Phillips 66

Good morning and welcome to the fourth 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 fourth 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 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.

Okay, Jeff. Thank you. Hey, good morning, everyone, and thanks for joining the call today. In the fourth quarter, we had adjusted earnings of $1.3 billion for $2.94 per share. For the year, adjusted earnings were $2.5 billion for $5.70 per share. We delivered record results in midstream, chemicals, and marketing 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, return $1.6 billion to shareholders, and pay 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 Rodale Renewed. As cash flow improves further, we will 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 towards 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 of 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. So with that, I'll turn the call over to Mark to provide some more details. Thanks, Greg.