Impressive 2Q, Solid Liquid Transition Story On August 7, Carrizo Oil & Gas reported second quarter 2012 adjusted earnings of 30 cents per share (including stock based compensation), versus 20 cents a year ago. The result missed the Zacks Consensus Estimate due to higher depletion, depreciation and amortization expense, but the 50% year-over-year jump came from substantial growth in its oil production as well as higher realized hedge gains. This Houston-based energy company recorded adjusted revenues of $92.0 million, up 70.1% from the year-ago level. Particularly strong oil production volume of 693 thousand barrels (up 339% year over year) was responsible for this stellar performance. Carrizo Oil & Gas remains on track to shift its focus from the Barnett Shale towards the emerging Eagle Ford, Marcellus, and Niobrara plays, while changing the production mix to more liquids.