The ratings on U.K.-based oil major BP PLC (BP) reflect its extremely strong and geographically diverse business portfolio; solid financial profile; and conservative financial policy. The company's key competitive strengths include: A massive hydrocarbon reserve base--15.7 billion barrels of oil equivalent (boe) at year-end 2002; 50% crude, 54% developed--especially in North America, the U.K., and Trinidad, with particularly promising developments in the Gulf of Mexico, Trinidad and Tobago, and offshore West Africa. Strengths include a long reserve life (13.6 years), strong organic reserve replacement rates (176% on average in 2000-2002) and low finding and development costs ($3.7 per boe on the same basis) despite sustained growth development spending; Promising prospects in South America, deepwater Gulf of Mexico, West Africa, and
