Diversified Energy Company PLC is partnering with Carlyle Group to acquire a $1.175 billion portfolio of Oklahoma oil and gas assets from Camino Natural Resources, a move that significantly expands its Anadarko Basin footprint without diluting existing shareholders.
"The transaction will be funded through a newly formed special purpose vehicle backed by a bespoke asset-backed securitisation arranged by Carlyle," the companies said in a joint statement.
The deal adds approximately 51,000 barrels of oil equivalent per day (Mboepd) of net production and proved reserves of 1,478 billion cubic feet equivalent (Bcfe). The acquisition is expected to generate $397 million in estimated next-12-month EBITDA. The financing structure involves a special purpose vehicle (SPV) where Carlyle will hold a majority 60% stake, and Diversified will own the remaining 40%, serving as the operator of the assets. Diversified will contribute approximately $210 million from its existing credit facility.
This acquisition, expected to close in the third quarter of 2026, strengthens Diversified’s position in the SCOOP/STACK/MERGE area by adding over 100 drill-ready locations, bringing its total inventory to over 450. The deal was announced alongside strong first-quarter results, where Diversified reported a doubling of adjusted EBITDA to $287 million, showcasing operational momentum ahead of integrating the new assets.
The assets are located in Oklahoma's Anadarko Basin and are contiguous with Diversified's existing operations, creating significant operational synergies. Diversified will not only operate the producing assets held within the SPV but will also retain the undeveloped acreage outside the securitized structure, providing substantial future growth opportunities.
This partnership with Carlyle, first established in 2025, combines Carlyle's expertise in asset-backed financing with Diversified's operational capabilities in managing mature producing energy assets. The structure is designed to be a repeatable model for future acquisitions, allowing Diversified to grow its portfolio while maintaining capital discipline.
The announcement comes as the energy market remains robust, with WTI crude trading around $93 per barrel. Diversified's strong first-quarter performance, which saw adjusted free cash flow rise to $160 million from $62 million a year earlier, provides a solid foundation for integrating the new assets. The company reiterated its full-year 2026 guidance, which excludes the impact of this transaction and the recently closed Sheridan acquisition.
This article is for informational purposes only and does not constitute investment advice.
