Profitable production from huge upstream reserves. Significant diversity from geographic spread and from upstream and downstream mix, with some country reserve concentration in Russia and the U.S. Strategic focus on high-margin production from deep water, large fields, exploration, and refining businesses. Exposure to volatile and capital-intensive industries with material inherent risks, with presently depressed oil and U.S. gas prices. Very sizable dividends that the company has not reduced, unlike some of its peers. Our expectation of negative prefinancing cash flows, as we think capital expenditure reduction and divestments will be insufficient to avoid a debt increase. Below-average cash flow-based credit metrics, affected by high adjusted debt influenced by the U.S. Gulf of Mexico-related liability and volatility in its pension fund
