We implemented changes resulting in an estimated full-year run rate efficiencies of about $100 million a year.
Finally, we are returning value to shareholders with the year-over-year dividend increase to $1.08 annualized, providing an increased but well-covered dividend, strong balance sheet, capital and cost discipline, returning value to shareholders.
Second, we completed the two important acquisitions, the larger one, Stagecoach, showing our confidence in the long-term value of our natural gas business and taking our total operated storage capacity to 700 Bcf.
As things stand today, 69% of our backlog is in support of low-carbon infrastructure.
That includes natural gas, of course, but it also includes $250 million of organic projects supporting renewable diesel in our products and terminals business units and our renewable natural gas projects.
Importantly, too, that 69% is projected to come in at a weighted average 3.6 times EBITDA multiple of the expansion capital spend.
We'll soon be publishing our ESG report, including both Scope 1 and Scope 2 emissions, we have incorporated ESG reporting and risk management into our existing management processes, and the report will explain how.
1 in our sector for how we manage ESG risk, and two other rating services have us in the top 10.
Transport volumes were up about 3% or approximately 1.1 million dekatherms per day versus the third quarter of '20.
Physical deliveries to LNG facilities off of our pipeline averaged 5.1 million dekatherms per day.
That's a 3.3 million dekatherm per day increase versus the third quarter of '20 when there were a lot of canceled cargoes.
Our market share of deliveries to LNG facilities is approximately 50%.
Our natural gas gathering volumes were down about 4% in the quarter compared to the third quarter of '20.
So compared to the second quarter of this year, volumes were up 5%, with nice increases in the Eagle Ford and the Haynesville volumes, which were up 12% and 8%, respectively.
In our products pipeline segment, refined product volumes were up 12% for the quarter versus the third quarter of 2020.
And compared to the pre-pandemic levels, which we used the third quarter of 2019 as a reference point, road fuels were down about 3% and jet fuel was down about 21%.
Crude and condensate volumes were down about 7% in the quarter versus the third quarter of 2020.
And sequentially, they were down about 4%.
In our terminals business segment, our liquids utilization percentage remains high at 94%.
If you exclude tanks out of service for required inspection, utilization is approximately 97%.
Our rack business, which serves consumer domestic demand, are up nicely versus the third quarter of '20, but they're down about 5% versus pre-pandemic levels.
On the bulk side, volumes were up 19%, so very nicely, driven by coal, steel, and petcoke.
Bulk volumes overall are still down about 3% versus 2019 on an apples-to-apples comparison.
In our CO2 segment, crude volumes were down about 6%.
CO2 volumes were down about 5%.
But NGL volumes were up 7%.
However, road fuels were down about 3% versus pre-pandemic levels versus flat with pre-pandemic levels last quarter as we likely saw an impact from the Delta variant.
So for the third quarter of 2021, we're declaring a dividend of $0.27 per share, which is $1.08 annualized and 3% up from the third quarter of last year.
This quarter, we generated revenues of $3.8 billion, up $905 million from the third quarter of 2020.
We had an associated increase in cost of sales with an increase of $904 million, both of those increases driven by higher commodity prices versus last year.
Our net income for the quarter was $495 million, up 9% from the third quarter of '20.
And our adjusted earnings per share was $0.22, up $0.01 from last year.
Our natural gas segment was up $8 million for the quarter.
The product segment was up $11 million, driven by continued refined product volume recovery, partially offset by some lower crude volumes in the Bakken.
Terminal segment was down $13 million, driven by weakness in our Jones Act tanker business, partially offset by the continued refined product recovery volume -- or excuse me, volume recovery we've seen there.
Our G&A and corporate charges were higher by $28 million due to lower capital spend, resulting in less capitalized G&A this quarter versus a year ago, as well as cost savings we experienced in 2020 as a result of the pandemic.
Our JV DD&A was lower by $30 million, primarily due to lower contributions from Ruby Pipeline.
Interest expense was favorable $15 million, driven mostly by lower debt balance this year versus last.
Our cash taxes were favorable $37 million, and that was due -- mostly due to 2020 payments of taxes that were deferred into -- in the second quarter into the third quarter.
Sustaining capital was unfavorable this quarter, $64 million, driven by spending in our natural gas segment.
And that's only slightly more than we budgeted for the quarter, though for the full year, we expect to be about $65 million higher than in budget with most of that variance coming in the fourth quarter.
Total DCF of $1.013 billion or $0.44 per share is down $0.04 from last year.
Our full-year guidance is consistent with what we provided last quarter, with DCF at $5.4 billion and EBITDA at $7.9 billion.
We ended the quarter at 4.0 times net debt to adjusted EBITDA, and we expect to end the year at 4.0 times as well.
And our long-term leverage target of around 4.5 times has not changed.
Our net debt ended the quarter at $31.6 billion, down $424 million from year-end and up $1.423 billion from the end of the second quarter.
To reconcile that change in net debt for the quarter, we generated $1.013 billion of Bcf.
We paid out dividends of $600 million.
We closed the Stagecoach and Kinetrex acquisitions which collectively were $1.5 billion.
We spent $150 million on growth capex and JV contributions.
And we had a working capital use of $175 million, mostly interest expense payments in the quarter.
For the change from year-end, we've generated $4.367 billion of DCF.
We paid out $1.8 billion of dividends.
We spent $450 million in growth capex and JV contributions.
We had the $1.5 billion Stagecoach and Kinetrex acquisitions.
We have $413 million come in on the NGPL sale.
And we've had a working capital use of $600 million, mostly interest expense payments.

Summary:
In our products pipeline segment, refined product volumes were up 12% for the quarter versus the third quarter of 2020.
Crude and condensate volumes were down about 7% in the quarter versus the third quarter of 2020.
And our adjusted earnings per share was $0.22, up $0.01 from last year.
Our full-year guidance is consistent with what we provided last quarter, with DCF at $5.4 billion and EBITDA at $7.9 billion.