CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT

DALLAS, TX · CIK 1329375 · 13F filing filed 2026-07-28

SEC-registered investment adviser since 2004 · limited partnership

Assets managed$1.8bn
Staff10 · 5 in investment roles
Main clients (by assets)Mutual funds and ETFs 98%, Private funds 2%
Private funds1 (1 hedge) · $29.1m gross assets
Form ADV · 2026-08-06SEC adviser record

Legal entityCUSHING ASSET MANAGEMENT, LP (US)

Kindhedge funds, mutual funds, futures
Others nearbyDallas, TX

As an employer

Offices in1 country
Private fundshedge 1

$2.2bn reported value +11.3% vs Q1 2026

73positions

48.3%in top 10

14 new 34 added 22 reduced 5 sold out vs Q1 2026

This report includes the holdings of 1 other manager that shares the investment decisions:

New York Life Investment Management LLC – files its own report too; $65.9m of shares are in both

Shares in two reports are counted once in each security's totals.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	TARGA RES CORP COM TRGP	TRGP	614,300	$164.7m7.37%	7.37%	Reduced -38.0k	-38,000 -5.8%
2	ENERGY TRANSFER L P COM UT LTD PTN ET	ET	7,923,600	$151.5m6.78%	6.78%	Reduced -74.0k	-74,000 -0.9%
3	WILLIAMS COS INC COM WMB	WMB	1,866,100	$138.7m6.21%	6.21%	Added +166.0k	+166,000 9.8%
4	DT MIDSTREAM INC COMMON STOCK DTM	DTM	730,100	$107.1m4.79%	4.79%	Added +3.0k	+3,000 0.4%
5	PLAINS GP HLDGS L P LTD PARTNR INT A PAGP	PAGP	3,795,000	$92.1m4.12%	4.12%	Added +335.0k	+335,000 9.7%
6	MPLX LP COM UNIT REP LTD MPLX	MPLX	1,614,600	$91.0m4.07%	4.07%	Reduced -244.5k	-244,500 -13.2%
7	ONEOK INC NEW COM OKE	OKE	985,900	$85.7m3.84%	3.84%	Reduced -84.0k	-84,000 -7.8%
8	KINETIK HOLDINGS INC COM NEW CL A KNTK	KNTK	1,752,000	$84.7m3.79%	3.79%	Reduced -122.0k	-122,000 -6.5%
9	TC ENERGY CORP COM TRP	TRP	1,245,800	$82.6m3.70%	3.70%	Reduced -34.8k	-34,800 -2.7%
10	CHENIERE ENERGY INC COM NEW LNG	LNG	337,800	$80.7m3.61%	3.61%	Added +58.0k	+58,000 20.7%
11	KINDER MORGAN INC DEL COM KMI	KMI	2,039,400	$65.2m2.92%	2.92%	Reduced -682.9k	-682,900 -25.1%
12	ENTERPRISE PRODS PARTNERS L COM EPD	EPD	1,565,500	$57.5m2.58%	2.58%	Reduced -180.0k	-180,000 -10.3%
13	WESTERN MIDSTREAM PARTNERS L COM UNIT LP INT WES	WES	1,259,900	$55.1m2.47%	2.47%	Reduced -417.0k	-417,000 -24.9%
14	PEMBINA PIPELINE CORP COM PBA	PBA	1,158,100	$53.6m2.40%	2.40%	Reduced -199.0k	-199,000 -14.7%
15	ENBRIDGE INC COM ENB	ENB	956,500	$51.9m2.32%	2.32%	Reduced -45.0k	-45,000 -4.5%
16	BLOOM ENERGY CORP COM CL A BE	BE	136,900	$41.4m1.85%	1.85%	Added +1.9k	+1,900 1.4%
17	ARGAN INC COM AGX	AGX	45,500	$36.3m1.63%	1.63%	Added +7.5k	+7,500 19.7%
18	MASTEC INC COM MTZ	MTZ	82,800	$34.4m1.54%	1.54%	Added +11.9k	+11,900 16.8%
19	GE VERNOVA INC COM GEV	GEV	28,700	$33.7m1.51%	1.51%	Added +4.7k	+4,700 19.6%
20	SOLARIS ENERGY INFRAS INC COM CL A SEI	SEI	418,000	$33.6m1.50%	1.50%	Added +30.0k	+30,000 7.7%
21	QUANTA SVCS INC COM PWR	PWR	43,800	$31.5m1.41%	1.41%	Added +5.8k	+5,800 15.3%
22	VISTRA CORP COM VST	VST	198,000	$31.4m1.41%	1.41%	Added +14.4k	+14,400 7.8%
23	NRG ENERGY INC COM NEW NRG	NRG	212,700	$31.1m1.39%	1.39%	Added +42.2k	+42,200 24.8%
24	SOUTH BOW CORP COM SOBO	SOBO	855,500	$30.1m1.35%	1.35%	Reduced -10.0k	-10,000 -1.2%
25	TALEN ENERGY CORP COM TLN	TLN	76,800	$29.5m1.32%	1.32%	Reduced -12.5k	-12,500 -14.0%
26	SUNOCOCORP LLC COM SHS LLC SUNC	SUNC	406,000	$27.5m1.23%	1.23%	Added +206.0k	+206,000 103.0%
27	CONSTELLATION ENERGY CORP COM CEG	CEG	107,000	$26.6m1.19%	1.19%	Added +24.3k	+24,300 29.4%
28	DYCOM INDS INC COM DY	DY	52,000	$26.3m1.18%	1.18%	Added +16.0k	+16,000 44.4%
29	PALO ALTO NETWORKS INC COM PANW	PANW	75,000	$25.6m1.14%	1.14%	Added +3.0k	+3,000 4.2%
30	EXCELERATE ENERGY INC CL A COM EE	EE	650,000	$24.7m1.10%	1.10%	Added +325.0k	+325,000 100.0%
31	KODIAK GAS SVCS INC COM KGS	KGS	300,000	$22.5m1.01%	1.01%	New
32	CROWDSTRIKE HLDGS INC CL A CRWD	CRWD	29,000	$22.1m0.99%	0.99%	Reduced -1.0k	-1,000 -3.3%
33	DIGITALOCEAN HLDGS INC COM DOCN	DOCN	140,400	$22.0m0.99%	0.99%	Added +8.2k	+8,200 6.2%
34	NEXTRACKER INC CLASS A COM NXT	NXT	181,000	$21.6m0.96%	0.96%	Added +38.0k	+38,000 26.6%
35	EQT CORP COM EQT	EQT	403,258	$21.4m0.96%	0.96%	Unchanged
36	WATERBRIDGE INFRASTRUCTURE L CL A SHS REPSTG WBI	WBI	620,000	$21.2m0.95%	0.95%	Added +417.5k	+417,500 206.2%
37	SELECT WATER SOLUTIONS INC CL A COM WTTR	WTTR	1,020,000	$20.4m0.91%	0.91%	Added +600.0k	+600,000 142.9%
38	SOLV ENERGY INC COM SHS CL A MWH	MWH	520,000	$17.7m0.79%	0.79%	Added +320.0k	+320,000 160.0%
39	STERLING INFRASTRUCTURE INC COM STRL	STRL	20,550	$17.2m0.77%	0.77%	Added +9.0k	+9,000 77.9%
40	VENTURE GLOBAL INC COM CL A VG	VG	1,389,000	$15.5m0.69%	0.69%	New
41	CLOUDFLARE INC CL A COM NET	NET	60,000	$14.7m0.66%	0.66%	Added +10.0k	+10,000 20.0%
42	IRIDIUM COMMUNICATIONS INC COM IRDM	IRDM	236,000	$12.9m0.58%	0.58%	New
43	MARATHON PETE CORP COM MPC	MPC	49,800	$12.7m0.57%	0.57%	Reduced -93.0k	-93,000 -65.1%
44	PHILLIPS 66 COM PSX	PSX	73,100	$12.4m0.55%	0.55%	Reduced -107.0k	-107,000 -59.4%
45	ENTERGY CORP NEW COM ETR	ETR	100,000	$11.5m0.51%	0.51%	Added +37.0k	+37,000 58.7%
46	ENTEGRIS INC COM ENTG	ENTG	59,000	$10.6m0.47%	0.47%	New
47	EAGLEROCK LD LLC CL A SHS REP LTD EROK	EROK	470,000	$10.0m0.45%	0.45%	New
48	SNOWFLAKE INC CL A SNOW	SNOW	34,000	$8.7m0.39%	0.39%	Added +5.0k	+5,000 17.2%
49	NEBIUS GROUP N.V. SHS CLASS A NBIS	NBIS	31,300	$8.6m0.39%	0.39%	New
50	DIGITAL RLTY TR INC COM DLR	DLR	47,000	$8.4m0.38%	0.38%	Added +13.0k	+13,000 38.2%
51	AMERICAN ELEC PWR CO INC COM AEP	AEP	60,000	$8.2m0.37%	0.37%	Added +35.0k	+35,000 140.0%
52	DOMINION ENERGY INC COM D	D	117,000	$8.0m0.36%	0.36%	New
53	WEC ENERGY GROUP INC COM WEC	WEC	67,000	$7.8m0.35%	0.35%	Added +32.0k	+32,000 91.4%
54	DUKE ENERGY CORP NEW COM NEW DUK	DUK	61,000	$7.7m0.35%	0.35%	Added +26.0k	+26,000 74.3%
55	SOUTHERN CO COM SO	SO	80,000	$7.7m0.34%	0.34%	Added +35.0k	+35,000 77.8%
56	IREN LIMITED ORDINARY SHARES IREN	IREN	157,000	$7.2m0.32%	0.32%	Unchanged
57	ARKO CORP COM ARKO	ARKO	850,000	$6.8m0.31%	0.31%	New
58	TXO PARTNERS LP COM UNIT TXO	TXO	531,000	$6.6m0.30%	0.30%	Reduced -50.0k	-50,000 -8.6%
59	ANTERO MIDSTREAM CORP COM AM	AM	251,000	$5.7m0.26%	0.26%	Added +50.0k	+50,000 24.9%
60	ARKO PETE CORP CL A COM APC	APC	300,000	$5.7m0.25%	0.25%	Reduced -412.5k	-412,451 -57.9%
61	CIPHER MINING INC COM CIFR	CIFR	215,000	$5.3m0.24%	0.24%	Added +45.0k	+45,000 26.5%
62	NEXTERA ENERGY INC COM NEE	NEE	48,000	$4.2m0.19%	0.19%	Reduced -47.0k	-47,000 -49.5%
63	ALLIANCE RESOURCE PARTNERS L UT LTD PART ARLP	ARLP	150,000	$3.6m0.16%	0.16%	Reduced -41.0k	-41,000 -21.5%
64	ECOLAB INC COM ECL	ECL	10,000	$2.8m0.12%	0.12%	New
65	PLAINS ALL AMERN PIPELINE L UNIT LTD PARTN PAA	PAA	105,300	$2.3m0.10%	0.10%	Added +50.0k	+50,000 90.4%
66	SOLAREDGE TECHNOLOGIES INC COM SEDG	SEDG	35,000	$2.0m0.09%	0.09%	New
67	ENPHASE ENERGY INC COM ENPH	ENPH	40,000	$2.0m0.09%	0.09%	New
68	NGL ENERGY PARTNERS LP COM UNIT REPST NGL	NGL	110,000	$1.8m0.08%	0.08%	Reduced -40.0k	-40,000 -26.7%
69	CLEANSPARK INC COM NEW CLSK	CLSK	32,000	$465.6k0.02%	0.02%	Unchanged
70	CORE SCIENTIFIC INC NEW COM CORZ	CORZ	7,000	$179.1k0.01%	0.01%	New
71	QUANTUMSCAPE CORP COM CL A QS	QS	20,000	$151.2k0.01%	0.01%	New
72	COREWEAVE INC COM CL A CRWV	CRWV	1,500	$149.3k0.01%	0.01%	New
73	GENESIS ENERGY L P UNIT LTD PARTN GEL	GEL	7,000	$99.2k0.00%	0.00%	Reduced -144.0k	-144,000 -95.4%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
PRIMORIS SVCS CORP PRIM	PRIM	152,000	$21.7m152.0k shares
VIPER ENERGY INC VNOM	VNOM	205,000	$9.6m205.0k shares
CENOVUS ENERGY INC CVE	CVE	30,000	$795.9k30.0k shares
GOLAR LNG LTD GLNG	GLNG	7,000	$378.8k7.0k shares
NEW FORTRESS ENERGY INC		100,000	$59.0k100.0k shares