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Stocks discussed in the in-depth session of Jim Cramer’s Mad Money TV program, Wednesday May 24. Click on a stock ticker for more analysis:

Oil Aboard!

"Expensive oil is here to stay and is not going away any time soon," Jim Cramer said. He looked at the oil patch production process and chose the winners in the industry. Of the stocks listed, Cramer strongly recommends buying NOV, NBR, RDC, and GSF:

    National Oilwell Varco (NOV):Cramer's rigmaker choice.

    Nabors Industries Ltd. (NBR): Oil Rig Operators

    Rowan Companies (RDC): Shallow Offshore Drilling

    Globalsantafe Corp. (GSF): Deeper Sea Drilling. This company has a $7 billion order-book backlog and just announced a $2 billion buyback.

    Smith Intl (SII): " ... the best drill bit player in the business," according to Cramer. This company recently announced a 20-million share buyback program, which will provide security in a challenging market.

    Grant Prideco (GRP RETIRED): This is not a pure drill pipe play, but it makes an excellent product, according to Cramer.

    Hydril Co. (HYDL): Blowout Preventer/Well head gear. HYDL not only is involved in a large-scale buyback, but it beat its most recent earnings estimates by 9 cents a share.

    AMCOL Intl (ACO): Drilling fluid and mud

    Weatherford Intl (WFT): Drill Rental

    Superior Energy Services (SPN): Drill Production

    FMC Technologies (FTI): Subsea Equipment

    Tetra Technologies (TTI): Oil Rig Decomission. "Wall Street estimates for this stock keep going higher and higher," Cramer said.

Seeking Alpha publishes a summary of Jim Cramer's stock picks every day including: Mad Money Recap, Lightening Round, Stop Trading and his Radio Show.

Source: Jim Cramer's Mad Money In-Depth Stock Picks 5/24