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 energy explorer InterOil (NYSE: IOC) jumped 12% today after the company released earnings.

So what: First-quarter revenue rose 3.6% to $350.3 million and topped the $331.5 million estimate from Wall Street. Net income fell 58% to $4.0 million, or $0.08 per share, but analysts were expecting a $0.12 loss per share.

Now what: The Gulf LNG project is also moving forward with bids to partner received in early March. This is the next big step forward for the company and we should see results of the bidding shortly. I'd like to see profit move significantly higher before getting too excited. This is still a highly speculative play but this first quarter was progress for the company nonetheless.

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