For his second "Executive Decision" segment, Cramer spoke with Mark Papa, CEO of EOG Resources ( EOG), an oil driller that reported a seven-cent-a share earnings beat on a 82% year-over-year rise in revenue. EOG enjoyed a 100% success rate in drilling new wells this quarter. Papa said that given recent takeovers in the industry, it's clear that the Eagleford shale region of the U.S. has the highest rate of return of any oil asset in America. He said using current metrics, EOG should be valued far higher than the market currently does. Papa went on further to explain the importance of the Eagleford region. He said that a good well in any other part of the country starts off producing 1,000 barrels of oil a day. In Eagleford however, wells have been producing upwards of 3,000 barrels a day. Additionally, Papa said that the region can support more wells, closer together than previously thought, making the recoverable oil in the region also higher than forecast. When asked why EOG appeared to be scaling back in North Dakota's Bakken shale region, Papa said that the Bakken remains important, but the company needed to move some rigs to areas where its leases require it to drill. He said that in the Bakken, EOG has earned many of its leases already, so there is less pressure to drill immediately. Finally, when asked about environmental concerns over the new oil boom in America, Papa reminded viewers that wells have been fractured since 1947 in the U.S. and there hasn't been a single case of tainted drinking water. He said our country simply needs more education on how his industry is taking advantage of the precious gift that has been given to our country. Cramer commended Papa and EOG for a stellar quarter.
Cramer was bullish on Darden Restaurants ( DRI) and Alpha Natural Resources ( ANR). He was bearish on Tata Motors ( TTM).
In his "No Huddle Offense" segment, Cramer did an abrupt about-face on Diamond Food ( DMND), a stock he had been recommending on the heels of its announced acquisition of the Pringles potato chip brand. Earlier today, news surfaced that accounting issues may delay the acquisition under the first half of 2012, sending shares down $11. Cramer reminded viewers that accounting issues always equals sell in his book. He said he knew absolutely nothing about what the problems are or how serious they could be. While it might seem like a good idea to buy blindly with shares having been pummeled so drastically, Cramer said that if the deal fails to close, the growth prospects for Diamond are gone, which makes that blind faith worthless. "I cannot recommend Diamond until we know more," Cramer concluded. --Written by Scott Rutt in Washington, D.C. To contact the writer of this article, click here: Scott Rutt. Follow TheStreet on Twitter and become a fan on Facebook. To submit a news tip, send an email to: email@example.com. To watch replays of Cramer's video segments, visit the Mad Money page on CNBC. Want more Cramer? Check out Jim's rules and commandments for investing from his latest book by clicking here.