Massive cost-competitive OECD-focused upstream operations with adequate expected reserve replacement and production growth Unique competitive strengths to supply U.S. gas market from U.S. and Trinidad and Tobago equity reserves Large, diversified, OECD-focused and profitable refining and marketing operations Solid financial profile, including moderate capital expenditure and financial policy Well-funded U.S. and U.K. pension funds Recent operating weaknesses at several major upstream and downstream assets Reliance on Russia for 2005 and 2006 organic reserve replacement Moderate level of developed to total proven reserves Sustained share buybacks absorb all free cash flow Large unfunded asset retirement and operating-lease obligations, postretirement benefit deficits in some areas The ratings on BP PLC continue to reflect its excellent global oil and gas asset base, notably
