Then, Cramer sat down with Mark Siegel, the chairman of oil field services player Patterson-UTI Energy, for his take on the industry given the decline in oil prices.
Siegel said that his company, which works primarily with on-shore drilling, has been increasing its rig count. That typically drives oil prices down, but the chairman contended that it serves on-shore oil companies well.
"We've had 12 consecutive months of increases in rig count despite oil prices, as you say, being a little bit soft," he told Cramer on Thursday. "So the reason is that the people who produce oil in the mid-continent and the Permian Basin – they figured out how to be economic at these kinds of prices. And for us, on-shore, $50 is the new $80."
In fact, declining oil prices do not affect Patterson's business as drastically as they do with off-shore and international drilling companies, Siegel said.
"We're kind of in a Goldilocks position, and the Goldilocks position is between $45 and $55 for oil prices. Quite frankly, it's not so good for off-shore, it's not so good for international, but it's pretty darned good for people who are in the on-shore business in the regions of the mid-continent and the Permian," Siegel told Cramer. "If it's between $45 and $55, we're going to do just fine."