Schiller also noted that Energy XXI is able to sell its oil at prices above the Brent crude price, thanks to the quality of the oil they produce. He said the company averages $125 a barrel at the well head.
So what does Energy XXI plan to do with the $100 million it has in the bank? Schiller said the company always considers returning cash to shareholders, but with so many opportunities to grow, much of that money is being redeployed into more drilling.
Finally, when asked where he sees oil prices going, Schiller said that while demand may slow a bit in the short term, the fact remains that there simply isn't enough supply to fuel the world's needs. Schiller said he sees oil trading between $115 and $140 a barrel longer term.
Cramer said that Energy XXI, while not a household name, is one oil driller that should be on every investor's radar.
No Huddle Offense
In his "No Huddle Offense" segment, Cramer opined on the sudden departure of
Cramer reminded viewers that he's been negative on Best Buy for ages, and agrees with many who feel that the company may not survive its battle with online retailers who can sell their commodity items for less money and often without sales tax. Cramer also agreed that Best Buy squandered its cash by spending $1.5 billion to buy back shares at an average of $27.50 a share, when shares are worth only $22 today.
But Cramer said that Best Buy's problems are unique to Best Buy, and he's not willing to expand the analog to all bricks and mortar retailers. He said that there are still plenty of places where personal service and a tactile experience is preferred. But in the case of Best Buy, the lure of largely commodity items being sold for less elsewhere, delivered right to his door, without the pressures of buying extended warranties, just makes sense.
In the Lightning Round, Cramer was bullish on
Cramer was bearish on
--Written by Scott Rutt in Washington, D.C.
To contact the writer of this article, click here:
and become a fan on
To submit a news tip, send an email to:
To watch replays of Cramer's video segments, visit the Mad Money page on CNBC
to sign up for Jim's Daily Booyah to get the Mad Money recap delivered to your inbox.
For more of Cramer's insights during the Lightning Round,