Diversified, Carlyle Strike $1.2B Anadarko Basin Deal With ABS Financing Twist
Diversified Energy Company and Carlyle are deepening their strategic partnership with a $1.2 billion acquisition of oil and natural gas assets in Oklahoma’s Anadarko Basin.
The deal, which includes producing assets and approximately 100 undeveloped drilling locations acquired from Camino Natural Resources, expands Diversified’s footprint in a key operating region where it now controls more than 450 locations.
The transaction will be financed through a bespoke asset-backed securitization arranged by Carlyle, with the assets housed in a newly formed special purpose vehicle. Carlyle will hold a majority stake in the SPV, while Diversified retains a minority interest and will serve as operator and manager of the securitized assets.
“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,” said Rusty Hutson, Jr., CEO of Diversified Energy.
The investment is led by Carlyle’s Asset-Backed Finance team within the Global Credit platform. Carlyle’s asset-backed finance unit has deployed about $11 billion since 2021 and manages more than $10 billion as of December 31, 2025. The transaction is expected to close in the third quarter of 2026.
Kirkland & Ellis LLP, Citi and Truist Securities are advising Diversified; Jefferies and RBC Richardson Barr, along with Vinson & Elkins, are advising Camino; and Latham & Watkins LLP and Paul Hastings LLP are advising Carlyle.
