In a baking dish, mix together the ketchup, paprika, garlic powder, onion powder, molasses, water, and salt & pepper.
Mix in the pork, cover with tight with foil and bake in the oven for 25-30 minutes.
Remove from the dish from the oven and let sit for 5-10 minutes; using your hands or two forks pulling in opposite directions, pull the meat apart to shred into strands. Mix the shredded pork with the juices in the baking dish. Adjust the seasoning with salt and pepper to taste before serving.