For the fourth quarter, we had adjusted earnings of 1.3 billion or $2.94 per share.
For the year, adjusted earnings were 2.5 billion or $5.70 per share.
Our 2021 combined workforce total recordable rate of 0.12 was more than 25 times better than the U.S. manufacturing average.
Last year, our strong cash flow generation allowed us to invest $1.9 billion back into the business, returned $1.6 billion to shareholders, and paid down $1.5 billion of debt.
The 2022 capital program of $1.9 billion reflects our commitment to capital discipline.
Approximately 45% of our growth capital this year will support lower carbon opportunities, including Rodeo Renewed.
In October, we increased the quarterly dividend to $0.92 per share.
We're taking steps to position Phillips 66 for the long-term competitiveness.
By 2030, we plan to reduce Scope 1 and Scope 2 emissions by 30% and Scope 3 emissions by 15% compared to 2019 levels.
We made progress advancing our growth projects as well as taking strategic actions to position Phillips 66 for the future.
In midstream, we began commercial operations of Phillips 66 Partners' C2G Pipeline.
At the Sweeny Hub, construction of Frac 4 is 50% complete, and we expect to begin operations in the fourth quarter of this year.
CPChem is also expanding its propylene splitting capacity by 1 billion pounds per year with a new unit located at its Cedar Bayou facility.
CPChem has successfully processed pyrolysis oil in a certified commercial scale trial and is targeting annual production of 1 billion pounds of circular polyethylene by 2030.
Upon completion, Rodeo will initially have over 50,000 barrels per day of renewable fuel production capacity.
Additionally, our retail marketing joint venture in the Central region acquired 85 sites in December, bringing the total to approximately 200 sites acquired in 2021.
We own a 16% stake in the company, extending our presence in the battery value chain.
Adjusted earnings were $2.5 billion or $5.70 per share.
We generated $6 billion of operating cash flow or $3.9 billion excluding working capital.
Cash distributions from equity affiliates totaled $3 billion, including a record $1.6 billion from CPChem.
We ended 2021 with a net debt-to-capital ratio of 34%.
Our adjusted after-tax return on capital employed for the year was 9%.
We started the year with $2.5 billion in cash.
Cash from operations was $6 billion.
This included a working capital benefit of $2.1 billion, mainly due to the receipt of tax refunds as well as the impact of rising prices on our net payable position.
During the year, we paid down $1.5 billion of debt.
We funded $1.9 billion of capital spending and returned $1.6 billion to shareholders through dividends.
Our ending cash balance increased to $3.1 billion.
Adjusted earnings were $1.3 billion or $2.94 per share.
We generated operating cash flow of $1.8 billion, including a working capital benefit of $412 million and cash distributions from equity affiliates of $757 million.
Capital spending for the quarter was $597 million.
$265 million was for growth projects, which included approximately $100 million for retail investments in the marketing business.
We paid $403 million in dividends.
This slide highlights the change in adjusted results from the third quarter to the fourth quarter, a decrease of $105 million.
Our adjusted effective income tax rate was 20% for the fourth quarter.
Fourth quarter adjusted pre-tax income was $668 million, an increase of $26 million from the previous quarter.
Transportation contributed adjusted pre-tax income of $273 million, up $90 million from the prior quarter.
NGL and other adjusted pre-tax income was $284 million, compared with $357 million in the third quarter.
The total value of the investment, including foreign exchange impacts, increased $146 million in the fourth quarter, compared to an increase of $224 million in the third quarter.
The fractionators at the Sweeny Hub averaged a record 417,000 barrels per day, and the Freeport LPG export facility loaded a record 45 cargoes in the fourth quarter.
DCP midstream adjusted pre-tax income of $111 million was up $80 million from the previous quarter, mainly due to favorable hedging impacts in the fourth quarter compared to negative hedge results in the third quarter.
The actual hedge benefit recognized in the fourth quarter amounts to approximately $50 million.
Chemicals' fourth quarter adjusted pre-tax income of $424 million was down $210 million from the third quarter.
Olefins and polyolefins adjusted pre-tax income was $405 million.
The $208 million decrease from the previous quarter was primarily due to lower polyethylene margins, reduced sales volumes, as well as increased utility costs.
Global O&P utilization was 97% for the quarter.
Adjusted pre-tax income for SA&S was $37 million, compared with $36 million in the third quarter.
During the fourth quarter, we received $479 million in cash distributions from CPChem.
Refining fourth quarter adjusted pre-tax income was $404 million, an improvement of $220 million from the third quarter, driven by higher realized margins and improved volumes.
Realized margins for the quarter increased by 35% to $11.60 per barrel.
Refining adjusted results reflect approximately $230 million related to the EPA's proposed reduction of the RVO, of which about 75% applies to the first three quarters of the year.
Pretax turnaround costs were $106 million, up from $81 million in the prior quarter.
Crude utilization was 90% in the fourth quarter and clean product yield was 86%.
The 3:2:1 market crack for the fourth quarter was $17.93 per barrel, compared to $19.44 per barrel in the third quarter.
Realized margin was $11.60 per barrel and resulted in an overall market capture of 65%.
Market capture in the previous quarter was 44%.
During the quarter, the distillate crack increased $3.10 per barrel, and the gasoline crack decreased $3.76 per barrel.
Losses from secondary products of $1.88 per barrel improved $0.10 per barrel from the previous quarter due to increased butane blending into gasoline.
Our feedstock advantage of $0.18 per barrel improved by $0.17 per barrel from the prior quarter.
The Other category reduced realized margins by $2.02 per barrel.
Adjusted fourth quarter pre-tax income was $499 million, compared with $547 million in the prior quarter.
Marketing and Other decreased $52 million from the prior quarter.
Specialties generated fourth quarter adjusted pre-tax income of $97 million, up from $93 million in the prior quarter.
On Slide 13, the corporate and other segment had adjusted pre-tax costs of $245 million, an increase of $15 million from the prior quarter.
In Refining, we expect the first quarter worldwide crude utilization rate to be in the high 80s and pre-tax turnaround expenses to be between 120 and $150 million.
We anticipate first quarter corporate and other costs to come in between 230 and $250 million pre-tax.
For 2022, we plan full year turnaround expenses to be between 800 and $900 million pre-tax.
We expect corporate and other costs to be in the range of 900 to $950 million pre-tax for the year.
We anticipate full year D&A of about $1.4 billion.
And finally, we expect the effective income tax rate to be in the 20 to 25% range.

Summary:
For the fourth quarter, we had adjusted earnings of 1.3 billion or $2.94 per share.
Adjusted earnings were $1.3 billion or $2.94 per share.