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: W&T Offshore (NYSE: WTI) shares fell after it announced BP (NYSE: BP) had exercised its right to buy two deepwater fields from Shell (NYSE: RDS-A).

So what: W&T was planning to purchase five deepwater fields from Shell in the Gulf of Mexico, but BP had a preferential right as the operator of two of the fields. As a result, W&T now expects to pay $193 million in cash for the remaining fields.

Now what: Shares of W&T have surged higher since the acquisition was announced, and this new development is certainly a blow to its growth story. Given its hot streak, the stock might have been due for a pullback anyway; I think it may give back a little more as the market processes the news. With the drilling business coming back, W&T should have more room to go higher in the long term, after the stock settles down.

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Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.

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