Oil & Gas

On November 24, 2025, Diversified Energy Company (Diversified or the Company) closed its acquisition of Canvas Energy Inc. (Canvas) for total consideration of approximately $550 million. Diversified acquired Canvas through a corporate transaction with ~3.7 million shares issued to the seller, on-hand liquidity, and proceeds from a new ABS offering. This transaction expands Diversified's presence in Major, Kingfisher and Canadian Counties, and results in combined pro forma production of ~1.3 Bcfe/d.

KeyBanc Capital Markets served as Exclusive Buy-Side Advisor to Diversified.

Diversified (NYSE & LSE: DEC) is a leading independent energy company focused on natural gas and liquids production, transportation, marketing and well retirement, primarily located within the Appalachian and Central regions of the United States. The Appalachian Basin spans Pennsylvania, Virginia, West Virginia, Kentucky, Tennessee, and Ohio and consists of multiple productive, shallow conventional formations and two productive, deeper unconventional shale formations, the Marcellus Shale and the slightly deeper Utica Shale. Diversified also operates in the Bossier and Haynesville shale formations and the Cotton Valley sandstones in East Texas and West Louisiana, the Barnett Shale in North Texas and the Mid-Continent producing areas across Central Texas, along with the Anadarko Basin across North Texas and Oklahoma and Permian Basin in West Texas and New Mexico.

Canvas is a private E&P, backed by Amzak Capital Management (Amzak), Avenue Capital Group (Avenue), and Millstreet Capital Management (Millstreet). Canvas engages in the exploration and production of oil and gas, primarily in the Anadarko Basin. 

Headquartered in Boca Raton, Florida, Amzak is a diversified investment manager focused on private equity, real estate, fixed income, and industrial businesses. Headquartered in New York, New York, Avenue is a global investment firm focused on specialty lending, opportunistic credit, and other special situations investments across the United States, Europe and Asia. Headquartered in Boston, Massachusetts, Millstreet is a SEC-registered investment adviser pursuing return streams uncorrelated with traditional asset classes.

On November 12, 2025, KeyBanc Capital Markets served as Joint Lead Arranger, Joint Bookrunner and Co-Documentation Agent on a $1.7 billion Senior Secured Credit Facility for Harvest Midstream I, L.P., consisting of a $1.1 billion Senior Secured Revolving Credit Facility and a $600 million Term Loan A. Proceeds will be used to fund the acquisition of Green River Basin assets and Uinta Basin assets from MPLX LP and for general corporate purposes.

On October 23, 2025, KeyBanc Capital Markets served as Co-Documentation Agent on a $500 million Senior Unsecured Revolving Credit Facility for Texas Pacific Land Corporation. Proceeds will be used for general corporate purposes.

On September 24, 2025, KeyBanc Capital Markets served as Joint Bookrunner on a $400 million Senior Notes offering for California Resources Corporation. Proceeds will be used to repay existing indebtedness in association with the acquisition of Berry Corporation and for general corporate purposes.

On September 24, 2025, KeyBanc Capital Markets served as Joint Bookrunner on a $500 million Senior Notes offering for BKV Corporation. Proceeds will be used to fund the acquisition of Barnett Shale assets from Bedrock Production, LLC and for general corporate purposes.

On September 16, 2025, KeyBanc Capital Markets served as Joint Lead Arranger and Co-Syndication Agent on a $2 billion Senior Secured Revolving Credit Facility for Mach Natural Resources LP. Proceeds will be used to fund the acquisition of San Juan Basin assets from IKAV Energy Inc and Central Basin Platform assets from Sabinal Energy, LLC.

On August 29, 2025, KeyBanc Capital Markets served as Joint Lead Arranger and Joint Bookrunner on a $1 billion Senior Secured Revolving Credit Facility for Bison Oil & Gas IV, LLC (Bison). Bison is a portfolio company of Quantum Capital Group. Proceeds will be used to fund the acquisition of DJ Basin assets from Civitas Resources, Inc. and for general corporate purposes.

On July 17, 2025, KeyBanc Capital Markets served as Joint Lead Arranger on a $750 million Senior Secured Revolving Credit Facility for Apex Natural Gas, LLC. Proceeds will be used for general corporate purposes.

On June 23, 2025, KeyBanc Capital Markets served as Joint Bookrunner on a $600 million Senior Notes offering for Crescent Energy Company. Proceeds will be used for general corporate purposes.

On June 3, 2025, KeyBanc Capital Markets served as Joint Bookrunner on a $500 million Senior Notes offering for Ascent Resources Utica Holdings, LLC (Ascent). Ascent is a portfolio company of EMG, First Reserve Corporation, and Riverstone Holdings. Proceeds will be used for general corporate purposes.

On May 29, 2025, KeyBanc Capital Markets served as Joint Bookrunner on a $750 million Senior Notes offering for Civitas Resources Inc. Proceeds will be used for general corporate purposes.

On March 28, 2025, KeyBanc Capital Markets served as Joint Lead Arranger and Joint Bookrunner on a $500 million Senior Secured Revolving Credit Facility for U.S. Energy Development Corporation. Proceeds will be used to fund the acquisition of Permian Basin assets and for general corporate purposes.