The Carlyle Group (ticker: CG) and Diamondback Energy (ticker: FANG) are joining forces in the Permian. The two are forming a new JV to develop Permian assets held by Diamondback.

The Carlyle Energy Mezzanine Opportunities Fund II will join with Diamondback to develop assets in the San Pedro area of Pecos County, where Diamondback owns significant acreage. The majority of Diamondback’s Delaware acreage is in Pecos County, in large contiguous blocks. The San Pedro area is a block on the eastern edge of Diamondback’s Delaware holdings, and is ...


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