Chevron's Upstream Operations Forecast for Q3 Downturn
Chevron's upstream operations are expected to experience a turnaround and downtime in Q3 of (200) - (150) million barrels of oil equivalent per day (Mboe/d), according to a report from TipRanks.
The forecast is based on backtested results, which involve the retroactive application of a model constructed on the basis of historical data. The performance of this strategy may not be representative of actual future results due to various limitations and assumptions made for modeling purposes.
Chevron's upstream operations have experienced fluctuations in production levels throughout the year, with some quarters seeing higher output than others. This Q3 forecast suggests that the company may experience a reduction in production levels during this period.