CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IREN	IREN LIMITED	153,000	$5,779	0.3%	$51.59	0.0%	ORDINARY SHARES	Q4982L109
DOCN	DIGITALOCEAN HLDGS INC	116,000	$5,582	0.3%	$44.03	0.0%	COM	25402D102
DY	DYCOM INDS INC	15,000	$5,069	0.3%	$315.29	0.0%	COM	267475101
MSFT	MICROSOFT CORP	10,000	$4,836	0.3%	$500.58	0.0%	COM	594918104
ORCL	ORACLE CORP	23,000	$4,483	0.3%	$238.05	0.0%	COM	68389X105
NEE	NEXTERA ENERGY INC	50,000	$4,014	0.2%	$82.50	0.0%	COM	65339F101
SEI	SOLARIS ENERGY INFRAS INC	61,000	$2,804	0.2%	$48.29	0.0%	COM CL A	83418M103
CLSK	CLEANSPARK INC	20,000	$202	0.0%	$14.99	0.0%	COM NEW	18452B209

Increased Positions (23)

KNTK KINETIK HOLDINGS INC 3.8%

Value ($000) $66,455 (+57.3%) Shares 1,843,400 (+86.5%) Est. Cost $39.78 Unrealized -9.2%

WMB WILLIAMS COS INC 5.5%

Value ($000) $95,881 (+26.1%) Shares 1,595,100 (+32.9%) Est. Cost $35.47 Unrealized +69.3%

MPLX MPLX LP 5.8%

Value ($000) $100,538 (+16.1%) Shares 1,883,800 (+8.7%) Est. Cost $40.72 Unrealized —

OKE ONEOK INC NEW 5.5%

Value ($000) $95,397 (+17.0%) Shares 1,297,916 (+16.2%) Est. Cost $64.39 Unrealized +9.4%

DTM DT MIDSTREAM INC 5.1%

Value ($000) $89,676 (+16.8%) Shares 749,300 (+10.3%) Est. Cost $53.76 Unrealized +112.6%

WES WESTERN MIDSTREAM PARTNERS L 3.5%

Value ($000) $60,866 (+21.9%) Shares 1,540,900 (+21.2%) Est. Cost $28.61 Unrealized —

NXT NEXTPOWER INC 0.8%

Value ($000) $14,199 (+79.3%) Shares 163,000 (+52.3%) Est. Cost $63.73 Unrealized +42.3%

PAGP PLAINS GP HLDGS L P 4.1%

Value ($000) $71,297 (+9.0%) Shares 3,725,000 (+3.9%) Est. Cost $11.40 Unrealized —

MTZ MASTEC INC 0.9%

Value ($000) $15,325 (+53.2%) Shares 70,500 (+50.0%) Est. Cost $172.86 Unrealized +21.4%

KMI KINDER MORGAN INC DEL 4.5%

Value ($000) $78,759 (+5.8%) Shares 2,865,000 (+8.9%) Est. Cost $16.33 Unrealized +64.7%

FSLR FIRST SOLAR INC 1.0%

Value ($000) $17,764 (+29.9%) Shares 68,000 (+9.7%) Est. Cost $193.50 Unrealized +30.3%

PRIM PRIMORIS SVCS CORP 0.9%

Value ($000) $15,766 (+33.5%) Shares 127,000 (+47.7%) Est. Cost $88.60 Unrealized +47.4%

ENB ENBRIDGE INC 1.6%

Value ($000) $28,770 (+13.7%) Shares 601,500 (+19.9%) Est. Cost $35.49 Unrealized +32.7%

AGX ARGAN INC 0.6%

Value ($000) $10,966 (+31.0%) Shares 35,000 (+12.9%) Est. Cost $227.23 Unrealized +39.4%

GEV GE VERNOVA INC 1.8%

Value ($000) $31,273 (+8.8%) Shares 47,850 (+2.4%) Est. Cost $441.03 Unrealized +38.1%

SNOW SNOWFLAKE INC 0.3%

Value ($000) $5,045 (+72.1%) Shares 23,000 (+76.9%) Est. Cost $227.50 Unrealized +7.3%

PWR QUANTA SVCS INC 0.9%

Value ($000) $16,460 (+13.5%) Shares 39,000 (+11.4%) Est. Cost $293.95 Unrealized +49.4%

CVE CENOVUS ENERGY INC 0.4%

Value ($000) $7,783 (+33.2%) Shares 460,000 (+33.7%) Est. Cost $17.05 Unrealized +1.8%

NRG NRG ENERGY INC 1.5%

Value ($000) $25,797 (+4.8%) Shares 162,000 (+6.6%) Est. Cost $120.55 Unrealized +37.1%

TLN TALEN ENERGY CORP 2.5%

Value ($000) $43,931 (-2.5%) Shares 117,200 (+10.7%) Est. Cost $202.56 Unrealized +91.9%

WEC WEC ENERGY GROUP INC 0.2%

Value ($000) $3,691 (+23.9%) Shares 35,000 (+34.6%) Est. Cost $107.92 Unrealized +2.2%

CRWD CROWDSTRIKE HLDGS INC 0.7%

Value ($000) $11,719 (+3.9%) Shares 25,000 (+8.7%) Est. Cost $422.85 Unrealized +20.4%

PAA PLAINS ALL AMERN PIPELINE L 0.2%

Value ($000) $2,789 (+12.5%) Shares 155,300 (+6.9%) Est. Cost $16.01 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
KNTK	KINETIK HOLDINGS INC	1,843,400 (+86.5%)	$66,455 (+57.3%)	3.8%	$39.78	-9.2%	COM NEW CL A	02215L209
WMB	WILLIAMS COS INC	1,595,100 (+32.9%)	$95,881 (+26.1%)	5.5%	$35.47	+69.3%	COM	969457100
MPLX	MPLX LP	1,883,800 (+8.7%)	$100,538 (+16.1%)	5.8%	$40.72	—	COM UNIT REP LTD	55336V100
OKE	ONEOK INC NEW	1,297,916 (+16.2%)	$95,397 (+17.0%)	5.5%	$64.39	+9.4%	COM	682680103
DTM	DT MIDSTREAM INC	749,300 (+10.3%)	$89,676 (+16.8%)	5.1%	$53.76	+112.6%	COMMON STOCK	23345M107
WES	WESTERN MIDSTREAM PARTNERS L	1,540,900 (+21.2%)	$60,866 (+21.9%)	3.5%	$28.61	—	COM UNIT LP INT	958669103
NXT	NEXTPOWER INC	163,000 (+52.3%)	$14,199 (+79.3%)	0.8%	$63.73	+42.3%	CLASS A COM	65290E101
PAGP	PLAINS GP HLDGS L P	3,725,000 (+3.9%)	$71,297 (+9.0%)	4.1%	$11.40	—	LTD PARTNR INT A	72651A207
MTZ	MASTEC INC	70,500 (+50.0%)	$15,325 (+53.2%)	0.9%	$172.86	+21.4%	COM	576323109
KMI	KINDER MORGAN INC DEL	2,865,000 (+8.9%)	$78,759 (+5.8%)	4.5%	$16.33	+64.7%	COM	49456B101
FSLR	FIRST SOLAR INC	68,000 (+9.7%)	$17,764 (+29.9%)	1.0%	$193.50	+30.3%	COM	336433107
PRIM	PRIMORIS SVCS CORP	127,000 (+47.7%)	$15,766 (+33.5%)	0.9%	$88.60	+47.4%	COM	74164F103
ENB	ENBRIDGE INC	601,500 (+19.9%)	$28,770 (+13.7%)	1.6%	$35.49	+32.7%	COM	29250N105
AGX	ARGAN INC	35,000 (+12.9%)	$10,966 (+31.0%)	0.6%	$227.23	+39.4%	COM	04010E109
GEV	GE VERNOVA INC	47,850 (+2.4%)	$31,273 (+8.8%)	1.8%	$441.03	+38.1%	COM	36828A101
SNOW	SNOWFLAKE INC	23,000 (+76.9%)	$5,045 (+72.1%)	0.3%	$227.50	+7.3%	COM SHS	833445109
PWR	QUANTA SVCS INC	39,000 (+11.4%)	$16,460 (+13.5%)	0.9%	$293.95	+49.4%	COM	74762E102
CVE	CENOVUS ENERGY INC	460,000 (+33.7%)	$7,783 (+33.2%)	0.4%	$17.05	+1.8%	COM	15135U109
NRG	NRG ENERGY INC	162,000 (+6.6%)	$25,797 (+4.8%)	1.5%	$120.55	+37.1%	COM NEW	629377508
TLN	TALEN ENERGY CORP	117,200 (+10.7%)	$43,931 (-2.5%)	2.5%	$202.56	+91.9%	COM	87422Q109
WEC	WEC ENERGY GROUP INC	35,000 (+34.6%)	$3,691 (+23.9%)	0.2%	$107.92	+2.2%	COM	92939U106
CRWD	CROWDSTRIKE HLDGS INC	25,000 (+8.7%)	$11,719 (+3.9%)	0.7%	$422.85	+20.4%	CL A	22788C105
PAA	PLAINS ALL AMERN PIPELINE L	155,300 (+6.9%)	$2,789 (+12.5%)	0.2%	$16.01	—	UNIT LTD PARTN	726503105

Exited Positions (7)

EIX EDISON INTL 0.6%

Value ($000) $10,503 Shares 190,000 Est. Cost $53.10 Unrealized +8.0%

MSTR STRATEGY INC 0.5%

Value ($000) $8,055 Shares 25,000 Est. Cost $365.61 Unrealized -37.0%

ITRI ITRON INC 0.4%

Value ($000) $6,726 Shares 54,000 Est. Cost $101.29 Unrealized +7.5%

TMUS T-MOBILE US INC 0.4%

Value ($000) $6,463 Shares 27,000 Est. Cost $221.10 Unrealized -4.4%

EQIX EQUINIX INC 0.3%

Value ($000) $5,483 Shares 7,000 Est. Cost $806.45 Unrealized -3.1%

NTNX NUTANIX INC 0.3%

Value ($000) $4,463 Shares 60,000 Est. Cost $66.39 Unrealized -8.0%

MSI MOTOROLA SOLUTIONS INC 0.2%

Value ($000) $4,116 Shares 9,000 Est. Cost $433.85 Unrealized -7.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EIX	EDISON INTL	190,000	$10,503	0.6%	$53.10	+8.0%	—	281020107
MSTR	STRATEGY INC	25,000	$8,055	0.5%	$365.61	-37.0%	—	594972408
ITRI	ITRON INC	54,000	$6,726	0.4%	$101.29	+7.5%	—	465741106
TMUS	T-MOBILE US INC	27,000	$6,463	0.4%	$221.10	-4.4%	—	872590104
EQIX	EQUINIX INC	7,000	$5,483	0.3%	$806.45	-3.1%	—	29444U700
NTNX	NUTANIX INC	60,000	$4,463	0.3%	$66.39	-8.0%	—	67059N108
MSI	MOTOROLA SOLUTIONS INC	9,000	$4,116	0.2%	$433.85	-7.6%	—	620076307

Decreased Positions (18)

LNG CHENIERE ENERGY INC 3.6%

Value ($000) $63,138 (-40.4%) Shares 324,800 (-28.0%) Est. Cost $108.17 Unrealized +94.1%

HESM HESS MIDSTREAM LP 2.7%

Value ($000) $46,823 (-41.5%) Shares 1,357,200 (-41.4%) Est. Cost $26.19 Unrealized +24.5%

PBA PEMBINA PIPELINE CORP 2.9%

Value ($000) $51,271 (-19.1%) Shares 1,347,100 (-14.0%) Est. Cost $27.82 Unrealized +38.3%

AM ANTERO MIDSTREAM CORP 0.3%

Value ($000) $5,622 (-68.1%) Shares 316,000 (-65.1%) Est. Cost $13.66 Unrealized +30.0%

VST VISTRA CORP 1.9%

Value ($000) $33,670 (-25.5%) Shares 208,700 (-9.5%) Est. Cost $96.29 Unrealized +88.9%

ET ENERGY TRANSFER L P 7.6%

Value ($000) $131,781 (-6.5%) Shares 7,991,600 (-2.7%) Est. Cost $13.99 Unrealized —

GEL GENESIS ENERGY L P 0.2%

Value ($000) $2,897 (-74.7%) Shares 185,700 (-72.9%) Est. Cost $13.36 Unrealized —

BE BLOOM ENERGY CORP 0.6%

Value ($000) $9,992 (-36.8%) Shares 115,000 (-38.5%) Est. Cost $19.36 Unrealized +442.7%

EPD ENTERPRISE PRODS PARTNERS L 3.3%

Value ($000) $57,468 (-7.8%) Shares 1,792,500 (-10.0%) Est. Cost $28.91 Unrealized —

PSX PHILLIPS 66 1.4%

Value ($000) $24,634 (-13.6%) Shares 190,900 (-9.0%) Est. Cost $123.30 Unrealized +8.7%

MPC MARATHON PETE CORP 0.8%

Value ($000) $13,417 (-18.6%) Shares 82,500 (-3.5%) Est. Cost $75.96 Unrealized +145.4%

TRP TC ENERGY CORP 4.1%

Value ($000) $71,265 (-4.1%) Shares 1,295,500 (-5.1%) Est. Cost $39.80 Unrealized +34.1%

SOBO SOUTH BOW CORP 2.3%

Value ($000) $40,944 (-5.4%) Shares 1,490,500 (-2.6%) Est. Cost $24.69 Unrealized +10.0%

CEG CONSTELLATION ENERGY CORP 2.4%

Value ($000) $41,227 (+4.7%) Shares 116,700 (-2.5%) Est. Cost $238.69 Unrealized +52.2%

ARLP ALLIANCE RESOURCE PARTNERS L 0.3%

Value ($000) $4,437 (-27.2%) Shares 191,000 (-20.7%) Est. Cost $25.23 Unrealized —

EQT EQT CORP 1.1%

Value ($000) $18,452 (-4.0%) Shares 344,258 (-2.5%) Est. Cost $35.44 Unrealized +58.4%

NFE NEW FORTRESS ENERGY INC 0.0%

Value ($000) $114 (-65.6%) Shares 100,000 (-33.3%) Est. Cost $2.85 Unrealized -48.2%

NGL NGL ENERGY PARTNERS LP 0.1%

Value ($000) $1,500 (-9.1%) Shares 150,000 (-45.5%) Est. Cost $4.44 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LNG	CHENIERE ENERGY INC	324,800 (-28.0%)	$63,138 (-40.4%)	3.6%	$108.17	+94.1%	COM NEW	16411R208
HESM	HESS MIDSTREAM LP	1,357,200 (-41.4%)	$46,823 (-41.5%)	2.7%	$26.19	+24.5%	CL A SHS	428103105
PBA	PEMBINA PIPELINE CORP	1,347,100 (-14.0%)	$51,271 (-19.1%)	2.9%	$27.82	+38.3%	COM	706327103
AM	ANTERO MIDSTREAM CORP	316,000 (-65.1%)	$5,622 (-68.1%)	0.3%	$13.66	+30.0%	COM	03676B102
VST	VISTRA CORP	208,700 (-9.5%)	$33,670 (-25.5%)	1.9%	$96.29	+88.9%	COM	92840M102
ET	ENERGY TRANSFER L P	7,991,600 (-2.7%)	$131,781 (-6.5%)	7.6%	$13.99	—	COM UT LTD PTN	29273V100
GEL	GENESIS ENERGY L P	185,700 (-72.9%)	$2,897 (-74.7%)	0.2%	$13.36	—	UNIT LTD PARTN	371927104
BE	BLOOM ENERGY CORP	115,000 (-38.5%)	$9,992 (-36.8%)	0.6%	$19.36	+442.7%	COM CL A	093712107
EPD	ENTERPRISE PRODS PARTNERS L	1,792,500 (-10.0%)	$57,468 (-7.8%)	3.3%	$28.91	—	COM	293792107
PSX	PHILLIPS 66	190,900 (-9.0%)	$24,634 (-13.6%)	1.4%	$123.30	+8.7%	COM	718546104
MPC	MARATHON PETE CORP	82,500 (-3.5%)	$13,417 (-18.6%)	0.8%	$75.96	+145.4%	COM	56585A102
TRP	TC ENERGY CORP	1,295,500 (-5.1%)	$71,265 (-4.1%)	4.1%	$39.80	+34.1%	COM	87807B107
SOBO	SOUTH BOW CORP	1,490,500 (-2.6%)	$40,944 (-5.4%)	2.3%	$24.69	+10.0%	COM	83671M105
CEG	CONSTELLATION ENERGY CORP	116,700 (-2.5%)	$41,227 (+4.7%)	2.4%	$238.69	+52.2%	COM	21037T109
ARLP	ALLIANCE RESOURCE PARTNERS L	191,000 (-20.7%)	$4,437 (-27.2%)	0.3%	$25.23	—	UT LTD PART	01877R108
EQT	EQT CORP	344,258 (-2.5%)	$18,452 (-4.0%)	1.1%	$35.44	+58.4%	COM	26884L109
NFE	NEW FORTRESS ENERGY INC	100,000 (-33.3%)	$114 (-65.6%)	0.0%	$2.85	-48.2%	COM CL A	644393100
NGL	NGL ENERGY PARTNERS LP	150,000 (-45.5%)	$1,500 (-9.1%)	0.1%	$4.44	—	COM UNIT REPST	62913M107

Unchanged Positions (11)

TRGP TARGA RES CORP 7.2%

Value ($000) $125,700 Shares 681,300 Est. Cost $45.16 Unrealized +272.2%

TXO TXO PARTNERS LP 0.4%

Value ($000) $6,199 Shares 581,000 Est. Cost $16.76 Unrealized —

PANW PALO ALTO NETWORKS INC 0.5%

Value ($000) $8,657 Shares 47,000 Est. Cost $189.55 Unrealized +6.4%

DLR DIGITAL RLTY TR INC 0.3%

Value ($000) $5,260 Shares 34,000 Est. Cost $162.52 Unrealized +0.4%

NET CLOUDFLARE INC 0.3%

Value ($000) $5,915 Shares 30,000 Est. Cost $174.67 Unrealized +21.1%

SO SOUTHERN CO 0.2%

Value ($000) $3,924 Shares 45,000 Est. Cost $84.45 Unrealized +7.6%

— CYBERARK SOFTWARE LTD 0.2%

Value ($000) $3,122 Shares 7,000 Est. Cost $379.47 Unrealized —

PEG PUBLIC SVC ENTERPRISE GRP IN 0.2%

Value ($000) $3,935 Shares 49,000 Est. Cost $74.04 Unrealized +9.5%

VNOM VIPER ENERGY INC 0.6%

Value ($000) $10,778 Shares 279,000 Est. Cost $38.10 Unrealized -0.6%

AEP AMERICAN ELEC PWR CO INC 0.2%

Value ($000) $2,883 Shares 25,000 Est. Cost $97.89 Unrealized +20.2%

ETR ENTERGY CORP NEW 0.3%

Value ($000) $5,823 Shares 63,000 Est. Cost $80.30 Unrealized +17.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TRGP	TARGA RES CORP	681,300	$125,700	7.2%	$45.16	+272.2%	COM	87612G101
TXO	TXO PARTNERS LP	581,000	$6,199	0.4%	$16.76	—	COM UNIT	87313P103
PANW	PALO ALTO NETWORKS INC	47,000	$8,657	0.5%	$189.55	+6.4%	COM	697435105
DLR	DIGITAL RLTY TR INC	34,000	$5,260	0.3%	$162.52	+0.4%	COM	253868103
NET	CLOUDFLARE INC	30,000	$5,915	0.3%	$174.67	+21.1%	CL A COM	18915M107
SO	SOUTHERN CO	45,000	$3,924	0.2%	$84.45	+7.6%	COM	842587107
—	CYBERARK SOFTWARE LTD	7,000	$3,122	0.2%	$379.47	—	SHS	M2682V108
PEG	PUBLIC SVC ENTERPRISE GRP IN	49,000	$3,935	0.2%	$74.04	+9.5%	COM	744573106
VNOM	VIPER ENERGY INC	279,000	$10,778	0.6%	$38.10	-0.6%	CL A	64361Q101
AEP	AMERICAN ELEC PWR CO INC	25,000	$2,883	0.2%	$97.89	+20.2%	COM	025537101
ETR	ENTERGY CORP NEW	63,000	$5,823	0.3%	$80.30	+17.7%	COM	29364G103