Profitable production from huge upstream reserves. Significant diversity from geographic spread, and from upstream and downstream mix. Some country reserve concentration in Russia and the U.S. Strategic focus on high margin production from deep water, large fields, exploration, and advantaged gas and refining businesses. Exposure to volatile and capital-intensive industries with material inherent risks, with presently depressed oil and U.S. gas prices. Limited rating headroom given the low oil price environment, fairly fixed dividend payments, and increased capital expenditures in the last few years. This follows the increase in debt–like provisions in our base-case forecast, following the U.S. District Court's ruling that BP was grossly negligent with regard to the oil spill from the Macondo well in the Gulf of
