Jim Cramer, portfolio manager of Action Alerts PLUS, believes oil prices are in the process of bottoming out, and he likes Occidental Petroleum (OXY) and EOG Resources (EOG). Cramer said Occidental has the best cash flow to cover its dividend, and EOG, while it’s shut down a lot of projects, has said it could restart them. Cramer also said Exxon Mobil (XOM) is going to look interesting again, but he added investors shouldn’t buy Marathon Oi l(MRO) because it’s challenged on its dividend. Cramer said he believes oil is bottoming based on comments made by two people he really trusts, including Real Money energy expert Dan Dicker, and Cheniere Energy (LNG) CEO Charif Souhki. Cramer said within a span of a few hours on Monday, both Dicker and Souhki came out and said a bottom is being put in the oil market. He noted they were both bears on the oil market who turned bullish. Cramer spoke with TheStreet’s Rhonda Schaffler from the floor of the New York Stock Exchange.
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