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
Carlyle
Prosek for Carlyle
(914) 552-4281
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.
