Harold Hamm's oil company takes control of the Los Toldos II Oeste block and strengthens the appeal of Argentine shale
Hamm, 79 years old, has a personal fortune estimated at more than US$16 billion and a career marked by his influence on United States energy policy. For years, he was one of Donald Trump's main donors and a critic of the environmental restrictions imposed during Barack Obama's administration. In 2024, he even organized a private roundtable at Mar-a-Lago with investors and leaders to support the Republican campaign.
The tycoon founded Continental Resources in 1967, consolidated it as one of the ten largest independent oil companies in the country, and directed it toward the development of unconventional resources in Bakken, North Dakota, and Montana. In 2022, he bought back all the shares and delisted the company from Nasdaq, turning it once again into a private firm valued at US$27 billion. By last year, the company produced about 400,000 barrels of oil equivalent per day.
The acquired block was owned by ExxonMobil until 2022, when the American company decided to transfer it to Pluspetrol to focus on other areas. Now, with the transfer to Continental, the area is in the hands of a company with extensive shale experience and an aggressive international expansion strategy.
The arrival of the "King of Fracking" confirms what the market has been indicating for months: Argentina has regained credibility and is once again considered a viable destination for long-term investments. The potential of Vaca Muerta, combined with a government that upholds clear rules and legal certainty, is beginning to show concrete signs.
The government confirmed a key piece of news for the country's energy future on Monday: Continental Resources, one of the largest independent oil companies in the United States, is entering Vaca Muerta after acquiring 90% of the Los Toldos II Oeste block from Pluspetrol. The area, still in the exploratory stage, has three drilled wells and considerable potential for shale oil development.
The company belongs to businessman Harold Hamm, a historic figure in American fracking and a leading player in the energy boom that transformed the United States into an export powerhouse. Known as the "King of Fracking," Hamm met two months ago with President Javier Milei at the Quinta de Olivos, in a direct meeting that already signaled the growing interest of American investors in the new economic climate.
The transaction, reported by Pluspetrol to the National Securities Commission, will be completed once the corresponding regulatory procedures are fulfilled, including approval from the Neuquén government. The remaining 10% of the block remains in the hands of Gas y Petróleo del Neuquén (GyP), the provincial oil company.
Continental's entry comes at a time of strong repositioning in the Argentine energy sector, driven by a new political and regulatory framework that seeks to provide long-term predictability. Luis Caputo celebrated the news on X (formerly Twitter) and anticipated that this move will be imitated by other American independents that are now looking at Vaca Muerta with renewed interest.
