CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 24, 2025), CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT reported 60 stock positions worth $1.6 billion. Its top holding was Energy Transfer (ET) at 8.5% of the portfolio, followed by Targa Resources (TRGP, 8.5%) and Cheniere Energy (LNG, 7.7%). Compared with Q4 2024, it opened 3 new positions, sold out of 7, added to 25 and reduced 15. The biggest buy was Hess Midstream Class A (HESM, shares +41%) and the biggest sale an exit from Enlink Midstream (ENLC).
- Most Recent 13F
- Q2 2026
- Location
- DALLAS, TX
- CIK
- 0001329375
- Portfolio Value
- $1.6B (Q1 2025)
- SEC Filing
- 0001085146-25-002315 ↗ filed Apr 24, 2025
Holdings Value
Holdings 60 stocks · $1.6B
| ET Energy Transfer LP | 8.51% | 7,416,868 | $137.9M | Reduce -2.2% |
| TRGP Targa Resources Corp. | 8.47% | 684,542 | $137.2M | Add +1.8% |
| LNG Cheniere Energy Inc. | 7.72% | 541,142 | $125.2M | Add +7.1% |
| OKE Oneok Inc. | 6.97% | 1,138,825 | $113.0M | Add +34.4% |
| MPLX MPLX LP | 6.02% | 1,822,709 | $97.6M | Add +20.9% |
| PAGP Plains GP Holdings LP | 5.31% | 4,033,000 | $86.1M | Add +2.0% |
| KMI Kinder Morgan Inc. | 5.05% | 2,869,128 | $81.9M | Add +9.2% |
| WMB Williams Cos Inc. | 4.97% | 1,347,047 | $80.5M | Add +0.9% |
| HESM Hess Midstream LP Class A | 4.76% | 1,825,485 | $77.2M | Add +41.0% |
| TRP TC Energy Corp. | 4.54% | 1,559,786 | $73.6M | Add +10.1% |
| DTM DT Midstream Inc. | 4.47% | 750,623 | $72.4M | Reduce -4.3% |
| PBA Pembina Pipeline Corp. | 4.41% | 1,785,369 | $71.5M | Add +6.6% |
| EPD Enterprise Products Partners | 4.06% | 1,925,848 | $65.7M | Reduce -10.9% |
| WES Western Midstream Partners L | 3.37% | 1,333,624 | $54.6M | Add +4.1% |
| EQT Eqt Corp. | 2.19% | 665,742 | $35.6M | Add +5.8% |
| KNTK Kinetik Holdings Inc. | 1.89% | 590,000 | $30.6M | Add +34.1% |
| VST Vistra Corp. | 1.74% | 240,000 | $28.2M | Add +27.9% |
| PSX Phillips 66 | 1.40% | 183,186 | $22.6M | Add +8.8% |
| TLN Talen Energy Corp. | 1.09% | 88,700 | $17.7M | Reduce -18.8% |
| CWEN Clearway Energy Inc. Class C | 0.97% | 522,000 | $15.8M | Add +4.8% |
| CEG Constellation Energy | 0.90% | 72,500 | $14.6M | Reduce -23.3% |
| AM Antero Midstream Corp. | 0.86% | 774,000 | $13.9M | Reduce -13.4% |
| ENB Enbridge Inc. | 0.82% | 301,500 | $13.4M | Reduce -1.7% |
| MPC Marathon Petroleum Corp. | 0.78% | 86,528 | $12.6M | Add +20.7% |
| VNOM Viper Energy Inc. | 0.71% | 254,000 | $11.5M | Reduce -15.0% |
| NRG NRG Energy Inc. | 0.47% | 79,000 | $7.5M | No change |
| GEV GE Vernova Inc. | 0.45% | 24,000 | $7.3M | Add +380.0% |
| PWR Quanta Services Inc. | 0.42% | 27,000 | $6.9M | Reduce -12.1% |
| ARLP Alliance Resource Partners | 0.42% | 250,000 | $6.8M | Add +38.9% |
| GEL Genesis Energy L.P. | 0.41% | 427,837 | $6.7M | Add +9.7% |
| SRE Sempra | 0.36% | 82,000 | $5.9M | New |
| MSFT Microsoft Corp. | 0.35% | 15,000 | $5.6M | Add +50.0% |
| NEE Nextera Energy Inc. | 0.34% | 77,000 | $5.5M | Add +113.9% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.33% | 15,000 | $5.3M | Add +7.1% |
| SOBO South Bow Corp. | 0.32% | 203,371 | $5.2M | Reduce -29.4% |
| CVE Cenovus Energy Inc. | 0.30% | 344,000 | $4.8M | No change |
| PANW Palo Alto Networks Inc. | 0.27% | 26,000 | $4.4M | No change |
| ITRI Itron Inc. | 0.26% | 40,000 | $4.2M | No change |
| FSLR First Solar Inc. | 0.24% | 31,000 | $3.9M | Reduce -11.4% |
| TMUS T-Mobile US Inc. | 0.23% | 14,000 | $3.7M | No change |
| PAA Plains All Amer Pipeline LP | 0.23% | 184,105 | $3.7M | Reduce -15.8% |
| CORZ Core Scientific Inc. | 0.22% | 500,000 | $3.6M | Add +127.3% |
| CLSK Cleanspark Inc. | 0.21% | 500,500 | $3.4M | Add +66.8% |
| SO The Southern Co. | 0.19% | 33,000 | $3.0M | No change |
| PRIM Primoris Services Corp. | 0.17% | 49,000 | $2.8M | No change |
| RSG Republic Services Inc. | 0.16% | 11,000 | $2.7M | No change |
| NXT Nextpower Inc. filed as NEXTRACKER INC | 0.16% | 60,000 | $2.5M | New |
| TXO Txo Partners LP | 0.15% | 130,000 | $2.5M | Reduce -50.3% |
| EQIX Equinix Inc. | 0.15% | 3,000 | $2.4M | No change |
| NTNX Nutanix Inc. Class A | 0.15% | 35,000 | $2.4M | No change |
| PEG Public Service Enterprise GP | 0.15% | 29,000 | $2.4M | No change |
| MSI Motorola Solutions Inc. | 0.14% | 5,000 | $2.2M | No change |
| ETR Entergy Corp. | 0.13% | 25,000 | $2.1M | No change |
| MTZ Mastec Inc. | 0.13% | 18,000 | $2.1M | No change |
| DLR Digital Realty Trust Inc. | 0.12% | 14,000 | $2.0M | No change |
| AEP American Electric Power | 0.11% | 17,000 | $1.9M | No change |
| CYBR Cyberark Software Ltd./Israel | 0.10% | 5,000 | $1.7M | New |
| S Sentinelone Inc. Class A | 0.10% | 90,000 | $1.6M | Reduce -60.9% |
| NGL NGL Energy Partners LP | 0.06% | 200,000 | $908K | No change |
| VTLE Vital Energy Inc. | 0.02% | 15,000 | $318K | Reduce -66.7% |
Options reported separately and not counted above: AMLP puts ($2.6M).
Portfolio Sells Q4 2024 → Q1 2025
| ENLC Enlink Midstream LLC | Sold out | 0.00% | −1.88 |
| XIFR XPLR Infrastructure LP | Sold out | 0.00% | −1.42 |
| ET Energy Transfer LP | Reduce -2.2% | 8.51% | −1.36 |
| DTM DT Midstream Inc. | Reduce -4.3% | 4.47% | −0.71 |
| CEG Constellation Energy | Reduce -23.3% | 0.90% | −0.50 |
| EPD Enterprise Products Partners | Reduce -10.9% | 4.06% | −0.45 |
| TLN Talen Energy Corp. | Reduce -18.8% | 1.09% | −0.37 |
| VZ Verizon Communications Inc. | Sold out | 0.00% | −0.28 |
| VNOM Viper Energy Inc. | Reduce -15.0% | 0.71% | −0.27 |
| S Sentinelone Inc. Class A | Reduce -60.9% | 0.10% | −0.24 |
| PWR Quanta Services Inc. | Reduce -12.1% | 0.42% | −0.22 |
| FSLR First Solar Inc. | Reduce -11.4% | 0.24% | −0.17 |
| NFE New Fortress Energy Inc. | Sold out | 0.00% | −0.15 |
| TXO Txo Partners LP | Reduce -50.3% | 0.15% | −0.14 |
| SOBO South Bow Corp. | Reduce -29.4% | 0.32% | −0.13 |
| DKL Delek Logistics Partners LP | Sold out | 0.00% | −0.11 |
| HASI Ha Sustainable Infrastructur | Sold out | 0.00% | −0.11 |
| VTLE Vital Energy Inc. | Reduce -66.7% | 0.02% | −0.07 |
| CRGY Crescent Energy Inc. Class A | Sold out | 0.00% | −0.04 |
| ENB Enbridge Inc. | Reduce -1.7% | 0.82% | −0.04 |
| AM Antero Midstream Corp. | Reduce -13.4% | 0.86% | −0.04 |
| PAA Plains All Amer Pipeline LP | Reduce -15.8% | 0.23% | −0.02 |
Portfolio Buys Q4 2024 → Q1 2025
| HESM Hess Midstream LP Class A | Add +41.0% | 4.76% | +1.58 |
| OKE Oneok Inc. | Add +34.4% | 6.97% | +1.32 |
| MPLX MPLX LP | Add +20.9% | 6.02% | +1.23 |
| LNG Cheniere Energy Inc. | Add +7.1% | 7.72% | +0.52 |
| TRGP Targa Resources Corp. | Add +1.8% | 8.47% | +0.49 |
| PAGP Plains GP Holdings LP | Add +2.0% | 5.31% | +0.49 |
| SRE Sempra | New | 0.36% | +0.36 |
| GEV GE Vernova Inc. | Add +380.0% | 0.45% | +0.34 |
| PBA Pembina Pipeline Corp. | Add +6.6% | 4.41% | +0.30 |
| KMI Kinder Morgan Inc. | Add +9.2% | 5.05% | +0.27 |
| EQT Eqt Corp. | Add +5.8% | 2.19% | +0.27 |
| KNTK Kinetik Holdings Inc. | Add +34.1% | 1.89% | +0.23 |
| WMB Williams Cos Inc. | Add +0.9% | 4.97% | +0.17 |
| TRP TC Energy Corp. | Add +10.1% | 4.54% | +0.17 |
| NEE Nextera Energy Inc. | Add +113.9% | 0.34% | +0.17 |
| NXT Nextpower Inc. | New | 0.16% | +0.16 |
| GEL Genesis Energy L.P. | Add +9.7% | 0.41% | +0.15 |
| PSX Phillips 66 | Add +8.8% | 1.40% | +0.12 |
| CWEN Clearway Energy Inc. Class C | Add +4.8% | 0.97% | +0.11 |
| MPC Marathon Petroleum Corp. | Add +20.7% | 0.78% | +0.11 |
| ARLP Alliance Resource Partners | Add +38.9% | 0.42% | +0.11 |
| CYBR Cyberark Software Ltd./Israel | New | 0.10% | +0.10 |
| WES Western Midstream Partners L | Add +4.1% | 3.37% | +0.10 |
| MSFT Microsoft Corp. | Add +50.0% | 0.35% | +0.07 |
| CLSK Cleanspark Inc. | Add +66.8% | 0.21% | +0.02 |
| VST Vistra Corp. | Add +27.9% | 1.74% | +0.02 |
| CORZ Core Scientific Inc. | Add +127.3% | 0.22% | +0.02 |
| CRWD CrowdStrike Holdings Inc. Class A | Add +7.1% | 0.33% | +0.01 |
Options Activity Q4 2024 → Q1 2025
| XLE SS Energy Select Sector | call | Sold out | 50,000 | $4.3Mbefore exit |
| XOP SS SPDR S&P Og Exp & Prod | call | Sold out | 25,000 | $3.3Mbefore exit |
| AMLP Alerian MLP ETF | put | New | 50,000 | $2.6M |
| KMI Kinder Morgan Inc. | call | Sold out | 60,000 | $1.6Mbefore exit |
| AM Antero Midstream Corp. | call | Sold out | 70,000 | $1.1Mbefore 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 |