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Stocks discussed on the in-depth session of Jim Cramer's Mad Money TV Program, Tuesday May 3.

3 Wildcat Oil Plays: Anadarko (NYSE:APC), Hess (NYSE:HES), Occidental Petroleum (NYSE:OXY). Other stocks mentioned: Honda (NYSE:HMC), Toyota (NYSE:TM), Chesapeake (NYSE:CHK)

With the price of oil finally falling, Cramer discussed three wildcat oil and gas exploration companies that will benefit from lower oil. Since Cramer expects oil to continue to go lower, he would build positions in any of these stocks on the way down:

1. Anadarko (APC) reported a stellar quarter with a 14 cent earnings beat. This company has in the past seemed like an unfocused exploration outfit, but with new acquisitions and the funding of its exploration from low-risk onshore assets, Anadarko is making new finds worldwide.

2. Hess (HES) was once called the "cowboy of the oil business." This was not meant to be a compliment, but Hess has become more businesslike and as one of the pioneers of the Bakken, where it produces 25,000 barrels a day and has 18 rigs. Hess has recently made a huge discovery in Ghana which could be worth $6-$7 per share for the company. Hess has pulled back the most dramatically because it is the most levered to the price of oil.

3. Occidental Petroleum (OXY). This international oil and gas explorer is a wildcatter in California where it drills vertically and has 150 wells. OXY has only just begun its California driling and the company's value could double. However, as with many other wildcatters, the stock could go down before it goes up.

Cramer took some calls:

Oil prices are being dramatically affected by ETFs and margin buying. He thinks the government should investigate these ETFs in its search for the cause of excessively high oil prices.

Chesapeake (CHK) reported a disappointing quarter. Cramer thinks the company should just stick to drilling and forget about the financing business.

Honda (HMC) and Toyota (TM) are both suffering from the aftermath of the disaster in Japan. Cramer is not a buyer of these stocks.

Off the Charts: Caterpillar (NYSE:CAT)

It is hard to buy something after it has had a big move, but Caterpillar (CAT) might have more room to run, even after its huge gain from $30 to $113 in the past two years. Caterpillar's chart shows a pattern of consolidating sideways before moving higher again and again. Technical analyst Tim Collins sees an ideal "W" pattern for the stock and thinks it could go to $120 or $122. Collins suggests buying the stock on a decline to $112.50. On the fundamental side, the company has been cutting costs, making acquisitions and improving efficiency. In spite of its huge move, Caterpillar trades at a multiple of only 13, and is cheap.

Procter & Gamble (NYSE:PG), Altria (NYSE:MO), Pepsi (NYSE:PEP), Clorox (NYSE:CLX), Whole Foods (WFMI), Hain Celestial (NASDAQ:HAIN)

High flying stocks are getting shot out of the sky as investors are looking for shelter in defensive stocks as evidenced by moves in Procter & Gamble (PG), Altria (MO) and Pepsi (PEP). However, not all defensive stocks are so safe. Clorox (CLX) got hammered after a disappointing quarter it blamed on pricing pressure and rising raw costs. Clorox simply couldn't manage to pass on higher prices without consumers looking elsewhere. When looking for defensive stocks, opt for those that have strong brands consumers are willing to pay up for rather than items that are easy to imitate.

Cramer took some calls:

Whole Foods (WFMI) is going to continue to decline for the next few days along with other momentum stocks, but Cramer says there is hope for WFMI after Hain Celestial's (HAIN) fantastic quarter.

Tupperware (NYSE:TUP), Avon (NYSE:AVP), Herbalife (NYSE:HLF)

Direct sellers are finally getting their due on The Street as these companies are taking emerging markets by storm. Direct selling delivers the personal touch and people often are more likely to buy products from people they know. Tupperware (TUP) is seeing huge gains, Avon (AVP) which has been an underperformer, reported an upside surprise and Herbalife (HLF) reported a 19 cent earnings beat with a 28% rise in revenues.

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Source: Cramer's Mad Money - 3 Wildcat Oil Plays (5/3/11)