Melt the butter in a skillet (such as: cast iron, cast iron enamel, or stainless steel) over medium-high heat. Swirl the skillet so the butter evenly coats the surface.
Once melted, crack the egg (or eggs) directly in the sizzling butter in the skillet. Reduce the heat to medium. Cook the egg, uncovered, until the whites turn from opaque to white (about 1-2 minutes).
Once the whites have gone from translucent to a white appearance, add the water to the skillet (around the edge of the eggs) and immediately place the lid on the skillet. You don't need to use all the water, just enough to lift the eggs from the skillet and lightly steam them to finish cooking.
Cook the eggs for 2-4 minutes, or until the yolk is cooked to desired consistency. I like a runny yolk so will go about 2 minutes. For a fully cooked yolk, you'll need to go a bit longer.
Uncover the skillet and remove the egg(s) with a spatula. Season with salt and pepper to taste. Enjoy immeadiately.