Oil Price Information Service

Summary

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Oil Price Information Service (OPIS) is a price-reporting agency, providing information used for commercial contracts and trade settlement related to petroleum, gasoline, diesel, ethanol, biodiesel, LP-gas, jet fuel, crude, natural gas, petrochemicals, recycled plastics, refinery feedstocks, residual fuel, and kerosene.[1][2] It is based in Rockville, Maryland, US and has offices in Wall, New Jersey, Houston, Texas, St. Paul, Minnesota, and in Sweden, Romania, Singapore, and Japan.

Oil Price Information Service (OPIS)
TypeSubsidiary
FoundedOctober 1977; 44 years ago (1977-10)
FoundersBen Brockwell
Tom Kloza
Headquarters,
Area served
Worldwide
Key people
Brian Crotty (CEO), Tom Kloza (Founder) & Ben Brockwell (Founder)
Number of employees
300-350
ParentIHS Markit
SubsidiariesPointLogic Energy, Axxis Software
Websiteopisnet.com

On August 2, 2021, it was announced that News Corp parent of Dow Jones would buy OPIS for 1.15 billion US dollars.[3]

HistoryEdit

OPIS is one of the four main Price Reporting Agencies (PRAs) for market price reporting including daily market price assessments that are "fair, efficient, and transparent" in addition to Platts, Argus Media and ICIS according to the International Organization of Securities Commissions.[4][5]

OPIS is a benchmark in multiple areas including Propane, and NGL. In 2016 it made available four new contracts for trading at ICE Futures Europe.[5]

AcquisitionsEdit

1996 - OPIS acquired the Stalsby/Wilson Directory business and Computer Petroleum Corp. (CPC).
2005 - OPIS acquired Axxis Software.[6]
2012 - OPIS acquired PointLogic Energy (formerly LCI Energy Insight).[7]
2013 - OPIS acquired GasBuddy.[8]
2015 – OPIS acquires NAVX, the leading European and South American provider of retail fuel pricing, parking and Electric Vehicle (EV) charging location information.[9]
2016 – IHS Markit acquires OPIS for $650 Million.[10]
2018 - OPIS acquires Petrochem Wire.[11]

ReferencesEdit

  1. ^ "Company Overview of Oil Price Information Service, LLC". Retrieved March 16, 2017.
  2. ^ "News Corp bets big on data with $1.2 bln OPIS buy". Retrieved Aug 2, 2021.
  3. ^ Reuters Staff (2021-08-02). "News Corp bets big on data with $1.2 billion OPIS buy". Reuters. Retrieved 2021-08-02.
  4. ^ "IOSCO Requests Public Comment on Continuing Implementation of PRA Principles" (PDF). International Organization of Securities Commissions. 12 February 2015.
  5. ^ a b "OPIS Contracts at ICE". Oil & Gas 360. November 30, 2015.
  6. ^ "OPIS Acquires AXXIS Petroleum". CSP Daily News. Retrieved March 16, 2017.
  7. ^ "OPIS Unveils PointLogic Energy, Hires New Leadership". February 2, 2015.
  8. ^ "OPIS Acquires GasBuddy". Convenience Store News. February 28, 2013.
  9. ^ "OPIS Acquires NAVX-Creates global platform for aggregating and delivering critical real-time content into the connected car". Business Wire. March 27, 2015.
  10. ^ Ann Steele (January 11, 2016). "IHS Acquires OPIS for $650 Million". The Wall Street Journal.
  11. ^ "PetroChem Wire acquired by IHS unit OPIS". Plastics News. 2018-08-10. Retrieved 2019-10-17.