Bonus Episode for Nov. 4. Refiners turn the crude oil pumped from the ground into products cars, planes and trains can use. Conflicts <a href="https://www.wsj.com/world/middle-east/oil-prices-rebound-as-u-s-strikes-on-iran-renew-supply-concerns-c662f284?mod=WSJ_WNPOD" target="_self" rel="noopener noreferrer">in the Middle East</a> and <a href="https://www.wsj.com/world/ukraine-strikes-russian-refinery-after-moscow-breaks-trumps-energy-ceasefire-35b3ee40?mod=WSJ_WNPOD" target="_self" rel="noopener noreferrer">Ukraine</a> have damaged regional energy sectors, prompting U.S. companies like <a href="https://www.wsj.com/articles/marathon-petroleum-3q-net-surges-alongside-fuel-prices-d10091d0?mod=WSJ_WNPOD" target="_self" rel="noopener noreferrer">Marathon Petroleum</a>, <a href="https://www.wsj.com/articles/phillips-66-profit-surges-on-refining-segment-growth-70b99733?mod=WSJ_WNPOD" target="_self" rel="noopener noreferrer">Phillips 66</a>, and Valero Energy to <a href="https://www.wsj.com/business/energy-oil/american-oil-refiners-are-printing-money-as-wars-shrink-global-energy-supplies-c9240231?mod=WSJ_WNPOD" target="_self" rel="noopener noreferrer">run at full tilt</a> in an effort to fill a global shortage—and earning them huge profits.

Pierre Bienaimé hosts this special bonus episode of What's News in Earnings, where we dig into companies’ earnings reports and analyst calls to find out what’s going on under the hood of the American economy.

Sign up for the WSJ's free <a href="https://www.wsj.com/newsletters/markets-am?mod=WSJ_WNPOD" target="_self" rel="noopener noreferrer">Markets A.M. newsletter</a>. Hosted by Simplecast, an AdsWizz company. See <a href="https://pcm.adswizz.com">pcm.adswizz.com</a> for information about our collection and use of personal data for advertising.

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