Apache Corp (APA) has entered into an agreement to sell its interests in a North Sea pipeline system to U.K. pension funds managed by London-based Ancala Partners. The company intends to sell its 30.3% share in the Scottish Area Gas Evacuation system, along with its 60.6% interest in the Beryl pipeline. The value of the impending deal has yet to be disclosed, although it is estimated to be valued in the hundreds of millions of dollars.

In a statement released earlier in November, Apache said it intended to sell non-core assets in an effort to fund the development of assets in the Alpine High oil fields in the Delaware Basin. (See also: Apache Corp, UTA Partnership for Alpine High Study)

Institutional Investor Activity

In the last quarter, 102 institutional investors or hedge funds took out new positions in Apache. Sterling Capital Management took out a new position, purchasing 95,850 shares worth $5.8 million. Miller Howard Investments Inc. took out a new position, buying 76,191 shares at a value of $4.6 million. Frontier Wealth Management also entered a new position, buying 39,000 shares of APA stock at a value of $2.4 million.

A further 336 institutional investors increased their stakes in APA stock during the third quarter. World Asset Management Inc increased their position buying an additional 794 shares, taking their total holdings to 42,199 shares at a value of $2.56 million.

Delta Lloyd NV also boosted their stakes in the company’s stock, buying 6,617 additional shares and taking their total holdings to 31,553 shares at a value of $1.91 million. Sentry Investment Management LLC also boosted their position, buying an additional 1,722 shares and taking their total to 11,614 shares at a value of $705,000.

Institutional investors and hedge funds own 96.39% of Apache Corp’s stock.