0001922446-26-000047
SEC filingDiversified Gas & Oil Corporation, subsidiary of Diversified Energy Company PLC, entered into a $1.175 billion agreement to acquire oil and gas assets in Oklahoma from Camino affiliates, with 60% Carlyle partnership via SPV for developed assets.
Diversified Energy Company PLC announced a significant $1.175 billion acquisition of oil and natural gas assets in Oklahoma's Anadarko Basin from Camino Natural Resources affiliates via its subsidiary Diversified Gas & Oil Corporation. The deal encompasses developed producing assets and undeveloped acreage, strategically contiguous to the Company's existing operations, enabling immediate operating synergies and G&A savings. Key innovation lies in the financing structure: Developed Assets will be contributed to a new SPV with Carlyle holding 60% control and funding that portion, while Diversified retains 40% ownership, operatorship, and full ownership of Undeveloped Assets outside the SPV. This off-balance-sheet approach via asset-backed securitization avoids equity issuance, supplemented by Carlyle's cash contribution and $210 million from the Company's revolver. The transaction builds on the 2025 Diversified-Carlyle partnership, adding ~300 MMcfepd production, 1,478 Bcfe proved reserves, and over 100 drill-ready locations to Diversified's >450 Oklahoma inventory sites. Termination protections include a $58.75 million fee to Sellers for Purchaser breach after conditions met, with Carlyle sharing pro rata unless at fault. Customary reps, warranties, covenants, and conditions apply, with Closing targeted for Q3 2026. Press release highlights bolt-on fit, EBITDA multiple ~3.0x, and long-term value from optimization and development upside.