# CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1329375. Source: https://holderbook.com/funds/1329375-cushing-asset-management-lp-dba-nxg-investment-management/

- Reported value: $2.2B
- Positions: 73
- Weight of the ten largest: 48.3%
- Filed: 2026-07-28

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| TARGA RES CORP | [TRGP](https://holderbook.com/stocks/TRGP/) | $164.7M | 614,300 | 7.4% | 31 |
| ENERGY TRANSFER L P | [ET](https://holderbook.com/stocks/ET/) | $151.5M | 7,923,600 | 6.8% | 31 |
| WILLIAMS COS INC | [WMB](https://holderbook.com/stocks/WMB/) | $138.7M | 1,866,100 | 6.2% | 31 |
| DT MIDSTREAM INC | [DTM](https://holderbook.com/stocks/DTM/) | $107.1M | 730,100 | 4.8% | 20 |
| PLAINS GP HLDGS L P | [PAGP](https://holderbook.com/stocks/PAGP/) | $92.1M | 3,795,000 | 4.1% | 31 |
| MPLX LP | [MPLX](https://holderbook.com/stocks/MPLX/) | $91.0M | 1,614,600 | 4.1% | 31 |
| ONEOK INC NEW | [OKE](https://holderbook.com/stocks/OKE/) | $85.7M | 985,900 | 3.8% | 31 |
| KINETIK HOLDINGS INC | [KNTK](https://holderbook.com/stocks/KNTK/) | $84.7M | 1,752,000 | 3.8% | 11 |
| TC ENERGY CORP | [TRP](https://holderbook.com/stocks/TRP/) | $82.6M | 1,245,800 | 3.7% | 29 |
| CHENIERE ENERGY INC | [LNG](https://holderbook.com/stocks/LNG/) | $80.7M | 337,800 | 3.6% | 31 |
| KINDER MORGAN INC DEL | [KMI](https://holderbook.com/stocks/KMI/) | $65.2M | 2,039,400 | 2.9% | 31 |
| ENTERPRISE PRODS PARTNERS L | [EPD](https://holderbook.com/stocks/EPD/) | $57.5M | 1,565,500 | 2.6% | 31 |
| WESTERN MIDSTREAM PARTNERS L | [WES](https://holderbook.com/stocks/WES/) | $55.1M | 1,259,900 | 2.5% | 23 |
| PEMBINA PIPELINE CORP | [PBA](https://holderbook.com/stocks/PBA/) | $53.6M | 1,158,100 | 2.4% | 31 |
| ENBRIDGE INC | [ENB](https://holderbook.com/stocks/ENB/) | $51.9M | 956,500 | 2.3% | 31 |
| BLOOM ENERGY CORP | [BE](https://holderbook.com/stocks/BE/) | $41.4M | 136,900 | 1.9% | 5 |
| ARGAN INC | [AGX](https://holderbook.com/stocks/AGX/) | $36.3M | 45,500 | 1.6% | 5 |
| MASTEC INC | [MTZ](https://holderbook.com/stocks/MTZ/) | $34.4M | 82,800 | 1.5% | 7 |
| GE VERNOVA INC | [GEV](https://holderbook.com/stocks/GEV/) | $33.7M | 28,700 | 1.5% | 7 |
| SOLARIS ENERGY INFRAS INC | [SEI](https://holderbook.com/stocks/SEI/) | $33.6M | 418,000 | 1.5% | 3 |
| QUANTA SVCS INC | [PWR](https://holderbook.com/stocks/PWR/) | $31.5M | 43,800 | 1.4% | 11 |
| VISTRA CORP | [VST](https://holderbook.com/stocks/VST/) | $31.4M | 198,000 | 1.4% | 11 |
| NRG ENERGY INC | [NRG](https://holderbook.com/stocks/NRG/) | $31.1M | 212,700 | 1.4% | 9 |
| SOUTH BOW CORP | [SOBO](https://holderbook.com/stocks/SOBO/) | $30.1M | 855,500 | 1.3% | 7 |
| TALEN ENERGY CORP | [TLN](https://holderbook.com/stocks/TLN/) | $29.5M | 76,800 | 1.3% | 8 |
| SUNOCOCORP LLC | [SUNC](https://holderbook.com/stocks/SUNC/) | $27.5M | 406,000 | 1.2% | 2 |
| CONSTELLATION ENERGY CORP | [CEG](https://holderbook.com/stocks/CEG/) | $26.6M | 107,000 | 1.2% | 10 |
| DYCOM INDS INC | [DY](https://holderbook.com/stocks/DY/) | $26.3M | 52,000 | 1.2% | 3 |
| PALO ALTO NETWORKS INC | [PANW](https://holderbook.com/stocks/PANW/) | $25.6M | 75,000 | 1.1% | 7 |
| EXCELERATE ENERGY INC | [EE](https://holderbook.com/stocks/EE/) | $24.7M | 650,000 | 1.1% | 2 |
| KODIAK GAS SVCS INC | [KGS](https://holderbook.com/stocks/KGS/) | $22.5M | 300,000 | 1.0% | 1 |
| CROWDSTRIKE HLDGS INC | [CRWD](https://holderbook.com/stocks/CRWD/) | $22.1M | 29,000 | 1.0% | 10 |
| DIGITALOCEAN HLDGS INC | [DOCN](https://holderbook.com/stocks/DOCN/) | $22.0M | 140,400 | 1.0% | 3 |
| NEXTPOWER INC | [NXT](https://holderbook.com/stocks/NXT/) | $21.6M | 181,000 | 1.0% | 6 |
| EQT CORP | [EQT](https://holderbook.com/stocks/EQT/) | $21.4M | 403,258 | 1.0% | 8 |
| WATERBRIDGE INFRASTRUCTURE L | [WBI](https://holderbook.com/stocks/WBI/) | $21.2M | 620,000 | 1.0% | 2 |
| SELECT WATER SOLUTIONS INC | [WTTR](https://holderbook.com/stocks/WTTR/) | $20.4M | 1,020,000 | 0.9% | 2 |
| SOLV ENERGY INC | [MWH](https://holderbook.com/stocks/MWH/) | $17.7M | 520,000 | 0.8% | 2 |
| STERLING INFRASTRUCTURE INC | [STRL](https://holderbook.com/stocks/STRL/) | $17.2M | 20,550 | 0.8% | 2 |
| VENTURE GLOBAL INC | [VG](https://holderbook.com/stocks/VG/) | $15.5M | 1,389,000 | 0.7% | 1 |
| CLOUDFLARE INC | [NET](https://holderbook.com/stocks/NET/) | $14.7M | 60,000 | 0.7% | 5 |
| IRIDIUM COMMUNICATIONS INC | [IRDM](https://holderbook.com/stocks/IRDM/) | $12.9M | 236,000 | 0.6% | 1 |
| MARATHON PETE CORP | [MPC](https://holderbook.com/stocks/MPC/) | $12.7M | 49,800 | 0.6% | 31 |
| PHILLIPS 66 | [PSX](https://holderbook.com/stocks/PSX/) | $12.4M | 73,100 | 0.6% | 11 |
| ENTERGY CORP NEW | [ETR](https://holderbook.com/stocks/ETR/) | $11.5M | 100,000 | 0.5% | 7 |
| ENTEGRIS INC | [ENTG](https://holderbook.com/stocks/ENTG/) | $10.6M | 59,000 | 0.5% | 1 |
| EAGLEROCK LD LLC | - | $10.0M | 470,000 | 0.4% | 1 |
| SNOWFLAKE INC | [SNOW](https://holderbook.com/stocks/SNOW/) | $8.7M | 34,000 | 0.4% | 4 |
| NEBIUS GROUP N.V. | [NBIS](https://holderbook.com/stocks/NBIS/) | $8.6M | 31,300 | 0.4% | 1 |
| DIGITAL RLTY TR INC | [DLR](https://holderbook.com/stocks/DLR/) | $8.4M | 47,000 | 0.4% | 8 |
| AMERICAN ELEC PWR CO INC | [AEP](https://holderbook.com/stocks/AEP/) | $8.2M | 60,000 | 0.4% | 8 |
| DOMINION ENERGY INC | [D](https://holderbook.com/stocks/D/) | $8.0M | 117,000 | 0.4% | 1 |
| WEC ENERGY GROUP INC | [WEC](https://holderbook.com/stocks/WEC/) | $7.8M | 67,000 | 0.4% | 4 |
| DUKE ENERGY CORP NEW | [DUK](https://holderbook.com/stocks/DUK/) | $7.7M | 61,000 | 0.3% | 2 |
| SOUTHERN CO | [SO](https://holderbook.com/stocks/SO/) | $7.7M | 80,000 | 0.3% | 8 |
| IREN LIMITED | [IREN](https://holderbook.com/stocks/IREN/) | $7.2M | 157,000 | 0.3% | 3 |
| ARKO CORP | [ARKO](https://holderbook.com/stocks/ARKO/) | $6.8M | 850,000 | 0.3% | 1 |
| TXO PARTNERS LP | [TXO](https://holderbook.com/stocks/TXO/) | $6.6M | 531,000 | 0.3% | 14 |
| ANTERO MIDSTREAM CORP | [AM](https://holderbook.com/stocks/AM/) | $5.7M | 251,000 | 0.3% | 9 |
| ARKO PETE CORP | [APC](https://holderbook.com/stocks/APC/) | $5.7M | 300,000 | 0.3% | 2 |
| CIPHER DIGITAL INC | [CIFR](https://holderbook.com/stocks/CIFR/) | $5.3M | 215,000 | 0.2% | 2 |
| NEXTERA ENERGY INC | [NEE](https://holderbook.com/stocks/NEE/) | $4.2M | 48,000 | 0.2% | 3 |
| ALLIANCE RESOURCE PARTNERS L | [ARLP](https://holderbook.com/stocks/ARLP/) | $3.6M | 150,000 | 0.2% | 16 |
| ECOLAB INC | [ECL](https://holderbook.com/stocks/ECL/) | $2.8M | 10,000 | 0.1% | 1 |
| PLAINS ALL AMERN PIPELINE L | [PAA](https://holderbook.com/stocks/PAA/) | $2.3M | 105,300 | 0.1% | 31 |
| SOLAREDGE TECHNOLOGIES INC | [SEDG](https://holderbook.com/stocks/SEDG/) | $2.0M | 35,000 | 0.1% | 1 |
| ENPHASE ENERGY INC | [ENPH](https://holderbook.com/stocks/ENPH/) | $2.0M | 40,000 | 0.1% | 1 |
| NGL ENERGY PARTNERS LP | [NGL](https://holderbook.com/stocks/NGL/) | $1.8M | 110,000 | 0.1% | 8 |
| CLEANSPARK INC | [CLSK](https://holderbook.com/stocks/CLSK/) | $465.6K | 32,000 | 0.0% | 3 |
| CORE SCIENTIFIC INC NEW | [CORZ](https://holderbook.com/stocks/CORZ/) | $179.1K | 7,000 | 0.0% | 1 |
| QUANTUMSCAPE CORP | [QS](https://holderbook.com/stocks/QS/) | $151.2K | 20,000 | 0.0% | 1 |
| COREWEAVE INC | [CRWV](https://holderbook.com/stocks/CRWV/) | $149.3K | 1,500 | 0.0% | 1 |
| GENESIS ENERGY L P | [GEL](https://holderbook.com/stocks/GEL/) | $99.2K | 7,000 | 0.0% | 22 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +6.2% | +14.8% | -8.6% | 100% |
| Q1 2026 | +18.4% | -4.6% | +23.1% | 100% |
| Q4 2025 | -2.2% | +2.4% | -4.5% | 100% |
| Q3 2025 | +2.0% | +7.8% | -5.9% | 95% |
| Q2 2025 | +1.1% | +10.5% | -9.3% | 100% |
| Q1 2025 | +3.6% | -4.6% | +8.2% | 98% |
| Q4 2024 | +8.9% | +2.1% | +6.8% | 99% |
| Q3 2024 | +5.3% | +5.4% | -0.1% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $2.2B | 73 |
| Q1 2026 | $2.0B | 66 |
| Q4 2025 | $1.7B | 60 |
| Q3 2025 | $1.8B | 59 |
| Q2 2025 | $1.7B | 60 |
| Q1 2025 | $1.6B | 61 |
| Q4 2024 | $1.5B | 66 |
| Q3 2024 | $1.4B | 62 |
| Q2 2024 | $1.3B | 58 |
| Q1 2024 | $1.2B | 56 |
| Q4 2023 | $1.1B | 56 |
| Q3 2023 | $987.0M | 59 |