Filed: 10/20/2025ACC: 0001329375-25-000009
📋 What this filing means
CUSHING ASSET MANAGEMENT, LP DBA NXG INVESTMENT MANAGEMENT filed this quarterly 13F‑HR report disclosing 59 equity positions with a total reported market value of $1.76B. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.
59
Positions
$1.76B
Total AUM (reported)
38.02M
Total Shares
Allocation by class
COM$983.92M55.9%
COM UT LTD PTN$140.91M8.0%
COM NEW$134.66M7.6%
COM UNIT REP LTD$86.60M4.9%
CL A SHS$80.06M4.5%
COMMON STOCK$76.80M4.4%
LTD PARTNR INT A$65.39M3.7%
Portfolio Concentration
Top 3$361.15M20.5%
4–10$549.74M31.2%
11–25$600.19M34.1%
Rest$250.56M14.2%
Top 3 weight
20.5%
Top 10 weight
51.7%
Voting Authority Distribution
Total shares with voting rights: 38.02M
Sole
Full voting authority
38.02M
shares
% of voting shares100.0%
Shared
Joint voting authority
0.00
shares
% of voting shares0.0%
None
No voting authority
0.00
shares
% of voting shares0.0%
Investment Discretion (by position count)
Sole59
Shared0
Other0
Dominant voting typeSole · 100.0% of voting shares
Institutional Holdings59
Rows:
ENERGY TRANSFER L P
SOLEShares8.21M
TypeSH
Market value$140.91M
8.00%
Sole
8.21M
Shared
0.00
None
0.00
TARGA RES CORP
SOLEShares682.30K
TypeSH
Market value$114.31M
6.49%
Sole
682.30K
Shared
0.00
None
0.00
CHENIERE ENERGY INC
SOLEShares450.80K
TypeSH
Market value$105.93M
6.01%
Sole
450.80K
Shared
0.00
None
0.00
MPLX LP
SOLEShares1.73M
TypeSH
Market value$86.60M
4.92%
Sole
1.73M
Shared
0.00
None
0.00
ONEOK INC NEW
SOLEShares1.12M
TypeSH
Market value$81.50M
4.63%
Sole
1.12M
Shared
0.00
None
0.00
HESS MIDSTREAM LP
SOLEShares2.32M
TypeSH
Market value$80.06M
4.54%
Sole
2.32M
Shared
0.00
None
0.00
DT MIDSTREAM INC
SOLEShares679.30K
TypeSH
Market value$76.80M
4.36%
Sole
679.30K
Shared
0.00
None
0.00
WILLIAMS COS INC
SOLEShares1.20M
TypeSH
Market value$76.03M
4.32%
Sole
1.20M
Shared
0.00
None
0.00
KINDER MORGAN INC DEL
SOLEShares2.63M
TypeSH
Market value$74.46M
4.23%
Sole
2.63M
Shared
0.00
None
0.00
TC ENERGY CORP
SOLEShares1.37M
TypeSH
Market value$74.30M
4.22%
Sole
1.37M
Shared
0.00
None
0.00
PLAINS GP HLDGS L P
SOLEShares3.58M
TypeSH
Market value$65.39M
3.71%
Sole
3.58M
Shared
0.00
None
0.00
PEMBINA PIPELINE CORP
SOLEShares1.57M
TypeSH
Market value$63.35M
3.60%
Sole
1.57M
Shared
0.00
None
0.00
ENTERPRISE PRODS PARTNERS L
SOLEShares1.99M
TypeSH
Market value$62.31M
3.54%
Sole
1.99M
Shared
0.00
None
0.00
WESTERN MIDSTREAM PARTNERS L
SOLEShares1.27M
TypeSH
Market value$49.93M
2.83%
Sole
1.27M
Shared
0.00
None
0.00
VISTRA CORP
SOLEShares230.70K
TypeSH
Market value$45.20M
2.57%
Sole
230.70K
Shared
0.00
None
0.00
TALEN ENERGY CORP
SOLEShares105.90K
TypeSH
Market value$45.05M
2.56%
Sole
105.90K
Shared
0.00
None
0.00
SOUTH BOW CORP
SOLEShares1.53M
TypeSH
Market value$43.30M
2.46%
Sole
1.53M
Shared
0.00
None
0.00
KINETIK HOLDINGS INC
SOLEShares988.40K
TypeSH
Market value$42.24M
2.40%
Sole
988.40K
Shared
0.00
None
0.00
CONSTELLATION ENERGY CORP
SOLEShares119.70K
TypeSH
Market value$39.39M
2.24%
Sole
119.70K
Shared
0.00
None
0.00
GE VERNOVA INC
SOLEShares46.75K
TypeSH
Market value$28.75M
1.63%
Sole
46.75K
Shared
0.00
None
0.00
PHILLIPS 66
SOLEShares209.70K
TypeSH
Market value$28.52M
1.62%
Sole
209.70K
Shared
0.00
None
0.00
ENBRIDGE INC
SOLEShares501.50K
TypeSH
Market value$25.31M
1.44%
Sole
501.50K
Shared
0.00
None
0.00
NRG ENERGY INC
SOLEShares152K
TypeSH
Market value$24.62M
1.40%
Sole
152K
Shared
0.00
None
0.00
EQT CORP
SOLEShares353.26K
TypeSH
Market value$19.23M
1.09%
Sole
353.26K
Shared
0.00
None
0.00
ANTERO MIDSTREAM CORP
SOLEShares906K
TypeSH
Market value$17.61M
1.00%
Sole
906K
Shared
0.00
None
0.00
| Issuer | Class | Shares | Type | Value / Portfolio % | Voting — Sole | Shared | None |
|---|---|---|---|---|---|---|---|
ENERGY TRANSFER L PSOLE | COM UT LTD PTN | 8.21M | SH | $140.91M 8.00% | 8.21M | 0.00 | 0.00 |
TARGA RES CORPSOLE | COM | 682.30K | SH | $114.31M 6.49% | 682.30K | 0.00 | 0.00 |
CHENIERE ENERGY INCSOLE | COM NEW | 450.80K | SH | $105.93M 6.01% | 450.80K | 0.00 | 0.00 |
MPLX LPSOLE | COM UNIT REP LTD | 1.73M | SH | $86.60M 4.92% | 1.73M | 0.00 | 0.00 |
ONEOK INC NEWSOLE | COM | 1.12M | SH | $81.50M 4.63% | 1.12M | 0.00 | 0.00 |
HESS MIDSTREAM LPSOLE | CL A SHS | 2.32M | SH | $80.06M 4.54% | 2.32M | 0.00 | 0.00 |
DT MIDSTREAM INCSOLE | COMMON STOCK | 679.30K | SH | $76.80M 4.36% | 679.30K | 0.00 | 0.00 |
WILLIAMS COS INCSOLE | COM | 1.20M | SH | $76.03M 4.32% | 1.20M | 0.00 | 0.00 |
KINDER MORGAN INC DELSOLE | COM | 2.63M | SH | $74.46M 4.23% | 2.63M | 0.00 | 0.00 |
TC ENERGY CORPSOLE | COM | 1.37M | SH | $74.30M 4.22% | 1.37M | 0.00 | 0.00 |
PLAINS GP HLDGS L PSOLE | LTD PARTNR INT A | 3.58M | SH | $65.39M 3.71% | 3.58M | 0.00 | 0.00 |
PEMBINA PIPELINE CORPSOLE | COM | 1.57M | SH | $63.35M 3.60% | 1.57M | 0.00 | 0.00 |
ENTERPRISE PRODS PARTNERS LSOLE | COM | 1.99M | SH | $62.31M 3.54% | 1.99M | 0.00 | 0.00 |
WESTERN MIDSTREAM PARTNERS LSOLE | COM UNIT LP INT | 1.27M | SH | $49.93M 2.83% | 1.27M | 0.00 | 0.00 |
VISTRA CORPSOLE | COM | 230.70K | SH | $45.20M 2.57% | 230.70K | 0.00 | 0.00 |
TALEN ENERGY CORPSOLE | COM | 105.90K | SH | $45.05M 2.56% | 105.90K | 0.00 | 0.00 |
SOUTH BOW CORPSOLE | COM | 1.53M | SH | $43.30M 2.46% | 1.53M | 0.00 | 0.00 |
KINETIK HOLDINGS INCSOLE | COM NEW CL A | 988.40K | SH | $42.24M 2.40% | 988.40K | 0.00 | 0.00 |
CONSTELLATION ENERGY CORPSOLE | COM | 119.70K | SH | $39.39M 2.24% | 119.70K | 0.00 | 0.00 |
GE VERNOVA INCSOLE | COM | 46.75K | SH | $28.75M 1.63% | 46.75K | 0.00 | 0.00 |
PHILLIPS 66SOLE | COM | 209.70K | SH | $28.52M 1.62% | 209.70K | 0.00 | 0.00 |
ENBRIDGE INCSOLE | COM | 501.50K | SH | $25.31M 1.44% | 501.50K | 0.00 | 0.00 |
NRG ENERGY INCSOLE | COM NEW | 152K | SH | $24.62M 1.40% | 152K | 0.00 | 0.00 |
EQT CORPSOLE | COM | 353.26K | SH | $19.23M 1.09% | 353.26K | 0.00 | 0.00 |
ANTERO MIDSTREAM CORPSOLE | COM | 906K | SH | $17.61M 1.00% | 906K | 0.00 | 0.00 |
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