Jim Cramer expects the price of oil to stay in the $40s for a while, but he still sees plenty of opportunities in the oil patch. He called Anadarko Petroleum's recent move one of the best he has ever seen.
Last week, Anadarko announced it would acquire Freeport-McMoRan's deep water oil assets in the Gulf of Mexico for $2 billion.
"You better believe that deal caught my attention. I think this is a brilliant move by Anadarko that is going to pay off big time, especially because Freeport really desperately needed to sell those assets," the "Mad Money" host said.
Cramer has been watching the high-quality exploration and production companies that issue stock to buy lucrative oil and gas assets. Oil companies like PDC Energy, SM Energy and Pioneer Natural Resources have all made opportunistic moves to buy acreage and turn a profit drilling, and Cramer thinks it is a fantastic strategy.