Phillips 66
Q4 2022 Earnings Call
Jan 31, 2023, 12:00 p.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Welcome to the fourth quarter 2022 Phillips 66 earnings conference call. My name is Emily, and I'll 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 of investor relations. Jeff, you may begin.
Jeff Dietert -- Vice President, Investor Relations
Good morning, and welcome to Phillips 66 fourth quarter earnings conference call. Participants on today's call will include Mark Lashier, president and CEO; Kevin Mitchell, CFO; and Brian Mandell, marketing and commercial; Tim Roberts, midstream and chemicals; and Rich Harbison, 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. 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. With that, I'll turn the call over to Mark.
Mark Lashier -- President and Chief Operating Officer
Thanks, Jeff. Good morning, and thank you for joining us today. In the fourth quarter, we had adjusted earnings of $1.9 billion or $4 per share. We generated $4.8 billion in operating cash flow.
For the year, adjusted earnings were $8.9 billion or $18.79 per share. Our diversified integrated portfolio generated strong earnings and cash flow in 2022, supported by a favorable market environment and solid operations. Our cash flow generation allowed us to strengthen our financial position by repaying debt and resuming our share repurchase program. We returned $3.3 billion to shareholders through share repurchases and dividends.
We continue to focus on operating excellence and advancing our strategic priorities to deliver on our vision of providing energy and improving lives as we meet global demand. In midstream, we continue integrating DCP Midstream to unlock significant synergies and growth opportunities across our NGL wellhead-to-market value chain. Additionally, we completed Frac 4 at the Sweeny Hub, adding 150,000 barrels per day. Our total Sweeny Hub fractionation capacity is 550,000 barrels per day, making it the largest fraction -- or the second largest fractionation hub in the U.S.