NEW YORK (TheStreet) -- Marathon Petroleum (MPC) jumped on Wednesday after reporting better-than-expected earnings. By late morning, shares popped 4.2% to $86.69.

Before the bell, the oil refinery and marketing company posted fourth-quarter net income of $2.10 a share and revenue of $24.93 billion. Analysts polled by Thomson Reuters had anticipated earnings of $1.15 a share on $22.78 billion in revenue.

Though earnings came in above consensus, profitability took a 17% hit as slimmer crude oil differentials and higher expenses took their toll. Total costs and expenses jumped 23% to $23.9 billion.

Over the fiscal year ended December, the Ohio-based business reported net income of $6.84, 99 cents higher than consensus. Revenue of $100.25 billion was 21.9% higher than fiscal 2012 and $1.6 billion more than consensus.

"MPC's fourth quarter was a strong finish to a year in which we earned in excess of $2 billion," said CEO Gary R. Heminger in a statement. "Our 2013 earnings reflect our ability to consistently meet energy market needs through our logistical flexibility and relentless focus on top-tier operational performance."

TheStreet Ratings team rates MARATHON PETROLEUM CORP as a Buy with a ratings score of B-. The team has this to say about their recommendation:

"We rate MARATHON PETROLEUM CORP (MPC) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, reasonable valuation levels, solid stock price performance and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company has had sub par growth in net income."

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