anna: bob dudley being optimistic about the global oil market.he market is coming back into balance later this year. ryan: for longer, but not forever. anna: saying today that market fundamentals continue to suggest the combination of robust the man and week supply will move global oil markets closer to balance by the end of the year. ryan: yet, he remains the cost cutter. we see for the first quarter cap ax at $4 billion on accrued basis. was between $17 billion and $19 billion for this year and next year, saying it should be at the lower end. this suggest they could maintain that or even come in below the $17 billion number. that is what you were looking at. piers: really, it is more about discipline. we were worried that the programs were continuing without any reference to the value. we were looking for some discipline. we'll want to lose the future value of the business. there is a constant balance of getting that right and recognizing conditions. i remember in january we were talking about oil prices and we had a two in front of it. we set

bp shareholders have voted against a $20 million pay deal for bob dudley. the vote was nonbinding, so even though bp cut 5000 jobs last year and faced state losses on weak oil prices, dudley gets a 20% pay rise. he settled with u.s. authorities over the gulf of mexico oil disaster. the central meds -- the settlement pushed it deeply into the red. let's cross live to our man on wall street. we have been talking about shareholders of bp becoming angry. could we say shareholders at u.s. oil firms are looking for a change? guest: we are looking in the next couple of weeks to the earnings of the big oil companies and analysts are calling it a brutal quarter and that might not even changed in the second quarter. it depends on the size of the oil companies. if you look at exxon mobil, they are big in the refinery business and actually profits from the price of oil and they are strong in a chemical business. if you look in the energy and oil sectors, we will see steve losses over there and we could see bankruptcies in this area. it is a rather rough time at the mom

the oil giant stead that investors rejected a 20% pay increase for ceo bob dudley. bp reported a loss meanwhile of $6.5 billion last year. its worst annual loss in 20 years. the company also warned it may have to cuttist dividend and that pressured shares in today's trading down 1.5%. >>> the slump in oil prices is hurting the most valuable bank in the u.s. by market cap. that's wells fargo. despite reporting better than expected earnings, the bank's profit dropped from a year ago. its oil and gas portfolio remains under "significant stress" and last quarter it had to set aside more money to cover its exposure to oil and gas. >> which is both a price issue as well as a leverage issue for the sector. i'll say at wells fargo we managed to produce $5.5 billion word of net income while increasing reserves for energy loans and taking some charge-offs as well. we feel like we've got a good balance and a great outcome. >> shares fell slightly today and are down more than 10% this year. >>> there's a new front to tell you about in the standoff between silicon valley and the

the details plus ceo bob dudley's call on oil prices coming up. >> apple ready to roll out results. we'll bring you the three things to watch. >> and 2016 decision, five key primaries today. could be make or break for many of the presidential hopefuls. it is tuesday april 26, 2016. ♪ oh i think i found myself a cheerleader ♪ ♪ shes

the details plus ceo bob dudley's call on oil prices coming up. >> apple ready to roll out results. we'll bring you the three things to watch. >> and 2016 decision, five key primaries today. could be make or break for many of the presidential hopefuls. it is tuesday april 26, 2016. ♪ oh i think i found myself a cheerleader ♪ ♪ she is always -- >> good morning. i'm sara eisner. >> and i'm wilfred frost. right to the market action. yesterday we saw slight declines. about .2% for the s&p. the dow called hired about 20. the s&p 4 and the nasdaq by about 8 points, 2 points following some gains elsewhere in the world. ten year phonote as well. we've seen yields tick higher over the last ten days. bang on now 1.9%. >> global stocks are moving higher in the early action. ahead of key central bank decisions and heavy earnings. europe, earnings movers helping kill gains in early action right now. bp on the move which will hit in a moment. there it is german dax. fractional gains. france is negative. ftsi 100 and italy both positive. italy with a gain of about 1.5%. mostly declines in asia def

. >> you surprised the analyst and bob dudley surprised the analyst.hat is it they have been getting wrong that they don't understand about what's going on in the oil industry right now? do. focus on what i can i guess what might surprise a little bit is the ongoing method to increase efficiency, reduce costs and the approach to our industry and the impact it has on the cost structure of the company. >> do you see any scope to go beyond what you have already and announced?ady quarter, sohe first strong this is been documentation that we are on track for the targets we established a couple of months ago. we targeted $2.5 billion u.s. and we are working hard to achieve that. anna: the brent price this morning around $46 a barrel. the p and other oil companies if it isbout $50 as some sort of magic number for the industry. is $50 a magic number for you? quest there is no magic number for me. if still too much physical .apacity out there there is still downward pressure , an indication that we might be heading toward rebalancing. we should expect volatilit

this comes as the ceo of bp, bob dudley, is facing growing revolt from the company's own shareholders over his record-setting $19.6 million paycheck for 2015. some shareholders are expected to attempt to block the dudley's pay raise, up 20% from the previous year, during a vote at the annual shareholder meeting next week. meanwhile, the justice department has filed an anti-trust lawsuit to block a merger between energy giants halliburton and baker hughes. they are the second and third largest oilfield service companies in the world. environmental groups heralded the lawsuit. food and water watch head wenonah hauter said -- "it's time for the doj to bust the energy trusts and for the u.s. government to halt the industry's damage to pepeople ad the environment." in texas, the san antonio school district has launched an investigation after a video surfaced of a school police officer body slamming a 12-year-old girl. the cell phone video appears to show officer joshua kehm lifting up 12-year-old janiss valdez and then forcibly throwing her face first into the floor. the officer then handc

however, the ceo, bob dudley, expects crude prices to start to recover towards the end of the year aswork on fields and demand remains strong. >>> dupont reporting better than expected quarterly results, the dow component raising its full-year guidance as it sees lower currency impact than expected. last month u.s. regulators said they needed more time to review materials related to the merger. >>> fred hassen is here, the partner and managing director at pinkus. former ceo which merged with merck in 2009. also a cnbc contributor. thrilled to have you this morning. i want to talk politics, inversions and the pharm industry. i want to start with valeant because you know joseph poppa. you worked with him at pharma sia. >> very well. >> you taught a class at yale. >> yes. in fact, we've done that for a few years. >> so i assume you're a fan. >> i am a fan of joe. he did a great job. he launched celebrex, which is a block-buster. he is a very smart guy and a good exec. >> can he be valeant's lee iacocca? >> he can if he gets the space and time to do it. it seems there is a lot of pressure