Underlying profitability and cash generation of massive upstream reserves and production. Diversity from geographic spread, with OECD core assets; and some from upstream and downstream mix. Conservative debt and liquidity management. Proven asset marketability and financial flexibility. Unquantified fines and penalties, and litigation uncertainties relating to the oil spill from the Macondo well in the Gulf of Mexico in April 2010. Inherently cyclical, volatile, and capital intensive oil industries, with presently depressed U.S. gas prices. Exposure to some concentrated country risks. Exposure to unfunded pensions and funding volatility. The ratings on U.K.-headquartered oil major BP PLC reflect Standard&Poor's Ratings Services' assessment of the group's "strong" business risk profile and "modest" financial risk profile. Our ratings take into account
