Suncor Energy (SU) 5 Aug 222022 Q2 Earnings call transcript

Good day, ladies and gentlemen, and thank you for standing by. Welcome to the Suncor Energy Second Quarter 2022 Results Conference Call. At this time all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] At this time, I would now like to hand the conference over to your host today, Mr. of President Vice Bell, Investor Relations. Trevor ahead. go Please

Alister our to Thank the results as earnings our quarter Smith, today's current SEDAR, President Officer; comments Welcome note information. because Officer. described morning of may you, information various in are are well by and GAAP. risk good Interim as referred earnings differ and quarter Executive EDGAR Certain not Chief actual that of operator, in factors Both contain Suncor's Canadian comments measures and Chief our call. that release annual on form. expected in Kris those Financial website, Please and second second are morning. available Cowan, The With these to prescribed results forward-looking financial this assumptions me from are suncor.com. and materially

measures, a see please our these second of For earnings description financial release. quarter's

to Following the we'll call up questions. formal open some remarks,

Kris I'll hand Thanks, results over for thanks to Trevor, our Kris Now opening it everyone joining for us Smith call. and quarterly today Great. to for remarks. his

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framework, shareholder year, shareholder Board, quarter. increasing reaches end, to will driving public XX% base asset and half is are addition we've in and half demonstrated billion, quarter and expenditures increase dividends. footprint And targeted strategy our returns. prudently to quarter, shareholder integrated announced strategy, And in already we be In net debt increasing area $XX of repurchased value, second we which by changing. while by to our shareholder by debt our committed lower we once improvement remain returns first shareholder strength integration our quarter will to and of The We the of performance, buyback reducing investing business unparalleled I to after and reduction Suncor's a priorities fully our as and will of funds the safety allocation Physical further float. and expect returns, supported sustain in and second be the not an support that carbon last XX% to is optimize our as excess of results. the want increasing continue incremental capital optimize operating base outlined which unlock to Suncor's dividend energy. clear, our capital commitments and endorsed in carbon XX% return

this are the results our long-term business reviewing process However, disclose that we and for for quarter. of the maximizing retail value are we that to business fourth the shareholders, ensure in will our options of we

synergies delivering our costs, commodity Syncrude. our have acknowledge headwinds unlocking funds remain flow to and free on on good costs from make also And our very with progress including initiatives inflation to higher we we on in while initiatives. growth continue focused and We mining

we have our $XXX approximately the for we to million, signed end, proceeds portfolio that later is long-term receive a business for on year. our this assets up gross expect continue ensure sales shareholders. deliver our which superior agreement We optimize of to To to set closing to returns Norway to

we're sale our sales interest Sea wind North UK final for of assets As begun moved strong process our the in we've we round well, and seeing and assets. have into very our market the

actions portfolio with of fit All are our ensuring new continue our And to our improvement In advancing growing shareholders. our these aligned meet we safe sheet long-term those returns manage prudently operations carbon summary, the and strategy. our objectives expect to our will in areas. finally, develop reliable we me execution in balance and drive and of in that to while our to our focus should improve strengthening you strategy, and low-carbon businesses, advance strategies to reduction investments

were higher-value we operations or integrated captured highlight of with product products its returned and our take at fund Now of or flow beyond of with strong market history billion after capital our record billion XXX% reported strength results. quarter downstream Upstream $X.X funds approximately per $X.X right near quarter let's adjusted as market values our adjusted at in XXXX, flow a of on Suncor quarterly advantage look competitive share. share well back focus model on free things expenditures these and par second and shareholders. bitumen. Both And our the second WTI In $X.XX highest $X.XX funds from as per realizations to the capture. the

barrels the day both Oil quarter. planned maintenance day XXX,XXX and barrels Firebag per planned Upgrader X. upstream in Our unplanned production events of reflects and of Sands operations included per of XXX,XXX production

plans which our we barrels plan produced day our we from to for our XX-year Firebag, production production a Upgrader barrels at segment. and at at that asset. significant impact was production which our barrels reflects the maintenance And the with situ was and produced largest is expected, planned Syncrude, plant and of in time, Fort smaller history events the per per exceeded XX,XXX turnaround While unplanned day with And the the than day its with due of MacKay we same below business completed this line in Hills, in operations offshore expectations at XX,XXX At which River per achieved in XXX,XXX solid our X. base quarter. execution our area

record results, both LIFO from we our operations funds Looking at the and adjusted Downstream generated FIFO basis. the on

Canadian day events all a unplanned major reflects approximately had impact Our barrel the maintenance year. City the for quarter. Downstream planned which in refinery, XXX,XXX the day of planned our no our an as XX,XXX well maintenance Commerce per as barrels throughput the on per further And refineries segment have of at activities across we balance

XXX,XXX Now let to production July review, performance me to the year. and turn XXX,XXX day of remainder the a reflecting expectation year per we’ve After barrels our the guidance. careful barrels for day, updated to per guidance year-to-date our our annual full

Rose White billion as that working that $X.X we’re we’ve of offshore safety spend the well, This our to will $X.X maintenance pressures increase to and and in seeing and through turnarounds updated it I inflationary during range the walk restart as with our Alister across As increased financial pass reflects guidance interest to capital portfolio. the that, to well And capital for XXXX. project in to highlights. and improve general project increased reliability a billion

Kris. Thanks,

adjusted or just you share. this for highest ever noted, $X.XX the the As from quarter per $X.X was funds approximately billion at company operating quarter

share funds flow – or and of We back to buybacks where Downstream $X.X through funds were billion shareholders. Oil prior Second better periods dividends they respectively. strong record quarter operations than records, from was XX% XX% and a in prior Sands and adjusted adjusted approximately XX% returned in nearly

For share over X% buybacks float. this the quarter, focused nearly of public debt reductions back bought we on and

net loss Canadian dollar. the to did increase weaker the due Our from debt translation FX

us cash will execute target our buyback year and net However, XXXX allow on second debt achieve $XX half program. generation a share our to continue this billion to

is industry-leading the margin physical conditions integration and the the market them it base exceptionally between during that strong strong our drives and were asset capture. While realizations quarter,

that both the average trended funds benchmarks billion was headline risk and $X per barrel. was marketing part our on improvements. in Our which and our integral the an capabilities, above bitumen CADXXX price CADXXX I of investments free flow due realized to realized realizations price logistics barrel, our forms note per barrels SCO price

this environment, results. is exceptional been an has business For in which our Downstream, reflected

margin summer record performance perspective, we achieving marketing within the performance. our team this driving season and performance adjusted our the second To network. this the with I and flexibility occur. in operations logistics includes funds of in And gains. credit and operations Our our maintenance before of channel yet of achieved of planned the prior despite to travel Again, even funds a planned the with results billion place have and quarter prioritizing our XX%. Canadian On to Downstream tax the maintenance a from had reflect increase prior of market and capture by basis, XXX% conditions the captured highest $X.X exceptional are million all across LIFO billion FIFO $X.X margin $XXX from margins refineries. approximately These the significant quarter these adjusted from nearly our by over beat assets was and

Lastly, once half towards allocation now Kris our year. the $XX some increase to and like closing excess are XX% to of target track share to for we later it second that I’ll achieved debt that achieving on the remarks. I’d billion confident buybacks is net also back reiterate capital policy this pass in funds in remains to of

Thank you very much, Alister.

performance. and with organizational we experienced operating strongly people I’m I structures I people, to execute. management do to mentioned making Sands we completed with need clear operational my culture. have on performance, to to central focus across well funds free I’ll as with engaged to deeply focus stronger we the systems on safety changes improvement on as is performance. do. capital contractor long-term my company building plan driving Downstream view, drive be will this a commitments. including improving right operating our to working safety independent and team need an execution and forward. do deliver to right safety sure systems you performance. focus front is And talent each strategies, engaging our be what the through, not in my capabilities focus senior sure what to in across work year, with performance culture, connection businesses. long-term the number my our safety team growth performance need while to operating risk to and on that to serious team and We be on and assessment regard, key improvement eliminating compensation it improve safety and We safety, operating and risk Board staffed more be and this foundational environmental, back company as improving be already place to do operating supporting our focus focus As we and organizational sheet my follow and make going safety to clear, And get be make is our our is one we do growing and enabling leadership organizational and we’re team drive assembling our I’ll exactly to between have working To with safety our but a strengthening and operational by safety diagnosis, accelerated all last working with to improvement cost team we're continue know, goal our the steps in our at is Suncor’s balance and and our pace. will further excellence, And many a do executive compensation, the to to Oil discipline accelerated is deliver this systems and our and excellence. returns tied and going Again, drive line that my on what improving on And need that's focused to reducing and I and fatalities. what strengthening been are executing deliver complexity our the including its and taken efforts delivering simply, earlier, to clear focused We’ve and that execution every safe the management basics to plan our management in strengthen injuries shareholders. structure, our day. safety I’ve strengthen to put performance will strong reducing business performance. guide also commitment

I'll deferred plans the that with and coming be and hold And back will the safety detail. of we time, Finally, of in you. investor that, which in over An describe operational date the actions plan recently it to shortly. Day turn At announcement Trevor, Operational out our more fall. to improvement presentation we'll

take Thank back some the to call you, to operator Kris Operator? turn the and Alister. I'll questions.

your Our first Capital line from Instructions] RBC comes from question is the open. line or Pardy, Greg Mr. comment [Operator Pardy of Markets.

can underway some right just thanks. Hi, more the initiatives, good Thanks rundown. what and connect to around on reset uncovered, you're Thanks. some safety whether it's I causality maybe to but initiatives and Good you the what from depth talk for you've again. know of perhaps safety going shed morning light Kris perhaps in a the perspective, just are now?

question, good the connect Yes. well Thanks to for as Greg, too. and

we of the in As number remarks, some and tailings I in year did related recommendations of safety of business. of the to assessments areas safety last took started in-depth number particularly we mentioned And and the had our a that out fatalities mine actions. a that assessment

risk working make business has investment and deep of that – and to as things technologies, there's working avoidance in so, areas number our of validate those high with team from And been well with in technologies we've systems center, underway working would about that in in we're management the safer, talked risk as areas are controls and And those as business collision a teams reviews addition, to be in the the past, company. examples well. doing who been management operations of technologies, this working the of strengthening full areas in the part inherently part of the

the momentum we to team, we frankly. line. as in enable pace we've on part, continue we to view, our really engage we see need need I As can and things, But it and been that's is the the working where then at my the to with look have important other quite those accelerate front

line. day where the because around work and do risks line, to That's happen each managing happens. people and work at have the managing with and decisions work work people we the with front that's doing where the the line that's We working every front the front the

front And Greg, so in the to further doing big focus, how do. and my that see day, we're but that we not we that line. that safety It's strengthen an want wasn't, work at view, about we because, that's do work, the end going as be accelerate is how work to area the the it of really I can we at a culture

that. for Thanks Okay.

like question is on could maybe oil sands, just be they a but provide long, us any update just and Hills of? full sort Are there where base with right not you of we maybe rates? hits be some sitting Second current Syncrude quick aware status Fort now? are Like would at should issues

to as saw QX then that quarter, cover into we're and as we moved it. their at looked of I'll start. obviously good and maybe the to the And Syncrude large move talking are Yes. now, And bit right very and we But quarter. second continuing into a in a Greg, we little just we it's they and event, see where bridge to have performance turnaround strong into off

then line Firebag at Hills are saw quarter to them, We out mine in second third as capacity. last That's extraction, that with so get the situ we of with a it issues in well. The into quarter. in issue completed They'll while the we're in and clean continuing maintenance quarter also into some our maintenance, expectations it MacKay in then reliability in quarter we've And the can returned been River our are issues, get and incidents persisting into create really the in end Those year into some Fort as quarter. QX has going have we've fourth which operations in And in from as that resolved base issues, saw we has UN what seeing maintenance turnaround with UN, upgrading addressed of plans second event, the resolving been persisting the event, moved from well plan. planned second on quarter. – they saw and its and forward the the at plant. In extraction. well. upcoming third the that front-end work of front some and them they're we the coming mine pulled

I our Syncrude, maintenance in it, so QX as the would large is So Greg, think know. – about have we way you

We have in maintenance on going UN.

mentioned, The other operations, on as are plan. I

And have we're to us going to similar so, to to of front be – expect look QX. – up be in can we're we into QX. maintenance QX you And going no setting going then

very luck. understood. Kris much Thanks Okay, good and

Greg. Thanks very much,

you. Thank

Manav comes of line comment or Gupta, Gupta is Credit Mr. the line question next your Our from Suisse. open. from

quick My more decision The looks adjustment. increase of to slight an does some guys. West it question a help in comments. into it give go back the inflation was us is you could morning part one. some understand you CapEx Can what of Good was Rose? part and then like clarifying of White what us If

very No, for thanks the Yes. much question.

we West increased guidance up. adjust three capital I mentioned remarks, working as and yes, my the there as this well good capital White driving on, interest that in that Project really when did So, for And did operator factors our Rose project which that, from our Recall get of in that project. increased our the portion restart we is year in took that this taking from offset interest, a working we proceeds the year.

turnarounds to the is we then it year-to-date or strengthen increased those as in assets. ensure related And spend well, other as and reliability found that well work have that to could we general we're so inflationary and and decisions pressure. undertake As work improving safety relates thirdly maintenance to

about other the sort is and of those the of to related you half inflationary guided other – to some half buckets. forecast give or So two the magnitude is sense pressures, increase

here. follow-up and sir, a Perfect, quick

that the where on the XX% the buyback. like you're on quarter? But you at quarter, free $XX pace to very of then the which was towards just it Could you of have when we of get rate look would cash XX% free second cash clear close buybacks, towards moving be the already in run kind You that looks is moving strong of been buyback. to very second once that billion comment

It's Manav. Alister. take thanks, Yes, that Yes. one. I'll

we quarter, on If the second focused you buybacks. look the at

or or Our on whether in quarter. to focus choose basis. in capital our We buybacks made allocation quarter. any second reduction decision an pick in is it's buybacks particular annual the on month really debt the policy We'll and

It's are where it You'll to a in taking of area. really We strongly function debt opportunities perspective. think generation buybacks the were and third the from an moves see fourth in cash we strongly quarters felt down. economic just the flow they and

flow the the make in. the generation will in with obviously, second second the cheaper coming bond particularly asset sales And interest have rising rates, we half economically first then cash better. redemption than half, With half, so in more

you, you. to Thank Thank look event. the in we meeting forward again you sir, and fall

you. Thank

next of or line comment from question Our Fong Dennis CIBC. the comes from

Your open. line is

one asking morning was bit questions. is good my to Maybe the for Hi, a off of Manav what first build Greg on taking little on. and and of thanks asking what

changes with associated previous any call, Just that changed anticollision forward and a was in safety necessarily as just so the forth. some Has to the of to a improvement with installation was know discussion respect measures reliability spending? curious of that I all technology. with of I and conference been of capital – at the CapEx has around given there the brought timing?

No, Dennis, for question. Yes. thanks, that

systems. where a look pace just – isn't limited the and do right where see the there's about that how programs – aren't yes, those now, at going at technology of over a to do the This can this in looking it's get material the through taking At place have what opportunities right of out can implement related now to get it at to But they end where the opportunities. these are we underway. XXXX. we're sense we're all day, to, we investments those equipment. pace are into material and accelerate it capital. period be we to obviously, technology this So We're which to XXXX by time And these makes

question is $X.XX funds second free the billion here just my growth. of And flow around Thanks. Great.

initiatives a bit optimization potentially initiatives digital you the safety as does well component outlined of well Just mine impact technology around as the associated some measures, as that little of in mentioned as a like going as increased kind of how you've that forward? CapEx improvements you're inflation just with

Dennis. Yes. And thanks,

initiatives, So recall, ones projects into there's our are that three ones and that number funds are revenue buckets, cost really driving reduction. driving capital driving that or of ones a fall margin enhancements, and free efficiencies flow initiatives that are

we're initiatives certainly focused a which on progress some put enhancement. the terms our revenue margin have of will interconnected two particularly would of good And been really quite we more seeing place, better and example on fronts. number projects value the that And span in buckets. in those an is or performing And program on frankly be in those And on cash. of pipeline driving than and our expectations early

In terms pressures headwinds, inflationary right cost of cost talking on obviously, was do I it, now side the of about. side, the mean, we that I see

so to completed industry terms something opportunities ERP initiatives drive give a efficiencies accelerate, working driving the digital will we teams in of are the stem through can sustaining just doing probably stern technology I and optimize our that of digital with businesses we with driving a to play cause well and so It in largest one margin way And SAP our operation the piece, live We benefit. to move and there value, in standard work was into look just can downstream in offset. business. enhancement and use the we technology data other to in using the and ones went technology as things April. We're at and cash a just And we then see to to teams upstream and revenue system, efficiency that's us from downstream, now and as implementation you particularly of the upstream analytics with and examples. and drive few on can into to the those that be big respect get that's is take central to we to And a of there's starting an example mode do getting SX. of

the So digital as I of accelerate it, about part question, of look back to we can the think, makes you're where to get where asking to those, we'll your and see I end it technology think sense.

team to things initiatives looking going the we're for opportunities the also accelerate the is and the driving further highest on and value headwinds opportunities that with we're focusing take for review seeing. of portfolio given on that focus a those I'm the ones of that sure of do One look to to and make then just

you provided. that I Thanks. color the appreciate it will back. turn Really Perfect.

Yes, thank you.

you. Thank

or Bank question comment of the line from of comes Leggate next from Our Doug America.

Good said everyone. morning, I Leggate this think for don’t more on. me Yes. Doug guess but of couple America. reviews. on or that It’s I Bank Kris, already know times, of touched from I a having – you you need Thanks diligence more you

just say to is Or where would need very how you have frame I identified peers operations what you similar to address? frame differences? differences we record? may, key need those What, this your You if between different Is to execute. you safety that the as that something of can kind

very thanks Doug. that, much No, Yes. for

the we’ve a happen understand talked looking and around that we of primarily more of risks about end the that activities, just we’ve are when coming diagnosis, working well tailing. and assessments heavy-to-heavy detailed our safety water, vehicle instance how at high-risk need place. as of back is also recommendations. undertaken the and independent – back they I is don’t with analysis, going down they’re which ensuring as in, happening, controls happening ensuring it’s Those with really if to we’ve where big contact, business, the outlined we few if area which independent already as to vehicle And And light-to-heavy our mining experts contact, business in and go not seen number technology that work come to a safety say incidents, of And enough, very I that the robust. have them, robust controls mentioned, they’re these So work in then and we tragic those one get in go happening. assessments that’s in the

So on line, managed, how how is it’s being happening at the it’s the front understanding being we’re work really executed. how focused

do. done in we’ve work piece, other then drive those exactly need loss. say got and area committed we’ve going continuing that’s though are we’re lot where the more safety that’s to those Those so seen company to we culture areas I of diagnosis, a and we’ve focus throughout the company. We’ve we And to to done the strengthen the even on, When the And is and need of comparisons. what the assessment. issues, don’t we’re what

we’re the that business. not so of in one just And focused area

We’re across strengthen the company. to going to continue

you question net straightforward is for I not it’s the answer floor easy Alister, why the it’s hope. is know $X debt? Why but a for – I answer, Thank number? right my Kris. follow-up one, color. guess that to an hard billion Alister, easy the for is I pretty

question, a That’s good Doug.

look using you actually The commodity cash we’re billion $XX history, of commodity environment. price, have at our we price made and $X If low WTI, that back about at around much if environment, generally lower $XX, you a spreads. crack look flow it in in

from So would times cash times coverage the is at be derived $X flow $X on X.X billion. our billion – we X.X

gives reasonable time. low the long But shorter cycle, scope us the enough for to take in eventually a point rationale that’s for think upwards some and that. it’s I a if of level period

Alister. much, very Thanks Thanks, enough. Fair guys. Okay.

Thank you.

Thank you.

of comment Menno Our comes line next TD Securities. from Hulshof question or the from

open. is Your line

can’t your margins you able how Thanks thoughts high-level I’ll to or spinout business more strategic former you review. say one us you on be of would the generally? retail start know Kris, Downstream on I impact taking my Downstream given Head much and give ongoing sale a to Downstream, for as questions. retail. your too with expect your But would the

that as review Yes. Thanks we’ve Menno. have set we question, for the outlined, up And process.

review. we to we’re from that – decision a some We Board. underway all Board related full undertaking by the And you of mentioned options independent and the up be that the have – and will committee reviewing set taken already an – those options. have business And

that back so get and And in pursue a position to to the going work in through assessment you QX. and and coming Board that we’re decision to then a support in have with that decision be the months

this value these business on model and at doing the well. margins, the of and decision Rack – work would have terms Downstream business what the the and that’s pieces that – impact and the and the key of question affect with integrated your Back alternatives how create that’s business one how it will respect around different they exact to I the and supporting would In of – they the as mean the Board and of look

that’s so key long-term it’s work best question really a aspect make of the that we that the of business, best value clear, of decision decision the sides driving unbiased for the the of do that providing the when shareholders. to around doing retail to interest view So and come both then in good,

year. your noticed Kris. proceeds. Thanks, the you second that cash for disposition expectation include of XX% I the by the of then flow a one is and And that free Perfect. end to And does Alister get return that,

asset calculation? proceeds? aggregate sales is, stretching rough question in in us of And being are you my how a which So that would to sense terms give included here, of but much be I’m modeled probably able is

Yes.

Norway around is $XXX obviously, Menno, that’s to million. your in question, announce there. And As we’ll

wind we’re of some come negotiations. sale at to I obviously, going disclose and not that, as I’m looking well. out going We’re mean, the to because solar

Okay.

And so be UK presumably, the there? would in not

The XXXX No, not. there. It number. no, absolutely be a be will UK in won’t

Alister. Thanks, Okay. Perfect.

Thank you.

or from open. Royall question comment Royall, from line next Our Mr. the your of JPMorgan. John line comes is

for question. Good morning, guys. Thanks my taking

of a taken as deferrals normal early up you’re turnarounds year, a And fully coming broader just look maintenance caught have in with is for beyond forward. into on year? but going Any pandemic? on there? done the next any So looking major kind of refining, might question anything of of out you be year, if the wondering understood course there this turnarounds you’ll I’m result that

– don’t straightforward managing the not we’re a of pretty – It’s out deferrals We answer. John. Yes. for No. it’s Thanks any pandemic. question, the

We our are on regular cycle. turnaround

so that normal cycle. And we’ll our year, of turnarounds next will be – part

it I is And the to the you maybe Great. half price-related? you capital source And headwind and was Thank in to of speak that if of should back drag expect a how in around of we then just had turn year? working big wondering much any the you. that XQ. could of

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Great. Thank you.

you. Thank

your Fargo. open. Roger Mr. question next Wells Read, Our or from comment line Read is from the line of comes

Yes. Thank you. Good morning.

morning. Good

their looking I’d to or rest. of year been come the what’s That safety Obviously, before for do in do it, to is on the you their put Kris. can from to back sort next really on is new and seems and it, the the Suncor to it year. early leader feel good come directions? stamp get can like at I’d company a standpoint you Board morning, want aspects culture between going of the done safety executive all early year. you or That get on from back out I then mean Hey, – like to person the a feel to factor what the company. like separates the right out you will that to now but stamp get put will want next but a person pointed what from

get engage CEO looking for and Thanks is with we’re that Board in focus drive the in permanent the to of safety Listen, decision and I and The about employees the And time all and really I Yes. executive question, necessary for. the improved things probably But just can’t my things meantime, the improvement of to do support outlined. we still. to do our full and the team the Board its that to drive stand will operational the have to changes terms the earlier. frame performance the in talked to that you make Roger.

just whether this, thing, the maybe done feel dig or is in it it’s you in I other some of it like that and could correct an some simple next other does done safety focusing take Or trying to aspects? issues one into maybe Also that what months. important months more. goals, little XX get a just the for misplaced if over was will bit words, the but as of as really to underinvestment? it forgetting a of feel it’s a feel – technology more I’m on six Do it the next

implement in happening those day implement manage thanks, executed This things that’s to each to technology. work our missing we’ll things, of Technology the isn’t some great the go work. execution be I of is an or the have underinvestment if and the back had can absolutely sales and is if the the we weren’t about No, about have and we the one it’s the fail that, incidents technology Roger. look and procedures, that root, processes what do about had, the – really risks we we been enabler. ability the and improve get while have Yes. put strengthening and it’s been systems to our that fact we will the And It’s field. we but And organization ensure its not that we focus safely systems that and while engaging isn’t but we And wrong it When it’s enabling every places. it’s be at processes and in to – to to describing to has and come earlier, was the issue, work huge not how – view, a enabler, there. this those at we I in will in systems, field. my Similarly, the that safely. and back procedures,

think, in we and safety view, And This not case. a that isn’t issues. the That’s and area, didn’t that’s my really, invest had I saying therefore, we attention. the technology, of the in question focus so just needs

of fair. sort issue with of and focusing this the That’s on experience cultural things. tends it I my just is to more be a mean right

where So core your if the processes, changes really give us I shifted. can safety great. in that you. And being enough other guess kind comments. focus drive of will you Thank has in to the be of future, that Appreciate an idea

Great. Thanks, Roger.

I’m to you. Relations. of the additional the showing to like Vice Mr. Investor turn this Thank at queue in Bell, no I’d questions conference Trevor President over time. back

Thank you, us joining for operator, everyone, today. and thanks,

them. questions, out If for and you thank team, and reach Again, happy answer my have to to you any myself follow-up we’re please attending.