Jim Cramer: Oil Prices Not Good for Oil Stocks

Exxon Mobil and Chevron shares were up too much heading into earnings so their respective post-earnings selloffs are not surprising, says Jim Cramer.
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Exxon Mobil (XOM) - Get Report and Chevron (CVX) - Get Report shares were up too much heading into earnings so their respective post-earnings selloffs are not surprising, says TheStreet's Jim Cramer. Exxon Mobil posted second-quarter earnings of $0.41 a share, below estimates of $0.64 a share. Chevron posted adjusted earnings of $0.35 a share, surpassing analysts projected $0.32 a share. Revenue came in at $28 billion, falling just short of analyst's expectations of $28.5 billion. The best name in the oil patch is Schlumberger (SLB) - Get Report in Cramer's view.

At the time of publication, Jim Cramer's charitable trust Action Alerts PLUS held no positions in stocks mentioned.