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Squawk on the Street

Cramer’s Morning Take: Oil and Meta 02/28/23

Squawk on the Street

CNBC

Business, Investing, News

4.1567 Ratings

🗓️ 28 February 2023

⏱️ 3 minutes

🧾️ Download transcript

Summary

Cramer’s take on oil demand and what’s next for Meta. Become a CNBC Investing Club member to go behind the scenes with Jim Cramer and Jeff Marks as they talk candidly about the market’s biggest headlines. Signup here: cnbc.com/morningtake CNBC Investing Club Disclaimer

Transcript

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0:00.0

I'm Jim Kramer and you're about to hear a sample taken directly from today's

0:06.5

CBC Investing Club morning meeting.

0:09.0

We've been dumping SPR.

0:11.0

There's a lot of, I have Enbridge on tonight and Chevron.

0:14.0

There's a worldwide glut.

0:15.5

We don't know where to put the oil, but we know we can export it.

0:19.0

We try to undercut perhaps the crude that goes into China. I don't know.

0:23.6

As long as Russia is keeping a lid and the SPR is keeping a lid, that's how you have oil down here.

0:30.6

The level of demand of oil is probably higher. But I was talking with Jeff Apropos of our Saturday meeting, we want to consolidate around one of our oils.

0:41.0

And we're going back and forth, Devin, I think, lost my imprimatur because of the way that they handled that quarter.

0:47.9

Cotera, oddly enough, had maybe the best quarter and a change in strategy.

0:52.9

Yeah, people like the shift towards more buybacks over the variable dividend.

0:58.0

Makes sense for where the stock trades today to do more buybacks instead.

1:03.0

That makes sense.

1:04.0

So Pioneer, you obviously get a much bigger dividend yield compared to Devin down here. Well, it's a work in progress.

1:11.6

There's pros and cons.

1:12.6

I don't feel like we have an answer yet.

1:13.6

Yep.

1:14.6

I think that more importantly, you can't sell oil down here after that incredible underperformance.

1:20.6

We've made our sales.

1:22.6

I mentioned that I regretted some of our sales.

1:24.6

That was my demanding because I just didn't want to be as

...

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