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• U.S. drillers add oil rigs for second week in a row
  (Reuters) - U.S. energy firms added oil rigs for a second consecutive week, raising doubts over producers’...
  (Reuters) - U.S. energy firms added oil rigs for a second consecutive week, raising doubts over producers’ plans to continue reducing spending on new drilling for the second year in a row in 2020.
  
  Oil Rig Count: The US crude oil rig count gained 3 rigs, from 673 to 676 for the week.  There are 186 fewer rigs targeting oil than last year. Rigs drilling for oil represent 85.1 percent of all drilling activity.
  
  US oil rigs tested an all-time high of 1,609 in October 2014. In contrast, the rigs hit 316 in May 2016—the lowest level since the 1940s.
  
  The natural gas rig count – which plunged to its lowest in August of 2017 –  decreased 5 rigs to 115.  The number of rigs drilling for gas is 82 rigs fewer than last year's count.
  
  
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• North American oil bankruptcies spike amid low energy prices
  The number of North American oil and natural gas upstream players that sought bankruptcy protection increased...
  The number of North American oil and natural gas upstream players that sought bankruptcy protection increased from 28 in 2018 to 42 in 2019, bringing the total number of filings for the 2015-2019 period to 208, according to a Haynes and Boone report. "This increase in year-over-year filings indicates that the reverberations of the 2015 oil price crash will continue to be felt in the industry through at least the first half of 2020," the report read.
  
  Midstream companies that provide storage and pipelines to producers fared better with only two bankruptcies in 2019 out of a total of 28 since the beginning of 2015.
  
  “Over the entire five-year period, 208 producers have filed for bankruptcy since Haynes and Boone’s Oil Patch Bankruptcy Monitor began tabulating E&P filings, involving approximately $121.7 billion in aggregate debt,” the firm said.
  
  During the final three months of 2019, nine E&Ps filed for bankruptcy with an aggregate amount of more than $12.6 billion of total debt.
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• Oil Prices Fall for 3rd Day
  From MarketWatch - Oil futures tumbled for the third session in a row...
  From MarketWatch - Oil futures tumbled for the third session in a row on Thursday, with U.S. benchmark prices logging their lowest finish since late November, on fears that economic growth and oil demand may be hit by the spread of the coronavirus outbreak in China.
  
  Oversupply concerns, despite disruption to Libyan oil production, have been additional worries for the investors of the commodity.
  
  West Texas Intermediate crude for March delivery CLH20, fell $1.15, or 2%, to settle at $55.59 a barrel. That was the lowest finish since Nov. 29 for a front-month contract.
  
  March Brent crude BRNH20, lost $1.17, or nearly 1.9%, to $62.04 a barrel, the lowest since December 3.
  
  Oklahoma crude oil prices as of 5 p.m. Thursday:
  
  Oklahoma Sweet:
  Sunoco Inc. — $ 52.00
  Oklahoma Sour:
  Sunoco Inc. — $40.00 
  
  
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• BlackGold Capital Acquires Midland Basin Mineral Portfolio
  From Hart Energy - BlackGold Capital Management...
  From Hart Energy - BlackGold Capital Management LP acquired a diverse portfolio of mineral and royalty interests in the Midland Basin in West Texas, the Houston-based firm said Jan. 22 as it continued what it described as an “opportunistic approach to income-generating investments.”
  
  Founded in 2006, BlackGold is a private investment firm focusing on asset-heavy, cash-flowing investments in the energy industry—a strategy which co-founder Adam Flikerski said the firm’s recent acquisition exemplifies.
  
  BlackGold said 72% of the net royalty acres in the acquired portfolio are leased by operators in the top quartile of active horizontal rig counts in the Midland Basin. Further, the firm added that 99% of the acquired net royalty acreage is leased by operators in the top half. The seller of the assets was not disclosed.
  
  Erik Dybesland, co-founder of BlackGold, also added in a statement: “BlackGold continues to acquire mineral and royalty interests in the core of low-cost basins under best-in-class operators.”
  
  Though it did not disclose the financial terms of this most recent transaction, BlackGold said it has completed acquisitions of mineral and royalty interests totaling roughly $150 million in the past 12 months.
  
  KKR & Co. Inc. holds a 24.9% passive minority interest in BlackGold, according to the company release.
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• U.S. Crude Inventories Report
  The American Petroleum Institute (API) estimated on Wednesday a surprise crude oil inventory...
  The American Petroleum Institute (API) estimated on Wednesday a surprise crude oil inventory build of 1.57 million barrels for the week ending January 17, compared to analyst expectations of a 1.009-million-barrel draw in inventory.
  
  Last week saw a build in crude oil inventories of 1.1 million barrels, according to API data. The EIA’s estimates, however, were of a draw of 2.5 million barrels for that week.
  
  Cushing inventories fell by 429,000 barrels.
  
  The Energy Information Administration reported that U.S. crude supplies fell by 400,000 barrels for the week ended Jan. 17. EIA and API data were each released a day later than usual because of Monday's Martin Luther King Jr. holiday. The EIA data also showed a supply climb of 1.7 million barrels for gasoline, but distillate stocks declined by 1.2 million barrels. The S&P Global Platts survey had shown expectations for an increase in supplies of 3.3 million barrels for gasoline and 1.6 million barrels for distillates.
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