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 two contains our Safe Harbor statement.
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.
We believe in a secure, competitive and growing dividend.
Since we formed as a company, we've returned approximately $29 billion to shareholders and we remain committed to disciplined capital allocation.
We're seeing signs of sustainable cash generation improvement.
We've made good progress on debt repayment, reducing our debt balance by $1 billion so far this year.
We're on a path to pre-pandemic level debt, strengthening our balance sheet and supporting our strong investment-grade credit ratings.
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.
We continue to advance the companywide transformation efforts that we began in 2019.
We believe that strengthening our cost position is necessary for long-term competitiveness.
We recently initiated an effort to identify opportunities to significantly reduce cost across our portfolio.
We're in the process of scoping these reductions and look forward to updating you early next year on our progress.
Recently, we announced greenhouse gas targets to reduce the carbon emissions intensity from our operations by 2030.
Our targets demonstrate our commitment to sustainability and to meeting the world's energy needs today and in the future.
In the third quarter, we saw a significant improvement in earnings and cash generation.
In Refining, we captured a meaningful improvement in realized margins.
Midstream had strong earnings in the quarter.
In Chemicals, the Olefins and Polyolefins business reported record quarterly earnings, and Marketing and Specialties had its second best quarter ever.
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.
CPChem continues to pursue development of two world-scale petrochemical facilities on the US Gulf Coast and in Ras Laffan, Qatar.
In addition, CPChem is expanding its alpha-olefins business with a world-scale unit to produce on 1-hexene.
The Alliance Refinery sustained significant impacts from Hurricane Ida and will remain shut down through the end of this year.
We continue to assess future strategic options for the refinery.
We continue to progress Rodeo Renewed, which is expected to be completed in early 2024, subject to permitting and approvals.
Upon completion, Rodeo will 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're converting 600 branded retail sites in California to sell renewable diesel produced by the Rodeo facility.
Our Emerging Energy Group is advancing opportunities in renewable fuels, batteries, carbon capture and hydrogen.
With our recent investment in NOVONIX, we're expanding our presence in the battery value chain.
Additionally, we recently announced a collaboration with Plug Power to identify and advance green hydrogen opportunities.
We'll continue to focus on lower carbon initiatives that generate strong returns.
We're excited about our participation in this dynamic energy transition, and combined with our commitment to disciplined capital allocation and strong returns, we're well positioned for the future.
Starting with an overview on slide four, we summarize our third quarter results.
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%.
Slide six shows our Midstream results.
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.
The increase was driven by higher equity earnings from the Bakken and Gray Oak Pipelines.
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.
Our investment will be mark-to-market at the end of each reporting period.
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.
Turning to refining on slide eight.
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.
Slide nine covers market capture.
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%.
Market capture was 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 $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.
This category includes RINs, freight costs, clean product realizations and inventory impacts.
Moving to Marketing and Specialties on slide 10.
Adjusted third quarter pre-tax income was $547 million compared with $479 million in the prior quarter.
Our Marketing business realized continued strong margins and saw increasing demand for products.
Marketing & Other increased $62 million from the prior quarter.
This was primarily due to higher international margins and volumes, driven by the easing of COVID-19 restrictions.
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.
This was primarily due to lower costs related to the timing of environmental and employee-related expenses, partially offset by higher net interest expense.
Slide 12 shows the change in cash for the 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.
This concludes my review of the financial and operating results.
Next, I'll cover a few outlook items.
In Chemicals, we expect the fourth quarter global O&P utilization rate to be in the mid 90s.
In refining, we expect the fourth quarter worldwide crude utilization rate to be in the low 80s.
We expect the Alliance Refinery to remain shut down for the full quarter.
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.

user
compname reports q3 adjusted earnings per share $3.18.
q3 adjusted earnings per share $3.18.

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