CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed April 28, 2026), CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT reported 64 stock positions worth $2.0 billion. Its top holding was Targa Resources (TRGP) at 8.1% of the portfolio, followed by Energy Transfer (ET, 7.7%) and Williams Cos (WMB, 6.2%). Compared with Q4 2025, it opened 10 new positions, sold out of 6, added to 23 and reduced 22. The biggest buy was Enbridge (ENB, shares +67%) and the biggest sale an exit from Hess Midstream Class A (HESM).
- Most Recent 13F
- Q2 2026
- Location
- DALLAS, TX
- CIK
- 0001329375
- Portfolio Value
- $2.0B (Q1 2026)
- SEC Filing
- 0001315863-26-000367 ↗ filed Apr 28, 2026
Holdings Value
Holdings 64 stocks · $2.0B
| TRGP Targa Resources Corp. | 8.14% | 652,300 | $163.6M | Reduce -4.3% |
| ET Energy Transfer LP | 7.68% | 7,997,600 | $154.4M | Add +0.1% |
| WMB Williams Cos Inc. | 6.16% | 1,700,100 | $123.7M | Add +6.6% |
| MPLX MPLX LP | 5.28% | 1,859,100 | $106.1M | Reduce -1.3% |
| DTM DT Midstream Inc. | 4.87% | 727,100 | $97.9M | Reduce -3.0% |
| OKE Oneok Inc. | 4.81% | 1,069,900 | $96.7M | Reduce -17.6% |
| KMI Kinder Morgan Inc. | 4.54% | 2,722,300 | $91.3M | Reduce -5.0% |
| KNTK Kinetik Holdings Inc. | 4.52% | 1,874,000 | $90.7M | Add +1.7% |
| PAGP Plains GP Holdings LP | 4.18% | 3,460,000 | $84.0M | Reduce -7.1% |
| TRP TC Energy Corp. | 3.99% | 1,280,600 | $80.2M | Reduce -1.1% |
| LNG Cheniere Energy Inc. | 3.95% | 279,800 | $79.4M | Reduce -13.8% |
| WES Western Midstream Partners L | 3.44% | 1,676,900 | $69.0M | Add +8.8% |
| EPD Enterprise Products Partners | 3.29% | 1,745,500 | $66.0M | Reduce -2.6% |
| PBA Pembina Pipeline Corp. | 3.02% | 1,357,100 | $60.7M | Add +0.7% |
| ENB Enbridge Inc. | 2.70% | 1,001,500 | $54.2M | Add +66.5% |
| MPC Marathon Petroleum Corp. | 1.74% | 142,800 | $34.9M | Add +73.1% |
| PSX Phillips 66 | 1.63% | 180,100 | $32.8M | Reduce -5.7% |
| SOBO South Bow Corp. | 1.44% | 865,500 | $28.8M | Reduce -41.9% |
| TLN Talen Energy Corp. | 1.42% | 89,300 | $28.5M | Reduce -23.8% |
| VST Vistra Corp. | 1.37% | 183,600 | $27.6M | Reduce -12.0% |
| EQT Eqt Corp. | 1.28% | 403,258 | $25.7M | Add +17.1% |
| NRG NRG Energy Inc. | 1.24% | 170,500 | $24.9M | Add +5.3% |
| CEG Constellation Energy | 1.15% | 82,700 | $23.1M | Reduce -29.1% |
| MTZ Mastec Inc. | 1.14% | 70,900 | $22.8M | Add +0.6% |
| SEI Solaris Energy Infrastructur | 1.09% | 388,000 | $21.9M | Add +536.1% |
| PRIM Primoris Services Corp. | 1.08% | 152,000 | $21.7M | Add +19.7% |
| GEV GE Vernova Inc. | 1.04% | 24,000 | $20.9M | Reduce -49.8% |
| PWR Quanta Services Inc. | 1.04% | 38,000 | $20.9M | Reduce -2.6% |
| AGX Argan Inc. | 1.03% | 38,000 | $20.7M | Add +8.6% |
| BE Bloom Energy Corp. Class A | 0.91% | 135,000 | $18.3M | Add +17.4% |
| NXT Nextpower Inc. | 0.86% | 143,000 | $17.2M | Reduce -12.3% |
| APC Arko Petroleum Corp. | 0.63% | 712,451 | $12.7M | New |
| SUNC Sunococorp LLC | 0.61% | 200,000 | $12.3M | New |
| DY Dycom Industries Inc. | 0.61% | 36,000 | $12.2M | Add +140.0% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.58% | 30,000 | $11.7M | Add +20.0% |
| PANW Palo Alto Networks Inc. | 0.57% | 72,000 | $11.5M | Add +53.2% |
| DOCN Digitalocean Holdings Inc. | 0.56% | 132,200 | $11.3M | Add +14.0% |
| EE Excelerate Energy Inc. Class A | 0.54% | 325,000 | $10.9M | New |
| NET Cloudflare Inc. Class A | 0.51% | 50,000 | $10.3M | Add +66.7% |
| VNOM Viper Energy Inc. Class A | 0.48% | 205,000 | $9.6M | Reduce -26.5% |
| NEE Nextera Energy Inc. | 0.44% | 95,000 | $8.8M | Add +90.0% |
| TXO Txo Partners LP | 0.36% | 581,000 | $7.3M | No change |
| ETR Entergy Corp. | 0.35% | 63,000 | $7.1M | No change |
| WTTR Select Water Solutions Inc. | 0.32% | 420,000 | $6.4M | New |
| DLR Digital Realty Trust Inc. | 0.30% | 34,000 | $6.1M | No change |
| MWH Solv Energy Inc. Class A | 0.30% | 200,000 | $6.0M | New |
| WBI Waterbridge Infrastruc Class A | 0.27% | 202,500 | $5.4M | New |
| IREN Iren Ltd. filed as IREN LIMITED | 0.27% | 157,000 | $5.4M | Add +2.6% |
| ARLP Alliance Resource Partners | 0.26% | 191,000 | $5.3M | No change |
| STRL Sterling Infrastructure Inc. | 0.23% | 11,550 | $4.7M | New |
| DUK Duke Energy Corp. | 0.23% | 35,000 | $4.6M | New |
| AM Antero Midstream Corp. | 0.23% | 201,000 | $4.6M | Reduce -36.4% |
| SNOW Snowflake Inc. | 0.22% | 29,000 | $4.4M | Add +26.1% |
| SO The Southern Co. | 0.22% | 45,000 | $4.3M | No change |
| WEC WEC Energy Group Inc. | 0.20% | 35,000 | $4.1M | No change |
| AEP American Electric Power | 0.16% | 25,000 | $3.3M | No change |
| GEL Genesis Energy L.P. | 0.13% | 151,000 | $2.7M | Reduce -18.7% |
| CIFR Cipher Digital Inc. | 0.11% | 170,000 | $2.2M | New |
| NGL NGL Energy Partners LP | 0.09% | 150,000 | $1.8M | No change |
| PAA Plains All Amer Pipeline LP | 0.06% | 55,300 | $1.2M | Reduce -64.4% |
| CVE Cenovus Energy Inc. | 0.04% | 30,000 | $796K | Reduce -93.5% |
| GLNG Golar LNG Ltd. | 0.02% | 7,000 | $379K | New |
| CLSK Cleanspark Inc. | 0.01% | 32,000 | $272K | Add +60.0% |
| NFE New Fortress Energy Inc. | 0.00% | 100,000 | $59K | No change |
Options reported separately and not counted above: XLE puts ($6.1M), AMLP puts ($5.3M).
Portfolio Sells Q4 2025 → Q1 2026
| HESM Hess Midstream LP Class A | Sold out | 0.00% | −2.69 |
| CEG Constellation Energy | Reduce -29.1% | 1.15% | −1.21 |
| TLN Talen Energy Corp. | Reduce -23.8% | 1.42% | −1.10 |
| FSLR First Solar Inc. | Sold out | 0.00% | −1.02 |
| SOBO South Bow Corp. | Reduce -41.9% | 1.44% | −0.91 |
| GEV GE Vernova Inc. | Reduce -49.8% | 1.04% | −0.75 |
| OKE Oneok Inc. | Reduce -17.6% | 4.81% | −0.66 |
| VST Vistra Corp. | Reduce -12.0% | 1.37% | −0.56 |
| MPLX MPLX LP | Reduce -1.3% | 5.28% | −0.48 |
| CVE Cenovus Energy Inc. | Reduce -93.5% | 0.04% | −0.41 |
| MSFT Microsoft Corp. | Sold out | 0.00% | −0.28 |
| DTM DT Midstream Inc. | Reduce -3.0% | 4.87% | −0.27 |
| ORCL Oracle Corp. | Sold out | 0.00% | −0.26 |
| PEG Public Service Enterprise GP | Sold out | 0.00% | −0.23 |
| CYBR Cyberark Software Ltd./Israel | Sold out | 0.00% | −0.18 |
| VNOM Viper Energy Inc. Class A | Reduce -26.5% | 0.48% | −0.14 |
| PAA Plains All Amer Pipeline LP | Reduce -64.4% | 0.06% | −0.10 |
| TRP TC Energy Corp. | Reduce -1.1% | 3.99% | −0.10 |
| AM Antero Midstream Corp. | Reduce -36.4% | 0.23% | −0.09 |
| GEL Genesis Energy L.P. | Reduce -18.7% | 0.13% | −0.03 |
| EPD Enterprise Products Partners | Reduce -2.6% | 3.29% | −0.01 |
| KMI Kinder Morgan Inc. | Reduce -5.0% | 4.54% | +0.03 |
| NXT Nextpower Inc. | Reduce -12.3% | 0.86% | +0.04 |
| PAGP Plains GP Holdings LP | Reduce -7.1% | 4.18% | +0.09 |
| PWR Quanta Services Inc. | Reduce -2.6% | 1.04% | +0.09 |
| PSX Phillips 66 | Reduce -5.7% | 1.63% | +0.22 |
| LNG Cheniere Energy Inc. | Reduce -13.8% | 3.95% | +0.33 |
| TRGP Targa Resources Corp. | Reduce -4.3% | 8.14% | +0.93 |
Portfolio Buys Q4 2025 → Q1 2026
| ENB Enbridge Inc. | Add +66.5% | 2.70% | +1.05 |
| MPC Marathon Petroleum Corp. | Add +73.1% | 1.74% | +0.97 |
| SEI Solaris Energy Infrastructur | Add +536.1% | 1.09% | +0.93 |
| KNTK Kinetik Holdings Inc. | Add +1.7% | 4.52% | +0.71 |
| WMB Williams Cos Inc. | Add +6.6% | 6.16% | +0.66 |
| APC Arko Petroleum Corp. | New | 0.63% | +0.63 |
| SUNC Sunococorp LLC | New | 0.61% | +0.61 |
| EE Excelerate Energy Inc. Class A | New | 0.54% | +0.54 |
| AGX Argan Inc. | Add +8.6% | 1.03% | +0.40 |
| BE Bloom Energy Corp. Class A | Add +17.4% | 0.91% | +0.34 |
| WTTR Select Water Solutions Inc. | New | 0.32% | +0.32 |
| DY Dycom Industries Inc. | Add +140.0% | 0.61% | +0.32 |
| MWH Solv Energy Inc. Class A | New | 0.30% | +0.30 |
| WBI Waterbridge Infrastruc Class A | New | 0.27% | +0.27 |
| MTZ Mastec Inc. | Add +0.6% | 1.14% | +0.26 |
| DOCN Digitalocean Holdings Inc. | Add +14.0% | 0.56% | +0.24 |
| STRL Sterling Infrastructure Inc. | New | 0.23% | +0.23 |
| DUK Duke Energy Corp. | New | 0.23% | +0.23 |
| EQT Eqt Corp. | Add +17.1% | 1.28% | +0.22 |
| NEE Nextera Energy Inc. | Add +90.0% | 0.44% | +0.21 |
| PRIM Primoris Services Corp. | Add +19.7% | 1.08% | +0.18 |
| NET Cloudflare Inc. Class A | Add +66.7% | 0.51% | +0.17 |
| ET Energy Transfer LP | Add +0.1% | 7.68% | +0.13 |
| CIFR Cipher Digital Inc. | New | 0.11% | +0.11 |
| PBA Pembina Pipeline Corp. | Add +0.7% | 3.02% | +0.08 |
| PANW Palo Alto Networks Inc. | Add +53.2% | 0.57% | +0.08 |
| GLNG Golar LNG Ltd. | New | 0.02% | +0.02 |
| CLSK Cleanspark Inc. | Add +60.0% | 0.01% | +0.00 |
| WES Western Midstream Partners L | Add +8.8% | 3.44% | −0.05 |
| IREN Iren Ltd. | Add +2.6% | 0.27% | −0.06 |
| SNOW Snowflake Inc. | Add +26.1% | 0.22% | −0.07 |
| CRWD CrowdStrike Holdings Inc. Class A | Add +20.0% | 0.58% | −0.09 |
| NRG NRG Energy Inc. | Add +5.3% | 1.24% | −0.24 |
Options Activity Q4 2025 → Q1 2026
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 |