CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed April 24, 2024), CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT reported 56 stock positions worth $1.2 billion. Its top holding was Energy Transfer (ET) at 8.6% of the portfolio, followed by Targa Resources (TRGP, 8.4%) and Cheniere Energy (LNG, 6.9%). Compared with Q4 2023, it opened 12 new positions, sold out of 12, added to 12 and reduced 21. The biggest buy was a new position in Antero Resources (AR) and the biggest sale an exit from Antero Midstream (AM).
- Most Recent 13F
- Q2 2026
- Location
- DALLAS, TX
- CIK
- 0001329375
- Portfolio Value
- $1.2B (Q1 2024)
- SEC Filing
- 0001085146-24-002013 ↗ filed Apr 24, 2024
Holdings Value
Holdings 56 stocks · $1.2B
| ET Energy Transfer LP | 8.61% | 6,462,463 | $101.7M | Reduce -4.1% |
| TRGP Targa Resources Corp. | 8.42% | 888,240 | $99.5M | Reduce -18.5% |
| LNG Cheniere Energy Inc. | 6.86% | 502,180 | $81.0M | Add +17.3% |
| PAGP Plains GP Holdings LP | 6.74% | 4,360,000 | $79.6M | Reduce -2.7% |
| OKE Oneok Inc. | 5.78% | 850,933 | $68.2M | Reduce -7.6% |
| KMI Kinder Morgan Inc. | 4.82% | 3,102,295 | $56.9M | Reduce -9.5% |
| MPLX MPLX LP | 4.60% | 1,307,122 | $54.3M | Add +9.2% |
| WES Western Midstream Partners L | 4.44% | 1,476,270 | $52.5M | Reduce -1.0% |
| EPD Enterprise Products Partners | 4.37% | 1,770,179 | $51.7M | Add +0.2% |
| WMB Williams Cos Inc. | 4.37% | 1,323,053 | $51.6M | Reduce -7.7% |
| PBA Pembina Pipeline Corp. | 4.36% | 1,456,805 | $51.5M | Add +2.2% |
| ETRN Equitrans Midstream Corp. | 4.27% | 4,040,150 | $50.5M | Reduce -29.7% |
| HESM Hess Midstream LP Class A | 4.05% | 1,324,800 | $47.9M | Reduce -0.3% |
| DTM DT Midstream Inc. | 3.60% | 696,585 | $42.6M | Reduce -1.3% |
| PSX Phillips 66 | 2.77% | 200,260 | $32.7M | Add +87.2% |
| ENLC Enlink Midstream LLC | 2.71% | 2,347,557 | $32.0M | Reduce -24.1% |
| MPC Marathon Petroleum Corp. | 2.53% | 148,290 | $29.9M | Reduce -6.3% |
| TRP TC Energy Corp. | 2.07% | 607,660 | $24.4M | Reduce -12.4% |
| ENB Enbridge Inc. | 1.72% | 562,695 | $20.4M | No change |
| AR Antero Resources Corp. | 1.49% | 1,232,200 | $17.6M | New |
| CWEN Clearway Energy Inc. Class C | 1.33% | 682,000 | $15.7M | No change |
| KNTK Kinetik Holdings Inc. | 1.14% | 338,373 | $13.5M | Add +200.9% |
| GEL Genesis Energy L.P. | 1.01% | 1,076,710 | $12.0M | Reduce -23.6% |
| VNOM Viper Energy Inc. | 0.94% | 289,050 | $11.1M | Add +59.2% |
| XIFR XPLR Infrastructure LP filed as NEXTERA ENERGY PARTNERS LP | 0.82% | 320,165 | $9.6M | Reduce -3.0% |
| PXD Pioneer Natural Resources Co. | 0.60% | 27,000 | $7.1M | New |
| VST Vistra Corp. | 0.53% | 90,000 | $6.3M | Add +50.0% |
| CVE Cenovus Energy Inc. | 0.48% | 285,000 | $5.7M | Add +23.4% |
| NFE New Fortress Energy Inc. | 0.46% | 176,000 | $5.4M | Add +151.4% |
| TXO Txo Partners LP | 0.45% | 296,000 | $5.3M | No change |
| CRWD CrowdStrike Holdings Inc. Class A | 0.33% | 12,000 | $3.8M | New |
| CLSK Cleanspark Inc. | 0.32% | 180,000 | $3.8M | New |
| DKL Delek Logistics Partners LP | 0.26% | 75,000 | $3.1M | New |
| AKAM Akamai Technologies Inc. | 0.23% | 25,000 | $2.7M | Add +150.0% |
| PWR Quanta Services Inc. | 0.22% | 10,000 | $2.6M | Add +233.3% |
| PAA Plains All Amer Pipeline LP | 0.20% | 131,900 | $2.3M | No change |
| VTLE Vital Energy Inc. | 0.19% | 42,000 | $2.2M | No change |
| J Jacobs Solutions Inc. | 0.18% | 14,000 | $2.2M | Reduce -65.0% |
| MSFT Microsoft Corp. | 0.18% | 5,000 | $2.1M | New |
| STR Sitio Royalties Corp. Class A | 0.17% | 82,000 | $2.0M | Reduce -18.0% |
| OVV Ovintiv Inc. | 0.15% | 35,000 | $1.8M | No change |
| EE Excelerate Energy Inc. Class A | 0.15% | 110,000 | $1.8M | Reduce -62.1% |
| ITRI Itron Inc. | 0.13% | 17,000 | $1.6M | New |
| CEG Constellation Energy | 0.13% | 8,000 | $1.5M | New |
| VZ Verizon Communications Inc. | 0.12% | 35,000 | $1.5M | New |
| ORA Ormat Technologies Inc. | 0.11% | 20,000 | $1.3M | No change |
| VAL Valaris Ltd. | 0.10% | 16,000 | $1.2M | No change |
| CCI Crown Castle Inc. | 0.09% | 10,000 | $1.1M | No change |
| T AT&T Inc. | 0.08% | 55,000 | $968K | New |
| ARLP Alliance Resource Partners | 0.06% | 35,000 | $702K | Reduce -31.4% |
| RRC Range Resources Corp. | 0.05% | 18,000 | $620K | New |
| PLUG Plug Power Inc. | 0.04% | 143,382 | $493K | Reduce -72.5% |
| CRGY Crescent Energy Inc. Class A | 0.04% | 41,395 | $493K | No change |
| AY Atlantica Sustainable Infras | 0.04% | 25,000 | $462K | Reduce -83.3% |
| CRK Comstock Resources Inc. | 0.04% | 46,500 | $432K | New |
| SRV NXG Cushing Midstream Energy | 0.01% | 3,656 | $151K | No change |
Portfolio Sells Q4 2023 → Q1 2024
| AM Antero Midstream Corp. | Sold out | 0.00% | −1.42 |
| ETRN Equitrans Midstream Corp. | Reduce -29.7% | 4.27% | −1.10 |
| SRE Sempra | Sold out | 0.00% | −0.89 |
| ENLC Enlink Midstream LLC | Reduce -24.1% | 2.71% | −0.74 |
| KMI Kinder Morgan Inc. | Reduce -9.5% | 4.82% | −0.74 |
| GEL Genesis Energy L.P. | Reduce -23.6% | 1.01% | −0.48 |
| TRP TC Energy Corp. | Reduce -12.4% | 2.07% | −0.42 |
| J Jacobs Solutions Inc. | Reduce -65.0% | 0.18% | −0.29 |
| ED Consolidated Edison Inc. | Sold out | 0.00% | −0.28 |
| TRGP Targa Resources Corp. | Reduce -18.5% | 8.42% | −0.27 |
| EE Excelerate Energy Inc. Class A | Reduce -62.1% | 0.15% | −0.26 |
| AY Atlantica Sustainable Infras | Reduce -83.3% | 0.04% | −0.26 |
| NOVAQ Sunnova Energy International | Sold out | 0.00% | −0.25 |
| WMB Williams Cos Inc. | Reduce -7.7% | 4.37% | −0.22 |
| PLUG Plug Power Inc. | Reduce -72.5% | 0.04% | −0.17 |
| OKE Oneok Inc. | Reduce -7.6% | 5.78% | −0.16 |
| FSLR First Solar Inc. | Sold out | 0.00% | −0.15 |
| ARRY Array Technologies Inc. | Sold out | 0.00% | −0.13 |
| XIFR XPLR Infrastructure LP | Reduce -3.0% | 0.82% | −0.11 |
| AMRC Ameresco Inc. Class A | Sold out | 0.00% | −0.10 |
| STEM Stem Inc. | Sold out | 0.00% | −0.07 |
| RNW Renew Energy Global PLC-A | Sold out | 0.00% | −0.05 |
| STR Sitio Royalties Corp. Class A | Reduce -18.0% | 0.17% | −0.04 |
| RUN Sunrun Inc. | Sold out | 0.00% | −0.04 |
| ARLP Alliance Resource Partners | Reduce -31.4% | 0.06% | −0.04 |
| ARIS WATER SOLUTIONS INC-A | Sold out | 0.00% | −0.02 |
| ENPH Enphase Energy Inc. | Sold out | 0.00% | −0.01 |
| DTM DT Midstream Inc. | Reduce -1.3% | 3.60% | +0.05 |
| ET Energy Transfer LP | Reduce -4.1% | 8.61% | +0.07 |
| PAGP Plains GP Holdings LP | Reduce -2.7% | 6.74% | +0.18 |
| HESM Hess Midstream LP Class A | Reduce -0.3% | 4.05% | +0.19 |
| MPC Marathon Petroleum Corp. | Reduce -6.3% | 2.53% | +0.37 |
| WES Western Midstream Partners L | Reduce -1.0% | 4.44% | +0.44 |
Portfolio Buys Q4 2023 → Q1 2024
| AR Antero Resources Corp. | New | 1.49% | +1.49 |
| PSX Phillips 66 | Add +87.2% | 2.77% | +1.46 |
| KNTK Kinetik Holdings Inc. | Add +200.9% | 1.14% | +0.80 |
| PXD Pioneer Natural Resources Co. | New | 0.60% | +0.60 |
| MPLX MPLX LP | Add +9.2% | 4.60% | +0.56 |
| VNOM Viper Energy Inc. | Add +59.2% | 0.94% | +0.42 |
| CRWD CrowdStrike Holdings Inc. Class A | New | 0.33% | +0.33 |
| CLSK Cleanspark Inc. | New | 0.32% | +0.32 |
| VST Vistra Corp. | Add +50.0% | 0.53% | +0.32 |
| DKL Delek Logistics Partners LP | New | 0.26% | +0.26 |
| NFE New Fortress Energy Inc. | Add +151.4% | 0.46% | +0.21 |
| MSFT Microsoft Corp. | New | 0.18% | +0.18 |
| PWR Quanta Services Inc. | Add +233.3% | 0.22% | +0.16 |
| LNG Cheniere Energy Inc. | Add +17.3% | 6.86% | +0.15 |
| ITRI Itron Inc. | New | 0.13% | +0.13 |
| CVE Cenovus Energy Inc. | Add +23.4% | 0.48% | +0.13 |
| CEG Constellation Energy | New | 0.13% | +0.13 |
| VZ Verizon Communications Inc. | New | 0.12% | +0.12 |
| AKAM Akamai Technologies Inc. | Add +150.0% | 0.23% | +0.12 |
| EPD Enterprise Products Partners | Add +0.2% | 4.37% | +0.10 |
| T AT&T Inc. | New | 0.08% | +0.08 |
| RRC Range Resources Corp. | New | 0.05% | +0.05 |
| CRK Comstock Resources Inc. | New | 0.04% | +0.04 |
| PBA Pembina Pipeline Corp. | Add +2.2% | 4.36% | −0.15 |
Options Activity Q4 2023 → Q1 2024
| ETRN Equitrans Midstream Corp. | call | Sold out | 250,000 | $2.5Mbefore 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 |