In the meantime, you can just own some slower growers like Conoco, with those fabulous nat gas holdings, or Chevron (CVX), with terrific Gulf of Mexico properties. Risk takers can plow into BP with calls. What a terrific quarter it had, and if it weren't for the Macondo lawsuit, I think this one would have gone right to $50.
Two others make sense to me: Ensco (ESV), with that newly fattened dividend, and Linn Energy (LINE) which is acquiring Berry Pete and will have some terrific properties out West, where oil and gas are scarce.
After all we have seen happening these days, the group just seems right for rotation and appreciation. Only Exxon seems, at least to me, an unlikely candidate for price appreciation, but if the whole group moves, of course, it will move, too. Oh, and don't forget to look at my videos with Dan Dicker on Wednesday, including some on other plays in the Gulf of Mexico as well as Noble's (NBE) prospects in the Middle East.
Action Alerts PLUS, which Cramer co-manages as a charitable trust, is long COP, OXY and LINE.