Our projects such as the U.S. Gulf Coast's Petrochemical Complex and the Sweeny NGL fractionator and the LPG export facility are expected to be large contributors of EBITDA, gearing us to grow and these more stabled and higher valued segments.
In the next five years, we expect Midstream and Chemical will represent about two-thirds of our Company's enterprise value. Final investment decisions for both the NGL frac and the LPG export facility are expected during the first quarter of this year. We'll start up with the fractionator in mid-2015 and the LPG export facility will follow about a year later.
Our Refining business is attractively situated to capture value from rising U.S. and Canadian crude production. We do expect that average margins over the next five years will be better than the last five years.
We will continue to run well, optimize, improve returns, and limit growth capital in Refining. Cash flows from Refining will be directed towards the higher valued segments and towards meeting our obligations of the owners of our Company. We understand the importance of being a good allocator of capital, and we see value and returning capital to our shareholders.
During 2013, we distributed over 50% of operating cash flows in the form of share repurchases and dividends. We continue our commitment to a secure, competitive and growing dividend and we've nearly doubled our initial dividend.
Our Board has authorized $5 billion of share repurchases. In addition, in December we announced exchange of Phillips Specialty Product shares for Phillips 66 shares currently held by Berkshire Hathaway. This represents approximately 18 million Phillips 66 shares at current prices.
If you add that to the 44 million shares outstanding that we have repurchased since the spin, we've effectively taking in about 10% of the Company. In addition, we strengthened the balance sheet. We paid down $2 billion of debt and that takes our debt-to-cap to about 22%.
So we like the opportunities we have before us. We believe we have a portfolio of projects, people and capabilities to play our part in developing the American energy landscape. We are excited about the plans and the challenges that lie ahead of us in 2014 and beyond, and we look forward to seeing you and telling you more about this at our Analyst meeting in April.
With that, I'm going to hand the call over to Greg Maxwell to take you through the quarter results.
Greg G. Maxwell - EVP, Finance and CFO: Thanks, Greg. Starting on Slide 4, fourth quarter adjusted earnings were $808 million or $1.34 per share. The only adjustment this quarter is related to moving Phillips Specialty Products Inc. or PSPI to discontinued operations.
(If we look at) excluding changes in working capital and discontinued operations, our cash from operations for the quarter was $1.3 billion. For the quarter, we paid $232 million of dividends and we repurchased $644 million or 9.9 million shares of our common stock. On an adjusted basis, our 2013 return on capital employed was 14%.
Slide 5 provides a comparison of our fourth quarter adjusted earnings with the third quarter looking at it on a segment basis. Compared to last quarter, our earnings increase were largely driven by improved results in refining, partially offsetting this are lower earnings from Marketing and Specialties as well as Midstream.