BP Ratings Affirmed At 'A-' On Stronger Financial Risk Profile; Outlook Stable

BP continues to benefit from strong oil and gas prices and exceptional refining margins as well as consistent financial policy implementation. A significant reduction in reported net debt, including leases, of about $25 billion in the two years to March 31, 2022, underpins our view that BP will be able to maintain its credit metrics even in a less supportive operating environment. We affirmed our 'A-' issuer credit rating and 'A-2' short term rating on BP. The stable outlook signals our view that BP's performance and metrics will remain consistent with the ratings even if oil prices fall to our long-term assumption of $55 per barrel (/bbl). LONDON (S&P Global Ratings) July 28, 2022--S&P Global Ratings today took the rating

...July 28, 2022 - BP continues to benefit from strong oil and gas prices and exceptional refining margins as well as consistent financial policy implementation. - A significant reduction in reported net debt, including leases, of about $25 billion in the two years to March 31, 2022, underpins our view that BP will be able to maintain its credit metrics even in a less supportive operating environment. - We affirmed our 'A-' issuer credit rating and 'A-2' short term rating on BP. - The stable outlook signals our view that BP's performance and metrics will remain consistent with the ratings even if oil prices fall to our long-term assumption of $55 per barrel (/bbl). LONDON (S&P Global Ratings) July 28, 2022--S&P Global Ratings today took the rating actions listed above. High prices and debt reduction mean strong metrics for BP. We currently project S&P Global Ratings-adjusted funds from operations (FFO) to debt in excess of 45% in 2022 and 2023. BP's demonstrated debt reduction from disposals...

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