Shares of Halliburton (HAL) - Get Report are flying Monday, up 4.75% to $55.53 after the company beat on earnings per share and revenue estimates.

Halliburton grew revenue almost 50% year-over-year and posted strong profit results in the fourth quarter. Further, management had an upbeat outlook for the year, helping push shares toward its 52-week highs at $58.78.

"The drilling that's going on right now is ferocious," TheStreet's Jim Cramer said on CNBC's "Stop Trading" segment.

"The U.S. is by far the lowest-cost producer for natural gas in the world," he reasoned, adding that the amount of oil production in the U.S. is mind-boggling.

Nobody ever would have dreamed the U.S. could produce this much oil and Halliburton technology is "behind a lot of it," said Cramer, who also manages the Action Alerts PLUS charitable trust portfolio.

Halliburton has a lot of involvement in the Permian, where some of the lowest-cost oil is produced in the U.S. Further, the continuing advancements in technology make for even more efficient and cheaper oil extraction.

Image placeholder title

"The stock's not done," Cramer reasoned, saying more upside can be had. He even suggested that parts of General Electric's (GE) - Get Report energy business could be "very, very delightful" for Halliburton.

While Halliburton is behind a lot of this, Schlumberger (SLB) - Get Report is not. The former is more U.S. focused, while the latter has a larger international focus.

Schlumberger reported earnings Friday and Cramer made the case that sellers were being too short-sighted about it. After starting the Friday session in the red, Schlumberger stock closed slightly positive. On Monday, shares are already up 3%.

General Electric and Schlumberger are holdings in Jim Cramer'sAction Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells GE and SLB?Learn more now.

Halliburton stock closed at $56.40, up 6.4% Monday. 

More of What's Trending on TheStreet:

At the time of publication, Cramer's Action Alerts PLUS had positions in SLB and GE.