BP reasserts strength in oil industry

BP has stressed its position within the oil industry - and its financial strength - following a fall in its share prices.

The oil industry giant claims that it is "not aware of any reason" why its share price may have fallen, in spite of the major leak that continues to release oil into the Gulf of Mexico.

However, it adds that it will "continue to keep the market fully informed of further developments in the response" to the leak.

BP also points out the strength with which it came into 2010, with well-balanced cash flow ahead of the incident.

"Our asset base is strong and valuable," the company adds, with 63 billion barrels of resources and 18 billion barrels of proved reserves at the start of the year.

The news comes as BP has outlined three payments of $25 million (£17 million) to the states of Alabama, Florida and Mississippi to assist in efforts to mitigate the impact of the oil as it washes ashore.