ConocoPhillips, the largest U.S. independent oil and gas company, on Thursday reported a quarterly profit that just beat Wall Street expectations, helped by an increase in oil and gas production.

Income in the second quarter totaled $2.08 billion, or $1.67 per share, compared with $2.05 billion, or $1.65 per share in the year-ago period.

Excluding one-time items, Conoco's profit was $1.61 per share. Analysts, on average, expected $1.60, according to Thomson Reuters I/B/E/S.

The Houston company's oil and natural gas output from continuing operations was 1.56 million barrels oil equivalent per day (boed) in the quarter, up from 1.51 million boed a year earlier.

While production was forecast to be lower in the third quarter due to maintenance, Conoco said it was raising the midpoint of its full-year production outlook for continuing operations. It now expects output of about 1.525 million boed to 1.550 million boed.