Chevron expects annual production at low-end of prior forecast

The company last year delivered the highest U.S. production in its history at 1.2 million barrels of oil‑equivalent per day (boepd), while forecasting production to be flat or rise 3% from those levels.

For the current quarter, Chevron said it was expecting upstream turnarounds and downtime to reduce production by about 110,000 (boepd).

The oil major also expects Permian basin production in the third quarter to be roughly flat before growing again in the fourth quarter.

Shares of the company fell 2% to $156.11 in trading before the bell.