Marathon Petroleum Corporation on Tuesday reported net income of $3.3 billion for the fourth quarter of 2022, compared with net income of $774 million for the fourth quarter of 2021.

Adjusted net income was $3.1 billion for the fourth quarter of 2022, which compares to adjusted net income of $794 million for the fourth quarter of 2021.

For the full year 2022, net income attributable to MPC was $14.5 billion, compared with net income of $9.7 billion for the full year of 2021.

Adjusted net income was $13.5 billion, which compares with adjusted net income of $1.6 billion for the full year of 2021.

“In 2022, we delivered on our strategic commitments,” said President and Chief Executive Officer Michael J. Hennigan.

“We operated our system at 96% utilization and executed commercially, resulting in $16.4 billion of net cash from operations. We returned nearly $12 billion through share repurchases during the year, bringing total repurchases to almost $17 billion since May 2021. In addition, back in November, we increased our quarterly dividend by 30%. Today, we announced a 2023 MPC standalone capital spending outlook of $1.3 billion, and with the incremental share repurchase authorization we now have $7.6 billion in remaining authorization.”