You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text. 
Text: Slide 2 contains our safe harbor statement.
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.
We delivered record results in midstream, chemicals and marketing and specialties, demonstrating the strength of our diversified portfolio.
For the third quarter in a row, we saw improved refining performance.
Looking ahead, we're optimistic about the outlook for our business.
In 2021, our employees exemplified the company's values of safety, honor, and commitment.
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.
As cash flow improves further, we'll prioritize shareholder returns and debt repayment.
In October, we increased the quarterly dividend to $0.92 per share.
We remain committed to a secure, competitive, and growing dividend.
We'd like to resume share repurchases this year and on our path toward getting back to pre-COVID debt levels over the next couple of years.
We're taking steps to position Phillips 66 for the long-term competitiveness.
Across our businesses, we're assessing opportunities for permanent cost reductions.
Mark and Kevin are leading this initiative and will provide additional details on the first quarter call in April.
We're committed to a lower carbon future while continuing to deliver our vision of providing energy and improving lives around the globe.
We announced targets to reduce greenhouse gas emissions intensity last year.
By 2030, we plan to reduce Scope 1 and Scope 2 emissions by 30% and Scope 3 emissions by 15% compared to 2019 levels.
In the fourth quarter, we had strong earnings from midstream, chemicals, and marketing and specialties, and we saw a continued recovery in refining profitability.
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 investing in a portfolio of high-return projects, growing its asset base as well as optimizing its existing operations.
This includes growing its normal alpha-olefins business with a second world-scale unit to produce 1-Hexyne, a critical component in high-performance polyethylene.
CPChem is also expanding its propylene splitting capacity by 1 billion pounds per year with a new unit located at its Cedar Bayou facility.
Both projects are expected to start up in 2023.
CPChem continues to develop two world-scale petrochemical facilities on the U.S. Gulf Coast and in Ras Laffan, Qatar.
In addition, CPChem completed its first commercial sales of Marlex Anew Circular Polyethylene, which uses advanced recycling technology to convert difficult-to-recycle plastic waste into high-quality raw materials.
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.
During the year, we began renewable diesel production at the San Francisco refinery and continued to progress Rodeo Renewed, which is expected to be completed in early 2024, subject to permitting and approvals.
Upon completion, Rodeo will initially have over 50,000 barrels per day of renewable fuel production capacity.
The conversion will reduce emissions from the facility and produce lower carbon transportation fuels.
In marketing, we acquired a commercial fleet fueling business in California, providing further placement opportunities for Rodeo renewable diesel production to end use customers.
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.
These sites support long-term product placement and extend our participation in the retail value chain.
Our Emerging Energy Group is advancing opportunities in renewable fuels, batteries, carbon capture, and hydrogen.
We recently signed a technical development agreement with NOVONIX to accelerate the development of next-generation materials for the U.S. battery supply chain.
We own a 16% stake in the company, extending our presence in the battery value chain.
In December, we entered into a multiyear agreement with British Airways to supply sustainable aviation fuel produced by our Humber Refinery beginning this year.
For 2022, we'll execute our strategy with a focus on operating excellence and cost management.
We will do our part to advance the lower carbon future while maintaining disciplined capital allocation and an emphasis on returns.
Starting with an overview on Slide 4, we summarize our financial results for the year.
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.
These results reflect our highest annual earnings for the midstream, chemicals, and marketing and specialty segments.
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%.
Slide 5 shows the change in cash during the year.
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.
In November, both S&P and Moody's revised their outlooks from negative to stable.
We are committed to further deleveraging as we continue to prioritize our strong investment-grade credit ratings.
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.
Slide 6 summarizes our fourth quarter results.
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.
Moving to Slide 7.
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.
Slide 8 shows our midstream results.
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.
The increase mainly reflects the recognition of deferred revenue.
NGL and other adjusted pre-tax income was $284 million, compared with $357 million in the third quarter.
The decrease was primarily due to lower unrealized investment gains related to NOVONIX, partially offset by higher volumes at Sweeny Hub and favorable inventory impacts.
Our investment in NOVONIX is marked to market at the end of each reporting period.
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.
Turning to chemicals on Slide 9.
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.
Turning to refining on Slide 10.
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.
This was partially offset by higher costs.
Realized margins for the quarter increased by 35% to $11.60 per barrel.
Impacts from lower market crack spreads were more than offset by lower RIN costs from a reduction in our estimated 2021 compliance year obligation and lower RIN prices.
In addition, we had favorable inventory impacts and improved clean product differentials.
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%.
Slide 11 covers market capture.
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%.
Market capture is impacted by the configuration of our refineries.
Our refineries are more heavily weighted toward distillate production than the market indicator.
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.
This category includes RINs, freight costs, clean product realizations, and inventory impacts.
Moving to marketing and specialties on Slide 12.
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.
This was primarily due to lower marketing fuel margins and volumes as well as higher costs.
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.
This was primarily due to higher employee-related costs and net interest expense.
Slide 14 shows the change in cash during the fourth quarter.
We had another strong quarter for cash.
This is the third consecutive quarter that our operating cash flow enabled us to return cash to shareholders, invest in the business, pay down debt while increasing our cash balance.
This concludes my review of the financial and operating results.
Next, I'll cover a few outlook items for the first quarter and the full year.
In chemicals, we expect the first quarter global O&P utilization rate to be in the mid-90s.
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.

user
compname posts q4 earnings per share $2.88.
q4 adjusted earnings per share $2.94.

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