Phillips 66

Welcome to the second quarter 2021 Phillips 66 earnings conference call. My name is Hillary and I will be your operator for today's call. At this time, all participants are in a listen-only mode. Later, we will conduct a question and answer session. Please note that this conference is being recorded. I will now turn the call over to Jeff Dietert, Vice President, Investor Relations. Jeff, you may begin.

Good afternoon and welcome to Phillips 66 second quarter earnings conference call. Participants on today's call will include Greg Garland, Chairman and CEO, Mark Lazor, President and COO, Kevin Mitchell, EVP and CFO, Bob Herman, EVP Refining, Brian Mandel, EVP Marketing and Commercial, and Tim Roberts, EVP Midstream. Today's presentation material can be found on the Investor Relations section of the along with supplemental financial and operating information. Slide 2 contains our safe harbor statement. We will be making forward-looking statements during today's presentation and our Q&A session. Actual results may differ materially from today's comments. Factors that could cause actual results to differ are included here as well as in our SEC filings. With that, I'll turn the call over to Greg.

Thanks, Jeff. Good afternoon, everyone, and thank you for joining us today. In the second quarter, we had adjusted earnings of $329 million. We generated operating cash flow of $1.7 billion. Excluding working capital, operating cash flow was $910 million. With the benefit of our diversified portfolio, we generated cash flow in excess of capital spending and dividends during the quarter. We returned $394 million to shareholders through dividends in the quarter. Since we formed as a company, we've returned over $28 billion to shareholders. A secure, competitive dividend will continue to be a top priority for our company, and we anticipate a return to dividend growth as cash flow recovers. We're committed to disciplined capital allocation, focusing on debt repayment in the near term to support a conservative balance sheet and maintain our strong investment grade credit ratings. In July, the Phillips 66 Board of Directors appointed Denise Cade and Doug Tarrison to serve as independent directors. We continue to work on board refreshment, recognizing the value of diversity in terms of gender, age, race, ethnicity, tenure, professional experiences, and perspectives. We'd like to highlight our recent 2021 sustainability report that can be accessed on our website. We think it's one of our best ones yet. Our commitment to sustainability is based on operating excellence, environmental stewardship, social responsibility, and financial performance led by strong corporate governance. We expanded our commitment to environmental responsibility, setting goal for all of our refineries to achieve top third energy efficiency by 2030. We modified our compensation program to add additional environmental goals. As previously communicated, we will establish meaningful and achievable greenhouse gas emission reduction targets later this year. So with that, I'll turn the call over to Mark to provide some additional comments.