News Corp will buy U.S oil pricing agency Oil Price Information Service (OPIS) and related assets from S&P Global and IHS Markit for $1.15 billion in cash, to double down on its energy, commodity and renewables database.
OPIS will become part of the Wall Street Journal parent Dow Jones’ Professional Information Business (PIB), which includes Dow Jones Risk & Compliance, Dow Jones Newswires and Factiva, the Rupert Murdoch-controlled media company said on Aug. 2.
The Dow Jones unit accounts for about a fifth of News Corp’s total revenue.
OPIS, which was founded in 1977, is a price reporting agency that provides information used for commercial contracts and trade settlement. It is mainly known for its activities in the U.S.
It provides real-time and historical spot, wholesale/rack and retail fuel prices for refined products, renewable fuels, and natural gas and NGL industries.
The deal is expected to close in the fourth quarter of this year, marking the company’s third buyout deal this year.
S&P Global acquired IHS in November last year for $44 billion in stock, with an aim to create a data powerhouse in the financial information services industry.
Thomson Reuters, parent of Reuters news, competes with Platts, Argus and OPIS in providing news and information to the oil markets.
Recommended Reading
Keeping it Tight: Diversified Energy Clamps Down on Methane Emissions
2024-04-24 - Diversified Energy wants to educate on emission reduction successes while debunking junk science.
MethaneSAT: EDF’s Eye in the Sky Targets E&P Emissions
2024-03-07 - The Environmental Defense Fund and Harvard University recently launched MethaneSAT, a satellite tracking methane emissions. The project’s primary target: oil and gas operators.
CAPP Forecasts $40.6B in Canadian Upstream Capex in 2024
2024-02-27 - The number is slightly over the estimated 2023 capex spend; CAPP cites uncertain emissions policy as a factor in investment decisions.
Majority of Recent CO2 Emissions Linked to 57 Producers - Report
2024-04-03 - The world's top three CO2-emitting companies in the period were state-owned oil firm Saudi Aramco, Russia's state-owned energy giant Gazprom and state-owned producer Coal India, the report said.
Qnergy Tackles Methane Venting Emissions
2024-03-13 - Pneumatic controllers, powered by natural gas, account for a large part of the oil and gas industry’s methane emissions. Compressed air can change that, experts say.