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What: Shares of PetroQuest Energy (NYSE: PQ) rose as much as 15% today after management delivered its third-quarter earnings report.

So what: The oil and natural gas company earned $0.08 per share this quarter, compared with $0.07 in the same period last year. Revenue fell to $46.3 million. These results were below the dreaded analyst expectations, but the market didn't seem to mind.

Now what: Perhaps Mr. Market was impressed with the company's financial position, which management says is now at its strongest point ever. There's $55 million in cash on the balance sheet, no bank debt, and the maturity of its high-yield debt has been pushed out to 2017. "Discretionary cash flow" dipped somewhat but was also fairly strong this quarter, at $30.1 million.

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Fool analyst Rex Moore owns no companies mentioned here. Try any of our Foolish newsletter services free for 30 days. We Fools may not 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.