Transaction led by Blackstone, in partnership with Apollo and KKR

TULSA, Okla. – Williams (NYSE: WMB) announced today that it has signed an agreement led by funds managed by Blackstone Credit & Insurance (“Blackstone”), in partnership with Apollo and insurance vehicles and accounts managed by KKR, to support the development of its five announced behind-the-meter Power Innovation projects: Socrates, Apollo, Aquila, Socrates the Younger, and Neo. The advancement of Williams’ Power Innovation projects demonstrates the unique turnkey capability that Williams provides, with strong expertise across the full natural gas supply, delivery and power value chain, supported by over 100 years of large-scale project execution capabilities.

Under the terms of the agreement, Blackstone and its partners will provide Williams with $5.34 billion of committed capital in exchange for a 49% noncontrolling equity interest in the five Power Innovation projects. The commitment includes $4.4 billion, representing 49% of expected total growth capital expenditures, and approximately $0.9 billion of additional consideration to Williams. Williams will retain a 51% interest in the projects and will maintain commercial and operational control. Cash distributions align with ownership interests of 51% to Williams and 49% to Blackstone, and distributions that exceed Blackstone’s targeted return will serve to reduce their investment balance. In addition, Williams has a buyout right between years 7 and 14 valued at the Blackstone outstanding investment balance amount, preserving Williams’ long-term upside in the projects.

The partnership provides Williams with efficient equity capital to fund the growth of existing Power Innovation projects and further positions the company to deliver the 6+ GW backlog that Williams continues to advance.

The transaction reduces Williams’ capital exposure and limits corporate debt, and the Blackstone investment will be consolidated in financial reporting as a noncontrolling interest. Importantly, the structure is designed to enhance project returns, preserve balance sheet capacity for additional high-return opportunities and support Williams’ stated long-term leverage target range of 3.5x to 4.0x.

“We are thrilled to have Blackstone as a partner for our first five Power Innovation projects in a manner that enhances the economics of our projects and positions us to further scale and grow this exciting business. The investment from Blackstone, one of the world’s premier alternative asset managers, and the further support from top-tier investment firms Apollo and KKR, underscores the quality and importance of our turnkey energy infrastructure platform in serving rapidly growing power demand,” said Chad Zamarin, Williams President and Chief Executive Officer. “With more than 2.6 gigawatts announced, our Power Innovation portfolio is scaling rapidly, and we look forward to delivering these critical energy solutions for American companies. The investment from Blackstone and its partners enhances returns on the existing portfolio through a meaningful promote structure, while enabling us to redeploy capital into new high-return projects that will further accelerate our long-term growth.”

“Williams is a leader in meeting the country’s rapidly growing power demands, including providing critical hard assets to serve the AI infrastructure buildout,” added Robert Horn, Global Head of Infrastructure & Asset-Based Credit at Blackstone and Rick Campbell, Senior Managing Director, Blackstone Credit & Insurance. “This is an area where we share deep conviction and expertise and we’re proud to support Williams with a scaled, high-grade capital solution fit for these innovative projects.”

Williams has posted a presentation to its Investor Relations website with more details on the transaction.

2026 Financial Guidance
The company continues to expect 2026 Adjusted EBITDA in the upper half of its $8.05 billion and $8.35 billion range. The company continues to expect 2026 growth capex between $7 billion and $7.6 billion and maintenance capex between $850 million and $950 million. Williams’ updated leverage ratio midpoint for 2026 is now approximately 3.6x. All other per-share guidance ranges remain unchanged. Guidance for 2026 growth capex and debt-to-adjusted EBITDA excludes certain reimbursable long-lead equipment.

Advisors
Citi acted as financial advisor to Williams. Davis Polk & Wardwell is serving as Williams’ legal counsel on the transaction.

Morgan Stanley & Co. LLC acted as financial advisor to Blackstone. Kirkland & Ellis is serving as Blackstone’s legal counsel on the transaction.

About Williams
Williams (NYSE: WMB) is a trusted energy industry leader committed to safely, reliably and responsibly meeting growing energy demand. We use our infrastructure to deliver one third of the nation’s natural gas to where it’s needed most, supplying the energy used to heat our homes, cook our food and generate low-carbon electricity. For over a century, we’ve been driven by a passion for doing things the right way. Today, our team of problem solvers is leading the charge into the clean energy future. Learn more at www.williams.com.
 
Portions of this document may constitute “forward-looking statements” as defined by federal law. Although Williams believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. Any such statements are made in reliance on the “safe harbor” protections provided under the Private Securities Reform Act of 1995. Additional information about issues that could lead to material changes in performance is contained in Williams’ annual and quarterly reports filed with the SEC.

Contact
Media
media@williams.com
(800) 945-8723

Investors    
Caroline Sardella
(918) 230-9992

Ashley Mitchell
(918) 240-6082

Moya

NEW YORK – June 11, 2026 – Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, and Energy Equation Partners (“EEP”), an investment firm focused on backing middle market energy companies, today announced an agreement to acquire Anwim S.A. (“Anwim”), Poland’s largest independent fuel marketer and owner of the MOYA station network. The transaction marks a continuation of Stonepeak and EEP’s European fuel retail joint venture, following its acquisition of a majority interest in JET Tankstellen Deutschland GmbH (“JET”), a leading fuel retailer in Germany and Austria, in December 2025.

Anwim is a nationwide retail and wholesale distributor of fuels in Poland. It is the nation’s third-largest and fastest-growing fuel station chain, with over 540 MOYA stations and handling approximately 3 billion liters of volume annually. As one of the largest fuels distributors in Poland, Anwim has access to the country’s full fuel logistics infrastructure supply chain, supporting domestic sourcing and significant import capabilities for fuel, and allowing it to comprehensively address the needs of its broad customer base, which includes individual retail fuel customers, large multinational companies, and smaller commercial customers, such as filling station operators, transport companies, manufacturers, and processing plants.

“Poland continues to exhibit strong, long-term fuel demand, and Anwim is well positioned to meet it, with diversified offerings, an expansive footprint, and high-quality infrastructure,” said Anthony Borreca, Senior Managing Director and Co-Head of Energy at Stonepeak. “Leveraging Stonepeak and EEP’s combined expertise in energy infrastructure, the fuel station market, and e-mobility, as well as the ability to exchange operational best practices with JET, we believe Anwim will be even better situated to strengthen the MOYA brand and expand its leadership position in today’s dynamic market. We look forward to working closely with the EEP and Anwim teams towards those goals.”

“We see strong potential in Anwim and the opportunity to build a leading independent multi-energy platform across Europe,” added Sari Haidar, Investment Partner at Energy Equation Partners. “Given our presence in European markets and our expertise in energy infrastructure and mobility, we will be able to realize tangible synergies, both in terms of operational know-how, e-mobility development, and building modern services for retail customers. Together with the Stonepeak team, we are committed to supporting a seamless transition for Anwim’s future success.”

“The recent years have been a period of highly dynamic growth and business transformation for Anwim,” said Rafał Pietrasina, CEO of Anwim. “Today, we are a strong, modern organization operating in fuel import, wholesale, and retail, while expanding into new areas related to e-mobility and the energy transition. Securing strong partners in Stonepeak and EEP who thoroughly understand the specifics of our industry opens up the next stage of development and creates new perspectives for further strengthening MOYA’s market position.”

The transaction is expected to close in the second half of 2026, subject to customary closing conditions, including regulatory approvals. Akin Gump Strauss Hauer & Feld LLP and Rymarz Zdort Maruta served as legal counsel to Stonepeak and EEP. Paul, Weiss, Rifkind, Wharton & Garrison LLP served as financing counsel to Stonepeak and EEP.

About Anwim S.A.
Anwim S.A. is the largest independent Polish company in the fuel sector, present on the market for over 30 years. It operates across the import, wholesale, and retail distribution of liquid fuels, handling approximately 3 billion liters of volume annually. Anwim is the owner and operator of MOYA, the third-largest and fastest growing fuel station network in Poland, comprising over 540 locations. The company has consistently executed its growth strategy by expanding the MOYA network footprint and broadened exposure into areas related to e-mobility and the energy transition.

About Stonepeak
Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $88 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns. Stonepeak, as sponsor of private equity and credit investment vehicles, provides capital, operational support, and committed partnership to grow investments in its target sectors, which include digital infrastructure, energy and energy transition, transport and logistics, and real estate. Stonepeak is headquartered in New York with offices in Houston, Washington, D.C., London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, Abu Dhabi, and Riyadh. For more information, please visit www.stonepeak.com.

About Energy Equation Partners
Energy Equation Partners is an energy specialist investment firm that seeks to invest in companies that are well established in the energy sector and have the potential to play a valuable role in the shift from “brown to green”. Over the past two decades, the principals of EEP have deployed over $10 billion of equity capital across the energy value chain globally and have significant experience in fuel retail.

Contacts

For Anwim S.A.:
Marcin Przybylski
media@anwim.pl
+48 791 477 244

For Stonepeak:
Kate Beers / Maya Brounstein
corporatecomms@stonepeak.com
+1 (646) 540-5225

For Energy Equation Partners:
Sari Haidar
sari@energyequationpartners.com
+44 75 5112 5113

CVC Capital Partners is pleased to announce CVC Capital Partners IX (“Fund IX”) has agreed to invest in Public Power Corporation S.A. (“PPC”), Greece’s largest renewables-focused and vertically-integrated utility, which is listed on the Euronext Athens Stock Exchange. Fund IX is participating as the sole cornerstone investor alongside the Greek State in PPC’s €4.25bn Share Capital Increase.

PPC operates across electricity generation and distribution, alongside the sale of energy products and services in Greece and Romania, while continuing to expand its renewable energy presence in Italy, Bulgaria and Croatia. The Group has a total installed capacity of 12.4GW,  including 7.2GW in renewables (“RES”). PPC is also the sole distribution network operator in Greece and second largest in Romania with a combined regulated asset base of  €5.7bn. The Group serves ~8.6m retail customers across Greece and Romania.

PPC is evolving into a leading clean power-tech and critical infrastructure operator in Central & South East Europe through an announced ~€24bn 5-year investment plan. This plan includes doubling installed capacity to 24.3 GW by 2030 mainly through RES and flexible generation, expanding and modernizing its electricity distribution networks, and providing data centre infrastructure with a 300MW facility by 2028.

STAMFORD, Conn., May 18, 2026 /PRNewswire/ — Alpha Generation, LLC (“AlphaGen”), together with ArcLight Capital Partners, LLC (with its affiliates, “ArcLight”), today announced that it has completed the acquisition from Onward Energy Holdings, LLC of Brandywine Power (“Brandywine”), an approximately 250 MW combined-cycle generating facility located in Prince George’s County, Maryland, within PJM Interconnection’s PEPCO Zone.

The acquisition further strengthens AlphaGen’s position as the largest private independent power producer in the United States, expanding its scale in strategically important power markets and enhancing its ability to deliver reliable, dispatchable capacity to utilities, electric cooperatives, municipalities and large-load customers across the Mid-Atlantic.

Brandywine provides essential capacity, energy, and ancillary services that help support reliability across the Mid-Atlantic, including the Washington, D.C. metro area and is well positioned to benefit from AI and electrification-related power demand growth.

The facility is located near AlphaGen’s Keys Energy Center, which recently signed a 10-year electricity and capacity supply agreement with Southern Maryland Electric Cooperative, creating opportunities for operational coordination, commercial flexibility, and long-term offtake solutions across a broader regional footprint.

“Brandywine is a strategic asset that benefits from AlphaGen’s scale and operational capabilities, and ArcLight’s long-term infrastructure investment approach,” said Curt Morgan, Chief Executive Officer of AlphaGen. “This acquisition strengthens our ability to offer durable, contract-backed solutions in markets where reliability matters most. Our portfolio scale allows us to reliably dispatch power, manage operational risk, and work constructively with regulators and customers to support long‑term capacity and energy needs.”

Taken together with the nearly 3 GW of uprate and expansion projects in PJM across existing AlphaGen sites, the transaction provides additional capacity to support long-term offtake agreements across a portfolio of complementary, high-quality generation assets that benefit from shared expertise and operational synergies.

Financial terms of the transaction were not disclosed.

About AlphaGen          

AlphaGen is a strategic partnership formed and majority owned by an affiliate of ArcLight Capital Partners, LLC to own and operate critical power infrastructure to provide reliable, secure, safe, and sustainable sources of power and meet the growing infrastructure needs created by the increased demand for reliable power, including electrification and data center growth. AlphaGen is led, through Alpha Generation Services, LLC, by a deeply experienced senior management team with a proven track record of strategic, operational, and commercial expertise to help create value and manage risk. For more information, please visit www.alphagen.com.

About ArcLight

ArcLight is a leading infrastructure investor which has been investing in critical electrification infrastructure since its founding in 2001. ArcLight has owned, controlled or operated ~70 GW of assets and 48,000 miles of electric and gas transmission and storage infrastructure representing more than $80 billion of enterprise value. ArcLight has a long and proven history of value-added investing across its core investment sectors including power, hydro, solar, wind, battery storage, electric transmission, natural gas transmission, storage infrastructure and digital power to support the growing need for power, reliability, security, and sustainability. ArcLight’s team employs an operationally intensive investment approach that benefits from its dedicated in-house strategic, technical, operational, and commercial specialists, as well as the firm’s ~2,000-person asset management partner. For more information, please visit www.arclight.com. References to “ArcLight” herein refers to ArcLight Capital Partners, LLC and/or its managed investment vehicles, as the context requires.

Contact: alphagen@berlinrosen.com

SOURCE Alpha Generation, LLC

Investment to Accelerate Buildout of Behind-the-Meter Power Generation Platform for AI Data Centers

HOUSTON – VoltaGrid today announced that it has signed agreements for a $1.0 billion strategic equity investment from funds managed by Blackstone Tactical Opportunities (“Blackstone” or “Tac Opps”) and Halliburton Company. The investment is composed of a $775 million primary capital raise and a $225 million secondary purchase from existing investors.

Proceeds of the capital raise will be used to accelerate deployment of VoltaGrid’s behind-the-meter power generation solutions for data centers, microgrids, and industrial applications.

In addition to the investment, VoltaGrid has signed a definitive agreement to acquire Propell Energy Technology Ltd. and its affiliates (collectively, “Propell”), a key VoltaGrid supplier.

Both transactions are subject to customary closing conditions and are expected to close in mid-2026.

Strategic Benefits of Propell Acquisition

The acquisition of Propell represents a transformative step in VoltaGrid’s evolution into a fully integrated power generation platform and offers several strategic benefits:

• VoltaGrid and Propell have historically worked hand-in-hand on technology development. Propell is a key partner in the manufacturing of the proprietary high-inertia QPac system developed specifically for AI data centers. We expect the combined platform will accelerate our ability to bring new technologies to market and develop customized technical solutions for demanding and evolving AI data center power
• The transaction is expected to materially reduce execution risk across VoltaGrid’s ~7.5 GW order book between now and 2030 by strengthening supply chain access and control.
• Founded in 1978, Propell has spent decades developing a talented and innovative workforce and manufacturing capacity across multiple power systems, including reciprocating engines and turbine technologies.
• Propell has approximately 1,000 employees in the USA and Canada that VoltaGrid will leverage to bring integrated R&D, manufacturing, integration services and turnkey after-sales service. This includes OEM-direct service, a dedicated field team, and a meaningful parts distribution function

Together, these benefits are expected to further enhance VoltaGrid’s leading product development, drive continued on-time and on-budget delivery and improve the Company’s full cycle return on capital.

As part of the transaction, VoltaGrid will immediately invest in expanding Propell’s existing facilities in Granbury, Texas by building two additional next-generation automated manufacturing plants. This is expected to grow its capabilities to ~300 MW per month of capacity through a combination of reciprocating engines and turbines.

Management and Investor Commentary

Nathan Ough, Founder and Chief Executive Officer of VoltaGrid, said: “This partnership with Blackstone is a powerful endorsement of the platform we have built and the role VoltaGrid is playing in delivering the energy infrastructure of the AI era. Blackstone’s scale and sector expertise make them an ideal partner as we accelerate the deployment of our behind-the-meter power solutions to meet unprecedented customer demand. The acquisition of Propell adds proven engineering and integration capabilities that will further extend our technology and operational leadership as we continue to scale.”

William Nicholson, Managing Director at Blackstone, said: “VoltaGrid is a highly differentiated platform addressing one of the most important infrastructure needs of the AI era: reliable, rapidly deployable power. This investment is a strong example of Tac Opps’ focus on providing flexible, scaled capital to exceptional entrepreneurs and businesses operating in Blackstone’s highest-conviction investment themes. We are excited to partner with VoltaGrid and its existing shareholders as the Company expands its platform to meet significant customer demand.”

Jeff Miller, President and CEO at Halliburton, said: “This investment reflects our shared focus on long-term solutions for the world’s most demanding power environments, and advances VoltaGrid’s ability to deliver reliable, distributed power at scale.”

Advisors
Goldman Sachs & Co. LLC acted as financial advisor to VoltaGrid. Kirkland & Ellis LLP and Sidley Austin LLP are serving as legal advisors to VoltaGrid. Morgan Stanley acted as lead financial advisor to Blackstone and Lazard also advised Blackstone. Simpson Thacher & Bartlett LLP is serving as legal advisor to Blackstone. Deloitte Corporate Finance acted as financial advisor and Mogan Daniels Slager LLP as legal advisors to Propell.

About VoltaGrid
VoltaGrid is an advanced energy management and generation company delivering firm, off-grid power solutions for some of the world’s most demanding applications. Founded in 2020 and headquartered in Houston, Texas, VoltaGrid provides behind-the-meter generation, portable power, CNG fuel supply, infrastructure, and energy management services to data centers, AI infrastructure, utilities, and industrial customers across North America and beyond.

About Blackstone
Blackstone is the world’s largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone’s over $1.3 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

About Halliburton
Halliburton is one of the world’s leading providers of products and services to the energy industry. Founded in 1919, we create innovative technologies, products, and services that help our customers maximize their value throughout the life cycle of an asset and advance a sustainable energy future. Connect with us on LinkedIn, YouTube, Instagram, and Facebook.

Forward-Looking Statements
This press release contains certain statements that are, or may be deemed to be, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect the Company, Blackstone and Halliburton’s current views with respect to, among other things, the Company’s operations and financial performance, and the benefits of the strategic equity investment and acquisition referred to herein. You can identify these forward-looking statements by the use of words such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “scheduled,” “estimates,” “anticipates,” “opportunity,” “leads,” “forecast,” “possible” or the negative version of these words or other comparable words. These statements are not guarantees of future performance and involve a number of assumptions, risks, and uncertainties that could cause actual results to differ materially from expected results. These statements speak only as of the date of this release, and the Company, Blackstone and Halliburton undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

The important factors that could cause results to differ include but are not limited to those described under the section entitled “Risk Factors” in Blackstone’s Annual Report on Form 10-K for the year ended December 31, 2025, as such factors may be updated from time to time in its subsequent filings with the United States Securities and Exchange Commission (“SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in Blackstone’s other subsequent filings.

Media Contacts

For VoltaGrid
Krasen Chervenkov – Krasen.Chervenkov@voltagrid.com

For Blackstone
Hallie Dewey – Halliedewey@blackstone.com

For Halliburton
For Investors: David Coleman – investors@halliburton.com – 281-871-2688
For Media Relations: Alexandra Franceschi – PR@halliburton.com – 281-871-3602

BIRMINGHAM, AL and NEW YORK, NY – May 6, 2026 – Diversified Energy Company (LSE: DEC; NYSE: DEC) (“Diversified”) and global investment firm Carlyle’s (NASDAQ: CG) Global Credit platform today announced that they have entered into an agreement to acquire certain oil and natural gas properties, along with related assets located in the Anadarko Basin of Oklahoma from Camino Natural Resources for approximately $1.2 billion, subject to customary adjustments. The acquisition provides 100 additional high-quality, undeveloped inventory locations in an active development area, with Diversified maintaining in excess of 450 locations in Oklahoma, pro forma for the acquisition.

The acquisition builds 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 (“PDP”) energy assets across the United States.

The acquisition provides additional, high-quality undeveloped inventory locations in an active development area that are contiguous with Diversified’s existing operations in Oklahoma. The transaction is expected to increase scale in the region and provide opportunities for operational efficiencies and cost synergies.

The transaction will be financed through a bespoke asset-backed securitization (“ABS”) structured and arranged by Carlyle. In connection with the acquisition, Carlyle and Diversified will establish a newly formed 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 that issues the ABS, with Diversified retaining a minority ownership stake and serving as operator of the assets and manager of the ABS.

This structure is designed to provide long-term, efficient financing aligned with the assets’ production profile, while enabling scaled investment without reliance on traditional corporate financing or equity issuance. Certain undeveloped acreage will be retained directly by Diversified, providing additional upside and development flexibility outside of the securitized structure.

The transaction is expected to close in the third quarter of 2026, subject to customary closing conditions.

“We are excited to again partner with Carlyle to acquire high-quality assets that complement our existing Oklahoma operations,” said Rusty Hutson, Jr., Chief Executive Officer of Diversified Energy. “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.”

“This transaction demonstrates what’s possible when structuring expertise and long-term capital are paired with a best-in-class operator,” said Akhil Bansal, Head of Asset-Backed Finance at Carlyle. “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.”

This investment is being led by Carlyle’s Asset-Backed Finance (“ABF”) team within the Global Credit platform. Carlyle ABF focuses on private fixed income and asset-backed investments, leveraging the firm’s global platform to deliver tailored financing solutions to businesses, specialty finance companies, and asset owners. Carlyle ABF has deployed approximately $11 billion since 2021 and has more than $10 billion in assets under management as of December 31, 2025.

Kirkland & Ellis LLP is serving as legal advisors, and Citi & Truist Securities are serving as financial advisors to Diversified on the Acquisition. Jefferies is serving as lead financial advisor and RBC Richardson Barr is serving as co-financial advisor to Camino. Vinson and Elkins is serving as legal advisor to Camino. Latham & Watkins LLP and Paul Hastings LLP are serving as legal advisors to Carlyle.

About Diversified Energy Company 

Diversified is a leading publicly traded energy company focused on acquiring, operating, and optimizing cash-generating energy assets. Through our unique differentiated strategy, we acquire established assets and invest in them to improve environmental and operational performance until retiring those assets in a safe and environmentally secure manner. Recognized by ratings agencies and organizations for our sustainability leadership, this solutions-oriented, stewardship approach makes Diversified the Right Company at the Right Time to responsibly produce energy, deliver reliable free cash flow, and generate shareholder value.

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit, and Carlyle AlpInvest. With $477 billion of assets under management as of December 31, 2025, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies, and the communities in which we live and invest. Carlyle employs more than 2,500 people in 27 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

Media Contacts

Diversified Energy Company 

Doug Kris

(973) 856 2757

dkris@dgoc.com

Carlyle

Prosek for Carlyle

(914) 552-4281

bhoward@prosek.com

Forward-Looking Statements

This announcement contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). These forward-looking statements, which contain the words “anticipate”, “believe”, “intend”, “estimate”, “expect”, “may”, “will”, “seek”, “continue”, “aim”, “target”, “projected”, “plan”, “goal”, “achieve”, “opportunity” and words of similar meaning, reflect the Company’s beliefs and expectations and are based on numerous assumptions regarding the Company’s present and future business strategies and the environment the Company will operate in and are subject to risks and uncertainties that may cause actual results to differ materially. No representation is made that any of these statements or forecasts will come to pass or that any forecast results will be achieved. Expected benefits of the Acquisition may not be realized and the Acquisition may not close on the terms described in this release at all. Forward-looking statements involve inherent known and unknown risks, uncertainties and contingencies because they relate to events and depend on circumstances that may or may not occur in the future and may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond the Company’s ability to control or estimate precisely, including the risk factors described in the “Risk Factors” section in the Company’s Annual Report and Form 10K for the year ended December 31, 2025, filed with the United States Securities and Exchange Commission. The pro forma financial information in this announcement is for informational purposes only, is not a projection of our future financial performance, and should not be considered indicative of actual results should the Acquisition be consummated. Forward-looking statements speak only as of their date and neither the Company nor any of its directors, officers, employees, agents, affiliates or advisers expressly disclaim any obligation to supplement, amend, update or revise any of the forward-looking statements made herein, except where it would be required to do so under applicable law. As a result, you are cautioned not to place undue reliance on such forward-looking statements.

NEW YORK – April 29, 2026 – Ares Management Corporation (NYSE: ARES), a leading global alternative investment manager, announced today that funds led by its Infrastructure Opportunities strategy (“Ares”) have acquired a 32.4% stake in the Rover Pipeline (“Rover”) from funds managed by Blackstone Energy Transition Partners (“Blackstone”).

Rover is a large-scale natural gas transmission pipeline that provides critical connectivity from the Appalachian Basin to high-value end markets across North America. The asset’s footprint spans approximately 700 miles across Pennsylvania, West Virginia, Ohio and Michigan, with transportation capacity of 3.425 Bcf/d that is substantially contracted under long-term agreements with high-quality counterparties. Blackstone acquired its interest in Rover in 2017, supporting the pipeline’s development and completion in 2018. The asset is operated by an affiliate of Energy Transfer LP, a leading North American midstream energy company.

The transaction further diversifies Ares Infrastructure Opportunities’ portfolio of critical energy infrastructure assets and enhances its ability to support the long-term, reliable supply of cost-competitive energy to high-growth markets in North America. Ares Infrastructure Opportunities expects to help further advance Rover’s essential role in providing long-haul takeaway capacity from the Appalachian Basin, the largest natural gas-producing region in the United States, to demand centers nationwide.

“Large-scale, strategically located assets like Rover, which offer much-needed egress for in-basin supply, are playing a central role in the natural gas value chain and represent a compelling opportunity for expansion,” said Anthony Omokha, Managing Director in Ares Infrastructure Opportunities. “Sitting at the intersection of three of the most powerful trends reshaping North American energy markets – the unprecedented growth in U.S. power demand, rising global need for American LNG and the reshoring of domestic manufacturing – we believe that Rover is well positioned to deliver value over the long term.”

“We are proud to have supported the development and construction of Rover, which delivers affordable, reliable, American natural gas to key Midwestern markets,” said David Foley, Global Head of Blackstone Energy Transition Partners. “As the need for U.S. natural gas continues to grow – driven by electrification, AI-related power generation and LNG exports – assets like Rover play an increasingly important role in connecting domestic supply to demand markets. We also thank Energy Transfer for their partnership and the strong, reliable management of Rover during our investment.”

Kirkland & Ellis acted as legal counsel to Ares in connection with the transaction. RBC Capital Markets and Greenhill & Co., a Mizuho affiliate, served as financial advisors and Vinson & Elkins acted as legal counsel to Blackstone.

About Ares Management Corporation
Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, real estate, private equity and infrastructure asset classes. We seek to advance our stakeholders’ long-term goals by providing flexible capital that supports businesses and creates value for our investors and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of December 31, 2025, Ares Management Corporation’s global platform had nearly $623 billion of assets under management, with operations across North America, South America, Europe, Asia Pacific and the Middle East. For more information, please visit www.aresmgmt.com.

About Blackstone Energy Transition Partners
Blackstone Energy Transition Partners is Blackstone’s strategy for control-oriented equity investments in energy-related businesses, with a successful long-term record, having committed over $27 billion of equity globally across a broad range of sectors within the energy industry. Our investment philosophy is based on backing exceptional management teams with flexible capital to provide solutions that help energy companies grow and improve performance, thereby delivering more reliable, affordable and cleaner energy to meet the growing needs of the global community. In the process, we work to build stronger, larger scale enterprises, create jobs and generate lasting value for our investors, employees and all stakeholders. Further information is available at https://www.blackstone.com/our-businesses/blackstone-energy-transition-partners/.

Media Contacts

Ares
Jacob Silber | Brennan O’Toole
media@aresmgmt.com

Blackstone
Jennifer Heath
Jennifer.Heath@Blackstone.com