U.S. supermajors exceed analysts’ estimates with cost cuts Chevron turns corner after worst annual performance since 1980 Fresh off Big Oil’s best quarter in years, Exxon Mobil Corp . and Chevron Corp . may be poised for a repeat. One-third of the way into the second quarter, crude prices — the prime driver of explorers’ profits — are 25 percent higher than a year ago. If global supplies continue to contract and demand inches up through the end of June, the two dominant U.S. drillers will book a second straight quarterly victory in late July or early August. Already, analysts are forecasting profit blowouts even larger than those registered when Exxon and Chevron disclosed first-quarter results on Friday. Exxon is seen lifting per-share earnings by 132 percent while Chevron is expected to post its biggest second-quarter profit in three years. “It’s cutting costs, it’s getting more for every dollar […]