Jim Cramer Says if Oil Goes Up You’ll Want to Own Chevron

TheStreet's Action Alerts PLUS Portfolio Manager Jim Cramer said despite the profit declines at Exxon (XOM) - Get Report and Chevron (CVX) - Get Report in the first quarter, the companies are doing relatively well. Cramer said, 'What's important is that Exxon took out 33 percent of their capital expenditures and they have a fantastic chemicals division that people haven't been thinking about. The upstream was not good, but the downstream was very, very good.  Chevron has had quite a run, so those who want to take profits, totally understandable, but they didn't handle things as well as Exxon.' Cramer said that if oil goes up, Chevron is the one to own.

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