David P. Michels
Vice President and Chief Financial Officer at Kinder Morgan
Thank you, Kim. For the second quarter of 2022 we're declaring a dividend of $0.2775 per share, which is a $1.11 per share annualized, up 3% from our 2021 dividend. I want to highlight, before we begin the financial performance review. As Steve mentioned, we took advantage of a low stock price by tapping our Board-approved share repurchase program. Year-to-date, we've repurchased 16.1 million shares for $17.09 per share. We believe those repurchases will generate an attractive return for our shareholders. Our savings from the current dividends alone without regard to Terminal value assumptions or dividend growth in the future is 6.5%. So nice return to our shareholders.
Moving on to the second quarter financial performance. We generated revenues of $5.15 billion, up $2 billion from the second quarter of 2021. Our associated cost of sales also increased by $1.7 billion. Combining those two items, our gross margin was $254 million higher this quarter versus a year ago. Our net income was $635 million, up from a net loss of $757 million in the second quarter of last year, but that includes a non-cash impairment item for 2021.
Our adjusted earnings, which excludes certain items including that non-cash impairment was $621 million this quarter, up 20% from adjusted earnings in the second quarter of 2021. As for our DCF performance, each of our business units generated higher EBITDA in the second quarter of last year. Natural Gas -- the Natural Gas segment was up $69 million with greater contributions from Stagecoach, which we acquired in July of last year. Greater volumes through our KinderHawk system, favorable commodity price impacts on our Altamont and Copano South Texas systems and those are partially offset by lower contributions from CIG.
The product segment was up $6 million driven by favorable price impacts, partially offset by lower crude volumes on Highland and Double H as well as higher integrity costs. The Terminals segment was up $7 million with greater contributions from expansion projects placed in service, a gain on a sale of an idled facility and greater coal and pet coke volumes. Those are partially offset by lower contributions from our New York Harbor terminals and our Jones Act tanker business versus the second quarter of last year.
Our CO2 segment was up $60 million, driven by favorable commodity prices more than offsetting lower year-over-year oil and CO2 volumes as well as some higher operating costs. Also adding to that segment were contributions from our Energy Transition Ventures, renewable natural gas business Kinetrex, which we acquired in August of last year. DCF in total was 1.176 billion, 15% over the second quarter of 2021 and our DCF per share was $0.52, up 16% from last year. It's a very nice performance.
Onto our balance sheet, we ended the second quarter with $31 billion of net debt and a net debt to adjusted EBITDA ratio of 4.3 times. That's up from year-end at 3.9 times, although that 3.9 times includes the nonrecurring EBITDA contributions from the winter storm Yuri event in February of 2021. The ratio at year-end would have been 4.6 times excluding the EBITDA contributions. So we ended the quarter favorable to our year-end recurring metric.
Our net debt has decreased $185 million year-to-date and I will reconcile that change to the end of the second quarter. We generated year-to-date Bcf of $2.631 billion. We've paid out dividends of $1.2 billion. We've spent $500 million on growth capital and contributions to our joint ventures. We've posted about $300 million of margin related to hedging activity through the second quarter we had $170 million of stock repurchases and we've had approximately $300 million of working capital uses year-to-date and that explains the majority of the year-to-date net debt change.
And with that, I'll turn it back to Steve.