Permian Basin pure-play Diamondback Energy Inc. has brought all of its curtailed production back online and expects to generate free cash flow in the second half of the year, management said Tuesday.

The company curtailed 5% of its oil output during the second quarter in response to a pandemic-induced global supply glut, “with zero wells turned to production in the month of June,” CEO Travis Stice told analysts during the firm’s second quarter earnings call. “This curtailed production has been restored and is now receiving significantly higher realized prices than it would have received when the decision was made to curtail.”

Stice said the Midland, TX-based firm expects “to generate significant free cash flow in the second half of 2020 and in 2021 at current forward...