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. They also reflect the company's key operational strengths, which include: A massive proved hydrocarbon reserves base. These reserves totaled 14.54 billion barrels of oil equivalent (boe) at year-end 2004 (in addition to the 3.36 billion boe at associated companies, of which 53% at Russia-based, 50%-owned TNK-BP (BB-/Positive/--)); of this amount, 46.5% was crude oil and a very low 48.2% was developed reserves. Promising developments include those in the U.S., the U.K., Trinidad and Tobago, Azerbaijan, and offshore West Africa. Global advantages include a long proven reserve life (14.2 years; an adequate 6.8 years based on developed
