Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of EV Energy Partners (Nasdaq: EVEP) climbed 10% higher today after the company released earnings.

So what: During the second quarter, the company reported net income of $39.2 million, or $1.03 per share -- more than a 100% increase from a year ago. Net income includes a $17.4 million gain on derivatives and would have reduced earnings per share to $0.57, a penny short of estimates.

Now what: A distribution of $0.761 per unit was also declared for the quarter. Management touted the company's Utica Shale stake that is under development with Chesapeake Energy (NYSE: CHK) in Ohio, which should drive future results. EV Energy Partners may be put under pressure if oil prices remain low, so investors should also keep any eye on the where the price of oil heads in coming months.

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