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Oil Industry Shifts Focus from North Dakota to Argentina Amid Price Drops

KVIA•Tuesday, March 3, 2026 at 9:33 PM•CNN Newsource

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Harold Hamm, a key figure in the U.S. fracking industry, has announced a halt to new drilling operations in North Dakota's Bakken formation due to declining oil prices and rising inflation. Continental Resources, the company he founded, will instead invest in Argentina's Vaca Muerta oil field, which is seen as a promising alternative. The decision marks a significant change for Hamm, who has operated in Bakken for over 30 years. Analysts warn that the U.S. oil sector may face challenges as global supply increases, particularly with Venezuela resuming exports. The viability of Vaca Muerta depends on maintaining oil prices above $50 per barrel, a threshold that Hamm believes can be achieved despite current market conditions.

Key Details: • Continental Resources suspends drilling in Bakken until prices justify investment. • Vaca Muerta requires oil prices above $50 per barrel to remain attractive for investment. • Harold Hamm has not had a drilling operation in North Dakota for over 30 years. • Analysts predict U.S. oil production may stagnate by 2026 due to price pressures.

oil argentina fracking continental-resources harold-hamm

People & Organizations

ArgentinaHarold HammDaniel MontamatEzequiel VegaVaca MuertaLuis CaputoBakkenDakota del NorteContinental ResourcesPan American EnergyPluspetrol

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