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.

Fool contributor Travis Hoium has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.