NEW YORK (TheStreet) -- On CNBC's "Cramer's Mad Dash" segment, Jim Cramer said Exxon Mobil (XOM) beat earnings expectations by cutting production growth.
The move pleased Warren Buffett, Cramer said, as the oil giant distributed $5.7 billion to shareholders through dividends and share buybacks.
With other oil and gas companies, you are seeing double-digit growth of 25% to 30%, but Exxon didn't deliver that, Cramer said. The company made its quarterly numbers by cutting capital expenditures by 28% and by cutting back on exploration. "That's not what you want," he said. "It's what Buffett wants. What Warren wants, Warren gets."
"I like growth," Cramer said. "We were getting better growth from oil companies than from technology and that's why Exxon will not rally big" on this earnings beat.
BP (BP) and Royal Dutch Shell (RDS.A) both had good numbers when they reported earlier this week. That's why Exxon ran up its numbers, Cramer said.
-- Written by Anthony Buccino in New York..