Profitable production from huge upstream reserves. Significant diversity from geographic spread and from upstream and downstream mix, with some country reserve concentration in the U.S. and Russia. 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. Solid underlying cash flow generating capacity, which has been constrained by the need to repay U.S. Gulf of Mexico-related liabilities. Very sizable dividends that the company has not reduced, unlike some of its peers, except through the offer of scrip. S&P Global Ratings' view that further deleveraging will be constrained by potential dividend increases and share buybacks. Our stable outlook on oil and gas major BP PLC reflects our
