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Text: I'm Roderick Green, GM of investor relations.
Our chairman and CEO, Mike Wirth; and CFO Pierre Breber, are on the call with me.
Please review the cautionary statement on Slide 2.
After the challenges of 2020, we began last year clear-eyed about the economic realities we faced and at the same time optimistic about an eventual recovery.
By the end of 2021, we had one of our most successful years ever with return on capital employed approaching 10%, our highest since 2014; the successful integration of Noble Energy, while more than doubling initial synergy estimates; and record free cash flow, 25% greater than our previous high.
2021 was also the year when Chevron accelerated our efforts to advance a lower carbon future by forming Chevron New Energies, an organization that aims to grow businesses in hydrogen, carbon capture and offsets; introducing a 2050 net zero aspiration for upstream scope one and two emissions and establishing a portfolio carbon intensity target that includes scope three emissions and more than tripling our planned lower carbon investments.
Chevron is an even better company today than we were just a few years ago.
We're showing it through our actions and our performance, which we expect to drive higher returns and lower carbon.
And we intend to keep getting better.
Our record free cash flow enabled us to strongly address all four of our financial priorities in 2021: a higher dividend for the 34th consecutive year; a disciplined capital program, well below budget; significant debt paydown with a year-end net debt ratio comfortably below 20% and another year of share buybacks, our 14th out of the past 18 years.
I expect 2022 will be even better for cash returns to shareholders with another dividend increase announced this week and first quarter buybacks projected at the top of our guidance range.
We're optimistic about the future, focused on continuing to reward our shareholders while investing to grow our businesses and maintaining a strong balance sheet.
We made the most of this challenging period, transforming Chevron through a well-timed acquisition and an enterprisewide restructuring into a leaner and more productive company.
In just two years, capex was reduced by almost half from Chevron and Noble's pre-COVID total.
And operating expenses for the combined company in 2021 were lower than for Chevron on a stand-alone basis in 2019.
The Noble acquisition and increasing capital efficiency enabled us to maintain a five-year reserve replacement ratio above 100%.
And 2021 was very consistent with that longer-term performance, driven primarily by additions in the Permian, Gulf of Mexico and Australia and partly offset by lower reserves in Kazakhstan, mostly due to higher prices and their negative effect on our share of reserves.
For more on our strong financial performance, over to Pierre.
We reported fourth quarter earnings of $5.1 billion or $2.63 per share.
Adjusted earnings were $4.9 billion or $2.56 per share.
The quarter's results included three special items: asset sale gains of $520 million, primarily on sales of mature conventional assets in the U.S.; losses on the early retirement of debt of $260 million, which will result in significant future interest cost savings and pension settlement costs of $82 million.
Full year earnings were over $15 billion, the highest since 2014.
Compared with 3Q, adjusted 4Q earnings were down $770 million.
Adjusted upstream earnings were flat, with higher realizations offset primarily by negative LNG trading timing effects and higher DD&A.
DD&A increased on catch-up depreciation for our interest in North West Shelf, which no longer meets asset held-for-sale criteria and impairments of certain late in life assets triggered by updated abandonment estimates.
Other items include additional taxes and royalties related to higher prices under certain international contracts.
Adjusted downstream earnings were down with lower chemicals margins and volumes at CPChem and GS Caltex, in addition to year-end inventory charges.
The all other segment declined due to tax charges.
Across all segments, operating expenses increased in part due to higher accruals for employee bonuses and stock-based compensation.
Adjusted earnings increased over $15 billion compared to the prior year, primarily due to increased realizations in upstream as well as improved refining and chemicals margins.
Costs were up primarily on the acquisition of Noble Energy that closed in 4Q 2020, higher fuel costs and an unfavorable swing in accruals for employee benefits.
2022 production is expected to be flat to down 3% due to expiration of contracts in Indonesia and Thailand.
These contracts are not being extended as we were unable to do so on terms competitive with our alternatives.
Excluding contract expirations and 2022 asset sales, we expect a 2% to 5% increase in production led by the Permian and lower turnaround activity in TCO and Australia.
We reaffirm our prior long-term guidance of a 3% production CAGR through 2025, and we'll share more about our long-term outlook at our upcoming Investor Day.
I'll call out a few items on Slide 11.
Full year guidance for the all other segment excludes special items such as pension settlement costs.
The all other segment can vary quarter to quarter and year to year.
Affiliate dividends are expected to be between $2 billion and $3 billion, depending primarily on commodity prices and margins.
We do not expect any additional lending or loan repayments this year at TCO.
Finally, asset sale proceeds are expected to be in line with historical averages.
We've updated our price sensitivities to include natural gas.
Also, our guidance for both earnings and cash flow sensitivities is now the same as we're likely to consume the remainder of our NOLs and other favorable tax attributes if prices remain higher.
Finally, we did not receive our federal income tax refund last quarter and expect it later this year.
I believe 2021 was a pivotal year for Chevron, where we got better in so many ways.
And we look forward to 2022 and beyond confident in our strategy and capabilities that aim to deliver higher returns and lower carbon.
We'll share more during our Investor Day on March 1.
At this time, we expect to be at the New York Stock Exchange with a limited number of participants.
[Operator instructions] Jen, please open the line.

user
chevron q4 earnings per share $2.63.
q4 adjusted earnings per share $2.56.
q4 earnings per share $2.63.

assistant