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BP PLC Sep 06
Standard & Poors, Sep 2006
Abstract
Massive, global, cost-competitive upstream operations, largely concentrated in OECD countries, with adequate historical and expected reserve-replacement rates and sustained production-growth expectations for the rest of the decade. Unique competitive strengths to supply the growing and lucrative U.S. gas market from U.S. and Trinidad and Tobago equity reserves. Large, diversified, and profitable refining and marketing operations across the U.S. and parts of Western Europe. Solid financial profile and moderate financial policy. Share buybacks, which will continue to absorb all free cash flow generated by net disposals and by prices exceeding $20/barrel Brent and $3.5/thousand cubic feet (mcf) Henry Hub. Significant unfunded asset-retirement and operating-lease obligations globally, and deficits outside the U.S. and U.K. on postretirement benefits. Low proportion of developed reserves...
Companies mentioned in this report are: BP PLC,BP Products North America Inc.,Atlantic Richfield Co.,Standard Oil Co. Inc.,Standard Oil Co.,BP Co. North America Inc.,BP Corp. North America Inc.,Union Texas Petroleum Holdings Inc.,Burmah Castrol Inc.,BP Capital Markets PLC,BP Capital Markets America Inc.,Burmah Castrol PLC,Amoco Argentina Oil Co.,Jupiter Insurance Ltd.,BP Finance PLC,BP America Production Co.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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