Carrizo Oil & Gas Inc.'s (CRZO) second-quarter earnings soared on double-digit revenue growth as the oil-and-gas exploration company benefited from significantly higher oil and liquids prices. Increased production, particularly in the lucrative Eagle Ford shale formation in south Texas, has driven Carrizo's revenue growth of late. Many companies in the industry have shifted their focus to unconventional oil and liquids projects to take advantage of higher prices while natural gas prices have continued to lag behind. Carrizo recently agreed to buy several Eagle Ford Shale leases to further accelerate its drilling activity and sold its noncore properties in the Barnett Shale near Dallas for about $104 million in April. Carrizo reported a profit of $7.7 million, or 20 cents a share, up from $1.8 million, or 5 cents, a year earlier. Excluding derivatives impacts and other items, earnings fell to 24 cents from 33 cents. Revenue jumped 54% to $50.7 million while adjusted revenue, which includes realized hedge gains, rose 24% to $54.1 million. Analysts polled by Thomson Reuters had most recently forecast earnings of 24 cents on revenue of $57 million. Production volume rose 20%, while average realized prices, excluding hedging effects, rose 3.9% for natural gas and jumped 29% for oil and liquids. Shares closed Monday at $27.03 and were inactive premarket. The stock has risen 28% over the past year. -By Melodie Warner, Dow Jones Newswires; 212-416-2283; melodie.warner@dowjones.com

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