Reuters exclusively reports private equity-backed Canadian oil producer Strathcona in talks to buy Caltex Resources - Reuters News Agency
Business & FinanceEnvironment

Reuters exclusively reports private equity-backed Canadian oil producer Strathcona in talks to buy Caltex Resources

Reuters exclusively reported that privately-owned Canadian oil and gas producer Strathcona Resources was in advanced talks to buy rival Caltex Resources for around C$700 million ($553 million), to boost its portfolio of enhanced oil recovery businesses. The planned deal adds to slew of another Canadian energy sector M&A this year, as oil companies embark on a wave of consolidation to build scale and cut costs to capitalize on rising oil prices.

Article Tags
Topics of Interest: Business & FinanceEnvironment
Type: Reuters Best
Sectors: Commodities & Energy
Regions: North America
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Important Regional Story
A worker is reflected in a puddle at Sydney's Caltex Oil refinery in Kurnell, October 14, 2014, after the completion of shutting down of the refinery and its transition to an oil storage facility. Brent oil prices fell on Monday, tumbling more than $2 a barrel intraday to their lowest since 2010, after key Middle East producers signaled they would keep output high even if that meant lower prices. Brent oil prices have tanked by nearly 25 percent since June as ample supply coincided with weak demand, raising the possibility that the Organization of the Petroleum Exporting Countries (OPEC) could cut output. REUTERS/Jason Reed (AUSTRALIA - Tags: ENERGY BUSINESS TPX IMAGES OF THE DAY)
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