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 explorer BreitBurn Energy Partners (Nasdaq: BBEP) sank as much as 10.5% after posting a wider-than-expected quarterly loss.

So what: Hurt by big commodity derivative losses, BreitBurn Energy Partners posted a fourth-quarter loss of $70.9 million, or $1.25 per unit, versus a loss of just $39.7 million, or $0.75 per unit, for the same year-ago period. The shares sold off fairly quickly on the disappointing report, dropping to as low as $19.50 within the first half-hour of trading, but they have since recovered about half of that loss.

Now what: I'd look into this dip as a possible entry point. Despite the recent GAAP hits, BreitBurn has steadily grown its distribution by 10% over the past three quarters, currently representing a mouthwatering yield of 8%. Of course, a juicy yield alone is no reason to jump in, but with a decent hedge portfolio and steadily improving liquidity, BreitBurn seems like an income opportunity that's at least worth researching.

Interested in more info on BreitBurn? Add it to your watchlist.

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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