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 oil and gas firm SandRidge Energy (NYSE: SD) tumbled as much as 16% in early trading today after it announced a surprise quarterly loss and the departure of its CFO.

So what: Hurt by a 40% spike in derivatives-related losses, SandRidge said it lost $24.3 million, or $0.06 a share, compared to analysts' average estimate of a $0.02 profit for the quarter. The embattled SandRidge also said that CFO Dirk Van Doren would resign by the end of the year to pursue other interests.

Now what: Despite the loss, SandRidge posted record oil production, indicating that its goal to become a more balanced producer is steadily coming to fruition. While SandRidge had to lever up in a big way to do it, CEO Tom Ward said the company is starting "to realize the advantages of that strategic shift and we continue to focus our resources on increasing oil production." As long as you diversify with other players in the space, like close foes Apache (NYSE: APA) and Brigham Exploration (Nasdaq: BEXP), today's plunge in SandRidge seems like an attractive long-term opportunity.

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Fool contributor Brian Pacampara owns no position in any of the companies mentioned. Try any of our Foolish newsletter services free for 30 days.

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