MADRID, Feb 22 (Reuters) - Spanish oil company Repsol (REP.MC) , opens new tab will hand shareholders up to 10 billion euros ($10.84 billion) via dividends and buybacks in the next three years.

The Spanish firm joins other big oil companies offering record returns to shareholders despite a steep decline in profit from record levels in 2022, when oil and gas prices soared following Russia's invasion of Ukraine.

Repsol, whose market value was 16.7 billion euros ($18.11 billion) at Wednesday's close, pledged to buy back up to 5.4 billion euros in shares through 2027. In addition, shareholders will get 4.6 billion euros in cash dividends.

The company raised the dividend paid from 2023 results by almost 30% to 0.90 euros a share.

Repsol's fourth-quarter adjusted profit fell less than expected, as oil and gas prices cooled but oil and gas production outperformed forecasts.

Quarterly adjusted profit was 1.20 billion euros, down from 2.04 billion euros a year earlier, but beating the company-provided average forecast of 1 billion euros.

The Spanish firm will also cancel 40 million shares by the end of July. At Wednesday's closing price, the shares are worth 547 million euros.

($1 = 0.9228 euros)

($1 = 0.9221 euros)

https://www.reuters.com/business/energy/repsol-hikes-dividend-by-nearly-30-2024-02-22/