Phillips 66

Welcome to the third quarter 2021 Phillips 66 earnings conference call. My name is Thea, 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 Dieter, Vice President, Investor Relations. Jeff, you may begin.

Good morning, and welcome to Phillips 66 third 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 Phillips 66 website, along with supplemental financial and operating information. Slide two 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.

Okay, thanks, Jeff. Good morning, everyone, and thank you for joining us today. 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 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 unit holders. We continue to advance the company-wide 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 costs 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. So with that, I'll turn the call over to Mark to provide some additional comments.