American oil companies pulling back in the face of low crude prices are making the steepest production cuts in South Texas. Oil output from the giant Eagle Ford field tumbled by almost 227,000 barrels a day, or 13%, between September and April, which marked the peak for the seven most prolific U.S. shale regions, according to federal estimates. That field’s drop accounted for 90% of the overall decline. But that drop may be only temporary. Several of the biggest operators in the Eagle Ford are still drilling wells and putting off extracting the oil until prices rise. U.S. oil now sells for under $50 a barrel, less than half the price a year ago. Leaving the oil in the ground from an unfinished well saves a company millions of dollars up front and provides it with reserves that can quickly be tapped if prices rebound, said Jason Wangler, an […]