NEW YORK (TheStreet) -- TheStreet's Jim Cramer is keeping an eye on Chevron (CVX) - Get Report and Exxon Mobil (XOM) - Get Report as the two oil companies are set to post their latest quarterly results before the bell on Friday.

After Royal Dutch Shell (RDSA) reported disappointing results on Thursday morning, the stock is going higher only because the company announced it plans to cut operating costs by $4 billion and capital expenditures by $7 billion. The company also plans to eliminate 6,500 jobs.

Cramer said Chevron and Exxon are in stronger positions than Shell is, and noted that "one of our chartists" said if Exxon holds at $80, the stock could go higher. Cramer said he's a seller of Chevron and may be a buyer of Exxon on a pullback.

Analysts expect Exxon to post earnings of $1.11 a share for its second quarter, down from $2.05 a year ago. Revenue is expected to come in at $72.48 billion, down from $111.65 billion a year ago.

Investors will also be looking for clues as to whether the company's share-buyback program will continue. Exxon cut its buybacks in the first quarter to $1 billion from $3 billion. The oil giant has been hit hard by the decline in oil prices. Shares of Exxon are down 10% year to date.

As for Chevron, analysts are looking for second-quarter earnings of $1.16 a share, a big drop from the $2.98 it posted a year ago. Revenue is expected to be $30.91 billion, down from $57.94 billion a year ago. Shares of Chevron are down 16% year to date.

At the time of publication, Jim Cramer's charitable trust Action Alerts PLUS held no positions in stocks mentioned.