Continental Resources Expands in Permian, Argentina in Major Deals

Continental Resources, the largest oil producer in North Dakota's Bakken formation, announced two major international and domestic deals on Thursday, August 20, underscoring a significant expansion beyond its core region. The privately held company is acquiring FireBird Energy II in the Permian Basin and a 50% stake in an Argentinian shale oil firm owned by Mercuria Energy Group, according to separate reports from OilPrice.com and Rigzone.

The Permian acquisition adds roughly 54,000 net acres in the Midland Basin and 32,000 barrels of oil equivalent per day (boepd) of production, about 69% of which is oil, according to OilPrice.com. Continental said the deal caps an aggressive expansion, increasing its Permian acreage by more than 40% over the past 14 months. The FireBird assets include approximately 147,000 net resource acres and 307 gross operated development locations.

“The Permian is integral to Continental’s portfolio,” CEO Doug Lawler said in a statement reported by OilPrice.com, citing the acquired inventory and its proximity to the company’s existing operations. The deal is expected to close in September.

Simultaneously, Continental signed agreements to acquire half of an Argentinian shale oil firm owned by Mercuria Energy Group, Rigzone reported. This follows the company's earlier move this year to acquire interests in four Vaca Muerta oil blocks from Argentina’s Pan American Energy, as noted by OilPrice.com.

For Bakken-focused observers, these moves highlight Continental's ongoing strategy to diversify its portfolio across multiple high-potential basins. While the company remains the dominant operator in North Dakota, its capital is increasingly flowing to other major shale plays and international opportunities. The Permian Basin, being the most prolific U.S. oil region, offers a developed, scalable platform for growth that complements its Bakken holdings.

The expansion does not necessarily signal a retreat from the Bakken, but it does illustrate where Continental sees its most immediate growth and inventory potential. The company has also entered a joint venture targeting unconventional resources in Turkey’s Diyarbakir Basin, according to OilPrice.com.

In other operator news, Equinor, a significant Bakken operator, signed an agreement to enter Namibia by acquiring a 17.4 percent stake in an offshore exploration license from operator Chevron, Rigzone reported. This continues a trend of major operators with Bakken assets seeking international exploration upside.

Continental's dual acquisitions reinforce a broader industry trend where large, well-capitalized producers are building scaled positions across the globe's top-tier assets, potentially influencing capital allocation decisions across their entire portfolios, including the Bakken.