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 proven hydrocarbon reserves base, totaling 14.95 billion barrels of oil equivalent (boe) at year-end 2004. Of this amount, 57.7% was crude oil and a very low 45.2% was developed reserves. In addition, associated companies have reserves of 3.63 billion boe, of which 60% at Russia-based, 50%-owned TNK-BP (BB-/Positive/--). 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 of 14.8 years, or an adequate 6.7 years based on developed
