Diversified Energy (DEC) announced it has agreed to acquire Anadarko Basin assets from Camino Natural Resources for $1.175 Billion. Diversified will utilize a ABS financing process, originated and structured by Carlyle. The assets consist of 101,000 net acres and ~300 MMcfe/d of net production (~10% oil, 55% gas, 35% NGL) as of March 2026. The sale is expected to close in the third quarter of 2026 with an effective date of March 1, 2026.
- Novi’s Base Case PDP10 Valuation indicates upside remains for Diversified with the Camino asset.
- The PDP related asset of Camino will be placed in a SPV, where cash flows will be split 60% to Carlyle and 40% to Diversified.
- Diversified has a pathway to buying out Carlyle’s interest in the asset in the future, where it can gain full ownership of the asset.
Upside remains on the Camino asset, where we calculate there are 145 locations that generate a NPV25 Breakeven of <$65/Bbl.
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