What changed in this filing

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Item 1. Financial Statements

2025-11-07 compared with 2025-08-08 · 90 added, 98 removed, 588 unchanged (24% of the section changed)

1 unchanged sentence

Index to Financial Statements

Statements of Financial Condition at June 30, 2025 (Unaudited) and December 31, 2024

Schedules of Investments at June 30, 2025 (Unaudited) and December 31, 2024

Statements of Operations (Unaudited) for the three and six months ended June 30, 2025 and 2024

Statements of Changes in Partners’ Capital (Unaudited) for the three and six months ended June 30, 2025 and 2024

Statements of Cash Flows (Unaudited) for the six months ended June 30, 2025 and 2024

Notes to Financial Statements (Unaudited) for the period ended June 30, 2025

Statements of Financial Condition at September 30, 2025 (Unaudited) and December 31, 2024

Schedules of Investments at September 30, 2025 (Unaudited) and December 31, 2024

Statements of Operations (Unaudited) for the three and nine months ended September 30, 2025 and 2024

Statements of Changes in Partners’ Capital (Unaudited) for the three and nine months ended September 30, 2025 and 2024

Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2025 and 2024

Notes to Financial Statements (Unaudited) for the period ended September 30, 2025

United States Oil Fund, LP

Statements of Financial Condition

At June 30, 2025 (Unaudited) and December 31, 2024

June 30, 2025

At September 30, 2025 (Unaudited) and December 31, 2024

September 30, 2025

December 31, 2024

4 unchanged sentences

( 2,068,190 )

Unrealized gain (loss) on open swap contracts

( 8,919,388 )

Unrealized gain (loss) on open OTC commodity swap contracts

Due from Broker

5 unchanged sentences

1,099,083,929

Liabilities and Partners’ Capital

13 unchanged sentences

1,088,223,487

Total Partners’ Capital

1,088,223,487

Total Liabilities and Partners’ Capital

1,099,083,929

Limited Partners’ shares outstanding

4 unchanged sentences

Schedule of Investments (Unaudited)

At June 30, 2025

At September 30, 2025

Value/Unrealized

4 unchanged sentences

United States Contracts

NYMEX WTI Crude Oil Futures CL August 2025 contracts, expiring July 2025 *

NYMEX WTI Crude Oil Futures CL November 2025 contracts, expiring October 2025 *

( 2,068,190 )

10 unchanged sentences

Contracts (a)

SOC GEN SGIXCWTI 01202025Index (b)

Societe Generale

( 8,918,329 )

MACQUARIE MQCP361E 07212025Index (b)

Macquarie Bank Ltd.

SOC GEN SGIXCWTI 06202025Index (b)

Societe Generale

Total Open OTC Commodity Swap Contracts ˄

( 8,919,388 )

(a) Reflects the value at reset date of June 30, 2025 .

(a) Reflects the value at reset date of September 30, 2025 .

(b) Custom index comprised of a basket of underlying instruments.

1 unchanged sentence

˄ Collateral amounted to $ 6,300,489 on open OTC commodity swap contracts .

# Reflects the 7-day yield at June 30, 2025 .

# Reflects the 7-day yield at September 30, 2025 .

See accompanying notes to financial statements.

2 unchanged sentences

At December 31, 2024

Unrealized Gain

(Loss) on Open

Value/Unrealized

Gain (Loss) on

% of Partners’

25 unchanged sentences

Statements of Operations (Unaudited)

For the three and six months ended June 30, 2025 and 2024

For the three and nine months ended September 30, 2025 and 2024

Three months ended

Six months ended

June 30, 2025

June 30, 2024

June 30, 2025

June 30, 2024

Nine months ended

September 30, 2025

September 30, 2024

September 30, 2025

September 30, 2024

Gain (loss) on trading of commodity futures and swap contracts:

Realized gain (loss) on closed commodity futures contracts

Realized gain (loss) on OTC commodity swap contracts

( 29,807,410 )

Change in unrealized gain (loss) on open commodity futures contracts

( 61,805,268 )

Realized gain (loss) on closed OTC commodity swap contracts

( 6,618,471 )

( 41,699,515 )

Change in unrealized gain (loss) on open OTC commodity swap contracts

( 8,128,147 )

Change in unrealized gain (loss) on open commodity futures contracts

( 45,194,602 )

( 30,499,210 )

Change in unrealized gain (loss) on open OTC commodity swap contracts

Dividend income

18 unchanged sentences

Statements of Changes in Partners’ Capital (Unaudited)

For the three and six months ended June 30, 2025 and 2024

For the three and nine months ended September 30, 2025 and 2024

Limited Partners*

1 unchanged sentence

Three months ended

Six months ended

June 30, 2025

June 30, 2024

June 30, 2025

June 30, 2024

Nine months ended

September 30, 2025

September 30, 2024

September 30, 2025

September 30, 2024

Balances at beginning of period

2 unchanged sentences

1,088,223,487

1,567,345,541

Addition of 14,100,000 , 26,300,000 , 75,400,000 and 85,700,000 partnership shares, respectively

14 unchanged sentences

1,342,923,995

1,129,820,954

1,259,980,186

* General Partners’ shares outstanding and capital for the periods presented were zero.

2 unchanged sentences

Statements of Cash Flows (Unaudited)

For the six months ended June 30, 2025 and 2024

Six months ended

June 30, 2025

June 30, 2024

For the nine months ended September 30, 2025 and 2024

Nine months ended

September 30, 2025

September 30, 2024

Cash Flows from Operating Activities:

15 unchanged sentences

Increase (decrease) in professional fees payable

( 1,049,336 )

Increase (decrease) in directors’ fees payable

10 unchanged sentences

( 134,372,942 )

( 179,518,213 )

Net Increase (Decrease) in Cash and Cash Equivalents

( 106,197,999 )

( 57,708,408 )

Total Cash, Cash Equivalents and Equity in Trading Accounts, beginning of period

3 unchanged sentences

1,405,988,107

1,163,088,041

Components of Cash, Cash Equivalents and Equity in Trading Accounts:

Cash and cash equivalents

1,111,104,063

Equity in Trading Accounts:

2 unchanged sentences

1,405,988,107

1,163,088,041

See accompanying notes to financial statements.

1 unchanged sentence

Notes to Financial Statements (Unaudited)

For the period ended June 30, 2025

For the period ended September 30, 2025

NOTE 1 — ORGANIZATION AND BUSINESS

11 unchanged sentences

and foreign exchanges (collectively, “Oil Futures Contracts”) and to a lesser extent, in order to comply with regulatory requirements, risk mitigation measures (including those that may be taken by USO, USO’s futures commission merchants (“FCMs”), counterparties or other market participants), liquidity requirements, or in view of market conditions, and other oil-related investments such as cash-settled options on Oil Futures Contracts, forward contracts for oil, cleared swap contracts and over-the-counter (“OTC”) transactions that are based on the price of crude oil, diesel-heating oil, gasoline, natural gas and other petroleum-based fuels, Oil Futures Contracts and indices based on the foregoing (collectively, “Other Oil-Related Investments”).

As of June 30, 2025, USO held 13,845 Oil Futures Contracts for light, sweet crude oil traded on the NYMEX and did not hold any Oil Futures Contracts for light, sweet crude oil traded on the ICE Futures Europe.

As of September 30, 2025, USO held 11,962 Oil Futures Contracts for light, sweet crude oil traded on the NYMEX and did not hold any Oil Futures Contracts for light, sweet crude oil traded on the ICE Futures Europe.

Following the significant market volatility that occurred in the Spring of 2020 and the market conditions, regulatory requirements and risk mitigation measures taken by USO and USO’s FCM that impacted USO as a result thereof, USO disclosed its parameters for making decisions regarding the permitted investments USO would hold, including the intended order of priority in selecting investments and the type of investments to be held in its portfolio.

9 unchanged sentences

USCF is responsible for the management of USO.

USCF is a member of the National Futures Association (the “NFA”) and became registered as a commodity pool operator with the Commodity Futures Trading Commission (the “CFTC”) effective December 1, 2005 and a swaps firm on August 8, 2013.

USCF is a member of the National Futures Association (the “NFA”) and became registered as a commodity pool operator (“CPO”) with the Commodity Futures Trading Commission (the “CFTC”) effective December 1, 2005 and a swaps firm on August 8, 2013.

USCF is also the general partner of the United States Natural Gas Fund, LP (“UNG”), the United States 12 Month Oil Fund, LP (“USL”), the United States Gasoline Fund, LP (“UGA”), the United States 12 Month Natural Gas Fund, LP (“UNL”) and the United States Brent Oil Fund, LP (“BNO”).

49 unchanged sentences

USO recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed.

No interest expense or penalties have been recognized as of and for the period ended June 30, 2025.

No interest expense or penalties have been recognized as of and for the period ended September 30, 2025.

Creations and Redemptions

13 unchanged sentences

The weighted average shares are equal to the number of shares outstanding at the end of the period, adjusted proportionately for shares added and redeemed based on the amount of time the shares were outstanding during such period.

There were no shares held by USCF at June 30, 2025.

There were no shares held by USCF at September 30, 2025.

Offering Costs

22 unchanged sentences

These costs include registration or other fees paid to regulatory agencies in connection with the offer and sale of shares, and all legal, accounting, printing and other expenses associated with such offer and sale.

For the six months ended June 30, 2025 and 2024, USO did no t incur registration fees and other offering expenses.

For the nine months ended September 30, 2025 and 2024, USO did no t incur registration fees and other offering expenses.

Independent Directors’ and Officers’ Expenses

5 unchanged sentences

Pursuant to the agreement, USO and the Related Public Funds, other than BNO, USCI and CPER, pay a licensing fee that is equal to 0.015 % on all net assets.

During the six months ended June 30, 2025 and 2024, USO incurred $ 74,748 and $ 102,473 , respectively under this arrangement.

During the nine months ended September 30, 2025 and 2024, USO incurred $ 111,703 and $ 150,201 , respectively under this arrangement.

Investor Tax Reporting Cost

26 unchanged sentences

USO also incurs commissions to brokers for the purchase and sale of Oil Futures Contracts, Other Oil-Related Investments or short-term obligations of the United States of two years or less (“Treasuries”).

Six months ended

June 30, 2025

June 30, 2024

Nine months ended

September 30, 2025

September 30, 2024

Total commissions accrued to brokers

Total commissions as annualized percentage of average total net assets

The increase in total commissions accrued to brokers for the six months ended June 30, 2025, compared to the six months ended June 30, 2024, was due primarily to a higher number of crude oil futures contracts being held and traded.

For the six months ended June 30, 2025, and 2024, the monthly average volume of open future contract notional value was $ 764,159,519 and $ 1,044,305,660 , respectively.

The increase in total commissions accrued to brokers for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, was due primarily to a higher number of crude oil futures contracts being held and traded.

For the nine months ended September 30, 2025, and 2024, the monthly average volume of open future contract notional value was $ 763,667,431 ,and $ 1,046,433,502 , respectively.

Swap Dealer Agreements

21 unchanged sentences

The Commodity Exchange Act requires FCMs to segregate all customer transactions and assets from the FCM’s proprietary transactions and assets.

The Master Agreement is negotiated as between the parties and would address, among other things, the exchange of margin between the parties.

To reduce the credit risk that arises in connection with OTC swaps, USO will generally enter into an agreement with each counterparty based on the Master Agreement published by the International Swaps and Derivatives Association, Inc., (“ISDA”) that provides for the netting of its overall exposure to its counterparty and, consistent with applicable regulatory requirements, the posting by each party to cover the mark-to-market exposure of a counterparty to the other counterparty is required.

Futures contracts, options on futures contracts and cleared swaps involve, to varying degrees, elements of market risk (specifically commodity price risk) and exposure to loss in excess of the amount of variation margin.

2 unchanged sentences

Buying and selling options on futures contracts exposes investors to the risks of purchasing or selling futures contracts.

As to OTC swaps, valuing OTC derivatives is less certain than valuing actively traded financial instruments such as exchange-traded futures contracts and securities or cleared swaps, because the price and terms on which such OTC derivatives are entered into or can be terminated are individually negotiated, and those prices and terms may not reflect the best price or terms available from other sources.

As to OTC swaps, valuing OTC derivatives is less certain than valuing actively traded financial instruments such as exchange-traded futures contracts and securities or cleared swaps because, for OTC derivatives, the price and terms on which such OTC derivatives are entered into or can be terminated are individually negotiated, and those prices and terms may not reflect the best price or terms available from other sources.

In addition, while market makers and dealers generally quote indicative prices or terms for entering into or terminating OTC contracts, they typically are not contractually obligated to do so, particularly if they are not a party to the transaction.

2 unchanged sentences

Events such as these, and others, could cause volatility in the future, which may affect the value, pricing and liquidity of some investments or other assets, including those held by or invested in by USO and the impact of which could limit USO’s ability to have a substantial portion of its assets invested in the Futures Contracts and/or Other Oil-Related Investments, such as OTC swaps.

All of the futures contracts held by USO through June 30, 2025, were exchange-traded.

All of the futures contracts held by USO through September 30, 2025, were exchange-traded.

The risks associated with exchange-traded contracts are generally perceived to be less than those associated with OTC swaps since, in OTC swaps, a party must rely solely on the credit of its respective individual counterparties.

12 unchanged sentences

USO is exposed to any risk of loss associated with an investment in such money market funds.

As of June 30, 2025 and December 31, 2024, USO held investments in money market funds in the amounts of $ 352,450,000 and $ 727,450,000 , respectively.

As of September 30, 2025 and December 31, 2024, USO held investments in money market funds in the amounts of $ 675,000,000 and $ 727,450,000 , respectively.

USO also holds cash deposits with its custodian and FCMs.

As of June 30, 2025 and December 31, 2024, USO held cash deposits in the amounts of $ 910,884,525 and $ 280,259,886 respectively, with the custodian and FCMs.

As of September 30, 2025 and December 31, 2024, USO held cash deposits in the amounts of $ 226,511,887 and $ 280,259,886 respectively, with the custodian and FCMs.

Some or all of these amounts may be subject to loss should USO’s custodian and/or FCMs cease operations.

5 unchanged sentences

The financial instruments held by USO are reported in its statements of financial condition at market or fair value, or at carrying amounts that approximate fair value, because of their highly liquid nature and short-term maturity.

For the six months ended June 30, 2025, the monthly average volume of open future and swap contract notional value was $ 764,159,519 and $ 276,572,577 respectively.

For the six months ended June 30, 2024, the monthly average volume of open future and swap contract notional value was $ 1,044,305,660 and $ 299,126,144 , respectively.

For the nine months ended September 30, 2025 and 2024, the monthly average volume of open future contract notional value was $ 763,667,431 and $ 1,046,433,502 , respectively.

For the nine months ended September 30, 2025 and 2024, the monthly average volume of swap contract notional value was $ 236,227,097 and $ 296,548,412 , respectively.

Settlement of SEC and CFTC Investigations

42 unchanged sentences

Morgan Securities Inc., Merrill Lynch Professional Clearing Corporation, Morgan Stanley & Company Inc., Nomura Securities International Inc., RBC Capital Markets LLC, SG Americas Securities LLC, UBS Securities LLC, and Virtu Financial BD LLC.

The lead plaintiff has filed a notice of voluntary dismissal of its claims against BNP Paribas Securities Corporation, Citadel Securities LLC, Citigroup Global Markets Inc., Credit Suisse Securities USA LLC, Deutsche Bank Securities Inc., Morgan Stanley & Company, Inc., Nomura Securities International, Inc., RBC Capital Markets, LLC, SG Americas Securities LLC, and UBS Securities LLC.

USCF, USO, and the individual defendants in In re:

United States Oil Fund, LP Securities Litigation intend to vigorously contest such claims and have moved for their dismissal.

The lead plaintiff filed a notice of voluntary dismissal of its claims against BNP Paribas Securities Corporation, Citadel Securities LLC, Citigroup Global Markets Inc., Credit Suisse Securities USA LLC, Deutsche Bank Securities Inc., Morgan Stanley & Company, Inc., Nomura Securities International, Inc., RBC Capital Markets, LLC, SG Americas Securities LLC, and UBS Securities LLC.

The remaining defendants in In re:

United States Oil Fund, LP Securities Litigation filed a motion to dismiss the claims in January 2021.

On September 29, 2025, the Court granted the defendants’ motion to dismiss the class action complaint in its entirety without prejudice and granting plaintiff leave to move to amend the complaint by November 26, 2025.

USCF, USO, and the individual defendants intend to continue vigorously contesting any such claims.

Wang Class Action

6 unchanged sentences

Ellis, Malcolm R.

Fobes, III, ABN Amro, BNP Paribas Securities Corp., Citadel Securities LLC, Citigroup Global Markets Inc., Credit Suisse Securities USA LLC, Deutsche Bank Securities Inc., Goldman Sachs & Company, JP Morgan Securities Inc., Merrill Lynch Professional Clearing Corp., Morgan Stanley & Company Inc., Nomura Securities International Inc., RBC Capital Markets LLC, SG Americas Securities LLC, UBS Securities LLC, and Virtu Financial BD LLC, in the U.S.

Fobes, III, ABN Amro, BNP Paribas Securities Corp., Citadel Securities LLC, Citigroup Global Markets Inc., Credit Suisse Securities USA LLC, Deutsche Bank Securities Inc., Goldman Sachs & Company,

JP Morgan Securities Inc., Merrill Lynch Professional Clearing Corp., Morgan Stanley & Company Inc., Nomura Securities International Inc., RBC Capital Markets LLC, SG Americas Securities LLC, UBS Securities LLC, and Virtu Financial BD LLC, in the U.S.

District Court for the Northern District of California as Civil Action No.

14 unchanged sentences

The complaint seeks, on behalf of USO, compensatory damages, restitution, equitable relief, attorney’s fees, and costs.

All proceedings in the Mehan Action are stayed pending disposition of the motion(s) to dismiss in In re:

All proceedings in the Mehan Action are stayed pending final disposition of the motion(s) to dismiss in In re:

United States Oil Fund, LP Securities Litigation .

20 unchanged sentences

1:20-cv-06974 and appointed co-lead counsel.

All proceedings in In re United States Oil Fund, LP Derivative Litigation are stayed pending disposition of the motion(s) to dismiss in In re:

All proceedings in In re United States Oil Fund, LP Derivative Litigation are stayed pending final disposition of the motion(s) to dismiss in In re:

United States Oil Fund, LP Securities Litigation .

6 unchanged sentences

The Optimum Strategies Action asserted claims under the Securities Exchange Act of 1934, as amended (the “1934 Act”), Rule 10b-5 thereunder, and the Connecticut Uniform Securities Act (“CUSA”).

It purported to challenge statements in registration statements that became effective in February 2020, March 2020, and on April 20, 2020, as well as public statements between February 2020 and May 2020, in connection with certain extraordinary market conditions and the attendant risks that caused the demand for oil to fall precipitously, including the COVID-19 global pandemic and the Saudi Arabia-Russia oil price war.

It purported to challenge statements in registration statements that became effective in February 2020, March 2020, and on April 20, 2020, as well as public statements between February 2020 and May

2020, in connection with certain extraordinary market conditions and the attendant risks that caused the demand for oil to fall precipitously, including the COVID-19 global pandemic and the Saudi Arabia-Russia oil price war.

The complaint was seeking damages, interest, costs, attorney’s fees, and equitable relief.

4 unchanged sentences

NOTE 6 — FINANCIAL HIGHLIGHTS

The following table presents per share performance data and other supplemental financial data for the three and six months ended June 30, 2025 and 2024 for the shareholders.

The following table presents per share performance data and other supplemental financial data for the three and nine months ended September 30, 2025 and 2024 for the shareholders.

This information has been derived from information presented in the financial statements.

1 unchanged sentence

Three months ended

Six months ended

June 30, 2025

June 30, 2024

June 30, 2025

June 30, 2024

Nine months ended

September 30, 2025

September 30, 2024

September 30, 2025

September 30, 2024

Per Share Operating Performance:

28 unchanged sentences

The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest input level that is significant to the fair value measurement in its entirety.

The following table summarizes the valuation of USO’s securities at June 30, 2025 using the fair value hierarchy:

At June 30, 2025

The following table summarizes the valuation of USO’s securities at September 30, 2025 using the fair value hierarchy:

At September 30, 2025

Short-Term Investments

4 unchanged sentences

OTC Commodity Swap Contracts

( 8,919,388 )

The following table summarizes the valuation of USO’s securities at December 31, 2024 using the fair value hierarchy:

10 unchanged sentences

Statements of Financial Condition Location

June 30, 2025

September 30, 2025

December 31, 2024

Futures - Commodity Contracts

Unrealized gain (loss) on open commodity futures contracts

Unrealized gain (loss) on open commodity future contracts

( 2,068,190 )

1 unchanged sentence

Unrealized gain (loss) on open OTC commodity swap contracts

( 8,919,388 )

The volume of open OTC swap positions relative to the net assets of USO at the date of this report is generally representative of open positions throughout the reporting period.

The Effect of Derivative Instruments on the Statements of Operations

For the six months ended

June 30, 2025

June 30, 2024

For the nine months ended

September 30, 2025

September 30, 2024

Location of Gain

18 unchanged sentences

Change in unrealized gain (loss) on open OTC commodity swap contracts.

( 8,917,320 )

NOTE 8 — SUBSEQUENT EVENTS

2 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements