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 Murphy Oil (NYSE: MUR) sank 13% in early Thursday trading after its quarterly results and guidance both came in below Wall Street expectations.

So what: Despite a 12% jump in revenue, Murphy's fourth-quarter profit fell 45% to $0.90 per share, versus the analyst consensus of $0.92 per share. Bad weather at Murphy's Malaysian offshore field hurt crude oil production in the later part of 2010, while a one-time royalty payment helped boost its year-ago results.

Now what: I'd be cautious about pouncing on Murphy's plunging shares. Management also forecast a particularly wide profit range for the current quarter of $0.55-$0.95 per share, which was substantially below the average analyst estimate of $1.47 per share. Currently, integrated energy gorillas like ExxonMobil (NYSE: XOM) and Chevron (NYSE: CVX) both boast a much juicier dividend yield than Murphy, so there shouldn't be a shortage of safer bets in the space.

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