CUSHING ASSET MANAGEMENT, LP

Portfolio Overview

CUSHING ASSET MANAGEMENT, LP disclosed 66 positions worth $2.0B in its Form 13F-HR for Q1 2026 — $2.0B in common stock plus $11.4M of put/call option positions (reported at underlying notional value, not premium at risk), led by $TRGP (Targa Resources Corp.) at 8.1% of the equity portfolio, followed by $ET and $WMB. During the quarter the fund opened 12 new positions and exited 6 — including a new stake in $APC and a full exit from $HESM. The portfolio is most concentrated in Energy (84.0% of disclosed assets). All figures are sourced directly from CUSHING ASSET MANAGEMENT, LP’s Form 13F-HR filing with the SEC under CIK 1329375.

• 

  Targa Resources Corp.

  $TRGP

  70.0#338

  Quality

  $163.6M652,300 sh
• 

  Energy Transfer LP

  $ET

  64.5#632

  Quality

  $154.4M7,997,600 sh
• 

  WILLIAMS COMPANIES, INC.

  $WMB

  72.8#216

  Quality

  $123.7M1,700,100 sh
• 

  MPLX LP

  $MPLX

  76.5

  Quality

  $106.1M1,859,100 sh
• 

  DT Midstream, Inc.

  $DTM

  74.5

  Quality

  $97.9M727,100 sh
• 

  ONEOK INC /NEW/

  $OKE

  72.0

  Quality

  $96.7M1,069,900 sh
• 

  KINDER MORGAN, INC.

  $KMI

  74.6

  Quality

  $91.3M2,722,300 sh
• 

  Kinetik Holdings Inc.

  $KNTK

  56.7

  Quality

  $90.7M1,874,000 sh
• 

  PLAINS GP HOLDINGS LP

  $PAGP

  52.9

  Quality

  $84.0M3,460,000 sh
• 

  TC ENERGY CORP

  $TRP

  —

  Quality

  $80.2M1,280,600 sh

Company	Quality	Value	Shares
Targa Resources Corp.$TRGP	70.0#338	$163.6M	652,300
Energy Transfer LP$ET	64.5#632	$154.4M	7,997,600
WILLIAMS COMPANIES, INC.$WMB	72.8#216	$123.7M	1,700,100
MPLX LP$MPLX	76.5	$106.1M	1,859,100
DT Midstream, Inc.$DTM	74.5	$97.9M	727,100
ONEOK INC /NEW/$OKE	72.0	$96.7M	1,069,900
KINDER MORGAN, INC.$KMI	74.6	$91.3M	2,722,300
Kinetik Holdings Inc.$KNTK	56.7	$90.7M	1,874,000
PLAINS GP HOLDINGS LP$PAGP	52.9	$84.0M	3,460,000
TC ENERGY CORP$TRP	—	$80.2M	1,280,600

Showing top 10 of 66 holdings.

Full Holdings — CUSHING ASSET MANAGEMENT, LP (Q1 2026)

All 66 disclosed positions from the latest Form 13F-HR, with quarter-over-quarter share changes and 13F Pro quality scores. Sourced from SEC EDGAR.

#	Ticker	Company	Value	Weight	QoQ	Quality
1	$TRGP	Targa Resources Corp.	$163.6M	8.1%	-4%	70
2	$ET	Energy Transfer LP	$154.4M	7.7%	+0%	64.5
3	$WMB	WILLIAMS COMPANIES, INC.	$123.7M	6.2%	+7%	72.8
4	$MPLX	MPLX LP	$106.1M	5.3%	-1%	76.5
5	$DTM	DT Midstream, Inc.	$97.9M	4.9%	-3%	74.5
6	$OKE	ONEOK INC /NEW/	$96.7M	4.8%	-18%	72
7	$KMI	KINDER MORGAN, INC.	$91.3M	4.5%	-5%	74.6
8	$KNTK	Kinetik Holdings Inc.	$90.7M	4.5%	+2%	56.7
9	$PAGP	PLAINS GP HOLDINGS LP	$84.0M	4.2%	-7%	52.9
10	$TRP	TC ENERGY CORP	$80.2M	4.0%	-1%	—
11	$LNG	Cheniere Energy, Inc.	$79.4M	4.0%	-14%	48.4
12	$WES	Western Midstream Partners, LP	$69.0M	3.4%	+9%	78.1
13	$EPD	ENTERPRISE PRODUCTS PARTNERS L.P.	$66.0M	3.3%	-3%	66.4
14	$PBA	PEMBINA PIPELINE CORP	$60.7M	3.0%	+1%	—
15	$ENB	ENBRIDGE INC	$54.2M	2.7%	+67%	—
16	$MPC	Marathon Petroleum Corp	$34.9M	1.7%	+73%	50.7
17	$PSX	Phillips 66	$32.8M	1.6%	-6%	47.6
18	$SOBO	South Bow Corp	$28.8M	1.4%	-42%	—
19	$TLN	Talen Energy Corp	$28.5M	1.4%	-24%	66.5
20	$VST	Vistra Corp.	$27.6M	1.4%	-12%	62.9
21	$EQT	EQT Corp	$25.7M	1.3%	+17%	83.3
22	$NRG	NRG ENERGY, INC.	$24.9M	1.2%	+5%	59.5
23	$CEG	Constellation Energy Corp	$23.1M	1.1%	-29%	62.5
24	$MTZ	MASTEC INC	$22.8M	1.1%	+1%	59.7
25	$SEI	Solaris Energy Infrastructure, Inc.	$21.9M	1.1%	+536%	56.9
26	$PRIM	Primoris Services Corp	$21.7M	1.1%	+20%	62.3
27	$GEV	GE Vernova Inc.	$20.9M	1.0%	-50%	70.1
28	$PWR	QUANTA SERVICES, INC.	$20.9M	1.0%	-3%	62.6
29	$AGX	ARGAN INC	$20.7M	1.0%	+9%	79.2
30	$BE	Bloom Energy Corp	$18.3M	0.9%	+17%	54.4
31	$NXT	Nextpower Inc.	$17.2M	0.9%	-12%	74.8
32	$APC	ARKO Petroleum Corp.	$12.7M	0.6%	NEW	—
33	$SUNC	SunocoCorp LLC	$12.3M	0.6%	NEW	—
34	$DY	DYCOM INDUSTRIES INC	$12.2M	0.6%	+140%	62.1
35	$CRWD	CrowdStrike Holdings, Inc.	$11.7M	0.6%	+20%	55
36	$PANW	Palo Alto Networks Inc	$11.5M	0.6%	+53%	66.5
37	$DOCN	DigitalOcean Holdings, Inc.	$11.3M	0.6%	+14%	73.7
38	$EE	Excelerate Energy, Inc.	$10.9M	0.5%	NEW	50.2
39	$NET	Cloudflare, Inc.	$10.3M	0.5%	+67%	52.6
40	$VNOM	Viper Energy, Inc.	$9.6M	0.5%	-27%	—
41	$NEE	NEXTERA ENERGY INC	$8.8M	0.4%	+90%	71.7
42	$TXO	TXO Partners, L.P.	$7.3M	0.4%	+0%	38.3
43	$ETR	ENTERGY CORP /DE/	$7.1M	0.3%	+0%	65.1
44	$WTTR	Select Water Solutions, Inc.	$6.4M	0.3%	NEW	39.1
45	$DLR	DIGITAL REALTY TRUST, INC.	$6.1M	0.3%	+0%	70.2
46	—	SELECT SECTOR SPDR TR	$6.1M	—	NEW	—
47	$MWH	SOLV Energy, Inc.	$6.0M	0.3%	NEW	—
48	$WBI	WaterBridge Infrastructure LLC	$5.4M	0.3%	NEW	—
49	$IREN	IREN Ltd	$5.4M	0.3%	+3%	—
50	$ARLP	ALLIANCE RESOURCE PARTNERS LP	$5.3M	0.3%	+0%	54.2
51	—	ALPS ETF TR	$5.3M	—	NEW	—
52	$STRL	STERLING INFRASTRUCTURE, INC.	$4.7M	0.2%	NEW	73.3
53	$DUK	Duke Energy CORP	$4.6M	0.2%	NEW	64
54	$AM	Antero Midstream Corp	$4.6M	0.2%	-36%	71.6
55	$SNOW	Snowflake Inc.	$4.4M	0.2%	+26%	49.6
56	$SO	SOUTHERN CO	$4.3M	0.2%	+0%	65.1
57	$WEC	WEC ENERGY GROUP, INC.	$4.1M	0.2%	+0%	67
58	$AEP	AMERICAN ELECTRIC POWER CO INC	$3.3M	0.2%	+0%	75.4
59	$GEL	GENESIS ENERGY LP	$2.7M	0.1%	-19%	41.2
60	$CIFR	Cipher Digital Inc.	$2.2M	0.1%	NEW	30.1
61	$NGL	NGL Energy Partners LP	$1.8M	0.1%	+0%	66.7
62	$PAA	PLAINS ALL AMERICAN PIPELINE LP	$1.2M	0.1%	-64%	57.4
63	$CVE	CENOVUS ENERGY INC.	$795,900	0.0%	-93%	—
64	$GLNG	GOLAR LNG LTD	$378,770	0.0%	NEW	—
65	$CLSK	CLEANSPARK, INC.	$272,320	0.0%	+60%	40.6
66	$NFE	New Fortress Energy Inc.	$59,000	0.0%	+0%	17.3