Acquiring

Schlumberger Ltd. is acquiring a majority interest in ConvergentGroup Corp., a digital company offering companies Internetsolutions, for $276 million. The merger agreement, which givesSchlumberger 71.7% of Convergent, will result in a new entity,Convergent Holding Corp., and will give Schlumberger a stake in thegrowing global digital economy.

BP further has cemented its position as the top natural gasproducer in North America by acquiring the outstanding minorityinterest in Houston-based independent producer Vastar ResourcesInc.

San Jose, CA-based Calpine Corp. continued its buying/buildingspree last week, acquiring 205 Bcf of natural gas reserves in threedifferent North American locations for $206 million, bringing theaggressive merchant electric generating plantdeveloper/owner/operator’s portfolio of total proved serves to 430Bcf. The move followed Monday’s announcement of Second quarterearnings increase of 176%, compared to 2Q of last year, and a new$2.5 billion revolving credit facility with a consortium of banksto pay for Calpine’s large portfolio of power projects in theUnited States

San Jose, CA-based Calpine Corp. continued its buying/buildingspree Tuesday, acquiring 205 Bcf of natural gas reserves in threedifferent North American locations for $206 million, bringing theaggressive merchant electric generating plantdeveloper/owner/operator’s portfolio of total proved serves to 430Bcf. The move followed Monday’s announcement of Second quarterearnings increase of 176%, compared to 2Q of last year, and a new$2.5 billion revolving credit facility with a consortium of banksto pay for Calpine’s large portfolio of power projects in theUnited States

Houston’s Apache Corp. remains in an acquiring mood, agreeinglast week to buy Occidental Petroleum Corp.’s offshore oil and gasinterests in the Gulf of Mexico for $385 million. The deal callsfor Apache to pay Occidental $341 million for the properties thisyear, then pay $11 million a year for the next four years. Closingis expected by mid-August.

Houston’s Apache Corp. remains in an acquiring mood, agreeing yesterday to buy Occidental Petroleum Corp.’s offshore oil and gas interests in the Gulf of Mexico for $385 million. The deal calls for Apache to pay Occidental $341 million for the properties this year, then pay $11 million a year for the next four years. Closing is expected by mid-August.

Southern Union Co. has gotten a thumbs up from the PennsylvaniaPublic Utility Commission (PPUC) for its pending mergers with threeNortheast utility companies — Fall River Gas Co., ProvidenceEnergy Corp. and Valley Resources Inc. The approval, which comesthree months after Southern Union’s application was first filed, isone of several required before the merger is approved. Still tocome are approvals from utility commissions in Rhode Island,Massachusetts and Missouri, state legislatures and variousregulators in the affected states.

Quicksilver Resources Inc. last week completed a deal acquiring CMS Energy Corp.’s Michigan gas and oil exploration and production properties, including the stock of Terra Energy Ltd., as well as other smaller interests in Ohio, Kentucky, and Indiana. The deal was announced in January (see NGI Jan. 24).

BP Amoco grew its share of the Destin Pipeline from one-third totwo-thirds by acquiring the one-third share of Southern Natural GasCo. Tejas Destin LLC holds the remainder.