He said the company is currently spending billions of dollars trying to boost production rates. In the second half of 2014, production growth should be much stronger, which will give a boost to the stock.
Cramer added, "I think Chevron is a major buy" at current levels.
Turning to Apple (AAPL), another AAP holding, Deutsche Bank initiated the stock as a buy with a $650 price target. So far, the rating change has yet to give the stock a boost, making Cramer wonder, "Where have the buyers gone?"
Apple should not be trading lower on this report, he argued.
-- Written by Bret Kenwell in Petoskey, Mich.