DALLAS, April 23, 2021 /PRNewswire/ -- Cushing® Asset Management, LP,
and Swank Capital, LLC, announce an upcoming interim change to
the constituents of The Cushing® 30 MLP Index
(the "Index"). On March 4, 2021,
Index constituent Noble Midstream Partners LP (NASDAQ: NBLX)
entered into an Agreement and Plan of Merger ("Merger Agreement")
with Chevron Corporation (NYSE: CVX) that would result in NBLX
common units ceasing to be publicly traded, subject to the approval
of the holders of NBLX common units. Entities representing a
majority of NBLX common units have agreed to deliver written
consents approving the Merger Agreement, and the merger closing may
occur as early as May 3, 2021. Per
the Index's methodology guide, this event will result in a
constituent replacement. Accordingly, after the market closes on
April 30, 2021, and effective on
May 3, 2021, Altus Midstream Company
(NASDAQ: ALTM) will replace NBLX as a constituent of the Index
at NBLX's then-current weight.
There will be no changes to the remaining constituents of the
Index due to this event.
ABOUT THE CUSHING®
30 MLP INDEX
The Cushing® 30 MLP
Index tracks the performance of 30 publicly traded midstream energy
infrastructure companies, including master limited partnerships
(MLPs) and non-MLP energy midstream corporations (each, a
"Midstream Company" and collectively, "Midstream Companies").
Constituents of the Index are selected by using a formula-based
proprietary valuation model developed by Cushing® Asset Management, LP
to rank Midstream Companies for potential inclusion in the Index.
The Index price level is calculated by S&P Dow Jones Indices
and reported on a real-time basis under the Bloomberg ticker
"MLPX".
ABOUT CUSHING® ASSET
MANAGEMENT AND SWANK CAPITAL
Cushing® Asset
Management, LP ("Cushing"), a
subsidiary of Swank Capital, LLC, is an SEC-registered investment
adviser headquartered in Dallas,
Texas. Cushing serves as
investment adviser to affiliated funds and managed accounts,
providing active management in markets where inefficiencies
exist.
Cushing is also dedicated to
serving the needs of MLP and energy income investors by sponsoring
a variety of industry benchmarks, including The Cushing® MLP Market Cap Index
(Bloomberg Ticker: CMCI) and The Cushing® MLP High Income Index
(Bloomberg Ticker: MLPY). For more information, please visit
http://www.cushingasset.com/indices.
Contact:
Jon Abel
214-692-6334
www.cushingasset.com
The Cushing® 30 MLP
Index (the "Index") is the exclusive property of Swank
Capital, LLC, and Cushing Asset Management, LP, which have
contracted with S&P Opco, LLC (a subsidiary of S&P Dow
Jones Indices LLC) ("S&P Dow Jones Indices") to calculate and
maintain the Index. S&P® is a registered trademark
of Standard & Poor's Financial Services LLC ("SPFS"); Dow
Jones® is a registered trademark of Dow Jones Trademark
Holdings LLC ("Dow Jones"); and, these trademarks have been
licensed to S&P Dow Jones Indices. "Calculated by S&P Dow
Jones Indices" and its related stylized mark(s) have been licensed
for use by Swank Capital, LLC, and Cushing Asset Management, LP.
Neither S&P Dow Jones Indices, SPFS, Dow Jones nor any of their
affiliates sponsor and promote the Index and none shall be liable
for any errors or omissions in calculating the Index.
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SOURCE Cushing Asset Management, LP and Swank Capital, LLC