Continental Resources to invest $4 billion in Argentina's Vaca Muerta shale

August 21, 2026 at 09:40 PM2 min

This digest was compiled by AI from multiple sources — links to the originals are below.

Continental Resources, led by Harold Hamm, agreed to acquire a 50% stake in Phoenix Global Resources, forming a joint venture with Mercuria Energy Group. The partners plan to invest more than $4 billion over five years to lift production from over 28,000 to over 100,000 barrels of oil equivalent per day. The deal remains subject to definitive agreements and regulatory approvals.

Key Facts

Continental Resources agreed to acquire a 50% interest in Phoenix Global Resources, creating an equal joint venture with Mercuria Energy Group.
The partners plan to invest more than $4 billion over five years and increase production from over 28,000 to over 100,000 barrels of oil equivalent per day.
The combined portfolio will encompass approximately 163,000 net acres across six Vaca Muerta blocks.
Palantir chairman Peter Thiel acquired a roughly 1% stake worth about $76 million in Vista Energy earlier this month.
Argentina revised its estimate of technically recoverable oil resources in Vaca Muerta to 30.17 billion barrels, 89% above the previous 2013 estimate.

The Joint Venture

Continental Resources agreed to acquire a 50% interest in Phoenix Global Resources, creating an equal joint venture with Mercuria Energy Group. The partners plan to invest more than $4 billion over five years and increase Phoenix's production from more than 28,000 barrels of oil equivalent per day to over 100,000 boed. The combined portfolio will encompass approximately 163,000 net acres across six Vaca Muerta blocks. The proposed transaction remains subject to definitive agreements, closing conditions and regulatory approvals.

Investor Interest

Harold Hamm is the latest high-profile American investor to target the rapidly expanding shale basin. Earlier this month, Palantir chairman Peter Thiel acquired a roughly 1% stake worth about $76 million in Vista Energy, one of Vaca Muerta's leading shale producers. Chevron and other international producers are similarly expanding their exposure. CEO Doug Lawler credited President Javier Milei's economic reforms with helping create the conditions for Continental's latest investment.

Vaca Muerta Growth

Vaca Muerta is emerging as one of the world's fastest-growing oil regions. Argentina recently revised its estimate of technically recoverable oil resources in the formation to 30.17 billion barrels, 89% above the previous 2013 estimate. Continental helped pioneer horizontal drilling and hydraulic fracturing in U.S. shale, and the company now intends to apply that expertise to Argentina.