NEW YORK (TheStreet) -- TheStreet's Jim Cramer explains why the deal between Halliburton  (HAL - Get Report) and Baker-Hughes  (BHI) is looking better than ever.

Cramer notes the reduction in drilling that's going to come in 2015 and says this is a great opportunity to be defensive against that because there will be so many costs taken out. He says this "looks like a juggernaut coming together."

Cramer says he thinks Baker Hughes looks like a buy at $55, and the same goes for Halliburton at $40.

Must Watch: Jim Cramer: Halliburton-Baker Hughes Deal Looking Better Than Ever

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He says the future is grim for 2015 because oil prices have plunged so far. But he adds if you look at this in the same way as many other times when oil has come down, then there will be a self-corrective mechanism. In that case, next year could be better than this year, which means you'd want to buy the stocks now.

Cramer says he does not think Halliburton would drop to $25 or $30, and he thinks you can buy it with the possibility that it hits $35. He recommends buying some stock now and some later.

HAL Chart HAL data by YCharts

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