The companies beat on earnings per share and revenue estimates, although some have flagged Chevron's $675 million asset sale as the reason it topped consensus earnings expectations. Nevertheless, these two are likely being overshadowed, as Amazon (AMZN - Get Report) , Alphabet (GOOGL - Get Report) , Microsoft (MSFT - Get Report) and Intel (INTC - Get Report) all reported -- and beat -- earnings expectations.
Without surprise, tech is in focus Friday. But the oil giants didn't slip the mind of Jim Cramer. Speaking on CNBC's "Mad Dash" segment, Cramer said because the companies have so many different energy businesses, it allowed them to ride through the storm. As many investors very well know, the energy sector has been anything but calm over the last few years.
For example, even though oil prices have been on the rise, natural gas is hitting new lows, thanks to unseasonably warm weather. That's got Chesapeake (CHK - Get Report) stock in the gutter. Cramer, who also manages the Action Alerts PLUS charitable trust portfolio, called Chesapeake a "little J.C. Penney (JCP - Get Report) " -- not exactly a compliment given the latter's 22% slide on a worse-than-expected report Friday.
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Chesapeake is highly levered to natural gas and although it does have oil exposure, too, it doesn't have the diversified upstream, downstream and midstream exposure that Exxon and Chevron have, he explained.
Chevron has a little bit better growth, but both will be fine. These companies use multi-decade outlooks, meaning they are built for the future, Cramer concluded.
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