Homer Bhullar
Vice President, Investor Relations and Finance at Valero Energy
Thanks, Joe. For the third quarter of 2022, net income attributable to Valero stockholders was $2.8 billion or $7.19 per share, compared to $463 million or $1.13 per share for the third quarter of 2021. Adjusted net income attributable to Valero stockholders was $2.8 billion or $7.14 per share for the third quarter of 2022, compared to $545 million or $1.33 per share for the third quarter of 2021. For reconciliations to adjusted amounts, please refer to the earnings release and the accompanying financial tables.
The refining segment reported $3.8 billion of operating income for the third quarter of 2022 compared to $835 million for the third quarter of 2021. Adjusted operating income for the third quarter of 2021 was $911 million.
Refining throughput volumes in the third quarter of 2022 averaged 3 million barrels per day, which was 141,000 barrels per day higher than the third quarter of 2021. Throughput capacity utilization was 95% in the third quarter of 2022, compared to 91% in the third quarter of 2021.
Refining cash operating expenses of $5.48 per barrel in the third quarter of 2022 were $0.95 per barrel higher than the third quarter of 2021, primarily attributed to higher natural gas prices. Renewable diesel segment operating income was $212 million for the third quarter of 2022, compared to $108 million for the third quarter of 2021. Renewable diesel sales volumes averaged 2.2 million gallons per day in the third quarter of 2022, which was 1.6 million gallons per day higher than the third quarter of 2021. The higher sales volumes were due to DGD 1 downtime in the third quarter of 2021, resulting from Hurricane Ida, and the impact of additional volumes from DGD 2, which started up in the fourth quarter of 2021.
The ethanol segment reported $1 million of operating income for the third quarter of 2022, compared to a $44 million operating loss for the third quarter of 2021. Adjusted operating income for the third quarter of 2021 was $4 million. Ethanol production volumes averaged 3.5 million gallons per day in the third quarter of 2022.
For the third quarter of 2022, G&A expenses were $214 million and net interest expense was $138 million. Depreciation and amortization expense was $632 million and income tax expense was $816 million for the third quarter of 2022. The effective tax rate was 22%. Net cash provided by operating activities was $2 billion in the third quarter of 2022. Excluding the unfavorable change in working capital of $1.5 billion, which was primarily due to our third quarter estimated tax payment and the other joint venture member share of DGD's net cash provided by operating activities, excluding changes in DGD's working capital, adjusted net cash provided by operating activities was $3.4 billion.
With regard to investing activities, we made $602 million of capital investments in the third quarter of 2022, of which $185 million was for sustaining the business, including costs for turnarounds, catalysts and regulatory compliance and $417 million was for growing the business.
Excluding capital investments attributable to the other joint venture members share of DGD and those related to other variable interest entities, capital investments attributable to Valero were $479 million in the third quarter of 2022.
Moving to financing activities. Year-to-date, we have returned 40% of adjusted net cash provided by operating activities to our stockholders through dividends and stock buybacks, which is consistent with our guidance to be at the low end of our annual 40% to 50% target payout ratio, while focusing on deleveraging our balance sheet.
With respect to our balance sheet, we completed another debt reduction transaction in the third quarter that reduced Valero's debt by $1.25 billion. As Joe noted earlier, this transaction, combined with a series of debt reduction and refinancing transactions since the second half of 2021, have collectively reduced Valero's debt by approximately $3.6 billion. We ended the quarter with $9.6 billion of total debt, $1.9 billion of finance lease obligations and $4 billion of cash and cash equivalents. The debt-to-capitalization ratio, net of cash and cash equivalents, was approximately 24%, down from the pandemic high of 40% at the end of March 2021, which was largely the result of the debt incurred during the height of the COVID-19 pandemic. And we ended the quarter well capitalized with $4.9 billion of available liquidity, excluding cash.
Turning to guidance. We expect capital investments attributable to Valero for 2022 to be approximately $2 billion, which includes expenditures for turnarounds, catalysts and joint venture investments. About 60% of that amount is allocated to sustaining the business and 40% to growth. About half of the growth capital in 2022 is allocated to expanding our low carbon fuels businesses.
For modeling our fourth quarter operations, we expect refining throughput volumes to fall within the following ranges: Gulf Coast at 1.73 million to 1.78 million barrels per day; Mid-Continent at 460,000 to 480,000 barrels per day; West Coast at 250,000 to 270,000 barrels per day; and North Atlantic at 440,000 to 460,000 barrels per day.
We expect refining cash operating expenses in the fourth quarter to be approximately $5.10 per barrel. With respect to the renewable diesel segment, we expect sales volumes to be approximately 750 million gallons in 2022 with the anticipated start-up of DGD 3 in November. Operating expenses in 2022 should be $0.45 per gallon, which includes $0.15 per gallon for non-cash costs such as depreciation and amortization.
Our ethanol segment is expected to produce 4.1 million gallons per day in the fourth quarter. Operating expenses should average $0.50 per gallon, which includes $0. 05 per gallon for non-cash costs such as depreciation and amortization. For the fourth quarter, net interest expense should be about $140 million and total depreciation and amortization expense should be approximately $640 million. For 2022, we expect G&A expenses, excluding corporate depreciation, to be approximately $870 million.
That concludes our opening remarks. Before we open the call to questions, please adhere to our protocol of limiting each turn in the Q&A to two questions. If you have more than two questions, please rejoin the queue as time permits. Please respect this request to ensure other callers have time to ask their questions.