The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Nicolette Slusser - Goldman Sachs Group, Inc., Research Division - Analyst
: This is Nicolette Slusser on for Neil Mehta. So the first question would just be on capital returns and around the timing of a potential SIB. Would it
be fair to say it would be around the May time frame after earnings? Any color you can provide there would be helpful.
Question: Nicolette Slusser - Goldman Sachs Group, Inc., Research Division - Analyst
: Great. That's helpful. And then just a quick follow-up would be on the cost side. So long-term CapEx seems to be around the CAD 1.4 billion to CAD
1.5 billion range. Can you talk about any inflationary effects you may be seeing? And how IMO is planning on mitigating those impacts?
Question: David Lorenzo Fernandez - BofA Securities, Research Division - Analyst
: Dave Fernandez in for Doug Leggate here. I wanted to ask first on the CapEx on the Upstream side. It looks like the outlook for 2023, 2024, looks
slightly below what you guys had last Analyst Day. Production obviously isn't impacted. So I kind of wanted to get some insight around what's
driving -- what looks to be some pretty resilient production volumes at a lower cost, particularly given the inflationary pressures that we're seeing.
Question: David Lorenzo Fernandez - BofA Securities, Research Division - Analyst
: Perfect. That's really helpful. And if I can ask on the breakeven. So as you guys noted, the FX rate went against you guys, but you're still able to
lower that breakeven. So at $35, it's about half of what the back end part of the curve is kind of trading at right now, around $70. So can you provide
some insight around how you assess what is the right breakeven target particularly as it concerns managing the dividend, which relative to peers
might be seen as -- not as competitive on a yield basis? So thoughts kind of around how you manage that breakeven target with both kind of like
a long-term view on where you see oil prices as well as where you want to see that dividend and the role of that dividend.
Question: Travis Wood - National Bank Financial, Inc., Research Division - Analyst
: I'm wondering if you could give us an update on the sales process of the conventional portfolio that you announced recently. And to the extent,
color around what types of buyers, private, public and maybe the size of the potential buyers as well. And then with that, as you think about the
already robust free cash profile and the proceeds from a potential sale, how should we think about that recycling back into the business? And is
there a scenario where we could start to talk about oil sands growth? Do you look to potentially look at extending the portfolio through M&A in
the oil sands assets? Or do we start to talk about Aspen potentially coming back into the conversation as well?
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