# EDGAR Filing Document

**Accession Number:** 0001329375
**File Stem:** 0001315863-26-000367
**Filing Date:** 2026-4
**Character Count:** 11133
**Document Hash:** 574ee45bb498189f7591bdd93b72b597
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001315863-26-000367.hdr.sgml**: 20260428

**ACCESSION NUMBER**: 0001315863-26-000367

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260428

**DATE AS OF CHANGE**: 20260428

**EFFECTIVENESS DATE**: 20260428

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT
- **CENTRAL INDEX KEY:** 0001329375

**ORGANIZATION NAME:**
- **EIN:** 202700256
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-12384
- **FILM NUMBER:** 26908582

**BUSINESS ADDRESS:**
- **STREET 1:** ONE ENERGY SQUARE
- **STREET 2:** 4925 GREENVILLE AVENUE, SUITE 1310
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75206
- **BUSINESS PHONE:** 214.635.1662

**MAIL ADDRESS:**
- **STREET 1:** ONE ENERGY SQUARE
- **STREET 2:** 4925 GREENVILLE AVENUE, SUITE 1310
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75206

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CUSHING ASSET MANAGEMENT, LP
- **DATE OF NAME CHANGE:** 20140402

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CUSHING MLP ASSET MANAGEMENT, LP
- **DATE OF NAME CHANGE:** 20110210

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Swank Energy Income Advisors, L.P.
- **DATE OF NAME CHANGE:** 20101105

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 03-31-2026

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT<br>**Address:** ONE ENERGY SQUARE<br>4925 GREENVILLE AVENUE SUITE 1310<br>DALLAS, TX 75206

**Form 13F File Number:** 028-12384

**CRD Number (if applicable):** 000131517

**SEC File Number (if applicable):** 801-63255

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** John Musgrave<br>**Title:** President and CEO<br>**Phone:** 214.692.6334

**Signature, Place, and Date of Signing:**

/s/ John Musgrave  Dallas, TX  04-28-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 1

**Form 13F Information Table Entry Total:** 66

**Form 13F Information Table Value Total:** $2020119164

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

| No.   | Name                                    | Form 13F File Number   |
|:---|:---|:---|
|  | NEW YORK LIFE INVESTMENT MANAGEMENT LLC | 028-06325              |

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ALLIANCE RESOURCE PARTNERS L | UT LTD PART | 01877R108 |  | 5281150 | 191000 | SH |  | SOLE |  | 191000 | 0 | 0 |
| ALPS ETF TR | ALERIAN MLP | 00162Q452 |  | 5264000 | 100000 | SH | Put | SOLE |  | 100000 | 0 | 0 |
| AMERICAN ELEC PWR CO INC | COM | 025537101 |  | 3277000 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| ANTERO MIDSTREAM CORP | COM | 03676B102 |  | 4582800 | 201000 | SH |  | SOLE |  | 201000 | 0 | 0 |
| ARGAN INC | COM | 04010E109 |  | 20696700 | 38000 | SH |  | SOLE |  | 38000 | 0 | 0 |
| ARKO PETE CORP | CL A COM | 04124A100 |  | 12745748 | 712451 | SH |  | SOLE |  | 712451 | 0 | 0 |
| BLOOM ENERGY CORP | COM CL A | 093712107 |  | 18291150 | 135000 | SH |  | SOLE |  | 135000 | 0 | 0 |
| CENOVUS ENERGY INC | COM | 15135U109 |  | 795900 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| CHENIERE ENERGY INC | COM NEW | 16411R208 |  | 79396048 | 279800 | SH |  | SOLE | 1 | 279800 | 0 | 0 |
| CIPHER DIGITAL INC | COM | 17253J106 |  | 2187900 | 170000 | SH |  | SOLE |  | 170000 | 0 | 0 |
| CLEANSPARK INC | COM NEW | 18452B209 |  | 272320 | 32000 | SH |  | SOLE |  | 32000 | 0 | 0 |
| CLOUDFLARE INC | CL A COM | 18915M107 |  | 10317000 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| CONSTELLATION ENERGY CORP | COM | 21037T109 |  | 23093975 | 82700 | SH |  | SOLE |  | 82700 | 0 | 0 |
| CROWDSTRIKE HLDGS INC | CL A | 22788C105 |  | 11712300 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| DIGITAL RLTY TR INC | COM | 253868103 |  | 6127140 | 34000 | SH |  | SOLE |  | 34000 | 0 | 0 |
| DIGITALOCEAN HLDGS INC | COM | 25402D102 |  | 11340116 | 132200 | SH |  | SOLE |  | 132200 | 0 | 0 |
| DT MIDSTREAM INC | COMMON STOCK | 23345M107 |  | 97918557 | 727100 | SH |  | SOLE | 1 | 727100 | 0 | 0 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 |  | 4582900 | 35000 | SH |  | SOLE |  | 35000 | 0 | 0 |
| DYCOM INDS INC | COM | 267475101 |  | 12197520 | 36000 | SH |  | SOLE |  | 36000 | 0 | 0 |
| ENBRIDGE INC | COM | 29250N105 |  | 54221210 | 1001500 | SH |  | SOLE | 1 | 1001500 | 0 | 0 |
| ENERGY TRANSFER L P | COM UT LTD PTN | 29273V100 |  | 154353680 | 7997600 | SH |  | SOLE | 1 | 7997600 | 0 | 0 |
| ENTERGY CORP NEW | COM | 29364G103 |  | 7078680 | 63000 | SH |  | SOLE |  | 63000 | 0 | 0 |
| ENTERPRISE PRODS PARTNERS L | COM | 293792107 |  | 66049720 | 1745500 | SH |  | SOLE | 1 | 1745500 | 0 | 0 |
| EQT CORP | COM | 26884L109 |  | 25663339 | 403258 | SH |  | SOLE | 1 | 403258 | 0 | 0 |
| EXCELERATE ENERGY INC | CL A COM | 30069T101 |  | 10861500 | 325000 | SH |  | SOLE | 1 | 325000 | 0 | 0 |
| GE VERNOVA INC | COM | 36828A101 |  | 20949600 | 24000 | SH |  | SOLE |  | 24000 | 0 | 0 |
| GENESIS ENERGY L P | UNIT LTD PARTN | 371927104 |  | 2692330 | 151000 | SH |  | SOLE |  | 151000 | 0 | 0 |
| GOLAR LNG LTD | SHS | G9456A100 |  | 378770 | 7000 | SH |  | SOLE |  | 7000 | 0 | 0 |
| IREN LIMITED | ORDINARY SHARES | Q4982L109 |  | 5381960 | 157000 | SH |  | SOLE |  | 157000 | 0 | 0 |
| KINDER MORGAN INC DEL | COM | 49456B101 |  | 91278719 | 2722300 | SH |  | SOLE | 1 | 2722300 | 0 | 0 |
| KINETIK HOLDINGS INC | COM NEW CL A | 02215L209 |  | 90720340 | 1874000 | SH |  | SOLE | 1 | 1874000 | 0 | 0 |
| MARATHON PETE CORP | COM | 56585A102 |  | 34868904 | 142800 | SH |  | SOLE | 1 | 142800 | 0 | 0 |
| MASTEC INC | COM | 576323109 |  | 22811366 | 70900 | SH |  | SOLE |  | 70900 | 0 | 0 |
| MPLX LP | COM UNIT REP LTD | 55336V100 |  | 106098837 | 1859100 | SH |  | SOLE | 1 | 1859100 | 0 | 0 |
| NEW FORTRESS ENERGY INC | COM CL A | 644393100 |  | 59000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 8823600 | 95000 | SH |  | SOLE |  | 95000 | 0 | 0 |
| NEXTPOWER INC | CLASS A COM | 65290E101 |  | 17238650 | 143000 | SH |  | SOLE |  | 143000 | 0 | 0 |
| NGL ENERGY PARTNERS LP | COM UNIT REPST | 62913M107 |  | 1849500 | 150000 | SH |  | SOLE |  | 150000 | 0 | 0 |
| NRG ENERGY INC | COM NEW | 629377508 |  | 24916870 | 170500 | SH |  | SOLE |  | 170500 | 0 | 0 |
| ONEOK INC NEW | COM | 682680103 |  | 96708261 | 1069900 | SH |  | SOLE | 1 | 1069900 | 0 | 0 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 11543040 | 72000 | SH |  | SOLE |  | 72000 | 0 | 0 |
| PEMBINA PIPELINE CORP | COM | 706327103 |  | 60743796 | 1357100 | SH |  | SOLE | 1 | 1357100 | 0 | 0 |
| PHILLIPS 66 | COM | 718546104 |  | 32810618 | 180100 | SH |  | SOLE | 1 | 180100 | 0 | 0 |
| PLAINS ALL AMERN PIPELINE L | UNIT LTD PARTN | 726503105 |  | 1234849 | 55300 | SH |  | SOLE |  | 55300 | 0 | 0 |
| PLAINS GP HLDGS L P | LTD PARTNR INT A | 72651A207 |  | 84008800 | 3460000 | SH |  | SOLE | 1 | 3460000 | 0 | 0 |
| PRIMORIS SVCS CORP | COM | 74164F103 |  | 21742080 | 152000 | SH |  | SOLE |  | 152000 | 0 | 0 |
| QUANTA SVCS INC | COM | 74762E102 |  | 20862760 | 38000 | SH |  | SOLE |  | 38000 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET ENE | 81369Y506 |  | 6126000 | 100000 | SH | Put | SOLE |  | 100000 | 0 | 0 |
| SELECT WATER SOLUTIONS INC | CL A COM | 81617J301 |  | 6426000 | 420000 | SH |  | SOLE | 1 | 420000 | 0 | 0 |
| SNOWFLAKE INC | COM SHS | 833445109 |  | 4373780 | 29000 | SH |  | SOLE |  | 29000 | 0 | 0 |
| SOLARIS ENERGY INFRAS INC | COM CL A | 83418M103 |  | 21925880 | 388000 | SH |  | SOLE | 1 | 388000 | 0 | 0 |
| SOLV ENERGY INC | COM SHS CL A | 78475V103 |  | 6006000 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| SOUTH BOW CORP | COM | 83671M105 |  | 28838460 | 865500 | SH |  | SOLE | 1 | 865500 | 0 | 0 |
| SOUTHERN CO | COM | 842587107 |  | 4343400 | 45000 | SH |  | SOLE |  | 45000 | 0 | 0 |
| STERLING INFRASTRUCTURE INC | COM | 859241101 |  | 4703969 | 11550 | SH |  | SOLE |  | 11550 | 0 | 0 |
| SUNOCOCORP LLC | COM SHS LLC | 86765Q106 |  | 12330000 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| TALEN ENERGY CORP | COM | 87422Q109 |  | 28507239 | 89300 | SH |  | SOLE |  | 89300 | 0 | 0 |
| TARGA RES CORP | COM | 87612G101 |  | 163551179 | 652300 | SH |  | SOLE | 1 | 652300 | 0 | 0 |
| TC ENERGY CORP | COM | 87807B107 |  | 80165560 | 1280600 | SH |  | SOLE | 1 | 1280600 | 0 | 0 |
| TXO PARTNERS LP | COM UNIT | 87313P103 |  | 7308980 | 581000 | SH |  | SOLE |  | 581000 | 0 | 0 |
| VIPER ENERGY INC | CL A | 64361Q101 |  | 9632950 | 205000 | SH |  | SOLE |  | 205000 | 0 | 0 |
| VISTRA CORP | COM | 92840M102 |  | 27600588 | 183600 | SH |  | SOLE |  | 183600 | 0 | 0 |
| WATERBRIDGE INFRASTRUCTURE L | CL A SHS REPSTG | 940923105 |  | 5424975 | 202500 | SH |  | SOLE |  | 202500 | 0 | 0 |
| WEC ENERGY GROUP INC | COM | 92939U106 |  | 4051950 | 35000 | SH |  | SOLE |  | 35000 | 0 | 0 |
| WESTERN MIDSTREAM PARTNERS L | COM UNIT LP INT | 958669103 |  | 69037973 | 1676900 | SH |  | SOLE | 1 | 1676900 | 0 | 0 |
| WILLIAMS COS INC | COM | 969457100 |  | 123733278 | 1700100 | SH |  | SOLE | 1 | 1700100 | 0 | 0 |

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