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Royalty Clerk

Texas oil lease · RRC district 08 · Lease 23148

Producing

STEPHENS -C-

Stephens -C- is an oil lease in Martin County, Texas, operated by Ovintiv USA Inc. in the Sulphur Draw (Dean 8790) field. The Railroad Commission shows 302 bbl of oil in the 12 months through Jul 2026.

Oil lease dossier · 3 wells

302bbl oil, last 12 months−56% vs prior year
Operator
Ovintiv USA Inc.
County
Martin County
Field
Sulphur Draw (Dean 8790)
RRC lease
08-23148

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Where it sits

This county

Martin CountyMartinGainesAndrewsHowardDawsonBordenMartin County
Martin County · RRC district 08Open Martin County →
Gas, last 12 months
698 mcf
Oil in Jul 2026
0 bbl
Reporting to the state
since Jan 2020
Wells
3

Production

Month by month, from the state record

What the Railroad Commission says this oil lease produced. Oil is in barrels (bbl). Gas is in thousand cubic feet (mcf).

Oil output fell 56% over the last 12 months

302 bbl in the 12 months through Jul 2026, against 691 bbl in the 12 months before.

  • Oil (bars, left axis)
  • Gas (line, right axis)
  • Last 12 months
Oil output fell 56% over the last 12 monthsMonthly oil production and gas for STEPHENS -C-, Aug 2023 to Jul 2026. Oil output fell 56% over the last 12 months. 302 bbl in the 12 months through Jul 2026, against 691 bbl in the 12 months before.Last 12 months: 302 bblbbl per monthmcf per month002050401006015080200100250Oct 23Jan 24AprJulOctJan 25AprJulOctJan 26AprJul
Oil output fell 56% over the last 12 monthsMonthly oil production and gas for STEPHENS -C-, Aug 2023 to Jul 2026. Oil output fell 56% over the last 12 months. 302 bbl in the 12 months through Jul 2026, against 691 bbl in the 12 months before.Last 12 monthsbbl per monthmcf per month002050401006015080200100250Jan 24JulJan 25JulJan 26Jul

SourceTexas Railroad Commission Production Data Query, oil lease 23148, district 08. Reported through Jul 2026. The state revises recent months.

Gas disposition

Where the gas went

Every month the operator tells the state where each mcf of gas went, using a code. The code decides how your gas is paid.

All of the gas went to flaring in the last 12 months

Flaring peaked at 100.0% of the gas in Oct 2023.

All of the gas went to flaring in the last 12 monthsShare of STEPHENS -C- gas by disposition code each month, Aug 2023 to Jul 2026. All of the gas went to flaring in the last 12 months. Flaring peaked at 100.0% of the gas in Oct 2023.Share of the lease’s gas by disposition code, per month0%50%100%Flared 100.0%Oct 23Jan 24AprJulOctJan 25AprJulOctJan 26AprJul
All of the gas went to flaring in the last 12 monthsShare of STEPHENS -C- gas by disposition code each month, Aug 2023 to Jul 2026. All of the gas went to flaring in the last 12 months. Flaring peaked at 100.0% of the gas in Oct 2023.Share of gas by disposition code0%50%100%Flared 100.0%Jan 24JulJan 25JulJan 26Jul

SourceTexas Railroad Commission Production Data Query, gas disposition by code, lease 23148, district 08. Reported through Jul 2026.

Flared (4)

Burned off or vented, not sold. It pays no royalty. More than 3% in a month is worth watching.

Over the last 12 months, 100.0% of the gas was flared. 29 months went above 3%, which we mark in the ledger below.

Operator history

Who has run this lease

The operator runs the wells and pays your royalty. When the operator changes, payments often slip for a month or two.

The operator changed once, most recently in Jun 2023

If your statements skip or shrink around a change, ask the new operator's owner relations department whether the month is in suspense.

Operators of this lease over timeBlack Swan Operating, LLC, Jan 2020 to May 2023; Ovintiv USA Inc., Jun 2023 to Jul 20262020202120222023202420252026Changed Jun 2023Black Swan Operating, LLCJan 2020 to May 2023Ovintiv USA Inc.Jun 2023 to now
Operators of this lease over timeBlack Swan Operating, LLC, Jan 2020 to May 2023; Ovintiv USA Inc., Jun 2023 to Jul 20262020202120222023202420252026Changed Jun 2023Black Swan Operating, LLCJan 2020 to May 2023Ovintiv USA Inc.Jun 2023 to now

SourceTexas Railroad Commission Production Data Query, operator by month. Reported through Jul 2026.

Wells

3 wells on this lease

Every well the Railroad Commission links to oil lease 23148 in district 08. The API number is the state’s ID for a well.
Wells on STEPHENS -C-
API numberWell no.Status
42-317-311381Active
42-317-312282Active
42-317-342233Active

SourceTexas Railroad Commission Wellbore Query, district 08, lease 23148.

Who buys and gathers

Who moves and buys this lease's production

The operator files a Form P-4 with the Railroad Commission naming the companies authorised to gather and buy the oil and gas. The buyer's price is the one your royalty is figured on.

  • Oil

    Energy Trans Crude Marketing LLC and Gulfmark Energy, Inc. gather it.

    Energy Trans Crude Marketing LLC gathers it: 50% of it, on the list since Aug 1, 2026 · Gulfmark Energy, Inc. gathers it: 50% of it, on the list since Aug 1, 2026

Companies that used to be listed: Gulfmark Energy, Inc. (gathers it, until Aug 1, 2026); Dcp Operating Company, LP (gathers it, until Dec 1, 2023); Dcp Operating Company, LP (buys it, until Dec 1, 2023); Plains Marketing, L.p. (gathers it, until Dec 1, 2023).

SourceRailroad Commission of Texas, Form P-4 file, dated Sep 24, 2026 (source). A listed company is authorised to move or buy the production; the state does not say what it paid.

Who buys my oil and gasIs my oil price fair?

Unit and wells

320 acres on the newest permit

Acres and wells as the operator filed them on its Railroad Commission drilling permits. Your decimal is your net acres over the unit acres, so this is the number to hold your division order against.
Wells on the permits
31 not plugged
Horizontal
0
First completion
Mar 7, 1974
Latest permit
Jun 15, 1999
Wells and acres on the permits for Stephens -C-
API numberWell no.Acreson the permit
42-317-342233320
42-317-311381–
42-317-312282–

SourceRailroad Commission of Texas, drilling permits and wellbore file, Sep 26, 2026 (source 1, source 2). The acres are what the operator filed; they are not a survey.

Check my decimal against the unit

What the operator reported

What Ovintiv Inc. told investors it received

Ovintiv USA Inc. is linked to Ovintiv Inc. (OVV). Public companies report the average price they realize each quarter. It is an average across everything the company operates, not the price on this lease.
Realized prices reported by Ovintiv Inc.
QuarterOil$ per bblFiling
Q2 2026$100.69SEC filing
Q1 2026$72.62SEC filing
Q4 2025$59.55SEC filing
Q3 2025$66.22SEC filing
Q2 2025$64.50SEC filing
Q1 2025$71.79SEC filing

SourceOvintiv Inc. quarterly reports on SEC EDGAR, prices before hedging where the company states both. Read by machine from each filing’s tables; the link opens the filing so you can check the figure.

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Estimator

Estimate your royalty for this lease

A rough check before you look at a statement: the state volumes times your decimal, priced at WTI and Henry Hub.

Estimator

What could your check be?

Your decimal interest is the small number on your division order that says what share of the whole lease (8/8ths) is yours. Type it in and we apply it to what the state says STEPHENS -C- sold each month.

For example 0.00097656, or a fraction like 1/1024.

Dollars per barrel. Your statements show the gap your operator uses. Leave 0 to price oil at WTI.

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Enter your decimal to see an estimated royalty for each of the last 12 months this lease reported. Nothing you type leaves your browser.

An estimate, not your check

It ignores gathering and processing fees, taxes, plant products and the price your operator actually gets, so your statement will differ. Use it as a ceiling to compare against.

Ledger

36 months, newest first

Compare these numbers with your statements. Your share of a month is the “Oil sold” volume times your decimal. Scroll sideways on a phone.
Monthly production, disposition and prices for STEPHENS -C-
MonthOil producedbblOil soldbblGas producedmcfGas soldmcf, codes 2+3Flaredmcf, code 4WTI$ per bblHenry Hub$ per MMBtu
Jul 2026Ovintiv USA0030030$80.46$2.89
Jun 2026Ovintiv USA0037037$84.81$3.15
May 2026Ovintiv USA0031031$102.13$2.94
Apr 2026Ovintiv USA1033033$100.32$2.77
Mar 2026Ovintiv USA24030030$91.38$3.04
Feb 2026Ovintiv USA47029029$64.51$3.62
Jan 2026Ovintiv USA3917669069$60.04$7.72
Dec 2025Ovintiv USA35078078$57.97$4.26
Nov 2025Ovintiv USA33088088$60.06$3.79
Oct 2025Ovintiv USA32052052$60.89$3.19
Sep 2025Ovintiv USA411561020102$63.96$2.97
Aug 2025Ovintiv USA5001190119$64.86$2.91
Jul 2025Ovintiv USA48096096$68.39$3.20
Jun 2025Ovintiv USA5001000100$68.17$3.02
May 2025Ovintiv USA521751120112$62.17$3.12
Apr 2025Ovintiv USA4501030103$63.54$3.42
Mar 2025Ovintiv USA5601200120$68.24$4.12
Feb 2025Ovintiv USA4817282082$71.53$4.19
Jan 2025Ovintiv USA6701150115$75.74$4.13
Dec 2024Ovintiv USA5301130113$70.12$3.01
Nov 2024Ovintiv USA861741170117$69.95$2.12
Oct 2024Ovintiv USA8002270227$71.99$2.20
Sep 2024Ovintiv USA40075075$70.24$2.28
Aug 2024Ovintiv USA661522140214$76.68$1.99
Jul 2024Ovintiv USA26083083$81.80$2.07
Jun 2024Ovintiv USA4045045$79.77$2.54
May 2024Ovintiv USA30000$80.02$2.12
Apr 2024Ovintiv USA73115000$85.35$1.60
Mar 2024Ovintiv USA930000$81.28$1.49
Feb 2024Ovintiv USA76114707$77.25$1.72
Jan 2024Ovintiv USA77188000$74.15$3.18
Dec 2023Ovintiv USA96169404$71.90$2.52
Nov 2023Ovintiv USA710000$77.69$2.71
Oct 2023Ovintiv USA450808$85.64$2.98
Sep 2023Ovintiv USA590000$89.43$2.64
Aug 2023Ovintiv USA22176000$81.39$2.58

No report filed More than 3% of gas flared

SourceVolumes: Texas Railroad Commission Production Data Query, reported through Jul 2026. Prices: EIA WTI Cushing spot and Henry Hub spot, monthly, through Aug 2026. “Gas sold” is gas sent to a transmission line (code 2) or a plant (code 3).

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Around this lease

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Everything on this page connects to the operator, field and county records. Start from any of them.

This lease belongs to

OperatorOvintiv USA Inc.FieldSulphur Draw (Dean 8790)CountyMartin County

Ovintiv USA Inc. in Martin County

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Sulphur Draw (Dean 8790) field

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Found by the location of their wells.

Drilling permits within 10 km

How to read this page

Questions owners ask

What is a decimal interest?

It is your share of the whole lease, written as a decimal. A 1/4 royalty on 5 net acres in a 1,280-acre unit is 1/4 × 5 ÷ 1,280 = 0.00097656. Your division order states yours.

How do I use this page to check a royalty check?

Take the “Oil sold” volume for the month the check covers and multiply it by your decimal. The answer should match the barrels on your statement. If it does not, upload the statement and we will show where the two differ.

Why is the newest month Jul 2026?

The Railroad Commission publishes production two to three months after the fact and revises recent months. We re-pull the latest three months on every update.

Does this page show what my check should be?

No. It shows what the state recorded. Prices, fees and taxes depend on your lease and on what your operator gets for the oil and gas. The estimator gives a ceiling to compare against.

Sources and method

Where these numbers come from

  • Production and disposition by month: Texas Railroad Commission Production Data Query, oil lease 23148, district 08, reported through Jul 2026.
  • Wells: Texas Railroad Commission Wellbore Query.
  • Prices: U.S. Energy Information Administration, WTI Cushing spot and Henry Hub spot, monthly.
  • Page updated Sep 28, 2026.

We show the state’s numbers as filed. Where the state has no report for a month, we say so instead of guessing.