BP Claims To Be Unaware Of Reason For U.S. Share Sell-Off

BP PLC says it isn't aware of any reason that justifies a sharp sell-off in its shares in U.S. trading.

In a statement released before the London Stock Exchange opened Thursday, the company underlines its strong financial position and says it has "significant capacity and flexibility" to deal with the cost of responding to the Gulf of Mexico oil spill.

BP shares tumbled to their lowest level in more than a decade on Wednesday in New York trade on fears the company won't pay out its planned dividends and wider speculation about the company's future. The stock recorded a smaller fall in London.

BP says it is keeping the market updated on the oil spill through regular announcements and says responding to the incident is its "top priority."

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