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Continental Resources Expands Permian, Argentina Positions With 2 Deals

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Continental Resources agreed to acquire FireBird Energy II and a 50% stake in Phoenix Global Resources, expanding its positions in the Permian and Argentina, the company said Thursday.

The FireBird deal would give the company about 54,000 net acres in the Midland Basin and additional oil-weighted production near its existing Permian operations.

The transaction includes about 147,000 net resource acres across more than six stacked-pay reservoirs, with Continental operating 95% of the assets and current production at about 32,000 barrels of oil equivalent per day.

Oil accounts for 69% of FireBird's production, while the assets also include 307 gross operated development locations, adding further drilling inventory to Continental's growing Permian position.

Separately, Continental signed a Heads of Agreement to acquire a 50% stake in Phoenix Global Resources, creating a 50/50 joint venture with Mercuria Energy focused on developing Argentina's Vaca Muerta.

The joint venture plans to increase Phoenix's production from 28,000 boe/d to over 100,000 boe/d over five years, with the partners expecting to deploy over $4 billion in capital during that period.

The venture will hold about 163,000 net acres across six Vaca Muerta blocks, combining Phoenix's interests in four blocks with Continental's Los Toldos II Oeste position and additional interests from Integra's Bajo del Toro Este block.

The combined assets could qualify for Argentina's Large Investment Incentive Regime.

"The Permian is integral to Continental's portfolio, and we are extremely encouraged by the results we are seeing from our teams and assets in the basin," said Doug Lawler, president and chief executive officer of Continental Resources.

The company has expanded its Permian acreage by more than 40% in the past 14 months, including the FireBird acquisition.

"Vaca Muerta is a world-class resource, and we believe the combination of Argentina's tremendous potential, Phoenix's established capabilities and Continental's unconventional development expertise can help further establish the country as a global oil and natural gas leader," Lawler said.

Both transactions remain subject to closing requirements, with the FireBird deal expected to close in September 2026 and the Phoenix transaction requiring definitive agreements and regulatory approvals.

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