July 9, 2020 / 12:11 PM / a month ago

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

July 9 (Reuters) - 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.

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

During the second quarter, Noble’s curtailments averaged about 11,000 barrels of oil per day (mbopd), which totaled 32,000 barrels of oil equivalent per day (mboepd) on a net basis, the company said in a statement.

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. (Reporting by Arunima Kumar in Bengaluru; Editing by Shinjini Ganguli)

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