ceog me now is chevron's mike wirth. where are you cutting?irst of all, i would like to say our thoughts remain with the victims of covid-19, and also with all of the workers out there on the front line in the health industry, and in our company and many others keeping the basic goods and services moving that everybody relies on. our first quarter was a solid quarter, and i think the results reflect that. second quarter certainly is a little bit tougher. we are in a different position than some of the others in our industry. we were prepared to execute our thencial priorities, and dividend is secure. we know what to do, and we are doing it. that includes making prudent adjust and -- prudent adjustments to our capital spending and operating adjustments. and we intend to continue to make the right moves as we go through this very challenging quarter we are in. alix: so where are you cutting? ite: alix: it isn't -- mike: is in our flexible short cycle activities. that would include here in the united states and elsewhere in our portfolio. we've g

ceo mike wirth has been aggressively cutting spending to preserve cash.andemic is taking a toll on manufacturing in the united kingdom. the april purchasing managers index fell to its weakest readings since the readings began in 1992. only companies producing medical or food related goods saw increased orders or output. ryanair is slashing 3000 jobs. the carrier will carry less than 1% of its normal passenger volume during this quarter. it says it does not expect a full recovery until summer of 2022 at the earliest. ryanair is also taking issue with the billions in state aid being doled out to save its competitors, saying the bailout his cup edition. joining us in the next hour, we will speak to pearson ceo john fallon to discuss the outlook and social distancing measures' impact on its bottom line. weightiness in this first day of may. i wonder if it is just the tone from earnings season as the president is ramping up pressures on china once again, even saying that something could which, inth the debt, the words of julia coronado, is "absurd." all major

we'll talk about what is next in oil after the break. 7:00 a.m., chevron ceo mike wirth will join us we'll be right back. i'm 53. but in my mind i'm still 35. that's why i take osteo bi-flex, to keep me moving the way i was made to. it nourishes and strengthens my joints for the long term. osteo bi-flex. find our coupon in sunday's paper. seeing the break in the clouds before anyone else. together, we'll weather this storm. and... l(music fades in). hey! -hi! ♪ ♪ ♪ ♪ >>> crude rallied yesterday after several producers said they would cut outlook the outlook remains cloudy even as opec's new deal is scheduled to go ahead. let's welcome the managing director for april, you use the word trough do you think it will last two months or do you think that's the lowest it gets >> i'm not sure it is the lowest it gets. it is about as low as it can get without disease getting worse. there are tons of global demand just disappearing is pretty bad. we are at the reopening phase in the world's largest oil consuming economy. if the 30 states that are reopening now, if they really get back to transp