Massive, highly profitable upstream with a large OECD base. Diversity from large U.S. and European downstream. Unique competitive strengths to supply the U.S. gas market. Strong cash flows and moderate capital expenditure. Moderate debt leverage and high financial flexibility. Exposure to the volatile and cyclical oil industry, including near-term depressed U.S. gas prices. Past refining and pipeline asset integrity issues and litigation in North America. Shareholder-friendly policies together with large unfunded asset retirement and postretirement benefit deficits. Exposure to Russian country risks through equity affiliate TNK-BP. The ratings on BP PLC reflect Standard&Poor's Ratings Services' assessment of the company's business risk profile as "excellent" and its financial risk profile as "minimal." As one of the world's three-largest private
