The ratings on U.K.-based oil major BP PLC reflect its extremely strong and geographically diverse business portfolio, solid financial profile, and moderate financial policy. The company's key operational strengths include: A massive hydrocarbon reserve base totaling 15.0 billion barrels of oil equivalent (boe) at year-end 2003 on a proven but unaudited consolidated basis (in addition to the 3.3 billion boe at associated companies, with about half at Russia-based, 50% owned TNK-BP); of this amount, 56.3% was crude oil and a very low and decreasing 48% developed. Promising developments include the U.S., the U.K., Trinidad and Tobago, Azerbaijan, and offshore West Africa. Global advantages include a long proven reserve life (13.8 years; an adequate 6.6 years based on developed reserves only),
