Schlumberger's third-quarter earnings results shed more light on the state of the oil and gas industry than Wall Street realized, CNBC's Jim Cramer said on Monday.
"The long-term commentary here was a lot more bullish than some people seem to realize. After spending years in purgatory, Schlumberger now says that the oil industry's about to get back on track," the "Mad Money" host said.
On Schlumberger's conference call, CEO Paal Kibsgaard said that, as supply and demand for oil fall into balance, producers will start spending again, giving oilfield services giants like Schlumberger an eventual boost to their numbers.
"The best thing that could happen to Schlumberger long term is a healthy oil market where crude can go higher. The company believes we're getting there, but the oil service industry might need to experience some near-term pain first," Cramer said. "At these levels, with oil possibly making a major comeback next year ... I think you're getting an excellent buying opportunity in the best stock of the best company in the entire industry, Schlumberger."