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Texas oil lease

Producing

MASTERS UNIT

Masters Unit is an oil lease in Howard County, Texas, operated by Apache Corporation in the Spraberry (Trend Area) field.

8 wells

51,988bbl oil, last 12 months−47% vs prior year
Operator
Apache Corporation
County
Howard County
Field
Spraberry (Trend Area)
RRC lease
08-47823

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Where it sits

This county

Howard CountyHowardMitchellMartinScurryDawsonBordenHoward County
Howard County
Gas, last 12 months
249,500 mcf
Oil in Jul 2026
8,090 bbl

Production by month

Oil output fell 47% over the last 12 months

  • Oil (bars)
  • Gas (line)
  • Last 12 months
Oil output fell 47% over the last 12 monthsMonthly oil production and gas for MASTERS UNIT, Aug 2023 to Jul 2026. Oil output fell 47% over the last 12 months. 51,988 bbl in the 12 months through Jul 2026, against 98,652 bbl in the 12 months before.Last 12 months: 51,988 bblbbl per monthmcf per month005,00020k10k40k15k60k20k80kOct 23Jan 24AprJulOctJan 25AprJulOctJan 26AprJul
Oil output fell 47% over the last 12 monthsMonthly oil production and gas for MASTERS UNIT, Aug 2023 to Jul 2026. Oil output fell 47% over the last 12 months. 51,988 bbl in the 12 months through Jul 2026, against 98,652 bbl in the 12 months before.Last 12 monthsbbl per monthmcf per month005,00020k10k40k15k60k20k80kJan 24JulJan 25JulJan 26Jul

SourceTexas Railroad Commission Production Data Query, through Jul 2026.

Where the gas went

Since Aug 2024 the lease's gas goes to a transmission line instead of a processing plant

Flaring peaked at 20.9% of the gas in May 2024.

  • Processing plant (3)
  • Transmission line (2)
  • Lease fuel (1)
  • Flared (4)
Since Aug 2024 the lease's gas goes to a transmission line instead of a processing plantShare of MASTERS UNIT gas by disposition code each month, Aug 2023 to Jul 2026. Since Aug 2024 the lease's gas goes to a transmission line instead of a processing plant. Flaring peaked at 20.9% of the gas in May 2024.Share of the lease’s gas by disposition code, per month0%50%100%Aug 2024: plant to lineFlared 20.9%Oct 23Jan 24AprJulOctJan 25AprJulOctJan 26AprJul
Since Aug 2024 the lease's gas goes to a transmission line instead of a processing plantShare of MASTERS UNIT gas by disposition code each month, Aug 2023 to Jul 2026. Since Aug 2024 the lease's gas goes to a transmission line instead of a processing plant. Flaring peaked at 20.9% of the gas in May 2024.Share of gas by disposition code0%50%100%Aug 24: plant to lineFlared 20.9%Jan 24JulJan 25JulJan 26Jul

SourceTexas Railroad Commission Production Data Query, through Jul 2026.

  • Transmission line (2)

    97% · 242,770 mcf

  • Lease fuel (1)

    2.4% · 6,110 mcf

  • Flared (4)

    0.2% · 620 mcf

0.2% of the gas flared in the last 12 months. 6 months above 3%.

Who has run this lease

The operator changed once, most recently in Aug 2024

Operators of this lease over timeCallon Petroleum Operating Co, Jan 2020 to Jul 2024; Apache Corporation, Aug 2024 to Jul 20262020202120222023202420252026Changed Aug 2024Callon Petroleum Operating CoJan 2020 to Jul 2024Apache CorporationAug 2024 to now
Operators of this lease over timeCallon Petroleum Operating Co, Jan 2020 to Jul 2024; Apache Corporation, Aug 2024 to Jul 20262020202120222023202420252026Changed Aug 2024Callon Petroleum Operating CoJan 2020 to Jul 2024Apache CorporationAug 2024 to now

SourceTexas Railroad Commission Production Data Query, through Jul 2026.

8 wells on this lease

Wells on MASTERS UNIT
API numberWell no.Status
42-227-38594A 1HActive
42-227-400776SHActive
42-227-400782AHActive
42-227-400857SHActive
42-227-400863AHActive
42-227-406954AHActive
42-227-406965AHActive
42-227-406978SHActive

SourceTexas Railroad Commission Wellbore Query.

Buyers and gatherers

Companies named on the Form P-4, by product
CompanyProductRoleShare%FromUntil
Energy Trans Crude Marketing LLCOilGathers100Aug 2, 2024–
Et Gathering & Processing LLCCasinghead gasBuys100Mar 1, 2026–
Energy Transfer CompanyCasinghead gasGathers100Aug 1, 2024–
Etc Gas Processing, LLCCasinghead gasBuys100Aug 1, 2024Mar 1, 2026
Dorado Oil CompanyOilGathers50Aug 1, 2024Aug 2, 2024
Ngl Crude Logistics, LLCOilGathers50Aug 1, 2024Aug 2, 2024
Wtg Gas Processing, L.p.Casinghead gasGathers100Nov 7, 2015Aug 1, 2024
Wtg Gas Processing, L.p.Casinghead gasBuys100Nov 7, 2015Aug 1, 2024
Dorado Oil CompanyOilGathers5Aug 28, 2017Aug 1, 2024

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

Who buys my oilOil price check

646.46 acres on the newest permit

The wells on this lease state different acreage

The permits state between 589.74 and 646.46 acres.

8 wells are listed on this lease

Permits for Masters Unit
API numberWell no.Acreson the permit
42-227-406954AH646.46
42-227-406965AH646.46
42-227-406978SH646.46
42-227-400863AH643.64
42-227-400857SH643.64
42-227-400782AH643.64
42-227-400776SH643.64
42-227-38594A 1H589.74

SourceRailroad Commission drilling permits, Sep 26, 2026 (source 1, source 2).

Unit decimal checker

What APA Corporation told investors it received

Apache Corporation is linked to APA Corporation (APA).
Realized prices reported by APA Corporation
QuarterOil$ per bblFiling
Q2 2026$98.24SEC filing
Q1 2026$78.69SEC filing
Q4 2025$61.03SEC filing
Q3 2025$67.43SEC filing
Q2 2025$65.58SEC filing
Q1 2025$73.73SEC filing

SourceAPA Corporation quarterly reports, SEC EDGAR, company-wide averages before hedging.

Estimate your royalty

36 months, newest first

Ledger for MASTERS UNIT
MonthOil producedbblOil soldbblGas producedmcfGas soldmcf, codes 2+3FlaredmcfWTI$/bblHenry Hub$/MMBtu
Jul 2026Apache Corporation8,0908,00046,20646,16838$80.46$2.89
Jun 2026Apache Corporation7,4747,51350,63950,6390$84.81$3.15
May 2026Apache Corporation6,3016,21336,03935,94198$102.13$2.94
Apr 2026Apache Corporation3,6503,5458,6918,67318$100.32$2.77
Mar 2026Apache Corporation2,1832,2613,4833,44043$91.38$3.04
Feb 2026Apache Corporation2,6532,7304,0632,9209$64.51$3.62
Jan 2026Apache Corporation4,4794,3735,4784,09214$60.04$7.72
Dec 2025Apache Corporation4,0093,9976,6165,28890$57.97$4.26
Nov 2025Apache Corporation3,8603,87317,46316,24060$60.06$3.79
Oct 2025Apache Corporation4,0254,01918,65117,35989$60.89$3.19
Sep 2025Apache Corporation3,2223,19925,98325,865118$63.96$2.97
Aug 2025Apache Corporation2,0422,09026,18826,14543$64.86$2.91
Jul 2025Apache Corporation7,3517,41353,96553,670295$68.39$3.20
Jun 2025Apache Corporation5,9385,99644,21244,15755$68.17$3.02
May 2025Apache Corporation7,4307,45147,44947,106343$62.17$3.12
Apr 2025Apache Corporation8,6478,70451,18051,050130$63.54$3.42
Mar 2025Apache Corporation8,4248,45151,14750,527620$68.24$4.12
Feb 2025Apache Corporation7,7418,06148,16145,2631,354$71.53$4.19
Jan 2025Apache Corporation8,8718,51257,47952,3483,199$75.74$4.13
Dec 2024Apache Corporation10,21810,05566,68659,6875,177$70.12$3.01
Nov 2024Apache Corporation8,7138,64566,17463,937661$69.95$2.12
Oct 2024Apache Corporation9,3429,36969,07567,43216$71.99$2.20
Sep 2024Apache Corporation8,3098,36060,18060,17010$70.24$2.28
Aug 2024Apache Corporation7,6687,60459,09559,0950$76.68$1.99
Jul 2024Callon Petroleum8,4828,49160,27359,0750$81.80$2.07
Jun 2024Callon Petroleum9,4589,47662,60561,7260$79.77$2.54
May 2024Callon Petroleum9,5459,64060,79747,22412,713$80.02$2.12
Apr 2024Callon Petroleum11,13211,10666,69362,6733,097$85.35$1.60
Mar 2024Callon Petroleum9,99810,01662,68761,7790$81.28$1.49
Feb 2024Callon Petroleum9,2159,18754,22551,5991,793$77.25$1.72
Jan 2024Callon Petroleum11,88811,94967,46664,6441,891$74.15$3.18
Dec 2023Callon Petroleum13,09513,01969,78868,8470$71.90$2.52
Nov 2023Callon Petroleum11,40911,46664,02154,2708,863$77.69$2.71
Oct 2023Callon Petroleum12,13412,06268,51166,3011,334$85.64$2.98
Sep 2023Callon Petroleum10,24010,27165,46164,420239$89.43$2.64
Aug 2023Callon Petroleum12,61612,62678,73677,119740$81.39$2.58

Flared above 3%

SourceTexas Railroad Commission Production Data Query, through Jul 2026. Prices: EIA, through Aug 2026. Updated Sep 28, 2026.

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Nearby

This lease belongs to

OperatorApache CorporationFieldSpraberry (Trend Area)CountyHoward County

Apache Corporation in Howard County

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Spraberry (Trend Area) field

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