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

Exxon needs to drill deep in the ocean, and Cramer expects to hear the same from both Conoco and Chevron. Therefore, he wants investors to buy deepwater drillers -- not just any oil driller -- ahead of analyst meetings.

There are only five names worth owning in 2007, according to Cramer. In ascending order, the first oil play he named was Schlumberger (SLB Quote), which he called "undervalued."

Second, Cramer said he likes National Oilwell Varco (NOV Quote). Big oil companies need to drill deep, and NOV is the only company that develops the rigs they need to dig deep, he said. "It has years of backlog that should keep its estimates high."

No. 3 is GlobalSantaFe (GSF Quote), which has an "aggressive buyback," Cramer said.

The second-best oil driller Cramer said he likes is Halliburton (HAL Quote), which he owns for his charitable trust, Action Alerts PLUS.

People might not like that Halliburton is moving its headquarters to Dubai, but this is the "single most patriotic thing," Cramer believes the company can do because it's losing business to Schlumberger, and the move to Dubai might help it regain some of its market share.

Further, he believes that the stock is about to "jump up fast" as it's involved in a tender offer because of its spinoff of KBR (KBR Quote). This is the one event Cramer said he was counting on. It's a good idea to hold on to Halliburton even after the spinoff, he said.