*Mexico is the world's No. 7 oil producer and a top exporter to the United States. The government warns that Mexico could become a net oil importer as early as 2018 if major new oil finds cannot be developed.
*Kearl budget rises by C $2 bln to C $12.9 bln. *Q4 EPS C $1.26/ shr vs year-earlier C $1.18/ shr. CALGARY, Alberta, Feb 1- Imperial Oil Ltd said on Friday the cost of its recently completed Kearl oil sands project in northern Alberta ballooned to C $12.9 billion, nearly 20 percent above its last estimate, because of transportation delays and a harsh winter.
*Pemex a byword in Mexico for accidents and oil theft. MEXICO CITY, Feb 1- Rescue workers on Friday pulled out more bodies from debris at the headquarters of Mexican state oil giant Pemex, where an explosion that killed at least 32 people has thrown a spotlight back on the state-run company's poor safety record.
Sean Parnell's plan to overhaul Alaska's oil tax structure says 2012 profits by ConocoPhillips shows the system is working. Bill Wielechowski, D- Anchorage, said Thursday that it's "gratifying to see Alaska's major oil producers reaping substantial profits under our existing oil tax structure at the same time as Alaskans enjoy their fair share of oil revenue.
HOUSTON/ SAN FRANCISCO, Feb 1- Strength in refining and chemicals led to higher-than-expected fourth-quarter earnings for Exxon Mobil Corp and Chevron Corp, the two largest U.S. oil companies.
TRAVERSE CITY, Mich.-- Regulators granted permission Thursday for Enbridge Inc. to finish replacing the underground pipeline that ruptured and spilled more than 800,000 gallons of oil into a southwestern Michigan river. It will extend through 10 Michigan counties: Berrien, Cass, St. Joseph, Kalamazoo, Calhoun, Jackson, Ingham, Oakland, Macomb and St. Clair.
*Pemex a byword in Mexico for accidents and oil theft. MEXICO CITY, Feb 1- The death toll from an explosion at the Mexico City headquarters of Mexican state oil company Pemex has risen to 32, but the cause of the incident is still unclear, the company said on Friday.
*TNK-BP's $55 bln takeover to be closed in H1. MOSCOW, Feb 1- Rosneft came in slightly below forecasts with a 7 percent rise in 2012 net profit on Friday while free cash flow halved ahead of its $55 billion takeover of TNK-BP, sending shares in Russia's top oil producer lower.
LONDON, Feb 1- Brent crude oil rose above $116 on Friday to reach a four-month high after a suicide bombing attack on the U.S. embassy in Ankara increased the focus on tension across the region. Brent futures for March rose $1.18 to a high of $116.73 a barrel, its highest since mid-September, before easing back to around $116.25 by 1500 GMT.
Feb 1- Imperial Oil Ltd said its final cost of initial development of the Kearl oilsands project in Alberta is expected to be C $12.9 billion, C $2 billion more than earlier projections, due to transportation delays and harsh weather.
*Q4 earnings per share ex-items $3.27 vs Street view $3.03. The second-largest U.S. oil producer said fourth-quarter net income rose to $7.2 billion, or $3.70 per share, from $5.1 billion, or $2.58 per share, a year earlier.
Feb 1- Exxon Mobil Corp, the world's largest publicly traded oil company, on Friday reported a higher-than-expected 6 percent increase in quarterly profit on stronger results at its chemical and refining businesses.
LONDON, Feb 1- Spot Brent prices are at their highest level since October and almost $16 above Saudi Arabia's theoretical target of around $100 per barrel. "Current high oil prices are a major challenge... for the global economic recovery," the International Energy Agency's chief economist Fatih Birol warned on Thursday.
Feb 1- Chevron Corp posted a rise in quarterly profit on Friday as its refining arm managed to improve earnings despite the crippling of the company's oldest refinery last August by a fire. The second-largest U.S. oil producer said fourth-quarter net income rose to $7.2 billion, or $3.70 per share, from $5.1 billion, or $2.58 per share, a year earlier.
Feb 1- Exxon Mobil Corp, the world's largest publicly traded oil company, on Friday reported a higher-than-expected 6 percent increase in quarterly profit, helped by its chemical and refining businesses.
Feb 1- Exxon Mobil Corp, the world's largest publicly traded oil company, on Friday reported a 6 percent increase in quarterly profit, partly due to higher refining margins. The Irving, Texas company said profit in the fourth quarter was $9.95 billion, or $2.20 per share, compared with $9.4 billion, or $1.97 per share, in the same period a year earlier.
Payment for shares made in cash- HSBC. HONG KONG, Feb 1- China has approved the sale of HSBC's remaining $7.4 billion stake in Ping An Insurance to a group controlled by Thailand's richest man, allowing completion of the biggest equity purchase in the country by a foreign investor.
*Middle East tension stokes supply worries. LONDON, Feb 1- Brent crude oil rose towards $116 on Friday, heading for a sixth consecutive week of gains on rising economic optimism and tension across the Middle East, the world's biggest oil region.