...February 14, 2020 LONDON (S&P Global Ratings) Feb. 14, 2020--S&P Global Ratings said today that global energy company BP PLC's (A-/Positive/A-2) revised long-term strategy, announced Feb. 12, 2020, and 2019 results remain consistent with the rating on the company. We continue to see potential for an upgrade, as signalled by the positive outlook, especially if net debt is reduced by $10 billion or more. We estimate BP's S&P Global Ratings-adjusted funds from operations (FFO) to debt at about 35% as of Dec. 31, 2019, below the 40%-45% that we would see as commensurate with a higher rating. BP has reaffirmed its financial framework as it plans to refocus the mix of its investments and businesses away from oil and gas over the coming decades, to 2050. This affirmation is important, particularly in the next few years, given the announced 2.4% dividend increase in the context of gearing above BP's targeted 20%-30% range at 31.1%. Reported net debt at Dec. 31, 2019 was up $2 billion year-on-year...
