Noble Energy Inc said on Thursday it expected to bring back online majority of curtailed oil production volume by the end of July, as oil prices have recovered from their historic lows, as reported by Reuters.

Shares of the company, down 64% so far this year, were up 2% at $9 in premarket trade.

Noble Energy to bring back majority of curtailed oil production by July end -oilandgas360

U.S. shale drillers had to cut supply by roughly 2 million barrels per day to counter a historic crude price crash in April that stemmed from low demand caused by coronavirus-induced lockdowns and a price war between top producers Russia and Saudi Arabia.

Noble also said its U.S. onshore oil production capacity averaged 124 mbopd in the second quarter.

The oil and gas producer is scheduled to report second quarter results on Aug. 7

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