When asked whether Pioneer was more of an oil company or a technology company, Sheffield replied Pioneer is an oil company, but one with some of the best engineers and geoscientists available. That's why the company has sold its international and Gulf assets in order to focus almost exclusively on the Eagle Ford and west Texas properties.
Cramer said the story at Pioneer is one of the most incredible he's heard so far.
What types of companies would actually benefit from a U.S. government default? Companies that don't worry about the short term and instead take a long-term view of the world, Cramer said. That means companies with a history of buying back lots of their own stock.
Only confident companies buy back their own stock on weakness, which is why stocks such as GameStop (GME - Get Report), which has already bought nearly a third of its shares at dramatically lower prices, is likely to do it again if the market plummets on more Washington posturing.Media companies are also a likely group as they've got the cash flow to support big buybacks. Viacom (VIA.B) already has a big buyback, and Cramer said others, like CBS (CBS - Get Report) could follow suit. Other buyers of their own stock include Wyndham Worldwide (WYN - Get Report), a company Cramer called a long-term winner, and AutoZone (AZO - Get Report), which has bought back nearly half of its shares in recent years. Cramer said he'd pick at any of these names as the market falls because all of them will capitalize on the short term weakness for longer term gains for their shareholders.