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 producer Energen (NYSE:EGN) jumped 10% today after the company reported earnings.

So what: Second-quarter revenue was up 4% to $490.1 million, and net income fell 37% to $83.1 million, or $1.15 per share. Excluding one-time items, the company earned $0.66 per share, which was $0.05 ahead of estimates, and revenue beat the $405.3 million estimate as well.  

Now what: An 18% increase in oil volumes drove the quarter, and that should continue given the high price of oil. Higher costs put pressure on results, and that will likely continue as well. With shares trading at 16 times forward estimates, and with those estimates likely to go up, I still think there's room to run provided oil stays at an elevated price.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.