By Vicki Needham - 06/10/10 05:15 PM EDT
BP had a $16.6 billion profit in 2009 and about $7 billion on its balance sheet in its last report.
"All of the above gives us significant capacity and flexibility in dealing with the cost of responding to the incident, the environmental remediation and the payment of legitimate claims," the release said.
"Under the current trading environment, we are generating significant additional cash flow."
Federal officials and lawmakers are insisting that BP do more than pledge funds, and speed up the claims process for all costs associated for the Gulf of Mexico oil spill.
BP is insisting that it is keeping and will continue to keep the market updated on the oil spill and that its "response to this incident is our top priority."