Massive, global, and cost-competitive upstream operations with strong reserve-replacement rates and sustained production-growth expectations to 2008; Unique competitive strengths to supply the growing and lucrative U.S. gas market from U.S. and Trinidad and Tobago equity reserves; and Massive, diversified, and profitable refining and marketing operations across the U.S. and Western Europe. High dividend payouts and share repurchases that will absorb all free cash flow above $20/barrel (bl) Brent; Significant deficits outside the U.S. and U.K. on post-retirement benefits at year-end 2003; and Low proven developed hydrocarbon reserves as a proportion of total proven reserves. The ratings on U.K.-based oil major BP PLC reflect its extremely strong and geographically diverse business portfolio, solid financial profile, and moderate financial policy. The company's
