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.; and Diversity through refining capacity of 2.7 million barrels per day, primarily in the U.S. and Europe. Relative business weaknesses include: Exposure to the volatile and cyclical oil industry; The performance gap with peers that still persists in the downstream segment, despite ongoing efficiency improvements and the restored availability of U.S. operations; and Some
