What changed in this filing

/stocks — the workspaceLOADING

Item 8. Financial Statements and Supplementary Data

2026-02-27 compared with 2025-02-28 · 73 added, 90 removed, 656 unchanged (20% of the section changed)

20 unchanged sentences

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the accompanying statements of financial condition, including the schedules of investments, of United States Oil Fund, LP (the “Fund”) as of December 31, 2024 and 2023, and the related statements of operations, changes in partners’ capital, and cash flows for each of the years in the two-year period ended December 31, 2024, and the related notes (collectively referred to as the “financial statements”).

We have audited the accompanying statements of financial condition, including the schedules of investments, of United States Oil Fund, LP (the “Fund”) as of December 31, 2025 and 2024, the related statements of operations, changes in partners’ capital, and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes (collectively referred to as the “financial statements”).

We also have audited the Fund’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”).

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Fund as of December 31, 2024 and 2023, and the results of its operations, changes in partners' capital, and its cash flows for each of the years in the two-year period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Fund as of December 31, 2025 and 2024, the results of its operations, changes in partners’ capital, and its cash flows for each of the years in the three-year period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

Also, in our opinion, the Fund maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by COSO.

The Fund’s financial statements and internal control over financial reporting for the year ended December 31, 2022 were audited by other auditors whose report dated February 27, 2023, expressed an unqualified opinion on those financial statements and internal control over financial reporting.

Basis for Opinions

4 unchanged sentences

We conducted our audits in accordance with the standards of the PCAOB.

Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatements, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the financial statements included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.

29 unchanged sentences

Unrealized gain (loss) on open commodity futures contracts

( 7,910,690 )

Unrealized gain (loss) on open swap contracts

6 unchanged sentences

1,099,083,929

1,586,712,656

Liabilities and Partners’ Capital

12 unchanged sentences

1,088,223,487

1,567,345,541

Total Partners’ Capital

1,088,223,487

1,567,345,541

Total Liabilities and Partners’ Capital

1,099,083,929

1,586,712,656

Limited Partners’ shares outstanding

5 unchanged sentences

At December 31, 2025

Unrealized Gain

(Loss) on Open

Value/Unrealized

Gain (Loss) on

% of Partners’

Notional Amount

Open Commodity Futures Contracts - Long

1 unchanged sentence

NYMEX WTI Crude Oil Futures CL February 2026 contracts, expiring January 2026 *

( 7,910,690 )

Shares/Principal

2 unchanged sentences

United States Money Market Funds

Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares, 3.71 % #

Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Shares, 3.69 % #

3 unchanged sentences

Payments/(Premiums

Expiration Date

Contracts (a)

SOC GEN SGIXCWTI 12202024Index (b)

Societe Generale

MACQUARIE MQCP361E 07212025Index (b)

Macquarie Bank Ltd.

SOC GEN SGIXCWTI 12182025Index (b)

Societe Generale

Total Open OTC Commodity Swap Contracts ˄

(a) Reflects the value at reset date of December 31, 2024.

(a) Reflects the SocGen and Macquarie values at reset dates of December 19 and December 31, 2025, respectively.

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

12 unchanged sentences

NYMEX WTI Crude Oil Futures CL February 2025 contracts, expiring January 2025 *

1,225,940,440

NYMEX WTI Crude Oil Futures CL March 2024 contracts, expiring February 2024

( 3,387,630 )

Total Open Futures Contracts*

1,294,199,590

Shares/Principal

8 unchanged sentences

Contracts (a)

MACQUARIE MQCP361E 01192024Index (b)

Macquarie Bank Ltd.

SOC GEN SGIXCWTI 12202024Index (b)

Societe Generale

MACQUARIE MQCP361E 07192024Index (b)

Macquarie Bank Ltd.

Total Open OTC Commodity Swap Contracts ˄

1 unchanged sentence

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

# Reflects the 7-day yield at December 31, 2023 .

Ù Collateral amounted to $ 27,568,431 on open OTC commodity swap contracts.

* Collateral amounted to $ 263,049,397 on open commodity futures contracts.

Ù Collateral amounted to $ 17,210,489 on open OTC commodity swap contracts.

# Reflects the 7-day yield at December 31, 2024 .

See accompanying notes to financial statements.

8 unchanged sentences

( 41,170,050 )

Realized gain (loss) on closed OTC commodity swap contracts

( 63,502,154 )

Realized gain (loss) on swap contracts

( 18,416,818 )

( 24,349,916 )

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

7 unchanged sentences

( 56,201,422 )

( 34,899,677 )

General Partner management fees (Note 3)

5 unchanged sentences

( 64,657,517 )

( 46,043,522 )

Net Income (Loss) per limited partner share

20 unchanged sentences

( 64,657,517 )

Balances at end of year

( 46,043,522 )

Balances at end of year

1,088,223,487

11 unchanged sentences

( 64,657,517 )

( 46,043,522 )

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

4 unchanged sentences

( 1,316,693 )

( 3,879,706 )

(Increase) decrease in interest receivable

( 1,818,766 )

( 2,773,974 )

(Increase) decrease in prepaid insurance

6 unchanged sentences

( 6,806,982 )

( 9,056,391 )

Increase (decrease) in General Partner management fees payable

Increase (decrease) in professional fees payable

( 1,173,950 )

Increase (decrease) in brokerage commissions payable

3 unchanged sentences

( 21,869,115 )

( 12,788,485 )

Cash Flows from Financing Activities:

22 unchanged sentences

1,463,696,515

1,953,896,501

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

2 unchanged sentences

Cash and cash equivalents

1,097,496,501

Total Cash, Cash Equivalents and Equity in Trading Accounts

1 unchanged sentence

1,463,696,515

1,953,896,501

See accompanying notes to financial statements.

9 unchanged sentences

The investment objective of USO is for the daily changes in percentage terms of its shares’ per share net asset value (“NAV”) to reflect the daily changes in percentage terms of the spot price of light, sweet crude oil delivered to Cushing, Oklahoma, as measured by the daily changes in the price of the Benchmark Oil Futures Contract, plus interest earned on USO’s collateral holdings, less USO’s expenses.

The Benchmark Oil Futures Contract is the futures contract for light, sweet crude oil as traded on the New York Mercantile Exchange (the “NYMEX”) that is the near month contract to expire and changes, over a ten-day period, into the NYMEX futures contract that is the next month to expire.

The change from the near month contract to the next month contract occurs at the beginning of each month and will be approximately proportional, relative to total net assets, over each day of the ten-day roll period.

The Benchmark Oil Futures Contract is the futures contract for light, sweet crude oil as traded on the New York Mercantile Exchange (the “NYMEX”) that is the near month contract to expire and changes, over a five-day period, into the NYMEX futures contract that is the next month to expire.

USO seeks to achieve its investment objective by investing so that the average daily percentage change in USO’s NAV for any period of 30 successive valuation days will be within plus/minus ten percent (10)% of the average daily percentage change in the price of the Benchmark Oil Futures Contract over the same period.

1 unchanged sentence

USO seeks to achieve its investment objective by investing primarily in futures contracts for light, sweet crude oil and other types of crude oil, diesel-heating oil, gasoline, natural gas and other petroleum-based fuels that are traded on the NYMEX, ICE Futures or other U.S.

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”).

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, 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 December 31, 2025, USO held 13,180 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 previously disclosed the 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.

Beginning with the monthly roll in September 2023 and ending with the monthly roll in January 2024, USO transitioned its investment portfolio and now primarily invests in Benchmark Oil Futures Contracts, consistent with USO’s investment strategy prior to the Spring of 2020.

However, USO has had, and will continue to have, the ability to invest in Oil Futures Contracts beyond the Benchmark Oil Futures Contract and Other Oil-Related Investments, such as OTC swaps, and USO may make such investments if market conditions, regulatory requirements, risk mitigation measures (including those that may be taken by USO, USO’s FCMs, counterparties or other market participants), liquidity requirements, or other factors require USO to do so in order to meet its investment objective.

USO may invest in Oil Futures Contracts beyond the Benchmark Oil Futures Contract, and/or Other Oil-Related Investments, as a result or in response to any of the foregoing factors.

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.

Beginning with the monthly roll in September 2023 and ending with the monthly roll in January 2024, USO transitioned its investment portfolio to primarily invest in the Benchmark Oil Futures Contract, consistent with USO’s investment strategy prior to the Spring of 2020.

However, USO has had, and will continue to have, the ability to invest in Oil Futures Contracts beyond the Benchmark Oil Futures Contract and Other Oil-Related Investments, such as OTC swaps, and USO may make such investments if market conditions, (including but not limited to those allowing USO to obtain greater liquidity (i.e., liquidity requirements) or to execute transactions with more favorable pricing), regulatory requirements (including, but not limited to, exchange accountability levels and position limits imposed by NYMEX as well as statutory or regulatory limits), risk mitigation measures (including those that may be taken by USO, USO’s FCMs, counterparties or other market participants), or other factors require USO to do so in order to meet its investment objective.

USO may invest in Oil Futures Contracts beyond the Benchmark Oil Futures Contract, and/or Other Oil-Related Investments, as a result of, or in response to, any of the foregoing factors.

In addition, USO may need to hold significant portions of its portfolio in cash beyond what it has historically held for reasons including (but not limited to) the need to address changes in market conditions, regulatory requirements or risk mitigation measures or the need to satisfy potential margin requirements.

Investors should be aware that USO’s investment objective is not for its NAV or market price of shares to equal, in dollar terms, the spot price of light, sweet crude oil or any particular futures contract based on light, sweet crude oil, nor is USO’s investment objective for the percentage change in its NAV to reflect the percentage change of the price of any particular futures contract as measured over a time period greater than one day.

This is because natural market forces called contango and backwardation may impact and have impacted the total return on an investment in USO’s shares relative to a hypothetical direct investment in crude oil and, in the future, it

is likely that the relationship between the market price of USO’s shares and changes in the spot prices of light, sweet crude oil will continue to be impacted by contango and backwardation.

This is because natural market forces called contango and backwardation have impacted, and may in the future impact, the total return on an investment in USO’s shares relative to a hypothetical direct investment in crude oil and, in the future, it is likely that the relationship between the market price of USO’s shares and changes in the spot prices of light, sweet crude oil will continue to be impacted by contango and backwardation.

While USO’s shares may be impacted by contango and backwardation, the potential costs associated with physically owning and storing crude oil, could be substantial.

2 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”).

5 unchanged sentences

Authorized Participants pay USO a transaction fee of $ 1,000 for each order they place to create one or more Creation Baskets or to redeem one or more baskets (“Redemption Baskets”), consisting of 100,000 shares.

Effective January 1, 2026 the transaction fee amount paid by Authorized Participants to create or redeem one or more Creation Baskets or Redemption Baskets was be reduced from $ 1,000 per order to $ 350 per order.

Shares may be purchased or sold on a nationally recognized securities exchange in smaller increments than a Creation Basket or Redemption Basket.

Shares purchased or sold on a nationally recognized securities exchange are not purchased or sold at the per share NAV of USO but rather at market prices quoted on such exchange.

On April 28, 2020, after the close of trading on the NYSE Arca, USO effected a 1-for- 8 reverse share split and post-split shares of USO began trading on April 29, 2020.

As a result of the reverse share split, every eight pre-split shares of USO were automatically exchanged for one post-split share.

Immediately prior to the reverse split, there were 1,482,900,000 shares of USO issued and outstanding, representing a per share NAV of $ 2.04 .

Immediately after the effect of the reverse share split, the number of issued and outstanding shares of USO decreased to 185,362,500 , not accounting for fractional shares, and the per share NAV increased to $ 16.35 .

In connection with the reverse share split, the CUSIP number for USO’s shares changed to 91232N207.

USO’s ticker symbol, “USO,” remains the same.

The accompanying financial statements have been adjusted to reflect the effect of the reverse share split on a retroactive basis.

In April 2006, USO initially registered 17,000,000 shares on Form S-1 with the U.S.

3 unchanged sentences

USO also commenced investment operations on April 10, 2006, by purchasing Oil Futures Contracts traded on the NYMEX based on light, sweet crude oil.

USO has an unlimited number of shares registered and available for issuance.

USO has an unlimited number of shares available for issuance.

On August 29, 2023, the SEC declared effective a registration statement filed by USO that registered an unlimited number of shares.

8 unchanged sentences

All such transactions are recorded on the identified cost basis and marked to market daily.

Unrealized gains or losses on open contracts are reflected in the statements of financial condition and represent the difference between the original contract amount and the market value (as determined by exchange settlement prices for futures contracts and related options and cash dealer prices at a predetermined time for swap and forward contracts, physical commodities, and their related options) as of the last business day of the year or as of the last date of the financial statements.

Unrealized gains or losses on open contracts are

reflected in the statements of financial condition and represent the difference between the original contract amount and the market value (as determined by exchange settlement prices for futures contracts and related options and cash dealer prices at a predetermined time for swap and forward contracts, physical commodities, and their related options) as of the last business day of the year or as of the last date of the financial statements.

Changes in the unrealized gains or losses between periods are reflected in the statements of operations.

USO earns income on funds held at the custodian or FCMs at prevailing market rates earned on such investments.

Brokerage Commissions

Brokerage commissions on all open commodity futures contracts are accrued on a full-turn basis.

USO is not subject to federal income taxes;

15 unchanged sentences

Authorized Participants pay USO a $ 1,000 transaction fee for each order placed to create one or more Creation Baskets or to redeem one or more Redemption Baskets.

Effective January 1, 2026 the transaction fee amount paid by Authorized Participants to create or redeem one or more Creation Baskets or Redemption Baskets was reduced from $ 1,000 per order to $ 350 per order.

Partnership Capital and Allocation of Partnership Income and Losses

7 unchanged sentences

The weighted average number of shares outstanding was computed for purposes of disclosing net income (loss) per weighted average share.

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.

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 December 31, 2025.

Offering Costs

Offering costs incurred in connection with the registration of additional shares after the initial registration of shares are borne by USO.

These costs include registration fees paid to regulatory agencies and all legal, accounting, printing and other expenses associated with such offerings.

These costs are accounted for as a deferred charge and thereafter amortized to expense over twelve months on a straight-line basis or a shorter period if warranted.

Cash Equivalents

8 unchanged sentences

The segment derives its revenues from investments made in accordance with the defined investment strategy of USO, as prescribed in USO’s prospectus.

The Chief Operating Decision Maker (“CODM”) is the general partner, USCF.

The Chief Operating Decision Maker (“CODM”) is the Chief Executive Officer (“CEO”) of the general partner, USCF.

The CODM monitors the operating results of the Fund as part of making decisions for allocating resources and evaluating performance.

11 unchanged sentences

USO shares the fees and expenses on a pro rata basis with each Related Public Fund, as described above, based on the relative assets of each Related Public Fund computed on a daily basis.

These fees and expenses for the year ending December 31, 2024 were $ 426,465 for USO and, in the aggregate for USO and the Related Public Funds, $ 916,574 .

For the year ended December 31, 2023 these fees and expenses were $ 723,121 for USO and, in the aggregate for USO and the Related Public Funds, $ 1,210,000 .

For the year ended December 31, 2022, these fees and expenses were $ 828,823 for USO and, in the aggregate for USO and Related Public Funds, $ 1,258,000 .

These fees and expenses for the year ending December 31, 2025 were a total of $ 338,042 for USO and, in the aggregate for USO and the Related Public Funds, $ 754,349 .

For the year ended December 31, 2024 these fees and expenses were $ 426,465 for USO and, in the aggregate for USO and the Related Public Funds, $ 916,574 For the year ended December 31, 2023, these fees and expenses were $ 723,121 for USO and, in the aggregate for USO and Related Public Funds, $ 1,210,000 .

Licensing Fees

1 unchanged sentence

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 year ended December 31, 2024, 2023 and 2022, USO incurred $ 197,428 , $ 237,942 and $ 384,747 , respectively under this arrangement.

During the years ended December 31, 2025, 2024 and 2023, USO incurred $ 146,967 , $ 197,428 , and $ 237,942 , respectively under this arrangement.

Investor Tax Reporting Cost

1 unchanged sentence

These costs were $ 2,071,000 for the year ending December 31, 2025.

For the years ending December 31, 2023, and 2022 USO’s investor reporting costs totaled $ 2,115,461 and $ 1,779,300 respectively.

For the years ending December 31, 2024 and 2023 USO’s investor reporting costs were $ 2,540,054 and $ 2,115,461 , respectively.

Tax reporting costs fluctuate between years due to the number of shareholders during any given year.

28 unchanged sentences

Total commissions as annualized percentage of average total net assets

The increase in total commissions accrued to brokers for the year ended December 31, 2024, compared to the year ended December 31, 2023, was due primarily to a higher number of crude oil futures contracts being held and traded.

The decrease in total commissions accrued to brokers for the year ended December 31, 2025, compared to the year ended December 31, 2024, was due primarily to the number of crude oil futures contracts being held and traded.

Swap Dealer Agreements

14 unchanged sentences

Some futures contracts may call for physical delivery of the asset, while others are settled in cash.

The contractual obligations of a buyer or seller may generally be satisfied by taking or making

physical delivery of the underlying commodity or by making an offsetting sale or purchase of an identical futures contract on the same or linked exchange before the designated date of delivery.

The contractual obligations of a buyer or seller may generally be satisfied by taking or making physical delivery of the underlying commodity or by making an offsetting sale or purchase of an identical futures contract on the same or linked exchange before the designated date of delivery.

Cleared swaps are agreements that are eligible to be cleared by a clearinghouse, e.g., ICE Clear Europe, and provide the efficiencies and benefits that centralized clearing on an exchange offers to traders of futures contracts, including credit risk intermediation and the ability to offset positions initiated with different counterparties.

4 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.

As a result, it may be difficult to obtain an independent value for an outstanding OTC derivatives transaction.

Significant market volatility has recently occurred in the crude oil markets and the crude oil futures markets.

Such volatility is attributable in part to the COVID-19 pandemic, related supply chain disruptions, war, including the Russia-Ukraine war, attacks or threats of attack by terrorists, conflicts in the Middle East, and continuing disputes among oil-producing countries.

These and other factors could cause continuing or increased 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.

Market volatility is attributable to things like the COVID-19 pandemic and related supply chain disruptions, war (such as the Russia-Ukraine war), continuing disputes among oil-producing countries, the introduction of or changes in tariffs or trade barriers, and trade wars between nations.

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 December 31, 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.

USO entered OTC swaps during the period ended March 31, 2022.

USO entered OTC swaps during the period ended December 31, 2025.

These OTC swaps are subject to the credit risk associated with counterparty non-performance.

11 unchanged sentences

As of December 31, 2025 and December 31, 2024, USO held investments in money market funds in the amounts of $ 600,000,000 and $ 727,450,000 , respectively.

USO also holds cash deposits with its custodian.

As of December 31, 2024 and December 31, 2023, USO held cash deposits in the amounts of $ 280,259,886 and

$ 1,136,246,515 respectively, with the custodian and FCMs.

USO also holds cash deposits with its custodian and FCMs.

As of December 31, 2025 and December 31, 2024, USO held cash deposits in the amounts of $ 293,621,505 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.

6 unchanged sentences

For the year ended December 31, 2025, the monthly average volume of open future and swap contract notional value was $ 770,659,676 and $ 212,113,224 , respectively.

For the year ended December 31, 2023, the monthly average volume of open future and swap contract notional values were $ 1,320,412,729 and $ 287,476,731 , respectively.

For the year ended December 31, 2024, the monthly average volume of open future and swap contract notional value was $ 1,012,496,028 and $ 293,572,184 , respectively.

Settlement of SEC and CFTC Investigations

17 unchanged sentences

USCF consented to entry of the CFTC Order without admitting or denying the findings contained therein, except as to jurisdiction.

which one million two hundred fifty thousand dollars ($ 1,250,000 ) was paid by USCF to each of the SEC and the CFTC, respectively, pursuant to the offsets permitted under the orders.

Pursuant to the SEC Order and the CFTC Order, in addition to the command to cease and desist from committing or causing any violations of Section 17(a)(3) of the 1933 Act, Section 4o(1)(B) of the CEA, and CFTC Regulation 4.14(a)(2), civil monetary penalties totaling two million five hundred thousand dollars ($ 2,500,000 ) in the aggregate were required to be paid to the SEC and CFTC, of which one million two hundred fifty thousand dollars ($ 1,250,000 ) was paid by USCF to each of the SEC and the CFTC, respectively, pursuant to the offsets permitted under the orders.

United States Oil Fund, LP Securities Litigation

21 unchanged sentences

ABN Amro, BNP Paribas Securities Corporation, Citadel Securities LLC, Citigroup Global Markets, Inc., Credit Suisse Securities USA LLC, Deutsche Bank Securities Inc., Goldman Sachs & Company, J.P.

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.

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 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 complaint without prejudice and granted plaintiff leave to file a motion to amend its complaint.

On November 26, 2025, the plaintiff filed a motion for leave to file a proposed second consolidated amended complaint, which defendants have opposed.

The motion remains pending before the Court.”

Wang Class Action

46 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 .

37 unchanged sentences

( 70,828,412 )

( 53,339,285 )

Total Expenses

1 unchanged sentence

( 72,961,484 )

( 55,462,540 )

Net Income (Loss) per Share

1 unchanged sentence

( 132,775,208 )

( 32,164,547 )

( 293,623,376 )

Total Expenses

1 unchanged sentence

( 135,450,397 )

( 34,910,503 )

( 296,561,045 )

Net Income (Loss) per Share

2 unchanged sentences

ASC 820 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurement.

The changes to past practice resulting from the application of ASC 820 relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurement.

ASC 820 establishes a fair value hierarchy that distinguishes between:

14 unchanged sentences

United States Contracts

( 7,910,690 )

OTC Commodity Swap Contracts

13 unchanged sentences

Futures - Commodity Contracts

Unrealized gain (loss) on open commodity futures contracts

Unrealized gain (loss) on open commodity future contracts

( 7,910,690 )

Swap - Commodity Contracts

27 unchanged sentences

( 41,170,050 )

( 63,502,154 )

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

12 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-K

Item 8. Financial Statements and Supplementary Data