CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT

CIK

1329375

Location

DALLAS, TX

Portfolio Value

Mid $1,999,944,938

Diversification

Diversified

Filing Date

Global Rank

#1,209 / 8,616 ▲ 111 · as of Mar 2026

Top Industry

Oil & Gas Midstream 74.5%

3Y Alpha vs SPY

+6.4%

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 cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+101.8%

SPY

+71.1%

Annualised alpha

+6.8%

Max drawdown

−18.2%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

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

Top Position

8.2%

+0.6 pts

Top 5

32.3%

+0.6 pts

Top 10

54.4%

+0.9 pts

HHI

399

Diversified+4

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Energy	82.2%	$1,643,697,611	35
Utilities	7.1%	$142,282,202	11
Industrials	7.1%	$142,255,144	8
Technology	3.0%	$59,928,561	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	$2,928,075
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 · $1,999,944,938 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%	8.18%
ET	Energy Transfer LP Energy	Added	7,997,600	+6,000	$154,353,680	+17.1%	7.72%
WMB	Williams Companies, Inc. Energy	Added	1,700,100	+105,000	$123,733,278	+29.0%	6.19%
MPLX	Mplx LP Energy	Reduced	1,859,100	-24,700	$106,098,837	+5.5%	5.31%
DTM	DT Midstream, Inc. Energy	Reduced	727,100	-22,200	$97,918,557	+9.2%	4.90%
OKE	Oneok Inc /New/ Energy	Reduced	1,069,900	-228,016	$96,708,261	+1.4%	4.84%
KMI	Kinder Morgan, Inc. Energy	Reduced	2,722,300	-142,700	$91,278,719	+15.9%	4.56%
KNTK	Kinetik Holdings Inc. Energy	Added	1,874,000	+30,600	$90,720,340	+36.5%	4.54%
PAGP	Plains Gp Holdings LP Energy	Reduced	3,460,000	-265,000	$84,008,800	+17.8%	4.20%
TRP	Tc Energy Corp Energy	Reduced	1,280,600	-14,900	$80,165,560	+12.5%	4.01%
LNG	Cheniere Energy, Inc. Energy	Reduced	279,800	-45,000	$79,396,048	+25.8%	3.97%
WES	Western Midstream Partners, LP Energy	Added	1,676,900	+136,000	$69,037,973	+13.4%	3.45%
EPD	Enterprise Products Partners L.P. Energy	Reduced	1,745,500	-47,000	$66,049,720	+14.9%	3.30%
PBA	Pembina Pipeline Corp Energy	Added	1,357,100	+10,000	$60,743,796	+18.5%	3.04%
ENB	Enbridge Inc Energy	Added	1,001,500	+400,000	$54,221,210	+88.5%	2.71%
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%	1.64%
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%	1.43%
VST	Vistra Corp. Utilities	Reduced	183,600	-25,100	$27,600,588	−18.0%	1.38%
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%	1.25%
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%	1.10%
PRIM	Primoris Services Corp Industrials	Added	152,000	+25,000	$21,742,080	+37.9%	1.09%
GEV	GE Vernova Inc. Industrials	Reduced	24,000	-23,850	$20,949,600	−33.0%	1.05%
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	0.64%
SUNC	SunocoCorp LLC Energy	NEW	200,000	NEW	$12,330,000	NEW	0.62%
DY	Dycom Industries Inc Industrials	Added	36,000	+21,000	$12,197,520	+140.7%	0.61%
PANW	Palo Alto Networks Inc Technology	Added	72,000	+25,000	$11,543,040	+33.3%	0.58%
DOCN	DigitalOcean Holdings, Inc. Technology	Added	132,200	+16,200	$11,340,116	+103.2%	0.57%
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%	0.52%
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%	0.37%
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	0.24%
DUK	Duke Energy CORP Utilities	NEW	35,000	NEW	$4,582,900	NEW	0.23%