CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed January 21, 2025), CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT reported 64 stock positions worth $1.5 billion. Its top holding was Energy Transfer (ET) at 9.9% of the portfolio, followed by Targa Resources (TRGP, 8.0%) and Cheniere Energy (LNG, 7.2%). Compared with Q3 2024, it opened 7 new positions, sold out of 6, added to 27 and reduced 22. The biggest buy was a new position in XPLR Infrastructure (XIFR) and the biggest sale Enlink Midstream (ENLC, shares −40%).
- Most Recent 13F
- Q2 2026
- Location
- DALLAS, TX
- CIK
- 0001329375
- Portfolio Value
- $1.5B (Q4 2024)
- SEC Filing
- 0001085146-25-000352 ↗ filed Jan 21, 2025
Holdings Value
Holdings 64 stocks · $1.5B
| ET Energy Transfer LP | 9.87% | 7,586,598 | $148.6M | Add +4.0% |
| TRGP Targa Resources Corp. | 7.97% | 672,711 | $120.1M | Reduce -13.8% |
| LNG Cheniere Energy Inc. | 7.21% | 505,122 | $108.5M | Reduce -5.1% |
| OKE Oneok Inc. | 5.65% | 847,465 | $85.1M | Reduce -4.0% |
| DTM DT Midstream Inc. | 5.18% | 784,562 | $78.0M | Reduce -5.2% |
| PAGP Plains GP Holdings LP | 4.82% | 3,953,000 | $72.7M | Reduce -9.6% |
| WMB Williams Cos Inc. | 4.80% | 1,334,570 | $72.2M | Add +20.1% |
| MPLX MPLX LP | 4.79% | 1,506,962 | $72.1M | Add +0.5% |
| KMI Kinder Morgan Inc. | 4.78% | 2,626,684 | $72.0M | Reduce -6.9% |
| EPD Enterprise Products Partners | 4.50% | 2,161,325 | $67.8M | Add +5.7% |
| TRP TC Energy Corp. | 4.38% | 1,416,324 | $65.9M | Add +16.6% |
| PBA Pembina Pipeline Corp. | 4.11% | 1,675,327 | $61.9M | Add +19.1% |
| WES Western Midstream Partners L | 3.27% | 1,280,597 | $49.2M | Reduce -2.6% |
| HESM Hess Midstream LP Class A | 3.18% | 1,294,859 | $47.9M | Reduce -2.2% |
| EQT Eqt Corp. | 1.93% | 629,055 | $29.0M | Add +18.9% |
| ENLC Enlink Midstream LLC | 1.88% | 2,002,284 | $28.3M | Reduce -39.8% |
| VST Vistra Corp. | 1.72% | 187,600 | $25.9M | Add +4.8% |
| KNTK Kinetik Holdings Inc. | 1.66% | 440,000 | $25.0M | Add +10.5% |
| TLN Talen Energy Corp. | 1.46% | 109,200 | $22.0M | Add +144.3% |
| XIFR XPLR Infrastructure LP filed as NEXTERA ENERGY PARTNERS LP | 1.42% | 1,205,000 | $21.4M | New |
| CEG Constellation Energy | 1.40% | 94,500 | $21.1M | Add +73.4% |
| PSX Phillips 66 | 1.27% | 168,306 | $19.2M | Reduce -1.0% |
| VNOM Viper Energy Inc. | 0.97% | 298,802 | $14.7M | Reduce -4.9% |
| AM Antero Midstream Corp. | 0.90% | 894,000 | $13.5M | Reduce -12.9% |
| ENB Enbridge Inc. | 0.86% | 306,675 | $13.0M | Add +0.0% |
| CWEN Clearway Energy Inc. Class C | 0.86% | 498,000 | $12.9M | Add +4.6% |
| MPC Marathon Petroleum Corp. | 0.66% | 71,662 | $10.0M | Reduce -24.3% |
| PWR Quanta Services Inc. | 0.64% | 30,700 | $9.7M | Add +10.8% |
| NRG NRG Energy Inc. | 0.47% | 79,000 | $7.1M | Add +4.0% |
| SOBO South Bow Corp. | 0.45% | 287,953 | $6.8M | Add +18.6% |
| FSLR First Solar Inc. | 0.41% | 35,000 | $6.2M | Reduce -2.8% |
| CVE Cenovus Energy Inc. | 0.35% | 344,000 | $5.2M | Add +30.3% |
| S Sentinelone Inc. Class A | 0.34% | 230,000 | $5.1M | Add +130.0% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.32% | 14,000 | $4.8M | Add +133.3% |
| ARLP Alliance Resource Partners | 0.31% | 180,000 | $4.7M | Add +20.0% |
| PANW Palo Alto Networks Inc. | 0.31% | 26,000 | $4.7M | New |
| TXO Txo Partners LP | 0.29% | 261,630 | $4.4M | Reduce -1.3% |
| ITRI Itron Inc. | 0.29% | 40,000 | $4.3M | No change |
| MSFT Microsoft Corp. | 0.28% | 10,000 | $4.2M | Add +100.0% |
| VZ Verizon Communications Inc. | 0.28% | 105,000 | $4.2M | Reduce -4.5% |
| GEL Genesis Energy L.P. | 0.26% | 390,013 | $3.9M | Reduce -65.8% |
| PRIM Primoris Services Corp. | 0.25% | 49,000 | $3.7M | Add +25.6% |
| PAA Plains All Amer Pipeline LP | 0.25% | 218,774 | $3.7M | Reduce -51.4% |
| CORZ Core Scientific Inc. | 0.21% | 220,000 | $3.1M | Reduce -21.4% |
| TMUS T-Mobile US Inc. | 0.21% | 14,000 | $3.1M | Add +75.0% |
| EQIX Equinix Inc. | 0.19% | 3,000 | $2.8M | Add +50.0% |
| CLSK Cleanspark Inc. | 0.18% | 300,000 | $2.8M | No change |
| SO The Southern Co. | 0.18% | 33,000 | $2.7M | Reduce -26.7% |
| NEE Nextera Energy Inc. | 0.17% | 36,000 | $2.6M | Reduce -29.4% |
| DLR Digital Realty Trust Inc. | 0.16% | 14,000 | $2.5M | Add +55.6% |
| MTZ Mastec Inc. | 0.16% | 18,000 | $2.5M | New |
| PEG Public Service Enterprise GP | 0.16% | 29,000 | $2.5M | No change |
| MSI Motorola Solutions Inc. | 0.15% | 5,000 | $2.3M | Add +25.0% |
| NFE New Fortress Energy Inc. | 0.15% | 150,000 | $2.3M | New |
| RSG Republic Services Inc. | 0.15% | 11,000 | $2.2M | No change |
| NTNX Nutanix Inc. Class A | 0.14% | 35,000 | $2.1M | No change |
| ETR Entergy Corp. | 0.13% | 25,000 | $1.9M | New |
| DKL Delek Logistics Partners LP | 0.11% | 40,000 | $1.7M | New |
| GEV GE Vernova Inc. | 0.11% | 5,000 | $1.6M | New |
| HASI Ha Sustainable Infrastructur | 0.11% | 61,000 | $1.6M | Add +35.6% |
| AEP American Electric Power | 0.10% | 17,000 | $1.6M | Reduce -34.6% |
| VTLE Vital Energy Inc. | 0.09% | 45,000 | $1.4M | No change |
| NGL NGL Energy Partners LP | 0.07% | 200,000 | $998K | No change |
| CRGY Crescent Energy Inc. Class A | 0.04% | 41,395 | $605K | No change |
Options reported separately and not counted above: XLE calls ($4.3M), XOP calls ($3.3M), KMI calls ($1.6M), AM calls ($1.1M).
Portfolio Sells Q3 2024 → Q4 2024
| ENLC Enlink Midstream LLC | Reduce -39.8% | 1.88% | −1.67 |
| PAGP Plains GP Holdings LP | Reduce -9.6% | 4.82% | −1.14 |
| GEL Genesis Energy L.P. | Reduce -65.8% | 0.26% | −0.86 |
| TRGP Targa Resources Corp. | Reduce -13.8% | 7.97% | −0.54 |
| MPC Marathon Petroleum Corp. | Reduce -24.3% | 0.66% | −0.47 |
| WES Western Midstream Partners L | Reduce -2.6% | 3.27% | −0.44 |
| AY Atlantica Sustainable Infras | Sold out | 0.00% | −0.40 |
| PSX Phillips 66 | Reduce -1.0% | 1.27% | −0.37 |
| PAA Plains All Amer Pipeline LP | Reduce -51.4% | 0.25% | −0.33 |
| DUK Duke Energy Corp. | Sold out | 0.00% | −0.28 |
| OKE Oneok Inc. | Reduce -4.0% | 5.65% | −0.28 |
| HESM Hess Midstream LP Class A | Reduce -2.2% | 3.18% | −0.26 |
| FSLR First Solar Inc. | Reduce -2.8% | 0.41% | −0.25 |
| AM Antero Midstream Corp. | Reduce -12.9% | 0.90% | −0.24 |
| J Jacobs Solutions Inc. | Sold out | 0.00% | −0.18 |
| NEE Nextera Energy Inc. | Reduce -29.4% | 0.17% | −0.15 |
| SO The Southern Co. | Reduce -26.7% | 0.18% | −0.12 |
| TXO Txo Partners LP | Reduce -1.3% | 0.29% | −0.09 |
| AEP American Electric Power | Reduce -34.6% | 0.10% | −0.09 |
| VZ Verizon Communications Inc. | Reduce -4.5% | 0.28% | −0.09 |
| VNOM Viper Energy Inc. | Reduce -4.9% | 0.97% | −0.07 |
| NXT Nextpower Inc. | Sold out | 0.00% | −0.06 |
| AMTM Amentum Holdings Inc. | Sold out | 0.00% | −0.05 |
| CORZ Core Scientific Inc. | Reduce -21.4% | 0.21% | −0.04 |
| CRK Comstock Resources Inc. | Sold out | 0.00% | −0.02 |
| LNG Cheniere Energy Inc. | Reduce -5.1% | 7.21% | +0.15 |
| KMI Kinder Morgan Inc. | Reduce -6.9% | 4.78% | +0.19 |
| DTM DT Midstream Inc. | Reduce -5.2% | 5.18% | +0.38 |
Portfolio Buys Q3 2024 → Q4 2024
| XIFR XPLR Infrastructure LP | New | 1.42% | +1.42 |
| ET Energy Transfer LP | Add +4.0% | 9.87% | +1.24 |
| WMB Williams Cos Inc. | Add +20.1% | 4.80% | +1.06 |
| TLN Talen Energy Corp. | Add +144.3% | 1.46% | +0.87 |
| EQT Eqt Corp. | Add +18.9% | 1.93% | +0.50 |
| CEG Constellation Energy | Add +73.4% | 1.40% | +0.36 |
| KNTK Kinetik Holdings Inc. | Add +10.5% | 1.66% | +0.33 |
| PANW Palo Alto Networks Inc. | New | 0.31% | +0.31 |
| CRWD CrowdStrike Holdings Inc. Class A | Add +133.3% | 0.32% | +0.19 |
| S Sentinelone Inc. Class A | Add +130.0% | 0.34% | +0.16 |
| MTZ Mastec Inc. | New | 0.16% | +0.16 |
| VST Vistra Corp. | Add +4.8% | 1.72% | +0.15 |
| NFE New Fortress Energy Inc. | New | 0.15% | +0.15 |
| ETR Entergy Corp. | New | 0.13% | +0.13 |
| MSFT Microsoft Corp. | Add +100.0% | 0.28% | +0.12 |
| TRP TC Energy Corp. | Add +16.6% | 4.38% | +0.12 |
| DKL Delek Logistics Partners LP | New | 0.11% | +0.11 |
| EPD Enterprise Products Partners | Add +5.7% | 4.50% | +0.11 |
| GEV GE Vernova Inc. | New | 0.11% | +0.11 |
| TMUS T-Mobile US Inc. | Add +75.0% | 0.21% | +0.08 |
| PRIM Primoris Services Corp. | Add +25.6% | 0.25% | +0.08 |
| DLR Digital Realty Trust Inc. | Add +55.6% | 0.16% | +0.06 |
| EQIX Equinix Inc. | Add +50.0% | 0.19% | +0.06 |
| ARLP Alliance Resource Partners | Add +20.0% | 0.31% | +0.04 |
| PWR Quanta Services Inc. | Add +10.8% | 0.64% | +0.04 |
| SOBO South Bow Corp. | Add +18.6% | 0.45% | +0.03 |
| MSI Motorola Solutions Inc. | Add +25.0% | 0.15% | +0.02 |
| CVE Cenovus Energy Inc. | Add +30.3% | 0.35% | +0.02 |
| HASI Ha Sustainable Infrastructur | Add +35.6% | 0.11% | −0.01 |
| NRG NRG Energy Inc. | Add +4.0% | 0.47% | −0.04 |
| ENB Enbridge Inc. | Add +0.0% | 0.86% | −0.05 |
| MPLX MPLX LP | Add +0.5% | 4.79% | −0.12 |
| PBA Pembina Pipeline Corp. | Add +19.1% | 4.11% | −0.16 |
| CWEN Clearway Energy Inc. Class C | Add +4.6% | 0.86% | −0.22 |
Options Activity Q3 2024 → Q4 2024
| XLE SS Energy Select Sector | call | New | 50,000 | $4.3M |
| XOP SS SPDR S&P Og Exp & Prod | call | New | 25,000 | $3.3M |
| ARLP Alliance Resource Partners | call | Sold out | 100,000 | $2.5Mbefore exit |
| KMI Kinder Morgan Inc. | call | New | 60,000 | $1.6M |
| AM Antero Midstream Corp. | call | New | 70,000 | $1.1M |
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 |