Cushing® Asset Management and Swank Capital Announce a Constituent Change to The Cushing® 30 MLP Index
DALLAS, Sept. 18, 2020 - 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 July 26, 2020, Index constituent CNX Midstream Partners LP (NYSE: CNXM) entered into an Agreement and Plan of Merger ("Merger Agreement") with CNX Resources Corp. (NYSE: CNX) and affiliated companies that would result in CNXM common units ceasing to be publicly traded, subject to the approval of the holders of CNXM common units and Class B units. Entities representing a majority of CNXM common units and Class B units have agreed to deliver written consents approving the Merger Agreement within the unitholder consent period, which may terminate as early as September 25, 2020. Per the Index's methodology guide, this event will result in a constituent replacement. Accordingly, after the market closes on September 25, 2020, and effective on September 28, 2020, Equitrans Midstream Corporation (NYSE: ETRN) will replace CNXM as a constituent of the Index at CNXM'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.
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