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 EOG Resources (NYSE: EOG) were bubbling up today, gaining as much as 10% as the oil and gas producer crushed second-quarter earnings estimates of $0.91 per share with adjusted profits of $1.16 per share.

So what: Despite a difficult macroeconomic climate with lower energy prices, EOG still managed to increase profits and revenue, raising oil production by 52% while cutting natural gas output by 1%, as natural gas prices have been hit especially hard in the past year. The company also raised its production growth target to 9% from 7% for the year as management touted the company's ownership of "the finest inventory of onshore crude oil assets in the United States." It's the largest crude oil producer in both the Eagle Ford shale and the Bakken, with the "sweet spot position in both plays." EOG also plans to boost efficiency by drilling more wells with fewer rigs in the Eagle Ford, and hopes to increase its crude shipments from the Bakken by 80,000 barrels a day.

Now what: It's hard to argue with a quote like that and the results to back it up. Shares might look pricy, but like other things, in investing you get what you pay for. In three of the last five quarters the company has trounced earnings estimates, and growth should continue to be strong. If it can boost revenue in a tough economic climate with low energy prices, the stock could really take off if the global economy recovers.

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