Diversified Energy and Carlyle’s Global Credit platform have agreed to jointly acquire a portfolio of oil and natural gas assets in the Anadarko Basin, Oklahoma, US, from Camino Natural Resources.
The transaction is valued at approximately $1.2bn and is subject to standard closing adjustments.
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Through the acquisition, Diversified will add 100 more undeveloped sites in an area currently under development. This will result in the company holding more than 450 locations across Oklahoma after the transaction is completed.
Meanwhile, Camino will continue to own the Chickasha development area.
Through the deal, Diversified and Carlyle are extending their partnership. First established in 2025, it brings together Carlyle’s experience in asset-backed financing and Diversified’s operational know-how to invest in producing energy assets throughout the US.
The deal is set to increase Diversified’s operational scale in Oklahoma. Due to the contiguous nature of the acquired acreage, Diversified expects to achieve operational efficiencies and potential cost synergies.
Funding for the transaction will be secured through a customised asset-backed securitisation arranged by Carlyle.
As part of this approach, the companies will create a new special purpose vehicle (SPV) to hold the acquired producing assets, issuing debt supported by their cash flows.
Carlyle Asset-Backed head Akhil Bansal said: “This transaction demonstrates what is possible when structuring expertise and long-term capital are paired with a best-in-class operator.
“We are proud to work alongside Diversified to create a financing solution purpose-built for these assets, and we see this as a model for how Carlyle approaches asset-backed investing.”
Carlyle will have a controlling interest in the SPV, with Diversified maintaining a minority share and responsibility for operating the assets and overseeing the securitisation.
Undeveloped assets will remain fully owned by Diversified and kept outside this structure.
Diversified will contribute around $210m, subject to standard purchase price adjustments, financed through its senior secured bank facility.
The transaction structure aims to match long-term funding with the asset profile, without the need for Diversified to issue new equity.
The companies expect the transaction to close in Q3 2026, pending customary conditions.
Key metrics for the acquisition include a price per flowing thousand barrels of oil equivalent of around $23,000, and an estimated near-term earnings before interest, taxes, depreciation and amortisation multiple of approximately three times.
The assets comprise roughly 101,000 acres with a current net production rate of around 300 million cubic feet per day (mcf/d) of gas equivalent, comprising a mix of 55% gas, 30% natural gas liquids (NGLs) and 15% oil.
Diversified CEO Rusty Hutson, Jr. said: “We are excited to again partner with Carlyle to acquire high-quality assets that complement our existing Oklahoma operations.
“This transaction adds meaningful scale to our portfolio and reflects our continued focus on acquiring and optimising long-life, cash-generating assets. We see significant opportunity to drive operational efficiencies and enhance long-term value through this acquisition.”
