Underlying profitable production from huge upstream reserves. Significant diversity from geographic spread and from upstream and downstream mix, with some country reserve concentration in Russia and the U.S. Strategic focus on high-margin production from deep water, large fields, exploration, and refining businesses. Exposure to volatile and capital-intensive industries with material inherent risks, and presently depressed oil and U.S. gas prices. Continuing material payments following the 2010 Deepwater Horizon oil spill on the Macondo Prospect in the Gulf of Mexico. A track record of negative cash flows before divestments, as the company is unable to cover its capital expenditure (capex) and dividends from operating cash flow due to high payments related to the Macondo oil spill. Cash flow-based credit metrics below
