TheStreet's Jim Cramer describes Williams Partners (WPZ)  as "very complicated," adding that master limited partnerships "have become much too hard to fathom."

But as oil goes up, everything goes up, Cramer says. "It's a rising tide lifting all boats," he says.

Cramer, however, adds he is not going to recommend Williams Partners.

Tulsa, Okla.-based Williams Partners owns, operates, develops and acquires natural gas, natural gas liquids (NGLs) and oil gathering systems, and other midstream energy assets.

Williams Cos.  (WMB) which owns the general partner of and controlling interests in Williams Partners, is in the process of being acquired by Energy Transfer Equity  (ETE).

Williams Partners in February reported adjusted Ebitda of $1.06 billion in fourth-quarter 2015, up 25% from the same period in 2014. It reported unaudited fourth-quarter 2015 net loss attributable to controlling interests of $1.605 billion, versus net income of $382 million in fourth-quarter 2014. This was driven mainly by a $1.1 billion noncash impairment of goodwill and $859 million of noncash impairments in connection with some equity-method investments.

In January, Williams Partners unveiled plans to reduce its 2016 capital budget by nearly a third. The company announced it was cutting capital expenditures by $1 billion to $2 billion.

TheStreet Ratings has a sell recommendation on Williams Partners, according to an April 10 report.

"This is driven by a number of negative factors, which we believe should have a greater impact than any strengths and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, weak operating cash flow, generally high debt management risk and generally disappointing historical performance in the stock itself," the report stated.

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