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NEW YORK ( TheStreet) -- Oil giant Hess ( HES) is following the formula that works, and that's splitting itself up to create value, Jim Cramer told Debra Borchardt at TheStreet.com Monday. Unfortunately, that isn't enough for activist investors who are looking for more. Cramer said Hess is bringing out value by separating its production and refining business, just like so many other big oil companies have done of late. That's great news for shareholders of the company because that strategy has worked extremely well for other companies. But Hess' efforts don't appear to be enough for activist shareholders looking for an eventual sale of the company to a larger player. Cramer said splitting itself into even smaller pieces will likely not be good for the company, but it could spark such a sale -- which is why investors win both ways and should hold onto the stock. To sign up for Jim Cramer's free Booyah! newsletter, with all of his latest articles and videos, please click here. -- Written by Scott Rutt in Washington. To email Scott about this article, click here: Scott Rutt Follow Scott on Twitter @ScottRutt or get updates on Facebook, ScottRuttDC