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.