Investing in the energy sector has been very lucrative recently with the energy sector, the best-performing sector of the S&P 500 during 2021.
We paid down over $12 billion in debt since 2016 and 2022 marks the fifth consecutive year we have increased our dividend, growing it over those years from $0.50 per share to $1.11 per share.
Finally, this is a company run by shareholders for shareholders with our board and management owning about 13% of the company.
First, take care of the balance sheet, which we have with our budget showing net debt to EBITDA of 4.3 times, then invest in attractive return projects and businesses we know well at returns that are well in excess of our cost of capital.
Our discretionary capital needs are running more in the $1 billion to $2 billion range annually, and at $1.3 billion, we're at the lower end of that range in our 2022 budget, not at the $2 billion to $3 billion that we experienced in the last decade.
The final step in the process is return the excess cash to shareholders in the form of an increasing and well-covered dividend that's $1.11 for 2022 and in the form of share repurchases.
As we said in our 2022 budget guidance released in December, we expect to have $750 million of balance sheet capacity for attractive opportunities, including opportunistic share repurchases.
Transport volumes were down 3% or approximately 1.1 million dekatherms per day versus the fourth quarter 2020 that was driven primarily by continued decline in Rockies production, the pipeline outage on EPNG and FEP contract expirations, which were offset somewhat by increased LNG deliveries and PHP and service volumes.
Physical deliveries to LNG facilities off of our pipeline averaged about 5 million dekatherms per day that's a 33% increase versus the fourth quarter of '20.
Our market share of LNG deliveries remains around 50%.
Our natural gas gathering volumes were up 6% in the quarter.
So compared with the third quarter of this year, volumes were up 7%, with a big increase in Haynesville volumes, which were up 19% and Bakken volumes, which were up 9%.
In our products pipeline segment, refined product volumes were up 9% for the quarter versus the fourth quarter of 2020.
Compared to prepandemic levels using the fourth quarter '19 as a reference point, road fuel, gasoline, and diesel were down about 2% and Jet was down 22%.
In Q3, road fuels were down 3% versus the prepandemic number, though we did see a slight improvement.
Crude and condensate volumes were down 3% in the quarter versus the fourth quarter of '20.
Sequential volumes were down approximately 1%, with a reduction in Eagle Ford volumes, partially offset by an increase in the Bakken.
And you look only at our Bakken gathering volumes, they were up 7%.
In our Terminals business segment, our liquids utilization percentage remains high at 93%.
If you exclude tanks out of service for required inspection, utilization is approximately 97%.
We've seen some green shoots in our marine tanker business with all 16 vessels currently sailing under firm contracts.
On the bulk side, volumes increased by 8%, and that was driven by coal and bulk volumes are up 2% versus the fourth quarter of '19.
In our CO2 segment, crude volumes were down 4%, CO2 volumes were down 13% and NGL volumes were down 1%.
We ended approximately $1 billion better on DCF and $1.1 billion better than our EBITDA with respect to -- our EBITDA budget.
If you strip out the impact of the storm and you strip out roughly $60 million in pipe replacement projects that we decided to do during the year that impacts sustaining capex, we ended the year on plan for both EBITDA and DCF.
So for the fourth quarter 2021, we are declaring a dividend of $0.27 per share, which brings us to $1.08 of declared dividends for full year 2021, and that's up 3% from the dividends declared for 2020.
During the quarter, we generated revenue of $4.4 billion, up $1.3 billion from the fourth quarter of 2020.
Revenue less cost of sales or gross margin was up $107 million.
We generated net income to KMI of $637 million, up 5% from the fourth quarter of 2020.
Adjusted net income, which excludes certain items, was up -- was $609 million, up 1% from last year, and adjusted earnings per share was $0.27 in line with last year.
For the full year versus plan on sustaining capital, we are $72 million higher and roughly $60 million of that is due to the pipe replacement project that Kim mentioned.
The total DCF of $1.093 billion or $0.48 per share is down $0.07 versus last year's quarter, and that's mostly due to the sustaining capital.
On the balance sheet, we ended the year with $31.2 billion of net debt with a net debt to adjusted EBITDA ratio of 3.9 times, down from 4.6 times at year-end 2020.
Removing the nonrecurring Uri contribution to EBITDA, that ratio at the end of 2021 would be 4.6 times, which is in line with the budget for the year.
Our net debt declined $404 million from the third quarter, and it declined $828 million from the end of 2020.
To reconcile the change for the quarter, we generated $1.093 billion in DCF.
We spent -- or paid out $600 million in dividends, we spent $150 million in growth capex, JV contributions, and acquisitions, and we had a working capital source of $70 million, and that explains the majority of the change for the quarter for the year.
We generated $5.460 billion of DCF.
We paid out dividends of $2.4 billion.
We spent $570 million on growth capex and JV contributions.
We spent $1.53 billion on the Stagecoach and Kinetrex acquisitions.
We received $413 million in proceeds from the NGPL interest sale, and we had a working capital use of approximately $530 million.
And that explains the majority of the $828 million reduction in net debt for the year.

Summary:
So for the fourth quarter 2021, we are declaring a dividend of $0.27 per share, which brings us to $1.08 of declared dividends for full year 2021, and that's up 3% from the dividends declared for 2020.
Adjusted net income, which excludes certain items, was up -- was $609 million, up 1% from last year, and adjusted earnings per share was $0.27 in line with last year.