...Oil and Gas Super-Major: Fitch Ratings believes that BP plcs operational profile is in line with the ,,AA category. Its 2013 production of 1.9 million barrels of oil equivalent per day (mmboe/d) (without equity affiliates) trailed that of Royal Dutch Shell plc (AA/Stable, 2.4mmboe/d), but was ahead of Total SAs (AA/Negative, 1.5mmboe/d) and ConocoPhillips (A/Stable, 1.4mmboe/d). Its diversified proved reserves of 10bn barrels of oil equivalent (boe) (without equity affiliates) imply a healthy proved reserve life of 14 years, ahead of many of its peers. Multi-Billion Dollar Litigation: BPs rating direction depends largely on the outcome of legal proceedings related to the 2010 Macondo oil spill. Claims and other payments that BP is facing fall into four categories: the USD20bn Oil Spill Trust already almost fully utilised; the yet unknown penalty under the Clean Water Act; the USD35bn claim from the five US states for losses and property damage; and possible payments under securities-related...
