Diversified Energy Company PLC (LSE:DEC, NYSE:DEC, FRA:DG20) announced a partnership with Carlyle in the acquisition of a US$1.175 billion portfolio of Oklahoma oil and gas assets from Camino Natural Resources, funded via asset-backed financing that's designed to avoid issuing new Diversified equity.
The deal covers producing assets in the Anadarko Basin, alongside undeveloped acreage in the SCOOP/STACK/MERGE area.
Diversified said the assets add about 300 MMcfepd, or 51 Mboepd, of current net production, with estimated next-12-month EBITDA of US$397 million and total proved reserves of around 1,478 Bcfe.
The transaction will be funded through a newly formed special purpose vehicle backed by a bespoke asset-backed securitisation arranged by Carlyle. Carlyle will own around 60% of the SPV and Diversified around 40%, while Diversified will operate the assets, manage the ABS and retain the undeveloped acreage outside the securitised structure.
Diversified expects to fund a net amount of roughly US$210 million through its senior secured bank facility. The company said the acquisition adds more than 100 drill-ready inventory locations, lifting its Oklahoma inventory to more than 450 locations on a pro forma basis.
The acquisition, expected to close in the third quarter of 2026, was announced alongside Diversified’s first-quarter results, which showed adjusted EBITDA rising to US$287 million from US$138 million a year earlier and adjusted free cash flow increasing to US$160 million from US$62 million.
The company reiterated its full-year 2026 guidance, which excludes both the recently closed Sheridan acquisition and the newly announced Camino deal.