MERCHANT
MERCHANT is a Texas oil lease in Reagan County, Railroad Commission district 7C, operated by Oxy USA WTP LP. It has 35 wellbores on file with the Commission. Reported production runs from June 2014 to August 2026, totalling 6,852,449 barrels. The lease is currently producing. Fitting a decline curve to that history and pricing the remaining production at today's forward curve values the whole lease — a 100% undivided interest — at about $24.8M, with roughly $9.0M expected over the next twelve months. An individual royalty owner receives their own decimal interest times that figure. Over the last twelve months on file it averaged 8,889 barrels a month, about 254 per wellbore. Its strongest month on the record we hold was July 2017, at 190,368 barrels. In our own backtest, leases producing at this rate are forecast to within about 17% of what they went on to produce, and that measured error is the range shown on the page rather than a confidence of our own devising.
Key facts about MERCHANT
- Who operates MERCHANT?
- MERCHANT is operated by Oxy USA WTP LP, Railroad Commission of Texas operator number 630555.
- Where is MERCHANT?
- MERCHANT is a Texas oil lease in Reagan County, Texas, in Railroad Commission district 7C. Its Railroad Commission lease number is 18787.
- Is MERCHANT still producing?
- MERCHANT is currently producing. The most recent month of production reported to the Railroad Commission of Texas for MERCHANT is August 2026.
- How much has MERCHANT produced?
- MERCHANT has reported 6,852,449 barrels of oil (bbl) to the Railroad Commission of Texas between June 2014 and August 2026, from 35 wellbores.
- How much is MERCHANT worth?
- The remaining production from MERCHANT is estimated to be worth about $24.8M in total as of 26 August 2026, within a range of $20.6M to $29.0M. That figure is the whole lease, undivided — not any one owner's share. A royalty interest in MERCHANT is a fraction of it. The estimate fits an Arps decline curve to the production MERCHANT has already reported, prices the remaining production at the current forward strip, and discounts it at 12% a year. The figure shown for MERCHANT is an estimate of value, not an offer and not an appraisal.
- How much income does MERCHANT generate in a year?
- MERCHANT is forecast to net about $9.0M across the whole undivided lease over the twelve months following 26 August 2026, before income tax. A royalty owner in MERCHANT receives a fraction of that, set by the decimal interest printed on their check stub.
Lease record
| Operator | Oxy USA WTP LP |
|---|---|
| Field | Spraberry (Trend Area) R 40 Exc |
| County | Reagan County, Texas |
| RRC district | 7C |
| Lease number | 18787 |
| Wellbores | 35 |
| Reported production | 6,852,449 bbl |
| First reported | |
| Last reported | |
| Estimated royalty value | $24.8M |
Where MERCHANT sits
Source: Railroad Commission of Texas lease production records, complete through . Figures on this page were computed on .
Production figures are as reported to the Railroad Commission of Texas. The value shown is an estimate produced by fitting a decline curve to that reported history; it is not an offer or an appraisal. How this estimate is calculated.