Suncor Energy Inc (Canada) (SU) 2026 Q3 法說會逐字稿

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

大家好，感謝您稍候。歡迎參加森科能源（Suncor Energy）2026 年第三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's Director of Investor Relations, Mr. David Johnson.

現在我想把會議交給今天的講者——森科能源投資人關係總監 David Johnson 先生。

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 expected results because of various risk factors and assumptions that are described in our third quarter earnings release, as well as our current annual information form, both of which are available on SEDAR Plus, EDGAR, and our website, suncor.com.

謝謝接線員，大家早安。歡迎參加森科能源第三季財報電話會議。請注意，今天的發言包含前瞻性資訊。由於各種風險因素與假設（已於我們的第三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 Plus、EDGAR 以及我們的網站 suncor.com 查閱。

Certain financial measures referred to in these comments are not prescribed by Canadian generally accepted accounting principles. For a description of these financial measures, please see our third quarter earnings release. We'll start with comments from Rich Kruger, Chief Executive Officer, followed by Peter Zebedee, President and Chief Financial Officer. Also on the call are Adam Albeldawi, Executive Vice President, Upstream Dave Oldreive, Executive Vice President, Downstream and Shelley Powell, Executive Vice President, Development and Projects.

本次發言中提及的某些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，請參閱我們的第三季財報新聞稿。我們將先由執行長 Rich Kruger 發表談話，接著由總裁兼財務長 Peter Zebedee 進行財務說明。同時在線的還有：Adam Albeldawi（上游業務執行副總裁）、Dave Oldreive（下游業務執行副總裁）以及 Shelley Powell（開發與專案執行副總裁）。

Following the formal remarks, we'll open the call up to questions. Now 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。現在我把時間交給 Rich 分享他的評論。

Thanks, David. Our third quarter involved completing major maintenance for the year, positioning for a strong finish, and maximizing value in today's business environment. We accomplished all three. We also announced the sale of non-core offshore East Coast assets and a series of senior leadership transitions, actions that will position us well for the future.

謝謝你，David。我們第三季的重點包括完成年度主要檢修、為強勁收官做好布局，以及在當前的商業環境中最大化價值。這三項我們都做到了。我們也宣布出售非核心的東岸離岸資產，並進行一系列高階領導層交接；這些行動將使我們在未來處於有利位置。

I'll discuss operational highlights, and Peter will follow with financial. Starting with safety. The third quarter was our safest quarter of the year for both personnel and process safety. But rather than recite data, I want to recognize an employee, Emma Todd, projects manager and EHS leader.

我將先談營運亮點，Peter 隨後會說明財務。先從安全談起。第三季是今年在人員安全與製程安全兩方面最安全的一季。但我不想只是背誦數據，我想表揚一位員工——專案經理暨 EHS（環境、健康與安全）領導者 Emma Todd。

Emma was recently awarded the Alberta Mine Safety Association's 2026 Trailblazer Safety Leader Award, recognizing her passion and commitment in leading people to work safely. Emma first. Came to my attention a few years ago on a project that was struggling. She rolled up her sleeves, put her boots on the ground, and got things back on track.

Emma 最近獲頒阿爾伯塔礦山安全協會（Alberta Mine Safety Association）2026 年「開拓者安全領導獎」（Trailblazer Safety Leader Award），表彰她在帶領大家安全作業方面的熱忱與投入。Emma 最讓人印象深刻。幾年前我在一個進度不順的專案上注意到她。她捲起袖子、親自到現場，把事情拉回正軌。

But most impressive was that Emma knew by name every contractor on site. She epitomizes safety leadership at today's Suncor, and we are extremely proud of her. Upstream production. 853,000 barrels a day in the quarter, a rebound of 92,000 barrels a day from a very wet second quarter and our second highest third quarter ever, only behind last year's record, achieved despite Syncrude's 47-day coker turnaround, which was successfully completed in the first half of October.

但最令人佩服的是，Emma 能叫出現場每一位承包商的名字。她體現了今日森科的安全領導力，我們為她感到無比自豪。上游產量方面。本季日產 853,000 桶，較第二季因降雨過多而受影響的低點回升 92,000 桶/日，並創下我們歷來第二高的第三季表現（僅次於去年創紀錄的一季）；即便 Syncrude 進行了 47 天的焦化裝置（coker）大修，且已於 10 月上半月順利完成。

Upgrader utilization, a very strong 98% in the quarter and 96%. year to date. Base plant in Q3 achieved an exceptional 107% of nameplate capacity. Syncrude was 88% given the coker turnaround. Performance, which is extremely valuable given today's synthetic price premiums.

升級廠（upgrader）利用率本季非常強勁，達 98%，年初至今為 96%。。第三季基礎廠（base plant）達到名目產能（nameplate capacity）的 107%，表現卓越。Syncrude 因焦化裝置檢修而為 88%。在當前合成原油（synthetic）價格溢價的環境下，這樣的表現極具價值。

Refining throughput, 488,000 barrels a day in the quarter, on par with last year's best ever. Here again, performance delivering tremendous. Value in today's business environment. 95% utilization in 3Q, throughput 28,000 barrels a day higher than our internal business plan and consensus achieved despite a 37-day turnaround at Edmonton and a 31-day event at Montreal and despite temporary curtailment at Sarnia due to Line 5's unplanned outage.

煉油加工量本季為日均 488,000 桶，與去年創下的歷史最佳水準相當。同樣地，這樣的表現正在帶來巨大的。價值，符合當前的商業環境。第三季利用率 95%，加工量較我們內部營運計畫與市場共識高出 28,000 桶/日；即便埃德蒙頓（Edmonton）進行 37 天檢修、蒙特婁（Montreal）發生 31 天事件，且因 Line 5 非計畫性停運導致薩尼亞（Sarnia）短暫限產，仍達成上述成果。

With all this activity, how did we achieve this exceptionally high throughput? Story time. Historically, a turnaround of the Edmonton Refinery's fluid cat cracking unit would require reduced crude throughput, equal to about 30% of the refinery's capacity, or 45,000 to 50,000 barrels a day. Because when this unit is offline, there's no ability to process the heavier gas oil stream.

在如此多的活動下，我們如何達成這麼高的加工量？來講個故事。過去，埃德蒙頓煉油廠的流體觸媒裂解裝置（fluid cat cracking unit）檢修通常需要降低原油加工量，約等於該煉油廠產能的 30%，也就是每日 45,000 至 50,000 桶。因為當這套裝置停機時，就無法處理較重的瓦斯油（gas oil）餾分。

Off the larger crude distillation unit. This is where the story gets interesting. Joel Allum, downstream production coordinator, came up with the idea to temporarily store gas oil and to blend it with production streams from our oil sand upgraders. 400 kilometers away in Fort McMurray, creating a new marketable sweet synthetic crude.

來自較大型的原油蒸餾裝置（crude distillation unit）。故事精彩之處就在這裡。下游生產協調員 Joel Allum 想到一個點子：暫時儲存瓦斯油，並將其與我們油砂升級廠的產出物流進行調和。在 400 公里外的麥克默里堡（Fort McMurray），創造出一種新的可銷售甜質合成原油（sweet synthetic crude）。

This innovative idea enabled full crude throughput during the entire turnaround, preserving 46,000 barrels a day of throughput that historically would have been. Adding 3% to Edmonton's annual average utilization rate and 1% to Suncor's overall utilization rate. The best part? It generated in excess of $50 million in incremental free funds flow. $50 million.

這個創新想法使我們在整個檢修期間仍能維持滿載原油加工量，保住了過去在此情況下通常會流失的每日 46,000 桶加工量。使埃德蒙頓年度平均利用率提高 3%，也使森科整體利用率提高 1%。最棒的是？它帶來超過 5,000 萬美元的增量自由資金流（free funds flow）。5,000 萬美元。

One idea by one person, Joel, embraced and implemented by our team. Leveraging Suncor's fundamental competitive advantage, our unparalleled physical integration. This idea wasn't in our annual business plan, and it wasn't in our March investor deck. It illustrates our culture to continually add value and compete.

一個人的一個想法——Joel 的想法——被我們的團隊接納並落地執行。充分運用森科最根本的競爭優勢：無與倫比的實體一體化（physical integration）。這個想法不在我們的年度營運計畫中，也不在我們 3 月的投資人簡報中。它展現了我們持續創造價值、保持競爭力的文化。

My thanks to Joel and his upstream and downstream colleagues. You guys rocked it. Product sales. 677,000 barrels a day in the quarter, a record by a whopping 30,000 barrels a day and nearly tied with our highest quarter ever, continuing a string that every month in 2026 has achieved a new sales record.

感謝 Joel 以及他在上游與下游的同仁。你們做得太棒了。產品銷售方面。本季日均 677,000 桶，較先前紀錄大幅增加 30,000 桶/日並創新高，且幾乎追平我們歷來最高的一季；延續了 2026 年每個月都創下新的銷售紀錄的走勢。

Now the ninth quarter in a row above 600,000 barrels a day after never reaching 600,000 barrels a day in any previous quarter. Retail, our highest value channel with number one market share, year-to-date volumes are up 4.3% year-over-year, jet sales at 38,000 barrels a day are up 65% year-over-year, and exports at 75,000 barrels a day are up 80% year-over-year. We continue to operate at industry-leading refining utilization. To meet our customers' needs, achieving both value and record sales in Canada as well as in thirsty global markets.

這也是連續第九季高於日均 600,000 桶，而在此之前我們從未在任何一季達到日均 600,000 桶。零售是我們價值最高的通路且市占第一；年初至今銷量年增 4.3%，航煤（jet）銷售日均 38,000 桶、年增 65%，出口日均 75,000 桶、年增 80%。我們持續以業界領先的煉油利用率運營。為滿足客戶需求，在加拿大以及需求旺盛的全球市場同時實現價值與創紀錄的銷售。

The third quarter was a big turnaround quarter for us. You'll recall, historically, we spent $1.25 billion per year on turnarounds. In 2024, on our Investor Day, we committed to reduce turnaround costs by $250 million a year over three years. We achieved that commitment in two years.

第三季對我們而言是大型檢修的一季。各位會記得，過去我們每年在檢修（turnarounds）上的支出約為 12.5 億美元。在 2024 年投資人日上，我們承諾在三年內每年降低 2.5 億美元的檢修成本。我們在兩年內就達成了這項承諾。

In mid-'25, we increased our ambition by another $100 million to $350 million a year in reductions. We achieved that this year, 2026 being a big year with the third quarter being a big turnaround quarter. Edmonton and Montreal, the largest events in the downstream and Syncrude in the upstream. Results, Montreal, best ever cost and duration.

在 2025 年年中，我們將目標再提高 1 億美元，使年度降幅達到 3.5 億美元。我們今年已達成；2026 年是大年，而第三季更是大型檢修的一季。下游方面是埃德蒙頓與蒙特婁兩個最大事件，上游方面則是 Syncrude。成果方面，蒙特婁在成本與工期上都創下歷史最佳。

Edmonton, best ever cost and duration. Syncrude, best ever cost and duration. Three for three, a Suncor hat trick. 2026 is now the third consecutive year with turnaround costs below a billion.

愛德蒙頓，成本與工期皆創歷史最佳。Syncrude，成本與工期皆創歷史最佳。三戰三勝，Suncor 上演帽子戲法。2026 年如今已是連續第三年大修成本低於 10 億美元。

Our schedule performance has improved from third and fourth quartile to first and second quartile in North America. Cost has similarly improved with further improvement planned. Specifically, we have an additional $150 million reduction included in our 2028 turnarounds. On October 4, we announced an agreement to sell our interest in Terra Nova, White Rose, and West White Rose to Ithaca Energy PLC for $1.2 billion in upfront cash and potential additional payments of up to $350 million based on future oil prices over a 27-month period.

我們的排程表現已從北美第三、第四四分位提升至第一、第二四分位。成本表現亦同樣改善，且規劃持續精進。具體而言，我們在 2028 年的大修中已納入額外 1.5 億美元的降本。10 月 4 日，我們宣布達成協議，將我們在 Terra Nova、White Rose 與 West White Rose 的權益出售予 Ithaca Energy PLC，對價為 12 億美元的前期現金，並可在 27 個月期間內依未來油價另獲最高 3.5 億美元的潛在追加款項。

With the transaction, Ithaca assumes all future obligations associated with the assets, including a $500 million regulatory well compliance program starting. In 2027 at TerraNova and estimated abandonment liabilities, which totaled 1.4 billion. Through the first half of 2026, these assets contributed about 18,000 barrels a day or 2% of our upstream production. But most importantly, this transaction is consistent with our strategy and our value proposition.

透過此交易，Ithaca 將承擔與該等資產相關的所有未來義務，包括在 TerraNova 於 2027 年啟動的 5 億美元監管井合規計畫，以及估計的廢棄責任，合計為 14 億美元。截至 2026 年上半年，這些資產貢獻約每日 18,000 桶，約占我們上游產量的 2%。但最重要的是，這筆交易與我們的策略與價值主張一致。

We create value through our unparalleled physically integrated upstream and downstream asset base. Underpinned by large, long-life oil sands resources. These assets, certainly of value, frankly, were not in that family photo. In Ithaca, we found a buyer whose strategy and core competency is aligned with these assets and consequently was willing to pay us accordingly.

我們透過無與倫比、在實體上高度整合的上游與下游資產基礎創造價值。其基礎為規模龐大、壽命長的油砂資源。這些資產當然有其價值，但坦白說，它們並不在那張「全家福」裡。我們在 Ithaca 找到一位買方，其策略與核心能力與這些資產相契合，因此願意據此支付相應對價。

Win-win for both parties. As stated in our press release, our 2026 Investor Day commitments to grow Free Funds flow by an additional $2 billion a year and reduce our WTI breakeven by a further $5 per barrel through 2028 remain unchanged, reflecting our confidence in continuing to deliver exceptional shareholder value. A quick wrap-up, Suncor remains focused to excel, to compete, to win. With best-in-class operating performance ambitions, definitive value-based priorities and plans, organizational alignment top to bottom, and a team-based results-oriented culture, delivering reliable and rateable high performance, literally built to win in any and all business environments.

對雙方而言是雙贏。如同我們新聞稿所述，我們在 2026 年投資人日所承諾：每年額外增加 20 億美元自由資金流，並在 2028 年前將我們的 WTI 損益兩平點再降低每桶 5 美元，均維持不變，反映我們對持續為股東創造卓越價值的信心。簡要總結：Suncor 仍專注於卓越、競爭、致勝。憑藉同級最佳的營運表現企圖心、明確以價值為本的優先事項與計畫、自上而下的組織一致性，以及以團隊為本、結果導向的文化，交付可靠且可複製的高績效——可說是在任何與所有商業環境中都「為勝利而生」。

With that, I'll turn it to Peter.

接下來我把時間交給 Peter。

Well, thanks a lot, Rich, and wow, what a quarter for me to begin my role as CFO. As I reflect on the quarter, I'm incredibly proud of the progress we've made over the past four years. That hard work has fundamentally strengthened the business and positioned us to maximize value in today's commodity environment. Not only have we improved our resilience in lower price environments by reducing our WTI corporate breakeven by more than $10 a barrel, we've expanded our earnings power at higher prices even more significantly.

非常感謝你，Rich。哇，對我而言，這真是個開始擔任財務長（CFO）的精彩季度。回顧本季，我對過去四年我們取得的進展感到無比自豪。這些努力從根本上強化了業務，並使我們能在當前的大宗商品環境中將價值最大化。我們不僅透過將公司層級 WTI 損益兩平點每桶降低超過 10 美元，提升了在低油價環境下的韌性；在高油價時，我們的獲利能力更是以更顯著的幅度擴大。

The third quarter of 2026 was proof of that. We delivered a record $6.7 billion in adjusted funds from operations and a record $5.2 billion in free funds flow. Those exceptional results, however, only tell part of the story. To fully appreciate how much this business has changed, let's compare where we are today versus 2022 when we also had a record high AFFO and free funds flow.

2026 年第三季就是明證。我們創下調整後營運資金流（AFFO）67 億美元的紀錄，以及自由資金流 52 億美元的紀錄。然而，這些卓越成果只呈現了部分故事。為了充分理解這家公司改變了多少，讓我們比較一下現在與 2022 年（當時我們同樣創下 AFFO 與自由資金流新高）之間的差異。

Let's start with oil sands. Through the first nine months of 2026, the benchmark crude prices for WTI, SCO and WCS averaged roughly 15% below 2022 levels. On price alone, that would have reduced oil sands AFFO by $1.5 billion. And yet today, our oil sands AFFO increased by $160 million to $11.1 billion.

先從油砂業務談起。在 2026 年前九個月，WTI、SCO 與 WCS 的基準原油價格平均約較 2022 年低 15%。僅就價格因素而言，這本會使油砂 AFFO 減少 15 億美元。然而如今，我們的油砂 AFFO 反而增加 1.6 億美元，達到 111 億美元。

How do we do this? Higher production, higher margin, pure performance. The improvement in the downstream was even more remarkable. Through the first nine months of 2026, New York Harbor 2-1-1 crack spread net of RINs averaged 16% higher than in 2022.

我們如何做到？更高產量、更高毛利、純粹的績效表現。下游的改善更為驚人。在 2026 年前九個月，紐約港 2-1-1 裂解價差（扣除 RINs）平均較 2022 年高出 16%。

Yet downstream AFFO grew by over 60% to an astounding $7.9 billion. How do we do this? Record throughput and a much stronger margin capture in a business that many had thought was already at the top of its game. The value we've created is clear.

然而下游 AFFO 仍成長逾 60%，達到驚人的 79 億美元。我們如何做到？創紀錄的加工量（throughput），以及在一個許多人原以為已達巔峰的業務中，顯著更強的利差捕捉能力。我們所創造的價值一目了然。

Q3 year-to-date AFFO 15% higher than 2022. Free funds flow 18% higher. On a per share basis, both were roughly 40% higher. We are generating more cash flow and significantly more value per share, and it's not simply the result of commodity prices.

截至第三季的年初至今（YTD），AFFO 較 2022 年高 15%。自由資金流高 18%。以每股計算，兩者約高出 40%。我們正在創造更多現金流與顯著更高的每股價值，而這並非僅僅是大宗商品價格的結果。

This is the result of a fundamentally stronger business. The value we create extends well beyond our shareholders. When Suncor succeeds, Canadian governments share in that success. Q3 year-to-date, our operations have paid nearly $8 billion in income taxes and royalties to Canadian governments, reaching record high levels.

這是業務從根本上更強健的成果。我們創造的價值遠不止於股東。當 Suncor 成功時，加拿大各級政府也會分享這份成功。截至第三季年初至今，我們的營運已向加拿大政府繳納近 80 億美元的所得稅與權利金，創下歷史新高。

This equates to about 40% of our free funds flow pre-royalty and pre-tax. This performance reflects years of improving reliability, strengthening and integration across the value chain, and capturing higher margins from every barrel we produce and refine, and we're not done yet. There is no finish line when it comes to improving this business. Every improvement creates the opportunity for the next one.

這相當於我們在扣除權利金與稅負前自由資金流的約 40%。這樣的表現反映了多年來在提升可靠度、強化並整合價值鏈，以及從我們生產與煉製的每一桶油中捕捉更高利潤方面的努力，而且我們還沒完成。在改善這項業務上沒有終點線。每一次改善都會為下一次改善創造機會。

And this is precisely why we did not change our normalized free funds flow growth or WTI breakeven reduction targets even with the sale of Terra Nova, White Rose, and West White Rose. We have a clear line of sight to delivering those targets. Let me highlight a couple of examples on how the team keeps finding new ways to raise the bar. At our Canadian West Coast Burrard terminal, we have more than doubled our export capacity, helping Canada supply much needed energy to global trading partners and giving our teams greater flexibility to capture value.

這也正是為什麼，即使出售 Terra Nova、White Rose 與 West White Rose，我們仍未調整常態化自由資金流成長或 WTI 損益兩平點降低的目標；我們對達成這些目標有清晰可見的路徑。我舉幾個例子，說明團隊如何持續找到新方法把標準再往上拉。在我們位於加拿大西岸的 Burrard 終端，我們已將出口能力提高到原來的兩倍以上，協助加拿大向全球貿易夥伴供應急需的能源，也讓團隊在價值捕捉上更具彈性。

Between Burrard and Montreal, we exported 92 cargoes over nine months. That's nearly 60% higher than in all of 2025. And at much lower contracted costs. Than the freight rates we saw in the market.

在 Burrard 與蒙特婁之間，我們在九個月內出口了 92 船貨。這比 2025 年全年高出近 60%。而且是在更低的合約成本下完成。相較於我們在市場上看到的運費水準。

At our refineries, we continue to find and capture improvements across the business. In July, the Commerce City team identified and addressed the constraint to Plant 3 furnaces. After never having run above 38,000 barrels a day, the unit is now operating at 43,000 barrels a day. A full 5,000 barrels a day increased the throughput.

在我們的煉油廠，我們持續在整個業務中尋找並落實改善。7 月，Commerce City 團隊找出並解決了 3 號裝置爐（Plant 3 furnaces）的瓶頸。該單元過去從未高於每日 38,000 桶，如今已在每日 43,000 桶運轉。加工量整整增加了每日 5,000 桶。

That improvement alone is expected to generate roughly $50 million of value in the second half of this year. We have built a business that is consistently finding and capturing opportunities beyond what was visible only a few short years ago. And that same discipline extends to how we manage the balance sheet and allocate capital. We ended the quarter with $1.8 billion in net debt, and I know many on the call today are forecasting a net cash position by the end of the year.

僅此一項改善，預期就能在今年下半年創造約 5,000 萬美元的價值。我們打造了一個能夠持續發現並掌握機會的企業——這些機會在短短幾年前甚至還看不見。同樣的紀律也延伸到我們管理資產負債表與配置資本的方式。本季結束時，我們的淨負債為 18 億美元；我知道今天電話會議上許多人預測我們將在年底前達到淨現金部位。

This is an exceptionally strong balance sheet. During the quarter, we returned over $2 billion to shareholders, including $1.4 billion of share buybacks and $700 million in dividends. Beginning in October, we increased our monthly buybacks from $500 million a month to $750 million a month, reflecting our ability to sustain that level for an extended period of time. On the dividend, our philosophy remains unchanged, that is to sustain our integrated asset base, deliver a reliable and growing base dividend, return capital through consistent and rateable buybacks and invest in high-growth opportunities.

這是一份異常強勁的資產負債表。本季我們向股東回饋超過20億美元，其中包括14億美元的股票回購與7億美元的股利。自10月起，我們將每月回購金額由每月5億美元提高至每月7.5億美元，反映出我們有能力在較長一段時間內維持該水準。在股利方面，我們的理念維持不變：維持我們一體化的資產基礎，提供可靠且可成長的基本股利，透過持續且可預期的回購回饋資本，並投資於高成長機會。

We look to give long-term investors a predictable framework that they can count on through the cycle. To be very clear, every member of our board and our executive team treats our dividend as an unbreakable promise to our shareholders. The only way to grow it is by building a stronger and more resilient business, and that's exactly what we've been doing. The 10% dividend increase we announced is underpinned by structurally higher earnings power, a materially lower share count and confidence in our Investor Day plan.

我們希望為長期投資人提供一個可預期的框架，讓他們在景氣循環中也能有所依循。非常明確地說，我們董事會與管理團隊的每一位成員，都將股利視為對股東不可違背的承諾。提高股利的唯一方式，就是打造更強健、更具韌性的企業，而這正是我們一直在做的事。我們宣布的10%股利調升，係以結構性更高的獲利能力、顯著較低的流通股數，以及對我們投資人日（Investor Day）計畫的信心為支撐。

The absolute dividend level will remain fully sustainable through the cycle. With sizable increases in both dividends and share buybacks, we are on track to deliver record annual shareholder returns in 2026. Today's Suncor is generating more cash, maintaining a stronger balance sheet, and returning more value to shareholders. And with that, I'll turn the call back over to David, and we can take some questions.

股利的絕對水準將在整個景氣循環中保持完全可持續。隨著股利與股票回購同步大幅增加，我們正朝著在2026年創下年度股東回饋新高的目標邁進。今日的Suncor正在創造更多現金、維持更強健的資產負債表，並向股東回饋更多價值。接下來我把電話交回給David，我們可以開始回答一些問題。

Thanks, Peter. I'll turn the call back to the operator, and we can go to the questions.

謝謝你，Peter。我把電話交回給主持人，我們可以進入提問。

(Operator Instructions) Greg Pardy, RBC Capital Markets.

(主持人指示) Greg Pardy，RBC資本市場。

Yeah, thanks. Good morning. Thanks for that rundown. And Peter, there is a lot of energy in that voice this morning, so I'm assuming you had your doubles.

好的，謝謝。早安。謝謝你剛才的說明。Peter，你今天早上的聲音很有活力，所以我猜你喝了雙份咖啡。

I brought my bets there.

我把我的賭注也帶來了。

All right, so this has not been the first quarter where you have. Just talked about how much the downstream business is delivering and so forth. I mean, it's such a bigger business than it was five years ago. Just curious in terms of thinking around projects, growth projects, aimed at either margin improvement or growth in the downstream.

好吧，所以這也不是你們第一次在第一季提到。你們一直在談下游業務帶來多少貢獻等等。我的意思是，這個業務規模比五年前大得多。我想了解的是，在專案與成長專案的思考上，有哪些是以提升利差或推動下游成長為目標的？

Greg, I'll take a shot at it and then I'll ask Dave to comment. What makes us different is this uniquely physically integrated upstream and downstream. Our downstream is historically, Peter alluded to it, but thought to be among the best parts of our business. And what we found is you can take something that's already good and make it better and better.

Greg，我先回答一下，然後請Dave補充。我們的不同之處在於，上游與下游具有獨特的實體一體化整合。我們的下游業務，Peter也提到過，歷來被認為是我們業務中表現最好的部分之一。而我們發現，你可以把已經很好的東西做得更好、再更好。

With the re-rate in capacity last year, that was a big part of it. The further supporting of the growing refined product sales is another part of it. And we've said it over and over, we're not. Done yet.

去年產能的重新評級（re-rate）是其中很大的一部分。進一步支援成品油銷售成長是另一部分。而且我們一再強調，我們還沒有。結束。

We don't see it necessarily as building a new refinery, anything like that. Generally, refineries are closer to the markets. But the idea of continuing to incrementally expand capacity, continuing to create value not only in that headline throughput number, but in the secondary units that all make custom products to fit for the market. What a part of our story this year has been our ability to dial up, dial down to meet market needs at home and abroad.

我們不一定把它視為要新建一座煉油廠之類的事情。一般而言，煉油廠更靠近市場。但我們的想法是持續以漸進方式擴充產能，持續創造價值，不僅是在那個最受關注的處理量（throughput）數字上，也包括那些能生產符合市場需求之客製化產品的二次加工裝置。今年我們故事的一部分，是我們能依國內外市場需求調高或調低產量。

We don't see any of that changing. Dave, I don't know if I left anything left for you, but if I did, man, go ahead.

我們不認為這些會有任何改變。Dave，我不知道我是不是把你要講的都講完了，但如果還有，老兄，請接著說。

I think you covered it well, Rich. Maybe I'll share a couple examples of some of the things that we're doing to give some color to where we're finding value. Rich, you mentioned in your remarks the $50 million benefit that Joel found on optimizing during the Edmonton Refinery turnaround. But in Edmonton Refinery, we're really focused on filling out our intermediate units, our conversion units.

我覺得你講得很完整了，Rich。我或許補充幾個例子，讓大家更具體了解我們在哪些地方找到價值。Rich，你在發言中提到Joel在埃德蒙頓煉油廠大修（turnaround）期間透過最佳化找到5,000萬美元的效益。但在埃德蒙頓煉油廠，我們真正聚焦的是把中間製程裝置、轉化裝置補齊。

With custom blends from our oil sands operations. We've done that over, we increased that by 8,000 barrels a day so far year-to-date, generating $75 million of value. And in addition to that, we're getting more diesel yields out of these units for a total of $140 million of value at Edmonton so far year-to-date. And I would say that's not done yet.

搭配我們油砂業務的客製化調和原料。截至目前為止，我們已把這部分提高到每日增加8,000桶，創造7,500萬美元的價值。此外，我們也從這些裝置中提高柴油收率，截至目前在埃德蒙頓合計創造1.4億美元的價值。而我會說，這還沒結束。

We continue to, as Peter mentioned, we hit a constraint, we bust through the constraint, we hit the next constraint, we keep working. On those opportunities. We haven't seen the end of that yet. And that's all in addition to what Rich mentioned on the turnaround.

我們持續地，如Peter所說，我們遇到一個瓶頸，就突破那個瓶頸；接著遇到下一個瓶頸，就繼續努力。在這些機會上。我們還沒看到這些的終點。而這些都還不包含Rich提到的大修相關成果。

So Nick Raimondo and his team are doing an awesome job there at Edmonton. I'll give you an example in Sarnia. It's a small volume, but it pays off really well. This is a value opportunity in Sarnia.

所以Nick Raimondo和他的團隊在埃德蒙頓做得非常出色。我再舉一個在薩尼亞（Sarnia）的例子。量不大，但回報非常好。這是薩尼亞的一個價值機會。

Kyle Hills and Arsalan Chahar. In Sarnia found that we had this 800-barrel-a-day specialty stream, a solvent stream that we made off of our reformers in Sarnia that was causing us to have to run the reformers at higher severity. They worked with our integrated team, found a different product that we could make that could allow our reformers to run at lower severity, and that reduces our downtime due to catalyst changeouts and increases the yield on our reformers, which ultimately produces more high-octane gasoline. And provides a total benefit of $40 million a year.

Kyle Hills和Arsalan Chahar。在薩尼亞，他們發現我們有一股每日800桶的特殊馏分（specialty stream），也就是溶劑馏分，來自薩尼亞的重整裝置（reformers），這使得我們必須以更高嚴苛度運轉重整裝置。他們與我們的一體化團隊合作，找到另一種可生產的產品，使重整裝置能以較低嚴苛度運轉，從而降低因觸媒更換造成的停機時間並提高重整裝置收率，最終產出更多高辛烷值汽油。並帶來每年合計4,000萬美元的效益。

Peter mentioned Commerce City, lots of great work going on there. He mentioned Plant 3. We're doing similar things in Plant 2 with some new crudes that help fill out the bottom of the. Of our crude pipe stills, and we've got some things going on in Montreal, which I'll find to share on the next quarter, but we're not done yet.

Peter提到Commerce City，那裡有很多很棒的工作正在進行。他提到3號裝置（Plant 3）。我們在2號裝置（Plant 2）也在做類似的事情，導入一些新的原油，幫助把。我們原油蒸餾塔（crude pipe stills）的底部負荷填滿；另外我們在蒙特婁也有一些進展，我會留到下季再分享，但我們還沒做完。

I think, Greg, cutting through that is when you have technical and operational teams that are provided the right focus and leadership. They continue to find opportunities and we're beyond scratching the surface, but we're far from done. And so I think you can continue to have very strong, expect very strong results upstream, downstream as we go forward because of the culture that we continue to create here.

我想，Greg，歸根結底是：當技術與營運團隊得到正確的聚焦與領導時，他們會持續找到機會；我們已經不只是略作嘗試，但距離完成仍很遠。因此我認為，隨著我們持續打造這裡的文化，未來上游與下游都可以持續、並且預期會有非常強勁的表現。

Very good. The downstream is just super impressive. The overall business is super impressive. So I want to maybe just shift gears onto the, just to anything you want to say maybe about progress on the MOU.

非常好。下游真的非常令人印象深刻。整體業務也非常令人印象深刻。所以我想稍微轉個話題，看看你們是否願意談談關於MOU進展的任何內容。

I know the negotiations are still pretty heavy duty there, but also related to that. Back at your investor day, you framed a very large resource base as well as upstream growth optionality. I'm just wondering, pretty open-ended question, but just wondering how those pieces fit together.

我知道那邊的談判仍然相當艱鉅，但也與此相關。在你們的投資人日，你們提到一個非常龐大的資源基礎，以及上游成長的選擇權（optionalities）。我想問一個比較開放式的問題：這些部分之間是如何相互契合的？

Sure. We do have a huge, high-quality resource base, and in many instances it has advantages, synergies, because of our existing footprint, whether that's Lewis expansions at Firebag, et cetera. The, if you talk about growth in general. We're less concerned about what today's oil price is and more concerned about what will the oil price be five years, 10 years, 15 years from now.

當然。我們確實擁有龐大且高品質的資源基礎，而且在許多情況下，因為我們既有的佈局（footprint），例如 Firebag 的 Lewis 擴建等，具備優勢與協同效益。如果談到整體的成長。我們比較不擔心今天的油價是多少，而更關心五年、十年、十五年後油價會是多少。

So in high prices, inevitably questions come up about growth and are you changing it? The question we ask ourselves is, has the world fundamentally changed? And we don't know if it has yet. There's a lot of theorists and so-called experts.

因此在高油價時期，關於成長以及你們是否要改變成長策略的問題，難免會出現。我們問自己的問題是：世界是否已經從根本上改變了？而我們目前還不知道是否已經改變。有很多理論家以及所謂的專家。

I haven't met anyone in my career, Greg, who can accurately predict long-term oil. So we look at generating attractive returns through mid-cycle prices when we can enjoy good business environments and we can withstand weakness. Now as it relates to the MOU and the interactions between industry and the government, I think it's important to step back. What's the goal?

Greg，我在職涯中還沒遇過任何人能夠準確預測長期油價。因此我們著眼於在中周期（mid-cycle）油價下創造具吸引力的報酬，如此一來在良好的商業環境中可以受益，也能承受景氣疲弱。至於 MOU 以及產業與政府之間的互動，我認為重要的是先退一步看。目標是什麼？

The goal is that Canada is globally competitive. A fiscal and regulatory risk framework so that we can attract and incent capital. That's the goal. So the MOU has many components to it, the so-called three Ps, pipeline, production, pathways.

目標是讓加拿大在全球具競爭力。建立一套財政與監管風險框架，使我們能吸引並激勵資本投入。這就是目標。因此，這份 MOU 包含許多組成部分，也就是所謂的三個 P：pipeline（管線）、production（生產）、pathways（路徑/途徑）。

We've seen some things occur, the new mega deduction. There seems to be some momentum on a West Coast pipeline. We're all anxiously waiting to hear more from the province on royalties and incentives there. The parties are all sleeves rolled up, meeting endlessly, working hard together, so that goal is the global competitiveness of the industry.

我們已經看到一些進展，例如新的 mega deduction（大型扣抵）。西岸管線似乎也出現了一些動能。我們都在焦急等待省政府就權利金（royalties）與相關誘因提供更多訊息。各方都捲起袖子、無休止地開會、共同努力，因為目標就是提升產業的全球競爭力。

And from a Suncor standpoint, we would far rather have a good deal when we're ready. Or versus a bad or an incomplete deal at an artificial date or deadline. So we're working hard, and the days on the calendar are just other days to me. November 15th is coming up.

從 Suncor 的角度來看，我們寧可在準備好的時候達成一個好協議，也不要為了某個人為設定的日期或期限，匆忙達成一個不佳或不完整的協議。所以我們正努力推進，而日曆上的每一天對我來說都只是普通的一天。11 月 15 日快到了。

Whether we have something on November 15th or not, I don't know, but I know we're all working hard, and I believe we're sharing federal, provincial, and industry the same objective of a globally competitive Canada.

11 月 15 日當天是否會有結果，我不知道，但我知道大家都在努力，我也相信聯邦、省政府與產業界共享同一個目標：打造具全球競爭力的加拿大。

Excellent. Excellent. Thanks so much.

很好。很好。非常感謝。

Dennis Fong, CIBC.

CIBC 的 Dennis Fong。

Hi. Good morning, everyone, and congratulations on a solid quarter. My first question here follows along the lines of, I guess, Greg's first question, but it kind of expands on some of the. The prepared remarks there.

嗨，各位早安，也恭喜本季表現穩健。我的第一個問題大概延續 Greg 的第一個問題，但也算是延伸到一些……你們事先準備的發言內容。

And so when we think about, we'll call it the interconnection between Syncrude Base Plantt, Firebag and Fort Hills, this was frankly critical in terms of maintaining upgraded utilization and throughput through the year and obviously through very challenging conditions. And further, I think in Q3, you're able to showcase how that interconnection was helpful with respect to obviously your refining turnarounds and so forth. My question here is. What are you looking to do to bolster that physical interconnectivity beyond what has already been outlined like ore sharing at Fort Hills or interconnect pipeline and/or obviously the physical connection between your Fort McMurray oil sands and Edmonton and your eastern refineries?

因此當我們思考（姑且稱之為）Syncrude Base Plant、Firebag 與 Fort Hills 之間的互聯性時，坦白說，這對於在全年、尤其是在非常具挑戰的情況下，維持升級（upgraded）端的稼動率與處理量（throughput）至關重要。此外，我認為在第三季，你們也展現了這種互聯性如何在你們煉油廠大修（turnarounds）等方面提供幫助。我的問題是：除了已經提到的做法（例如 Fort Hills 的礦石共享、互聯管線，以及你們 Fort McMurray 油砂資產與 Edmonton 及東部煉油廠之間的實體連結）之外，你們還打算做些什麼來強化這種實體互聯性？

Adam, you want to, you just, you, at the end, you linked into the refining, but Adam, why don't you start out in terms of kind of a vision and our priorities in the upstream overall?

Adam，你要不要……你在最後把問題連到煉油端了。不過 Adam，你先從上游整體的願景與我們的優先事項談起，好嗎？

Yeah, happy to do that. Dennis, you actually captured one of the main things that makes us quite unique in the upstream, and that is the ability to have physical integration across all of our assets in the upstream. So whether that is Firebag bitumen going to the Base Plant operator, whether that's Firebag bitumen going to Syncrude. Whether it's Fort Hills bitumen going to the Base Plant upgrader or SCO transfers between Syncrude and Base Plant.

好，很樂意。Dennis，你其實點出了讓我們在上游相當獨特的一個關鍵：也就是我們能在所有上游資產之間進行實體整合。不論是 Firebag 的瀝青（bitumen）送到 Base Plant 的操作方，或是 Firebag 的瀝青送到 Syncrude。又或者是 Fort Hills 的瀝青送到 Base Plant 的升級廠（upgrader），或是 Syncrude 與 Base Plant 之間的合成原油（SCO）調撥（transfers）。

So when you take a step back and take a look at what makes us unique, that is one of the main things that makes us incredibly unique in the upstream business. So how do we leverage that? There's a couple of ways we leverage that. The first way is when you look at the performance in our upgraders over the last several years, one of the main focus areas for us has been increasing the utilization.

因此當你退一步看、看看是什麼讓我們與眾不同，這就是讓我們在上游業務中極其獨特的主要因素之一。那我們如何運用這點？我們有幾種運用方式。第一種方式是，回顧過去幾年我們升級廠的表現，我們的主要聚焦之一就是提高稼動率（utilization）。

And as we increase the utilization, clearly that increases the bitumen fee that we need from our mines and from our in-situ assets, so the physical integration that we have across the assets enable us to actually continue to increase upgrading rates, and that's where you see some of the higher price utilizations that you saw in Q3. The second main way we take advantage of this is during maintenance events. So when there's maintenance events at our mine production assets, we now have the ability to move bitumen from different in situ assets to the upgraders to keep the upgraders full. Again, ensuring we maximize value from those big moneymakers.

而當我們提高稼動率時，顯然就需要我們的礦場與原地開採（in-situ）資產提供更多瀝青供給，因此跨資產的實體整合讓我們能持續提高升級處理率（upgrading rates），這也是你在第三季看到一些較高稼動率的原因。第二個主要運用方式是在維修事件期間。因此當我們的礦場生產資產進行維修時，我們現在有能力把不同原地開採資產的瀝青調度到升級廠，讓升級廠維持滿載。同樣地，確保我們能從那些最能賺錢的大型資產中把價值最大化。

So there's a couple of examples of how we leverage integration that we have. As we look forward, we are always looking to see how we can maximize that even further. So for example, the. The record transfers that you're seeing from Fort Hills to the Base Plant upgrader is a result of the continued debottlenecking activities our team has done to maximize Fort Hills bitumen to the Base Plant, and we are continuing to find opportunities to do that even further.

以上是我們如何運用整合的一些例子。展望未來，我們一直在尋找如何進一步把這種整合的效益最大化。例如，你看到 Fort Hills 向 Base Plant 升級廠創下的調撥紀錄，是我們團隊持續進行去瓶頸（debottlenecking）工作、以最大化 Fort Hills 瀝青輸送至 Base Plant 的成果；我們也會持續尋找更多機會把這件事做得更好。

I think a key part of all this is as we have improved underlying asset performance. Now we can continue to optimize and create incremental value. But when you have assets where you have too much variability in their performance, you can't optimize. And I'll take just the tail end of your question and extend that to the downstream.

我認為這一切的關鍵之一在於：當我們改善了資產的基礎表現後，我們就能持續最佳化並創造增量價值。但如果資產表現的變異性太大，你就無法最佳化。我也把你問題的最後一段延伸到下游來談。

I would bet a week's pay that I think the Edmonton Refinery is the only refinery in North America that runs 100% on feedstock from the refinery's owner. I would guess if not it, it's probably a day will kick in part of that week's pay, but so what we were able to do is... Edmonton, with its pots and pans, primary units, secondary units, we can literally moderate what Edmonton can maximize value on from our upstream operations. Sarnia, far further away, runs with well over half of its feedstock with Suncor crude.

我敢拿一週的薪水打賭：Edmonton 煉油廠應該是北美唯一一家 100% 使用由該煉油廠所有者所供應原料（feedstock）的煉油廠。我猜如果不是唯一，那大概也差不多；如果猜錯，我可能得付出那一週薪水的一部分。但我們能做到的是……Edmonton 具備各種裝置（pots and pans）、一次加工單元（primary units）與二次加工單元（secondary units），我們幾乎可以直接調整 Edmonton 端，讓它能把上游作業所提供的原料價值最大化。Sarnia 距離更遠，其原料中仍有遠超過一半是 Suncor 的原油。

As you get further away to Montreal, the percentage goes down, but that interconnectedness is still a key. Differentiator with us, and that allows our upstream and downstream teams to work hand in hand, maximizing every dollar and every barrel. That is, at the core, that is what makes us different and unique relative to a broader peer set.

再往更遠到 Montreal，比例會下降，但這種互聯性仍然是我們的一個關鍵差異化因素。它讓我們的上游與下游團隊能夠緊密協作，把每一塊錢、每一桶油的價值都最大化。這就是核心所在：相較於更廣泛的同業群，我們之所以不同、之所以獨特，就在於此。

Great. Thanks for that color there. My second question, and if we go back in time, Rich, you've made past comments on Suncor's ability to provide craft cocktails to refineries, whether it be your own or third-party, with what they need for, frankly, feedstocks to optimize, frankly, your own upstream and downstream utilizations. Can you talk towards maybe from taking a step back and thinking about the strategically how kind of a combination.

很好。謝謝你提供這些補充說明。我的第二個問題是，如果回到過去，Rich，你曾評論過 Suncor 有能力為煉油廠（不論是自有或第三方）提供「調製式雞尾酒」（craft cocktails）般的原料組合，也就是提供他們所需要的原料（feedstocks），以便最佳化——坦白說——你們自家上游與下游的稼動率。你能否退一步，從策略角度談談，如何把這種組合……

Of logistics, global marketing, obviously the tanker capacity that you have, time contracted, as well as your ability to expand kind of your network to market globally, how that's really improved, we'll call it market intelligence, your ability to act more opportunistically, especially given the volatility of the market, and what that maybe means for kind of value generation for both upstream and downstream.

就物流、全球行銷而言，顯然包括你們所擁有並以期租方式鎖定的油輪運力，以及你們擴大全球行銷網路的能力；這些如何真正提升了我們稱之為市場情報的能力、讓你們能更機會導向地採取行動，特別是在市場波動之下；以及這對上游與下游雙方的價值創造可能意味著什麼。

This has been a really fun area, and of course it gets back to that again, the predictability, stability of the underlying assets, and sometimes a dentist would rather be lucky than good, and in this case we... A few years ago, we started to look at the opportunities beyond our core domestic markets. You've heard the story about how Dave came in and we philosophically changed our strategy on sales and said, run our facilities full out, we will find profitable homes for that. That extended beyond Canada, whereas in the 24 Investor Day, we said we could market in 21 countries.

這一直是個非常有趣的領域，當然也再次回到那一點：底層資產的可預測性與穩定性；有時候牙醫寧可走運也不一定要很厲害，而在這個案例裡我們……幾年前，我們開始看核心國內市場以外的機會。你們聽過那個故事：Dave 進來後，我們在銷售策略上從理念上做了改變，並說，把我們的設施全力開到滿載，我們會為這些產量找到有利可圖的去處。這也延伸到加拿大以外；在 24 年投資人日我們說，我們可以行銷到 21 個國家。

This year, we said 45 countries. Did we have a vision that we would necessarily do that? No, not necessarily. But with events in the world started by Russia, Ukraine, now in the Middle East, as we've had those opportunities and as we've locked in logistical capabilities, not only pipeline access to the coast, but you mentioned time charters, we've got what now, nine time charters that can be in crude or product service off of the coast.

今年我們說是 45 個國家。我們原本有預見自己一定會做到這樣嗎？沒有，不一定。但隨著世界事件——從俄羅斯、烏克蘭開始，現在到中東——在這些機會出現、以及我們鎖定物流能力之後，不僅是管線通往海岸的通行權，你也提到期租，我們現在有九艘期租船，可以在海岸外提供原油或成品油運輸服務。

I mentioned how export volumes are up 80% year on year. These are where typically an export market is a market of last resort. You kind of get your barrel there because you don't have a better home for it. Those markets now have been particularly valuable because of acute shortages.

我提到出口量年增 80%。一般來說，出口市場通常是最後的去處。也就是你把每桶油送去那裡，因為你找不到更好的歸宿。但由於供給短缺非常嚴重，這些市場如今變得特別有價值。

So that this full holistic... Integrated model extends well beyond upstream and downstream it is logistics, it is markets, it's customers abroad, and that is an area we have changed materially, but here again, our rallying cry is. We're not done yet. We keep seeing opportunities.

因此，這個完整、整體性的……整合模式遠遠不只涵蓋上游與下游，還包括物流、市場、海外客戶；而這是我們已經出現重大改變的一個領域，但同樣地，我們的口號是：我們還沒做完。我們持續看到機會。

Our traders, both particularly in Calgary and Houston, we've got some folks in London as well, they're extremely sophisticated on the markets we compete in. We're not trying to be a global trader, but the markets we compete in, they're extremely knowledgeable, seeing opportunities, and it's one of the reasons you see if you start doing utilizations per barrel, this and that, because those profits we put. Back into the business that generated them, you have seen and you will continue to see premium prices for Suncor production and products because of that level of sophistication. We have a lot of fun with it, candidly, and we believe we'll continue to create more value that our peers are unable to replicate.

我們的交易團隊，特別是在卡加利與休士頓，也在倫敦有一些同仁，他們對我們所競爭的市場非常老練。我們不是要成為全球交易商，但在我們參與競爭的市場裡，他們非常了解、能看見機會；這也是你會看到如果你開始做每桶利用率之類的分析，因為那些利潤我們會。再投入回產生它們的業務中；也因此你已經看到、而且未來也會持續看到，Suncor 的產量與產品能取得溢價，正是因為這種成熟度。坦白說，我們做得很開心，而且我們相信會持續創造更多同業難以複製的價值。

Thank you so much. I'll turn it back.

非常感謝。我把時間交回去。

Arun Jayaram, JPMorgan.

JPMorgan 的 Arun Jayaram。

Yeah, good morning, Rich and Peter. I was wondering if you could give us an update on your in-situ growth plan and the 400 kbpd opportunity. I know that you guys are focused on selecting an EPC under the design-one, build-many. Concept, and I wanted to just maybe provide a little bit of update on that as you look to scale Lewis and Firebag over the next decade.

是的，早安，Rich 和 Peter。我想請你們更新一下原地開採（in-situ）的成長計畫，以及 40 萬桶/日（kbpd）的機會。我知道你們正專注於在「一次設計、多次建造（design-one, build-many）」概念下選定 EPC（工程、採購與施工）夥伴；我想請你們在未來十年擴大 Lewis 與 Firebag 規模的過程中，提供一些進度更新。

Sure, one of our announcements here recently was the... The shift in Shelley Powell to her broader portfolio to the EVP of the, in particular, the in situ growth plan to create that level of senior executive focus and time on that. So Shelly, why don't you tell everyone what the heck you've been working on?

當然。我們最近的一項宣布是……將 Shelley Powell 調整到更廣的職責組合，擔任執行副總裁（EVP），特別是負責原地開採成長計畫，以確保在這件事上有足夠的高階主管專注與投入時間。所以 Shelly，你要不要跟大家說說你到底都在忙些什麼？

Great opportunity. So all of the projects that we talked about in our investor day plan are actually progressing quite well. They are exactly where we would expect them to be. I was actually in the field last week and two were quite a few of them.

這是個很好的機會。所以，我們在投資人日計畫中談到的所有專案，其實進展都相當順利。它們正好在我們預期的位置。我上週其實到現場去了，其中有兩個——其實有不少專案我都去看了。

All of them are fully staffed. We've got materials on the ground. So things are progressing in a way that we would absolutely expect on the shorter-term ones. I think to your broader question on engineering and the larger projects, you are right.

所有專案的人力都已到位。材料也已經到場。因此，就較短期的專案而言，進度完全符合我們的預期。至於你更廣泛提到的工程與大型專案問題，你說得沒錯。

We are right in the middle of evaluating who we want to partner with long-term, not only on the engineering side, but also on the field construction side. We are setting ourselves up to enter longer-term type relationships with these organizations, really thinking about what we've been talking about as a portfolio rather than individual projects approach. We think that gives us the opportunity really to utilize the economies of scale, to look at optimization, to ensure we have construction workforce security over the longer-term and we think we have a really attractive portfolio that we can deliver over the long-term. So really excited about where we're at and things are off to a very strong start.

我們正處於評估階段，決定長期要與誰合作，不僅在工程端，也包括現場施工端。我們正在為與這些組織建立更長期的合作關係做準備，真正把我們一直在談的「以投資組合」而非「單一專案」的方式來思考。我們認為這能讓我們有機會運用規模經濟、進行最佳化、確保長期施工人力的穩定供給；而且我們認為我們有一個非常具吸引力、可長期交付的投資組合。所以對目前的進展非常振奮，整體開局也非常強勁。

And in anticipation of a question, I'll answer it ahead of time, we're also looking at. Right now relative to that March Investor Day plan, doing the what if. What if we wanted further growth? What if we wanted to go a bit faster?

另外，為了預先回應可能會被問到的問題，我先提前回答：我們也在看。就相對於 3 月投資人日計畫而言，我們正在做「如果……會怎樣」的情境推演。如果我們想要進一步成長呢？如果我們想要走得更快一點呢？

What would be the incremental investments we would make? Where the timing? So that's one thing. And the second part of it is also looking at the progress we've made over the last few years on debottlenecking our facilities and getting the incremental 5,000 to 10,000 barrels a day.

那我們需要增加哪些投資？時程會在哪裡？這是一部分。第二部分則是檢視過去幾年我們在設施去瓶頸（debottlenecking）方面的進展，以及每天額外增加 5,000 到 10,000 桶的增量。

What further opportunities remain on that? So we have a plan we laid out. It's in situ growth. It's fundamentally six phases of in situ projects over a decade.

在這方面還剩下哪些進一步的機會？所以我們已經提出一個計畫。它是原地開採的成長。本質上是在十年內分六個階段推進原地開採專案。

That's the base case, but we're asking ourselves and doing some preliminary work saying, well, what if? What if we wanted to do more? What if we wanted to go faster? We haven't landed on that yet, but that is, it ties with this conversation about the.

這是基本情境（base case），但我們也在問自己並做一些初步工作：那如果呢？如果我們想做更多呢？如果我們想走得更快呢？我們還沒有定案，但這也呼應了我們剛才談到的那個。

Fiscal and regulatory environment in Canada, the MOU, if all that turns out to create that globally competitive business environment, that may be something we do. And we're able to look at all these because we're underpinned by a tremendously large, long-life, high-quality resource base. Without that, these would be academic exercises. For us, they're not academic exercises.

加拿大的財政與監管環境、MOU（合作備忘錄）；如果這些最終能打造出具全球競爭力的商業環境，那可能就是我們會去做的事。而我們之所以能評估這些，是因為我們有一個規模極大、壽命長、品質高的資源基礎作為支撐。沒有這個基礎，這些都只是學術推演。但對我們而言，這不是學術推演。

They're real-life opportunities.

這些都是真實世界的機會。

Great. And my follow-up is you made the decision, obviously, to monetize some of your non-core offshore assets in Eastern Canada, yet you are maintaining your 2028 Investor Day objectives, the $2 billion of free funds of flow growth at 65. Can you just talk about what was what's outperforming in the portfolio for you to maintain those targets and is the 100 KBD growth target still intact?

很好。我的追問是：你們顯然已決定將加拿大東部一些非核心離岸資產變現，但你們仍維持 2028 年投資人日的目標——在 65 美元油價下，自由資金流（free funds flow）成長 20 億美元。你能否談談投資組合中是哪些部分表現超出預期，讓你們能維持這些目標？以及 10 萬桶/日的成長目標是否仍然不變？

Yeah, I'll take it in reverse. The 100 kbpd doesn't we don't add up to that right now. If you take 2028, the assets that we are looking to sell will be about 40,000 barrels a day of the grand total. And then so the 100 becomes a 60.

可以，我倒過來回答。10 萬桶/日（kbpd）目前我們加總起來並沒有到那個數字。如果看 2028 年，我們正在考慮出售的資產，合計大約是總量中的 4 萬桶/日。因此，原本的 100 就變成 60。

But at the end of the day, production throughput, those are drivers, but our fundamental objectives are free funds flow per share. That's the growth. We're after. And our confidence in either the break-even or the free funds growth remained because on March 31st, folks saw a snapshot in time.

但歸根結底，產量吞吐量這些都是驅動因素，但我們的根本目標是每股自由資金流。那才是我們追求的成長。我們所追求的。而我們對於損益兩平或自由資金流成長的信心依然存在，因為在3月31日，大家看到的是某一時間點的快照。

But this organization continues to work and make things better. And I think that little example I shared with Edmonton, $50 million during the turnaround, Peter shared an example or two. These illustrate that. We keep coming up with new ideas to add value.

但這個組織仍持續努力，把事情做得更好。我想我分享的那個在愛德蒙頓的例子——在檢修期間省下5,000萬美元——Peter也分享了一兩個例子。這些都說明了這一點。我們不斷提出新的想法來創造價值。

And when the executive team sat back, looked at that, we did the adjustments for the asset sale, which would have said, well, production is going to be lower, the free funds flow would have been lower, the break even wouldn't have been as high. And we sat there and looked at each other, all held hands and said, no, we're still going to deliver on these commitments that we made because we have confidence in this organization, the people and the ideas. Is with the momentum we've established, and we're still going to achieve those, if not exceed those. And so it's not really any one or two things or three or four.

當管理團隊退一步回頭看時，我們針對資產出售做了調整；照理說，產量會更低、自由資金流會更低、損益兩平也不會那麼高。但我們坐在那裡彼此對看，大家手牽著手說：不，我們仍會兌現我們做出的這些承諾，因為我們對這個組織、對人、對想法有信心。憑藉我們已建立的動能，我們仍會達成，甚至超越這些目標。所以這真的不是一兩件、三四件事情所致。

It's just the cross-organization alignment, commitment, and momentum we have that gives us confidence we will achieve those. Great. Thank you very much. Thanks, Erin.

而是整個組織的對齊、承諾與動能，讓我們有信心能夠達成。很好。非常感謝。謝謝你，Erin。

Doug Leggate, Wolfe Research.

Doug Leggate，Wolfe Research。

Thanks. Good morning, everyone. Thanks for having me on. I wonder, Rich, we've heard a lot about incredible reliability, utilization rates, and so on.

謝謝。各位早安。謝謝讓我加入。Rich，我想問一下，我們聽到很多關於驚人的可靠度、稼動率等等。

And I wonder, in the context of your dividend breakeven trajectory, are we seeing a reset. And the underlying production capacity. I don't want to say you're understating what you've achieved because it looks like, is it utilization that's getting better or is it the debottlenecking and the capacity that's actually increased in which case, what does that imply for your dividend break-even trajectory? I'm not asking you any questions, I guess.

我想問，在你們股利損益兩平路徑的脈絡下，我們是否正在看到一次重置？以及底層的產能。我不想說你們低估了你們的成果，因為看起來——究竟是稼動率變得更好，還是去瓶頸化使得產能實際上提高了？如果是後者，那對你們的股利損益兩平路徑意味著什麼？我想我其實也不算是在問問題。

Thanks, Doug. Every time I go out there and make a commitment, these son of a guns that I'm sitting around the table with prove me wrong because they do better. We re-rated our downstream 466,000 barrels a day to 511, the full capacity. And this guy sitting two seats to my left, he's been telling me that lately we've had days north of 520.

謝謝你，Doug。每次我出去做出承諾，坐在我同一張桌子旁的這些傢伙總是證明我錯了，因為他們做得更好。我們把下游的評定產能從每日46.6萬桶上調到51.1萬桶，作為滿載產能。而坐在我左邊兩個位子的這位，最近一直跟我說，我們有些日子甚至超過52萬桶。

And, it's like I thought capacity was 511. So, things keep getting better, but you're exactly. Right. As that continues, that break even, which for us, of course, includes our full dividend, we continue to drive it down.

而且，就像我以為產能是51.1萬桶一樣。所以事情一直在變得更好，但你說得完全。沒錯。隨著這種情況持續，我們的損益兩平——當然對我們而言包含全額股利——就會持續被我們往下拉。

The downstream kind of subsidizes or enhances that break even. So as we said, the new plan this year was going to be going from around 43 to 38. This year, in part because of some special circumstances, we're going to. We're going to achieve more than we thought we would have achieved this year.

下游某種程度上是在補貼或強化那個損益兩平。所以如我們所說，今年的新計畫是把損益兩平從大約43降到38。今年部分因為一些特殊情況，我們將會。我們將達成比原先預期更好的成果。

We're not necessarily sure if that will endure over time. But these fundamental improvements, whether it's debottlenecking, those incremental barrels, they greatly add to our ability to drive down that breakeven. And I think the 10% dividend increase is illustrative of the confidence that we have going forward. We've been kind of 5% year after year, roughly equal to the.

我們不一定確定這種狀況是否能長期持續。但這些根本性的改善，不論是去瓶頸化、那些增量桶數，都大幅提升我們把損益兩平往下推的能力。我認為股利提高10%就說明了我們對未來的信心。過去我們大致上每年提高約5%，大致相當於我們回購的。

Fraction of shares we've been buying back. So Peter ramped up the buybacks to $750 here. The dividends going up by 10%. The 10% probably is a pretty good indication that with the amount of shares we think we'll be buying back and our confidence in the underlying business, you can continue to expect further shareholder returns, whether via dividend and/or buybacks.

股份比例。所以Peter把回購提高到7.5億美元。股利上調10%。這10%大概相當程度反映：以我們預期將回購的股份數量，以及我們對核心業務的信心，你可以持續期待更多股東回報，不論是透過股利和／或回購。

I guess we'll wait for the update. But Rich, my follow-up, I'm trying to ask this as succinctly as I can, but years ago we all used to think about pre-royalty and post-royalty payouts and how they were ring-fenced and so on. And with the tax change in September, clearly you're getting accelerated, I don't want to call it tax shield, but depreciation. That maybe makes the previous discussion somewhat less relevant.

我想我們就等更新。但Rich，我的追問——我會盡量簡潔——多年前我們都會去想權利金前與權利金後的回收，以及它們如何被圈定隔離等等。而在9月稅制變更後，很明顯你們獲得了加速的——我不想稱之為稅盾——但就是折舊。這可能讓先前的討論變得不那麼相關。

And I guess where I'm going with this is when you laid out your strategy through 2028, you didn't have that tax treatment in your capital plan. So I'm wondering in the context of what you just answered before about maybe you want to look at growth options, has the tax treatment changed your thoughts on how you, whether you decide to go after more growth?

我想我想問的是：當你們提出到2028年的策略時，你們的資本計畫裡並沒有納入那樣的稅務待遇。所以我想知道，在你剛才回答可能想看看成長選項的脈絡下，這個稅務待遇是否改變了你們對於是否要追求更多成長的想法？

What the tax treatment fundamentally does work. Under current rules, we're able to ultimately depreciate our investments. It's just the time at which we can depreciate them. So if you do that over a 10-year period or a three-year, I'm making this up for a two or three-year period, it enhances the calculation of a rate of return, and it can accelerate a payout of an investment.

這個稅務待遇從根本上所做的事情是：在現行規則下，我們最終都能對投資進行折舊。差別只在於我們可以在什麼時間點折舊。所以如果你把折舊攤在10年，或是三年——我隨便舉例，兩到三年——它會提升報酬率的計算，並且可以加速投資的回收期。

So fundamentally, these accelerated depreciation rules help de-risk. Long-term capital-intensive investments. Are they game changers in terms of do you do something or not do something? Maybe, but I don't think it fundamentally changes the long-term investment profile.

因此，從根本上說，這些加速折舊規則有助於降低風險。對於長期、資本密集型投資。它們是否會在「做或不做」的層面成為遊戲規則改變者？也許，但我不認為它會從根本上改變長期投資輪廓。

So wow, we will now do a whole bunch more. But if you couple accelerated depreciation with an incentivized royalty system that starts to do some of the same things, if you. Clear up some of the regulatory complexities that would extend approval timeframes upfront. You start coupling several of these things together, which are all part of the component parts of the MOU.

所以不是說：哇，那我們現在就要做一大堆更多的事。但如果你把加速折舊與具誘因的權利金制度結合起來——它也能達到一些類似效果——再加上如果你。釐清一些會拉長前端核准時程的監管複雜性。你開始把這幾件事串在一起，而這些都是MOU的組成部分。

Now you're changing the fundamental underlying fiscal and regulatory regime. And yes, that in aggregate can lead us to be more ambitious, more aggressive on long-term capital investments. Any one item. Is nice, but probably on its own not sufficient to materially alter the capital allocation framework.

那麼你就是在改變底層的財政與監管制度。而是的，整體加總起來，確實可能讓我們在長期資本投資上更有企圖心、更積極。任何單一項目。都不錯，但單靠它本身可能不足以實質改變資本配置框架。

Great stuff. Thanks so much for answering the questions, Rich.

內容很棒。非常感謝你回答這些問題，Rich。

Menno Hulshof, TD Securities.

Menno Hulshof，TD Securities。

Thanks, and good morning, everyone. I'll start with a question on your. Global markets push, it didn't look like you were impacted in any significant way by the spike in freight rates in the quarter and you did touch on some of this, but can you just elaborate on how the freight rate risk is currently being hedged out through contracting and how that. Challenges generally being managed, and while we're at it, could you maybe put the both ends on sort of the number of cargoes that potentially get shipped in Q1 and Q4 and Q1, and anything else within your global marketing push that you would want to flag?

謝謝，各位早安。我先從你們的。全球市場推進策略問起：本季看起來運費費率飆升並沒有對你們造成任何顯著影響，你也稍微提到了一些，但你能否再詳細說明目前是如何透過合約安排來對沖運費費率風險，以及這些。挑戰一般是如何被管理的？另外，順便也能否大致提供一下Q1與Q4、以及Q1可能出貨的貨船（cargo）數量區間兩端的估計，還有在你們全球行銷推進中是否還有其他你想特別提醒的事項？

Thank you, Dave. Why don't you take that? You and your team manage those for us.

謝謝你，Dave。你為什麼不來回答這個？你和你的團隊替我們管理這些。

Yeah, sure. Thanks, Menno, and good morning. Rich mentioned our nine time-chartered vessels, which we fortuitously locked in before the rates went up dramatically. We're able to use those vessels for crude, particularly off the West Coast, so that goes to typically China or into the California markets.

好的，當然可以。謝謝你，Menno，早安。Rich 提到我們有九艘定期租船（time-chartered）船舶，我們很幸運在運價大幅上漲之前就把它們鎖定下來。我們能用這些船運輸原油，特別是從西岸出貨，通常運往中國或加州市場。

And we're seeing massive savings relative to current spot freight rates, and we take that back as our netback. We also have. For our MR vessels, those are 300 kbbl product vessels mostly working off the West Coast to move diesel to markets and same thing, we're seeing much lower freight rates, which helps us with our netbacks, combine that with our advantage logistics, we get really good value for our diesel sales. If you think about export cargoes, we exported 92 cargoes year-to-date, that's 60% more than we did in 2025 as a whole.

相較於目前的即期運費（spot freight rates），我們看到非常可觀的節省，而這些節省會回到我們的淨回收（netback）上。我們也有。至於我們的 MR 船舶，那些是 30 萬桶（300 kbbl）的成品油船，主要在西岸作業，把柴油運到各市場；同樣地，我們看到遠低於現行的運費，這有助於提升我們的淨回收。再加上我們在物流上的優勢，我們的柴油銷售能取得非常好的價值。如果你看出口貨載，我們今年迄今已出口 92 船貨，較 2025 年全年多了 60%。

What we do is we optimize based on our product netbacks, our alternatives domestically and we balance between diesel and jet mostly, there's very little gasoline that we export. And we will optimize that based on price, based on market conditions and hard to say what Q4 and Q1 will bring, but we will make sure we optimize that. To maximize value to Suncor in the current market.

我們的作法是依據產品淨回收來做最佳化，考量國內的替代方案，並主要在柴油與航煤（jet）之間做平衡；我們出口的汽油非常少。我們會依價格、依市場狀況來最佳化；很難說第四季與第一季會如何發展，但我們會確保把它最佳化。在目前市場中為 Suncor 創造最大價值。

Without saying, it's been a huge part of our performance this year. Having that level of flexibility. And although the terms on those time charters are proprietary just for competitive purposes, they don't go forever. But we have that well into next year, we'll still have those before any of those.

不用說，這一直是我們今年表現的一大部分。擁有那樣程度的彈性。雖然那些定期租船的條款出於競爭考量屬於專有資訊，但它們也不會永遠持續。不過我們的合約會延續到明年相當一段時間，在其中任何一艘。

Will be looked at being renewing and things and that gets back to that comment I made earlier, sometimes we'd rather be lucky than good and we took a lot of these actions, not anticipating the unique benefits we'll see now, but they have been extremely valuable for us and I think in the quarters ahead, they're going to continue to be.

在被考慮續約等事項之前；這也回到我先前的評論：有時候我們寧可幸運也不要只是做得好。我們採取了很多這些行動，當時並未預期會看到現在這些獨特的效益，但它們對我們極其有價值，我認為在接下來幾個季度也會持續如此。

Okay, thanks for that. And then I guess the second question is for Peter on the balance sheet. You talked about net debt falling a lot in the quarter. Like a lot of everybody else, we have clear line of sight to a net cash build.

好的，謝謝你的說明。接著我想第二個問題是問 Peter，關於資產負債表。你提到本季淨負債下降很多。跟其他很多公司一樣，我們對淨現金累積（net cash build）有非常清楚的可見度。

And given I've chatted with you about this in the past, but it seems like that is more of an output rather than something that the company wants to get to. So how are you thinking about. Sort of free cash allocation to the extent that oil prices and crack spreads remain elevated. I think there's probably limits to how much you want to grow.

而且鑑於我過去也跟你聊過這點，但看起來那更像是一個結果（output），而不是公司想要達到的目標。所以你們如何思考。在油價與裂解價差（crack spreads）維持高檔的情況下，自由現金的配置？我想你們在成長幅度上大概也有上限。

You recently increased the monthly buyback to $750 million. How should we be thinking about that into 2027?

你們最近把每月庫藏股回購提高到 7.5 億美元。我們應該如何看待這件事一路到 2027 年？

Thanks a lot, Menno. Obviously, the balance sheet is in exceptional shape right now. And as we spoke about before, our philosophy on share buybacks has always been to buyback proportionate. To our overall dividend.

非常感謝，Menno。很明顯，目前資產負債表的狀況非常出色。如同我們之前談過的，我們對股票回購的理念一直是按比例回購。相對於我們整體股利。

We are certainly doing that right now, and so that philosophy remains unchanged. We believe in returning excess funds to shareholders. We're always going to maintain the flexibility to respond to any material changes that may happen in the market. But this is the power of Suncor.

我們現在確實正在這麼做，因此這個理念沒有改變。我們相信把超額資金回饋給股東。我們也會始終保有彈性，以因應市場可能出現的任何重大變化。但這就是 Suncor 的力量。

This is the power of the integration that we bring. To the table, and that's to provide reliable and predictable and ratable shareholder returns for the cycle. And you can count on us to continue that.

這就是我們所帶來的一體化（integration）的力量。也就是在景氣循環中，提供可靠、可預測、且可持續（ratable）的股東回報。你可以相信我們會持續這麼做。

And then maybe if I just add one other point to that. If we choose to grow faster than we outlined in our Investor Day plan, the incremental capital that we're looking at is not. Overwhelming in any regard. So if the business environment stays strong and we would choose to invest more in the near term, the ability to return cash, the.

另外也許我再補充一點。如果我們選擇比投資人日（Investor Day）計畫所概述的更快成長，我們所考量的增量資本支出並不是。在任何方面都不會造成很大負擔。因此如果經營環境維持強勁，而我們選擇在短期內投入更多資本，回饋現金的能力、

Reliable and growing dividend and material buybacks, we think we're going to be able to do all of that. We don't have any particular goal or driver to build up a war chest of cash for any particular reason. With a net debt at or near or below zero, we have a lot of flexibility for whatever we choose to do. So you can interpret that as there'll be continued material cash return to shareholders.

可靠且成長的股利，以及具規模的回購，我們認為我們都能做到。我們沒有任何特定目標或驅動因素，要為了某個特定原因去累積一筆「戰備金」式的現金。在淨負債接近、等於或低於零的情況下，我們對於想做的任何事都有很大的彈性。所以你可以把這解讀為：未來仍會持續以相當規模把現金回饋給股東。

In particular. Incremental dollar via buybacks.

特別是。透過回購來回饋的每一筆增量美元。

Thanks to the both of you. I'll turn it back.

謝謝你們兩位。我把時間交回去。

Manav Gupta, UBS.

Manav Gupta，瑞銀（UBS）。

Good morning, Rich. You've kind of talked about, who made the family photo and who did not, but there were a couple of assets, I think, Hebron and Hibernia, which did make the family photo, and I'm trying to understand what drove the decision to keep those members in the family photo. Thank you.

早安，Rich。你有點談到哪些資產被放進「全家福」以及哪些沒有，但有幾項資產，我想是 Hebron 和 Hibernia，確實被放進了全家福；我想了解是什麼驅動了把它們留在全家福裡的決定。謝謝。

To keep them...

把它們留下來……

Oh.

喔。

Yeah. Hebron and Hibernia, of course, they're non-operated, and a big part of who's in the family photo and how, close you snuggle up to me and my wife is what do you bring to the party and can we? Add value to what you do. Hebron and Hibernia bring a lot to the party.

是的。Hebron 和 Hibernia，當然，它們是非營運（non-operated）資產；而「誰在全家福裡」以及你跟我和我太太靠得多近，很大一部分取決於你帶了什麼來參加派對，以及我們能不能？為你做的事情增加價值。Hebron 和 Hibernia 帶來很多價值。

They're longer life, they're a stable operation, a rock solid operator who knows how to operate in the offshore quite well. And fundamentally, we cash dividend checks each month from them and they run it really well. So they add material cash flow. It's not to say the assets we're looking to sell.

它們壽命更長、營運穩定，而且有一個非常可靠、很懂得如何在離岸環境營運的營運商。基本上，我們每個月都會從它們那裡收到現金股利支票，而它們的營運做得非常好。所以它們帶來可觀的現金流。這並不是說我們打算出售的資產。

Don't, but they're not our core competency. I don't think people buy Suncor because we operate a single FPSO off of the East Coast. So there are some distinctions there, and we've always talked about the East Coast as really a tale of two cities. There's the platforms that have run Hibernia and the floaters, and we look at them in different ways and make different decisions based on how we see them.

沒有帶來現金流，但它們不是我們的核心能力。我不認為大家買 Suncor 是因為我們在東岸外海營運一座單一的 FPSO（浮式生產儲卸油船）。所以這裡有一些差異；而且我們一直把東岸描述為某種「雙城記」。一邊是像 Hibernia 那樣運作的平台，另一邊是浮式設施（floaters）；我們用不同方式看待它們，並根據我們的判斷做出不同決策。

Thank you. My quick follow-up here is we are seeing WCS differentials widen, but given your refining capacity integration and the diesel margin, the impact of those differentials will be minimal for you compared to your peers. Can you talk about that?

謝謝。我這裡快速追問：我們看到 WCS 價差（differentials）擴大，但考量你們煉油產能的一體化以及柴油利差，這些價差對你們的影響相較同業會小很多。你能談談這點嗎？

Yeah, you hit on it well. Our level of sensitivity or immunity to a differential is uniquely low relative to our peer set. And everyone is talking about what's going on. It's not so much that there's, the pipes are overstuffed, so you can't get more out.

是的，你說得很到位。相較於同業，我們對價差的敏感度或「免疫力」獨特地偏低。而大家都在談目前發生的事。問題不太在於管線被塞爆、所以你無法再把更多量運出去。

It's some of this unique freight situation you're seeing in the Gulf Coast. There's a Venezuelan crudes. There's a number of other factors here. So, yes, they certainly.

這部分是你在墨西哥灣沿岸看到的獨特運費情況所致。有委內瑞拉原油。還有其他一些因素。所以，是的，確實如此。

Widened. Although the underlying WCS price is still at a historic level is quite high, we don't see this as kind of the new norm. We don't see these widening differentials as enduring. But while they do, we are less affected by them than the rest of our peer group.

擴大了。雖然WCS的基礎價格仍處於歷史高位、相當高，但我們不認為這會成為新的常態。我們不認為這些擴大的價差會持續。但在它們存在的期間，我們受影響的程度比同業其他公司要小。

Again, keep going back to that unique construct of our upstream and downstream asset base. Thank you so much. You're welcome.

再次強調，這要回到我們上游與下游資產基礎的獨特組合。非常感謝。不客氣。

Patrick O'Rourke, ATB Cormark.

ATB Cormark 的 Patrick O'Rourke。

Hey, guys. Good morning, and thank you for taking my question. Obviously, you've covered a lot of ground throughout the entire business, particularly the downstream, so that's been terrific. Maybe I'll keep it brief here then.

嗨，各位。早安，謝謝讓我提問。顯然你們已經涵蓋了整個業務的很多面向，尤其是下游，這非常好。那我這裡就簡短一點。

When I look at year-to-date capital spend and we think about the normal cadence for Q4, it seems like it puts you down one or two paths here, one path where you're at or below the low end of your full-year CapEx guide or another path where maybe you start pre-investing in 2027 in some of the strategic initiatives you've spoken to. As of where we sit today, which path would you think you'd prefer to head down?

當我看今年迄今的資本支出，並考慮第四季通常的支出節奏時，似乎你們會走向一到兩條路徑：一條是全年資本支出指引落在或低於區間下緣；另一條則可能是你們開始為2027年你們提到的一些策略性計畫提前投資。以目前的情況來看，你們會偏好走哪一條路？

Yeah, fair question, Patrick. We are tracking toward the low end of guidance on the capital. And in part, we didn't talk about it a lot in the second quarter, but these unique rain events also slowed some of our. Capital activity that involves moving dirt things because of the weather conditions.

是的，Patrick，這是個合理的問題。我們的資本支出進度正朝著指引區間的下緣前進。部分原因是，我們在第二季沒有談太多，但這些特殊的降雨事件也放慢了我們部分。涉及土方移動等工作的資本活動，因為天候條件所致。

So both tracking to the low end, given where we are, we've been asking ourselves some of the monies that we had planned on spending in 2027. Does it make sense? Given we have the capacity to move some of that to '26, if it makes sense, we've been looking to do that, that's probably lost in the round-off though, it's not big numbers, but we have said that we're planning a future at or below $6 billion in capital. That's still where we are.

所以在目前的狀況下，我們確實是朝下緣走；同時我們也在問自己：原本計畫在2027年花的一些資金。是否合理？鑑於我們有能力在合理的情況下把其中一部分移到2026年，我們一直在評估這麼做；不過這大概在四捨五入後就看不太出來，金額不大。但我們也說過，我們規劃未來的資本支出會在60億美元或以下。目前仍是如此。

We'll guidance here in about a month for the next year. I think you can probably guesstimate what you might see on the capital side of it. So we're just looking at other good, thoughtful, wise things to do. Versus macro changes.

大約一個月後我們會提供明年的指引。我想你大概可以推估資本支出面可能會看到什麼。所以我們只是看看還有哪些好的、深思熟慮且明智的事情可以做。而不是做宏觀層面的改變。

And part of that, make no mistake, part of that coming on the low end of guidance is continued good performance. We've talked about turnarounds. I just flagged three of them that were best ever. So our organization continues to do a good job of being very thoughtful, frugal, and wise with capital allocation.

而且要說清楚，落在指引下緣的一部分原因，是持續良好的營運表現。我們談過大修（turnarounds）。我剛剛提到其中三次是史上最佳。所以我們的組織持續在資本配置上做得很好：非常審慎、節省且明智。

And that's part of the reason we're tracking to the low end.

這也是我們進度落在下緣的部分原因。

Okay, great. And then just thinking, you touched on a little bit, but WCS differential here, you touched on your time charters. I mean, typically the locational discount has been sort of between Hardesty and the Gulf, but now it's between the Gulf and maybe other waterborne crude markets. Based on the assets you have to move barrels here, what sort of ability do you have to mitigate WCS differentials by, say, pushing those heavy barrels that are not upgraded further out the value chain here in the fourth quarter and into 2027?

好的，很棒。接著再想一下，你提到了一點WCS價差，也提到了你們的期租（time charters）。一般來說，區位折價大多是在Hardesty與墨西哥灣之間，但現在是在墨西哥灣與其他海運原油市場之間。基於你們現有的資產來移運這些桶數，你們在第四季到2027年期間，有多大能力透過把那些未升級的重質原油沿價值鏈往下游推進，來緩解WCS價差的影響？

Dave, do you want to comment on that? Sure.

Dave，你要評論一下嗎？當然。

Patrick, as we export off of the West Coast. On our TMX volumes, and we get to capture full market value for those products. We have commitments on pipe into the Gulf for some of our volumes. But at the end of the day, really and we'll maximize into our refineries, but make no mistake, we're always maximizing heavies and sours into our refineries regardless of where the diff is.

Patrick，當我們從西岸出口。以我們的TMX運量來看，我們能夠取得這些產品的完整市場價值。我們有部分運量已承諾透過管線進入墨西哥灣。但歸根結底，我們會盡量把量送進我們的煉油廠；不過請不要誤會，我們一直都在把重質與高硫原油最大化送進煉油廠，不管價差在哪裡。

It's pretty much always economic for us. So really, we see ourselves continuing to do more of the same in that space. And like Richard said, we're pretty indifferent to the WCS diff overall. If the diff is wider, we make it up in the refining business or we make it up in our upgraders.

對我們來說幾乎總是有經濟效益。所以在這方面，我們認為會持續做更多同樣的事情。而且如Richard所說，整體而言我們對WCS價差相當不敏感。如果價差變寬，我們會在煉油業務上補回來，或在我們的升級廠（upgraders）補回來。

We see it as pretty indifferent to our operation through the fourth quarter.

我們認為在第四季，我們的營運基本上不受影響。

Because of those time charters, when and how we contracted them, we don't have that same exposure to the differentials on the heavy crudes that are exported. Because of our freight rates. That won't last forever, but we also don't think the current world we're in will last forever either.

由於這些期租合約，以及我們簽約的時間與方式，我們在出口重質原油的價差上，沒有同樣的曝險。因為我們的運費費率。這不會永遠持續，但我們也不認為目前所處的環境會永遠持續。

Okay, thank you very much.

好的，非常感謝。

Travis Wood, National Bank Financial.

National Bank Financial 的 Travis Wood。

Yeah, good morning, guys, and apologies if this was touched on. I logged in a bit late. I think in the opening remarks, and you've done this last quarter as well, just continue to talk about efforts to capture global pricing, largely through the refined product market given where global cracks are. But could you walk through some of the detail and maybe some color around what that is exactly and what you're debottlenecking, whether it's kind of.

是的，各位早安，如果這題已經被提到過先說聲抱歉。我登入得有點晚。我想在開場致詞中，而且你們上季也有提到，就是持續談到努力取得全球定價，主要是透過成品油市場，因為目前全球裂解價差（cracks）的水準。但你們能否說明一些細節，並補充一些說明，這到底具體是什麼、你們在去瓶頸（debottlenecking）哪些環節，是否像是。

Egress to Tidewater to be able to export to those markets and then what type of volume would we be thinking about in the product sales for Q3 and what do you think that contributed on the margin for the quarter as well? Without giving away too many of the trade and marketing secrets, obviously.

通往潮水港（Tidewater）的外運能力，以便出口到那些市場；另外，我們在第三季的產品銷售量大概會是多少？以及你認為這對本季的利潤率貢獻如何？當然，不用透露太多交易與行銷的機密。

Sure. Travis, we're going to cut you some slack for joining us late as long as you go back and listen into the earnings call song on your own time. You got to hear that. It's one for the ages.

當然。Travis，只要你之後自己回去聽一下財報電話會議的那首歌，我們就不計較你晚加入。你一定要聽到。那是經典之作。

Dave, why don't you comment on that?

Dave，你來評論一下？

Yeah. So Travis, we optimize our exports off both coasts, and we have some unique, efficient logistics with rail to the West Coast. And then ability to trade direct to customer through our own chartered time chartered vessels on the West Coast, as well as the same thing on the East Coast. We have niche markets that we deliver to who see a unique value for our products, which tend to be lower cloud point into Alaska on the West Coast and Scandinavia, Iceland, places like that on the East Coast.

好的。Travis，我們在東西兩岸都會最佳化出口，我們也有一些獨特且高效率的物流，例如透過鐵路運到西岸。此外，我們也能在西岸透過自有、以期租方式租用的船舶，直接與客戶交易；東岸也是同樣的做法。我們服務一些利基市場，這些市場認為我們的產品具有獨特價值；在西岸主要是雲點（cloud point）較低的產品運往阿拉斯加，而在東岸則是斯堪地那維亞、冰島等地。

And then there's a big short. In Central America that we have an established relationship with some counterparties there that is very profitable for us. We see our ability to grow that materially. We've grown it already, particularly the West Coast volumes, and it has historically been a rail loading and unloading constraint, and we've been busting through that, and we think we have more room to go on that into the first quarter.

另外，中美洲有很大的供給缺口。我們在那裡與一些交易對手建立了既有關係，對我們而言非常有利可圖。我們認為我們有能力在那方面實質成長。我們已經成長了，特別是西岸的運量；過去歷來的限制在於鐵路裝載與卸載能力，我們一直在突破這個瓶頸，並且認為到第一季仍有進一步提升的空間。

And then the setup you have, Dave, again, not to get into commercial terms, but that. Getting products railed to the West Coast, the way your team has set that up, that's quite competitive with the pipe products to the West Coast.

接著你們目前的配置，Dave，再次說明一下，不談商業條款，但就那個安排而言。把產品用鐵路運到西岸，你們團隊把這套流程建起來的方式，和把產品用管線運到西岸相比，競爭力相當強。

Okay, and are you able to share what type of volume we're thinking about versus kind of domestic consumption, like using the six? 677 of sales for this quarter, how much would reach the Tidewater of that number approximately?

好的，那你們能否分享一下，我們所想的量大概是多少，相對於國內消費而言，例如用本季 6。77 的銷售額來看，其中大約有多少會到達 Tidewater（潮水港）？

Yeah, we, yeah, Travis, we exported about 75,000 barrels a day year to date.

是的，我們，是的，Travis，我們年初至今每天出口大約 75,000 桶。

Out of the six out of the six plus, so more than 10%, and.

在六、在六加的量裡面，所以超過 10%，而且。

We have an opportunity to do more if the market. Directs us in that direction, we have opportunity to do more and we have the opportunity to flex between diesel and jet molecules as well depending on where the market goes.

如果市場。引導我們往那個方向，我們有機會做得更多；而且我們也有機會在柴油與航煤分子之間彈性調整，視市場走向而定。

If round numbers, we'll give a little more round numbers of that. A little less than half of that export has been, if I remember right, has been crude and a little bit more than half products.

如果用整數概算，我們再給一些更概略的數字。我記得出口量中略少於一半是原油，略多於一半是成品。

Is that about right? That's the product volume. That's just the product. Sorry.

這樣大致正確嗎？那是成品的量。那只是成品。抱歉。

The crude volume is in addition to that. Gotcha.

原油的量是另外加上的。了解。

You're using chips for the crude, but that's just the product.

你們原油是用管線（pipes），但剛剛說的是成品。

Yeah. Okay. That's perfect. Yeah.

對。好的。非常好。對。

I was really just focused on refined, the refined side. So that's great color. Appreciate it. I'll turn it back.

我其實主要只聚焦在精煉品、精煉端。所以這些資訊很有幫助。感謝。我把問題交回去。

Thanks guys.

謝謝各位。

Lydia Gould, Goldman Sachs.

Lydia Gould，高盛。

Thanks for taking my question. Could you talk more about costs and how you're driving improvements in your operating costs across assets or any other areas of the business where you see opportunities to take out costs or drive structural efficiencies?

謝謝讓我提問。能否多談談成本，以及你們如何在各項資產的營運成本上推動改善？或是在業務的其他領域，你們看到哪些降低成本或推動結構性效率提升的機會？

Sure, I'll make a general comment, then I'm going to turn to Adam, particularly in the mining side of it. We recognize you have to identify, who you are, what you are. We're a global commodity that is cyclical in nature. We generally can't control the prices of our products, so we have to just have an endless, ruthless, unwavering commitment to cost management.

當然。我先做一個概括性的說明，然後我會把話題交給 Adam，特別是採礦那一塊。我們認知到你必須先界定你是誰、你做什麼。我們是一種全球性的大宗商品，具有週期性特質。一般而言，我們無法控制產品價格，所以我們必須對成本管理保持無止盡、嚴格、毫不動搖的承諾。

For us, our refineries are extremely competitive. Our upstream is 2 components. It's a large and growing. In situ and it's the large mining.

對我們而言，我們的煉油廠競爭力非常強。我們的上游由兩個部分組成。一個是規模大且持續成長的。原地開採（in situ），另一個是大型採礦（mining）。

The mining has a higher ongoing operating cost structure. So Adam, why don't you share some of the things we're doing there to just contain, control, reduce cost in the. Upstream mining sector in particular.

採礦的持續性營運成本結構較高。所以 Adam，你不如分享一下我們在那裡做的一些事情，來抑制、控制、降低成本，特別是在。上游採礦部門。

Yeah, so in the upstream, and Rich spoke about this already, when you look at the two main businesses in situ and the mining pieces, the in situ assets are already at a very competitive top quartile cost perspective. There's always work we are doing to continue to drive that down. But the big opportunity for us in the upstream is in the mining business. And when you look at the cost that we have in the mining business, there's a number of things we are doing to drive those costs down further.

好的。在上游方面，Rich 先前已經提到，當你看兩大主要業務：原地開採與採礦，原地開採資產從成本角度來看已經非常具競爭力，處於第一四分位（top quartile）。我們一直也在持續努力把成本再往下推。但對我們上游而言，最大的機會在採礦業務。而當你看我們採礦業務的成本時，我們正在做很多事情，進一步把成本降下來。

I could speak about a number. For examples to increase our productivity, but perhaps the example I'll speak to is the work we're doing to scale our autonomous haul system. So you may recall that we have scaled and we've deployed AHS, autonomous haul system, at our Base Plantt operations. We have around 140 trucks or so, ultra-class trucks, fully autonomous.

我可以談很多項。例如提升生產力，但我想舉的例子是我們正在做的工作：擴大自動化運輸系統（autonomous haul system）的規模。你可能記得，我們已在 Base Plant 的營運中擴大並部署了 AHS（自動化運輸系統）。我們大約有 140 輛左右的超大型卡車（ultra-class trucks），完全自動化。

In addition to the increased safety performance we get from that, we are seeing a reduction in our operating costs resulting from the deployment of. So the decision has been made to now deploy AHS and scale AHS at the Syncrude Mildred Lake facility. We currently have just under 30 trucks kitted with AHS at Mildred Lake. And by the end of this year, we will have close to 40 trucks kitted with AHS on an operation.

除了因此帶來更好的安全表現之外，我們也看到因部署而使營運成本下降。因此我們已決定在 Syncrude Mildred Lake 設施部署並擴大 AHS。目前在 Mildred Lake，我們有不到 30 輛卡車已加裝 AHS 套件；到今年年底，我們將在該營運中有接近 40 輛卡車加裝 AHS 套件。

So that is an example of the work we're doing in our mining business to continue to drive our productivity up and reduce our costs.

這就是我們在採礦業務中持續提升生產力、降低成本的一個例子。

Thanks, Adam. So just to add to that, really two big levers: productivity in mining, where little things make big differences with a large fleet, and then technology. AHS is a technology on it. So those are the two big levers we're operating. And we know internally, our mining has to be cost competitive to attract capital. And the teams understand that and are working hard to do that.

謝謝你，Adam。補充一下，主要有兩個大槓桿：採礦的生產力——在大型車隊中，小幅改善也會帶來很大的差異——以及科技。AHS 就是其中一項技術。所以這是我們正在運用的兩個主要槓桿。我們也清楚，在內部，我們的採礦必須具備成本競爭力，才能吸引資本。團隊理解這點，也正努力達成。

That's great. Thanks so much.

非常好。非常感謝。

Thank you. I'm showing no further questions in the queue at this time. I would now like to turn the call over to Mr. David Johnson for any closing remarks.

謝謝。我目前看到隊列中沒有其他問題。現在我想把電話交給 David Johnson 先生，請他做結語。

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

感謝各位今天早上參加本次電話會議。如果你有任何後續問題，請隨時與我們團隊聯繫。接線員，你可以結束通話。

This concludes today's conference call.

今天的電話會議到此結束。