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.