CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT Q4 2025 Filing

Filed January 27, 2026

Portfolio Value

$1.7B

Holdings

Report Date

Q4 2025

Filing Type

13F-HR

All Holdings (60 positions)

#	Stock	Shares	Value	% Portfolio
1	ETENERGY TRANSFER L P	7,991,600	$131.8M	7.56%
2	TRGPTARGA RES CORP	681,300	$125.7M	7.21%
3	MPLXMPLX LP	1,883,800	$100.5M	5.77%
4	WMBWILLIAMS COS INC	1,595,100	$95.9M	5.50%
5	OKEONEOK INC NEW	1,297,916	$95.4M	5.47%
6	DTMDT MIDSTREAM INC	749,300	$89.7M	5.14%
7	KMIKINDER MORGAN INC DEL	2,865,000	$78.8M	4.52%
8	PAGPPLAINS GP HLDGS L P	3,725,000	$71.3M	4.09%
9	TRPTC ENERGY CORP	1,295,500	$71.3M	4.09%
10	KNTKKINETIK HOLDINGS INC	1,843,400	$66.5M	3.81%
11	LNGCHENIERE ENERGY INC	324,800	$63.1M	3.62%
12	WESWESTERN MIDSTREAM PARTNERS L	1,540,900	$60.9M	3.49%
13	EPDENTERPRISE PRODS PARTNERS L	1,792,500	$57.5M	3.30%
14	PPLPEMBINA PIPELINE CORP	1,347,100	$51.3M	2.94%
15	HESMHESS MIDSTREAM LP	1,357,200	$46.8M	2.69%
16	TLNTALEN ENERGY CORP	117,200	$43.9M	2.52%
17	CEGCONSTELLATION ENERGY CORP	116,700	$41.2M	2.36%
18	SOBOSOUTH BOW CORP	1,490,500	$40.9M	2.35%
19	VSTVISTRA CORP	208,700	$33.7M	1.93%
20	GEVGE VERNOVA INC	47,850	$31.3M	1.79%
21	ENBENBRIDGE INC	601,500	$28.8M	1.65%
22	NRANRG ENERGY INC	162,000	$25.8M	1.48%
23	PSXPHILLIPS 66	190,900	$24.6M	1.41%
24	EQTEQT CORP	344,258	$18.5M	1.06%
25	FSLRFIRST SOLAR INC	68,000	$17.8M	1.02%
26	PWRQUANTA SVCS INC	39,000	$16.5M	0.94%
27	PRIMPRIMORIS SVCS CORP	127,000	$15.8M	0.90%
28	MTZMASTEC INC	70,500	$15.3M	0.88%
29	NXTNEXTPOWER INC	163,000	$14.2M	0.81%
30	MPCMARATHON PETE CORP	82,500	$13.4M	0.77%
31	CRWDCROWDSTRIKE HLDGS INC	25,000	$11.7M	0.67%
32	AGXARGAN INC	35,000	$11.0M	0.63%
33	VNOMVIPER ENERGY INC	279,000	$10.8M	0.62%
34	BEBLOOM ENERGY CORP	115,000	$10.0M	0.57%
35	PANWPALO ALTO NETWORKS INC	47,000	$8.7M	0.50%
36	CVECENOVUS ENERGY INC	460,000	$7.8M	0.45%
37	TXOTXO PARTNERS LP	581,000	$6.2M	0.36%
38	NETCLOUDFLARE INC	30,000	$5.9M	0.34%
39	ETRENTERGY CORP NEW	63,000	$5.8M	0.33%
40	IRENIREN LIMITED	153,000	$5.8M	0.33%
41	AMANTERO MIDSTREAM CORP	316,000	$5.6M	0.32%
42	DOCNDIGITALOCEAN HLDGS INC	116,000	$5.6M	0.32%
43	FQIDIGITAL RLTY TR INC	34,000	$5.3M	0.30%
44	DYDYCOM INDS INC	15,000	$5.1M	0.29%
45	SNOWSNOWFLAKE INC	23,000	$5.0M	0.29%
46	MSFTMICROSOFT CORP	10,000	$4.8M	0.28%
47	ORCLORACLE CORP	23,000	$4.5M	0.26%
48	ARLPALLIANCE RESOURCE PARTNERS L	191,000	$4.4M	0.25%
49	NEENEXTERA ENERGY INC	50,000	$4.0M	0.23%
50	PEGPUBLIC SVC ENTERPRISE GRP IN	49,000	$3.9M	0.23%
51	SOSOUTHERN CO	45,000	$3.9M	0.23%
52	WECWEC ENERGY GROUP INC	35,000	$3.7M	0.21%
53	CYBRCYBERARK SOFTWARE LTD	7,000	$3.1M	0.18%
54	GELGENESIS ENERGY L P	185,700	$2.9M	0.17%
55	AEPAMERICAN ELEC PWR CO INC	25,000	$2.9M	0.17%
56	SEISOLARIS ENERGY INFRAS INC	61,000	$2.8M	0.16%
57	PAAPLAINS ALL AMERN PIPELINE L	155,300	$2.8M	0.16%
58	NGLNGL ENERGY PARTNERS LP	150,000	$1.5M	0.09%
59	CLSKCLEANSPARK INC	20,000	$202K	0.01%
60	NFENEW FORTRESS ENERGY INC	100,000	$114K	0.01%