Profitable production from huge upstream reserves. Significant diversity from geographic spread and from upstream and downstream mix, with some country reserve concentration in the U.S. and Russia. 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 amid presently depressed oil and U.S. gas prices. Very sizable dividends that the company has not reduced, unlike some of its peers, except through the offer of scrip. S&P Global Ratings' view of limited absolute debt reduction capacity, since prefinancing cash flows will likely be limited or even negative, depending on oil prices. Below-average cash-flow-based credit metrics, affected by high adjusted debt, influenced by the U.S. Gulf of Mexico-related
