A Buying Opportunity In the Oils?

"The huge decline in the oil futures means that you can now begin to buy the oils or at least, the high-quality growth oil names," Cramer said Friday, adding he's interested in EOG Resources.

The Houston-based company had long been a natural gas player, but Cramer noted it's recently transformed into an aggressive exploration and production company that primarily sells oil. Management made the switch roughly three years ago and the company could now get 69 percent of its annual revenues from oil. It plans to increase oil production by 55 percent this year and by 30 percent in 2012, Cramer said.

EOG reported a strong quarter after Thursday's close. Its earnings came in at 68 cents a share, which is a 14 cent beat on a stronger-than-expected revenues that rose by 38.4 percent year-over-year. To learn more about the quarter, Cramer spoke with CEO Mark Pappa. Watch the video to see the full report.

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