- YPF (YPF -1.3%) would cut spending by as much as 20% next year if a new government in Argentina lowers the domestic oil price nearer to international levels, Bloomberg reports.
- The state-controlled company would lower its 2016 budget from this year’s $6B, mainly in operations at the Vaca Muerta shale formation, according to the report.
- While oil majors broadly cut 2015 spending, YPF kept its capital budget intact from last year, helped by the government which fixed a local oil price $77/bbl; the next administration has said it plans to lower the country’s crude price to $66, triggering the YPF budget cut.