Cramer: Oil drillers are worth the pain
Jim Cramer | [email protected]
Yet all that happens is that we hear about the funding gaps from oil and gas companies, and the fact that the service companies aren't making enough, especially if oil crashes.
To which I say, you have to be kidding me. If it hasn't crashed yet, why would it crash now? The stuff is going in the OPPOSITE direction. There is no amount of money that companies won't pay to get it out of the ground, and it is worth so much more than the drilling costs.
Doesn't matter. The group trades as if all that matters is the next tick.
But anyone who listened to Chesapeake or EOG Resources or Apache or Occidental or Continental Resources knows one thing: The money for drilling is there and it is growing quickly.
For these stocks, particularly for Schlumberger, Halliburton, Core Laboratories, and Ensco, it is well worth the pain.
Disclosures: Cramer's charitable trust is long APA, ESV, and SLB.
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