Cushing® Asset Management and Swank Capital Announce a Constituent Change to The Cushing® MLP Market Cap Index
Dallas, Texas (July 22, 2019) Cushing® Asset Management, LP, and Swank Capital, LLC, and announce an upcoming interim change to the constituents of The Cushing® MLP Market Cap Index (the “Index”). On May 7, 2019, Index constituents Andeavor Logistics LP (NYSE: ANDX) and MPLX LP (NYSE: MPLX) and related entities entered into an Agreement and Plan of Merger (“Merger Agreement”) that would result in ANDX common units ceasing to be publicly traded, subject to the approval of the holders of at least a majority of the ANDX common units. On June 28, 2019, ANDX publicly announced that entities holding a majority of common units of ANDX have agreed to deliver written consents approving the Merger Agreement and, accordingly, the merger may be completed as soon as July 30, 2019. Per the Index’s methodology guide, this event will result in a constituent replacement. Accordingly, after the market closes on July 29, 2019, and effective on July 30, 2019, Black Stone Minerals, L.P. (NYSE: BSM) will replace ANDX as a constituent of the Index at ANDX’s then-current weight.
There will be no changes to the remaining constituents of the Index due to this event.
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 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® 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.