budget. Just your update on how you're thinking about that business, would you characterize it as something that has synergies with the rest of the company? How do you see it scaling over time?

謝謝，Rich。另一個問題是關於Petro-Canada。我知道在資本預算中，當我們考量其他經濟性投資時，這裡有一個零售成長的重點。想請你更新一下你們如何看待這項業務：你會把它描述為與公司其他部分具有協同效應嗎？你如何看待它隨時間擴張的規模？

Several years ago, the plan was put together for the retail side, and we believe in delivering on commitments when we establish plans. Dave and I rigorously steward that plan, and that team has been delivering on it.

幾年前，我們為零售端制定了計畫，而我們相信一旦建立計畫，就要兌現承諾。Dave和我嚴格地管理並監督該計畫，而那個團隊也一直在交付成果。

One of the things I'm excited is they have been delivering on it in the last particularly about a year and a half at lower capital than we originally had envisioned. They're just finding new and creative ways to deliver value through partnerships, other people's money. As we've asked the entire organization to bring about more capital discipline and rigor focus on things, they've been subject to the same scrutiny. Nobody gets blank checks around here just because it has been put in place at a point in time.

讓我感到興奮的一點是，尤其在過去大約一年半，他們以比我們原先設想更低的資本支出在交付成果。他們透過合作夥伴關係、運用他人的資金，找到新的且有創意的方式來創造價值。當我們要求整個組織提升資本紀律與嚴謹度、聚焦重點時，他們也同樣接受相同的檢視。在這裡，沒有人會因為某個計畫曾在某個時間點被核定，就能拿到不受限制的支票。

In the market we've seen this year, in particular, the ability to run our facilities at full capacities, knowing in the vast majority of scenarios, we have comfortable homes for those volumes, whether those are retail. Our retail now, Dave, and remind me, it's above the pre-COVID levels, our retail sales. That is our most profitable product. So they're in that family photo. I got my wife on one side, my grandson, Tommy, on the other. Petro-Canada is pretty clearly in that photo, and as long as they keep delivering, they'll be right there with their big grin and smile.

在我們今年看到的市場情況下，特別是能夠讓我們的設施滿載運轉；而且在絕大多數情境下，我們對這些產量有很穩妥的去處感到安心，不論是零售端或其他通路。我們的零售現在，Dave，你提醒我一下，我們的零售銷量已高於COVID前的水準。那是我們最賺錢的產品。所以他們也在那張全家福裡。我太太在一邊，我孫子Tommy在另一邊。Petro-Canada很明顯也在那張照片裡；只要他們持續交付成果，他們就會一直在那裡，帶著大大的笑容。

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

謝謝。目前我看到隊列中沒有其他問題。現在我想把會議交回給Adam Albeldawi先生作結語。

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

謝謝各位今天早上參加我們的電話會議。如果你有任何後續問題，請隨時與我們的團隊聯繫。接線員，你可以結束通話。

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

感謝各位參與。今天的會議到此結束。你現在可以掛線。