Cramer's 'Mad Money' Recap: Oil Drill Team

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Today there was a "lovely decline" in the oil-services stocks, incredibly enough because it was a nice day outside, Jim Cramer told viewers of his "Mad Money" TV show Monday.

Right now there is an opportunity in the oil patch because market-players "are not looking at the right things," he said. People are looking at the weather and inventory numbers, but that makes no sense because inventories and weather are both fleeting.

"If you're trying to determine a company's future earnings per share, you can't look at it on its own," Cramer said. "Base your decisions on how its customers are doing."

Right now, these stocks are "edgeless," he said, and looking at their earnings is not helpful because oil stocks are disappointing. In fact, the only "major integrated oil" Cramer said he's been recommending is BP (BP Quote), and that's based on its yield, not its earnings.

"The real money in the oil patch is with drilling," he said, adding that he believes a select few of the drillers are the only "safe and profitable places to be."

Cramer said he believes this because he listens. Recently, Exxon Mobil (XOM Quote) upped its oil production and admitted to being too conservative, at an analyst meeting. Because of that, Cramer said he'll be watching ConocoPhillips (COP Quote) and Chevron (CVX Quote).