Cushing® Asset Management and Swank Capital Announce a Constituent Change to The Cushing® 30 MLP Index

Rhea-AI Summary

Cushing Asset Management and Swank Capital announced changes to The Cushing 30 MLP Index due to a merger involving Noble Midstream Partners (NBLX) and Chevron (CVX). NBLX will cease public trading following majority consents on a merger agreement, effective May 3, 2021. As a result, Altus Midstream Company (ALTM) will replace NBLX in the Index after market close on April 30, 2021. The remaining constituents of the Index will remain unchanged.

Positive

• Altus Midstream (ALTM) will become a constituent of The Cushing 30 MLP Index, potentially enhancing its visibility and investor confidence.

Negative

• Noble Midstream Partners (NBLX) will cease public trading following the merger with Chevron (CVX), indicating a loss of investment opportunity for current NBLX shareholders.

DALLAS, April 23, 2021 /PRNewswire/ -- 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 March 4, 2021, Index constituent Noble Midstream Partners LP (NASDAQ: NBLX) entered into an Agreement and Plan of Merger ("Merger Agreement") with Chevron Corporation (NYSE: CVX) that would result in NBLX common units ceasing to be publicly traded, subject to the approval of the holders of NBLX common units. Entities representing a majority of NBLX common units have agreed to deliver written consents approving the Merger Agreement, and the merger closing may occur as early as May 3, 2021. Per the Index's methodology guide, this event will result in a constituent replacement. Accordingly, after the market closes on April 30, 2021, and effective on May 3, 2021, Altus Midstream Company (NASDAQ: ALTM) will replace NBLX as a constituent of the Index at NBLX'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.

Contact:
Jon Abel
214-692-6334
www.cushingasset.com

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

FAQ

What changes are occurring in The Cushing 30 MLP Index involving NBLX and ALTM?

Noble Midstream Partners (NBLX) is being replaced by Altus Midstream Company (ALTM) in The Cushing 30 MLP Index due to NBLX's merger with Chevron (CVX), effective May 3, 2021.

When does the replacement of NBLX by ALTM in The Cushing 30 MLP Index take effect?

The replacement will be effective after the market closes on April 30, 2021.

What led to the merger of NBLX with Chevron (CVX)?

The merger was agreed upon by entities representing a majority of NBLX common units and is subject to shareholder approval.

How does the merger of NBLX affect shareholders?

Shareholders of NBLX will see their units cease public trading, affecting their investment opportunity.

What is The Cushing 30 MLP Index?

The Cushing 30 MLP Index tracks the performance of 30 publicly traded midstream energy infrastructure companies.