Buy the Anti-BP?

Since BP’s deepwater rig exploded in the Gulf of Mexico on April 20, the market has indiscriminately taken down virtually all of the oil-services stocks – even those with minimal exposure to the region. But not every company deserved the hit.

Still, Cramer doesn’t expect the selling to stop until the oil stops flowing. The one positive in all of this, though, is that investors can buy some great stocks at bargain-basement prices. Like Weatherford International , which is down 26% since April 20.

Weatherford, the fourth-largest diversified oil-services company, offers some of the best growth in the business, Cramer said, and it’s taking place overseas, far away from the Gulf. Iraq, Brazil, Algeria and parts of Asia will all feed into what Weatherford expects to be 30% international growth for the full year.

Cramer said the reason for the outperformance was Weatherford’s willingness to invest much more money than rivals Schlumberger , Halliburton or Baker Hughes in its assets during the downturn. Now the company is positioned to see greater earnings, margins and and sales when the oil markets turn up. Plus, the Weatherford has a two-year lead time on its competitors, something that should allow for some share taking as the oil-service business bounces back.

No doubt the Gulf will continue to weigh on WFT, Cramer said, but he thinks the overseas opportunities are too attractive to ignore. To find out what investors should expect next, he invited Chairman and CEO Bernard Durc-Danner onto the show.

Watch the video for the full interview.

When this story published, Cramer’s charitable trust owned BP and Weatherford International.

Call Cramer: 1-800-743-CNBC

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