Item 5. Market for Registrant’s Common Equity
Item 5. Market for Our Common Equity, Related Unitholder Matters and Issuer Purchases of Equity Securities
Market Information and Holders
Our common units are traded on the NASDAQ under the symbol "MMLP." As of March 3, 2021, there were approximately 233 holders of record and approximately 13,757 beneficial owners of our common units.
Cash Distribution Policy
Within 45 days after the end of each quarter, we distribute all of our available cash, as defined in our Partnership Agreement, to unitholders of record on the applicable record date. Our general partner has broad discretion to establish cash reserves that it determines are necessary or appropriate to properly conduct our business. These can include cash reserves for future capital and maintenance expenditures, reserves to stabilize distributions of cash to the unitholders and our general partner, reserves to reduce debt, or, as necessary, reserves to comply with the terms of any of our agreements or obligations. Our distributions are effectively made 98% to unitholders and 2% to our general partner, subject to the payment of incentive distributions to our general partner if certain target cash distribution levels to common unitholders are achieved. Distributions to our general partner increase to 15%, 25% and 50% based on incremental distribution thresholds as set forth in our Partnership Agreement.
Our ability to distribute available cash is contractually restricted by the terms of our credit facility. Our credit facility contains covenants requiring us to maintain certain financial ratios. We are prohibited from making any distributions to unitholders if the distribution would cause a default or an event of default, or a default or an event of default exists, under our credit facility. Please read "Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources — Description of Our Credit Facility."
Quarterly Distribution. On January 25, 2021, we declared a quarterly cash distribution of $0.005 per common unit for the fourth quarter of 2020, or $0.02 per common unit on an annualized basis, which was paid on February 12, 2021 to unitholders of record as of February 5, 2021.
Item 6. Selected Financial Data
The following table sets forth selected financial data and other operating data of the Partnership for the years ended December 31, 2020, 2019, 2018, 2017 and 2016 and is derived from the audited consolidated financial statements of the Partnership.
The following selected financial data are qualified by reference to and should be read in conjunction with the Partnership's Consolidated Financial Statements and Notes thereto and "Management’s Discussion and Analysis of Financial Condition and Results of Operations" included elsewhere in this document.
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2020 2019 2018 2017 2016
(Dollars in thousands, except per unit amounts)
Revenues $ 672,142 $ 847,118 $ 1,020,104 $ 973,386 $ 857,522
Income (loss) from continuing operations (6,771) 4,520 (7,831) (1,183) 10,157
Income (loss) from discontinued operations, net of tax
— (179,466) 63,486 21,099 20,806
Net income (loss) $ (6,771) $ (174,946) $ 55,655 $ 19,916 $ 30,963
Net income (loss) attributable to limited partners
$ (6,615) $ (171,488) $ 43,195 $ 16,750 $ 23,143
Net income (loss) per limited partner unit – continuing operations
(0.17) 0.11 (0.49) (0.1) 0.22
Net income (loss) per limited partner unit – discontinued operations
— (4.55) 1.60 0.54 0.43
Net income (loss) per limited partner unit $ (0.17) $ (4.44) $ 1.11 $ 0.44 $ 0.65
Total assets $ 579,638 $ 667,156 $ 1,073,628 $ 1,285,621 $ 1,269,354
Long-term debt 484,886 570,505 662,731 814,874 808,150
Cash dividends per common unit (in dollars) 0.14 1.25 2.00 2.00 2.94
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