Argentina's Vaca Muerta shale formation has seen its unconventional oil and natural gas output reach record levels, significantly enhancing energy security across the Americas. In May 2026, shale oil production hit an all-time high of 626,077 barrels per day. By June 2026, shale oil accounted for 71% of Argentina's total petroleum output, an increase from 62% a year earlier. Over the past decade, crude oil output from Vaca Muerta has surged by 74%, and natural gas by 23%. The formation boasts geological characteristics superior to many U.S. shale plays, with an estimated breakeven price of $36 per barrel, making it highly attractive for foreign investment.