With Donald Trump's election into the White House, Jim Cramer is on the hunt for money managers' plays under the new leadership. He has his eye on the oil patch.

With Trump in the White House and the Republicans controlling Congress, many investors expect less regulation. This was clear from the rotation into bank and drug stocks this week, and Cramer expects the oil industry to be the next group to be picked up.

"With a Trump presidency on the horizon, I expect the oil industry to benefit from a wave of deregulation," the "Mad Money" host said.

Cramer focused on the exploration and production companies that could still survive with the price of crude in the low $40s. His top pick was EOG Resources, which is one of the largest independent oil companies in the patch.

"The thing that really sets EOG apart, though, is that it still has an ambitious agenda to increase its production, which makes this stock the best growth play in the oil patch," Cramer said.

EOG is all about efficiency. It drills on its own acreage to find the lowest cost reserves in an effort to get the greatest amount of cash from each unit of production.

EOG's stock was hurt badly when the price of oil initially went into free-fall more than two years ago. However, Cramer noted that the company has had tremendous gains for 2016, even though it has lost money each quarter and suffered declines across most businesses.

For example, when it reported its most recent quarter it had a slight top-line beat, but had a larger-than-expected loss. What really excited investors, though, was that management raised its long-term production growth forecast.

Back in August, EOG forecasted 10 to 20 percent production growth through 2020. That caught Cramer's attention. The fact that the company raised its prediction in such a short period of time indicated to him that management is bullish on its business.

However, one thing Cramer wanted investors to remember is that EOG is a growth stock, not a value or yield play.

"When you buy a growth stock, you are not betting on its current numbers, you are making a bet that the company will be able to grow its sales and earnings dramatically over time," Cramer said.

That is why growth stocks can seem expensive — investors buying them aren't looking at this year's earnings. They are valuing the stock based on what they think it could potentially generate in two or four years.

"If EOG slips up and fails to meet those long-term expectations, the stock can get hammered as it has little dividend protection. But in this case, I very much like the risk-reward," Cramer said.

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