what is bob dudley going to make of that? i do not know. we will speak to ryan chilcote. >> before ago, we had to check in at the equity market. the dax is up. call it a greece-induced rally. . >> the bp's cash crunch. they enjoy exxon. we will speak to bp's ceo. >> greece's debt plan. they played to exchange a debt in their latest bid to seal a deal. >> rates down under. australia cuts is benchmark to 2.25%. ♪ quickly good morning. you are watching "the pulse.”

bob dudley. ryan chilcote is on the ground.interview is about to happen. >> we will see you in a moment. ♪ >> welcome back. bp reported earnings. rising as much ast 5.8%. >> ryan chilcote sitting down with them ceo of bp, bob dudley. >> i am sitting down with mr. dudley. a good day for mr. dudley. earnings up. earnings of 1.6 and you came at at 2.2. nevertheless, a decline. i want to ask you about the oil price for you you said you expected to remain a low. how many years are we talking about? and what kind of range can we expect in terms of the oil price throughout? >> there's a lot of supply and depends on demand and yet we have stocks feeling of around the world. china is going but not as much and all of this has led to lots of stocks building up. you may see it building up in ships and it can go over quite a while. for us, planning on 1, 2, 3 years and balance our resources. >> what kind of range can we expect? people talk about oil or gets low as $25. as some seeing what will seen and maybe we have found the. where do you

ryan will be speaking to bob dudley. you will not want to miss that interview. >> we are getting breaking news from the u.k. telecoms sector. saying they are on track to deliver the 4% revenue growth in 2015. this is the lower end of market expectations. they do say that they are on track to deliver 2017 targets. they have reduce that to minus 1.2% in the third quarter. let's get more on those numbers. joining us now. great to speak to you this morning. give us some clarity on where you are guiding expectations. you say you remain on track to deliver the target but ebitda could be lower than market expectations. >> our -- we are on track to be at least 4% so you can see it is accelerating in the fourth quarter. we do expect profits to be toward the lower end of market expectations in part because of our acquisition that we completed a few weeks ago. in part because some of the cost savings that come with improving our customers experience are coming slightly slower than expected. you can see that they are coming because

the beat vinci executive bob dudley says despite the change in oil prices, don't expect to see $100 per for a long time. >> we could go into a period in this decade of lower oil prices. i think it will be a long time before we see $100 again.

the beat vinci executive bob dudley says despite the change in oil prices, don't expect to see $100 per a long time. >> we could go into a period in this decade

bp ceo bob dudley spoke this morning. >> i think it's going to take time. could be a long time. there is excess supply. u.s. production's still growing. we see about the rig counts what it's growing. and chinese demand of course great. growth in china is not as high as it was. so we have stock levels filling up all over the world, tanks filling up. won't be long before people putting them in ships and that take is along time to work its way off. >> is there a lot of oil news today. that's just one data point. >> i love bob. he's late here. there's already been a dramatic increase in the number of financial players taking down tankers. if you look at nordic and american tanker they will tell you that is happening now. what's interesting -- and bob dudley, i know bp is hated by many people some people never go to bp again, but this guy's a very good executive. had to deal with different challenges. bp exxon, chevron, whether by the buyback, what he said don't believe we're at the bottom. analysts are desperate to call a bottom. saw one at stifel talking. ann report anadarko report

. >> bob dudley. >> bob dudley ceo of bp. >> certainly is. a few stocks to watch this morning.in line with lowered expectations. we'll talk to an analyst in about 15 minutes. etna's earnings matches. that number still below street consensus. aetna also being impacted by rising medical costs. "the wall street journal" reports that staples and office depot are in advanced talks to merge. no word yet on the proposed terms. but the activist called for a merge last month. and rent-a-center taking a hit. late yesterday was down about 14%. as you can see the quarterly results fell short of estimates. also weak guidance was issued for the full year. >>> earlier this morning as we were just talking about, bp ceo bob dudley joined cnbc's worldwide exchange to talk about the company's results and the overall oil market. >> i think it's going to just take time. it could be a long time. there is excess supply. u.s. production is actually still growing. we see about the rate and what it's growing. of course there's great growth in china. so we have stock levels filling up all over the world.

bob dudley from ceo talking about a host of issues from the price he thinks will stay where it is now and how bp was perhaps in a better position to cope with some of these challenges and maybe some of the rivals. >> steve thank you so much. you got him to talk about everything from sanctions in russia to its exposure and what to expect going forward. bp one of the out performers today. now sticking to oil, do you think, dear viewer the price of oil has seen a bottom? let us know what you think. join the conversation here on worldwide exchange. you can get in touch with us by e-mail. tweet us at cnbcwx. >> as soon as we see a turn around everybody is speculating. >> well 11% rally in the last two days. that is notable. >> i know it is. it might well be. >> we had a bet earlier on. i thought we had hit a bottom at that time and oil was at 42. >> exactly. >> which i was wrong. >> you won. >> you owe me a cake. >> you got it. after break. >> italy's new president is being sworn in after he was elected by parliament on saturday to replace napalitano. he is 73 years old. he's had a whole h

bob dudley talking about the situation in the north sea being serious. would you ask of that claim?is going to be done about it? guest: well, the oil and gas industry all over the world faces serious challenges especially in the u.k. sector. costs are too high and efficiency is too low. these concerns are being addressed as we speak. the real challenge for the u.k. government, is that the tax take on oil and gas is far too high. it has been used as a giant cash machine for government for far too long. what we need to do to re-instill investor confidence all over the globe with operators who are making decisions about life prolongation of fields is to give the tax deal that provides certainty and predictability. we set out three components that we believe the u.k. government should implement in their budget. first, a reduction in the headline rate of tax. secondly, an expiration tax credit along the lines of norway. thirdly, an investment allowance. if you have the right tax environment, then i believe that in the medium to long term there are excellent prospects still in the waters

bob dudley told bloomberg that oil is likely to stay low for quite some time. >> you look at the fundamental supply and demand. it reminded 1986. -- it reminds me of 1986. able be a long time before we see 100 again. >> oil is up for the fourth day in a row. more than $51 per barrel. there is likely to be a settlement in the government's sub prime mortgage bond suit. s&p would pave $1.4 billion to settle claims before the financial crisis. s&p will not admit it did anything wrong. breaking news. angela merkel is saying they are going to wait for recommendations from proposals as a greek government on their debt situation. i know hans nichols has been on top of the story. what can you tell us? >> here is what we know according to a person familiar with the matter. germany is preparing to wait greece out through this next round of funding may be all the way until april or may. this is a crucial bit of reporting. that means that the showdown with greece could be much longer . it could go beyond this february 28 deadline which is when greece exits their current bailout package. that is when if t

olivia: yeah, i felt bob dudley the head of bp, saying -- central banks are in negative territory. talking with the plunge of oil. do you think the norwegian bank is the next? maury: they certainly could be. brendan: you talk a lot feeling like the 1980's, there is a great bloomberg news piece about just a much aberdeen has changed. at cafÉ boem about 30 christmas bookings were cut in december. luxury used to exist in northern scotland that is not there anymore. maury: this is a redistribution of income. away from oil producing countries to oil consuming countries. the counter to all of this will be the united states probably having a pretty good year because we are on balance and oil importer, and this is good for us. it is good for a lot of developing countries that are net consumers of oil, be it china, india but personally think there has been too much focus on the losers are not enough focus on the winners. tom: you have been out front on this. you had leadership and optimism on the american economy. you do that in your new book maury: "inside the crystal ball: how to make and

where a 40, 50 $60 oil price is what we're going to be living with for the next year or two which bob dudley the ceo of bp was suggesting that then take our minds back to the last time we had low oil prices or lower price which is is the end of the 1990s. we had major mergers. now today we have a second tier of players, bg group. those are companies not in the major category but they're having difficulties cutting their investment. cutting staff. maybe cutting dividends. that remains to be seen but those companies may be the ones that are going to be the one. there's other oil companies that may not be big enough to have the heft to go forward indepen den independently. >> thank you very much. >> of course we have been following the news coming out of frankfurt. the greek finance minister saying he is having a fruitful discussion with the ecb president mario draghi and says we cannot continue with business as usual. of course he has been on this whistle stop tour. he is points higher posing to raise 10 billion euros in short-term treasury bills as a way to raise some financial aid and allow