What type of engine is it?
Air cooled V twin 1974 build from a German Multicar M22. It went into many other applications and I believe mine was from a generator.
After some more investigating I found that there was over two litres of oil in the sump (probably closer to three) and doing a bit of minor leaning of the bike and poking up and down with the dip stick I was able to guestimate that the oil level was about only just below the bottom of the dip stick, 5mm below the low marker.
After taking the sump off and measuring some internal bits I found the following...
Oil pickup is 10mm from bottom of sump
Bottom of dip stick 60mm from bottom of sump.
Concluding that the oil pickup was submerged in about 50mm (two inches) of oil so there is not much chance that it ran dry and damaged the bearings.

I know that a certain amount of oil would be caught up in the filter and bits with the engine running but there would need to be well over a litre possibly almost 2 for it to drop the oil level to anywhere near 10mm.
I'm a bit happier about spending money on the barrel / piston now.
Kubota Z482 which is plodding on with unnerving reliability. Three years so far.
1900 Diesel Bike being rebuilt with better clutch control.