NEW YORK (TheStreet) -- I was talking to Stephanie Link this morning about recent energy earnings and what we can figure out from them.
What's been so interesting to me is I expected the Exploration and Production companies to report very well, and in large part they have - but their beats have been met with a tepid response from investors, considering the strong melt-up in stocks we've been enjoying.
Stephanie pointed out to me the expectations from the Street from domestic E+Ps were very, very high, considering a third quarter with crude prices above $100 a barrel and increasing production from the Bakken, Eagle Ford and Permian shale plays.
She must be right, because despite pretty impressive numbers from Anadarko on Tuesday and Devon this morning, both stocks are down in an up market.
That doesn't change my thoughts on either -- in fact, this strikes me as an opportunity. Both are executing precisely and even a less optimistic guidance from Anadarko doesn't stop me from believing in owning these shares through the rest of the fourth quarter.
I talk more about the quarterly results we've seen so far from the energy patch with Stephanie in the video above.
At the time of publication the author had positions in APC and DVN.
This article was written by an independent contributor, separate from TheStreet's regular news coverage.