CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT
DALLAS, TX
$2.2bn in 73 US stocks at the end of 30 June 2026. The top 10 are 48.3% of the money. It changed about 15.0% of the portfolio this quarter.
Value
$2.2bn
Stocks
73
Top 10 share
48.3%
Turnover
15.0%
What changed this quarter
New
Bought for the first time this quarter.
- Kodiak Gas ServicesKGS1.0% of the fund
- Venture GlobalVG0.7% of the fund
- Iridium CommunicationsIRDM0.6% of the fund
- EntegrisENTG0.5% of the fund
- EagleRock LandEROK0.4% of the fund
- Nebius GroupNBIS0.4% of the fund
- Dominion EnergyD0.4% of the fund
- ArkoARKO0.3% of the fund
- EcolabECL0.1% of the fund
- Solaredge TechnologiesSEDG<0.1% of the fund
- Enphase EnergyENPH<0.1% of the fund
- Core ScientificCORZ<0.1% of the fund
- QuantumScapeQS<0.1% of the fund
- CoreWeaveCRWV<0.1% of the fund
Added
Bought more of a stock they already held.
- Williams CompaniesWMB6.2% of the fund+10%
- Plains GP Holdings LPPAGP4.1% of the fund+10%
- Cheniere EnergyLNG3.6% of the fund+21%
- ArganAGX1.6% of the fund+20%
- MastecMTZ1.5% of the fund+17%
- GE VernovaGEV1.5% of the fund+20%
- Solaris Energy InfrastructureSEI1.5% of the fund+8%
- Quanta ServicesPWR1.4% of the fund+15%
- VistraVST1.4% of the fund+8%
- NRG EnergyNRG1.4% of the fund+25%
- SunococorpSUNC1.2% of the fund+103%
- Constellation EnergyCEG1.2% of the fund+29%
- Dycom IndustriesDY1.2% of the fund+44%
- Palo Alto NetworksPANW1.1% of the fund+4%
- Excelerate EnergyEE1.1% of the fund+100%
- DigitalOcean HoldingsDOCN1.0% of the fund+6%
- NextpowerNXT1.0% of the fund+27%
- WaterBridge InfrastructureWBI1.0% of the fund+206%
- Select Water SolutionsWTTR0.9% of the fund+143%
- SOLV EnergyMWH0.8% of the fund+160%
- Sterling InfrastructureSTRL0.8% of the fund+78%
- CloudflareNET0.7% of the fund+20%
- EntergyETR0.5% of the fund+59%
- SnowflakeSNOW0.4% of the fund+17%
- Digital Realty TrustDLR0.4% of the fund+38%
Cut
Sold some of their stake.
- Targa ResourcesTRGP7.4% of the fund-6%
- Mplx LPMPLX4.1% of the fund-13%
- OneokOKE3.8% of the fund-8%
- Kinetik HoldingsKNTK3.8% of the fund-7%
- TC EnergyTRP3.7% of the fund-3%
- Kinder MorganKMI2.9% of the fund-25%
- Enterprise Products Partners L.P.EPD2.6% of the fund-10%
- Western Midstream Partners LWES2.5% of the fund-25%
- Pembina PipelinePBA2.4% of the fund-15%
- EnbridgeENB2.3% of the fund-4%
- Talen EnergyTLN1.3% of the fund-14%
- CrowdStrike HoldingsCRWD1.0% of the fund-3%
- Marathon PetroleumMPC0.6% of the fund-65%
- Phillips 66PSX0.6% of the fund-59%
- TXO Partners LPTXO0.3% of the fund-9%
- ARKO PetroleumAPC0.3% of the fund-58%
- NextEra EnergyNEE0.2% of the fund-49%
- Alliance Resource Partners LARLP0.2% of the fund-21%
- NGL Energy Partners LPNGL<0.1% of the fund-27%
- Genesis Energy L PGEL<0.1% of the fund-95%
Sold out
Sold their entire stake.
- Primoris ServicesPRIM-100%
- Viper EnergyVNOM-100%
- Cenovus EnergyCVE-100%
- Golar LNGGLNG-100%
- New Fortress EnergyNFE-100%
Holdings
- Energy Transfer L PET
- Share
- 6.8%
- Value
- $151m
- Shares
- 7,923,600
Held
- Mplx LPMPLX
- Share
- 4.1%
- Value
- $91m
- Shares
- 1,614,600
-13%
- TC EnergyTRP
- Share
- 3.7%
- Value
- $83m
- Shares
- 1,245,800
-3%
- Western Midstream Partners LWES
- Share
- 2.5%
- Value
- $55m
- Shares
- 1,259,900
-25%
- Pembina PipelinePBA
- Share
- 2.4%
- Value
- $54m
- Shares
- 1,158,100
-15%
- South BowSOBO
- Share
- 1.3%
- Value
- $30m
- Shares
- 855,500
Held
- SunococorpSUNC
- Share
- 1.2%
- Value
- $27m
- Shares
- 406,000
+103%
- EagleRock LandEROK
- Share
- 0.4%
- Value
- $10m
- Shares
- 470,000
New
- TXO Partners LPTXO
- Share
- 0.3%
- Value
- $7m
- Shares
- 531,000
-9%
- Alliance Resource Partners LARLP
- Share
- 0.2%
- Value
- $4m
- Shares
- 150,000
-21%
- Plains ALL Amern Pipeline LPAA
- Share
- 0.1%
- Value
- $2m
- Shares
- 105,300
+90%
- NGL Energy Partners LPNGL
- Share
- <0.1%
- Value
- $2m
- Shares
- 110,000
-27%
- Genesis Energy L PGEL
- Share
- <0.1%
- Value
- $99,190
- Shares
- 7,000
-95%
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| Targa ResourcesTRGP | 7.4% | $165m | 614,300 | -6% |
| Energy Transfer L PET | 6.8% | $151m | 7,923,600 | Held |
| Williams CompaniesWMB | 6.2% | $139m | 1,866,100 | +10% |
| DT MidstreamDTM | 4.8% | $107m | 730,100 | Held |
| Plains GP Holdings LPPAGP | 4.1% | $92m | 3,795,000 | +10% |
| Mplx LPMPLX | 4.1% | $91m | 1,614,600 | -13% |
| OneokOKE | 3.8% | $86m | 985,900 | -8% |
| Kinetik HoldingsKNTK | 3.8% | $85m | 1,752,000 | -7% |
| TC EnergyTRP | 3.7% | $83m | 1,245,800 | -3% |
| Cheniere EnergyLNG | 3.6% | $81m | 337,800 | +21% |
| Kinder MorganKMI | 2.9% | $65m | 2,039,400 | -25% |
| Enterprise Products Partners L.P.EPD | 2.6% | $58m | 1,565,500 | -10% |
| Western Midstream Partners LWES | 2.5% | $55m | 1,259,900 | -25% |
| Pembina PipelinePBA | 2.4% | $54m | 1,158,100 | -15% |
| EnbridgeENB | 2.3% | $52m | 956,500 | -4% |
| Bloom EnergyBE | 1.9% | $41m | 136,900 | Held |
| ArganAGX | 1.6% | $36m | 45,500 | +20% |
| MastecMTZ | 1.5% | $34m | 82,800 | +17% |
| GE VernovaGEV | 1.5% | $34m | 28,700 | +20% |
| Solaris Energy InfrastructureSEI | 1.5% | $34m | 418,000 | +8% |
| Quanta ServicesPWR | 1.4% | $32m | 43,800 | +15% |
| VistraVST | 1.4% | $31m | 198,000 | +8% |
| NRG EnergyNRG | 1.4% | $31m | 212,700 | +25% |
| South BowSOBO | 1.3% | $30m | 855,500 | Held |
| Talen EnergyTLN | 1.3% | $30m | 76,800 | -14% |
| SunococorpSUNC | 1.2% | $27m | 406,000 | +103% |
| Constellation EnergyCEG | 1.2% | $27m | 107,000 | +29% |
| Dycom IndustriesDY | 1.2% | $26m | 52,000 | +44% |
| Palo Alto NetworksPANW | 1.1% | $26m | 75,000 | +4% |
| Excelerate EnergyEE | 1.1% | $25m | 650,000 | +100% |
| Kodiak Gas ServicesKGS | 1.0% | $23m | 300,000 | New |
| CrowdStrike HoldingsCRWD | 1.0% | $22m | 29,000 | -3% |
| DigitalOcean HoldingsDOCN | 1.0% | $22m | 140,400 | +6% |
| NextpowerNXT | 1.0% | $22m | 181,000 | +27% |
| EQTEQT | 1.0% | $21m | 403,258 | Held |
| WaterBridge InfrastructureWBI | 1.0% | $21m | 620,000 | +206% |
| Select Water SolutionsWTTR | 0.9% | $20m | 1,020,000 | +143% |
| SOLV EnergyMWH | 0.8% | $18m | 520,000 | +160% |
| Sterling InfrastructureSTRL | 0.8% | $17m | 20,550 | +78% |
| Venture GlobalVG | 0.7% | $15m | 1,389,000 | New |
| CloudflareNET | 0.7% | $15m | 60,000 | +20% |
| Iridium CommunicationsIRDM | 0.6% | $13m | 236,000 | New |
| Marathon PetroleumMPC | 0.6% | $13m | 49,800 | -65% |
| Phillips 66PSX | 0.6% | $12m | 73,100 | -59% |
| EntergyETR | 0.5% | $11m | 100,000 | +59% |
| EntegrisENTG | 0.5% | $11m | 59,000 | New |
| EagleRock LandEROK | 0.4% | $10m | 470,000 | New |
| SnowflakeSNOW | 0.4% | $9m | 34,000 | +17% |
| Nebius GroupNBIS | 0.4% | $9m | 31,300 | New |
| Digital Realty TrustDLR | 0.4% | $8m | 47,000 | +38% |
| American Electric PowerAEP | 0.4% | $8m | 60,000 | +140% |
| Dominion EnergyD | 0.4% | $8m | 117,000 | New |
| WEC Energy GroupWEC | 0.4% | $8m | 67,000 | +91% |
| Duke EnergyDUK | 0.3% | $8m | 61,000 | +74% |
| Southern CompanySO | 0.3% | $8m | 80,000 | +78% |
| IrenIREN | 0.3% | $7m | 157,000 | Held |
| ArkoARKO | 0.3% | $7m | 850,000 | New |
| TXO Partners LPTXO | 0.3% | $7m | 531,000 | -9% |
| Antero MidstreamAM | 0.3% | $6m | 251,000 | +25% |
| ARKO PetroleumAPC | 0.3% | $6m | 300,000 | -58% |
| Cipher DigitalCIFR | 0.2% | $5m | 215,000 | +26% |
| NextEra EnergyNEE | 0.2% | $4m | 48,000 | -49% |
| Alliance Resource Partners LARLP | 0.2% | $4m | 150,000 | -21% |
| EcolabECL | 0.1% | $3m | 10,000 | New |
| Plains ALL Amern Pipeline LPAA | 0.1% | $2m | 105,300 | +90% |
| Solaredge TechnologiesSEDG | <0.1% | $2m | 35,000 | New |
| Enphase EnergyENPH | <0.1% | $2m | 40,000 | New |
| NGL Energy Partners LPNGL | <0.1% | $2m | 110,000 | -27% |
| CleansparkCLSK | <0.1% | $465,600 | 32,000 | Held |
| Core ScientificCORZ | <0.1% | $179,130 | 7,000 | New |
| QuantumScapeQS | <0.1% | $151,200 | 20,000 | New |
| CoreWeaveCRWV | <0.1% | $149,310 | 1,500 | New |
| Genesis Energy L PGEL | <0.1% | $99,190 | 7,000 | -95% |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 35.8% since 30 June 2025.
Where the money is
Energy43.1%
Utilities20.6%
Industrials13.4%
Technology5.2%
Financial services1.0%
Media & telecom0.6%
Real estate0.4%
Everyday goods0.3%
Materials0.1%
Other15.2%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.