The first quarter of 2018 was the best one in years for the oil majors. Still, despite huge profits, the largest oil companies are moving forward cautiously, keeping spending in check, just in case prices fall again. The first three months of the year saw a substantial run up in oil prices, hitting multi-year highs. At the same time, the oil majors have succeeded in cutting costs, and in many cases, continuing to grow production. Here is a quick rundown of some key figures: • BP’s profits jumped by 71 percent to $2.4 billion, compared to $1.4 billion a year earlier. Production also increased by 6 percent. • Shell’s profits surged to $5.32 billion, up 42 percent from last year. • Chevron’s earnings jumped to $3.6 billion, an increase of 36 percent. Production increased by 6.5 percent. • ExxonMobil saw its net income rise by a more modest 16 […]