CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed October 21, 2024), CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT reported 62 stock positions worth $1.4 billion. Its top holding was Energy Transfer (ET) at 8.6% of the portfolio, followed by Targa Resources (TRGP, 8.5%) and Cheniere Energy (LNG, 7.1%). Compared with Q2 2024, it opened 14 new positions, sold out of 10, added to 28 and reduced 16. The biggest buy was TC Energy (TRP, shares +42%) and the biggest sale an exit from Equitrans Midstream (ETRN).
- Most Recent 13F
- Q2 2026
- Location
- DALLAS, TX
- CIK
- 0001329375
- Portfolio Value
- $1.4B (Q3 2024)
- SEC Filing
- 0001085146-24-005025 ↗ filed Oct 21, 2024
Holdings Value
Holdings 62 stocks · $1.4B
| ET Energy Transfer LP | 8.63% | 7,293,510 | $117.1M | Add +7.9% |
| TRGP Targa Resources Corp. | 8.52% | 780,861 | $115.6M | Reduce -7.4% |
| LNG Cheniere Energy Inc. | 7.05% | 532,185 | $95.7M | Add +8.3% |
| PAGP Plains GP Holdings LP | 5.96% | 4,373,000 | $80.9M | Add +1.2% |
| OKE Oneok Inc. | 5.93% | 882,673 | $80.4M | Add +3.7% |
| MPLX MPLX LP | 4.91% | 1,498,796 | $66.6M | Add +17.0% |
| DTM DT Midstream Inc. | 4.80% | 827,530 | $65.1M | Reduce -5.7% |
| KMI Kinder Morgan Inc. | 4.59% | 2,820,545 | $62.3M | Reduce -11.3% |
| EPD Enterprise Products Partners | 4.39% | 2,045,599 | $59.5M | Add +16.4% |
| PBA Pembina Pipeline Corp. | 4.27% | 1,406,265 | $58.0M | Reduce -1.6% |
| TRP TC Energy Corp. | 4.26% | 1,214,265 | $57.7M | Add +41.7% |
| WMB Williams Cos Inc. | 3.74% | 1,111,523 | $50.7M | Reduce -20.8% |
| WES Western Midstream Partners L | 3.71% | 1,315,472 | $50.3M | Add +10.1% |
| ENLC Enlink Midstream LLC | 3.56% | 3,324,324 | $48.2M | Add +32.4% |
| HESM Hess Midstream LP Class A | 3.44% | 1,323,803 | $46.7M | Add +3.8% |
| PSX Phillips 66 | 1.65% | 170,026 | $22.3M | Reduce -28.0% |
| VST Vistra Corp. | 1.56% | 179,000 | $21.2M | Add +50.4% |
| EQT Eqt Corp. | 1.43% | 529,045 | $19.4M | New |
| KNTK Kinetik Holdings Inc. | 1.33% | 398,136 | $18.0M | Add +15.7% |
| AM Antero Midstream Corp. | 1.14% | 1,026,000 | $15.4M | Reduce -6.5% |
| MPC Marathon Petroleum Corp. | 1.14% | 94,661 | $15.4M | Reduce -26.2% |
| GEL Genesis Energy L.P. | 1.12% | 1,139,937 | $15.2M | Reduce -1.4% |
| CWEN Clearway Energy Inc. Class C | 1.08% | 476,000 | $14.6M | Reduce -3.0% |
| VNOM Viper Energy Inc. | 1.04% | 314,273 | $14.2M | Add +3.4% |
| CEG Constellation Energy | 1.04% | 54,500 | $14.2M | Add +137.0% |
| ENB Enbridge Inc. | 0.92% | 306,665 | $12.5M | Reduce -45.5% |
| FSLR First Solar Inc. | 0.66% | 36,000 | $9.0M | Reduce -13.3% |
| PWR Quanta Services Inc. | 0.61% | 27,700 | $8.3M | Add +97.9% |
| TLN Talen Energy Corp. | 0.59% | 44,700 | $8.0M | New |
| PAA Plains All Amer Pipeline LP | 0.58% | 449,827 | $7.8M | Add +241.0% |
| NRG NRG Energy Inc. | 0.51% | 76,000 | $6.9M | Add +43.4% |
| AY Atlantica Sustainable Infras | 0.40% | 245,000 | $5.4M | New |
| TXO Txo Partners LP | 0.39% | 265,000 | $5.2M | No change |
| VZ Verizon Communications Inc. | 0.36% | 110,000 | $4.9M | Add +77.4% |
| CVE Cenovus Energy Inc. | 0.33% | 264,000 | $4.4M | Reduce -4.7% |
| NEE Nextera Energy Inc. | 0.32% | 51,000 | $4.3M | New |
| ITRI Itron Inc. | 0.31% | 40,000 | $4.3M | Add +33.3% |
| SO The Southern Co. | 0.30% | 45,000 | $4.1M | New |
| DUK Duke Energy Corp. | 0.28% | 33,000 | $3.8M | New |
| ARLP Alliance Resource Partners | 0.28% | 150,000 | $3.8M | No change |
| CORZ Core Scientific Inc. | 0.24% | 280,000 | $3.3M | New |
| CLSK Cleanspark Inc. | 0.21% | 300,000 | $2.8M | Add +50.0% |
| AEP American Electric Power | 0.20% | 26,000 | $2.7M | New |
| PEG Public Service Enterprise GP | 0.19% | 29,000 | $2.6M | Add +7.4% |
| J Jacobs Solutions Inc. | 0.18% | 19,000 | $2.5M | Add +11.8% |
| S Sentinelone Inc. Class A | 0.18% | 100,000 | $2.4M | New |
| PRIM Primoris Services Corp. | 0.17% | 39,000 | $2.3M | Add +62.5% |
| RSG Republic Services Inc. | 0.16% | 11,000 | $2.2M | Add +22.2% |
| MSFT Microsoft Corp. | 0.16% | 5,000 | $2.2M | Add +66.7% |
| NTNX Nutanix Inc. Class A | 0.15% | 35,000 | $2.1M | No change |
| MSI Motorola Solutions Inc. | 0.13% | 4,000 | $1.8M | New |
| EQIX Equinix Inc. | 0.13% | 2,000 | $1.8M | New |
| CRWD CrowdStrike Holdings Inc. Class A | 0.12% | 6,000 | $1.7M | Reduce -50.0% |
| TMUS T-Mobile US Inc. | 0.12% | 8,000 | $1.7M | New |
| HASI Ha Sustainable Infrastructur | 0.11% | 45,000 | $1.6M | Add +28.6% |
| DLR Digital Realty Trust Inc. | 0.11% | 9,000 | $1.5M | New |
| VTLE Vital Energy Inc. | 0.09% | 45,000 | $1.2M | Add +7.1% |
| NGL NGL Energy Partners LP | 0.07% | 200,000 | $900K | New |
| NXT Nextpower Inc. filed as NEXTRACKER INC | 0.06% | 22,000 | $825K | Reduce -50.0% |
| AMTM Amentum Holdings Inc. | 0.05% | 19,000 | $613K | Add +11.8% |
| CRGY Crescent Energy Inc. Class A | 0.03% | 41,395 | $453K | No change |
| CRK Comstock Resources Inc. | 0.02% | 25,000 | $278K | Reduce -46.2% |
Options reported separately and not counted above: ARLP calls ($2.5M).
Portfolio Sells Q2 2024 → Q3 2024
| ETRN Equitrans Midstream Corp. | Sold out | 0.00% | −4.21 |
| PSX Phillips 66 | Reduce -28.0% | 1.65% | −1.00 |
| WMB Williams Cos Inc. | Reduce -20.8% | 3.74% | −1.00 |
| ENB Enbridge Inc. | Reduce -45.5% | 0.92% | −0.67 |
| MPC Marathon Petroleum Corp. | Reduce -26.2% | 1.14% | −0.63 |
| XIFR XPLR Infrastructure LP | Sold out | 0.00% | −0.56 |
| KMI Kinder Morgan Inc. | Reduce -11.3% | 4.59% | −0.42 |
| AQN Algonquin Power & Utilities | Sold out | 0.00% | −0.39 |
| CRWD CrowdStrike Holdings Inc. Class A | Reduce -50.0% | 0.12% | −0.24 |
| GEL Genesis Energy L.P. | Reduce -1.4% | 1.12% | −0.19 |
| DKL Delek Logistics Partners LP | Sold out | 0.00% | −0.16 |
| EE Excelerate Energy Inc. Class A | Sold out | 0.00% | −0.16 |
| DTM DT Midstream Inc. | Reduce -5.7% | 4.80% | −0.15 |
| STR Sitio Royalties Corp. Class A | Sold out | 0.00% | −0.15 |
| AM Antero Midstream Corp. | Reduce -6.5% | 1.14% | −0.15 |
| XOM Exxon Mobil Corp. | Sold out | 0.00% | −0.14 |
| TRGP Targa Resources Corp. | Reduce -7.4% | 8.52% | −0.11 |
| CVE Cenovus Energy Inc. | Reduce -4.7% | 0.33% | −0.11 |
| NXT Nextpower Inc. | Reduce -50.0% | 0.06% | −0.10 |
| FSLR First Solar Inc. | Reduce -13.3% | 0.66% | −0.08 |
| VAL Valaris Ltd. | Sold out | 0.00% | −0.07 |
| RRC Range Resources Corp. | Sold out | 0.00% | −0.05 |
| AR Antero Resources Corp. | Sold out | 0.00% | −0.04 |
| CRK Comstock Resources Inc. | Reduce -46.2% | 0.02% | −0.02 |
| PBA Pembina Pipeline Corp. | Reduce -1.6% | 4.27% | +0.06 |
| CWEN Clearway Energy Inc. Class C | Reduce -3.0% | 1.08% | +0.11 |
Portfolio Buys Q2 2024 → Q3 2024
| TRP TC Energy Corp. | Add +41.7% | 4.26% | +1.68 |
| EQT Eqt Corp. | New | 1.43% | +1.43 |
| ENLC Enlink Midstream LLC | Add +32.4% | 3.56% | +0.81 |
| VST Vistra Corp. | Add +50.4% | 1.56% | +0.75 |
| CEG Constellation Energy | Add +137.0% | 1.04% | +0.68 |
| TLN Talen Energy Corp. | New | 0.59% | +0.59 |
| MPLX MPLX LP | Add +17.0% | 4.91% | +0.58 |
| OKE Oneok Inc. | Add +3.7% | 5.93% | +0.42 |
| AY Atlantica Sustainable Infras | New | 0.40% | +0.40 |
| PAA Plains All Amer Pipeline LP | Add +241.0% | 0.58% | +0.39 |
| EPD Enterprise Products Partners | Add +16.4% | 4.39% | +0.34 |
| PWR Quanta Services Inc. | Add +97.9% | 0.61% | +0.33 |
| NEE Nextera Energy Inc. | New | 0.32% | +0.32 |
| SO The Southern Co. | New | 0.30% | +0.30 |
| DUK Duke Energy Corp. | New | 0.28% | +0.28 |
| CORZ Core Scientific Inc. | New | 0.24% | +0.24 |
| LNG Cheniere Energy Inc. | Add +8.3% | 7.05% | +0.23 |
| AEP American Electric Power | New | 0.20% | +0.20 |
| KNTK Kinetik Holdings Inc. | Add +15.7% | 1.33% | +0.20 |
| NRG NRG Energy Inc. | Add +43.4% | 0.51% | +0.18 |
| S Sentinelone Inc. Class A | New | 0.18% | +0.18 |
| VZ Verizon Communications Inc. | Add +77.4% | 0.36% | +0.16 |
| VNOM Viper Energy Inc. | Add +3.4% | 1.04% | +0.14 |
| MSI Motorola Solutions Inc. | New | 0.13% | +0.13 |
| EQIX Equinix Inc. | New | 0.13% | +0.13 |
| TMUS T-Mobile US Inc. | New | 0.12% | +0.12 |
| DLR Digital Realty Trust Inc. | New | 0.11% | +0.11 |
| ITRI Itron Inc. | Add +33.3% | 0.31% | +0.08 |
| PRIM Primoris Services Corp. | Add +62.5% | 0.17% | +0.07 |
| NGL NGL Energy Partners LP | New | 0.07% | +0.07 |
| MSFT Microsoft Corp. | Add +66.7% | 0.16% | +0.05 |
| PEG Public Service Enterprise GP | Add +7.4% | 0.19% | +0.03 |
| HASI Ha Sustainable Infrastructur | Add +28.6% | 0.11% | +0.03 |
| RSG Republic Services Inc. | Add +22.2% | 0.16% | +0.02 |
| AMTM Amentum Holdings Inc. | Add +11.8% | 0.05% | +0.00 |
| J Jacobs Solutions Inc. | Add +11.8% | 0.18% | −0.01 |
| CLSK Cleanspark Inc. | Add +50.0% | 0.21% | −0.05 |
| VTLE Vital Energy Inc. | Add +7.1% | 0.09% | −0.06 |
| WES Western Midstream Partners L | Add +10.1% | 3.71% | −0.06 |
| ET Energy Transfer LP | Add +7.9% | 8.63% | −0.08 |
| HESM Hess Midstream LP Class A | Add +3.8% | 3.44% | −0.25 |
| PAGP Plains GP Holdings LP | Add +1.2% | 5.96% | −0.50 |
Options Activity Q2 2024 → Q3 2024
| RIVN Rivian Automotive Inc. Class A | call | Sold out | 12,500 | $168Kbefore 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 |