Oil prices are down roughly 1% Wednesday, but that's not a concern to all oil companies. For instance, Pioneer Natural Resources (PXD) - Get Report and PDC Energy (PDCE) - Get Report continue to make impressive moves, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said on CNBC's "Mad Dash" segment.
Yes, shares of both companies are higher but Cramer was noting the companies' moves to buy up impressive amounts of acreage in the Permian basin.
Why does this matter? The Permian has an extremely low cost basis for pumping oil, so even if oil falls from $45 per barrel to $40 these companies can still produce oil at an impressive profit, Cramer explained.
The stocks even trade well when Pioneer and PDC do secondary offerings. They are both doing a great job and will continue to do so by acquiring acreage in this area, Cramer concluded.
At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.