Whenever a company reports quarterly earnings, those on Wall Street seem to fixate on the bottom line. While net income is extremely important, you also need to dig a little deeper to see how those numbers came to be. Those who decided to walk away from Chesapeake Energy (NYSE:CHK) after a less than desirable net income result and a decline in production should go back and look at it again, because they might find they were a bit hasty to sell.

For those who read deeper into the results, they would have found that the overall decline in production was by design, and there are signs that Chesapeake is starting down the path that other successful independent oil and gas producers like Devon Energy (NYSE:DVN) and EOG Resources (NYSE:EOG). To find out what Will Street may have overlooked this quarter and how Chesapeake is following Devon and EOG, tune in to the following video.

What will be 2014's version of Core Labs?
The Motley Fool's chief investment officer really nailed his 2013 top stock pick with oil services company Core Labs, which shot up a spectacular 75% this year alone! Now, he has selected his No. 1 stock for 2014, and it's one of those stocks that has the potential for a great year ahead. You can find out which stock it is in the special report: "The Motley Fool's Top Stock for 2014." Simply click here and we'll give you free access to the name of this

Tyler Crowe has no position in any stocks mentioned. You can follow him at Fool.com under the handle TMFDirtyBird, on Google +, or on Twitter, @TylerCroweFool.

The Motley Fool owns shares of Devon Energy and EOG Resources. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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