Diversified Energy and global investment firm Carlyle are teaming up again to purchase a package of oil and gas assets from Camino Natural Resources for $1.175 billion.

The acquisition will be funded through an asset-backed securitization arranged by Carlyle, with the producing properties held in a newly created special purpose vehicle.

Diversified will hold a minority stake in the SPV and act as operator, while retaining full ownership of undeveloped acreage outside the structure.

The bolt-on portfolio sits in the SCOOP/STACK/MERGE plays of Oklahoma's Anadarko Basin, contiguous with Diversified's existing operations.

Production currently averages about 300 million cubic feet equivalent, split roughly 55% gas, 30% natural gas liquids, and 15% oil.

The assets encompass approximately 101,000 acres and come with more than 100 identified, drill-ready locations.

Pro forma, Diversified controls over 450 Oklahoma drilling locations, translating to an estimated 30-plus years of inventory at a one-rig pace.

The $1.175 billion purchase price, before customary adjustments, represents approximately 3.0x next-twelve-month EBITDA, which is projected at $397 million.

Diversified will contribute a net amount of about $210 million, while Carlyle's asset-backed finance team structures the investment-grade rated ABS.

The resulting SPV will be roughly 60% owned by Carlyle and 40% by Diversified, with the debt deconsolidated from Diversified's balance sheet.

The structure avoids equity issuance and provides off-balance-sheet financing.

The acquisition builds on a partnership formed in 2025, giving Diversified a path to scale without diluting shareholders.

CEO Rusty Hutson highlighted the asset's fit with its Oklahoma footprint, expecting synergies from the company's Smarter Asset Management approach.

Camino retains its Chickasha development area.

Advisors include Kirkland & Ellis and Citi/Truist for Diversified, Latham & Watkins and Paul Hastings for Carlyle, and Jefferies and Vinson & Elkins for Camino.

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