MADRID (Reuters) - Spain's Repsol said on Thursday that first-quarter profit fell less than expected, supported by its industrial division, which includes businesses like refining and chemicals.

Quarterly adjusted profit fell to 1.27 billion euros ($1.36 billion) from 1.89 billion euros a year earlier, surpassing the company-provided average forecast of 1.19 billion euros.

Net profit fell 13% to 969 million euros.

The Spanish firm said in February it would return up to 10 billion euros to shareholders, joining other big oil companies offering record returns despite a steep decline in profit from all-time highs in 2022, when oil and gas prices soared following Russia's invasion of Ukraine.

"We are making good progress on the objectives announced in our 2024 strategic update," Chief Executive Josu Jon Imaz said in a statement.

($1 = 0.9337 euros)

(Reporting by Pietro Lombardi; Editing by David Latona and Inti Landauro)