Harold Hamm Doubles Down on Vaca Muerta With US$4 Billion Investment

U.S. shale pioneer expands Argentina strategy as Vaca Muerta emerges as one of the world’s most closely watched energy plays

Argentina’s Vaca Muerta shale formation is attracting another major wave of international capital, with U.S. oil billionaire Harold Hamm preparing to invest approximately US$4 billion over the next five years through his company, Continental Resources.

The commitment represents a major expansion of Hamm’s strategy in Argentina and reinforces Vaca Muerta’s growing importance on the global energy map. According to reports published by La Nación and the Financial Times, Continental Resources is partnering with Swiss commodities trader Mercuria and plans to acquire a 50% stake in Phoenix Global Resources, which is controlled by Mercuria. The combined operation is targeting production of around 100,000 barrels of oil per day by 2031.

For Argentina, the announcement comes at a particularly significant moment. Vaca Muerta is rapidly increasing production while the government of President Javier Milei promotes deregulation, export growth and investment incentives designed to attract international capital into the country’s energy sector.

From U.S. shale revolution to Argentina

Harold Hamm is one of the pioneers of the American shale revolution. Through Continental Resources, he helped develop the combination of horizontal drilling and hydraulic fracturing that transformed the United States into one of the world’s leading oil and gas producers.

Now, the same technological expertise is being deployed on an increasingly ambitious scale in Argentina.

Continental’s move follows several transactions since late 2025, when Hamm began building a significant position in Vaca Muerta. In January, the company agreed to acquire non-operating interests in four blocks from Pan American Energy, following an earlier transaction involving assets acquired from Pluspetrol.

The company has also been seeking additional acreage. Continental was reported to be competing for blocks in Neuquén’s latest auction, highlighting the company’s intention to move beyond a limited investment position and establish a substantial long-term footprint in the basin.

Why Vaca Muerta matters

Located primarily in Neuquén Province, Vaca Muerta has become the centerpiece of Argentina’s strategy to transform its energy resources into a major export industry.

The formation combines enormous hydrocarbon resources with increasingly efficient drilling and completion techniques. As infrastructure expands and production costs become more competitive, Argentina is positioning itself as a potential long-term supplier of crude oil and natural gas to international markets.

Recent developments suggest that the investment story is no longer limited to traditional energy companies.

In August, billionaire investor Peter Thiel disclosed a roughly US$76 million position in Vista Energy, equivalent to about 1% of the company’s shares. Vista is one of the leading producers operating in Vaca Muerta and has been rapidly expanding its production and exports.

The arrival of capital from investors with very different backgrounds points to a broader transformation: Vaca Muerta is increasingly being viewed not simply as an Argentine oil project, but as a strategic international energy opportunity.

A new phase for Argentina’s energy exports

The US$4 billion Continental-Mercuria initiative could help accelerate the next stage of Vaca Muerta’s development.

The objective of reaching 100,000 barrels per day by 2031 would place the partnership among the basin’s significant producers and contribute to Argentina’s broader ambition of substantially increasing oil exports.

The country’s production growth is also attracting international attention because Vaca Muerta offers an alternative source of supply outside traditional geopolitical energy corridors. Analysts increasingly describe the basin as one of the most important non-U.S. shale opportunities in the world.

For global energy investors, the combination of geological potential, improving infrastructure, expanding exports and Argentina’s new investment framework is creating a fundamentally different proposition from the one that existed only a few years ago.

The Gulf connection

For investors and companies across the Gulf, Vaca Muerta’s rise is particularly relevant.

The UAE, Saudi Arabia and other Gulf economies have been expanding their international energy portfolios while simultaneously investing in logistics, infrastructure, technology and global commodities. Argentina’s shale expansion creates potential opportunities across the broader energy value chain—from drilling and oilfield services to infrastructure, trading, shipping, petrochemicals and industrial technology.

The growing presence of U.S. companies and international commodities firms also makes Vaca Muerta increasingly integrated into global energy markets.

Hamm’s decision to commit billions of dollars therefore sends a message beyond Argentina: one of the world’s most experienced shale entrepreneurs believes the next major growth opportunity is in South America.

Argentina’s shale moment

Harold Hamm’s US$4 billion commitment is more than another corporate investment. It is a vote of confidence in the long-term potential of Argentina’s energy sector.

With Continental Resources expanding its acreage, international investors entering leading producers and infrastructure continuing to develop, Vaca Muerta is moving toward a new phase—one defined by scale, exports and global participation.

For Argentina, the challenge will be converting geological wealth into sustained economic growth, foreign investment, infrastructure development and export revenues.

For the global energy industry, however, the message is increasingly clear:

Vaca Muerta is no longer an emerging shale story. It is becoming a global energy story.