Ran out of oil and now is making a noise?

If the engine ran low or out of oil then yes. You most likely have a wiped out camshaft and lifters. Basically the lifters are what ride on the camshaft and as the cam turns it pushes the valves open.

When the engine runs low or out of oil, these metal parts don't have the oil between them to protect them and it doesn't take long before they start making noise. Here is a guide that will help with this:

https://www.2carpros.com/articles/engine-noises

The only way to fix this is to replace them. However, you will want to remove them and the camshaft to inspect it and make sure the cam lobes are not wiped out as well.

I assume you have a single overhead cam engine and not the dual as that is operated differently and since he stated the lifters are making noise, the SOHC engine makes more sense on this issue.

Please see below for more detail on this.

Thanks