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: Greg Pardy - RBC Capital Markets Inc - Analyst
: Yeah. Thanks. Good morning. Thanks, Dion for the rundown. I wanted to ask you two things. which you definitely touched on in your opening
remarks. So maybe just in terms of streamlining the portfolio, like there's definitely been coring up in areas. You still have a number of areas, perhaps
maybe they're smaller assets or less core or even some of the stuff in Europe and so on. I'm just curious, what's next in terms of shaping -- reshaping
the portfolio? And where would that be?
Question: Greg Pardy - RBC Capital Markets Inc - Analyst
: Okay, thanks for that and . And maybe just shifting to the shareholder returns. Let's say you were at $1 billion today than perhaps given the value?
I'm just trying to -- I'm not trying to lead you. I'm just trying to get a better sense as to with the -- where would the payout ratio presumably go?
And then is there a bias towards dividends or buybacks, I'm assuming maybe the buyback just in -- just given your relative valuation, but curious
there?
Question: Greg Pardy - RBC Capital Markets Inc - Analyst
: Okay. Makes sense. Thanks very much.
Question: Menno Hulshof - TD Cowen - Analyst
: Thanks and good morning, everyone. I'll start with a question on the Westbrick synergies. Can we perhaps get a more detailed breakdown on what
drove the increase to the estimate, the $200 million? And if there is upside beyond your new estimate, where is that most likely to come from?
Question: Menno Hulshof - TD Cowen - Analyst
: Yeah. No question that it's a very strong number. Maybe just moving on to -- you touched on this in your opening remarks, just on acquisition
potential. Can we get an update on the opportunity set in Europe? Do you envision any packages coming to market anytime soon? And maybe a
refresh on how you would go about funding it would be helpful as well.
Question: Menno Hulshof - TD Cowen - Analyst
: Terrific. Thank you. I'll turn it back.
Question: Chris Worley - Hughes Fund Management - Analyst
: Hey guys, thanks for taking my, question. I want to ask a little bit about Q3 CapEx. There was a lot of CapEx from Q2 that's clearly getting deferred.
It looks like. So can you just kind of talk through what happened with those deferrals? And maybe like which parts of the development plan got
deferred and sort of like how well those deferred dollars get spent in Q3 and Q4?
Question: Chris Worley - Hughes Fund Management - Analyst
: Thanks. That was super helpful.
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