July 28 (Reuters) – U.S. oil major Chevron said on Friday it was targeting output this year at the lower end of its forecast range.
Last year, the group’s production was the highest in its history, with 1.2 million barrels of oil equivalent per day (boed). It had indicated that it expected stable production this year, or an increase of 3% compared to these levels.
For the current quarter, Chevron said it expects “upstream” and “downstream” revisions to cut output by about 110,000 boed.
The major also expects production from the Permian Basin to be roughly flat in the third quarter, before rising again in the fourth quarter.
The company’s stock fell 2% to 156.11 dollars in pre-market trading. (Reporting Arunima Kumar in Bangalore; French version Nathan Vifflin, editing by Kate Entringer)
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