Petroleum Industry Data Exchange

Organization Overview

Petroleum Industry Data Exchange is located in Houston, TX. The organization was established in 2011. According to its NTEE Classification (S46) the organization is classified as: Boards of Trade, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Petroleum Industry Data Exchange employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Petroleum Industry Data Exchange is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.

For the year ending 12/2021, Petroleum Industry Data Exchange generated $330.8k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (3.1%) each year. All expenses for the organization totaled $316.2k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (1.2%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

PETROLEUM INDUSTRY DATA EXCHANGE, INC. (PIDX) PROVIDES A GLOBAL FORUM FOR DELIVERING THE PROCESS, INFORMATION AND TECHNOLOGY STANDARDS THAT FACILITATES SEAMLESS, EFFICIENT ELECTRONIC BUSINESS WITHIN THE OIL AND NATURAL GAS INDUSTRY AND ITS TRADING COMMUNITY.

Describe the Organization's Program Activity:

Part 3 - Line 4a

DEVELOPMENT OF STANDARDS: PROJECT WORK GROUPS ARE FORMED WHEN A "BUSINESS NEED" IS IDENTIFIED, SUPPORTED BY THE VOLUNTEER GROUPS WHO WANT TO ADDRESS THE NEED, AND FOLLOW A PRE-DEFINED PROCESS TO DEVELOP THE STANDARD. ANY MEMBER CAN PROPOSE A NEW STANDARDS DEVELOPMENT PROJECT IN LINE WITH THE PROCEDURES FOR STANDARDS DEVELOPMENT.OUR GUIDING PRINCIPALS: ENLIST THE MOST QUALIFIED PEOPLE TO LEAD AND PARTICIPATE IN OUR ORGANIZATION, ACT AS AN INCLUSIVE GLOBAL STANDARDS FORUM, BROADLY AND FREQUENTLY COMMUNICATE WITH OUR INDUSTRY, RECRUIT AND MAINTAIN A DIVERSE MEMBERSHIP AND MAKE STANDARDS AVAILABLE ON AN OPEN AND ROYALTY FREE BASIS.


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Board, Officers & Key Employees

Name (title)Compensation
Chris Welsh
Director & COO
$30,000
Mimi Stansbury
Treasurer
$18,000
Stephanie Waters
Dir & President
$0
Shawn Green
Director
$0
Miguel Munoz
Director
$0
Ralph Rapatz
Director
$0

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $0
All other contributions, gifts, grants, and similar amounts not included above$0
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$0
Total Program Service Revenue$330,754
Investment income $58
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $0
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $330,812

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