Chevron profit jumps 13 percent

Oil giants Exxon & Chevron taking 'foot off the pedal': Pro

Chevron on Friday reported its quarterly profit rose 13 percent as lower crude oil prices boosted its refinery operations, helping to offset sagging results in its oil and gas production.

The energy company's shares rose more than 1 percent following the earnings announcement. (Get the latest quote on Chevron).

The company's third quarter earnings came out at $2.95 per share, compared to its year-ago earnings per share of $2.57.

The energy company's revenue decreased to $54.7 billion from the year-ago figure of $58.5 billion.

Analysts expected Chevron to post earnings of $2.55 per share on revenue of $58.18 billion, according to a consensus estimate from Thomson Reuters.

The country's second largest oil company is currently funding five expansion projects in hopes of boosting production by 20 percent by 2017 and most of the growth will be abroad.

Production fell nearly 1 percent to 2.57 million barrels of oil equivalent per day as new wells failed to offset declines at old wells.

The city of Richmond, California sued Chevron after a fire at a company-owned refinery sent tens of thousands of locals to the hospital due to toxic fumes. Now Chevron is spending millions to push for company-preferred officials to win in Richmond's upcoming mayor and city council elections in November.

What is Chevron's stock doing now? (Get the latest quote here.)

—CNBC's Hailey Lee and Reuters contributed to this report.