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 (capex) in the last few years. $18.7 billion in settlement of federal, state, and local claims related to the Deepwater Horizon accident meaningfully reduce uncertainty related to the total amount of claims. We have adjusted BP's debt for a similar amount.
