CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT

CIK

1329375

Location

DALLAS, TX

Portfolio Value

Mid $2,008,729,163

Diversification

Diversified

Filing Date

Global Rank

#1,207 / 8,621 ▲ 110 · as of Mar 2026

Top Industry

Oil & Gas Midstream 74.2%

3Y Alpha vs SPY

+6.6%

Period ended 4 months ago

Filed Apr 28, 2026 · 3mo

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of buying every stock this filer reported holding, rebalancing on each filing and indexed to the same start. Option positions cannot be bought this way and are left out.

Cloned portfolio

+94.9%

SPY

+67.9%

Annualised alpha

+6.1%

Max drawdown

−18.2%

Estimate. 13F holdings are quarter-lagged, so the clone rebalances about 45 days after each period end — when the filing becomes public — and it excludes option and short positions. It tracks 100% of reported value on average across 13 quarters. Past performance does not predict future results.

Portfolio Concentration

64 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

8.1%

+0.6 pts

Top 5

32.1%

+0.6 pts

Top 10

54.2%

+0.9 pts

HHI

396

Diversified+5

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Energy	81.8%	$1,643,697,611	35
Utilities	7.1%	$142,282,202	11
Industrials	7.1%	$142,255,144	8
Technology	3.4%	$68,712,786	7
Real Estate	0.3%	$6,127,140	1
Financial Services	0.3%	$5,654,280	2

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

23 positions

Ticker	Company	Δ Shares	Shares	Value
ENB	Enbridge Inc	+400,000	1,001,500	$54,221,210
SEI	Solaris Energy Infrastructure, Inc.	+327,000	388,000	$21,925,880
WES	Western Midstream Partners, LP	+136,000	1,676,900	$69,037,973
WMB	Williams Companies, Inc.	+105,000	1,700,100	$123,733,278
MPC	Marathon Petroleum Corp	+60,300	142,800	$34,868,904
EQT	EQT Corp	+59,000	403,258	$25,663,339
NEE	Nextera Energy Inc	+45,000	95,000	$8,823,600
KNTK	Kinetik Holdings Inc.	+30,600	1,874,000	$90,720,340
PANW	Palo Alto Networks Inc	+25,000	72,000	$11,543,040
PRIM	Primoris Services Corp	+25,000	152,000	$21,742,080
DY	Dycom Industries Inc	+21,000	36,000	$12,197,520
NET	Cloudflare, Inc.	+20,000	50,000	$10,317,000
BE	Bloom Energy Corp	+20,000	135,000	$18,291,150
DOCN	DigitalOcean Holdings, Inc.	+16,200	132,200	$11,340,116
CLSK	Cleanspark, Inc.	+12,000	32,000	$272,320
PBA	Pembina Pipeline Corp	+10,000	1,357,100	$60,743,796
NRG	Nrg Energy, Inc.	+8,500	170,500	$24,916,870
SNOW	Snowflake Inc.	+6,000	29,000	$4,373,780
ET	Energy Transfer LP	+6,000	7,997,600	$154,353,680
CRWD	CrowdStrike Holdings, Inc.	+5,000	30,000	$11,712,300
IREN	IREN Ltd	+4,000	157,000	$5,381,960
AGX	Argan Inc	+3,000	38,000	$20,696,700
MTZ	Mastec Inc	+400	70,900	$22,811,366
No positions match the current search.

Trimmed

Positions the filer reduced

22 positions

Ticker	Company	Δ Shares	Shares	Value
SOBO	South Bow Corp	−625,000	865,500	$28,838,460
CVE	Cenovus Energy Inc.	−430,000	30,000	$795,900
PAGP	Plains Gp Holdings LP	−265,000	3,460,000	$84,008,800
OKE	Oneok Inc /New/	−228,016	1,069,900	$96,708,261
KMI	Kinder Morgan, Inc.	−142,700	2,722,300	$91,278,719
AM	Antero Midstream Corp	−115,000	201,000	$4,582,800
PAA	Plains All American Pipeline LP	−100,000	55,300	$1,234,849
VNOM	Viper Energy, Inc.	−74,000	205,000	$9,632,950
EPD	Enterprise Products Partners L.P.	−47,000	1,745,500	$66,049,720
LNG	Cheniere Energy, Inc.	−45,000	279,800	$79,396,048
GEL	Genesis Energy LP	−34,700	151,000	$2,692,330
CEG	Constellation Energy Corp	−34,000	82,700	$23,093,975
TRGP	Targa Resources Corp.	−29,000	652,300	$163,551,179
TLN	Talen Energy Corp	−27,900	89,300	$28,507,239
VST	Vistra Corp.	−25,100	183,600	$27,600,588
MPLX	Mplx LP	−24,700	1,859,100	$106,098,837
GEV	GE Vernova Inc.	−23,850	24,000	$20,949,600
DTM	DT Midstream, Inc.	−22,200	727,100	$97,918,557
NXT	Nextpower Inc.	−20,000	143,000	$17,238,650
TRP	Tc Energy Corp	−14,900	1,280,600	$80,165,560
PSX	Phillips 66	−10,800	180,100	$32,810,618
PWR	Quanta Services, Inc.	−1,000	38,000	$20,862,760
No positions match the current search.

New Positions

Positions the filer opened this quarter

10 positions

Ticker	Company	Shares	Value
APC	ARKO Petroleum Corp.	712,451	$12,745,748
SUNC	SunocoCorp LLC	200,000	$12,330,000
EE	Excelerate Energy, Inc.	325,000	$10,861,500
WTTR	Select Water Solutions, Inc.	420,000	$6,426,000
MWH	SOLV Energy, Inc.	200,000	$6,006,000
WBI	WaterBridge Infrastructure LLC	202,500	$5,424,975
STRL	Sterling Infrastructure, Inc.	11,550	$4,703,968
DUK	Duke Energy CORP	35,000	$4,582,900
CIFR	Cipher Digital Inc.	170,000	$2,187,900
GLNG	Golar Lng Ltd	7,000	$378,770
No positions match the current search.

Sold Out

Positions the filer fully exited

5 positions

Ticker	Company	Shares	Value
HESM	Hess Midstream LP	1,357,200	$46,823,400
FSLR	First Solar, Inc.	68,000	$17,763,640
MSFT	Microsoft Corp	10,000	$4,836,200
ORCL	Oracle Corp	23,000	$4,482,930
PEG	Public Service Enterprise Group Inc	49,000	$3,934,700
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

64 positions · $2,008,729,163 total · as of Mar 31, 2026

All sectors Energy Financial Services Industrials Real Estate Technology Utilities

Showing 1–50 of 64 positions by value · page 1 of 2

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
TRGP	Targa Resources Corp. Energy	Reduced	652,300	-29,000	$163,551,179	+30.1%	8.14%
ET	Energy Transfer LP Energy	Added	7,997,600	+6,000	$154,353,680	+17.1%	7.68%
WMB	Williams Companies, Inc. Energy	Added	1,700,100	+105,000	$123,733,278	+29.0%	6.16%
MPLX	Mplx LP Energy	Reduced	1,859,100	-24,700	$106,098,837	+5.5%	5.28%
DTM	DT Midstream, Inc. Energy	Reduced	727,100	-22,200	$97,918,557	+9.2%	4.87%
OKE	Oneok Inc /New/ Energy	Reduced	1,069,900	-228,016	$96,708,261	+1.4%	4.81%
KMI	Kinder Morgan, Inc. Energy	Reduced	2,722,300	-142,700	$91,278,719	+15.9%	4.54%
KNTK	Kinetik Holdings Inc. Energy	Added	1,874,000	+30,600	$90,720,340	+36.5%	4.52%
PAGP	Plains Gp Holdings LP Energy	Reduced	3,460,000	-265,000	$84,008,800	+17.8%	4.18%
TRP	Tc Energy Corp Energy	Reduced	1,280,600	-14,900	$80,165,560	+12.5%	3.99%
LNG	Cheniere Energy, Inc. Energy	Reduced	279,800	-45,000	$79,396,048	+25.8%	3.95%
WES	Western Midstream Partners, LP Energy	Added	1,676,900	+136,000	$69,037,973	+13.4%	3.44%
EPD	Enterprise Products Partners L.P. Energy	Reduced	1,745,500	-47,000	$66,049,720	+14.9%	3.29%
PBA	Pembina Pipeline Corp Energy	Added	1,357,100	+10,000	$60,743,796	+18.5%	3.02%
ENB	Enbridge Inc Energy	Added	1,001,500	+400,000	$54,221,210	+88.5%	2.70%
MPC	Marathon Petroleum Corp Energy	Added	142,800	+60,300	$34,868,904	+159.9%	1.74%
PSX	Phillips 66 Energy	Reduced	180,100	-10,800	$32,810,618	+33.2%	1.63%
SOBO	South Bow Corp Energy	Reduced	865,500	-625,000	$28,838,460	−29.6%	1.44%
TLN	Talen Energy Corp Utilities	Reduced	89,300	-27,900	$28,507,239	−35.1%	1.42%
VST	Vistra Corp. Utilities	Reduced	183,600	-25,100	$27,600,588	−18.0%	1.37%
EQT	EQT Corp Energy	Added	403,258	+59,000	$25,663,339	+39.1%	1.28%
NRG	Nrg Energy, Inc. Utilities	Added	170,500	+8,500	$24,916,870	−3.4%	1.24%
CEG	Constellation Energy Corp Utilities	Reduced	82,700	-34,000	$23,093,975	−44.0%	1.15%
MTZ	Mastec Inc Industrials	Added	70,900	+400	$22,811,366	+48.9%	1.14%
SEI	Solaris Energy Infrastructure, Inc. Energy	Added	388,000	+327,000	$21,925,880	+681.9%	1.09%
PRIM	Primoris Services Corp Industrials	Added	152,000	+25,000	$21,742,080	+37.9%	1.08%
GEV	GE Vernova Inc. Industrials	Reduced	24,000	-23,850	$20,949,600	−33.0%	1.04%
PWR	Quanta Services, Inc. Industrials	Reduced	38,000	-1,000	$20,862,760	+26.7%	1.04%
AGX	Argan Inc Industrials	Added	38,000	+3,000	$20,696,700	+88.7%	1.03%
BE	Bloom Energy Corp Industrials	Added	135,000	+20,000	$18,291,150	+83.1%	0.91%
NXT	Nextpower Inc. Technology	Reduced	143,000	-20,000	$17,238,650	+21.4%	0.86%
APC	ARKO Petroleum Corp. Energy	NEW	712,451	NEW	$12,745,748	NEW	0.63%
SUNC	SunocoCorp LLC Energy	NEW	200,000	NEW	$12,330,000	NEW	0.61%
DY	Dycom Industries Inc Industrials	Added	36,000	+21,000	$12,197,520	+140.7%	0.61%
CRWD	CrowdStrike Holdings, Inc. Technology	Added	30,000	+5,000	$11,712,300	−0.1%	0.58%
PANW	Palo Alto Networks Inc Technology	Added	72,000	+25,000	$11,543,040	+33.3%	0.57%
DOCN	DigitalOcean Holdings, Inc. Technology	Added	132,200	+16,200	$11,340,116	+103.2%	0.56%
EE	Excelerate Energy, Inc. Energy	NEW	325,000	NEW	$10,861,500	NEW	0.54%
NET	Cloudflare, Inc. Technology	Added	50,000	+20,000	$10,317,000	+74.4%	0.51%
VNOM	Viper Energy, Inc. Energy	Reduced	205,000	-74,000	$9,632,950	−10.6%	0.48%
NEE	Nextera Energy Inc Utilities	Added	95,000	+45,000	$8,823,600	+119.8%	0.44%
TXO	TXO Partners, L.P. Energy	Held	581,000	0	$7,308,980	+17.9%	0.36%
ETR	Entergy Corp /De/ Utilities	Held	63,000	0	$7,078,680	+21.6%	0.35%
WTTR	Select Water Solutions, Inc. Energy	NEW	420,000	NEW	$6,426,000	NEW	0.32%
DLR	Digital Realty Trust, Inc. Real Estate	Held	34,000	0	$6,127,140	+16.5%	0.31%
MWH	SOLV Energy, Inc. Utilities	NEW	200,000	NEW	$6,006,000	NEW	0.30%
WBI	WaterBridge Infrastructure LLC Energy	NEW	202,500	NEW	$5,424,975	NEW	0.27%
IREN	IREN Ltd Financial Services	Added	157,000	+4,000	$5,381,960	−6.9%	0.27%
ARLP	Alliance Resource Partners LP Energy	Held	191,000	0	$5,281,150	+19.0%	0.26%
STRL	Sterling Infrastructure, Inc. Industrials	NEW	11,550	NEW	$4,703,968	NEW	0.23%