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 Midstates Petroleum Company Inc. (NYSE:MPO) had a wild day today, rising 10% at the open, falling, and then climbing to a 4% gain mid-day.

So what: Total revenue more than doubled in the first quarter to $144.7 million, but net loss ballooned to $83.6 million, or $1.31 per share. On an adjusted basis, which pulls out one-time items, net income was $8.3 million, or $0.13 per share, which was ahead of the penny loss analysts expected.  

Now what: As with many companies, weather affected production in the first quarter but shouldn't hold the company back long-term. Management reaffirmed 2014 production guidance of 32,000 to 35,000 barrels of oil per day for Pine Prairie, and expects to lower long-term debt to adjusted EBITDA to a ratio of 3.5. I think the company is headed in the right direction, and reduced leverage will help reduce risk for shareholders long-term.

Travis Hoium and The Motley Fool have no position in any of the stocks mentioned. 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.