Toast and butter a slice of bread. Set aside.
Heat oil in a small non-stick skillet on medium-low heat.
When oil is shimmering, add the salt, pepper, and paprika to the pan. Swirl to distribute. The spices will quickly sizzle slightly and become fragrant.
Crack the egg directly into the skillet on top of wherever the oil and spices have collected. Add an itty-bitty-teeny-tiny pinch of salt directly over the yolk, along with another quick grind of pepper.If you aren't confident about cracking directly into the skillet, crack the egg into a small bowl first so you can remove any shell pieces before adding to the skillet.
When the egg whites become translucent (about 30 seconds), gently shake the pan side to side to loosen the egg so it can slide around the pan.
Carefully tilt the pan forward so the egg and oil slide into the curve of the pan, and so the oil comes up over the top of the egg just slightly to encourage the surface of the egg to cook.
Add ½ TBSP water to the skillet and immediately cover it to steam the surface of the egg. Reduce temperature to low.Set a timer for 4-6 minutes, checking periodically to make sure the egg isn't sticking to the bottom and to prevent overcooking. Adjust the heat or add additional teaspoons of water as needed.
The egg is done when the egg whites have completely solidified and there's no uncooked egg white on the surface of the egg. The egg yolk may have a thin layer of cooked egg white over the surface, but the yolk itself should still appear jiggly when you shake the pan.
Use a spatula to transfer the egg from the skillet to the buttered toast.