Chevron Corp's net income for the first quarter rose 9.6 percent as surging oil prices offset narrower refining margins.

The second-largest U.S. oil company by market value said net income was $5.17 billion, or $2.48 per share, compared with $4.72 billion, or $2.18 per share in the same quarter a year ago. Revenue grew 37 percent to $65.95 billion. The quarterly results included $255 in charges.

Analysts had expected earnings of $2.41 per share on revenues of $75.64.

Chevron said its exploration and production businesses rose 76 percent to $5.13 billion. Earnings from refining and marketing fell 84 percent to $252 million.

Other oil majors reporting this week, including Exxon Mobil Corp., Royal Dutch Shell and BP Plc all said their refining and marketing business had fallen in the quarter.

Production at the firm dropped 1.7 percent to 2.6 millions of barrels of oil per day.

The company said net income at its oil and natural gas wells rose 76 percent on oil prices which reached $111 at the close of the first quarter.

Shares of Chevron rose 14 cents, or 0.15 percent to reach $95.08 in late morning trading on the New York Stock Exchange.

Chevron