Swank Capital and Cushing® Asset Management Announce a Rebalance of The Cushing® MLP Market Cap Index
DALLAS, Aug. 2, 2018 /PRNewswire/ -- Swank Capital, LLC and Cushing® Asset Management, LP announce an upcoming interim rebalance of The Cushing® MLP Market Cap Index (the "Index"). On May 16, 2018, Index constituents The Williams Companies, Inc. (NYSE: WMB) and Willams Partners L.P. (NYSE: WPZ) entered into an Agreement and Plan of Merger wherein WMB would acquire WPZ, subject to the consent of WPZ unitholders and the approval of the issuance of additional WMB stock by WMB shareholders. An affiliated company of WMB and WPZ holding a majority of limited partner interests in WPZ provided its consent for the transaction on May 16. A special meeting of WMB shareholders is scheduled for August 9, 2018, for the purpose of voting on the issuance of additional WMB stock to effect the merger. Per the Index's methodology guide, after the market closes on August 9, 2018, and effective on August 10, 2018, WPZ will be removed as a constituent of the Index.
Because WPZ 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 August 10, 2018, as shown below.
Cushing® MLP Market Cap Index constituents, effective August 10, 2018:
| Company Name |
Ticker |
Index Weight |
Status |
| Enterprise Products Partners, L.P. |
EPD |
7.50% |
Existing |
| Energy Transfer Partners, L.P. |
ETP |
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% |
NEW |
| ONEOK, Inc. |
OKE |
7.50% |
NEW |
| Cheniere Energy, Inc. |
LNG |
7.33% |
NEW |
| Energy Transfer Equity, L.P. |
ETE |
6.62% |
Existing |
| Targa Resources Corp. |
TRGP |
5.69% |
NEW |
| MPLX LP |
MPLX |
5.45% |
Existing |
| Western Gas Partners, L.P. |
WES |
2.67% |
Existing |
| Buckeye Partners, L.P. |
BPL |
2.64% |
Existing |
| EQT Midstream Partners, LP |
EQM |
2.37% |
Existing |
| Andeavor Logistics LP |
ANDX |
2.11% |
Existing |
| DCP Midstream, LP |
DCP |
2.10% |
Existing |
| EnLink Midstream Partners, LP |
ENLK |
2.05% |
Existing |
| Tallgrass Energy, LP |
TGE |
1.83% |
NEW |
| AmeriGas Partners, L.P. |
APU |
1.55% |
Existing |
| Phillips 66 Partners LP |
PSXP |
1.51% |
Existing |
| Antero Midstream Partners LP |
AM |
1.50% |
Existing |
| Shell Midstream Partners, L.P. |
SHLX |
1.46% |
Existing |
| Enbridge Energy Partners, L.P. |
EEP |
1.26% |
Existing |
| SemGroup Corporation |
SEMG |
1.03% |
NEW |
| Alliance Resource Partners, L.P. |
ARLP |
0.95% |
Existing |
| Western Gas Equity Partners, LP |
WGP |
0.92% |
Existing |
| Crestwood Equity Partners LP |
CEQP |
0.90% |
Existing |
| Enable Midstream Partners, LP |
ENBL |
0.83% |
Existing |
| Antero Midstream GP LP |
AMGP |
0.78% |
Existing |
| Holly Energy Partners, L.P. |
HEP |
0.73% |
Existing |
| NGL Energy Partners LP |
NGL |
0.72% |
Existing |
Constituents removed, effective August 10, 2018:
| Company Name |
Ticker |
| BP Midstream Partners LP |
BPMP |
| Black Stone Minerals, L.P. |
BSM |
| EnLink Midstream, LLC |
ENLC |
| Noble Midstream Partners LP |
NBLX |
| Sunoco LP |
SUN |
| Williams Partners L.P. |
WPZ |
ABOUT THE CUSHING® MLP MARKET CAP INDEX
The Cushing® MLP Market Cap Index tracks the performance of widely held master limited partnerships (MLPs). 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 MLPs. 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 MLPs 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 http://www.cushingasset.com/indices.
Contact:
Judson Redmond
214-692-6334
www.cushingasset.com
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.
CUSH-CMCI
SOURCE Cushing Asset Management, LP; Swank Capital, LLC
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