Welcome to Suncor's 2021 Investor Day. My name is Trevor Bell, Vice President of Investor Relations. Presenting this morning are Mark Little, President and Chief Executive Officer, and Alister Cowan, Chief Financial Officer. Please note that today's comments contain forward-looking information. The actual results may differ materially from the expected results because of various risk factors and assumptions that are described in our 2021 Investor Day presentation material, as well in our current annual information form, which is available on SEDAR, EDGAR, and our website, suncor.com. Unless otherwise noted, all numbers presented here today are in Canadian dollars. Certain financial measures referred to in comments made today are not prescribed by Canadian GAAP. For a description of these financial measures, please see our 2021 Investor Day presentation material. Following the presentation, we will have a question and answer session moderated by myself. In order to submit your questions, please proceed to the panel beside our video presentation window. We will be taking submissions until the end of our formal presentation. In addition, we will incorporate a five-minute break within the presentation to allow everyone to check their emails and refresh their morning beverage of choice. Now, it's my pleasure to introduce Mark Little, President and Chief Executive Officer of Suncor Energy. Good morning, thank you for joining us for our Investor Day. As most of you are aware, we have not traditionally held annual investor days. In fact, this is the second investor day in the history of our company. It is important for us to spend today providing clarity and details around the medium-term outlook for our business and answer any questions you may have. 2020 was an unprecedented time in our history. A collapse in crude markets and significant demand shock meant that both sides of our business were under pressure and we made some difficult decisions to protect the financial health of our company, lower our corporate breakeven, and reduce our costs. These decisions had consequences to our business and to you as shareholders. Specifically, there were impacts to our upstream production. CAD 1 billion of our CAD 2 billion of Free Funds Flow initiatives were deferred to 2025, our dividend was reduced and we suspended our share buyback. We appreciate the direct feedback that you gave us. Given all of these circumstances, it's important for us to provide details about our plans for our business. Specifically, I will discuss our operational outlook to 2025, which will highlight strong asset performance and the continued outperformance of our Downstream. Alister will provide details on our CAD 2 billion of Free Funds Flow initiatives and confirm we're on track to deliver or exceed our commitments. Alister will also discuss how strong operational performance and achieving our CAD 2 billion of Free Funds Flow growth will translate into significant increases in shareholder returns and substantial debt reductions. I will provide you with our strategic objectives and goal around absolute carbon emissions reductions, which is supported by pragmatic and highly economic investments that are in or synergistic with our core capabilities. We have a lot to cover in the next two hours, and then we'll finish the day with an hour of answering your questions. As I noted in my opening remarks, the events of the past year and the resulting volatility had most companies review their business strategies and the macro assumptions on which those strategies were based. In early 2020, oil demand surpassed 100 million barrels a day. In the second quarter, as COVID-19 stay in place orders were issued globally and global economic activity halted, demand collapsed, resulting in crude and refined product inventories hitting tank tops around the globe. However, even in these extreme circumstances, demand was still above 80 million barrels per day in the second quarter of 2020. While some predicted the effects of 2020 to be a catalyst for permanent crude demand destruction, demand steadily recovered through the remainder of the year as vaccine rollouts began and economies progressively reopened. As 2020 ended, oil demand averaged over 90 million barrels a day for the entire year. Global oil products demand is expected to continue to increase throughout 2021, accelerating in the second half of the year, reaching pre-pandemic levels in 2022. We anticipate moderate growth into the next decade, driven by non-OECD demand, before eventually plateauing. Following this plateau, we expect a gradual, multi-decade reduction in oil demand as economies continue to shift their energy mix towards low carbon intensity energy sources. However, the trajectory of the world's total energy needs will continue to rise for decades to come, and oil will remain a significant component of the global energy mix, even as low carbon intensity forms of energy continue to grow. In 2018, we shifted our strategic focus to maximizing the long-term Free Funds Flow generation of our existing asset base rather than pursuing mega projects to continue to grow production. This macro energy outlook supports our disciplined strategy. This strategy is governed by the simple principle of optimizing the value capture of the integrated value chain. From this perspective, Suncor's optimal production level is determined at the intersection of sustainable margin, cost, and capital rather than maximizing production. We are seeking to maximize long-term Free Funds Flow, which may not result in being the lowest cost or capital, but strong performance in each of these is obviously required to generate top-quartile Free Funds Flow. This commitment to value over volume is embedded in our production plans through 2025. Over the next four years, our upstream production is expected to average approximately 800,000 barrels per day, exhibiting modest absolute growth from 2021. We remain committed to capital discipline and reliably operating at utilizations of at least 90% across our upstream asset base, as we did from 2015 to 2019. At our Base Plant, Syncrude and Fort Hills mining assets, we are targeting 90% utilization. At our in-situ assets, we expect utilizations in the range of 95%. While we have substantially lower margin bitumen sales growth opportunities in our upstream portfolio, growing greenfield bitumen production today requires cost, capital, and market access that would not optimize our long-term Free Funds Flow generation. Instead, this resource will be developed when needed to maintain production and ensure reliable feedstock for our upgrading. A good example of this is the eventual need to replace the bitumen production that feeds the base plant upgrader as the mine comes to its end of life mid next decade. Our bitumen resource is world-class and unmatched in its scale, and that means we have many options to backfill this production. However, no decisions or capital spend are required until later this decade. Bitumen production is core for Suncor. However, like all prolific oil basins, it has inherent barriers. For Alberta's bitumen, these barriers are landlocked geography, crude density, and a limited number of North American refineries that can process this heavy oil. We mitigate these challenges through our physical integration and committed pipeline capacity. By reliably operating our upgrading assets to convert bitumen to synthetic crude oil, we are getting four key benefits. The first is we're reducing our exposure to local bitumen pricing. Secondly, we're lowering our transportation requirements and costs. Thirdly, we're expanding the refineries that are capable of using our product. Fourthly, we're increasing the price and the value that we receive. Now, to provide some context on our 800,000 barrels per day of upstream production, approximately 85,000 barrels of that is offshore production that's linked to Brent crude prices. 500,000 barrels a day or two-thirds is upgraded SCO production, and roughly 215,000 barrels a day leaves the basin as bitumen. Of the bitumen that leaves the basin, about 30,000 barrels is consumed as feedstock at our Edmonton refinery, and 95,000 barrels per day is high-quality Fort Hills bitumen that receives global pricing through our secured access to the Gulf Coast, resulting in only 90,000 barrels per day or just 10% of our production being exposed to local and potentially discounted bitumen prices. Our ability to convert bitumen into high-value products is critical to maximizing margin while limiting our exposure to pricing volatility. Most important is keeping the upgraders operating at 90% utilization. Flexibility to optimize both our bitumen supply and the products from the upgrader, combined with superior marketing and logistics capabilities out of the basin, are key strengths that enable this targeted utilization rate. In particular, feedstock flexibility for the processing units provides valuable optionality when planned or unplanned outages occur. The ability to bring in-situ bitumen from Firebag into base plant and now on to Syncrude minimizes the risk of our upgraders being short of bitumen feedstock. It also has the added advantage of blending feedstocks to an optimal quality, enhancing our upgrader reliability. In our E&P business, the principles of maximizing long-term value generation also apply. Our offshore operations are located in high-quality, low-risk basins and generate funds from operations and geographic diversification for the company. Given Suncor's long life reserves in oil sands, unlike many pure-play E&P operators, our investment decisions are focused on positioning the business to consistently generate Free Funds Flow and high returns rather than replacing reserves or maintaining production volumes. During the downturn in 2020, like many others did, we reduced economic investment, largely infill drilling to conserve capital. These decisions will have production impacts over the coming years, as these are conventional basins with natural declines. However, we have many high return, low capital opportunities across our offshore portfolio and expect to be able to fully produce significant Free Funds Flow going forward. The underlying principle of our value over volume strategy is to maximize the long-term shareholder returns by optimizing the value of each barrel that we produce. Our focus is on rationalizing our costs and sustainment and maintenance capital, and by increasing the productivity and efficiency of our operations that produce the crude and products that we sell. Although absolute Upstream production profile intentionally plateaus, make no mistake, our funds from operations continues to grow. These structural cost improvements rather than greenfield growth allows us to commit to growing cash returns to shareholders from these increasing Free Funds Flow profile. These are the hallmarks of our value over volume strategy. Moving to Syncrude. When we increased our ownership through our acquisition of Canadian Oil Sands in 2016 and subsequent smaller acquisitions, our stated target was to achieve 90% utilization and reduce our unit cash operating costs to CAD 30 per barrel. We knew that meeting these targets would require owner collaboration, process improvements, investment in critical infrastructure to ensure access to abundant feedstock, and eventually the reduction of absolute costs. Through the sharing of operating and maintenance best practices, we've seen progress and sustained improvement in operational performance. In late 2020, we completed the interconnecting pipelines between Base Plant and Syncrude to allow for the transfer of bitumen and intermediate products between the assets, providing significant operational flexibility. Although good progress has been made in driving down the cost at Syncrude from these process and flexibility improvements, more needs to be done to achieve our CAD 30 per barrel target. We knew this required a significant change in the operating structure of the joint venture, and our collaboration with other owners over the past few years is set up to reap rewards. At the end of the third quarter, Suncor will take over operatorship of Syncrude, similar to the structure and governance employed at Fort Hills. Once operatorship is transferred, we aim to capture CAD 300 million of gross synergies through the sharing of regional and functional services, coordinating maintenance programs, and the rationalization of the combined workforce. I would note that these savings are incremental to the CAD 2 billion of Free Funds Flow improvement projects that Alister will speak to later this morning. The first CAD 100 million of annual savings are expected to be achieved within six months of operatorship through workforce reductions and the elimination of duplicate costs that many corporate and administrative functions are rolled into Suncor processes and systems. We expect the second CAD 100 million to materialize throughout 2022, which will come from further workforce reductions and supply chain management functions, leveraging the joint purchasing power of the neighboring mining operations and consolidating warehousing and inventory management. Finally, the second year of operatorship, we expect the final CAD 100 million to materialize in the form of coordinated turnaround, maintenance, and equipment strategies. Syncrude has temporarily achieved our CAD 30 per barrel cash operating cost in the past. Once the full benefits of these cost reductions are realized, we expect to sustainably achieve this target by the end of 2023. Physically connecting our oil sands assets increases their value through operational flexibility. Similarly, the integration of our broader asset portfolio also adds value by connecting our Upstream to our Downstream refining complex and through our wholesale and retail networks. Our Midstream operation leverages our marketing and trading capabilities and our logistics assets to optimize the daily balance of equity crude entering our refineries, the capturing of regional arbitrage, third-party sales, and global export logistics, and determining which product slates are optimal for the market on any given day. These capabilities are supported by our assets' vast network of storage terminals, pipeline commitments, and investments in our people and technology. The outsized value that this combination generates is demonstrated by our ratable outperformance to benchmark pricing in both the Upstream and the Downstream. In the Upstream, we consistently realized bitumen pricing that has outperformed the WCS benchmark by 5% over the past two years. More broadly, across our refineries, it allows us to capitalize on our low-cost refining feedstock and competitive market access, capturing margins of 130% of New York Harbor 2-1-1 crack on average over the past two years. Over the past 10 years, the percentage of our refining feedstock sourced from equity barrels has increased from 30% to over 40%, and at times in 2020 exceeding 50%. It's important to note that this goal is not to achieve 100% physical integration. It's about maximizing the margin of each barrel we produce while managing costs and capital and market risk. Our logistics and marketing capabilities enable us to source 100% of our downstream feedstock from inland crudes. The flexibility to refine the most discounted feedstock results in increased margin capture. The combination of our midstream logistics portfolio and marketing and trading capabilities is an underappreciated and undervalued part of our business, as it consistently produces outsized value while mitigating downside pricing and sales volumes risk. Canada is a unique market for refined products. Its size, cold weather climate, low population density, and large GDP reliance on resource-based industries creates strong demand for energy with substantial and complex logistics. Compared to the United States, a major exporter of refined product, Canada and its refineries are typically a domestic-centric market. Many of the egress dynamics encountered in the upstream business are also present in the downstream. However, our strong logistics networks, advantage refining scale and locations, and midstream capability results in value-accretive performance. Our downstream profitability is the best-in-class in North America due to four key factors that we see as structural advantages now and into the future. First, our geographical advantage with feedstock flexibility. Our refineries are either located near or have logistics capabilities to source low-cost feedstock. This maximizes our gross margin and reduces the risk of our feedstock costs. Second and third advantages come from our refineries themselves. While not the most complex, our refineries are weighted towards heavier feedstocks and are configured to produce larger proportion of diesel and asphalt versus gasoline and bunker fuel. We formed this advantage through investments made over the past decade. We've enhanced our refining complex in Edmonton to take more heavy sour and physically integrated it with our base plant upgrader. We made metallurgical upgrades at Sarnia to take our own heavy sour crudes, and following the reversal of Line 9 in 2015, we accessed Western Canadian crude feedstock in our Montreal refinery. We invested in Montreal and Sarnia logistics to operate as a single complex and to maximize the value capture of heavy feedstocks and provide flexibility and product supply for central Canada. Canada's climate, land mass, resource-based industries, and infrastructure spending is expected to continue to drive the demand for refined product, particularly diesel and asphalt. Our final structural advantage is our connection and proximity to the customer through our retail and wholesale network in key metropolitan areas and our scale within those areas. In Denver, for example, our Commerce City facility is the largest refinery in this niche U.S. Rockies market and is strategically pipeline-connected to the Denver International Airport. Secured channels like this, combined with our tank and terminal infrastructure, enables us to run our refineries with minimal logistics constraints. We have structured our downstream portfolio to sell the vast majority of our refined product through our wholesale and retail channels. We capture maximum value on the remaining product sales through our marketing and trading organization, leveraging both our domestic and export logistics capabilities. 2020 was extremely tough on our industry and especially so on the downstream business. However, it demonstrated the strength of these advantages. In a year where North American product demand eroded by more than 20% and the New York Harbor Cracks averaged below $12 a barrel, our downstream business generated CAD 2.1 billion in funds from operations on a LIFO basis. In addition, our downstream produced CAD 1.6 billion of Free Funds Flow when several of our competitors failed to generate positive cash margins. As was demonstrated in 2020, we consistently generate industry-leading performance. We operate our refineries at higher utilizations than the other refining network in Canada or region in the U.S., averaging 11% higher in Canada and 5% above the U.S. national average over the past 10 years. Most importantly, it results in cash generation per barrel that far exceeds any other refiner in North America. This past year was a clear proof point of the strength of our downstream operations, particularly in relation to our peers. We experienced strong utilizations throughout the pandemic. In 2020, our refineries averaged 12% higher utilization than the Canadian average and 10% above the U.S. average. While several downstream businesses focused on mitigating cash losses in 2020, our refining business generated positive LIFO EBITDA of nearly CAD 10.50 per barrel. This is nearly twice the margin per barrel generated than the next best refiner and is before the benefits of our retail and wholesale businesses. 2020 also saw the rationalization of a number of North American refineries as refined product demand declined during the pandemic. The refineries that were shut down or converted to other purposes lacked some or all of these four structural advantages and were typically smaller, coastal, light oil refineries with unsecured channels to consumers. Going forward, we believe our advantages will prove critical to not only maintaining industry-leading refining profitability but to continue to prosper as further rationalization occurs. Our wholesale and retail channels, which we refer to as Rack Forward, are among the best in North America. We are number one market share in Canada and are ranked as the number one fuel brand in the country. With over 1 million transactions per day and over 4.7 million loyalty program members and over 1,800 stations providing nearly 300,000 barrels per day of product to our customers, Petro-Canada is among the most trusted providers of energy for consumers in North America. While we have not historically provided detailed disclosure on the funds from operations contribution of this Rack Forward business, we intend to provide additional disclosure in the coming quarters. This portion of our business provides a stable margin, even during extreme market events like we saw in 2020. More importantly, a secured destination for our refined product, allowing our refineries to run at the higher utilizations that I've already discussed. Last year, our Rack Forward business generated over CAD 4.75 per barrel of EBITDA, incremental to the roughly CAD 10.50 per barrel I spoke to earlier. This highlights the insulated nature of Rack Forward and the strategic advantage it affords us by maintaining consistent Downstream strength in volatile markets. We expect this margin to continue to grow given the current market dynamics, and we will continue to optimize our assets as consumer demands change. This consistent outperformance of value capture across the entire Downstream business is only possible because of our unique portfolio of physically integrated assets which could not be recreated in today's market and would be lost if our integrated Downstream assets were disaggregated. In summary, our value over volume strategy does not rely on significant Upstream production growth or involve large new development projects with significant capital requirements and risk. It does, however, focus on growing and optimizing the funds from operations of our existing assets. Optimization is accomplished through reducing our overall cost structure and sustainment capital requirements while leveraging the physical integration of our assets to maximize the margin of each and every barrel we produce. With this value over volume strategy in mind, you will recall that we set out to strengthen Suncor's resilience by adding CAD 2 billion of Free Funds Flow, largely independent of pricing and production growth. We said that it would instead be achieved by optimizing and enhancing our existing portfolio. Achieving this outcome is critical to build a more resilient Suncor. I will now pass it over to Alister to discuss our progress on these initiatives. Thanks, Mark. Those who have followed Suncor for some time will remember when we first introduced a CAD 2 billion Free Funds Flow goal in 2018. We laid out a plan to grow Free Funds Flow through investments in low capital intensity projects. These investments are made to structurally improve the funds from operations of our existing portfolio to reduce costs and improve margin capture. These initiatives make the company more resilient during times of commodity price or demand volatility. As such, we continued to invest in them through 2020, albeit at a slower pace when others chose to reduce spending to sustaining capital or less. By 2025, these initiatives are expected to unlock approximately CAD 1.60 per share of increased Free Funds Flow, which will be available for debt reduction and higher cash returns for our shareholders. As Mark mentioned, our goal was to add CAD 2 billion or 20% to Suncor's Free Funds Flow generation without materially growing production. We have made great progress on this and expect to realize roughly CAD 450 million this year. To transparently measure progress of these initiatives, we have outlined our baseline in the Investor Day materials for convenience. While the impact on our business is significant, the spend required to generate this value is relatively modest over the period. The total capital investment is approximately CAD 3.5 billion, with roughly CAD 1.5 billion spent to date. Leaving approximately CAD 2 billion of spend remaining to complete the CAD 2 billion of annual incremental Free Funds Flow goal by 2025. I should highlight that of this remaining spend, 65% or CAD 1.3 billion is allocated to the Base Plant Cogen and Forty Mile wind projects. Looking at these initiatives in aggregate, the overall capital investment has a full cycle return in excess of 40%. By 2024, the cumulative benefit generated to date is expected to have exceeded the total capital budget of the whole program of CAD 3.5 billion, and then continue to add over CAD 2 billion of Free Funds Flow each year going forward. We have grouped the projects into nine broader initiatives. I will go through each initiative and highlight their financial benefit, I would encourage you to visit the Investor Day presentation materials which have additional details. We expect the benefits of these initiatives to begin this year with over CAD 450 million of recurring annual benefit expected to be realized in 2021. We're on track to exceed CAD 1 billion of annual incremental Free Funds Flow by 2023 and over CAD 2 billion annually in 2025 and beyond. This equates to roughly CAD 0.30 per share in 2021, CAD 0.90 per share in 2023, increasing to CAD 1.60 per share in 2025 and thereafter. Most importantly, these returns are largely independent of oil prices. Let's discuss the initiatives that are expected to allow us to achieve the first CAD 1 billion of incremental Free Funds Flow by 2023. One of the first structural optimization opportunities we identified was to better leverage our midstream logistics portfolio. This resulted in centralizing our supply, marketing, and trading organizations in 2018 into a single team and investing in improving our expertise. For example, we are creating a digital framework with which to track the molecule and electron life cycle through our integrated business. This will enable real-time hydrocarbon inventory management and increase our ability to more efficiently capitalize on regional value opportunities across our North American Midstream and logistics network. We've also expanded our marketing and trading activities to cover all the products we produce, not just Upstream barrels, becoming more active in the management of our inventories through asset-backed trading. This is only possible due to our 50 million barrels of storage across North America, our committed and operating pipeline access, along with our investment in people, processes, and systems. We are targeting incremental Annual Free Funds Flow generation of CAD 135 million per year by 2025, split evenly between improvements in crude and product realizations. We have discussed the Syncrude interconnect pipelines for some time, the significance of this infrastructure cannot be overstated in enhancing the regional synergies of our assets through the connection of Suncor's Base Plant to Syncrude. The pipelines are intended to increase margin on bitumen or several barrels that can be sent from Base Plant to Syncrude and provide operational flexibility to minimize the impact of plant downtime by transferring both bitumen and intermediate feedstock between facilities and also reduce the loss value from unplanned downtime. These pipelines are critical infrastructure to consistently achieve the 90% utilization target at Syncrude. In Q1, only three months after commissioning, Syncrude's utilization was increased by 3% because of the pipeline being in place. It's an investment that's already demonstrating higher reliability and utilization. We continue to expect the interconnect pipelines to generate CAD 100 million of incremental Free Funds Flow by 2023, increasing to CAD 150 million by 2025. One of the most significant initiatives relates to our innovation and investment in tailings management. Not only is this initiative one of the largest in terms of its contribution to the CAD 2 billion target, with roughly CAD 325 million in Annual Free Funds Flow savings by 2025, the environmental benefits are equally impressive. Permanent Aquatic Storage Structure, or PASS for short, uses a chemical process to dramatically accelerate particle settlement of tailings through a process commonly used in municipal water treatment. As a result, we no longer require large separate areas of land to dry tailings, which also eliminates the need for physical handling. This new process is expected to shorten the timeline to reclamation by approximately 10 years. It avoids expensive seasonal earth-moving activities and eliminates the need for an estimated 30 sq km of land disturbance. Since the implementation of PASS in 2018, Base Plant has been treating more fluid tailings than it has produced. By the end of 2025, we expect to have reduced Base Plant fluid tailings peak inventory by more than 15% and to have eliminated another tailings pond from the landscape. In addition to the obvious environmental benefits, each of these activities, reduced timeline, earth moving, and land disturbance, equate to savings in operating costs, sustainment and maintenance capital, and reclamation spend. These savings largely come from the elimination of approximately 400,000 worker hours, 250,000 heavy-duty equipment kilometers traveled each year that were required under the old tailings process. The operational complexity and components of mining oil sands are vast, ranging from the shovel operator at the mine face to the Autonomous Haul System control room and haul trucks, and finally to primary and secondary extraction of the bitumen. Each of these pieces are inextricably linked, but until now, due to the inherent complexity of each step, have operated as somewhat independent components of the process. The key to efficient mining operations is to move the least amount of material in the most efficient manner and to maximize reliability of processing facilities. To achieve this, each mining component must work together. However, there are far too many variables for a single individual to manually optimize the entire system in real time, and this is where the digital mine comes in. This initiative encompasses far more than just Autonomous Haul Systems. At the mine face, real-time efficiencies are made through programs such as the virtual shovel coach, providing shovel operators with live metrics on optimized payloads and reduced load times. Approximately 70% of our total mining costs are associated with shovels and trucks. As a result, even small improvements in our efficiency at the mine face can result in tens of millions of dollars of operating cost savings. A digital mine extraction interface will use real-time advanced analytics to support operators with live feedback to optimize the bitumen froth production. The program will predict the optimal process environment for the ore coming into the plant, providing operators with valuable time to react to variations in resource quality. This will lower the probability of process interruptions while improving the overall bitumen recovery at the plant. The initiative has been completed at our base plant primary extraction. Since its implementation, it has already begun to generate recurring funds flow benefits of roughly CAD 20 million on an annualized basis. Longer-term, maintenance and reliability is expected to improve as we transition to condition-based monitoring through remote sensing instead of hourly-based maintenance schedules. Predictive analytics will reduce failures and maximize equipment effectiveness to reduce costs. The rollout of Autonomous Haul Systems is ongoing, with reduced labor costs and routine maintenance continuing to validate our CAD 1 per barrel cost reduction. We believe the digital mine, in combination with AHS, will result in approximately CAD 250 million of Annual Free Funds Flow improvements in the form of operating costs and increased reliability. We expect roughly CAD 200 million of this benefit to be achieved by 2023. Every year, Suncor procures roughly CAD 10 billion of services and materials on average. We have undertaken several initiatives to optimize the supply chain and have begun to realize operating and sustainment and maintenance capital cost savings across the business. For example, in the case of consumable materials, we're on a path to reduce our supplier list from over 1,000 entities in 2019 to 100 or less in 2022, generating stronger, more strategic supplier relationships. One of the most impactful changes to how we operate is realized through a strategic partnership with Microsoft, in which we will be digitizing all our supplier agreements and contracts to leverage the power of cloud computing. Once complete, the application of advanced analytics and machine learning is expected to generate significant savings over time by doing such things as verifying contract execution, avoiding service contract leakage, and conducting should-cost analysis in order to accurately monitor and mitigate inflationary pressures. With a structural Free Funds Flow improvement target of CAD 225 million in 2025, and more than half expected to be achieved by 2023, this reflects a 2% sustainable cost reduction of our total services and materials. As we roll out our digital technology initiatives closer to 2025, we believe there is potential upside to this structural savings target. Similar supply chain initiatives in other industries have resulted in 2% to 5% of improvement benefits. We have been undertaking the rationalization and standardization of Suncor's management and administrative processes. Our current data and IT platforms are a legacy from the Suncor Petro-Canada merger and multiple pre-merger acquisitions undertaken by Petro-Canada. Standardization will change how our people work and interact with each other, access data, and use our systems. Currently, our administrative processes are standardized across only 30% of the enterprise, with data often spread across multiple systems, resulting in manual processes to plan and execute work. Once implemented in 2022, we will have standardization across 90% of the enterprise. Standard systems and processes may appear mundane, but the savings and efficiencies from this initiative are significant. CAD 275 million of recurring Free Funds Flow generation is expected, largely resulting from a 10% to 15% workforce reduction as automated systems replace manual processes. More importantly, this is a fundamental enabler for numerous other initiatives and their associated benefits. This project will provide accurate, real-time information to numerous areas of our business, including crude inventory management, products distribution, spares parts management, and contract procurement to name a few. These first six initiatives I've outlined comprise our plan to achieve approximately CAD 1.3 billion of incremental Annual Free Funds Flow by the end of 2023, of which we expect roughly CAD 450 million to be achieved this year. Of these benefits in 2023, 50% are intended to be achieved through reduced operating, selling, and general expenses or OS&G. 35% from increased utilization or margin, 10% through reductions to sustainment and maintenance capital, and 5% from reclamation savings. All of the benefits are structural improvements to our Free Funds Flow generation and amount to a lowering of Suncor's operating breakeven by approximately CAD 4.50 per barrel to $25 WTI per barrel by the end of 2023, resulting in roughly CAD 0.90 per share of incremental cash available to be returned to shareholders annually. Specifically, on the OS&G front, by 2023, on a pre-tax basis, we plan to lower our total OS&G by over CAD 900 million. I know you're also looking to see how this progress will impact our long-term asset-specific cost targets, and I will review these later. The initiatives which make up the remainder of the CAD 2 billion of incremental Free Funds Flow generation are on plan to be achieved by 2025. The coal boiler replacement at our Base Plant and the Forty Mile wind project in Southern Alberta are two highly economic projects which are significant drivers to achieving our Free Funds Flow and carbon emissions reduction targets. The coal-fired boiler replacement or cogen has numerous benefits. It improves the reliability of the Base Plant operations. It reduces sustainment and maintenance capital. It generates both low carbon steam for the mining operations and power to displace base load coal-fired power in Alberta, and it generates carbon credits as a result. All of this results in a 20% full cycle rate of return. The existing coal-fired boiler has reached the end of its useful life and needs to be replaced. Instead of replacing the unit in kind, our decision was instead to supply steam in a lower cost and carbon way through natural gas combustion. Moving to Forty Mile, wind power generation and our unique approach to being a merchant clean power producer is nothing new to Suncor. The Forty Mile merchant wind power project in Southern Alberta is another investment in our renewable portfolio that we've been developing since the early 2000s. The project has strong full cycle returns with an estimated IRR of approximately 15% and is on track to be commissioned in late 2022. It's important to note that we are selective in the jurisdictions in which to invest, and we have chosen to be a merchant power producer, utilizing our existing expertise in marketing power from our current 1,400 MW of power generation, instead of signing low return government power purchase agreements. In addition, given that these power projects are in Alberta, we are able to generate carbon credits to offset against our base business, strengthening the project economics. This is a very unique approach to our wind investment, which enables us to generate mid-teens returns or greater. The Base Plant cogen and Forty Mile projects are expected to result in roughly CAD 300 million per year of incremental Free Funds Flow, of which CAD 250 million is from net power sales and carbon credit generation, and roughly CAD 50 million is from reduced sustainment and maintenance capital at Base Plant. Combined, these projects will also avoid over five megatons of CO2 emissions per year for Alberta or the equivalent of over 1 million vehicles' annual emissions on the road today. This next initiative highlights how we are making modest capital investments to capture efficiency in the base business and improve operational performance while reducing costs. We apply the industry-standard term debottleneck across our integrated model, and so these investments go beyond just adding production. Our recent investments to increase the nameplate capacity of Firebag by 6%, the Edmonton Refinery capacity by 3%, and expand our Burrard Terminal are examples of this. We have a number of opportunities to make low capital enhancements to our existing asset base, including future debottlenecking opportunities at Firebag and Fort Hills. From these low capital investments, we expect to generate nearly CAD 100 million of incremental Annual Free Funds Flow as debottlenecks improve our ability to capture value across our physically integrated model. Lastly, I'm going to discuss initiatives focused on leveraging the power of data analytics to capitalize on new ways of creating value. Of the 30-plus projects currently in flight, I'm going to highlight the two largest projects, which amount to over 60% of the initiative's CAD 400 million of total Annual Free Funds Flow generation. The first project we refer to as the integrated energy value chain. Integration has been a key competitive advantage for Suncor for over a decade. We believe there's still significant opportunity to extract more value from our model as we leverage the power of technology. This project will ultimately lead to an integrated central optimization center. This center will have visibility across the whole value chain through a system-wide planning and optimization platform fed by real-time data. A great example of the power of this platform is with respect to product blending. Due to the current manual nature of determining the optimal crude blending schedule to maximize value, and the fact that we produce at least 16 distinct crude blends out of our oil sands operations, the ability to run multiple scenarios based on changing variables and constraints is limited. This also inhibits responsiveness during unplanned events or quickly changing market conditions. Data analytics will be able to change the static manual process to an automated dynamic one that generates optimal values for blending while accounting for all the operational variables. We expect this to ensure we consistently produce the highest value products in real time. The Integrated Energy Value Chain is an initiative that will not only span crude, but also our refined products, natural gas, biofuels, power, hydrogen, and carbon credit portfolios. We anticipate this one initiative to generate over CAD 150 million per year in margin improvements. The next project to highlight is a program we refer to as Digitally Optimized Assets that empower Suncor field workers to improve personal and process safety, to increase reliability, and optimize cost performance of our assets. To achieve this, workers will have a digital toolkit connecting them to Suncor personnel at other sites, enabling real-time decisions from the field. The remote capabilities will range from having access to all the technical data required to operate and maintain the assets, to the ability to simulate optimal production scenarios with a digital process model and the application of artificial intelligence. All of this occurs from the field with a handheld tablet. We expect this initiative to reduce operating costs by over CAD 100 million annually. What's important to understand about the broader digital technology adoption category of initiatives and the CAD 400 million of Free Funds Flow we have attributed to it, is that these 30-plus initiatives are only the start. As the company continues to embrace its digital transformation and our workforce becomes increasingly adept at being digitally enabled, we are confident there will be many more opportunities in the future. Our strategic objective of increasing the structural Annual Free Funds Flow generation of the existing asset base is being achieved today. We expect to generate Annual Free Funds Flow improvements of CAD 450 million this year, CAD 1.3 billion by the end of 2023, and more than CAD 2.1 billion by the end of 2025. On a pre-tax basis, by 2025, we anticipate these initiatives to have reduced absolute OS&G by CAD 1.3 billion and increased our margin capture by CAD 1.1 billion relative to our 2018/2019 baseline, while also reducing sustainment and maintenance capital by over CAD 200 million per year. We now have all the initiatives identified and being progressed to achieve the CAD 2 billion target we committed to. These initiatives create a stronger, more resilient, and competitive company, generating incremental Free Funds Flow to support increasing shareholder returns while reducing debt and lowering our operating breakeven. We will now take a short five-minute break, and when we return, Mark will speak to our new carbon objectives and how Suncor is going to capitalize on low-carbon energy opportunities. Suncor has been on a sustainability journey for decades, it's one of the key reasons I joined the company over a decade ago. To us, sustainability means all facets of ESG, not just one component. Strong governance underlies strong ESG performance. Strong ESG performance leads to process and technology advancements, which lower cost and creates long-term value. The PASS and Cogen investments Alister just spoke about are excellent examples of this. We've been evolving and growing our business, embracing technology change and innovation, and doing the right things. We have expanded through the energy value chain and worked with diverse stakeholders to turn a budding oil sands resource into one of the world's most reliable and ESG leading oil basins. Our leadership is reflected in our environmental and social legacy, strategic investments, and diverse partnerships, all underscored by leading governance practices. We've disclosed our sustainability performance for over 25 years and publicly supported a carbon price for over 20 years. We made our first renewable energy investment in 2002 and set our first long-term sustainability goals in 2009. In 2018, we declared our support for TCFD, the first North American oil producer to do so. We're the first Canadian oil producer to develop its own two-degree climate scenario, which we published in 2020, and it informed and enhanced our carbon strategic objectives I will discuss. We've achieved over 90% water recycle rates at our legacy oil sands operations and improved tailings management to the point now that we treat more tailings than we produce at our Base mine. In 2010, we were the first oil sands company to reclaim a tailings pond, which has transformed a 220-hectare area that replicates the natural environment in the region, and which we now call Wapisiw Lookout. In 2016, we released our first social goal to change the way we think and act to build greater mutual trust and respect with indigenous peoples in Canada. Since then, we entered into what we believe is Canada's largest indigenous private sector equity investment with the East Tank Farm, setting a powerful precedence for the meaningful involvement of indigenous peoples in energy development. We've spent CAD 4.5 billion with indigenous businesses since 2014, and our CAD 900 million 2020 spend represented approximately 10% of our total supplier expenditures. We also continued to expand our partnerships with First Nations across our retail and wholesale and refined products businesses, with close to 60 such arrangements today. We've had indigenous representation on our board of directors for more than 20 years. Our social goal has shifted to a journey of reconciliation with the aim of further strengthening our relationship through cultural and behavioral changes within our organization. Over the past decade, we've also made significant investments in projects and technologies designed to lower our carbon emissions in our base business and in new opportunities for energy system expansion. Our focus on technology and operational excellence has reduced the emissions intensity of our oil sands-based plants by approximately 55% since 1990. We deployed leading new mining technologies at Fort Hills, where its greenhouse gas emissions on a full lifecycle basis is equal to the average emissions of barrels refined in North America. We're investing in commercial pilots of in-situ solvent technologies that have the potential to lower emissions by 50% to 70%. As part of our expanding energy offerings, we've completed Canada's Electric Highway. We're increasing low-power generation with our Cogeneration facility at oil sands and our Forty Mile Wind project. We're enabling advanced low-carbon technologies by way of investments in Enerkem, LanzaTech, LanzaJet, and most recently, Svante. This brief introduction outlines our proud history and leadership track record in sustainability. Our focused approach on continuing to improve is underpinned by leading governance practices and a track record of delivering on our commitments. Over the past several years, the focus has been on one specific area of ESG, carbon emissions. In the past year, many organizations have announced net-zero carbon ambitions with varying timelines, approaches, and levels of detail on how they plan to achieve them. We've been measured in developing and communicating any new carbon strategic objectives. Our approach has always been to be thoughtful, substantive, and transparent in our goal setting, both in our environmental and financial performance. Unlike many energy peers who are setting carbon emission targets and ambitions for the first time, the strategic carbon objectives I'm discussing today are not the first time that we've set climate targets. Rather, this is our third set of targets for driving down our emissions. In 2009, we set four environmental goals, including energy efficiency, that we substantially met or exceeded by 2015. In 2015, we set a new goal to reduce the carbon emissions intensity of our production by 30% by 2030. We have made considerable progress on this goal and continue to advance it with many of the investments that I've just referenced. In establishing our strategic objectives associated with carbon emissions, we're continuing this evolution while improving the resilience and competitiveness of our business. We are confident we can profitably grow returns for investors while lowering our carbon emissions and helping others reduce theirs. We have a strong foundation to build on and expertise in many of the areas needed to make substantial progress and continue to build on this momentum. We aim to produce globally competitive energy on a cost basis while also leading the world in ESG performance, including carbon emissions. Our current intensity-based carbon reduction target puts us on a path to achieving this objective. However, we can be more ambitious and set new objectives that provide opportunities to further reduce carbon emissions across our entire integrated value chain. As a result, we have set a new strategic objective to become a net-zero carbon emissions company by 2050 on emissions produced in running our facilities, including those which we have a working interest in and substantially contribute to Canada's net-zero goals. We will achieve this by reducing our emissions in our base business, investing in profitable low-emissions businesses, taking action that reduces others' emissions, and investing in offsets outside of our business. As part of our net-zero strategic objective by 2030, we plan to reduce and offset annual emissions by 10 megatons per year, representing approximately 35% of our 2019 working interest emissions. Although we're making substantial progress on our intensity goal, an absolute goal better aligns with our objective to reach net-zero emissions and is a clearer way to demonstrate progress. We will continue to track and report our emissions on both an absolute and intensity base to remain transparent. We anticipate achieving approximately half of this 10-megaton target by reducing emissions from our facilities through energy efficiency, Carbon Capture and Use and Storage or CCUS, and fuel switching. The other half come from reducing emissions outside of our operations, but we will only count these reductions where we've directly intervened, caused change, or invested to make these reductions happen. Let's put this into context. In 2019, our operational GHG emissions were approximately 29 megatons on a working interest basis. Just five processes account for 98% of these emissions, with approximately 60% being associated with Heat and Steam Production, 15% with Hydrogen Production, 10% with Power Production, 7% with On-Site Transportation, and finally, 6% with Energy Imports. We expect CCUS to be the solution for over 50% of our decarbonization plan. Fuel switching can address all of our power generation, on-site transportation, and a substantial portion of our heat and steam emissions. Energy efficiency projects can be implemented across our operations. In other words, we know where our emissions are and where they come from, and almost 100% can be managed with technologies that are well understood. That's not the challenge. The challenge is to reduce these emissions economically while keeping our industry and Suncor globally competitive, often with other jurisdictions that are ranked low on ESG performance. Carbon Capture, Use, and Storage is a critical technology for the globe to meet its climate goals of net zero by 2050. Thankfully, Alberta is one of the best jurisdictions in the world to implement this technology due to the province's geological characteristics. We expect that this technology will be a significant part of our approach to achieve our strategic objective of net zero by 2050. I believe that this will also be true for many of the oil sands companies, and we fully expect a collaborative approach across the industry to accelerate learnings and drive down the overall costs. Governments, both federal and provincial, must play a vital role in providing regulatory certainty and appropriate fiscal framework to support the industry to reduce emissions while remaining competitive, and we're encouraged by the increased support and attention that this is being given by all levels of government. Given the current cost estimates of CCUS, we are expecting that the economics of these investments may be compressed compared to other low-carbon investments. We're targeting returns of at least our Weighted Average Cost of Capital with government support. There are some opportunities to leverage CCUS technology and drive higher returns. One of our first is switching our Hydrogen Production, which represents 15% of our emissions, to clean hydrogen made from natural gas. Our current Hydrogen Production process creates a relatively concentrated CO2 stream, making Carbon Capture more cost-effective than many other sources of CO2. With new technology, we can create a very concentrated CO2 stream, allowing higher percentage of CO2 to be sequestered at a lower cost. We've recently announced a partnership with ATCO on a potential project, which I will discuss a little bit later. Our state-of-the-art Cogen project at Base Plant, which will replace our aging coke-fired boilers to produce heat and steam, is an excellent example of a fuel switching application that will drive down our base business emissions by approximately one ton per year. This is just in one project. The rest of these emissions reduction from this project, over four megatons a year, comes from the much lower carbon power being exported to the grid to allow Alberta to transition off coal-based power. As I mentioned, approximately half of our 10-megaton reduction would come from reducing emissions outside of our facilities through growth and expanding energy offerings along our existing value chain, like the Cogen investment. We plan to grow our customer connection through low carbon emission energy products and services, and we will continue to develop choices for customers, such as the Electric Highway and renewable liquid fuels, to help lower their carbon footprint. We plan to use our influence with suppliers to encourage emission reductions within our supply chain while remaining cost competitive. We will continue to work with governments to ensure policy and regulatory clarity and effective fiscal frameworks are in place to support climate and economic goals. We will not sell assets to achieve emission reduction targets. If we do buy and sell assets, we will continue to adjust our historical emissions to show them on a comparable basis. Emissions are global, and the world will only get to net zero by focusing on emission reductions, not by changing who's reporting them. In order for us to achieve our strategic objective to reach net zero emissions from our operations by 2050, we will continue to invest in technologies that lower our business costs while improving our emissions profile. The key focus areas to accomplish this are low carbon power, renewable fuels, and clean hydrogen. We are located in one of the most socially conscious, environmentally stringent, and politically stable jurisdictions in the world. Our long-life, low-decline oil resource will be strategically important for many decades to come, and we intend to be part of the transition to lower carbon emissions and contribute to Canada's net zero goals, and we see the opportunity to help supply global energy as needs continue to grow. However, we recognize the need to continue to lower our carbon footprint, and we have done on an intensity basis for several decades, and which we are now focused on doing in reducing absolute emissions. Suncor has been evolving and expanding along the energy value chain for nearly 50 years as we saw opportunities to increase shareholder value. We began as a bucket wheel oil sands mining business in 1967 and over the subsequent decades expanded into in situ technologies, low-carbon power, and renewable liquid fuels, adding energy to our name almost two and a half decades ago in 1997. We continue to expand along the energy value chain with the merger of Petro-Canada in 2009 and becoming a physically integrated company with direct connection to the consumer. Throughout this evolution, the oil sands has been at the core of our business, and we will continue to produce oil sands for many decades to come, and in doing so, increasingly in a sustainable way. The energy transition for Suncor will be a continuation of our energy expansion of low-carbon energy products. We will stick to our core competencies and make additional investments that are synergistic across the company, as we've done for decades. Our energy expansion strategy will support our strategic objective of reaching net zero on our operational emissions by 2050. We will focus on investments that leverage one or more of the following attributes to drive incremental value. Opportunities where we have existing expertise that we can leverage into competitive advantages, expanded energy offerings that are synergistic with our base business by lowering the cost and carbon profile of our assets and the products used in our operations, or opportunities that can be integrated to maximize the margin capture along the value chain from production to the customer. We believe Suncor is well-positioned in the energy industry to benefit from additional energy offerings due to our decades of operating similar assets, our extensive midstream expertise, and our connection to the energy consumer. As we continue to expand our integrated energy offering, we will do so in business lines we already have a deep understanding of, low-carbon power, renewable liquid fuels, and clean hydrogen. These opportunities have the potential to generate mid-teens returns, improve the cost performance and margin capture of the base business, and strengthen our environmental performance. We acknowledge that this may be challenging for standalone CCUS investments and will work with our other industry peers and governments to drive down these emissions while driving down the cost and capital deployed. Over the medium term, we expect to allocate approximately 10% of our annual capital budget, or around CAD 500 million per year, on investments that advance our low-carbon energy offerings. In areas where the technology is advanced, we see significant synergies and can generate strong returns, such as the Base Plant Cogen and the Forty Mile Wind projects, we are making significant investments. Over the next three years, as mentioned earlier, the majority of energy expansion capital will be allocated to these two projects. You will not see us invest heavily in initiatives which have not reached technological maturity and economic viability. This discipline is illustrated by our Enerkem, LanzaTech, LanzaJet, and Svante investments. These four investments are a cumulative investment of roughly CAD 150 million over the past seven years. While relatively small in capital, these are key partnerships and technologies to facilitate future competitiveness, drive down emissions, and give us a commercial edge, particularly in renewable liquid fuels. These are the types of targeted, modest investments we will make until we have proven commercial and economically viable technologies. By saying this, I'm referring to targeting mid-teen returns on investment. This is what investors should continue to expect from Suncor. Suncor has been generating low-carbon power for over 20 years. Our initial intent in developing natural gas cogeneration facilities was to generate steam and power for our oil sands assets. Although some of these assets were originally owned by third parties, we now own and operate most of the Cogen that support our business, providing more control and visibility of a significant cost driver of our business. The development of the portfolio has evolved from a cost and reliability benefit to generating incremental revenue from selling surplus low-carbon power to the grid. Through this approach, we are now the fifth-largest power producer in Alberta, exporting roughly 40% of the 1,400 megawatts of power we generate to the grid. Today, we have wind projects in Ontario and Alberta. Going forward, we expect to focus our low-carbon power investments in deregulated markets where we have the ability to capture full value of carbon offsets that are generated. This is a very unique way to invest in this market, unlike many of the projects that are underwritten by government purchase agreements, and as such, capture lower returns in projects that only generate power revenue. Our approach to investing in this business narrows our current focus to the Alberta market. As the proposed federal carbon levy prices become more stringent, it will strengthen the value of these credits, supporting the returns of the projects which generate them. Following the commission of the Base Plant Cogen and Forty Mile Wind, we estimate that we'll be the third-largest power producer in Alberta. As we've increased our power production, we've also expanded our marketing and trading capabilities by investing in people, processes, and systems. This capability increases the value of every megawatt that we produce, boosting project returns, and in some cases, we even sell to the end consumer through the Electric Highway. As ethanol blending requirements were mandated in the early 2000s, we began producing ethanol in 2006 to meet these obligations with completion of the St. Clair Ethanol facility in Ontario. Today, St. Clair is the largest ethanol facility in Canada, producing nearly 7,000 barrels per day and meeting roughly one-third of Petro-Canada's current fuel blending requirements. Going forward, the objective of future investment in our renewable liquid fuel business is to both minimize the cost of regulatory compliance of our base business and leverage next-generation technologies to expand margin capture from the growing global low-carbon liquid fuel demand. As European, American, and Canadian regulators mandate increasingly stringent low-carbon fuel blending requirements, the entire global market is going to be short low-carbon fuels. In Canada, we're expecting the market to be significantly short to meet compliance. This will either require large volumes to be imported from abroad which may or may not exist, or investment in domestic production capacity. Independent forecasts show renewable liquid fuel demand in Canada increasing rapidly from approximately 70,000 barrels a day in 2019 to roughly 140,000 barrels a day by 2030. To give context to the current macro supply shortfall, in 2019, Canada imported roughly 35,000 barrels per day of renewable liquid fuels or half of its demand due to a lack of domestic supply. There is a significant market opportunity to supply this demand growth and generate significant shareholder value, and we are well-positioned to leverage our experience with low-carbon liquid fuels, logistics capabilities, and our existing asset base to capitalize on this opportunity. However, there's currently a timing dislocation between the future blending requirements mandated by the governments and the evolution of biofuel technology. During this transitional timeframe, it does not make sense to expand capacity with first-generation biofuel production. Given the strategic advantages and the industry-leading profitability of our refineries, we do not have any near-term plans to convert any of this capacity to fill the market need. Instead, we've made modest but strategic investments in promising second-generation biofuel technologies, which create ethanol and methanol from waste streams, including municipal waste, biomass, or industrial flue gases. We are de-risking these technologies today in order to capture the value of changing regulations in the future. We have a number of small equity investments with leading biofuel companies and are currently progressing two projects. The first is the carbon recycling plant located in Varennes, Quebec, where we are partnering to build a biofuels facility with Enerkem, Shell, Investissement Québec, and Proman. The facility is designed to take 200,000 tons per year of non-recyclable municipal waste and forestry residue and convert it to 2,100 barrels per day of biomethanol, with the option to eventually expand capacities to biogasoline. The project is expected to be on stream in 2023 and generate mid-teens returns. The second project with LanzaJet, who we share equity ownership of along with Mitsui, British Airways, Shell, and LanzaTech. The project is located in Georgia, where a commercial pilot plant is being built to convert ethanol derived from waste streams into either Sustainable Aviation Fuel or biodiesel. This roughly 650 barrels per day project is scheduled to come online in late 2022 and generate mid-teens returns. It is worthwhile highlighting that Suncor has offtake rights for roughly half of the Sustainable Aviation Fuel and renewable diesel from the Georgia facility, and we also have certain exclusive rights to the technology. From a design perspective, both projects are being constructed using a design that can be replicated, enabling quick expansion to capture the sizable growth opportunities projected for renewable liquid fuels should economics be attractive. Given Suncor's strategic investments in these companies, it also provides additional opportunities for us to consider deployment in jurisdictions where regulations are increasing the demand for low-carbon liquid fuels. Investing in platforms for future low-carbon energy products are what investors should continue to expect from Suncor. These investments are critical in developing cost-effective ways to meet future blending requirements while also keeping Suncor at the forefront of these opportunities. Clean hydrogen is quickly gaining traction around the world as a strong candidate for becoming a meaningful part of the future energy mix. While we agree with its potential, the road to broad adoption of hydrogen is long and will require industry collaboration and significant government support. Today, Suncor is both the largest producer and consumer of hydrogen in Canada, accounting for approximately 15% of the national supply and 20% of Canada's demand, all of which is gray hydrogen. We have over 50 years of expertise in hydrogen, and as it is a critical component of both our upgrading and refining processes. Given our significant use of hydrogen and our existing customer base, we're strategically positioned to one day supply an alternative, low-carbon industrial fuel or feedstock to those who are committed to lowering their carbon intensity for their operations. In addition, we're also well-positioned to participate should hydrogen be developed as a fuel for mobility, particularly for heavy commercial use. More broadly, we believe with the right fiscal and regulatory support, Alberta could be positioned as a world leader in the field of clean hydrogen production. Just as they are today in the area of gray hydrogen, Alberta has an abundance of two key elements to generate clean hydrogen, an abundance of natural gas, and the geology that allows for the sequestration of significant quantities of CO2 over a long period of time. However, while hydrogen's acceptance within the broader energy mix is still at early stages, partnerships between industry and governments are going to be very important. They will be needed to both achieve hurdle rates to warrant investment as well as facilitate the building of infrastructure required to support its use as a broader energy source. A great example of this is the recent partnership we announced with ATCO Energy. Together, we're studying the economic feasibility of a 300,000 tons per year of clean hydrogen plant near our Edmonton refinery. Being a major feedstock for Edmonton, 65% of the hydrogen output would be used at the refinery, replacing gray hydrogen, which we currently purchase from a third-party supplier. 20% of the output is expected to be used by ATCO to blend into the natural gas distribution system, lowering the carbon intensity of Alberta's gas consumption. The remaining 15% would be sold to third parties. Improving the carbon emissions profile of hydrogen production is necessary for us to achieve our strategic objective of net-zero emissions in our operations by 2050. Consistent with our low-carbon power and renewable liquid fuel strategies, we see ourselves as being our own best customer in the expansion of this clean energy product, while also positioning ourselves in future markets given our strong customer base. If the project proves economic, it will expand the margin capture of the Edmonton refinery, along with energy value chain by lowering costs. The project would broaden our revenue base and improve the environmental footprint of our operations, with the potential to reduce our Edmonton refinery emissions by up to 60%. This is a very similar approach we took with the Cogen project at Base Plant. We also believe that this asset will be able to operate for many decades to come under almost any scenario regarding energy transition. I'm sure that many of you will have questions around the details of the project. The ultimate cost and economic viability of the project will require greater regulatory and policy certainty and clarity on the fiscal framework to determine if it generates adequate returns. We're working collaboratively with our partner and the provincial and federal governments to address these areas. We do not expect a sanctioning decision before 2024, and as a result, the project is unlikely to see material spending in the outlook we've provided here today. This opportunity is just an example of how, as consumers' needs evolve, Suncor plans to expand its energy product offering along its integrated value chain to meet them, as we have done for decades. Investors should continue to expect us to invest in expanding product offerings at a measured pace, deploying capital that will generate accretive returns. While the energy industry may have once considered such investments purely as cost mitigants, to us, they fulfill a strategic objective. Our focus areas in low-carbon power, renewable liquid fuels, and clean hydrogen will leverage our core competencies, improve margin capture, and improve the environmental performance of our operations and the products we sell. All this while developing assets that we expect to generate returns for shareholders for decades to come. We believe these investments are also consistent with our purpose that guides the Suncor team, to provide trusted energy that enhances people's lives while caring for each other and the Earth. With that, I'll turn it back to Alister to discuss our financial outlook and plans to increase shareholder returns. Thank you, Mark. Throughout the morning, both Mark and I walked you through our strategic corporate objectives and the investments needed to achieve them. We outlined details around the CAD 2 billion of annual incremental Free Funds Flow goal and how many of the investments were structurally reducing the cost base and sustainment capital requirements of the company. We highlighted how roughly CAD 450 million of the benefits are expected to be achieved in 2021, and why we're confident in exceeding our CAD 1 billion annual goal by 2023, and the CAD 2 billion annual goal by 2025. Mark discussed how we're investing in the improvement of our environmental performance while economically expanding our energy offerings across the existing value chain, with projects that have mid-teens returns and enhance the Free Funds Flow of our business. Now I'm going to outline how these initiatives come together in our financial plan to improve the resilience of Suncor and increase shareholder value and cash returns. Before I start, let me say this discussion is based on the financial scenario we have outlined here today, which is on a defined set of commodity price assumptions. Of course, as usual, dividends and buybacks are always subject to board approval. Our key commodity price assumptions for this scenario are a flat nominal commodity price of $55 U.S. per barrel for WTI, a $17 U.S. per barrel New York Harbor Crack spread, and a $0.76 FX rate for the US dollar. As I highlighted during the $2 billion of incremental Free Funds Flow section, a significant proportion of the initiatives target our OS&G expenses. When we include our working interest in the Syncrude cost synergies Mark spoke about earlier, we have a defined path to lowering our absolute OS&G to CAD 9.5 billion in 2025, or a reduction of CAD 1.7 billion from 2019 levels, while modestly growing our Upstream production to 800,000 barrels per day. When we reflect these absolute savings into the operating segments of the business, we see significant and sustainable improvements in the cost structure of our operations. As the CAD 2 billion of initiatives on the Syncrude synergies continue to materialize, we expect to see the per-barrel cash operating cost targets at all three of these operations achieved. At Syncrude, we anticipate achieving the CAD 30 per barrel target in late 2023. At Fort Hills and our broader oil sands operations, we expect to achieve our CAD 20 per barrel targets in 2024 and 2025 respectively. The other structural improvement generated by the CAD 2 billion initiative is a lowering of our asset sustainment and maintenance capital. Through these initiatives, we expect our annual sustainment capital to be reduced to a range of CAD 2.75 billion-CAD 3.5 billion through this period and further reduced to a range of CAD 2.75 billion-CAD 3.25 billion by 2025. The investments we've been making will generate structural reductions to our capital requirements, resulting in a lower operating breakeven and greater Free Funds Flow. Based on the scenario shown here today, this means that our sustainment and maintenance capital requires only roughly 30% of our funds from operations to be reinvested going forward. This covers both our Upstream and Downstream assets. I want to remind you that these sustainment and maintenance figures exclude our in situ well pad investments. This capital, which averages CAD 200 million to CAD 250 million a year, is included in our economic capital expectations outlined here today. We view maintaining or expanding production as an economic decision, which needs to be justified in terms of Free Funds Flow, payback, and Return on Capital. The combination of the improvements from the CAD 2 billion initiative and the capacity it affords us to return increased cash to shareholders is best summarized through a depiction of our operating and corporate breakeven price under various assumptions. We believe that a $35 U.S. per barrel for WTI, a $17 U.S. per barrel New York Harbor Crack spread, and a CAD 0.76 FX rate is an appropriate corporate breakeven for the company. For clarity, our corporate breakeven is our operating breakeven plus the dividends. Our $35 U.S. WTI corporate breakeven target positions us well within our industry. Assuming these structural improvements to our business materialize as we expect, we are anticipating them to lower our operating breakeven to roughly $22 U.S. per barrel by 2025. Our goal with this breakeven improvement is to unlock Free Funds Flow, which can be sustainably returned to shareholders in the form of increased dividends without impacting the financial resiliency of the company. As a result of the CAD 2 billion of incremental Free Funds Flow, we intend to allocate CAD 1.5 billion of this improvement to our current dividend by 2025 as the initiatives are realized. We expect to allocate the first CAD 1 billion fully and 50%, or CAD 500 million of the second CAD 1 billion, to the dividend. Including the impact of share buybacks, this would increase the dividend to around CAD 2 per share by the end of 2025. From the current CAD 0.84 per share, an increase of roughly 140% over the next four years. This results in resilient, sustainable per share dividend growth that equates to a compounded annual growth rate of approximately 25% through 2025, all while maintaining an overall corporate breakeven of $35 U.S. per barrel WTI. We define discretionary Free Funds Flow as funds from operations, less sustainment and maintenance capital and dividends. Based on the commodity price scenario shown today, we estimate that we will generate discretionary Free Funds Flow of over CAD 5 billion a year on average through 2025, after providing investors with a compounded annual growth rate of approximately 25% in their dividend over the same time frame. Said another way, at $55 U.S. per barrel WTI, we expect to generate over CAD 26 billion after sustaining capital and dividends that will be available for debt repayment, share buybacks, and investing in the Free Funds Flow growth of the company over the next five years. If you have a higher commodity price view, of course, that number will be higher. Obviously, forecasting commodity prices is challenging. What we do know is that the volatility of the commodity markets is increasing in both frequency and intensity. Our learnings when reflecting over the past five years is that going forward, we need to maintain a stronger balance sheet and financial position than we have historically. Combined with the lower corporate breakeven I just outlined, this will ensure that we are able to sustain shareholder returns and progress key strategic initiatives in the low points of future cycles without stressing our balance sheet. In addition to resetting our $35 U.S. WTI corporate breakeven, which we achieved in 2020, we are also lowering our debt targets to strengthen the balance sheet. We are now targeting less than 2 times net debt to funds from operations in a $55 U.S. WTI environment. We are also adding an absolute 2025 net debt target range of CAD 12 billion-CAD 15 billion. Longer term, by 2030, we are targeting a net debt to funds from operations ratio of less than 1.5 times and CAD 9 billion to CAD 12 billion of net debt. I would remind everybody that here at Suncor, we define our net debt comprehensively and include all of our capital leases, which currently sit at approximately CAD 3 billion. To accelerate reaching these debt targets, we plan to continue to allocate two-thirds of our Free Funds Flow after our dividend towards debt reductions in 2021, and one-third towards shareholder cash returns through share buybacks. In addition to this, in 2021, we will also be receiving our 2020 cash tax refund of roughly CAD 800 million, which we will also put towards reducing debt. As a result, we anticipate at current strip prices to return to 2019 net debt levels of roughly CAD 16 billion by the end of this year. This equates to around CAD 4 billion of debt reduction in 2021. Once we return to this net debt level, you will see an ongoing structural and disciplined approach to debt reduction built into our go-forward capital allocation plan. We expect to reduce net debt by CAD 1 billion per year on average through 2025 to achieve our net debt and net debt to FFO targets, and by CAD 500 million per year beyond 2025. Assuming a $55 U.S. per barrel WTI pricing scenario and the achievement of our CAD 2 billion of increased Free Funds Flow initiatives, we are able to strengthen our balance sheet with related debt reductions, afford the dividend increases I described, and still allocate to share buybacks. Of the roughly CAD 4 billion of remaining discretionary Free Funds Flow per year that is expected to be unallocated after debt reductions, roughly CAD 2 billion per year is expected to be returned to shareholders in the form of share buybacks, which will accelerate the growth in investors per share returns and increase the portion of the company's asset that each shareholder essentially owns. That said, we will be thoughtful value buyers of our stock, treating the program the same as other uses of economic capital. The outlook on funds flow allocation in the next four years looks meaningfully different than it did from 2016 to 2019. We have transitioned from an era of Upstream investment in large mega projects driving top-line production growth to one of optimizing and maximizing funds from operations across the business. From 2016 to 2019, we were developing mega projects such as Fort Hills and Hebron, and as a result, an average of 35% of our funds from operations was reinvested into the business as economic capital to grow production. Since 2018, we have not been investing in large greenfield mega projects to grow production. Instead, in the base business, our economic investment opportunities are focused on lowering the breakeven of the business and growing funds from operations. As a result, major greenfield mega project investment is not something shareholders should anticipate from Suncor during this period. Where we are growing production volumes, we are focusing on low capital intensity debottlenecks at our existing operations and expanding our energy offerings along the energy value chain. As projects continue to compete for a finite pool of economic capital, the split between base business and energy expansion may shift. However, we plan to maintain the overall total quantum of capital at CAD 5 billion per year through 2025, of which approximately CAD 1.5 billion to CAD 2 billion is anticipated to be economic in nature. When we put this level of total capital spending in the context of a nominal $55 U.S. per barrel WTI environment, on average, it implies a total capital reinvestment of less than 50% of funds from operations, markedly below the two-thirds reinvestment ratio we employed between 2016 to 2019. We expect capital associated with the energy expansion investment to account for roughly 10% of our total capital spend, or approximately CAD 500 million annually for the next several years. Investment will be made at a measured pace, given that over 50% of this cumulative energy expansion capital through 2025 is already allocated to the Base Plant Cogen and Forty Mile Wind projects. As Mark mentioned earlier, we have a clear vision of where Suncor is strategically advantaged to extract significant value within the energy expansion. In many cases, regulatory certainty and transparency, as well as government fiscal support, are still needed before proceeding. This is an important point, we will pace all economic capital on the basis of maintaining financial strength. Should commodity prices fall significantly for an extended period of time, we will take action as we did in 2016 and 2020. We will be flexible and agile to reduce costs and economic capital to ensure our financial strength is maintained. We are improving the resilience of our company, fortifying our business model, and at the same time, significantly increasing shareholder returns by lowering our corporate breakevens through cost reductions and margin improvements, which relentlessly challenges ourselves to run our business more efficiently. By returning an estimated 40% of funds from operations to shareholders, which will come in the form of significant structural increases to our dividend and ratable share buybacks of approximately CAD 2 billion annually. By strengthening our balance sheet, by building systematic debt reductions into our capital allocation plans to achieve a net debt range of CAD 12 billion-CAD 15 billion by 2025 and even lower by 2030. Growing long-term value by generating reliable year-over-year improvements from capital-efficient investments with little reliance on production growth or oil price. Lastly, employing unwavering capital discipline as we do not expect our annual capital program to exceed CAD 5 billion during the provided outlook, regardless of the prevailing commodity environment. Remember, we will have the flexibility to reduce it if required. Our philosophy and commitment to shareholder returns has not changed. During our growth phase, Suncor averaged CAD 9 billion of funds from operations and allocated approximately 40% of it to shareholder returns in the form of dividends and buybacks. The remainder of which was invested in the business towards mega projects, which were also partly funded by increased debt. As we look forward, we expect to allocate a similar 40% of our funds from operations to shareholders, again, in the form of dividends and buybacks. There are fundamental and significant differences in the company you're invested in today from the one you owned in 2015. One of them being that our funds from operations in the next five-year window are much greater than our growth phase. As such, the actual cash allocated to shareholder returns is significantly higher. However, there is more. Our plan outlined here today will see shareholders receive 25% more cash per share returned to them over the next five years than they received in the five years leading up to 2020, and significantly higher than current levels. Our value over volume strategy is growing our Free Funds Flow through absolute cost reductions. Our breakeven of $35 per barrel WTI makes us more resilient now than ever before. Our focus on debt reduction will significantly lower leverage of the company at a much lower commodity price deck. Lastly, capital discipline will underpin and guide the execution of our plan. We will keep total capital spend to CAD 5 billion. I would now like to turn it back to Mark for some closing remarks. Thanks, Alister. As we just highlighted, the plan that we've been executing since 2018 to optimize our asset base makes our business significantly stronger and is delivering cash now in 2021. The execution of our strategy positions us for increasing shareholder value and returns. We expect to deliver 25% higher returns through a growing dividend and a CAD 2 billion annual buyback, a low-cost business model with a $35 U.S. WTI breakeven, and a lower risk profile with approximately CAD 8 billion of debt reduction and a focus on capital discipline. These are the hallmarks of the optimization strategy. In the coming five years, under our $55 WTI scenario, we expect to deliver more funds from operations than ever before. We plan to allocate roughly 30% towards our high standards of operational excellence and 15% to economic investments. Approximately 55% of nearly CAD 53 billion from funds from operations is expected to be allocated back to shareholders, which is CAD 29 billion by 2025. That's a phenomenal amount of returns. Let's break it down into three categories. With the dividend growth I just highlighted, shareholders can expect to receive CAD 8 cumulative per share. Our buyback adds another CAD 7 per share of value, and finally, the debt reduction results in CAD 6 per share of incremental value while fortifying the company. Combined, this returns an impressive CAD 21 per share over the next five years. That concludes our presentation, Thank you for taking the time to better understand our strategy and hear why we think Suncor is a great investment. We'll now take a five-minute break, and when we come back, Alister Cowan and I will answer your questions. Welcome back, everyone. We have Mark Little and Alister Cowan here to take your questions. Thank you for all the questions that you typed in today. This is Trevor Bell again. I'll be moderating the questions that you asked, and asking them of the gentlemen. We're organizing the questions in the order of the presentation today, moving from section to section, and we'll group some questions in similar themes to try to get in as many questions as we can in the next hour. Moving to the first question, I'll ask this of Mark. ''In addition to advanced analytics and machine learning, what else is driving the operational excellence that you spoke of in the showcase to continue to ensure that you run with very strong uptime?'' Yeah. Thanks for the question. It's interesting because there's several attributes to this. Partly culture, process, technology, and the physical assets themselves. All of these are required to be able to work in concert with each other to be able to deliver operational excellence each and every day. One of the things we're working on, if I just go through that piece by piece here on culture, part of it is allowing the organization to work as a team. We've grown up a lot over the last 15 years, and the organization's growing quickly, and we need to work as a team and leverage tools and technology to be able to help us to collaborate across all of the assets we have in the portfolio. We continue to benchmark against world-class organizations, we continue to learn, and we continue to grow as an organization. The culture needs to be there that we can leverage technology and we can work together as a team to deliver. Processes, yes, they're obviously a significant portion of this piece associated with it. We need aligned processes across the company, and this is one of the huge pieces that we're working on right now, is to actually be able to deliver that consistently, whether they're on the operational side or whether they're in the administrative side. We also found that we need to balance preventative controls against the consequence or making sure that, okay, but if something does go wrong, we don't suffer the significant consequence associated with it. We're back looking at our processes to make sure we have that right balance. Technology is a key piece because it's allowing us to do things that we've never been able to do before. Whether it's analyzing all of the critical pumps or processes in the entire company, comparing them to each other to try and catch issues where assets are starting to deviate from what we would consider normal operations or not. These are where we can leverage technology. These are great examples of how we can be stronger together and leveraging all the assets that we have. Finally, changes to the assets. In some cases, these are small changes to allow it to be more reliable or be able to operate it more consistently or things all the way through to the interconnecting pipeline, which Alister highlighted as part of our CAD 2 billion plan that allows us to be able to increase the flexibility of the assets that we have so we can better utilize all the assets. These are all critical for us on our operational excellence journey. When you look at our track record, we've made tremendous progress over the last decade. We do view that as we get into it, our upgraders and our mines and such operating at 90% utilization. You take in situ at 95%, refining essentially at 95%. We have some significant targets, but we think these are very achievable. Great. Thank you, Mark. Dennis Fong from CIBC asked a follow-up question kind of related to that, which is, ''How much of the CAD 2 billion Free Funds Flow of growth is being tied to assets running at 90% utilization versus, I'll say, cost reductions or other margin enhancements?'' Yeah. Alister touched on this when he went through the CAD 2 billion. We're essentially investing CAD 3.5 billion to deliver on CAD 2 billion of Free Funds Flow increase every year by the time we get to 2025. That package of investments that he talked about has about a 40% return. As we've always said in this, there's very little of it that's actually related to oil production and oil prices. You're seeing that, yes, in the Cogen, we actually have some that are exposed to power prices. We see the interconnecting pipeline as one that it actually drives some incremental production and upgrading some of the production associated with it. Right now, I'd say it's probably less than 10% of the Free Funds Flow relates to the bottlenecks or incremental production and so b ecause of that, our exposure to oil prices is very low. Great. Thanks, Mark. Shifting gears a little bit. Both Neil Mehta from Goldman Sachs and Phil Gresh from JP Morgan asked questions around the E&P business. I'll just try to sort of combine the questions. ''Basically, what's your view, Mark, of the business, how we invest in the business, the view going forward, and specifically, questions around our views on Terra Nova and West White Rose?'' Okay. Well, there's a lot in there. We've always viewed that E&P helps us in diversifying and stabilizing the cash flow when we have a, what I consider a super concentrated geographical business in our oil sands being the primary production source associated with it. When you go and look at our Free Funds Flow from the E&P business, literally over the last decade, you'll find out that in every year during that decade, we generated Free Funds Flow from our E&P business. That includes 2020 when Brent actually averaged $42, or in 2016 when it was $44 Brent, and even during the Hebron development as we went through it. We've done some significant investments there and always generated Free Funds Flow. That's how we've positioned the business. We're not looking that this is an area where we want to have massive investments and send that whole portfolio into negative Free Funds Flow. We definitely don't want that. It's been positioned and managed that way, and I actually view that we're one of the purest E&P players that you can have on this, because we really don't care whether the reserves go up and down or whether the production goes up and down. Our entire focus is on accretive cash flow and driving high returns for the shareholders associated with that. We do that, look at that through the entire portfolio. Every single asset, we try and determine when we think the end of life will be, and we have an exit point associated with it. You've seen that in Golden Eagle. This is just disciplined execution of our strategy that we don't see ourselves as an end-of-life player associated with it. Our view was this was the right period of time to be able to exit that asset. Terra Nova is a challenging one. We've gone to the market to look at really two options for executing work. One is the asset life extension that would allow it to produce for another decade, and certainly is something that we support. The other one is to take it into abandonment, which I think is becoming more and more of a real possibility as it goes on because we're running out of time to do the asset life extension. There's weather windows we need to hit and executing and going into port and getting the work actually executed. We think we're coming to a brick wall here on June 15th, and so we're going to make a decision at that point in time. To get a positive decision to do asset life extension, we literally need every single owner to support the path forward. It needs to be unanimous. If there's any dissenters associated with it, we go into abandonment. It's far easier to go into abandonment than it is to be able to get asset life extension. Again, we continue to be supportive of the asset life extension, and we've advocated for it. Honestly, we've been doing this for many, many months and working it very diligently, and it doesn't look like we're going to get there, but we'll find out on June 15th. West White Rose, we're waiting for the operator's proposed path forward. Obviously, with Husky and Cenovus coming together, it's now sent them to think about how they want to position this going forward. We're spending a bunch of time with the operator, and we're waiting for the proposed path forward. We expect that project to move forward, but we'll see how it plays out. Obviously, the operator with a significant majority of the investment, obviously, they have a huge impact on how this progresses. Great. Thank you, Mark. There was a number of questions, and I am just going to sort of combine into one, questions around basically how do we view the downturn profitability, obviously, with demand dropping off in 2020 and now coming back, particularly in the United States and as vaccinations improve in Canada. How do we view that business going forward? Sorry, Trevor, just to be clear, are you talking about the Downstream business? The Downstream profitability business. It's interesting because this has been the most challenging time on the entire model, having kind of a double black swan event occur that's massively hitting demand in a short period of time, while there's a price war going on. This has been a challenging time for sure, but it's interesting because we continue to invest in the Downstream business. In areas like our supply and trading organization around being able to trade and optimize the barrel, we talked about how we've been able to deliver higher prices and better margins because of that capability. We think we can enhance it further. Also in flexibility around our logistics, like the Burrard Terminal, to enhance profitability. Honestly, that's been fantastic with COVID because it's allowed us to keep our utilizations up and being able to access the market so that it's really helped tremendously. When you stand back and look at the Downstream business, in 2020, we had less than a CAD 12 New York Harbor Crack, and we delivered CAD 2.1 billion of funds flow from that business with LIFO accounting associated with it. When you look at it and just take refining as an example, in 2020, the EBITDA per barrel was 2x compared to our closest peer associated with that. That's not counting our Rack Forward contribution, that's just in the refining. The fact that we have very competitive refineries, we have good feedstocks and integrations with our oil sands asset, and we also have the ability around our Rack Forward business to be able to access markets. We've been able to run at higher utilizations. If you look at it, you see, okay, at the low end, during a double black swan and kind of chaos, we delivered CAD 2.1 billion of Free Funds Flow. You look at 2018 and 2019, where we were almost CAD 4 billion of Free Funds Flow from that same business. That kind of frames the worst case associated with it, through to what we consider the run rate that we expect to see again. As we continue to strengthen the business, as we continue to drive down the cost structure, we expect that we will continue to see approximately CAD 4 billion of funds from operations out of our Downstream business. Obviously, as we get through COVID, vaccines roll out, and the economies get back at her, and obviously, that's starting to happen, we've made some good progress there. We think we're best positioned in the entire industry to capture higher utilizations, margins, and drive Free Funds Flow from the Downstream business. Great. Thanks, Mark. Maybe, Alister, I can ask you this one. It is just to pivot off some of Mark’s comments with respect to the Rack Forward. I know people have been asking us when we meet with them around further disclosure and providing more context around the Rack Forward business. Maybe you can speak about that specific part of the business. Yeah, that's a good question. As Mark said, Rack Forward is an integral part of our Downstream business. We've talked about in the presentation how it helps us secure the demand channels leading to that industry-leading utilization for the refineries, which is critical to actually making money out of these large plants. It certainly underpins our Downstream strength in what we would consider volatile markets. As we look at that business going forward, clearly, we're looking at how do we improve that business? How do we improve the performance of the business? How do we improve our front court? How do we specifically improve our back court? How do we generate more cash flow contribution from that business? We are focused on that. I think in the presentation, we highlighted that we made CAD 4.75 per barrel contribution from that business. That's about CAD 800 million of EBITDA in 2020. We'll continue to improve that as we go forward. On a disclosure perspective, we are looking at how do we enhance what we disclose on a quarterly basis, on an annual basis. You can expect to see some changes in that coming up in the next quarter. Just finally, going back to it's an integral part of our Downstream business. It's partly why our Downstream business is so strong compared to all our peers. From our perspective, removing that retail business from that integrated chain really will destroy value. It will impact refinery utilizations. It will lower our strength, our margin capture, and we don't think it maximizes the long-term value for our shareholders. Alister, maybe. Great. Yeah. If I could add, Mark, just for a second. It goes to Alister's point around retail. Manav Gupta asked. He said investors are asking should SU sell its retail business, and maybe give our opinion or discussion around why selling the retail or marketing business is a bad idea, or what our views are on the retail business itself. Okay. Thanks, Trevor, and thanks, Manav, for that question. I think really, and we tried to highlight this in the material, is that integration from the mines right through our refineries right into the retail part of the business, we see as a huge strategic advantage, and you're seeing this in refinery utilization. In the last year, that's probably the best indicator of how strong that is because we actually have a great retail, wholesale, and commercial business associated with it, so we're able to place the barrels. When the demand has actually declined, our ability to actually export both off the East Coast and the West Coast of Canada through, as we talked about with Burrard or some of the enhancements we've done on the East Coast to be able to move product, has turned out to be huge. You think about it, we're actually exporting volume and making cash flow. Not as much as if we place the barrels in Canada, but we're making cash flow from it, a positive cash flow, at a time where the entire North American refining circuit is actually long refining capacity, and people are struggling with their economics. We see this as a huge demonstration of the capability of the system. When you disconnect it, we think we lose the ability to place those barrels. We run lower utilizations on the refinery, and we erode the economic value of this business. We think that the value of it is much greater together than it is apart. If you think about where the market is going longer term, we see that you'll see continued rationalization of refining going forward as gasoline demand starts declining and such associated with it. These strengths are going to be more important as we go forward. We think this is a huge advantage for us, and we continue to optimize that entire system to allow us to stay strong through this period of time, literally for several decades to come. Great. Thank you, Mark. One last question related to this section from Menno from TD, and it's around the mine life that we mentioned that in the mid-2030s, our mine reaches its end of life and no decision is expected until the end of this decade. What are sort of the decision points or what are we looking at with respect to sanctioning or options around bitumen in our mine life? Okay. Well, primarily, the strategy that we have to be able to do this is to be able to keep our upgraders full and at high utilizations, the 90% that I already talked about. That's a key focus. To do that, we actually need to be exporting bitumen on the margin all the time so that we're never in a situation where the upgrader is sitting idle because we don't have enough bitumen to be able to keep it full. That's a key focus for us. And you've seen us both with our base plant as we started to hook in Firebag and such, and then with the interconnecting pipeline, you've seen us open up the flexibility and work the logistics to be able to keep these upgraders full. They're expensive, they drive an enormous amount of value, and you need to utilize them well to make strong cash flow from it. We have a variety of different options when we look out into the mid-2030s about how we could replace the base mine volume. Clearly, we have mining options. You've seen us progress the regulatory application on that. We also have in situ options with resource adjacent to the current base mine. We have lots of developing organic resource. We have the ability to do that, and we have lots of resource and lots of flexibility. We also have the ability to take Fort Hills production or more Firebag volumes into our base plant upgrader and/or onto Syncrude. We can also upgrade more of the material that we're currently producing. There's resource lease swaps with others. We see this as an opportunity. Quite frankly, we've talked a little bit at times about the natural developer where really the money is in all of the logistics and infrastructure on the surface. We think lease swaps will make sense, it'll give us some time to explore those options. The last one is we can run third-party barrels. The beauty of this is, or a combination of any and all of the options I just described, whether it's organic resource development, whether it's upgrading existing production, whether it's lease swaps and running third-party barrels, we can do any and all of those or any combination of them. That's what we're looking at. Really, we see the decision being pinned around Free Funds Flow and the long-term value creation for our shareholders, that that will be the driving force behind these decisions. Like we said in the presentation that Alister Cowan and I just did, that we have the ability to be able to give it some time, explore the options, look at all the different potentials associated with it. Thankfully, we can do that without spending any major capital or making any big decisions associated with it, because this will help us as we explore all these different options and look at every possible opportunity. Great. Thank you, Mark. We've had a lot of questions and thanks to all our retail investors, and a number are asking the questions around how do we think about the pace and scale in the energy expansion area? What is our strategy and how do we view our pace and scale in investing in those technologies? Yeah. It's a great question. One thing that is I think almost universally true, if you go really fast on the whole energy expansion and investments associated with it, you're almost destined to take low returns. You're seeing some of the returns get down into the 6% to 8% returns for some of the ways people are playing in this space. What we've stated in here is we're looking for mid-teens returns. That often means that, like if you look at the Cogen project as an example, it ties to when physical assets in our system are coming to their end of life, that that actually helps us in driving up the economics. Getting it in jurisdictions where we can get the carbon credits associated with it and drive down our carbon emissions, that is actually huge associated with it. Can we get other operating efficiencies that drive down sustaining capital, lower our operating costs? These are all factors that we take into account. If you go too quickly in this, the returns decline. Timing and pace, we think, are very important to this because we're trying to make sure that when we invest it's helping us in driving down our cost performance, enhancing our margin capture, and driving down our emissions so that we have stronger environmental performance. That's the beauty of the Cogen project, because it literally does all of these. Our operating costs decline, our sustaining capital declines. We open up a new revenue source by selling power into the grid associated with it. The other joy of it is in a lot of these attributes, whether we're talking about the recent announcement of the green hydrogen project with ATCO or the Cogen, we are our own best customer. The power, we're taking the steam off of the Cogen and exporting the power. We stated 65% of the hydrogen we're expecting to go behind the Edmonton refinery to help us decarbonize our products and the refinery itself. Being disciplined in this is super important. We also need to make sure that we're not driving technologies before they're ready. You've seen us take a very disciplined approach. Over the last seven years, if you look at Enerkem, LanzaTech, LanzaJet, and Svante, although Svante has been very, very recent, we've spent a total of CAD 150 million on these technologies and developments in commercializing them and moving them forward. We expect that pace will increase as we get more commercial on these technologies. We've been very disciplined over a period of time to make sure we have the technologies to give us that advantage going forward. What we're expecting to do is make low capital investments, work with key partnerships and technologies to be able to drive our future competitiveness and allow us to be able to drive down our emissions while giving us a commercial edge and delivering solid returns to our shareholders. Great. Thanks, Mark. A question, a number of folks have asked this, including Justin from Desjardins, can you just, we announced the new carbon goal this morning. Maybe just provide a little bit more color around the new goal and how Suncor expects to achieve that. Yeah, we're quite excited about this. We've set, as we talked about, or I just talked about not that long ago, is just around, This is the third time we've set goals. This is very different when you say, "Okay, we're trying to get to net zero by 2050," than it is to set kind of interim goals, which we've done in the past. Our second goal was to get to an efficiency or an intensity goal of 30% by the time we get to 2030. That was our objective when we set out on this whole journey. Our view was is framing this as an absolute emissions reduction made a lot more sense, and that we also needed to be a lot more cognizant about the contribution we're making to the world by some of the investments that we're making to allow ourselves to drive down emissions and track those contributions. As we go on this journey, we're really focused around how do you get mid-cycle returns, and then how do we drive down these emissions? Yes, we will drive down our Scope 1 and Scope 2 emissions inside the plants. We've talked about on an equity basis, it's 29 megatons today if you look at all of our assets in the portfolio, and that's the challenge that we're faced with. We're actually quite excited about it. It's changing the conversation and the way we're talking about these types of opportunities and the types of opportunities that we'll pursue for sure. We said in here that a good portion of this will come from reducing the emissions inside our fence directly, and then a bunch of this was going to come from outside the fence by driving down emissions in the value chain outside of our plant gate. The Cogen is probably the best example. Today, the electrical emissions in the province of Alberta are not our Scope 1, they're not our Scope 2, and they're not our Scope 3 emissions. They will be when we start selling power into the grid. This is an example where we can have a significant impact on global emissions through our investments and making change, intervening into systems, and investing directly. That's how we're doing it. We're excited about actually moving into an absolute reduction focus associated with it. We think it's necessary for us to think about it in this context. We really see that technologies like Carbon Capture and Sequestration. I said in the presentation, I said that we expect this to be more than 50% of our emissions reduction as we go forward. Fuel switching, energy efficiency, and new technology development and deployment and such like solvents as an example. That would be another one. We think that a lot of the technologies I talked about where our emissions come from in the presentation, the technologies we focused on, the investments we're making and such, we can figure out how to drive down our emissions and to get to net zero by 2050. Obviously, this has to be a huge collaborative effort because we can't do it by ourselves. We've seen that when you go and look at things like Carbon Sequestration, you're seeing jurisdictions across the globe recognizing that they need to go on this journey together and that governments and technology holders and emitters need to work together to be able to move these technologies forward. Great. Thanks, Mark. We're going to move to the CAD 2 billion of improvements and cost improvements. Alister, this is a question around, ''What are the drivers in the cost improvements, specifically the KPIs that we're driving down? How do you view the pace, and is there any acceleration, particularly in the digitization space or future opportunities that we can capture in that area?' Yeah, thanks, Trevor. As I outlined in the presentation, we set out to achieve CAD 2 billion of Free Funds Flow improvement by 2025, CAD 1.3 billion by 2023. We now expect to exceed that target by about CAD 150 million on an annual basis. I just point out, these are risk numbers, so there is potential to be higher than that. That we're targeting with this improvement that we will achieve our Upstream cost per barrel targets for Syncrude in 2023, for Fort Hills in 2024, and for the base plan by 2025. If you look at the key drivers, I talked about these. They're really our business process transformation and automation driving out about 10% to 15% workforce reduction. We've made significant progress on that. We're about one-third of the way through that. As new technologies get implemented over the next 12 to 18 months, we'll continue to drive those reductions. Supply chain is another key driver here, that 2% saving on the CAD 10 billion of services and materials that we buy. I did highlight that's at the low end of the range that we've seen out there. I think there is potential to drive that up. Our tailings technology PASS has been very significant. I talked about some of the large amounts of earth-moving reductions that we've seen there, and then the digitization of assets. That's really about structural changes and how we work. That does take time. It takes investment, and it takes time to make these sustainable cost reductions. On an acceleration, we're clearly focused on how do we drive this faster. You've seen that. We've already moved the 2023 target up by CAD 300 million or 30% from the initial target of CAD 1 billion. We will continue to look at how can we accelerate the savings and how can we make those savings bigger. We're extremely focused on that. Great. Thanks, Alister. Mark, a question around sort of costs and I'll say more. There's lots of discussion around inflation, inflationary pressures, and how did we factor that into the outlook? Well, thank you. That's a good question. Part of it is back to what Alister was just really talking about, we understand, yes, okay, inflation is obviously a key conversation that's going on in the economy and such associated with it, and we're working and positioning ourselves to mitigate that as much as possible. Really what you've seen in there is we've risked and included some inflation in the way we established our plan to account for it. Obviously our focus is to position ourselves to offset this as much as we possibly can, and go through that. When you look at our costs, about 70% of our expenses are related to employees and contractor costs. The stage that Alister talked about is the 10% to 15% workforce reductions, also contractor services and digitization savings and such. Because if we can figure out how to automate something, clearly the automation actually isn't inflationary in that sense. We're actually going after one of the largest cost areas associated with it through automation, through digital apps, and through efficiencies. The big one, Alister Cowan just talked about structural changes. One of the structural changes is, hey, let's do it consistently across the entire company. Have one set of processes and such, so that, one, we can automate and/or be very efficient in the way that we do it. The other 30% of our cost structure is really around commodities, materials, and rentals and such. Alister just talked about the supply chain initiative as an example, but as he stated, we're at the low end of the range. When you go and benchmark this around how other people have done this, it looks like it's about 2% to 5% is the benefits that they're getting. We're assuming that it's 2% in the way that we've analyzed it. Some of that, if it is higher, we've allowed for some inflationary pressures associated with it. I think also the fact that we don't have mega projects in our portfolio. Like when we were in the growth phase and we were spending a lot more capital and we were doing a lot of things like steel and concrete and all of these various materials we needed for these mega projects, inflation is a much bigger concern associated with it. The fact that we're really sweating the assets and looking for the opportunities to drive out cash flow, drive down our cost structure is very helpful as well. When we look at the specific production plans and look at our cost reductions and stuff, the targets that Alister just talked to was Syncrude at CAD 30 a barrel, by late 2023. Fort Hills, we're confident we can get it to CAD 20 a barrel by 2024. The base plant is CAD 20 a barrel by 2025. We have initiatives and those sorts of things in play. I think this is the first time that we've literally come out with the detailed breakdown of the CAD 2 billion and had plans behind literally every dollar of that for the shareholders. As Alister pointed out is, and we risked it. We are obviously working on initiatives beyond that, and I think that's good because we're using that really as the hedge against or the offset to inflationary pressures. Great. Thanks, Mark. One of the questions in particular, on a unit cost basis, so the last question on cost, relates to Fort Hills and the ramp-up plan and the guidance that you just spoke about. Maybe you can just provide a little bit more color on the ramp and where we think the cost targets are going? Yeah. Great question. It is confusing because we are ramping up a lot of mining at Fort Hills to get ready to go to full rates. As we have said before, there just is not enough exposed ore. When we decided that we were going to go to one train during COVID last year, we shut down all of this mining and basically just had the ore exposed that was required to run one train. Now we are wanting to go to full rates, and obviously we need a lot more of the ore exposed, so we need to take more overburden off of that ore and prepare for full rates. At one point, our initial plan was to ramp up production at the same rate that we were increasing our overburden. Quite frankly, that was just driving a massive amount of variation into plant operations and such. We eventually concluded, "Look, this just doesn't make sense. We're going to remove the overburden, expose the ore, and then get ready to ramp up production in Q3." We are making good progress on that. We've seen the overburden clearing ramp up, and we're about to step it up again in June so that the unit costs actually aren't representative at all. Essentially you're accelerating the movement of the overburden over half of the production associated with it. The production cost will change a lot when we get it ramped up, and we have full confidence that as we get it ramped up to full rates, you'll see significantly lower unit costs associated with it. As I just stated, CAD 20 barrel cost target in 2024 is what we're driving to. That is the plan, and that's what the team's going to deliver. Great. Thanks, Mark. We're going to move to more of the capital allocation part. Alister, maybe I'll forward this question to you from Neil Mehta at Goldman Sachs. He's asking the question whether we considered a variable dividend and the thought behind the 25% CAGR in the dividend, and what our view was with respect to increasing the base dividend as opposed to variable dividend. Yeah, thanks for that question, Neil. It's a good one. We spend a lot of time looking at how to allocate this growing amount of Free Funds Flow back to the shareholders. The first thing to say is we're setting up our business model on the basis of a sustainable dividend. Not a variable dividend. I don't think our shareholders value that. They want to know what the growing sustainable dividend is going to be. Driven by the model that we have, the Free Funds Flow profile and the asset base that we have, I think it makes our model much more resilient. Lower cost and break-even structure that I just outlined, and significantly lower debt levels. That business model, we believe, and the investor base support that we've had, as in our view, supports a base reliable and growing returns profile, not a variable dividend. We do view the share buyback as a variable form of returns. As we have talked about in the Q1 call, just to give you a bit of an update, by the end of May, we expect to have bought back about CAD 700 million worth of shares. That's about 27 million shares or about 1.8% of the float. In conjunction with that, we've also reduced our debt levels by approximately CAD 2 billion over the same period of time. You can see that we're staying true to returning that additional Free Funds Flow back to the shareholders in that two-thirds debt, one-third buyback model that Mark and I outlined during our Q1 call. The model is resilient. It's focused on increasing that dividend level, 25% CAGR over the next four years. Any variable return will come via the buybacks. Thanks, Alister. Maybe I'll ask this next question as well to you around capital allocation. Both Phil Gresh from JP Morgan and Dennis Fong from CIBC asked questions around capital allocation, and different pricing scenarios and what our thoughts would be with respect to either an upside scenario where prices are higher than our $55 WTI scenario. Then, of course, the opposite, what would we do in our capital allocation should prices be below the $55 WTI scenario for a lengthy period of time? Yeah, it's a good question, Phil Gresh and Dennis Fong. I think as I commented in my comments that forecasting oil prices is difficult, and what we do know is they're going to be volatile. We picked a scenario to illustrate today that we felt was reasonable over time. If you look out over the next five years, I think strips are slightly higher at the front end and on that USD 55 at the back end. Clearly at those levels, there would be significant additional Free Funds Flow coming into Suncor. For 2021, as I just said, we're going to deliver on our commitment that we said two-thirds to debt reduction and one-third to the buyback. If I look in the 2022 to 2025 level, we're going to increase the base dividend annually with a 25% CAGR. We're not going to increase the capital beyond CAD 5 billion a year. You can expect to see excess cash over that scenario price that we have there going to increasing the buybacks and debt reduction over time. If there's upside price, I would say we'll see more accelerated debt reduction and additional buybacks. If there's a downside, we're going to flex between economic capital and the buyback. One of the reasons we've reduced our corporate break even down to CAD 35 for the dividend-sustaining capital is to give us some more flexibility, give more confidence and the sustainability of an increasing level of dividend over time for the shareholders. We're very committed to sustaining that, growing that dividend. We're committed to paying our debt down. We've moved to absolute debt targets. Mark, I think they'd probably be interested in comments you may have on that. Well, I actually think you've said it well, Alister. It's interesting that the way I tend to look at it is when we set this up, one of the joys of it is, but we're in the upside case out of the gates, right? We essentially set up a five-year plan, laid out the five-year plan, and now cash generation's above that five-year plan early at the start of it. It allows us to be able to try and move as rapidly as possible to drive down debt, buy back shares, and such associated with it, and accelerate the delivery of this. I think that's the opportunity and the exciting part about it. This would be a lot tougher if we were starting on the low side of it and we had to make up ground when we're only halfway through the first year. I'll leave it there. Great. Thanks, guys. Alister, question around just the capital spend that was portrayed in the outlook of CAD 5 billion. A number of questions I'm putting together. Is this a floor? Is this a ceiling? Is this what Suncor can afford? Your thoughts around just the capital details in general? Yeah, that's a good question. I think we're pretty clear. We're capping capital at CAD 5 billion. Within that level, projects have to be economic, and we make decisions on every year on what the capital level will be. I think the capital's going to be capped at CAD 5 billion, 2022 to 2025. Our target midpoint for this year, in 2021, is CAD 4.2 billion midpoint, and we're on track for that. I would highlight some of the comments I made that if you look at the economic capital we're spending during what we call our optimization phase over the next few years, it's only 20% of our funds from operations. That's significantly lower than the 35% you saw during our growth phase. I would argue that we're going to generate more Free Cash Flow growth out of it than we did during that period of time. I would say that the CAD 1 billion less capital that we're really spending, where are we taking that to? We're taking that to increasing our shareholder returns and debt reduction. That's really the big difference. About 45% of our funds from operation over the next few years is going to go to capital, both sustaining and economic, but 55%, I think Mark mentioned it, CAD 53 billion or CAD 29 billion is going to go to dividends, buybacks, and debt reduction. That's quite a difference from that growth phase that we were in. When I look at the transparency and disclosures that we give around our capital every year and our guidance, we give fair amounts of detail. I would say that it's more than most in the industry. You can expect to see that happen as we go forward into guidance at the end of the year. Great. Thanks, Alister. One follow-up quickly from a question is around in situ capital and the fact that it's not in our sustaining capital number. Just how does Suncor define sustainment and maintenance capital? I'll take that one. We define it as what do we need to keep the assets running and maintained and sort of utilizations at current levels. I would say that it doesn't include specifically in situ well pads, and it doesn't include E&P growth. Why would that be? These are economic decisions in our view. If you want to invest in production, whether it's sustaining production or growth, those investments need to be earning an economic return. You should not be investing capital to produce production that is not economic. That's the reason we take it out. The CAD 3 billion, roughly, is really about sustaining the equipment and the assets, and obviously, with a low decline in the mine, there's not really much issue from a production decline there. The in situ does decline, and as we know, E&P does decline as well. Those are economic decisions in our view, not sustaining capital. Great. Thanks, Alister. Mark, there's, as I said, lots of great engagement by retail investors, and thanks again. Lots of discussions around the dividend, and I'll sort of frame it up as saying questions around when do we get back to the original dividend and our thoughts around the dividend just generally. Yeah. Part of the thing we were kind of associated with it is how do you set up the company for long-term success associated with this? We recognize that the dividend is a significant issue, and we've received a lot of feedback associated with it. We felt that the plan that we've put together and the scenario that Alister talked about, the $55 WTI and such, we've taken kind of a mid-cycle view of the cycle, and then based our financing associated with it and our capital allocation, which really is focused around making sure that we're balancing debt management to make the company more resilient. We're showing CAD 8 billion of debt reductions or like a CAD 1.10 a share in debt reductions as we go forward associated with this. We also are sitting at a CAD 35 breakeven. This is required for us to get a lot more focused on being able to be resilient through the cycle. We fully expect that volatility will be significant going forward, and we need to be resilient for all of that. When you go and look at it, what we propose is a 25% compounded annual growth rate to the dividend to 2025, and we expect to exceed the pre-pandemic per share dividend as you get out into early 2025 associated with that. When you look at cash returns, dividend, and buyback from 2021 to 2025, we are 25% higher than the period from 2015 to 2019. As I mentioned before, we are also achieving a 15% lower share count associated with that. We have a CAD 35 breakeven, we're driving our net debt to approximately one times our funds from operations so that the company is substantially stronger while getting the dividend back to where we think it needs to be for us to be competitive and resilient in the long term. We think all of these pieces are important to the plan and setting the organization to be successful going forward. Fortifying the balance sheet and having resilient returns through the cycle is very important so that we can actually ensure that the dividend is going to be resilient through all of the future periods of time that we will face. Thanks, Mark. Roger Read from Wells Fargo asked the question generally around M&A and our thoughts around, ''Looking at M&A versus organic opportunities, and just maybe some comments that you might have on M&A?'' Yeah, thanks for the question. This is always a difficult one because we never comment on specific transactions, although occasionally we have when the rumors are driving it in the marketplace. There's three things we've always said about M&A. One, they have to be high-quality assets. Two, there have to be synergies with it so that the combination makes more sense than the assets standing alone. Three, it has to be accretive for our shareholders. Otherwise, why in the world are we doing it? That's what we tend to look for. If you look at all the transactions we've done, we've worked on all three of those parts over the last decade, whether you're going back to the Petro-Canada and Suncor merger or whether you're looking at the Canadian Oil Sands or some of the smaller transactions that we've done. There's lots of high-value opportunities in our own portfolio to be able to invest and drive good returns for our shareholders. We will always test, and maybe the base mine replacement is a good example. We'll always test the organic investment associated with it with M&A. There's lots of aspects to it around the affordability. How does it get structured? One of the challenges we've had is anytime we've done a significant deal on M&A, we've used our share as a way, a currency, essentially, to be able to do the M&A. Obviously, with the weakness that we've seen in our share price, this is not something that we're considering at this point in time because we view that our shares are undervalued, not just in general, but specifically relative to several other companies. Our focus is to get fair value for our shares and continue to drive up the returns for our shareholders. Great. Thanks, Mark. We've got time for sort of one last question. Really, the question's been asked by a few folks. I'll try to put it together. Getting your thoughts on, we presented an outlook today with the pricing environment assumptions. What do you view as the risks to that outlook as you sort of sit today? Well, thanks. That's a great question. It's interesting when you look at it because you need to step back and think a little bit about, okay, well, how have we assessed the risk into the plan already? If you look at the, Alister talked about CAD 2.15 billion of risk-adjusted number for our increase in Free Funds Flow as we go out to 2025. We've already risk-adjusted that and incorporated it into the plans that we put together. You look at the CAD 300 million savings for taking over operatorship at Syncrude. We risked that number already. The number you're seeing is a risk number associated with it. We really don't think that there's material risk in that because we've already incorporated it. On the operational side, if you go back and look at our history and how we've improved our operations over the last 10 years, we're very confident that with our long-term progress that we've made, our current performance, and the plans we have in place, that we can deliver on our operational parts of this plan associated with it. It comes down to, okay, well, commodity price is always a big risk associated with this. Driving down our breakeven, lowering our debt, and fortifying the balance sheet, these all help us in being able to manage the risk. Now, the forward strip is above the scenario that Alister talked about, the $55, but it's nice, like we're on this side of it, on the positive side associated with it. Now's the opportunity for us to make the company stronger financially while the price and the commodity price is supporting it. As we talked a little bit about it, the clarity around the regulatory regime and the fiscal framework associated with it for Suncor and for Canada to meet our carbon objectives, I think this is where maybe the most uncertainty is in the plan that we've put forward. I think one of the things that I love about it is, and we've just seen this with COVID, is that when companies come together, society comes together, service providers come together with governments, provincially, federally, locally, we are able to do amazing things. We stand moving forward with. Focus on collaborating with all the various technology providers and provincial and federal governments. Quite frankly, we were very encouraged by the federal government's support that they showed in the budget. Obviously, there's still a bunch of uncertainty. We're in for the 90-day consultation period around how that'll work for carbon sequestration and storage. What does it mean for our Hydrogen Project? Where does this CO2 get sequestered? There's lots of questions to answer. That's a risk, but the one thing about it is everybody that I've talked to is motivated to be able to move forward on this. I think that they view Suncor, and maybe in a broader context, the Canadian oil sands industry, as a key partner to be able to allow Canada to meet its carbon goals going forward because it requires real things to happen, real solutions to get implemented, and that's what we've done literally for decades, and we're excited about being a partner in that. Great. Thank you, Mark, and thank you, Alister, and thanks for everyone today for the questions. As most of you know, we'll be out on the virtual road attending numerous conferences and NDRs, so you can definitely reach us there. You can also send any questions you have to invest@suncor.com, and we're happy to answer those. Then as everyone knows, the IR team is always available, ready to answer questions either from today or any other questions you have in general. With that, I'd like to thank everyone for attending and wish everyone a great day.