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 reserve base of 18 billion barrels of oil equivalent (boe) at year-end 2005, including associated companies. However, these reserves are skewed toward liquids (57.7% at year-end 2004) and were only 45.2% developed at year-end 2004. Promising developments include those in the U.S., U.K., Trinidad and Tobago, Azerbaijan, and offshore West Africa, as well as at Russia-based TNK-BP (BB/Stable/B). Global advantages include a long proven reserve life of some 15 years (though under seven years based on developed reserves only); sustained organic-reserve replacement
