CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 20, 2025), CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT reported 59 stock positions worth $1.8 billion. Its top holding was Energy Transfer (ET) at 8.0% of the portfolio, followed by Targa Resources (TRGP, 6.5%) and Cheniere Energy (LNG, 6.0%). Compared with Q2 2025, it opened 5 new positions, sold out of 6, added to 41 and reduced 6. The biggest buy was NRG Energy (NRG, shares +108%) and the biggest sale Oneok (OKE, shares −16%).
- Most Recent 13F
- Q2 2026
- Location
- DALLAS, TX
- CIK
- 0001329375
- Portfolio Value
- $1.8B (Q3 2025)
- SEC Filing
- 0001329375-25-000009 ↗ filed Oct 20, 2025
Holdings Value
Holdings 59 stocks · $1.8B
| ET Energy Transfer LP | 8.00% | 8,211,600 | $140.9M | Add +14.3% |
| TRGP Targa Resources Corp. | 6.49% | 682,300 | $114.3M | Add +2.4% |
| LNG Cheniere Energy Inc. | 6.01% | 450,800 | $105.9M | Reduce -2.0% |
| MPLX MPLX LP | 4.92% | 1,733,800 | $86.6M | Add +1.1% |
| OKE Oneok Inc. | 4.63% | 1,116,916 | $81.5M | Reduce -15.7% |
| HESM Hess Midstream LP Class A | 4.54% | 2,317,200 | $80.1M | Add +0.9% |
| DTM DT Midstream Inc. | 4.36% | 679,300 | $76.8M | Reduce -9.2% |
| WMB Williams Cos Inc. | 4.32% | 1,200,100 | $76.0M | Add +0.8% |
| KMI Kinder Morgan Inc. | 4.23% | 2,630,000 | $74.5M | Add +4.6% |
| TRP TC Energy Corp. | 4.22% | 1,365,500 | $74.3M | Add +9.2% |
| PAGP Plains GP Holdings LP | 3.71% | 3,585,000 | $65.4M | Add +1.2% |
| PBA Pembina Pipeline Corp. | 3.60% | 1,565,688 | $63.3M | Reduce -7.2% |
| EPD Enterprise Products Partners | 3.54% | 1,992,500 | $62.3M | Add +1.8% |
| WES Western Midstream Partners L | 2.83% | 1,270,900 | $49.9M | Add +5.6% |
| VST Vistra Corp. | 2.57% | 230,700 | $45.2M | Add +13.1% |
| TLN Talen Energy Corp. | 2.56% | 105,900 | $45.0M | Reduce -0.1% |
| SOBO South Bow Corp. | 2.46% | 1,530,500 | $43.3M | Add +0.3% |
| KNTK Kinetik Holdings Inc. | 2.40% | 988,400 | $42.2M | Add +26.9% |
| CEG Constellation Energy | 2.24% | 119,700 | $39.4M | Add +8.8% |
| GEV GE Vernova Inc. | 1.63% | 46,750 | $28.7M | Add +46.1% |
| PSX Phillips 66 | 1.62% | 209,700 | $28.5M | Add +5.0% |
| ENB Enbridge Inc. | 1.44% | 501,500 | $25.3M | Add +66.3% |
| NRG NRG Energy Inc. | 1.40% | 152,000 | $24.6M | Add +108.2% |
| EQT Eqt Corp. | 1.09% | 353,258 | $19.2M | No change |
| AM Antero Midstream Corp. | 1.00% | 906,000 | $17.6M | Add +17.1% |
| MPC Marathon Petroleum Corp. | 0.94% | 85,500 | $16.5M | No change |
| BE Bloom Energy Corp. Class A | 0.90% | 187,000 | $15.8M | Reduce -53.3% |
| PWR Quanta Services Inc. | 0.82% | 35,000 | $14.5M | Add +16.7% |
| FSLR First Solar Inc. | 0.78% | 62,000 | $13.7M | Add +12.7% |
| PRIM Primoris Services Corp. | 0.67% | 86,000 | $11.8M | Add +24.6% |
| GEL Genesis Energy L.P. | 0.65% | 685,700 | $11.5M | No change |
| CRWD CrowdStrike Holdings Inc. Class A | 0.64% | 23,000 | $11.3M | Add +228.6% |
| VNOM Viper Energy Inc. Class A | 0.61% | 279,000 | $10.7M | New |
| EIX Edison International | 0.60% | 190,000 | $10.5M | New |
| MTZ Mastec Inc. | 0.57% | 47,000 | $10.0M | Add +56.7% |
| PANW Palo Alto Networks Inc. | 0.54% | 47,000 | $9.6M | Add +56.7% |
| AGX Argan Inc. | 0.48% | 31,000 | $8.4M | Add +287.5% |
| TXO Txo Partners LP | 0.46% | 581,000 | $8.2M | Add +9.6% |
| MSTR Strategy Inc. | 0.46% | 25,000 | $8.1M | Add +25.0% |
| NXT Nextpower Inc. filed as NEXTRACKER INC | 0.45% | 107,000 | $7.9M | Add +23.0% |
| ITRI Itron Inc. | 0.38% | 54,000 | $6.7M | Add +35.0% |
| TMUS T-Mobile US Inc. | 0.37% | 27,000 | $6.5M | Add +42.1% |
| NET Cloudflare Inc. Class A | 0.37% | 30,000 | $6.4M | Add +100.0% |
| ARLP Alliance Resource Partners | 0.35% | 241,000 | $6.1M | No change |
| DLR Digital Realty Trust Inc. | 0.33% | 34,000 | $5.9M | Add +100.0% |
| ETR Entergy Corp. | 0.33% | 63,000 | $5.9M | Add +152.0% |
| CVE Cenovus Energy Inc. | 0.33% | 344,000 | $5.8M | No change |
| EQIX Equinix Inc. | 0.31% | 7,000 | $5.5M | Add +75.0% |
| NTNX Nutanix Inc. Class A | 0.25% | 60,000 | $4.5M | Add +71.4% |
| SO The Southern Co. | 0.24% | 45,000 | $4.3M | Add +36.4% |
| MSI Motorola Solutions Inc. | 0.23% | 9,000 | $4.1M | Add +80.0% |
| PEG Public Service Enterprise GP | 0.23% | 49,000 | $4.1M | Add +69.0% |
| CYBR Cyberark Software Ltd./Israel | 0.19% | 7,000 | $3.4M | Add +40.0% |
| WEC WEC Energy Group Inc. | 0.17% | 26,000 | $3.0M | New |
| SNOW Snowflake Inc. | 0.17% | 13,000 | $2.9M | New |
| AEP American Electric Power | 0.16% | 25,000 | $2.8M | Add +47.1% |
| PAA Plains All Amer Pipeline LP | 0.14% | 145,300 | $2.5M | No change |
| NGL NGL Energy Partners LP | 0.09% | 275,000 | $1.6M | No change |
| NFE New Fortress Energy Inc. | 0.02% | 150,000 | $332K | New |
Portfolio Sells Q2 2025 → Q3 2025
| OKE Oneok Inc. | Reduce -15.7% | 4.63% | −1.95 |
| LNG Cheniere Energy Inc. | Reduce -2.0% | 6.01% | −0.79 |
| CWEN Clearway Energy Inc. Class C | Sold out | 0.00% | −0.78 |
| ARIS WATER SOLUTIONS INC-A | Sold out | 0.00% | −0.65 |
| DTM DT Midstream Inc. | Reduce -9.2% | 4.36% | −0.64 |
| VNOM Viper Energy Inc. | Sold out | 0.00% | −0.59 |
| NEE Nextera Energy Inc. | Sold out | 0.00% | −0.32 |
| PBA Pembina Pipeline Corp. | Reduce -7.2% | 3.60% | −0.25 |
| RSG Republic Services Inc. | Sold out | 0.00% | −0.16 |
| VTLE Vital Energy Inc. | Sold out | 0.00% | −0.01 |
| BE Bloom Energy Corp. Class A | Reduce -53.3% | 0.90% | +0.32 |
| TLN Talen Energy Corp. | Reduce -0.1% | 2.56% | +0.68 |
Portfolio Buys Q2 2025 → Q3 2025
| NRG NRG Energy Inc. | Add +108.2% | 1.40% | +0.69 |
| ENB Enbridge Inc. | Add +66.3% | 1.44% | +0.61 |
| VNOM Viper Energy Inc. Class A | New | 0.61% | +0.61 |
| GEV GE Vernova Inc. | Add +46.1% | 1.63% | +0.60 |
| EIX Edison International | New | 0.60% | +0.60 |
| TRP TC Energy Corp. | Add +9.2% | 4.22% | +0.51 |
| CRWD CrowdStrike Holdings Inc. Class A | Add +228.6% | 0.64% | +0.42 |
| AGX Argan Inc. | Add +287.5% | 0.48% | +0.37 |
| PRIM Primoris Services Corp. | Add +24.6% | 0.67% | +0.34 |
| KNTK Kinetik Holdings Inc. | Add +26.9% | 2.40% | +0.31 |
| MTZ Mastec Inc. | Add +56.7% | 0.57% | +0.26 |
| FSLR First Solar Inc. | Add +12.7% | 0.78% | +0.22 |
| ETR Entergy Corp. | Add +152.0% | 0.33% | +0.21 |
| NET Cloudflare Inc. Class A | Add +100.0% | 0.37% | +0.19 |
| PSX Phillips 66 | Add +5.0% | 1.62% | +0.17 |
| PANW Palo Alto Networks Inc. | Add +56.7% | 0.54% | +0.17 |
| WEC WEC Energy Group Inc. | New | 0.17% | +0.17 |
| SNOW Snowflake Inc. | New | 0.17% | +0.17 |
| VST Vistra Corp. | Add +13.1% | 2.57% | +0.16 |
| NXT Nextpower Inc. | Add +23.0% | 0.45% | +0.16 |
| DLR Digital Realty Trust Inc. | Add +100.0% | 0.33% | +0.15 |
| PWR Quanta Services Inc. | Add +16.7% | 0.82% | +0.13 |
| EQIX Equinix Inc. | Add +75.0% | 0.31% | +0.12 |
| AM Antero Midstream Corp. | Add +17.1% | 1.00% | +0.11 |
| MSI Motorola Solutions Inc. | Add +80.0% | 0.23% | +0.11 |
| TMUS T-Mobile US Inc. | Add +42.1% | 0.37% | +0.09 |
| NTNX Nutanix Inc. Class A | Add +71.4% | 0.25% | +0.09 |
| ET Energy Transfer LP | Add +14.3% | 8.00% | +0.09 |
| PEG Public Service Enterprise GP | Add +69.0% | 0.23% | +0.08 |
| CEG Constellation Energy | Add +8.8% | 2.24% | +0.08 |
| CYBR Cyberark Software Ltd./Israel | Add +40.0% | 0.19% | +0.07 |
| ITRI Itron Inc. | Add +35.0% | 0.38% | +0.06 |
| SO The Southern Co. | Add +36.4% | 0.24% | +0.06 |
| SOBO South Bow Corp. | Add +0.3% | 2.46% | +0.06 |
| AEP American Electric Power | Add +47.1% | 0.16% | +0.05 |
| NFE New Fortress Energy Inc. | New | 0.02% | +0.02 |
| WES Western Midstream Partners L | Add +5.6% | 2.83% | +0.00 |
| TXO Txo Partners LP | Add +9.6% | 0.46% | −0.02 |
| MSTR Strategy Inc. | Add +25.0% | 0.46% | −0.03 |
| EPD Enterprise Products Partners | Add +1.8% | 3.54% | −0.15 |
| WMB Williams Cos Inc. | Add +0.8% | 4.32% | −0.23 |
| KMI Kinder Morgan Inc. | Add +4.6% | 4.23% | −0.27 |
| MPLX MPLX LP | Add +1.1% | 4.92% | −0.45 |
| PAGP Plains GP Holdings LP | Add +1.2% | 3.71% | −0.47 |
| TRGP Targa Resources Corp. | Add +2.4% | 6.49% | −0.56 |
| HESM Hess Midstream LP Class A | Add +0.9% | 4.54% | −0.83 |
Options Activity Q2 2025 → Q3 2025
| TLN Talen Energy Corp. | call | Sold out | 60,000 | $17.4Mbefore exit |
| CEG Constellation Energy | call | Sold out | 50,000 | $16.1Mbefore exit |
| TLN Talen Energy Corp. | put | Sold out | 50,000 | $14.5Mbefore exit |
| CEG Constellation Energy | put | Sold out | 40,000 | $12.9Mbefore exit |
| VST Vistra Corp. | call | Sold out | 45,000 | $8.7Mbefore exit |
| VST Vistra Corp. | put | Sold out | 35,000 | $6.8Mbefore exit |
| NRG NRG Energy Inc. | call | Sold out | 15,000 | $2.4Mbefore exit |
| NRG NRG Energy Inc. | put | Sold out | 10,000 | $1.6Mbefore 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 |