Diversified Energy and Carlyle’s Global Credit platform announced they entered into an agreement to acquire certain oil and natural gas properties and related assets in Oklahoma’s Anadarko Basin from Camino Natural Resources for approximately $1.2 billion, subject to customary adjustments.
The acquisition is expected to add approximately 100 undeveloped inventory locations in an active development area and increase Diversified’s total Oklahoma inventory to more than 450 locations on a pro forma basis.
The transaction expands on the strategic partnership between Diversified and Carlyle announced in 2025, which combines Carlyle’s asset-backed finance capabilities with Diversified’s operating expertise to invest in proved developed producing energy assets across the United States.
Diversified and Carlyle said the acquired assets are contiguous with Diversified’s existing Oklahoma operations and are expected to provide operational efficiencies and cost synergies through increased regional scale.
The acquisition will be financed through an asset-backed securitization structure arranged by Carlyle. Under the structure, the companies will establish a special purpose vehicle that will hold the producing assets and issue debt backed by the underlying cash flows. Carlyle will hold a majority ownership interest in the SPV, while Diversified will retain a minority ownership stake and continue serving as operator of the assets and manager of the ABS.
The companies said the financing structure is designed to provide long-term financing aligned with the production profile of the assets while reducing reliance on traditional corporate financing and equity issuance. Certain undeveloped acreage will remain directly owned by Diversified to provide additional development flexibility outside the securitized structure.
The transaction is expected to close during the third quarter of 2026, subject to customary closing conditions.
Carlyle noted that the investment is being led by its Asset-Backed Finance team within the Global Credit platform, which has deployed approximately $11 billion since 2021 and manages more than $10 billion in assets as of December 31, 2025.
KEY QUOTES:
“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 optimizing long-life, cash-generating assets. We see significant opportunity to drive operational efficiencies and enhance long-term value through this acquisition.”
Rusty Hutson Jr., Chief Executive Officer, Diversified Energy
“This transaction demonstrates what’s possible when structuring expertise and long-term capital are paired with a best-in-class operator. We’re 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.”
Akhil Bansal, Head Of Asset-Backed Finance, Carlyle
