Dallas, Texas (October 11, 2018) Swank Capital, LLC and Cushing® Asset Management, LP announce an upcoming interim rebalance of The Cushing® MLP Market Cap Index (the “Index”). On August 1, 2018, Index constituents Energy Transfer Equity, L.P. (NYSE: ETE) and Energy Transfer Partners, L.P. (NYSE: ETP) announced a merger agreement wherein ETE would acquire ETP, subject to the approval of ETP unitholders. A special meeting of ETP unitholders is scheduled for October 18, 2018, for the purpose of voting on the merger agreement. Per the Index’s methodology guide, after the market closes on October 18, 2018, and effective on October 19, 2018, ETP will be removed as a constituent of the Index.
Because ETP is expected to have a weight in the Index in excess of 3.5% at the time of its removal, per the Index’s methodology guide, the Index will be rebalanced and all constituent weightings will be adjusted effective on October 19, 2018, as shown below.
Cushing® MLP Market Cap Index constituents, effective October 19, 2018:
|Company Name||Ticker||Index Weight||Status|
|Enterprise Products Partners, L.P.||EPD||7.50%||Existing|
|Magellan Midstream Partners, L.P.||MMP||7.50%||Existing|
|The Williams Companies, Inc.||WMB||7.50%||Existing|
|Kinder Morgan, Inc.||KMI||7.50%||Existing|
|Cheniere Energy, Inc.||LNG||7.50%||Existing|
|Energy Transfer Equity, L.P.||ETE||7.07%||Existing|
|Targa Resources Corp.||TRGP||6.59%||Existing|
|Plains All American Pipeline, L.P.||PAA||5.77%||NEW|
|Buckeye Partners, L.P.||BPL||2.78%||Existing|
|Western Gas Partners, L.P.||WES||2.43%||Existing|
|EQT Midstream Partners, LP||EQM||2.43%||Existing|
|Andeavor Logistics LP||ANDX||2.25%||Existing|
|DCP Midstream, LP||DCP||2.03%||Existing|
|Tallgrass Energy, LP||TGE||1.89%||Existing|
|Plains GP Holdings, L.P.||PAGP||1.84%||NEW|
|EnLink Midstream Partners, LP||ENLK||1.54%||Existing|
|Antero Midstream Partners LP||AM||1.53%||Existing|
|Phillips 66 Partners LP||PSXP||1.48%||Existing|
|AmeriGas Partners, L.P.||APU||1.44%||Existing|
|Shell Midstream Partners, L.P.||SHLX||1.40%||Existing|
|Enbridge Energy Partners, L.P.||EEP||1.27%||Existing|
|Crestwood Equity Partners LP||CEQP||0.97%||Existing|
|Alliance Resource Partners, L.P.||ARLP||0.94%||Existing|
|Western Gas Equity Partners, LP||WGP||0.82%||Existing|
|Enable Midstream Partners, LP||ENBL||0.77%||Existing|
|Black Stone Minerals, L.P.||BSM||0.76%||Existing|
Constituents removed, effective October 19, 2018:
|Antero Midstream GP LP||AMGP|
|Energy Transfer Partners, L.P.||ETP|
ABOUT THE CUSHING® MLP MARKET CAP INDEX
The Cushing® MLP Market Cap Index provides a benchmark that is designed to track the performance of widely held midstream energy infrastructure companies, including master limited partnerships (MLPs) and non-MLP midstream corporations (each, a “Midstream Company” and collectively, “Midstream Companies”). The Index is weighted on a float-adjusted market capitalization basis, with the weight of each constituent capped at 7.5% at rebalance. The Index price level is calculated by S&P Dow Jones Indices while the constituents are selected from the entire universe of publicly traded Midstream Companies. The Cushing® MLP Market Cap Index is calculated by S&P Dow Jones Indices and reported on a real-time basis under the Bloomberg ticker “CMCI”.
ABOUT SWANK CAPITAL AND CUSHING® ASSET MANAGEMENT
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 which invest primarily in securities of Midstream Companies and other natural resource companies.
Cushing is also dedicated to serving the needs of MLP and energy income investors by sponsoring a variety of industry benchmarks, including The Cushing® 30 MLP Index (Bloomberg Ticker: MLPX), The Cushing® MLP High Income Index (Bloomberg Ticker: MLPY) ), The Cushing® Energy Index (Bloomberg Ticker: CENI), The Cushing® Energy Supply Chain Index (Bloomberg Ticker: CSCI), The Cushing® Transportation Index (Bloomberg Ticker: CTRI) and The Cushing® Utility Index (Bloomberg Ticker: CUTI). For more information, please visit https://www.cushingasset.com/indices.
Source: Cushing® Asset Management, LP and Swank Capital, LLC
The Cushing® MLP Market Cap 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 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.