S&P Global Commodity Insights is a provider of energy and commodities information and a source of benchmark price assessments in the physical commodity markets. The business was started with the foundation in 1909 of the magazine National Petroleum News by Warren C. Platt.[4]
 | |
| Formerly | Platts |
|---|---|
| Company type | Division[1] |
| Industry | Energy, Commodities, Oil & Gas, Petrochemicals, Metals, Agriculture |
| Founded | 1909, in Cleveland, Ohio, US |
| Founder | Warren C. Platt |
| Headquarters | London , The United Kingdom[2] |
Key people | Saugata Saha (president)[3] |
| Services | Commodities & Energy Information and Analytics |
Number of employees | Approx. 1,000 |
| Parent | S&P Global |
| Website | www |
S&P Global Commodity Insights is recognized as one of the most significant price reporting agencies for the oil market.[5]
Overview edit
From an original focus on the oil industry, S&P Global Platts gradually expanded its purview to include metals, agriculture, shipping, and all energy-related markets – oil, coal, natural gas, electricity, nuclear power, petrochemicals, renewables, and emissions. S&P Global Platts is a division of S&P Global, Inc., (NYSE: SPGI), a provider of ratings, benchmarks and analytics to the global capital and commodity markets. The firm is a sister to brands such as S&P Global Ratings, S&P Global Market Intelligence and S&P Dow Jones Indices. It had been part of the Commodities & Commercial group of S&P Global, however that group saw all of its assets (besides Platts) slowly sold off. It is now considered a stand-alone division of S&P Global.
Corporate history edit
Warren C. Platt (1883–1963) started the magazine National Petroleum News in Cleveland, Ohio in 1909. He expanded the business with the publication of the newsletter called Platts Oilgram in 1923, which went on to be recognized as an influential source for petroleum prices. The companies founded by Platt that published prices and news were acquired in 1953 to become part of what was then known as McGraw-Hill group, which was later to become S&P Global. The publication activities that started with petroleum later expanded to cover energy and commodities, which were all undertaken by the division that became known as Platts.[6]
In 2000, McGraw-Hill merged Platts with other like assets to turn the company into a provider of energy information.[4]
Beginning in 2010, Platts' parent has made numerous acquisitions to significantly grow the Platts business. The acquired companies were Bentek,[7] Eclipse Energy,[7] Kingsman,[7] Minerals Value Service,[7] RigData [7] and PIRA.[7] An attempt to acquire OPIS in 2011 failed following market objections and Federal Trade Commission resistance.[8]
Platts' first significant acquisition came in 2001, when it acquired FT Energy.[9] That acquisition gave it the Platts Global Energy Awards, considered one of the industry's biggest awards event, held every December in New York.[10]
Other acquisitions made by S&P Global Platts:
2010: Bentek Energy, a natural gas-focused analytics firm[11]
2016: RigData for an undisclosed amount, Platts' first significant expansion into the upstream sector of the energy industry.[12] (S&P Global Platts sold RigData to Drillinginfo in 2019.[13])
2016: Commodity Flow for an undisclosed amount.[14]
2022: IHS Energy as part of corporate merger. (Oil Price Information Service was sold separately to News Corp and merged into Dow Jones & Company.)
See also edit
References edit
- ^ "S&P Global Commodity Insights". Platts.
- ^ "Office locations and contact details". Platts.
- ^ "Leadership team". S&P Global.
- ^ a b "Platts History". S&P Global. Retrieved February 22, 2010.
- ^ "Oil Price Reporting Agencies: Report by IEA, IEF, OPEC and IOSCO to G20 Finance Ministers" (PDF). Jointly published by International Energy Agency, International Energy Forum, OPEC and International Organization of Securities Commissions. October 2011. p. 3.
- ^ "Platts – An Historical Perspective" (PDF). S&P Global. May 2009. Retrieved November 21, 2016.
- ^ a b c d e f "Media Center, Energy Expert Interview, Press Releases - S&P Global Platts". www.spglobal.com.
- ^ "UCG Cancels Sale of OPIS to McGraw-Hill's Platts Unit". 21 February 2011. Archived from the original on 28 September 2017 – via www.highbeam.com.
- ^ Johnson, Owain (9 August 2017). The Price Reporters: A Guide to PRAs and Commodity Benchmarks. Routledge. ISBN 9781351760553 – via Google Books.
- ^ "Global Energy Awards--HomePage". geaweb.platts.com.
- ^ "Bentek Energy". Data Automation and Integration | ZEMA | ZE PowerGroup Inc. Retrieved 2022-10-27.
- ^ "S&P Global Platts Acquires RigData". rigdata.com. 2 June 2016. Retrieved 15 March 2021.
- ^ "S&P Global Inc. (SPGI) Q2 2019 Earnings Call Transcript". finance.yahoo.com. Motley Fool Transcribers. 1 August 2019. Retrieved 15 March 2021.
- ^ "Platts Acquires Commodity Flow". spglobal.com. S&P Global Platts. 15 March 2016. Retrieved 15 March 2021.