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.
JDR, the global subsea cable supplier and servicer owned by the TFKable Group, said July 29 it has begun construction of a new U.S. headquarters in Tomball, Texas, a part of the Houston metropolitan area.
Texas-based Denbury Resources joins a growing wave of companies in oil and gas industry to buckle due to low oil prices.
Diamond Offshore Drilling recently skipped making an interest payment and retained advisers to help it evaluate various alternatives “with respect to its capital structure,” according to an SEC filing on April 16.