British Petroleum Co. reported a 25% rise...

British Petroleum Co. reported a 25% rise in first-quarter profits to 408 million pounds ($734 million). Higher earnings from its chemical operations and significant improvement in U.S. refining margins, boosted by high gasoline demand, pushed profits up, the company said. London-based BP is the parent of Cleveland-based Standard Oil Co. The results were calculated under the so-called replacement-cost basis of accounting--which most nearly resembles the accounting method used by major U.S. oil firms. When BP’s results are calculated on the historical cost method, profits fell to 263 million pounds ($473 million) from 458 million pounds ($705 million) due to lower oil prices.

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