Jim Cramer kicked off his members-only Action Alerts Plus monthly call by talking about Chevron's (CVX - Get Report) purchase of Anadarko (APC - Get Report) . 

Chevron (CVX - Get Report) said Friday it plans to buy Anadarko Petroleum (APC - Get Report) for $33 billion in cash and stock, reported TheStreet's M. Corey Goldman.

Chevron said it will pay $65 a share to Anadarko shareholders, who will receive 0.3869 a share of Chevron and $16.25 in cash for each Anadarko share.

The total enterprise value of the transaction is $50 billion.

The deal comes amid a rebound in global oil prices, fuelled in large part by bets among investors that OPEC supply cuts, sanctions on Iran and Venezuela and escalating military tensions in Libya will continue to support markets.

Cramer explained that he believes that Anadarko "redeemed" itself by selling to Chevron. 

And, while the portfolio has been upset with the oil stocks that they own, Cramer said that his team is going to assess whether or not they keep the Chevron shares that they'll be getting from the sale. 

Want to hear what else Jim Cramer had to say during his exclusive Action Alerts Plus members only call? Click here.

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