Massive, global, cost-competitive upstream operations with adequate 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. Share repurchases, which will absorb all free cash flow generated by net disposals and by prices exceeding $20/barrel Brent and $3.5/thousand cubic foot (mcf) Henry Hub; Sharp recent dividend increases; Significant unfunded asset-retirement obligations globally and deficits outside the U.S. and U.K. on postretirement benefits; 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
