While we don't own companies as mergers-and-acquisition plays, the potential for more tie-ups could have significant implications for our remaining oil name: Coterra Energy (CTRA). Chevron's market cap is around $324 billion, while ConocoPhillips is worth roughly $152 billion, based on Thursday's stock prices. Companies in this basket could include Coterra, Devon Energy (DVN) and Diamondback Energy (FANG). Coterra is valued at roughly $22.4 billion Thursday, while Devon and Diamondback are valued at $31.7 billion and $30.5 billion, respectively. The shift has generally been positive for the stock prices of oil companies.

---

Persons: Gabriele Sorbara, Siebert Williams Shank, Nitin Kumar, I'm, Kumar, Pioneer's, Devon, Paul Cheng, Cheng, Jim Cramer's, Mizuho's Kumar, Jim Cramer, Jim, Paul Ratje Organizations: Exxon Mobil, Natural Resources, Coterra Energy, Exxon, Co, Chevron, ConocoPhillips, Mizuho Securities, Companies, Devon Energy, Diamondback Energy, Marathon, Bloomberg, Scotiabank, Pioneer, Jim Cramer's Charitable Trust, CNBC, Afp, Getty Locations: U.S, West Texas, New Mexico, Coterra, Devon, Oklahoma, Houston