He said the company is currently spending billions of dollars trying to boost production rates. In the second half of 2014, production growth should be much stronger, which will give a boost to the stock.
Cramer added, "I think Chevron is a major buy" at current levels.
Turning to Apple (AAPL - Get Report), another AAP holding, Deutsche Bank initiated the stock as a buy with a $650 price target. So far, the rating change has yet to give the stock a boost, making Cramer wonder, "Where have the buyers gone?"Apple should not be trading lower on this report, he argued. Regarding the upcoming earnings reports from high-flying stocks, Cramer concluded Facebook (FB - Get Report), Delta Air Lines (DAL - Get Report) and Southwest Airlines (LUV - Get Report) should all do well. -- Written by Bret Kenwell in Petoskey, Mich. Follow @BretKenwell