Chevron Corp. (CVX), the second-largest U.S. energy company, said first-quarter profit rose amid increasing oil prices, expanding refinery margins and the sale of fuel-marketing assets in Spain.

Net income rose to $6.47 billion, or $3.27 a share, from $6.21 billion, or $3.09, a year earlier, the San Ramon, California-based company said in a statement on Business Wire today. Excluding one-time items, the company was expected to earn $3.28 a share, the average of 16 analysts’ estimates compiled by Bloomberg.

Chief Executive Officer John S. Watson in March unveiled plans to boost oil and natural-gas production by 20 percent by the end of 2017. Watson has been contending with the downside of higher oil prices: lower output because of contracts in some countries that reduce foreign operators’ share of production when global oil prices increase.