DALLAS, July 22, 2019 /PRNewswire/ -- 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
http://www.cushingasset.com/indices.
Contact:
Brian Atwood
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
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SOURCE Cushing Asset Management, LP; Swank Capital, LLC