In skillet over medium-high heat, in 1 Tablespoon hot oil, cook half of the chops 10 minutes or browned on both sides. Remove; set aside. Repeat with remaining chops. Pour off fat.
In same skillet, combine soup, water, green pepper, onion, thyme and pepper. Heat to boiling. Return chops to skillet. Cover; cook over low heat 5 minutes or until chops are no longer pink, stirring often.