CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 27, 2026), CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT reported 60 stock positions worth $1.7 billion. Its top holding was Energy Transfer (ET) at 7.6% of the portfolio, followed by Targa Resources (TRGP, 7.2%) and MPLX (MPLX, 5.8%). Compared with Q3 2025, it opened 8 new positions, sold out of 7, added to 23 and reduced 19. The biggest buy was Kinetik (KNTK, shares +87%) and the biggest sale Cheniere Energy (LNG, shares −28%).
- Most Recent 13F
- Q2 2026
- Location
- DALLAS, TX
- CIK
- 0001329375
- Portfolio Value
- $1.7B (Q4 2025)
- SEC Filing
- 0001329375-26-000001 ↗ filed Jan 27, 2026
Holdings Value
Holdings 60 stocks · $1.7B
| ET Energy Transfer LP | 7.56% | 7,991,600 | $131.8M | Reduce -2.7% |
| TRGP Targa Resources Corp. | 7.21% | 681,300 | $125.7M | Reduce -0.1% |
| MPLX MPLX LP | 5.77% | 1,883,800 | $100.5M | Add +8.7% |
| WMB Williams Cos Inc. | 5.50% | 1,595,100 | $95.9M | Add +32.9% |
| OKE Oneok Inc. | 5.47% | 1,297,916 | $95.4M | Add +16.2% |
| DTM DT Midstream Inc. | 5.14% | 749,300 | $89.7M | Add +10.3% |
| KMI Kinder Morgan Inc. | 4.52% | 2,865,000 | $78.8M | Add +8.9% |
| PAGP Plains GP Holdings LP | 4.09% | 3,725,000 | $71.3M | Add +3.9% |
| TRP TC Energy Corp. | 4.09% | 1,295,500 | $71.3M | Reduce -5.1% |
| KNTK Kinetik Holdings Inc. | 3.81% | 1,843,400 | $66.5M | Add +86.5% |
| LNG Cheniere Energy Inc. | 3.62% | 324,800 | $63.1M | Reduce -27.9% |
| WES Western Midstream Partners L | 3.49% | 1,540,900 | $60.9M | Add +21.2% |
| EPD Enterprise Products Partners | 3.30% | 1,792,500 | $57.5M | Reduce -10.0% |
| PBA Pembina Pipeline Corp. | 2.94% | 1,347,100 | $51.3M | Reduce -14.0% |
| HESM Hess Midstream LP Class A | 2.69% | 1,357,200 | $46.8M | Reduce -41.4% |
| TLN Talen Energy Corp. | 2.52% | 117,200 | $43.9M | Add +10.7% |
| CEG Constellation Energy | 2.36% | 116,700 | $41.2M | Reduce -2.5% |
| SOBO South Bow Corp. | 2.35% | 1,490,500 | $40.9M | Reduce -2.6% |
| VST Vistra Corp. | 1.93% | 208,700 | $33.7M | Reduce -9.5% |
| GEV GE Vernova Inc. | 1.79% | 47,850 | $31.3M | Add +2.4% |
| ENB Enbridge Inc. | 1.65% | 601,500 | $28.8M | Add +19.9% |
| NRG NRG Energy Inc. | 1.48% | 162,000 | $25.8M | Add +6.6% |
| PSX Phillips 66 | 1.41% | 190,900 | $24.6M | Reduce -9.0% |
| EQT Eqt Corp. | 1.06% | 344,258 | $18.5M | Reduce -2.5% |
| FSLR First Solar Inc. | 1.02% | 68,000 | $17.8M | Add +9.7% |
| PWR Quanta Services Inc. | 0.94% | 39,000 | $16.5M | Add +11.4% |
| PRIM Primoris Services Corp. | 0.90% | 127,000 | $15.8M | Add +47.7% |
| MTZ Mastec Inc. | 0.88% | 70,500 | $15.3M | Add +50.0% |
| NXT Nextpower Inc. | 0.81% | 163,000 | $14.2M | Add +52.3% |
| MPC Marathon Petroleum Corp. | 0.77% | 82,500 | $13.4M | Reduce -3.5% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.67% | 25,000 | $11.7M | Add +8.7% |
| AGX Argan Inc. | 0.63% | 35,000 | $11.0M | Add +12.9% |
| VNOM Viper Energy Inc. Class A | 0.62% | 279,000 | $10.8M | No change |
| BE Bloom Energy Corp. Class A | 0.57% | 115,000 | $10.0M | Reduce -38.5% |
| PANW Palo Alto Networks Inc. | 0.50% | 47,000 | $8.7M | No change |
| CVE Cenovus Energy Inc. | 0.45% | 460,000 | $7.8M | Add +33.7% |
| TXO Txo Partners LP | 0.36% | 581,000 | $6.2M | No change |
| NET Cloudflare Inc. Class A | 0.34% | 30,000 | $5.9M | No change |
| ETR Entergy Corp. | 0.33% | 63,000 | $5.8M | No change |
| IREN Iren Ltd. filed as IREN LIMITED | 0.33% | 153,000 | $5.8M | New |
| AM Antero Midstream Corp. | 0.32% | 316,000 | $5.6M | Reduce -65.1% |
| DOCN Digitalocean Holdings Inc. | 0.32% | 116,000 | $5.6M | New |
| DLR Digital Realty Trust Inc. | 0.30% | 34,000 | $5.3M | No change |
| DY Dycom Industries Inc. | 0.29% | 15,000 | $5.1M | New |
| SNOW Snowflake Inc. | 0.29% | 23,000 | $5.0M | Add +76.9% |
| MSFT Microsoft Corp. | 0.28% | 10,000 | $4.8M | New |
| ORCL Oracle Corp. | 0.26% | 23,000 | $4.5M | New |
| ARLP Alliance Resource Partners | 0.25% | 191,000 | $4.4M | Reduce -20.8% |
| NEE Nextera Energy Inc. | 0.23% | 50,000 | $4.0M | New |
| PEG Public Service Enterprise GP | 0.23% | 49,000 | $3.9M | No change |
| SO The Southern Co. | 0.23% | 45,000 | $3.9M | No change |
| WEC WEC Energy Group Inc. | 0.21% | 35,000 | $3.7M | Add +34.6% |
| CYBR Cyberark Software Ltd./Israel | 0.18% | 7,000 | $3.1M | No change |
| GEL Genesis Energy L.P. | 0.17% | 185,700 | $2.9M | Reduce -72.9% |
| AEP American Electric Power | 0.17% | 25,000 | $2.9M | No change |
| SEI Solaris Energy Infrastructur | 0.16% | 61,000 | $2.8M | New |
| PAA Plains All Amer Pipeline LP | 0.16% | 155,300 | $2.8M | Add +6.9% |
| NGL NGL Energy Partners LP | 0.09% | 150,000 | $1.5M | Reduce -45.5% |
| CLSK Cleanspark Inc. | 0.01% | 20,000 | $202K | New |
| NFE New Fortress Energy Inc. | 0.01% | 100,000 | $114K | Reduce -33.3% |
Portfolio Sells Q3 2025 → Q4 2025
| LNG Cheniere Energy Inc. | Reduce -27.9% | 3.62% | −2.39 |
| HESM Hess Midstream LP Class A | Reduce -41.4% | 2.69% | −1.86 |
| AM Antero Midstream Corp. | Reduce -65.1% | 0.32% | −0.68 |
| PBA Pembina Pipeline Corp. | Reduce -14.0% | 2.94% | −0.66 |
| VST Vistra Corp. | Reduce -9.5% | 1.93% | −0.63 |
| EIX Edison International | Sold out | 0.00% | −0.60 |
| GEL Genesis Energy L.P. | Reduce -72.9% | 0.17% | −0.48 |
| MSTR Strategy Inc. | Sold out | 0.00% | −0.46 |
| ET Energy Transfer LP | Reduce -2.7% | 7.56% | −0.44 |
| ITRI Itron Inc. | Sold out | 0.00% | −0.38 |
| TMUS T-Mobile US Inc. | Sold out | 0.00% | −0.37 |
| BE Bloom Energy Corp. Class A | Reduce -38.5% | 0.57% | −0.32 |
| EQIX Equinix Inc. | Sold out | 0.00% | −0.31 |
| NTNX Nutanix Inc. Class A | Sold out | 0.00% | −0.25 |
| EPD Enterprise Products Partners | Reduce -10.0% | 3.30% | −0.24 |
| MSI Motorola Solutions Inc. | Sold out | 0.00% | −0.23 |
| PSX Phillips 66 | Reduce -9.0% | 1.41% | −0.21 |
| MPC Marathon Petroleum Corp. | Reduce -3.5% | 0.77% | −0.17 |
| TRP TC Energy Corp. | Reduce -5.1% | 4.09% | −0.13 |
| SOBO South Bow Corp. | Reduce -2.6% | 2.35% | −0.11 |
| ARLP Alliance Resource Partners | Reduce -20.8% | 0.25% | −0.09 |
| EQT Eqt Corp. | Reduce -2.5% | 1.06% | −0.03 |
| NFE New Fortress Energy Inc. | Reduce -33.3% | 0.01% | −0.01 |
| NGL NGL Energy Partners LP | Reduce -45.5% | 0.09% | −0.01 |
| CEG Constellation Energy | Reduce -2.5% | 2.36% | +0.13 |
| TRGP Targa Resources Corp. | Reduce -0.1% | 7.21% | +0.72 |
Portfolio Buys Q3 2025 → Q4 2025
| KNTK Kinetik Holdings Inc. | Add +86.5% | 3.81% | +1.41 |
| WMB Williams Cos Inc. | Add +32.9% | 5.50% | +1.18 |
| MPLX MPLX LP | Add +8.7% | 5.77% | +0.85 |
| OKE Oneok Inc. | Add +16.2% | 5.47% | +0.84 |
| DTM DT Midstream Inc. | Add +10.3% | 5.14% | +0.78 |
| WES Western Midstream Partners L | Add +21.2% | 3.49% | +0.66 |
| PAGP Plains GP Holdings LP | Add +3.9% | 4.09% | +0.38 |
| NXT Nextpower Inc. | Add +52.3% | 0.81% | +0.36 |
| IREN Iren Ltd. | New | 0.33% | +0.33 |
| DOCN Digitalocean Holdings Inc. | New | 0.32% | +0.32 |
| MTZ Mastec Inc. | Add +50.0% | 0.88% | +0.31 |
| DY Dycom Industries Inc. | New | 0.29% | +0.29 |
| KMI Kinder Morgan Inc. | Add +8.9% | 4.52% | +0.29 |
| MSFT Microsoft Corp. | New | 0.28% | +0.28 |
| ORCL Oracle Corp. | New | 0.26% | +0.26 |
| FSLR First Solar Inc. | Add +9.7% | 1.02% | +0.24 |
| PRIM Primoris Services Corp. | Add +47.7% | 0.90% | +0.23 |
| NEE Nextera Energy Inc. | New | 0.23% | +0.23 |
| ENB Enbridge Inc. | Add +19.9% | 1.65% | +0.21 |
| GEV GE Vernova Inc. | Add +2.4% | 1.79% | +0.16 |
| SEI Solaris Energy Infrastructur | New | 0.16% | +0.16 |
| AGX Argan Inc. | Add +12.9% | 0.63% | +0.15 |
| SNOW Snowflake Inc. | Add +76.9% | 0.29% | +0.12 |
| PWR Quanta Services Inc. | Add +11.4% | 0.94% | +0.12 |
| CVE Cenovus Energy Inc. | Add +33.7% | 0.45% | +0.11 |
| NRG NRG Energy Inc. | Add +6.6% | 1.48% | +0.08 |
| WEC WEC Energy Group Inc. | Add +34.6% | 0.21% | +0.04 |
| CRWD CrowdStrike Holdings Inc. Class A | Add +8.7% | 0.67% | +0.03 |
| PAA Plains All Amer Pipeline LP | Add +6.9% | 0.16% | +0.02 |
| CLSK Cleanspark Inc. | New | 0.01% | +0.01 |
| TLN Talen Energy Corp. | Add +10.7% | 2.52% | −0.04 |
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 |