Attendees inspect the new iPad Pro during the 2017 Apple Worldwide Developer Conference (WWDC) at the San Jose Convention Center on June 5, 2017 in San Jose, California.
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.”