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The oil and gas stocks are struggling, to say the least, what with crude below $40 a barrel and natural gas at just $5.54 per cubic thousand feet. Such low prices seem to portend an extended recession, but Cramer’s shrugging off the doom and gloom. The world beyond Europe and the U.S. isn’t as weak as people think, he said, nor is demand for the commodities.
That’s why he’s been bullish on Anadarko Petroleum [APC
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]. APC looks to be outperforming its peers, with fewer reductions in capital expenditures and no cutback in drilling activity. The company is exploring, too, with a successful test well in Ghana announced just today as well as some prospects in the Rocky Mountains.
APC is down $43 from its high, so the stock looks like an enticing buy. But just to be sure, Cramer invited Chairman, CEO and President James Hackett on the show to answer some questions. Watch the video to see what Hackett had to say about Anadarko’s prospects.
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