MADRID, Feb 20 (Reuters) - Spain's Repsol (REP.MC) , opens new tab pledged on Thursday to increase dividend and buy back shares worth at least 700 million euros ($729.82 million) this year after fourth-quarter adjusted net profit nearly halved, hit by a sharp decline in oil refining margins.

Like larger peers, Repsol has been hit by a significant decline in refining margins amid weaker global economic activity and new refineries coming online.

Quarterly adjusted profit of 643 million euros ($670.52 million) compared to 1.2 billion euros in the same period in 2023 and a company-provided average forecast of 600 million euros.

The company swung to a quarterly net loss of 36 million euros from a 383 million euro net profit a year earlier.

Still, Chief Executive Josu Jon Imaz said shareholders will get 0.975 euros a share paid out of the 2024 results, an 8.3% increase from the 0.90 euros a year earlier.

Dividend and buyback will take shareholders' remuneration within the company's target of 30% to 35% of its cash flow from operations, which for 2025 is seen at between 6 billion euros and 6.5 billion euros.

Repsol's net investment for the year will be up to 4 billion euros.

($1 = 0.9590 euros)

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https://www.reuters.com/business/energy/repsols-q4-adjusted-profit-falls-lower-refining-margins-2025-02-20/