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Cramer: Chevron earnings were 'incredible'

CNBC's Jim Cramer said Friday he was impressed with Chevron's latest quarterly earnings.

"Chevron ... was incredible," Cramer said on "Squawk on the Street." "They are like the Kansas City Royals, man."

The company reported third-quarter earnings of $1.09 per share, well above the expected 76 cents a share. Chevron also said production fell 1 percent to 2.5 million barrels.

"Chevron was able to do what I keep waiting for some oil companies to do: Just shut the tap off," Cramer said. "Oil should be going up on these quarters ... because these guys have shut the tap."

The energy giant's stock was up slightly midmorning Friday.

— Reuters contributed to this report.

Disclosure: Cramer's trust did not own Chevron's stock when this article was published.