<?xml version="1.0" encoding="UTF-8"?>
<edgarSubmission xmlns:com="http://www.sec.gov/edgar/common" xmlns="http://www.sec.gov/edgar/npx">
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    <submissionType>N-PX</submissionType>
    <filerInfo>
      <registrantType>IM</registrantType>
      <liveTestFlag>LIVE</liveTestFlag>
      <filer>
        <issuerCredentials>
          <cik>0001329375</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>
      <periodOfReport>06/30/2025</periodOfReport>
    </filerInfo>
  </headerData>
  <formData>
    <coverPage>
      <yearOrQuarter>YEAR</yearOrQuarter>
      <reportCalendarYear>2025</reportCalendarYear>
      <reportingPerson>
        <name>CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT</name>
        <phoneNumber>214-692-6334</phoneNumber>
        <address>
          <com:street1>4925 Greenville Avenue</com:street1>
          <com:street2>Suite 1310</com:street2>
          <com:city>Dallas</com:city>
          <com:stateOrCountry>TX</com:stateOrCountry>
          <com:zipCode>75206</com:zipCode>
        </address>
      </reportingPerson>
      <agentForService>
        <name>John Musgrave</name>
        <address>
          <com:street1>4925 Greenville Avenue</com:street1>
          <com:street2>Suite 1310</com:street2>
          <com:city>Dallas</com:city>
          <com:stateOrCountry>TX</com:stateOrCountry>
          <com:zipCode>75206</com:zipCode>
        </address>
      </agentForService>
      <reportInfo>
        <reportType>INSTITUTIONAL MANAGER COMBINATION REPORT</reportType>
        <confidentialTreatment>N</confidentialTreatment>
      </reportInfo>
      <fileNumber>028-12384</fileNumber>
      <otherManagersInfo>
        <otherManager>
          <icaOr13FFileNumber>811-22072</icaOr13FFileNumber>
          <managerName>NXG Cushing Midstream Energy Fund</managerName>
        </otherManager>
        <otherManager>
          <icaOr13FFileNumber>811-22499</icaOr13FFileNumber>
          <managerName>NXG NextGen Infrastructure Income Fund</managerName>
        </otherManager>
        <otherManager>
          <icaOr13FFileNumber>811-22321</icaOr13FFileNumber>
          <managerName>New York Life Investments Funds Trust</managerName>
        </otherManager>
      </otherManagersInfo>
      <explanatoryInformation>
        <explanatoryChoice>N</explanatoryChoice>
      </explanatoryInformation>
    </coverPage>
    <summaryPage>
      <otherIncludedManagersCount>0</otherIncludedManagersCount>
    </summaryPage>
    <signaturePage>
      <reportingPerson>CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT</reportingPerson>
      <txSignature>John Musgrave</txSignature>
      <txPrintedSignature>John Musgrave</txPrintedSignature>
      <txTitle>President and CEO</txTitle>
      <txAsOfDate>08/18/2025</txAsOfDate>
    </signaturePage>
  </formData>
</edgarSubmission>
