David P. Michels
Vice President and Chief Financial Officer at Kinder Morgan
All right. Thanks, Kim. So for the fourth quarter of 2022, we're declaring a dividend of $0.2775 per share, which is $1.11 per share annualized and up 3% from our '21 dividend.
I'll start with a few highlights on leverage, liquidity growth, and shareholder value. There's some repetition here with the earlier comments, but it's worth it. On leverage, we ended 2022 with the lowest year-end net debt level since our 2014 consolidation transaction, and we have plenty of cushion under our leveraged target of around 4.5 times.
For liquidity, we ended 2022 with $745 million of cash on our balance sheet in addition to our undrawn $4 billion worth of revolver capacity. Growth for full year 2022 versus '21, excluding the impacts from winter storm Uri, as Kim mentioned, we grew nicely. On net income basis, we were up almost 3 times 2021. That's partially due to an impairment taken in 2021. And on EBITDA we were up 10% and on DCF per share we were up 14% year over year. Very nice growth.
For shareholder value, for full year 2022, we repurchased 21.7 million shares at an average price of $16.94 per share, and our board just authorized us to do more of that should the opportunity present itself. We're seeing healthy growth across our business, our balance sheet and liquidity are strong as they ever have been, and we're creating shareholder value across the company in multiple ways.
So moving on to our quarterly performance. In the fourth quarter, we generated revenue of $4.6 billion, up $154 million from the fourth quarter of 2021. Our net income was $670 million, up 5% from the fourth quarter of last year. And our adjusted earnings, which excludes certain items, was up 16% compared to the fourth quarter of '21. Our distributable cash flow performance was also very strong. Our Natural Gas segment was up 11%, or $138 million, with growth coming from multiple assets, higher contributions from our Texas Intrastate systems. MEP and EPNG increased volumes on our KinderHawk system and favorable pricing on our Altamont system. Those were partially offset by lower contributions from our South Texas gathering assets.
The Product segment was down $29 million, driven by higher operating expenses as well as lower contributions from our crude and condensate business. And those were partially offset by increased rates across multiple assets as well as strong volumes on our splitter system.
The Terminals segment was flat to the fourth quarter of '21 with slightly lower New York Harbor and Houston Ship Channel liquids refined product renewal rates, unfavorable impacts from the 2022 winter weather, and unfavorable property taxes offset by greater contributions from our Jones Act tanker business, nonrecurring impacts from Hurricane Ida in 2021, and contributions from expansion projects placed in service as well as other rate escalations that the segment experienced.
Our CO2 segment was up $36 million from the fourth quarter of '21, driven mostly by favorable commodity prices. Our EBITDA was $1.957 billion, up 8% from last year, and TCF was $1.217 billion, up 11% from last year. Our DCF per share of $0.54 was up 13% from last year.
Moving on to the balance sheet. We ended the fourth quarter with $30.9 billion of net debt and a net debt to adjusted EBITDA ratio of 4.1 times. That's up from 3.9 times from year end '21, but that's due to the nonrecurring EBITDA contribution from winter storm Uri that we experienced in 2021. Excluding the winter storm Uri EBITDA contribution, that year-end 2021 ratio was 4.6 times. So we ended the quarter and year nicely favorable to the metric, excluding Uri contribution.
We're also nicely below our long-term leverage target of around 4.5 times. Our net debt change for the full year of $278 million was driven by a number of things. So here's a high-level reconciliation of that. Our DCF generated $4.97 billion. We paid out $2.46 billion in dividends. We spent $1.1 billion on growth capital and JV contributions. We repurchased stock in the amount of $368 million. We made two renewable natural gas acquisitions for around $500 million. And we received $560 million approximately from the sale of a partial interest in our Elba Liquefaction company. Finally, we had a working capital use of around $825 million from several items, and that gets you close to the $278 million reduction in net debt year to date.