My respected colleagues are right suggesting "Hydraulic fracturing", however if we talk about the field related operations, but not about "theory", the most common term you see in reports, programs etc. is FRAC Job. A very common Russian abbreviation is ГРП.

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Note added at 9 hrs (2010-06-07 14:32:37 GMT)
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Permit me a short comment:

- if formation was fractured due to deviations from hydraulic program (too high pump rates, drilling fluid too heavy or the plastic viscosity is too high) - in such situation we say "formation was fractured" - "произошел гидроразрыв пласта".

- if same formation was fractured by FRAC unit to increase production, to optimize permeability, to minimize "skin-effect" etc. - we say "a FRAC Job was performed" - "проведены работы по гидроразрыву такого-то пласта".

This difference is very important for understanding and description of formation fracturing.