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BP PLC Aug 04
Standard & Poors, Aug 2004
Abstract
Massive, global, and cost-competitive upstream operations with strong reserve-replacement rates and sustained production-growth expectations to 2008; Unique competitive strengths to supply the growing and lucrative U.S. gas market from U.S. and Trinidad and Tobago equity reserves; and Massive, diversified, and profitable refining and marketing operations across the U.S. and Western Europe. High dividend payouts and share repurchases that will absorb all free cash flow above $20/barrel (bl) Brent; Significant deficits outside the U.S. and U.K. on post-retirement benefits at year-end 2003; and Low proven developed hydrocarbon reserves as a proportion of total proven reserves. The ratings on U.K.-based oil major BP PLC reflect its extremely strong and geographically diverse business portfolio, solid financial profile, and moderate financial policy. The company's...
Companies mentioned in this report are: BP PLC
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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