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Energy Up: Cramer Plays Domestic Discoveries

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"This is one of the best independent oil and gas producers in the US," said Cramer.

The Mad Money host was talking about EOG Resources, an energy producer with acreage in the Bakken and Eagle Ford shales, two of the biggest domestic oil discoveries since Prudhoe Bay in the '60s.

Jim Cramer has been excited by the potential of domestic oil discoveries for quite some time. Back in January he called the trend a multi-year game changer.

An oil drilling rig is seen drilled into the Bakken Formation, one of the largest contiguous deposits of oil and natural gas in the United States.
Karen Bleier | AFP | Getty Images
An oil drilling rig is seen drilled into the Bakken Formation, one of the largest contiguous deposits of oil and natural gas in the United States.

That's because Jim Cramer believes new technology that allows oil and gas to be obtained from non-traditional sources will ultimately lead to energy independence for North America.

And in his opinion EOG Resources is among the best positioned to benefit from the revolution that's about to get underway.

It appears the Street shares Cramer's view. Shares of EOG surged 7% on Tuesday after the company reported earnings that Cramer said could only be described as a 'blow-out quarter.'

Looking at the numbers a little more closely, EOG had a profit of $495 million, or $1.82 per share, compared with $324 million, or $1.20 per share in the same period a year earlier.

Oil and gas output rose 6 percent to 475,000 barrels oil equivalent (boe) per day. Crude oil production rose 33 percent, the Houston company said.

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Although Cramer never advocates chasing gains, he also believes in domestic energy independence Is an invsetable theme for the long-term. In circumstances such as these, the Mad Money host recommends watching for a pullback, picking an entry point and then pulling the trigger strategically.

"The stock has now returned 53% since I recommended it in August of 2011, and it's up 12.75% since we last spoke with the CEO this past December on Mad Money," said Cramer. Long-term the upward trend should continue. "This one isn't done going higher."

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