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 company W&T Offshore (NYSE: WTI) fell 15% today after the company reported weak earnings and outlook for 2011.

So what: The company's Gulf of Mexico assets are old, tired, and producing less oil than expected. As a result, fourth-quarter revenue of $187 million fell short of estimates of $190.9 million. On the plus side, adjusted earnings per share reached $0.40 in the quarter, higher than estimates of $0.36.

Now what: Another concern for investors is the shift from 51% natural gas production to 60% natural gas in 2011, because natural gas prices have remained relatively low. I don't see a lot of optimism in today's outlook despite slightly better than expected earnings numbers. For now I am going to leave shares alone and wait for some better news to emerge.

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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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