CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 14, 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 7.9% of the portfolio, followed by Targa Resources (TRGP, 7.0% ) and Cheniere Energy (LNG, 6.8% ). Compared with Q1 2025, it opened 5 new positions, sold out of 5, added to 21 and reduced 19. The biggest buy was South Bow (SOBO, shares +650% ) and the biggest sale Targa Resources (TRGP, shares −3% ).
Location DALLAS, TX
CIK 0001329375
Portfolio Value $1.6B (Q2 2025) Holdings 60 stocks · $1.6B Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q1 2025 ET Energy Transfer LP 7,182,600 $130.2M Reduce -3.2% TRGP Targa Resources Corp. 666,300 $116.0M Reduce -2.7% LNG Cheniere Energy Inc. 459,900 $112.0M Reduce -15.0% OKE Oneok Inc. 1,324,916 $108.2M Add +16.3% HESM Hess Midstream LP Class A 2,297,200 $88.5M Add +25.8% MPLX MPLX LP 1,715,800 $88.4M Reduce -5.9% DTM DT Midstream Inc. 748,300 $82.2M Reduce -0.3% WMB Williams Cos Inc. 1,191,100 $74.8M Reduce -11.6% KMI Kinder Morgan Inc. 2,514,400 $73.9M Reduce -12.4% PAGP Plains GP Holdings LP 3,543,000 $68.8M Reduce -12.2% PBA Pembina Pipeline Corp. 1,687,100 $63.3M Reduce -5.5% TRP TC Energy Corp. 1,250,500 $61.0M Reduce -19.8% EPD Enterprise Products Partners 1,957,500 $60.7M Add +1.6% WES Western Midstream Partners L 1,203,900 $46.6M Reduce -9.7% SOBO South Bow Corp. 1,526,100 $39.5M Add +650.4% VST Vistra Corp. 204,000 $39.5M Reduce -15.0% CEG Constellation Energy 110,000 $35.5M Add +51.7% KNTK Kinetik Holdings Inc. 779,000 $34.3M Add +32.0% TLN Talen Energy Corp. 106,000 $30.8M Add +19.5% PSX Phillips 66 199,700 $23.8M Add +9.0% EQT Eqt Corp. 353,258 $20.6M Reduce -46.9% GEV GE Vernova Inc. 32,000 $16.9M Add +33.3% AM Antero Midstream Corp. 774,000 $14.7M No change MPC Marathon Petroleum Corp. 85,500 $14.2M Reduce -1.2% ENB Enbridge Inc. 301,500 $13.7M No change CWEN Clearway Energy Inc. Class C 400,000 $12.8M Reduce -23.4% GEL Genesis Energy L.P. 685,700 $11.8M Add +60.3% NRG NRG Energy Inc. 73,000 $11.7M Reduce -7.6% PWR Quanta Services Inc. 30,000 $11.3M Add +11.1% ARIS WATER SOLUTIONS INC-A 450,000 $10.6M New VNOM Viper Energy Inc. 254,000 $9.7M No change BE Bloom Energy Corp. Class A 400,000 $9.6M New FSLR First Solar Inc. 55,000 $9.1M Add +77.4% MSTR Strategy Inc. filed as MICROSTRATEGY INC 20,000 $8.1M New TXO Txo Partners LP 530,000 $8.0M Add +307.7% ARLP Alliance Resource Partners 241,000 $6.3M Reduce -3.6% PANW Palo Alto Networks Inc. 30,000 $6.1M Add +15.4% PRIM Primoris Services Corp. 69,000 $5.4M Add +40.8% NEE Nextera Energy Inc. 77,000 $5.3M No change ITRI Itron Inc. 40,000 $5.3M No change MTZ Mastec Inc. 30,000 $5.1M Add +66.7% NXT Nextpower Inc. filed as NEXTRACKER INC 87,000 $4.7M Add +45.0% CVE Cenovus Energy Inc. 344,000 $4.7M No change TMUS T-Mobile US Inc. 19,000 $4.5M Add +35.7% CRWD CrowdStrike Holdings Inc. Class A 7,000 $3.6M Reduce -53.3% EQIX Equinix Inc. 4,000 $3.2M Add +33.3% SO The Southern Co. 33,000 $3.0M No change DLR Digital Realty Trust Inc. 17,000 $3.0M Add +21.4% NET Cloudflare Inc. Class A 15,000 $2.9M New RSG Republic Services Inc. 11,000 $2.7M No change NTNX Nutanix Inc. Class A 35,000 $2.7M No change PAA Plains All Amer Pipeline LP 145,300 $2.7M Reduce -21.1% PEG Public Service Enterprise GP 29,000 $2.4M No change MSI Motorola Solutions Inc. 5,000 $2.1M No change ETR Entergy Corp. 25,000 $2.1M No change CYBR Cyberark Software Ltd./Israel 5,000 $2.0M No change AEP American Electric Power 17,000 $1.8M No change AGX Argan Inc. 8,000 $1.8M New NGL NGL Energy Partners LP 275,000 $1.2M Add +37.5% VTLE Vital Energy Inc. 15,000 $241K No change
Options reported separately and not counted above: TLN calls ($17.4M), CEG calls ($16.1M), TLN puts ($14.5M), CEG puts ($12.9M), VST calls ($8.7M), VST puts ($6.8M), NRG calls ($2.4M), NRG puts ($1.6M).
Portfolio Sells Q1 2025 → Q2 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2025 % Of Portfolio Change To Portfolio ▲ TRGP Targa Resources Corp. Reduce -2.7% 7.05% −1.42 PAGP Plains GP Holdings LP Reduce -12.2% 4.18% −1.13 EQT Eqt Corp. Reduce -46.9% 1.25% −0.94 LNG Cheniere Energy Inc. Reduce -15.0% 6.80% −0.92 TRP TC Energy Corp. Reduce -19.8% 3.71% −0.84 MPLX MPLX LP Reduce -5.9% 5.37% −0.65 ET Energy Transfer LP Reduce -3.2% 7.91% −0.59 PBA Pembina Pipeline Corp. Reduce -5.5% 3.85% −0.56 KMI Kinder Morgan Inc. Reduce -12.4% 4.49% −0.56 WES Western Midstream Partners L Reduce -9.7% 2.83% −0.54 WMB Williams Cos Inc. Reduce -11.6% 4.55% −0.42 SRE Sempra Sold out 0.00% −0.36 MSFT Microsoft Corp. Sold out 0.00% −0.35 CORZ Core Scientific Inc. Sold out 0.00% −0.22 CLSK Cleanspark Inc. Sold out 0.00% −0.21 CWEN Clearway Energy Inc. Class C Reduce -23.4% 0.78% −0.20 CRWD CrowdStrike Holdings Inc. Class A Reduce -53.3% 0.22% −0.11 S Sentinelone Inc. Class A Sold out 0.00% −0.10 PAA Plains All Amer Pipeline LP Reduce -21.1% 0.16% −0.07 ARLP Alliance Resource Partners Reduce -3.6% 0.38% −0.04 MPC Marathon Petroleum Corp. Reduce -1.2% 0.86% +0.09 NRG NRG Energy Inc. Reduce -7.6% 0.71% +0.25 DTM DT Midstream Inc. Reduce -0.3% 5.00% +0.53 VST Vistra Corp. Reduce -15.0% 2.40% +0.66
Portfolio Buys Q1 2025 → Q2 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2025 % Of Portfolio Change To Portfolio ▼ SOBO South Bow Corp. Add +650.4% 2.40% +2.08 CEG Constellation Energy Add +51.7% 2.16% +1.26 TLN Talen Energy Corp. Add +19.5% 1.87% +0.78 ARIS WATER SOLUTIONS INC-A New 0.65% +0.65 HESM Hess Midstream LP Class A Add +25.8% 5.38% +0.61 BE Bloom Energy Corp. Class A New 0.58% +0.58 GEV GE Vernova Inc. Add +33.3% 1.03% +0.58 MSTR Strategy Inc. New 0.49% +0.49 TXO Txo Partners LP Add +307.7% 0.48% +0.33 FSLR First Solar Inc. Add +77.4% 0.55% +0.31 GEL Genesis Energy L.P. Add +60.3% 0.72% +0.30 PWR Quanta Services Inc. Add +11.1% 0.69% +0.27 KNTK Kinetik Holdings Inc. Add +32.0% 2.08% +0.19 MTZ Mastec Inc. Add +66.7% 0.31% +0.18 NET Cloudflare Inc. Class A New 0.18% +0.18 PRIM Primoris Services Corp. Add +40.8% 0.33% +0.15 NXT Nextpower Inc. Add +45.0% 0.29% +0.13 AGX Argan Inc. New 0.11% +0.11 PANW Palo Alto Networks Inc. Add +15.4% 0.37% +0.10 DLR Digital Realty Trust Inc. Add +21.4% 0.18% +0.06 PSX Phillips 66 Add +9.0% 1.45% +0.05 TMUS T-Mobile US Inc. Add +35.7% 0.28% +0.04 EQIX Equinix Inc. Add +33.3% 0.19% +0.04 NGL NGL Energy Partners LP Add +37.5% 0.07% +0.02 EPD Enterprise Products Partners Add +1.6% 3.69% −0.37 OKE Oneok Inc. Add +16.3% 6.57% −0.40
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ TLN Talen Energy Corp. call New 60,000 $17.4M CEG Constellation Energy call New 50,000 $16.1M TLN Talen Energy Corp. put New 50,000 $14.5M CEG Constellation Energy put New 40,000 $12.9M VST Vistra Corp. call New 45,000 $8.7M VST Vistra Corp. put New 35,000 $6.8M AMLP Alerian MLP ETF put Sold out 50,000 $2.6Mbefore exit NRG NRG Energy Inc. call New 15,000 $2.4M NRG NRG Energy Inc. put New 10,000 $1.6M
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