The ratings on BP PLC reflect Standard&Poor's Ratings Services' assessment of the company's business risk profile as "excellent" and its financial risk profile as "minimal". As one of the world's three-largest private integrated oil and gas companies, BP has an excellent business risk profile, underpinned by: Its massive, highly profitable global upstream activities, benefiting from a strong presence and reserve base in the U.S. Diversity through refining capacity of 2.7 million barrels per day, primarily in the U.S. and Europe. Relative business weaknesses include: Exposure to volatile and cyclical industries. The performance gap that still persists in the downstream segment compared with peers, despite ongoing efficiency improvements and the restored availability of U.S. operations. Some exposure to emerging
