Phillips 66
Q1 2023 Earnings Call
May 03, 2023, 12:00 p.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Welcome, everyone to the first-quarter 2023 Phillips 66 earnings conference call. My name is Sierra, 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 of investor relations.
Jeff, you may begin.
Jeff Dietert -- Vice President, Investor Relations
Good morning, and welcome to Phillips 66 first-quarter earnings conference call. Participants on today's call will include Mark Lashier, president, CEO; Kevin Mitchell, CFO; 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. During the first quarter, we delivered strong financial and operating results. We had adjusted earnings of $2 billion or $4.21 per share, a record first quarter.
In refining, we successfully executed major planned maintenance and ran above industry-average rates. Currently, our refineries are running at high utilization to meet demand and capture market opportunities as we enter summer driving season. We returned $1.3 billion to shareholders through dividends and share repurchases. In February, we raised our dividend 8% to $1.05 per share, demonstrating our ongoing commitment to a secure, competitive, and growing dividend.
Our integrated diversified portfolio provides us with the ability to generate strong cash flow, return substantial cash to shareholders and invest in the most attractive projects. We remain committed to operating excellence and disciplined capital allocation as we execute our strategy. Recently, our midstream, refining, and chemicals business were recognized for their exemplary safety performance in 2022. For the third consecutive year, midstream was awarded the American Petroleum Institute's Distinguished Pipeline Safety Award for Large Operators.