Continental Resources Buys Half of Mercuria's Argentina Oil Play

M&A · PartnershipCommodity
โดย Bloomberg·ARUS·Read original
Summary · why it matters

Continental Resources Inc. has signed agreements to buy half of Mercuria Energy Group's Argentinian shale oil firm, Phoenix Global Resources, with the partners pledging more than $4 billion of investment to expand production. The deal makes Mercuria and Continental 50-50 joint venture partners in Phoenix, and the companies plan to treble Phoenix's output to over 100,000 barrels of oil equivalent within five years. The combination will also add shale oil interests from Jose Luis Manzano's Integra Capital. Continental CEO Doug Lawler credited reforms by Argentinian President Javier Milei for paving the way for the partnership, and the move follows tech billionaire Peter Thiel's reported sizable stake in Vista Energy SAB this month.

Impact on stocks 2

Energy▲ · 2 stocks

Off-coverage companies 4

Continental Resources Inc.Private▲ Positive
Capitalrelevance

Continental acquires 50% of Phoenix and commits $4B+ to expand production

Phoenix Global Resources plcPrivate▲ Positive
Capitalrelevance

Phoenix becomes 50-50 JV with Continental, plans to treble output to over 100k boe/d

Mercuria Energy Group LtdPrivate▲ Positive
Capitalrelevance

Mercuria sells half of Phoenix to Continental, forming JV with $4B investment commitment

Integra CapitalPrivate▲ Positive
Capitalrelevance

Integra Capital's shale interests are added to the JV, benefiting from the deal

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