Unocal Corp. reported a 39 percent rise in second-quarter profit Friday, fueled by soaring oil and gas prices and lower interest expense.

The El Segundo-based company reported net income of $475 million ($1.73 per diluted share) for the second quarter ended June 30, compared with $341 million ($1.25) for the like period a year earlier. Revenue rose 19 percent to $2.2 billion from $1.9 billion in the comparable period of the prior year.

Analysts expected a second-quarter profit of $1.63 per share on revenue of $1.4 billion.

Excluding special items and the effect of accounting changes, net income was $488 million ($1.77 per diluted share), compared with $231 million (86 cents) for the like period a year earlier.

Unocal’s worldwide hydrocarbon liquids and natural gas production for the second quarter averaged 459,000 barrels of oil-equivalent per day, up nearly 14 percent from 404,000 barrels in the same period a year ago. The production increase was due primarily to higher production in Asia.

Despite higher second-quarter profits, Unocal lowered its full-year output estimate, as production is expected to decline once the $1.8 billion sale of its Canadian subsidiary Northrock Resources Ltd. to Pogo Producing Co. is completed in the third quarter. It now expects output of more than 430,000 barrels of oil-equivalent per day, down from a previous estimate of 440,000.

While Unocal didn’t specifically mention the multibillion-dollar bidding tug of war between Chevron Corp. and Chinese oil company CNOOC Ltd. in its earnings statement, the company said it will hold a special shareholder meeting on Aug. 10 to discuss its recently amended merger agreement with Chevron.

Unocal, which agreed to be bought by Chevron in April before CNOOC came back with a higher $18.5 billion bid in June, continues to support a sweetened deal with its larger California rival. CNOOC is reported to be considering raising its bid.