Jim Cramer says that while oil stocks are something of a "trading story" right now, here are four names in the sector that he told members of his Action Alerts PLUS club for investors that likes -- and that he owns in his charitable trust:

Apache Corp. (APA)
Cramer said this week in an exclusive call for AAP members that he likes Apache Corp. because of the oil firm's recent Alpine High shale-oil discovery in West Texas. "Alpine High [is] going to be every bit as big as we had hoped," he said.

The stock-picker said his charitable trust bought a lot of APA below $50 and might temporarily trim some back because APA is up around $51 a share. "But I also want to have the room if it comes back to the mid-$40s to buy it [again]," Cramer said.

Cimarex Energy (XEC)
Cramer said XEC is "a great growth story. ... The stock's going to be up gigantically one day and we'll be there."

He plans to add to his trust's existing XEC stake if the name drops down to $115 from its current $117.60 or so.

Magellan Midstream Partners (MMP)
MMP "is not an [oil-price] play; this is a play on taking oil out of the ground" at a time of near-record oil drilling, Cramer said.

He added that Magellan Midstream also offers about a 4.75% yield.

Schlumberger (SLB)
Cramer called Schlumberger "is the greatest drilling story ever. It's the best oil-service story ever."

Add in the fact that SLB currently yields about 2.8% and Cramer said he wants to increase his charitable trust's Schlumberger stake if the name pulls back to around $70. Schlumberger closed on Friday at $71.75.

Want to join in on Jim's monthly conference calls? Click here for a free 14-day trial subscription to Action Alerts PLUS and hear all of this month's call, plus get e-mails before Jim makes any trade and enjoy lots of other exclusive material.

Editors' pick: Originally published May 19.

Action Alerts PLUS, which Cramer co-manages as a charitable trust, is long APA, XEC, MMP and SLB.

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