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[video] Dicker: BP Stock Pops -- Will Other Majors Follow?

Tickers in this article: BP COP CVX K PFE XOM
NEW YORK (TheStreet) -- I was talking to Jim Cramer today about BP and the other major oil companies including Exxon Mobil , ConocoPhillips and Chevron .

BP reported its quarterly earnings on Tuesday and the other majors are scheduled to report tomorrow and Friday.

I thought BP provided a terrific insight into how to play the earnings of the other majors while also pointing out the vast value that remains in BP. I had recommended holding BP before any other major because I felt that their assets were being undervalued because of the continuing law suits surrounding the Deepwater Horizon oil spill in 2010.

But other aspects of the BP report will, I think, mirror much of the financial reports coming from the other three American oil majors. There has been a consolidation trend of asset sales and a dropping profile of oil production, both seen in the BP report. Included with those asset sales and consolidation has come increasing returns to shareholders in the form of share buybacks and dividend increases, again seen in the BP report.

I suggested to Jim that owning the majors is very much a proxy of a bond trade, with steady, if not rising dividends, countered by static or even dropping growth. He made a parallel to stocks like Pfizer and Kellogg , which I thought appropriate.

I talk more about the majors and their prospective quarterly reports with Jim in the video above.

At the time of publication the author is long BP.

This article was written by an independent contributor, separate from TheStreet's regular news coverage.