DALLAS, April 30, 2021 /PRNewswire/
-- Cushing® Asset Management, LP, and Swank
Capital, LLC, announce an upcoming interim change to the
constituents of The Cushing® MLP Market Cap Index (the
"Index"). On February 16, 2021, Index
constituents Enable Midstream Partners, LP (NYSE: ENBL) and Energy
Transfer LP (NYSE: ET) announced that they had entered into an
Agreement and Plan of Merger that, if approved by at least a
majority of ENBL common unitholders, would result in ENBL common
units ceasing to be publicly traded. The parties subsequently
announced that a majority of ENBL common unitholders have delivered
written consents approving the Merger Agreement and, accordingly,
the merger closing may occur as early as May
10, 2021. Per the Index's methodology guide, this event will
result in a constituent replacement. Accordingly, after the market
closes on May 7, 2021, and effective
on May 10, 2021, Global Partners LP (NYSE: GLP) will replace
ENBL as a constituent of the Index at ENBL'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) 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® 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.
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SOURCE Cushing® Asset Management, LP and Swank Capital, LLC