Phillips 66
Q3 2022 Earnings Call
Nov 01, 2022, 12:00 p.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Welcome to the third quarter 2022 Phillips 66 earnings conference call. My name is Sylvie and I will be your operator for today's call. [Operator instructions] 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.
Jeff Dietert -- Vice President, Investor Relations
Good morning and welcome to Phillips 66 third quarter earnings conference call. Participants on today's call include Mark Lashier, president and CEO; Kevin Mitchell, EVP and CFO; Brian Mandell, EVP, Marketing and Commercial; Tim Roberts, EVP, Midstream and Chemicals; and Rich Harbison, SVP, Refining. Today's presentation material can be found on the investor relations section of the Phillips 66 website, along with supplemental financial and operating information. We provided supplemental information this morning for Chemicals, Refining and Marketing and Midstream.
The remaining supplemental information will be available with the 10-Q filing. We'll return to the normal supplemental release next quarter. Slide 2 contains our safe harbor statement. We will be making forward-looking statements during today's call.
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. Before we begin our discussion, I would like to highlight that we will be hosting an investor day in New York on November 9. With that, I'll turn the call over to Mark.
Mark Lashier -- President and Chief Executive Officer
Thanks, Jeff. Our third quarter results reflect the continued favorable market environment and our strong operating performance. We ran at high rates during the summer driving season to meet peak demand for critical transportation fuel. Our Refining business delivered improved market capture this quarter, supported by strong distillate cracks and wider discounts for heavy sour crudes.
In the third quarter, we had adjusted earnings of $3.1 billion or $6.46 per share. We generated $3.1 billion in operating cash flow. We're committed to strong shareholder distributions. During the quarter, we ramped up share repurchases in a meaningful way, purchasing almost $700 million of common stock.
Including dividends, we returned $1.2 billion to shareholders. During the quarter, we continued to focus on operating excellence and advancing our strategic priorities. Our enterprisewide business transformation is underway. The team is implementing key initiatives to deliver results.