YPF Sociedad Anónima announced a multibillion‑dollar, multi‑year contract with Halliburton to provide bundled unconventional completions services in Argentina’s Vaca Muerta shale formation. Halliburton will deploy its ZEUS electric‑fracturing technology and OCTIV Auto‑Frac digital fracturing services as the sole provider for YPF’s Vaca Muerta operations, creating an exclusive partnership that is expected to lower completion costs and accelerate well productivity.
The deal is a strategic win for YPF, reinforcing its transformation into a pure shale company. In Q1 2025 YPF reported an adjusted EBITDA of $1,245 million and a net loss of $10 million, while its net debt rose 12 % and its adjusted EBITDA margin reached 29.2 % in Q3 2025. The contract supports YPF’s goal of expanding shale output to 200,000 barrels per day in 2026 and maintaining lifting costs below the global average, thereby strengthening its competitive position against operators such as Chevron and Vista Energy.
Halliburton benefits by expanding its footprint in Argentina and by deploying the ZEUS electric‑fracturing system for the first time outside the United States. Halliburton’s Q1 2025 revenue was $5.4 billion with a net income of $204 million; its stock traded at $37.59 and its market capitalization was $31.4 billion as of April 13 2026. The contract aligns with Halliburton’s strategy to grow international operations and showcase its advanced technology in key unconventional markets.
Management commentary highlighted the significance of the partnership. Casey Maxwell, Halliburton’s president of Western Hemisphere, said, “This award significantly increases our footprint in Argentina and reflects our customers’ confidence in Halliburton to deliver large‑scale unconventional fracturing through technology leadership and operational excellence.” Horacio Marín, YPF’s CEO, added, “We are on the path to becoming a fully non‑conventional energy company. At US$45 per barrel, Vaca Muerta remains profitable. We can fully develop the play even at significantly lower prices, without incurring losses. That is what we call a break‑even price in this industry.” Marín also noted YPF’s target to surpass 200,000 barrels per day of shale oil in 2026.
The exclusive deal gives YPF a cost advantage over competitors such as Chevron and Vista Energy by leveraging Halliburton’s integrated electric‑fracturing and digital services. By reducing completion costs and improving well productivity, YPF can accelerate its production ramp‑up and strengthen its market share in Vaca Muerta, while Halliburton gains a long‑term revenue stream and a platform to demonstrate its technology in a large, mature shale play.
The contract signals YPF’s continued commitment to shale development and Halliburton’s leadership in electrified, digital completions. Together, the partnership is expected to enhance operational efficiency, support YPF’s transformation strategy, and reinforce Halliburton’s position as a key service provider in one of the world’s largest non‑U.S. shale plays.
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