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 Oasis Petroleum (NYSE: OAS) gained as much as 11% today on a strong earnings report, before finishing with a 7% gain.

So what: The young oil and gas producer, which is focused on the Bakken shale in North Dakota, increased production by 158% over a year ago, driving revenue growth of 122%, to $149.1million, and beating estimates. A $0.32 adjusted EPS beat expectations of $0.29 cents, while actual EPS came in at a whopping $0.82, thanks to derivatives used to hedge against low oil prices. Oasis plans to increase its capital expenditures for the year by about 20% to $1.06 billion, and boosted full-year production guidance by around 10%, with lower lease operating costs expected.

Now what: For shareholders, there’s a lot to like here; earnings reports simply don’t get much better than this. The company beat estimates on both the top and bottom lines, and raised its guidance. With oil prices cresting over $94 for the first time since May, and production levels expected to be about 15% higher than in Q2, there’s at least a few reasons to expect Q3 to be even stronger. Analysts have not yet adjusted their EPS estimates from$0.34 a share, so look for that in the coming days.

Want to get on in some other stocks that are set to win on rising oil prices? Check out this special free report: “3 Stocks For $100 Oil” that’s got all the information you need. Just click right here to get your free copy now.