Massive, highly diversified, and global operations in the upstream, downstream, and petrochemical sectors A large backlog of major projects, which should increase the company's production through 2017 A disciplined management team that has displayed strong continuity with respect to strategy and philosophy Excellent technical talent and a track record of completing large, complex projects on time Exposure to a volatile and highly cyclical industry Potential for litigation that could result in high liability payments Strong profitability and cash flow at most points in the commodity price cycle Outstanding financial flexibility, reflecting substantial free cash flow generation and large cash balances Conservative financial leverage metrics Strong liquidity Operations that are highly capital intensive The stable outlook reflects Standard&Poor's Ratings
