YPF Sociedad Anonima S.A. (YPF)

[Timothy Smith]

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.