CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT
In its 13F for Q2 2024 (holdings as of June 30, 2024, filed July 22, 2024), CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT reported 57 stock positions worth $1.3 billion. Its top holding was Energy Transfer (ET) at 8.7% of the portfolio, followed by Targa Resources (TRGP, 8.6%) and Cheniere Energy (LNG, 6.8%). Compared with Q1 2024, it opened 11 new positions, sold out of 10, added to 19 and reduced 17. The biggest buy was DT Midstream (DTM, shares +26%) and the biggest sale Antero Resources (AR, shares −99%).
- Most Recent 13F
- Q2 2026
- Location
- DALLAS, TX
- CIK
- 0001329375
- Portfolio Value
- $1.3B (Q2 2024)
- SEC Filing
- 0001085146-24-003145 ↗ filed Jul 22, 2024
Holdings Value
Holdings 57 stocks · $1.3B
| ET Energy Transfer LP | 8.71% | 6,757,463 | $109.6M | Add +4.6% |
| TRGP Targa Resources Corp. | 8.63% | 843,340 | $108.6M | Reduce -5.0% |
| LNG Cheniere Energy Inc. | 6.82% | 491,180 | $85.9M | Reduce -2.2% |
| PAGP Plains GP Holdings LP | 6.46% | 4,320,000 | $81.3M | Reduce -0.9% |
| OKE Oneok Inc. | 5.51% | 850,933 | $69.4M | No change |
| KMI Kinder Morgan Inc. | 5.02% | 3,178,295 | $63.2M | Add +2.5% |
| DTM DT Midstream Inc. | 4.95% | 877,585 | $62.3M | Add +26.0% |
| WMB Williams Cos Inc. | 4.74% | 1,403,053 | $59.6M | Add +6.0% |
| MPLX MPLX LP | 4.33% | 1,281,122 | $54.6M | Reduce -2.0% |
| PBA Pembina Pipeline Corp. | 4.21% | 1,429,805 | $53.0M | Reduce -1.9% |
| ETRN Equitrans Midstream Corp. | 4.21% | 4,080,150 | $53.0M | Add +1.0% |
| EPD Enterprise Products Partners | 4.05% | 1,757,179 | $50.9M | Reduce -0.7% |
| WES Western Midstream Partners L | 3.77% | 1,195,270 | $47.5M | Reduce -19.0% |
| HESM Hess Midstream LP Class A | 3.69% | 1,274,800 | $46.5M | Reduce -3.8% |
| ENLC Enlink Midstream LLC | 2.75% | 2,511,557 | $34.6M | Add +7.0% |
| PSX Phillips 66 | 2.65% | 236,060 | $33.3M | Add +17.9% |
| TRP TC Energy Corp. | 2.58% | 856,660 | $32.5M | Add +41.0% |
| MPC Marathon Petroleum Corp. | 1.77% | 128,290 | $22.3M | Reduce -13.5% |
| ENB Enbridge Inc. | 1.59% | 562,695 | $20.0M | No change |
| GEL Genesis Energy L.P. | 1.31% | 1,156,710 | $16.6M | Add +7.4% |
| AM Antero Midstream Corp. | 1.28% | 1,097,000 | $16.2M | New |
| KNTK Kinetik Holdings Inc. | 1.13% | 344,136 | $14.3M | Add +1.7% |
| CWEN Clearway Energy Inc. Class C | 0.96% | 491,000 | $12.1M | Reduce -28.0% |
| VNOM Viper Energy Inc. | 0.91% | 304,050 | $11.4M | Add +5.2% |
| VST Vistra Corp. | 0.81% | 119,000 | $10.2M | Add +32.2% |
| FSLR First Solar Inc. | 0.74% | 41,500 | $9.4M | New |
| XIFR XPLR Infrastructure LP filed as NEXTERA ENERGY PARTNERS LP | 0.56% | 255,165 | $7.1M | Reduce -20.3% |
| CVE Cenovus Energy Inc. | 0.43% | 277,000 | $5.4M | Reduce -2.8% |
| TXO Txo Partners LP | 0.42% | 265,000 | $5.3M | Reduce -10.5% |
| AQN Algonquin Power & Utilities | 0.39% | 828,000 | $4.9M | New |
| CEG Constellation Energy | 0.37% | 23,000 | $4.6M | Add +187.5% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.37% | 12,000 | $4.6M | No change |
| NRG NRG Energy Inc. | 0.33% | 53,000 | $4.1M | New |
| ARLP Alliance Resource Partners | 0.29% | 150,000 | $3.7M | Add +328.6% |
| PWR Quanta Services Inc. | 0.28% | 14,000 | $3.6M | Add +40.0% |
| CLSK Cleanspark Inc. | 0.25% | 200,000 | $3.2M | Add +11.1% |
| ITRI Itron Inc. | 0.24% | 30,000 | $3.0M | Add +76.5% |
| VZ Verizon Communications Inc. | 0.20% | 62,000 | $2.6M | Add +77.1% |
| J Jacobs Solutions Inc. | 0.19% | 17,000 | $2.4M | Add +21.4% |
| PAA Plains All Amer Pipeline LP | 0.19% | 131,900 | $2.4M | No change |
| DKL Delek Logistics Partners LP | 0.16% | 51,250 | $2.1M | Reduce -31.7% |
| NXT Nextpower Inc. filed as NEXTRACKER INC | 0.16% | 44,000 | $2.1M | New |
| EE Excelerate Energy Inc. Class A | 0.16% | 110,000 | $2.0M | No change |
| PEG Public Service Enterprise GP | 0.16% | 27,000 | $2.0M | New |
| NTNX Nutanix Inc. Class A | 0.16% | 35,000 | $2.0M | New |
| STR Sitio Royalties Corp. Class A | 0.15% | 82,000 | $1.9M | No change |
| VTLE Vital Energy Inc. | 0.15% | 42,000 | $1.9M | No change |
| RSG Republic Services Inc. | 0.14% | 9,000 | $1.7M | New |
| XOM Exxon Mobil Corp. | 0.14% | 15,000 | $1.7M | New |
| MSFT Microsoft Corp. | 0.11% | 3,000 | $1.3M | Reduce -40.0% |
| PRIM Primoris Services Corp. | 0.10% | 24,000 | $1.2M | New |
| HASI Ha Sustainable Infrastructur filed as HANNON ARMSTRONG SUST INFR C | 0.08% | 35,000 | $1.0M | New |
| VAL Valaris Ltd. | 0.07% | 12,000 | $894K | Reduce -25.0% |
| RRC Range Resources Corp. | 0.05% | 18,000 | $604K | No change |
| AR Antero Resources Corp. | 0.04% | 16,200 | $529K | Reduce -98.7% |
| CRGY Crescent Energy Inc. Class A | 0.04% | 41,395 | $491K | No change |
| CRK Comstock Resources Inc. | 0.04% | 46,500 | $483K | No change |
Options reported separately and not counted above: ARLP calls ($2.4M), RIVN calls ($168K).
Portfolio Sells Q1 2024 → Q2 2024
| AR Antero Resources Corp. | Reduce -98.7% | 0.04% | −1.45 |
| MPC Marathon Petroleum Corp. | Reduce -13.5% | 1.77% | −0.76 |
| WES Western Midstream Partners L | Reduce -19.0% | 3.77% | −0.67 |
| PXD Pioneer Natural Resources Co. | Sold out | 0.00% | −0.60 |
| NFE New Fortress Energy Inc. | Sold out | 0.00% | −0.46 |
| CWEN Clearway Energy Inc. Class C | Reduce -28.0% | 0.96% | −0.37 |
| HESM Hess Midstream LP Class A | Reduce -3.8% | 3.69% | −0.36 |
| EPD Enterprise Products Partners | Reduce -0.7% | 4.05% | −0.33 |
| PAGP Plains GP Holdings LP | Reduce -0.9% | 6.46% | −0.28 |
| MPLX MPLX LP | Reduce -2.0% | 4.33% | −0.27 |
| XIFR XPLR Infrastructure LP | Reduce -20.3% | 0.56% | −0.26 |
| AKAM Akamai Technologies Inc. | Sold out | 0.00% | −0.23 |
| OVV Ovintiv Inc. | Sold out | 0.00% | −0.15 |
| PBA Pembina Pipeline Corp. | Reduce -1.9% | 4.21% | −0.15 |
| ORA Ormat Technologies Inc. | Sold out | 0.00% | −0.11 |
| DKL Delek Logistics Partners LP | Reduce -31.7% | 0.16% | −0.10 |
| CCI Crown Castle Inc. | Sold out | 0.00% | −0.09 |
| T AT&T Inc. | Sold out | 0.00% | −0.08 |
| MSFT Microsoft Corp. | Reduce -40.0% | 0.11% | −0.07 |
| CVE Cenovus Energy Inc. | Reduce -2.8% | 0.43% | −0.05 |
| PLUG Plug Power Inc. | Sold out | 0.00% | −0.04 |
| AY Atlantica Sustainable Infras | Sold out | 0.00% | −0.04 |
| LNG Cheniere Energy Inc. | Reduce -2.2% | 6.82% | −0.04 |
| VAL Valaris Ltd. | Reduce -25.0% | 0.07% | −0.03 |
| TXO Txo Partners LP | Reduce -10.5% | 0.42% | −0.03 |
| SRV NXG Cushing Midstream Energy | Sold out | 0.00% | −0.01 |
| TRGP Targa Resources Corp. | Reduce -5.0% | 8.63% | +0.20 |
Portfolio Buys Q1 2024 → Q2 2024
| DTM DT Midstream Inc. | Add +26.0% | 4.95% | +1.35 |
| AM Antero Midstream Corp. | New | 1.28% | +1.28 |
| FSLR First Solar Inc. | New | 0.74% | +0.74 |
| TRP TC Energy Corp. | Add +41.0% | 2.58% | +0.51 |
| AQN Algonquin Power & Utilities | New | 0.39% | +0.39 |
| WMB Williams Cos Inc. | Add +6.0% | 4.74% | +0.37 |
| NRG NRG Energy Inc. | New | 0.33% | +0.33 |
| GEL Genesis Energy L.P. | Add +7.4% | 1.31% | +0.30 |
| VST Vistra Corp. | Add +32.2% | 0.81% | +0.28 |
| CEG Constellation Energy | Add +187.5% | 0.37% | +0.24 |
| ARLP Alliance Resource Partners | Add +328.6% | 0.29% | +0.23 |
| KMI Kinder Morgan Inc. | Add +2.5% | 5.02% | +0.20 |
| NXT Nextpower Inc. | New | 0.16% | +0.16 |
| NTNX Nutanix Inc. Class A | New | 0.16% | +0.16 |
| PEG Public Service Enterprise GP | New | 0.16% | +0.16 |
| RSG Republic Services Inc. | New | 0.14% | +0.14 |
| XOM Exxon Mobil Corp. | New | 0.14% | +0.14 |
| ITRI Itron Inc. | Add +76.5% | 0.24% | +0.10 |
| ET Energy Transfer LP | Add +4.6% | 8.71% | +0.10 |
| PRIM Primoris Services Corp. | New | 0.10% | +0.10 |
| HASI Ha Sustainable Infrastructur | New | 0.08% | +0.08 |
| VZ Verizon Communications Inc. | Add +77.1% | 0.20% | +0.08 |
| PWR Quanta Services Inc. | Add +40.0% | 0.28% | +0.06 |
| ENLC Enlink Midstream LLC | Add +7.0% | 2.75% | +0.03 |
| J Jacobs Solutions Inc. | Add +21.4% | 0.19% | +0.01 |
| KNTK Kinetik Holdings Inc. | Add +1.7% | 1.13% | −0.01 |
| VNOM Viper Energy Inc. | Add +5.2% | 0.91% | −0.04 |
| ETRN Equitrans Midstream Corp. | Add +1.0% | 4.21% | −0.07 |
| CLSK Cleanspark Inc. | Add +11.1% | 0.25% | −0.07 |
| PSX Phillips 66 | Add +17.9% | 2.65% | −0.12 |
Options Activity Q1 2024 → Q2 2024
| ARLP Alliance Resource Partners | call | New | 100,000 | $2.4M |
| RIVN Rivian Automotive Inc. Class A | call | New | 12,500 | $168K |
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 |