In the third quarter, we had adjusted earnings of $1.4 billion.
We generated operating cash flow of $2.2 billion, which meaningfully exceeded our capital spending and dividends during the quarter.
We returned $394 million to shareholders through dividends, and in October, we increased the quarterly dividend to $0.92 per share.
Since we formed as a company, we've returned approximately $29 billion to shareholders and we remain committed to disciplined capital allocation.
We've made good progress on debt repayment, reducing our debt balance by $1 billion so far this year.
Earlier this week, we announced an agreement to acquire all of the publicly held units of Phillips 66 Partners.
The all-equity transaction simplifies our corporate structure and positions us to drive greater value for both Phillips 66 shareholders and Phillips 66 Partners unitholders.
Recently, we announced greenhouse gas targets to reduce the carbon emissions intensity from our operations by 2030.
In Midstream, we continued to advance frac forward the Sweeny Hub with construction approximately one-third complete and about 70% of the capital already spent.
Additionally, we recently completed construction of Phillips 66 Partners' C2G pipeline.
Upon completion, Rodeo will have over 50,000 barrels per day of renewable fuel production capacity.
In Marketing, we're converting 600 branded retail sites in California to sell renewable diesel produced by the Rodeo facility.
We reported earnings of $402 million.
Special items during the quarter amounted to an after-tax loss of $1 billion, which was largely comprised of an impairment of the Alliance Refinery.
Excluding special items, we had adjusted earnings of $1.4 billion or $3.18 per share.
We generated operating cash flow of $2.2 billion, including a working capital benefit of $776 million and cash distributions from equity affiliates of $905 million.
Capital spending for the quarter was $552 million.
$311 million was for growth projects, including a $150 million investment in NOVONIX.
We paid $394 million in dividends.
Moving to slide five, this slide shows the change in adjusted results from the second quarter to the third quarter, an increase of $1.1 billion with a substantial improvement in Refining and continued strong contributions from Midstream, Chemicals, and Marketing and Specialties.
Our adjusted effective income tax rate was 16%.
Third quarter adjusted pre-tax income was $642 million, an increase of $326 million from the previous quarter.
Transportation contributed adjusted pre-tax income of $254 million, up $30 million from the prior quarter.
NGL and Other adjusted pre-tax income was $357 million compared with $83 million in the second quarter.
The increase was primarily due to a $224 million unrealized investment gain related to NOVONIX, as well as inventory impacts.
In September, we acquired a 16% interest in NOVONIX.
The Sweeny fractionation complex averaged a record 383,000 barrels per day, and the Freeport LPG export facility loaded 41 cargoes in the third quarter.
DCP Midstream adjusted pre-tax income of $31 million was up $22 million from the previous quarter, mainly due to improved margins and hedging impacts.
Turning to Chemicals on Slide seven, we delivered another strong quarter in Chemicals with adjusted pre-tax income of $634 million, down $23 million from the second quarter.
Olefins & Polyolefins had record adjusted pre-tax income of $613 million.
The $20 million increase from the previous quarter was primarily due to higher polyethylene sales volumes, driven by continued strong demand, partially offset by higher utility costs.
Global O&P utilization was 102% for the quarter.
Adjusted pre-tax income for SA&S decreased $45 million compared to the second quarter, driven by lower margins, which began to normalize following tight market conditions.
During the third quarter, we received $632 million in cash distributions from CPChem.
Refining third quarter adjusted pre-tax income was $184 million, an improvement of $890 million from the second quarter, driven by higher realized margins across all regions.
Realized margins for the quarter increased by 119% to $8.57 per barrel, primarily due to higher market crack spreads, lower RIN costs and improved product differentials.
Pre-tax turnaround costs were $81 million, down from $118 million in the prior quarter.
Crude utilization was 86% compared with 88% in the second quarter.
Lower utilization reflects downtime at the Alliance Refinery, which was safely shut down on August 28 in advance of Hurricane Ida.
The third quarter clean product yield was 84%, up 2% from last quarter, supported by improved FCC operations.
The 3:2:1 market crack for the third quarter was $19.44 per barrel compared to $17.76 per barrel in the second quarter.
Realized margin was $8.57 per barrel and resulted in an overall market capture of 44%.
Market capture in the previous quarter was 22%.
During the quarter, the distillate crack increased $1.55 per barrel and the gasoline crack improved $1.92 per barrel.
Losses from secondary products of $1.98 per barrel improved $0.40 per barrel from the previous quarter as NGL prices strengthened.
Our feedstock advantage of $0.01 per barrel declined, by $0.26 per barrel from the prior quarter.
The Other category reduced realized margins by $5.01 per barrel.
Adjusted third quarter pre-tax income was $547 million compared with $479 million in the prior quarter.
Marketing & Other increased $62 million from the prior quarter.
Refined product exports in the third quarter were 209,000 barrels per day.
Specialties generated third quarter adjusted pre-tax income of $93 million, up from $87 million in the prior quarter, largely due to improved oil margins.
On slide 11, the Corporate and Other segment had adjusted pre-tax costs of $230 million, an improvement of $40 million from the prior quarter.
We started the quarter with a $2.2 billion cash balance.
Cash from operations was $2.2 billion.
Excluding a working capital benefit of $776 million, our cash from operations was $1.4 billion, which covered $552 million of capital spend, $394 million for the dividend and $500 million of early debt repayment.
Our ending cash balance was $2.9 billion.
We expect fourth quarter pre-tax turnaround expenses to be between $110 million and $140 million.
We anticipate fourth quarter Corporate and Other costs to come in between $240 million and $250 million pre-tax.

Summary:
Excluding special items, we had adjusted earnings of $1.4 billion or $3.18 per share.