CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT — 13F Holdings & Portfolio
CIK 1329375 · latest 13F-HR filed 2026-04-28
CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT manages $2.02B in 13F-reported U.S. long-equity assets across 66 reported positions as of its 2026-03-31 13F-HR filing. Its largest disclosed positions are TRGP (8.10%), ET (7.64%), WMB (6.13%). Quarter over quarter (versus its 2025-12-31 filing) the fund opened 10 new positions, exited 6, added to 38, and trimmed 13.
AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.
$2.02B
Long-equity book
66
Distinct positions
2026-03-31
Filed 2026-04-28
+10 / −6 / ↑38 / ↓13
vs 2025-12-31
| Name | Title / Status | Ownership | Type |
|---|
Top Adds (vs prior quarter)
- TARGA RES CORP$37.9M +30.1%
- WILLIAMS COS INC$27.9M +29.0%
- ENBRIDGE INC$25.5M +88.5%
- KINETIK HOLDINGS INC$24.3M +36.5%
- ENERGY TRANSFER L P$22.6M +17.1%
Top Trims
- CONSTELLATION ENERGY CORP-$18.1M -44.0%
- TALEN ENERGY CORP-$15.4M -35.1%
- SOUTH BOW CORP-$12.1M -29.6%
- GE VERNOVA INC-$10.3M -33.0%
- CENOVUS ENERGY INC-$7.0M -89.8%
New Positions
- ARKO PETE CORP$12.7M
- SUNOCOCORP LLC$12.3M
- EXCELERATE ENERGY INC$10.9M
- SELECT WATER SOLUTIONS INC$6.4M
- SOLV ENERGY INC$6.0M
Exited Positions
- HESS MIDSTREAM LP$46.8M
- FIRST SOLAR INC$17.8M
- MICROSOFT CORP$4.8M
- ORACLE CORP$4.5M
- PUBLIC SVC ENTERPRISE GRP IN$3.9M
Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).
| # | Issuer | Symbol | CUSIP | Value | Weight | Shares | Type |
|---|---|---|---|---|---|---|---|
| 1 | TARGA RES CORP | TRGP | 87612G101 | $163.6M | 8.10% | 652,300 | SH |
| 2 | ENERGY TRANSFER L P | ET | 29273V100 | $154.4M | 7.64% | 7,997,600 | SH |
| 3 | WILLIAMS COS INC | WMB | 969457100 | $123.7M | 6.13% | 1,700,100 | SH |
| 4 | MPLX LP | MPLX | 55336V100 | $106.1M | 5.25% | 1,859,100 | SH |
| 5 | DT MIDSTREAM INC | DTM | 23345M107 | $97.9M | 4.85% | 727,100 | SH |
| 6 | ONEOK INC NEW | OKE | 682680103 | $96.7M | 4.79% | 1,069,900 | SH |
| 7 | KINDER MORGAN INC DEL | KMI | 49456B101 | $91.3M | 4.52% | 2,722,300 | SH |
| 8 | KINETIK HOLDINGS INC | KNTK | 02215L209 | $90.7M | 4.49% | 1,874,000 | SH |
| 9 | PLAINS GP HLDGS L P | PAGP | 72651A207 | $84.0M | 4.16% | 3,460,000 | SH |
| 10 | TC ENERGY CORP | TRP | 87807B107 | $80.2M | 3.97% | 1,280,600 | SH |
| 11 | CHENIERE ENERGY INC | LNG | 16411R208 | $79.4M | 3.93% | 279,800 | SH |
| 12 | WESTERN MIDSTREAM PARTNERS L | WES | 958669103 | $69.0M | 3.42% | 1,676,900 | SH |
| 13 | ENTERPRISE PRODS PARTNERS L | EPD | 293792107 | $66.0M | 3.27% | 1,745,500 | SH |
| 14 | PEMBINA PIPELINE CORP | PBA | 706327103 | $60.7M | 3.01% | 1,357,100 | SH |
| 15 | ENBRIDGE INC | ENB | 29250N105 | $54.2M | 2.68% | 1,001,500 | SH |
| 16 | MARATHON PETE CORP | MPC | 56585A102 | $34.9M | 1.73% | 142,800 | SH |
| 17 | PHILLIPS 66 | PSX | 718546104 | $32.8M | 1.62% | 180,100 | SH |
| 18 | SOUTH BOW CORP | SOBO | 83671M105 | $28.8M | 1.43% | 865,500 | SH |
| 19 | TALEN ENERGY CORP | TLN | 87422Q109 | $28.5M | 1.41% | 89,300 | SH |
| 20 | VISTRA CORP | VST | 92840M102 | $27.6M | 1.37% | 183,600 | SH |
| 21 | EQT CORP | EQT | 26884L109 | $25.7M | 1.27% | 403,258 | SH |
| 22 | NRG ENERGY INC | NRG | 629377508 | $24.9M | 1.23% | 170,500 | SH |
| 23 | CONSTELLATION ENERGY CORP | CEG | 21037T109 | $23.1M | 1.14% | 82,700 | SH |
| 24 | MASTEC INC | MTZ | 576323109 | $22.8M | 1.13% | 70,900 | SH |
| 25 | SOLARIS ENERGY INFRAS INC | SEI | 83418M103 | $21.9M | 1.09% | 388,000 | SH |
| 26 | PRIMORIS SVCS CORP | PRIM | 74164F103 | $21.7M | 1.08% | 152,000 | SH |
| 27 | GE VERNOVA INC | GEV | 36828A101 | $20.9M | 1.04% | 24,000 | SH |
| 28 | QUANTA SVCS INC | PWR | 74762E102 | $20.9M | 1.03% | 38,000 | SH |
| 29 | ARGAN INC | AGX | 04010E109 | $20.7M | 1.02% | 38,000 | SH |
| 30 | BLOOM ENERGY CORP | BE | 093712107 | $18.3M | 0.91% | 135,000 | SH |
| 31 | NEXTPOWER INC | NXT | 65290E101 | $17.2M | 0.85% | 143,000 | SH |
| 32 | ARKO PETE CORP | APC | 04124A100 | $12.7M | 0.63% | 712,451 | SH |
| 33 | SUNOCOCORP LLC | SUNC | 86765Q106 | $12.3M | 0.61% | 200,000 | SH |
| 34 | DYCOM INDS INC | DY | 267475101 | $12.2M | 0.60% | 36,000 | SH |
| 35 | CROWDSTRIKE HLDGS INC | CRWD | 22788C105 | $11.7M | 0.58% | 30,000 | SH |
| 36 | PALO ALTO NETWORKS INC | PANW | 697435105 | $11.5M | 0.57% | 72,000 | SH |
| 37 | DIGITALOCEAN HLDGS INC | DOCN | 25402D102 | $11.3M | 0.56% | 132,200 | SH |
| 38 | EXCELERATE ENERGY INC | EE | 30069T101 | $10.9M | 0.54% | 325,000 | SH |
| 39 | CLOUDFLARE INC | NET | 18915M107 | $10.3M | 0.51% | 50,000 | SH |
| 40 | VIPER ENERGY INC | VNOM | 64361Q101 | $9.6M | 0.48% | 205,000 | SH |
| 41 | NEXTERA ENERGY INC | NEE | 65339F101 | $8.8M | 0.44% | 95,000 | SH |
| 42 | TXO PARTNERS LP | TXO | 87313P103 | $7.3M | 0.36% | 581,000 | SH |
| 43 | ENTERGY CORP NEW | ETR | 29364G103 | $7.1M | 0.35% | 63,000 | SH |
| 44 | SELECT WATER SOLUTIONS INC | WTTR | 81617J301 | $6.4M | 0.32% | 420,000 | SH |
| 45 | DIGITAL RLTY TR INC | DLR | 253868103 | $6.1M | 0.30% | 34,000 | SH |
| 46 | SELECT SECTOR SPDR TR Put | XLE | 81369Y506 | $6.1M | 0.30% | 100,000 | SH |
| 47 | SOLV ENERGY INC | MWH | 78475V103 | $6.0M | 0.30% | 200,000 | SH |
| 48 | WATERBRIDGE INFRASTRUCTURE L | WBI | 940923105 | $5.4M | 0.27% | 202,500 | SH |
| 49 | IREN LIMITED | IREN | Q4982L109 | $5.4M | 0.27% | 157,000 | SH |
| 50 | ALLIANCE RESOURCE PARTNERS L | ARLP | 01877R108 | $5.3M | 0.26% | 191,000 | SH |
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-03-31 | 2026-04-28 | $2.02B | 66 | 0001315863-26-000367 |
| 2025-12-31 | 2026-01-27 | $1.74B | 60 | 0001329375-26-000001 |