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Producing

CABALLO AZUL 28-33

Caballo Azul 28-33 is an oil lease in Dawson County, Texas, operated by SM Energy Company in the Spraberry (Trend Area) field.

2 wells

52,192bbl oil, last 12 months−42% vs prior year
Operator
SM Energy Company
County
Dawson County
Field
Spraberry (Trend Area)
RRC lease
08-54649

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Where it sits

This county

Dawson CountyDawsonGainesLynnGarzaAndrewsTerryBordenDawson County
Dawson County
Gas, last 12 months
46,868 mcf
Oil in Jun 2026
5,235 bbl

Production by month

Oil output fell 42% over the last 12 months

Jul 2026 was not reported.

  • Oil (bars)
  • Gas (line)
  • Last 12 months
Oil output fell 42% over the last 12 monthsMonthly oil production and gas for CABALLO AZUL 28-33, Aug 2023 to Jul 2026. Oil output fell 42% over the last 12 months. 46,713 bbl in the 12 months through Jul 2026, against 79,861 bbl in the 12 months before.Last 12 months: 46,713 bblbbl per monthmcf per month002,5002,5005,0005,0007,5007,50010k10kOct 23Jan 24AprJulOctJan 25AprJulOctJan 26AprJul
Oil output fell 42% over the last 12 monthsMonthly oil production and gas for CABALLO AZUL 28-33, Aug 2023 to Jul 2026. Oil output fell 42% over the last 12 months. 46,713 bbl in the 12 months through Jul 2026, against 79,861 bbl in the 12 months before.Last 12 monthsbbl per monthmcf per month002,5002,5005,0005,0007,5007,50010k10kJan 24JulJan 25JulJan 26Jul

SourceTexas Railroad Commission Production Data Query, through Jul 2026.

Where the gas went

86% of the gas went to a processing plant in the last 12 months

Flaring peaked at 21.7% of the gas in Sep 2024.

  • Processing plant (3)
  • Lease fuel (1)
  • Flared (4)
86% of the gas went to a processing plant in the last 12 monthsShare of CABALLO AZUL 28-33 gas by disposition code each month, Aug 2023 to Jul 2026. 86% of the gas went to a processing plant in the last 12 months. Flaring peaked at 21.7% of the gas in Sep 2024.Share of the lease’s gas by disposition code, per month0%50%100%Flared 21.7%Oct 23Jan 24AprJulOctJan 25AprJulOctJan 26AprJul
86% of the gas went to a processing plant in the last 12 monthsShare of CABALLO AZUL 28-33 gas by disposition code each month, Aug 2023 to Jul 2026. 86% of the gas went to a processing plant in the last 12 months. Flaring peaked at 21.7% of the gas in Sep 2024.Share of gas by disposition code0%50%100%Flared 21.7%Jan 24JulJan 25JulJan 26Jul

SourceTexas Railroad Commission Production Data Query, through Jul 2026.

  • Processing plant (3)

    86% · 40,268 mcf

  • Lease fuel (1)

    9.5% · 4,434 mcf

  • Flared (4)

    4.6% · 2,166 mcf

4.6% of the gas flared in the last 12 months. 13 months above 3%.

Who has run this lease

The operator changed once, most recently in Jul 2023

Operators of this lease over timeReliance Energy, Inc., Mar 2020 to Jun 2023; SM Energy Company, Jul 2023 to Jun 2026202120222023202420252026Changed Jul 2023Reliance Energy, Inc.Mar 2020 to Jun 2023SM Energy CompanyJul 2023 to now
Operators of this lease over timeReliance Energy, Inc., Mar 2020 to Jun 2023; SM Energy Company, Jul 2023 to Jun 2026202120222023202420252026Changed Jul 2023Reliance Energy, Inc.Mar 2020 to Jun 2023SM Energy CompanyJul 2023 to now

SourceTexas Railroad Commission Production Data Query, through Jul 2026.

2 wells on this lease

Wells on CABALLO AZUL 28-33
API numberWell no.Status
42-115-338011HActive
42-115-339412884DNActive

SourceTexas Railroad Commission Wellbore Query.

Buyers and gatherers

Companies named on the Form P-4, by product
CompanyProductRoleShare%FromUntil
Medallion Operating Company, LLCOilGathers100Jul 1, 2024–
Dcp Operating Company, LPCasinghead gasBuys50Jul 1, 2024–
Etc Gas Processing, LLCCasinghead gasBuys50Aug 1, 2024–
Dcp Operating Company, LPCasinghead gasGathers50Jul 1, 2024–
Energy Transfer CompanyCasinghead gasGathers50Aug 1, 2024–
Wtg Gas Processing, LLCCasinghead gasGathers50Jul 1, 2024Aug 1, 2024
Wtg Gas Processing, LLCCasinghead gasBuys50Jul 1, 2024Aug 1, 2024
Dcp Operating Company, LPCasinghead gasGathers10Jul 1, 2023Jul 1, 2024
Wtg Gas Processing, LLCCasinghead gasGathers80Jul 1, 2023Jul 1, 2024
Wtg North Permian Midstream LLCCasinghead gasGathers10Jul 1, 2023Jul 1, 2024
Dcp Operating Company, LPCasinghead gasBuys10Jul 1, 2023Jul 1, 2024

SourceRailroad Commission Form P-4 file, Sep 24, 2026 (source).

Who buys my oilOil price check

640 acres on the newest permit

Check your decimal on this lease
Permits for Caballo Azul 28-33
API numberWell no.Acreson the permit
42-115-339412884DN640
42-115-338011H640

SourceRailroad Commission drilling permits, Oct 3, 2026 (source 1, source 2).

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What SM Energy Company told investors it received

SM Energy Company is linked to SM Energy Company (SM).
Realized prices reported by SM Energy Company
QuarterOil$ per bblFiling
Q2 2026$96.85SEC filing
Q1 2026$73.69SEC filing
Q4 2025$58.17SEC filing
Q3 2025–SEC filing
Q2 2025$62.04SEC filing
Q1 2025$70.56SEC filing

SourceSM Energy Company quarterly reports, SEC EDGAR, company-wide averages before hedging.

Estimate your royalty

36 months, newest first

Ledger for CABALLO AZUL 28-33
MonthOil producedbblOil soldbblGas producedmcfGas soldmcf, codes 2+3FlaredmcfWTI$/bblHenry Hub$/MMBtu
Jul 2026No report–––––$80.46$2.89
Jun 2026SM Energy5,2355,3041,7111,70110$84.81$3.15
May 2026SM Energy7,8917,8292,9352,89639$102.13$2.94
Apr 2026SM Energy5,1075,0662,7362,72115$100.32$2.77
Mar 2026SM Energy3,3983,4573,2543,22133$91.38$3.04
Feb 2026SM Energy2,7362,7072,8232,80914$64.51$3.62
Jan 2026SM Energy3,0923,0523,5263,13512$60.04$7.72
Dec 2025SM Energy2,8762,8803,1822,65264$57.97$4.26
Nov 2025SM Energy3,1053,1164,8334,0797$60.06$3.79
Oct 2025SM Energy4,1534,1445,4654,555241$60.89$3.19
Sep 2025SM Energy4,2784,2785,9784,893384$63.96$2.97
Aug 2025SM Energy4,8424,8535,1533,791634$64.86$2.91
Jul 2025SM Energy5,4795,4745,2723,815713$68.39$3.20
Jun 2025SM Energy5,9125,9705,5774,023761$68.17$3.02
May 2025SM Energy7,1397,1657,3716,246906$62.17$3.12
Apr 2025SM Energy7,2437,2567,9257,726185$63.54$3.42
Mar 2025SM Energy7,0436,9296,9126,738174$68.24$4.12
Feb 2025SM Energy1,6791,6721,2651,24012$71.53$4.19
Jan 2025SM Energy1,7811,8851,0731,0661$75.74$4.13
Dec 2024SM Energy6,9606,9074,0783,618320$70.12$3.01
Nov 2024SM Energy8,7738,8207,3966,1541,080$69.95$2.12
Oct 2024SM Energy9,2929,2768,6628,224438$71.99$2.20
Sep 2024SM Energy9,1469,1535,5374,1301,201$70.24$2.28
Aug 2024SM Energy9,4149,3595,1063,996546$76.68$1.99
Jul 2024SM Energy3,2373,31152034490$81.80$2.07
Jun 2024SM Energy1,2361,106000$79.77$2.54
May 2024SM Energy8693000$80.02$2.12
Apr 2024SM Energy168210000$85.35$1.60
Mar 2024SM Energy9121,164000$81.28$1.49
Feb 2024SM Energy2,8122,87062620$77.25$1.72
Jan 2024SM Energy2,4482,1214,0784,0771$74.15$3.18
Dec 2023SM Energy1,7982,3092,7372,7370$71.90$2.52
Nov 2023SM Energy2,9893,02362259626$77.69$2.71
Oct 2023SM Energy4,9114,32528280$85.64$2.98
Sep 2023SM Energy08000$89.43$2.64
Aug 2023SM Energy9317564640$81.39$2.58

No report filed Flared above 3%

SourceTexas Railroad Commission Production Data Query, through Jul 2026. Prices: EIA, through Aug 2026. Updated Oct 2, 2026.

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This lease belongs to

OperatorSM Energy CompanyFieldSpraberry (Trend Area)CountyDawson County

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