Diversified Energy Company and Carlyle acquires Assets

A $1.175 billion asset-backed securitization structured by Carlyle will fund a bolt-on acquisition of producing properties in Oklahoma for Diversified Energy, as the partners build on the co-investment strategy they launched in 2025.

Diversified, in partnership with Carlyle’s Global Credit platform, has agreed to buy certain oil and natural gas assets from Camino Natural Resources in the Anadarko Basin’s SCOOP/STACK/MERGE trend.

The transaction is expected to close in the third quarter of 2026.

The portfolio covers roughly 101,000 acres with current net production of about 300 million cubic feet of natural gas equivalent,000 barrels of oil equivalent, split roughly 55% gas, 30% natural gas liquids, and 15% oil.

Total proved reserves are estimated at 1,478 billion cubic feet equivalent.

The assets produce estimated next-12-month EBITDA of approximately $397 million, implying a purchase multiple of ~3.0x.

The deal price works out to roughly $23,000.

Carlyle originated the investment-grade rated ABS and will hold a majority ownership interest (approximately 60%) in a newly formed special purpose vehicle that issues the debt and holds the producing assets along with certain wells to be turned in line.

Diversified retains a minority stake (approximately 40%) in the SPV, serves as operator of the assets, and manages the ABS, while taking 100% ownership of the undeveloped acreage and other non-production assets.

Diversified will fund a net cash amount of about $210 million from its senior secured credit facility; the ABS structure finances the acquisition without Diversified equity issuance and results in off-balance-sheet treatment for Diversified’s share of the ABS debt.

Camino Natural Resources keeps its Chickasha development area.

The acquisition adds over 100 identified, drill-ready locations with roughly 80% working interest, increasing Diversified’s pro forma undeveloped inventory in Oklahoma to more than 450 locations—equivalent to over 30 years of drilling at a one-rig pace.

The assets lie contiguous with Diversified’s existing Oklahoma operations, creating an immediate line of sight to operating efficiencies and G&A savings.

Diversified CEO Rusty Hutson characterized the assets as a strong fit for the company’s Smarter Asset Management approach.

Kirkland & Ellis served as legal counsel to Diversified, with Citi and Truist Securities as financial advisors.

Latham & Watkins and Paul Hastings advised Carlyle.

Jefferies acted as lead financial advisor to Camino, with RBC Richardson Barr as co-advisor and Vinson & Elkins as legal counsel.