Chevron , the second largest U.S. oil company, said net income rose to $5.98 billion, or $2.60 a share, from $5.38 billion, or $2.52 a share, last year.
Analysts, on average, expected the company to earn around $3.02 a share, according to Reuters Estimates.
Sales in the quarter jumped 49 percent to $80.96 billion.
Income from the company's exploration and production business nearly doubled to $7.25 billion. But the company posted a $734 million loss at its downstream refining and marketing business, versus a profit of $1.3 billion a year earlier.
The company said weak profit margins as well as planned refinery maintenance in the United States hurt results at that unit.
"Clearly three percent lower [gasoline] demand is going to have an effect on downstream numbers at least until we see a real meaningful correction in the feedstock costs," said Lewis Ropp, who helps manage around $60 billion at Barrow, Hanley, Mewhinney & Strauss.
Still, Ropp said Chevron's profit was impressive due to the high oil and natural gas prices.
"The commodity price just overwhelms any weakness in any other areas," he said.
Chevron shares rose 73 cents at $85.29 in morning trading on the New York Stock Exchange on Friday. As of Thursday's close, the stock was down about 9.4 percent this year, underperforming the Chicago Board Options Exchange's oil index , off about 7.8 percent over the same period.