The world’s publicly traded independent oil producers will make record profits this year, surpassing the levels reached when crude hit an all-time high near $150 a barrel more than a decade ago, according to Rystad Energy. Combined free cash flow from the sector is expected to surge to $348 billion, beating the previous high of $311 billion in 2008, Rystad said. Key to the turnaround is U.S. shale, with the industry expected to reverse years of losses in 2021 and make “super profits” of nearly $60 billion of free cash flow before hedges. Surging oil prices will add to producers’ revenue, but profits will be super-charged by executives determined to constrain capital spending on new output, the Oslo-based consultant said in a note authored […]