CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT
In its 13F for Q2 2026 (holdings as of June 30, 2026, filed July 28, 2026), CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT reported 73 stock positions worth $2.2 billion. Its top holding was Targa Resources (TRGP) at 7.4% of the portfolio, followed by Energy Transfer (ET, 6.8%) and Williams Cos (WMB, 6.2%). Compared with Q1 2026, it opened 14 new positions, sold out of 5, added to 34 and reduced 22. The biggest buy was a new position in Kodiak Gas Services (KGS) and the biggest sale Kinder Morgan (KMI, shares −25%).
- Most Recent 13F
- Q2 2026
- Location
- DALLAS, TX
- CIK
- 0001329375
- Portfolio Value
- $2.2B (Q2 2026)
- SEC Filing
- 0001315863-26-000561 ↗ filed Jul 28, 2026
Holdings Value
Holdings 73 stocks · $2.2B
| TRGP Targa Resources Corp. | 7.37% | 614,300 | $164.7M | Reduce -5.8% |
| ET Energy Transfer LP | 6.78% | 7,923,600 | $151.5M | Reduce -0.9% |
| WMB Williams Cos Inc. | 6.21% | 1,866,100 | $138.7M | Add +9.8% |
| DTM DT Midstream Inc. | 4.79% | 730,100 | $107.1M | Add +0.4% |
| PAGP Plains GP Holdings LP | 4.12% | 3,795,000 | $92.1M | Add +9.7% |
| MPLX MPLX LP | 4.07% | 1,614,600 | $91.0M | Reduce -13.2% |
| OKE Oneok Inc. | 3.84% | 985,900 | $85.7M | Reduce -7.8% |
| KNTK Kinetik Holdings Inc. | 3.79% | 1,752,000 | $84.7M | Reduce -6.5% |
| TRP TC Energy Corp. | 3.70% | 1,245,800 | $82.6M | Reduce -2.7% |
| LNG Cheniere Energy Inc. | 3.61% | 337,800 | $80.7M | Add +20.7% |
| KMI Kinder Morgan Inc. | 2.92% | 2,039,400 | $65.2M | Reduce -25.1% |
| EPD Enterprise Products Partners | 2.58% | 1,565,500 | $57.5M | Reduce -10.3% |
| WES Western Midstream Partners L | 2.47% | 1,259,900 | $55.1M | Reduce -24.9% |
| PBA Pembina Pipeline Corp. | 2.40% | 1,158,100 | $53.6M | Reduce -14.7% |
| ENB Enbridge Inc. | 2.32% | 956,500 | $51.9M | Reduce -4.5% |
| BE Bloom Energy Corp. Class A | 1.85% | 136,900 | $41.4M | Add +1.4% |
| AGX Argan Inc. | 1.63% | 45,500 | $36.3M | Add +19.7% |
| MTZ Mastec Inc. | 1.54% | 82,800 | $34.4M | Add +16.8% |
| GEV GE Vernova Inc. | 1.51% | 28,700 | $33.7M | Add +19.6% |
| SEI Solaris Energy Infrastructur | 1.50% | 418,000 | $33.6M | Add +7.7% |
| PWR Quanta Services Inc. | 1.41% | 43,800 | $31.5M | Add +15.3% |
| VST Vistra Corp. | 1.41% | 198,000 | $31.4M | Add +7.8% |
| NRG NRG Energy Inc. | 1.39% | 212,700 | $31.1M | Add +24.8% |
| SOBO South Bow Corp. | 1.35% | 855,500 | $30.1M | Reduce -1.2% |
| TLN Talen Energy Corp. | 1.32% | 76,800 | $29.5M | Reduce -14.0% |
| SUNC Sunococorp LLC | 1.23% | 406,000 | $27.5M | Add +103.0% |
| CEG Constellation Energy | 1.19% | 107,000 | $26.6M | Add +29.4% |
| DY Dycom Industries Inc. | 1.18% | 52,000 | $26.3M | Add +44.4% |
| PANW Palo Alto Networks Inc. | 1.14% | 75,000 | $25.6M | Add +4.2% |
| EE Excelerate Energy Inc. Class A | 1.10% | 650,000 | $24.7M | Add +100.0% |
| KGS Kodiak Gas Services Inc. | 1.01% | 300,000 | $22.5M | New |
| CRWD CrowdStrike Holdings Inc. Class A | 0.99% | 29,000 | $22.1M | Reduce -3.3% |
| DOCN Digitalocean Holdings Inc. | 0.99% | 140,400 | $22.0M | Add +6.2% |
| NXT Nextpower Inc. | 0.96% | 181,000 | $21.6M | Add +26.6% |
| EQT Eqt Corp. | 0.96% | 403,258 | $21.4M | No change |
| WBI Waterbridge Infrastruc Class A | 0.95% | 620,000 | $21.2M | Add +206.2% |
| WTTR Select Water Solutions Inc. | 0.91% | 1,020,000 | $20.4M | Add +142.9% |
| MWH Solv Energy Inc. Class A | 0.79% | 520,000 | $17.7M | Add +160.0% |
| STRL Sterling Infrastructure Inc. | 0.77% | 20,550 | $17.2M | Add +77.9% |
| VG Venture Global Inc. Class A | 0.69% | 1,389,000 | $15.5M | New |
| NET Cloudflare Inc. Class A | 0.66% | 60,000 | $14.7M | Add +20.0% |
| IRDM Iridium Communications Inc. | 0.58% | 236,000 | $12.9M | New |
| MPC Marathon Petroleum Corp. | 0.57% | 49,800 | $12.7M | Reduce -65.1% |
| PSX Phillips 66 | 0.55% | 73,100 | $12.4M | Reduce -59.4% |
| ETR Entergy Corp. | 0.51% | 100,000 | $11.5M | Add +58.7% |
| ENTG Entegris Inc. | 0.47% | 59,000 | $10.6M | New |
| EROK Eaglerock Land LLC Class A | 0.45% | 470,000 | $10.0M | New |
| SNOW Snowflake Inc. | 0.39% | 34,000 | $8.7M | Add +17.2% |
| NBIS Nebius Group NV | 0.39% | 31,300 | $8.6M | New |
| DLR Digital Realty Trust Inc. | 0.38% | 47,000 | $8.4M | Add +38.2% |
| AEP American Electric Power | 0.37% | 60,000 | $8.2M | Add +140.0% |
| D Dominion Energy Inc. | 0.36% | 117,000 | $8.0M | New |
| WEC WEC Energy Group Inc. | 0.35% | 67,000 | $7.8M | Add +91.4% |
| DUK Duke Energy Corp. | 0.35% | 61,000 | $7.7M | Add +74.3% |
| SO The Southern Co. | 0.34% | 80,000 | $7.7M | Add +77.8% |
| IREN Iren Ltd. filed as IREN LIMITED | 0.32% | 157,000 | $7.2M | No change |
| ARKO Arko Corp. | 0.31% | 850,000 | $6.8M | New |
| TXO Txo Partners LP | 0.30% | 531,000 | $6.6M | Reduce -8.6% |
| AM Antero Midstream Corp. | 0.26% | 251,000 | $5.7M | Add +24.9% |
| APC Arko Petroleum Corp. | 0.25% | 300,000 | $5.7M | Reduce -57.9% |
| CIFR Cipher Digital Inc. | 0.24% | 215,000 | $5.3M | Add +26.5% |
| NEE Nextera Energy Inc. | 0.19% | 48,000 | $4.2M | Reduce -49.5% |
| ARLP Alliance Resource Partners | 0.16% | 150,000 | $3.6M | Reduce -21.5% |
| ECL Ecolab Inc. | 0.12% | 10,000 | $2.8M | New |
| PAA Plains All Amer Pipeline LP | 0.10% | 105,300 | $2.3M | Add +90.4% |
| SEDG Solaredge Technologies Inc. | 0.09% | 35,000 | $2.0M | New |
| ENPH Enphase Energy Inc. | 0.09% | 40,000 | $2.0M | New |
| NGL NGL Energy Partners LP | 0.08% | 110,000 | $1.8M | Reduce -26.7% |
| CLSK Cleanspark Inc. | 0.02% | 32,000 | $466K | No change |
| CORZ Core Scientific Inc. | 0.01% | 7,000 | $179K | New |
| QS Quantumscape Corp. | 0.01% | 20,000 | $151K | New |
| CRWV Coreweave Inc. Class A | 0.01% | 1,500 | $149K | New |
| GEL Genesis Energy L.P. | 0.00% | 7,000 | $99K | Reduce -95.4% |
Portfolio Sells Q1 2026 → Q2 2026
| KMI Kinder Morgan Inc. | Reduce -25.1% | 2.92% | −1.63 |
| MPLX MPLX LP | Reduce -13.2% | 4.07% | −1.21 |
| MPC Marathon Petroleum Corp. | Reduce -65.1% | 0.57% | −1.17 |
| PRIM Primoris Services Corp. | Sold out | 0.00% | −1.08 |
| PSX Phillips 66 | Reduce -59.4% | 0.55% | −1.08 |
| OKE Oneok Inc. | Reduce -7.8% | 3.84% | −0.98 |
| WES Western Midstream Partners L | Reduce -24.9% | 2.47% | −0.97 |
| ET Energy Transfer LP | Reduce -0.9% | 6.78% | −0.91 |
| TRGP Targa Resources Corp. | Reduce -5.8% | 7.37% | −0.77 |
| KNTK Kinetik Holdings Inc. | Reduce -6.5% | 3.79% | −0.73 |
| EPD Enterprise Products Partners | Reduce -10.3% | 2.58% | −0.71 |
| PBA Pembina Pipeline Corp. | Reduce -14.7% | 2.40% | −0.63 |
| VNOM Viper Energy Inc. Class A | Sold out | 0.00% | −0.48 |
| APC Arko Petroleum Corp. | Reduce -57.9% | 0.25% | −0.38 |
| ENB Enbridge Inc. | Reduce -4.5% | 2.32% | −0.38 |
| TRP TC Energy Corp. | Reduce -2.7% | 3.70% | −0.30 |
| NEE Nextera Energy Inc. | Reduce -49.5% | 0.19% | −0.25 |
| GEL Genesis Energy L.P. | Reduce -95.4% | 0.00% | −0.13 |
| ARLP Alliance Resource Partners | Reduce -21.5% | 0.16% | −0.10 |
| TLN Talen Energy Corp. | Reduce -14.0% | 1.32% | −0.10 |
| SOBO South Bow Corp. | Reduce -1.2% | 1.35% | −0.09 |
| TXO Txo Partners LP | Reduce -8.6% | 0.30% | −0.07 |
| CVE Cenovus Energy Inc. | Sold out | 0.00% | −0.04 |
| GLNG Golar LNG Ltd. | Sold out | 0.00% | −0.02 |
| NGL NGL Energy Partners LP | Reduce -26.7% | 0.08% | −0.01 |
| NFE New Fortress Energy Inc. | Sold out | 0.00% | −0.00 |
| CRWD CrowdStrike Holdings Inc. Class A | Reduce -3.3% | 0.99% | +0.41 |
Portfolio Buys Q1 2026 → Q2 2026
| KGS Kodiak Gas Services Inc. | New | 1.01% | +1.01 |
| BE Bloom Energy Corp. Class A | Add +1.4% | 1.85% | +0.94 |
| VG Venture Global Inc. Class A | New | 0.69% | +0.69 |
| WBI Waterbridge Infrastruc Class A | Add +206.2% | 0.95% | +0.68 |
| SUNC Sunococorp LLC | Add +103.0% | 1.23% | +0.62 |
| AGX Argan Inc. | Add +19.7% | 1.63% | +0.60 |
| WTTR Select Water Solutions Inc. | Add +142.9% | 0.91% | +0.59 |
| IRDM Iridium Communications Inc. | New | 0.58% | +0.58 |
| PANW Palo Alto Networks Inc. | Add +4.2% | 1.14% | +0.57 |
| DY Dycom Industries Inc. | Add +44.4% | 1.18% | +0.57 |
| EE Excelerate Energy Inc. Class A | Add +100.0% | 1.10% | +0.56 |
| STRL Sterling Infrastructure Inc. | Add +77.9% | 0.77% | +0.54 |
| MWH Solv Energy Inc. Class A | Add +160.0% | 0.79% | +0.49 |
| ENTG Entegris Inc. | New | 0.47% | +0.47 |
| GEV GE Vernova Inc. | Add +19.6% | 1.51% | +0.47 |
| EROK Eaglerock Land LLC Class A | New | 0.45% | +0.45 |
| DOCN Digitalocean Holdings Inc. | Add +6.2% | 0.99% | +0.42 |
| SEI Solaris Energy Infrastructur | Add +7.7% | 1.50% | +0.41 |
| MTZ Mastec Inc. | Add +16.8% | 1.54% | +0.41 |
| NBIS Nebius Group NV | New | 0.39% | +0.39 |
| PWR Quanta Services Inc. | Add +15.3% | 1.41% | +0.37 |
| D Dominion Energy Inc. | New | 0.36% | +0.36 |
| ARKO Arko Corp. | New | 0.31% | +0.31 |
| AEP American Electric Power | Add +140.0% | 0.37% | +0.20 |
| SNOW Snowflake Inc. | Add +17.2% | 0.39% | +0.17 |
| ETR Entergy Corp. | Add +58.7% | 0.51% | +0.16 |
| NRG NRG Energy Inc. | Add +24.8% | 1.39% | +0.15 |
| WEC WEC Energy Group Inc. | Add +91.4% | 0.35% | +0.15 |
| NET Cloudflare Inc. Class A | Add +20.0% | 0.66% | +0.14 |
| CIFR Cipher Digital Inc. | Add +26.5% | 0.24% | +0.13 |
| SO The Southern Co. | Add +77.8% | 0.34% | +0.13 |
| ECL Ecolab Inc. | New | 0.12% | +0.12 |
| DUK Duke Energy Corp. | Add +74.3% | 0.35% | +0.12 |
| NXT Nextpower Inc. | Add +26.6% | 0.96% | +0.11 |
| SEDG Solaredge Technologies Inc. | New | 0.09% | +0.09 |
| ENPH Enphase Energy Inc. | New | 0.09% | +0.09 |
| DLR Digital Realty Trust Inc. | Add +38.2% | 0.38% | +0.07 |
| WMB Williams Cos Inc. | Add +9.8% | 6.21% | +0.05 |
| PAA Plains All Amer Pipeline LP | Add +90.4% | 0.10% | +0.04 |
| CEG Constellation Energy | Add +29.4% | 1.19% | +0.04 |
| VST Vistra Corp. | Add +7.8% | 1.41% | +0.03 |
| AM Antero Midstream Corp. | Add +24.9% | 0.26% | +0.03 |
| CORZ Core Scientific Inc. | New | 0.01% | +0.01 |
| QS Quantumscape Corp. | New | 0.01% | +0.01 |
| CRWV Coreweave Inc. Class A | New | 0.01% | +0.01 |
| PAGP Plains GP Holdings LP | Add +9.7% | 4.12% | −0.06 |
| DTM DT Midstream Inc. | Add +0.4% | 4.79% | −0.08 |
| LNG Cheniere Energy Inc. | Add +20.7% | 3.61% | −0.34 |
Options Activity Q1 2026 → Q2 2026
| XLE SS Energy Select Sector | put | Sold out | 100,000 | $6.1Mbefore exit |
| AMLP Alerian MLP ETF | put | Sold out | 100,000 | $5.3Mbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 73 | $2.2B | TRGP, ET, WMB, DTM, PAGP |
| Q1 2026 | 64 | $2.0B | TRGP, ET, WMB, MPLX, DTM |
| Q4 2025 | 60 | $1.7B | ET, TRGP, MPLX, WMB, OKE |
| Q3 2025 | 59 | $1.8B | ET, TRGP, LNG, MPLX, OKE |
| Q2 2025 | 60 | $1.6B | ET, TRGP, LNG, OKE, HESM |
| Q1 2025 | 60 | $1.6B | ET, TRGP, LNG, OKE, MPLX |
| Q4 2024 | 64 | $1.5B | ET, TRGP, LNG, OKE, DTM |
| Q3 2024 | 62 | $1.4B | ET, TRGP, LNG, PAGP, OKE |
| Q2 2024 | 57 | $1.3B | ET, TRGP, LNG, PAGP, OKE |
| Q1 2024 | 56 | $1.2B | ET, TRGP, LNG, PAGP, OKE |