Diversified Energy and Carlyle are acquiring Camino Natural Resources’ Anadarko Basin assets in Oklahoma for approximately $1.2 billion, adding 101,000 acres and about 300 MMcf/d of production. The deal expands Diversified’s Oklahoma operations, adds more than 100 undeveloped drilling locations, and uses a Carlyle-backed asset securitization structure to fund the acquisition without issuing new equity.
Deal Summary
Diversified Energy and Carlyle will jointly acquire Camino Natural Resources’ Anadarko Basin assets in Oklahoma for about $1.2 billion, expected to close in Q3 2026.
Key Asset Details
- Location: Anadarko Basin, Oklahoma
- Acreage: ~101,000 acres
- Production: ~300 MMcf/d net gas equivalent
- Production mix: 55% gas, 30% NGLs, 15% oil
- Undeveloped inventory: 100+ added sites
- Diversified Oklahoma inventory after close: 450+ locations
- Valuation: ~$23,000 per flowing Mboe/d; ~3x near-term EBITDA
Structure
Carlyle will arrange a customized asset-backed securitization through a new SPV. Carlyle will control the SPV, while Diversified keeps a minority stake and operates the assets. Diversified will contribute about $210 million, funded through its senior secured bank facility, with no new equity issuance planned.
Strategic Takeaway
This expands Diversified’s Oklahoma footprint with contiguous, producing assets that fit its long-life, cash-flow-focused acquisition model. The deal also deepens its 2025 partnership with Carlyle and shows how Diversified is using structured finance to scale without heavy equity dilution.
Author: phinds
