Information and analytics provider IHS said Monday it has agreed to buy Oil Price Information Service, a price-reporting service focusing on the oil, natural gas and biofuel sectors, for $650 million.
The acquisition will give Colorado-based IHS access to real-time pricing data, which chief executive Jerre Stead said in a release would give the company “visibility across the entire petroleum value chain, from wellhead to consumer.”
IHS also called Maryland-based OPIS a leader in retail refined products pricing, and noted that it also maintains a massive database of U.S. wholesale petroleum prices.
OPIS tracks more than 300,000 retail petroleum locations across the globe.
IHS will give more details on the acquisition in its first quarter earnings report on Tuesday.
It hosts the annual IHS-CERAWeek energy conference in downtown Houston, scheduled this year for Feb. 22-26 at the Hilton Americas.