U.S. refiner Marathon Petroleum posted a sharp decline in fourth-quarter earnings on Tuesday but still beat Wall Street estimates, as strength in its midstream segment helped offset a steep decline in refining margins amid a challenging market environment.

Marathon Petroleum reports steep decline in Q4 adjusted earnings that still beat expectations, driven by stronger performance in midstream and renewable diesel divisions.

Marathon Petroleum Corporation (NYSE:MPC) shares are trading higher after it reported fourth-quarter results. Total revenues and other income of $33.47 billion topped the consensus of $31.12 billion.

By Tanay Dhumal (Reuters) -Top U.S. refiner Marathon Petroleum on Tuesday posted a 74% drop in fourth-quarter earnings but beat Wall Street estimates, as strength in its midstream segment helped offset a steep decline in refining margins.

Marathon Petroleum Corporation's refining business may be undervalued, but its MLP, MPLX, has been performing well. Click to find out why MPC is a Strong Buy.