Noble Energy Inc. said on July 9 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 bbl/d, which totaled 32,000 boe/d on a net basis, the company said in a statement.
U.S. shale drillers had to cut supply by roughly 2 MMbbl/d 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 124,000 bbl/d in the second quarter.
The oil and gas producer is scheduled to report second quarter results Aug. 7.
Recommended Reading
Private Equity Firm Voyager Interests Acquires Aegion Coating Services
2024-01-04 - The acquisition of Aegion Coating Services will help expand Voyager’s presence in the Middle East, South America and Asia.
Zayla Partners Acquires Energy Compensation Surveyor Effective Compensation Inc.
2024-01-19 - Denver-based ECI founder Terry Isselhardt will continue as ECI president.
Shell Sells Nigerian Onshore Business for Up to $2.4 Billion
2024-01-16 - Shell is selling its Nigerian onshore oil and gas business to a Nigerian-led energy consortium for $1.3 billion and will receive additional payments of up to $1.1 billion from the European group.
Trafigura Agrees to Purchase 1PointFive DAC Carbon Removal Credits
2024-01-16 - Trafigura’s purchase of 1PointFive’s CO2 removal credits is part of its commitment as a founding member of the First Movers Coalition to support the advancement of CO2 removal credits.
Phoenix Capital Group Acquires Bakken Mineral Interests
2024-01-16 - Phoenix Capital Group acquired about 600,000 net mineral acres across four states from AgWest Farm Credit.