Preheat oven to 350 degrees.

Line a baking sheet with foil or use a lightly oiled teflon baking sheet. Spread pecans on another baking sheet and bake until toasted, about 10 minutes. Set aside.

Heat oil in a heavy saucepan over high heat. Throw in several kernels of corn. Once kernels begin to pop, add the rest of the popcorn and cover. Pop, shaking pan frequently, until popping stops. Or, pop in a popcorn popper as instructed.

Sprinkle with salt and spread popped corn out on the prepared baking sheet. Sprinkle with pecans and set aside.

Meanwhile, in a small, heavy saucepan melt together butter, sugar, and water. Bring to a boil over medium-high heat. Insert a candy thermometer and cook over medium heat. Stir occasionally and watch carefully to prevent burning until the mixture reaches 300˚F. or hard crack. Pour mixture over popcorn and pecans and stir. Let harden, then break into clusters.