The ratings on U.K.-based oil major BP PLC reflect its extremely strong and geographically diverse business risk profile, notably upstream, and its solid financial risk profile and moderate financial policy. The company's key operational strengths include: A massive, although only 53.8%-developed, proved hydrocarbon reserve base of 17.9 billion barrels of oil equivalent (boe) at year-end 2005 including associated companies (47.5%-developed and 14.0 billion boe excluding associated companies). Promising developments include those in the U.S., U.K., Trinidad and Tobago, Azerbaijan, and offshore West Africa, as well as at 50%-owned Russia-based TNK-BP Ltd. (BB+/Stable/B). Global advantages include a long proved reserve life of some 12.1 years (14.1 years excluding associated companies); sustained organic reserve-replacement rates, both historical (1.3x over 2001-2005) and expected;
