Cramer said while there are many exploration and production companies with exposure to the Permian Basin and, in particular, the Delaware Basin subsection of the Permian, Cimarex Energy (XEC - Get Report) is perhaps the only pure play, with nearly $950 million of its $1.5 billion capital expenditure budget heading to the region.
Cimarex is largely known for its natural gas assets, said Cramer, but natural gas now accounts for less than 50% of its production, down from over 70% just a few years ago. Shares of Cimarex have already surged 66% in 2013, so Cramer advised waiting for the Washington-induced selloff before picking up a few shares.
When it last reported, Cimarex delivered an 11-cents-a-share earnings beat on revenue that were 39% higher than the year-ago period. With growth like that and a strong balance sheet, Cramer said it's no wonder shares of Cimarex have been on fire this year because the oil and gas boom in America just cannot be stopped by politics alone.
No Huddle Offense
In his "No Huddle Offense" segment, Cramer answered the question, "When is an $11 billion settlement a bargain?" He said when it's the proposed settlement that JPMorgan Chase (JPM - Get Report) may have to pay the U.S. government for making faulty mortgage loans.He explained that $11 billion may seem like a huge amount but in reality it's a huge bargain because shares of the bank could be held down for years by a long, drawn-out court battle. With its legal issues behind it, JPMorgan could finally lower some reserves, increase its dividend and refocus on its business, all in an environment of rising interest rates where the bank historically has thrived. Cramer said he has no idea if the parties can all agree on the terms of such a deal, but if one could be made it would certainly be a big win for JPMorgan and its shareholders, which includes his Action Alerts PLUS. To watch replays of Cramer's video segments, visit the Mad Money page on CNBC. To sign up for Jim Cramer's free Booyah! newsletter with all of his latest articles and videos please click here. -- Written by Scott Rutt in Washington, D.C. To email Scott about this article, click here: Scott Rutt Follow Scott on Twitter @ScottRutt or get updates on Facebook, ScottRuttDC