System and method for analyzing seismic data from a formation. Stacked seismic data are provided, including a plurality of stack traces, e.g., by collecting seismic data from source and receiver locations and stacking the collected seismic data to produce the stacked seismic data. 3-dimensional (3-D) prestack traces are generated from the plurality of stack traces, e.g., by performing inverse moveout of stack traces, e.g., in a specified neighborhood, at common-depth-points, e.g., by inverse normal moveout, ray tracing, spike synthesis, etc. The inverse moveout corrected traces are convolved to compute predicted multiples which are useable in analyzing the formation. The multiples may be adaptively subtracted from the stacked seismic data, or optionally, from prestack data, to generate processed seismic data useable in analyzing the formation, e.g., for petroleum production potential. Dip moveout (DMO) corrected seismic data may be used, where DMO velocities are adjusted by dividing by cosine of the dip angle.