What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-05-08 compared with 2025-11-07 · 118 added, 156 removed, 522 unchanged (34% of the section changed)

1 unchanged sentence

Index to Financial Statements

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

Statements of Financial Condition at March 31, 2026 (Unaudited) and December 31, 2025

Schedules of Investments at March 31, 2026 (Unaudited) and December 31, 2025

Statements of Operations (Unaudited) for the three months ended March 31, 2026 and 2025

Statements of Changes in Partners’ Capital (Unaudited) for the three months ended March 31, 2026 and 2025

Statements of Cash Flows (Unaudited) for the three months ended March 31, 2026 and 2025

Notes to Financial Statements (Unaudited) for the period ended March 31, 2026

United States Oil Fund, LP

Statements of Financial Condition

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

September 30, 2025

At March 31, 2026 (Unaudited) and December 31, 2025

March 31, 2026

December 31, 2025

Cash and cash equivalents (at cost $ 1,957,524,915 and $ 651,873,522 , respectively) (Notes 2 and 5)

1,957,524,915

Equity in trading accounts:

2 unchanged sentences

( 7,910,690 )

Unrealized gain (loss) on open OTC commodity swap contracts

Unrealized gain (loss) on open swap contracts

Due from broker

3 unchanged sentences

Prepaid insurance

ETF transaction fees receivable

ETF transaction fee receivable

2,744,084,898

4 unchanged sentences

Professional fees payable

Due to custody

Brokerage commissions payable

Directors’ fees payable

13 unchanged sentences

Market value per share

(a) A portion of this amount is designated to meet daily Futures Commission Merchants’ margin requirements.

See accompanying notes to financial statements.

1 unchanged sentence

Schedule of Investments (Unaudited)

At September 30, 2025

At March 31, 2026

Value/Unrealized

4 unchanged sentences

United States Contracts

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

NYMEX WTI Crude Oil Futures CL May 2026 contracts, expiring April 2026 *

2,072,190,790

4 unchanged sentences

Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares, 3.60 % #

1,050,000,000

Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Shares, 3.57 % #

Total United States Money Market Funds

1,520,000,000

Open OTC Commodity Swap Contracts

1 unchanged sentence

Payments/(Premiums

Contracts (a)

MACQUARIE MQCP361E 07212025Index (b)

Contracts (b)

MACQUARIE MQCP361E 07212026Index (a)

Macquarie Bank Ltd.

SOC GEN SGIXCWTI 06202025Index (b)

SOC GEN SGIXCWTI 12182025Index (a)

Societe Generale

Total Open OTC Commodity Swap Contracts ˄

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

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

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

(b) Reflects the value at reset date of March 31, 2026.

* Collateral amounted to $ 293,989,511 on open commodity futures contracts .

˄ Collateral amounted to $ 48,703,639 on open OTC commodity swap contracts .

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

# Reflects the 7-day yield at March 31, 2026 .

See accompanying notes to financial statements.

9 unchanged sentences

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 % #

2 unchanged sentences

Fund Receives

Payments/(Premiums

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 the reset date of December 31, 2024.

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

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

5 unchanged sentences

Statements of Operations (Unaudited)

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

For the three months ended March 31, 2026 and 2025

Three months ended

Nine months ended

September 30, 2025

September 30, 2024

September 30, 2025

September 30, 2024

March 31, 2026

March 31, 2025

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

Realized gain (loss) on closed commodity futures contracts

( 29,807,410 )

( 61,805,268 )

Realized gain (loss) on closed OTC commodity swap contracts

( 6,618,471 )

( 41,699,515 )

Realized gain (loss) on swap contracts

( 1,068,769 )

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

3 unchanged sentences

Total Income (Loss)

( 132,775,208 )

( 2,862,137 )

General Partner management fees (Note 3)

4 unchanged sentences

Net Income (Loss)

( 135,450,397 )

( 9,194,977 )

Net Income (Loss) per limited partner share

4 unchanged sentences

Statements of Changes in Partners’ Capital (Unaudited)

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

For the three months ended March 31, 2026 and 2025

Limited Partners *

1 unchanged sentence

Three months ended

Nine months ended

September 30, 2025

September 30, 2024

September 30, 2025

September 30, 2024

March 31, 2026

March 31, 2025

Balances at beginning of period

1,088,223,487

1,259,980,186

1,088,223,487

1,567,345,541

Addition of 31,900,000 and 24,400,000 partnership shares, respectively

1 unchanged sentence

1,883,895,500

5,549,271,767

6,355,040,466

Redemption of ( 23,800,000 ) and ( 26,200,000 ) partnership shares, respectively

1 unchanged sentence

( 2,035,973,413 )

( 5,743,630,890 )

( 6,704,235,078 )

Net income (loss)

( 135,450,397 )

( 9,194,977 )

Balances at end of period

2,644,609,680

1,342,923,995

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

2 unchanged sentences

Statements of Cash Flows (Unaudited)

For the nine months ended September 30, 2025 and 2024

Nine months ended

September 30, 2025

September 30, 2024

For the three months ended March 31, 2026 and 2025

Three months ended

March 31, 2026

March 31, 2025

Cash Flows from Operating Activities:

Net income (loss)

( 9,194,977 )

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

1 unchanged sentence

( 345,116,980 )

( 9,782,240 )

Change in unrealized (gain) loss on open swap contracts

(Increase) decrease in receivable from Due from Broker

( 5,486,684 )

( 6,017,769 )

(Increase) decrease in due from broker

( 43,301,468 )

(Increase) decrease in dividends receivable

( 1,948,182 )

(Increase) decrease in interest receivable

( 1,358,047 )

(Increase) decrease in due from Broker

(Increase) decrease in prepaid insurance

5 unchanged sentences

Increase (decrease) in professional fees payable

( 1,198,337 )

Increase (decrease) in directors’ fees payable

10 unchanged sentences

( 29,458,907 )

( 179,518,213 )

Net Increase (Decrease) in Cash and Cash Equivalents

3 unchanged sentences

1,007,709,886

1,463,696,515

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

2,300,218,065

1,003,359,489

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

5 unchanged sentences

2,300,218,065

1,003,359,489

See accompanying notes to financial statements.

1 unchanged sentence

Notes to Financial Statements (Unaudited)

For the period ended September 30, 2025

For the period ended March 31, 2026

NOTE 1 — ORGANIZATION AND BUSINESS

5 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”).

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.

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 March 31, 2026, USO held 23,766 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.

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), liquidity requirements, or other factors require USO to do so in order to meet its investment objective.

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.

14 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.

20 unchanged sentences

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;

9 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 September 30, 2025.

No interest expense or penalties have been recognized as of and for the period ended March 31, 2026.

Creations and Redemptions

3 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

8 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 September 30, 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.

There were no shares held by USCF at March 31, 2026.

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.

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

For the three months ended March 31, 2026 and 2025, 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 nine months ended September 30, 2025 and 2024, USO incurred $ 111,703 and $ 150,201 , respectively under this arrangement.

During the three months ended March 31, 2026 and 2025, USO incurred $ 53,103 and $ 37,568 , 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”).

Nine months ended

September 30, 2025

September 30, 2024

Three months ended

March 31, 2026

March 31, 2025

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 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.

The increase in total commissions accrued to brokers for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, was due primarily to a higher number of crude oil futures contracts being held and traded.

Swap Dealer Agreements

29 unchanged sentences

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

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 September 30, 2025, were exchange-traded.

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

In such a circumstance, USO could, if it determined it appropriate to do so in light of market conditions and regulatory requirements, invest in other Futures Contracts and/or Other Oil-Related Investments, such as OTC swaps.

All of the futures contracts held by USO through March 31, 2026, 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 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.

As of March 31, 2026 and December 31, 2025, USO held investments in money market funds in the amounts of $ 1,520,000,000 and $ 600,000,000 , respectively.

USO also holds cash deposits with its 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.

As of March 31, 2026 and December 31, 2025, USO held cash deposits in the amounts of $ 780,186,964 and $ 293,621,505 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 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.

For the three months ended March 31, 2026, the monthly average volume of open future and swap contract notional value was $ 1,140,783,708 and $ 162,677,482 , respectively.

For the three months ended March 31, 2025, the monthly average volume of open future and swap contract notional value was $ 740,354,553 and $ 296,622,146 , respectively.

Settlement of SEC and CFTC Investigations

43 unchanged sentences

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

On July 10, 2020, purported shareholder Momo Wang filed a putative class action complaint, individually and on behalf of others similarly situated, against defendants USO, USCF, John P.

Love, Stuart P.

Crumbaugh, Nicholas D.

Gerber, Andrew F Ngim, Robert L.

Nguyen, Peter M.

Robinson, Gordon L.

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.

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

3:20-cv-4596 (the “Wang Class Action”).

The Wang Class Action asserted federal securities claims under the 1933 Act, challenging disclosures in a March 19, 2020 registration statement.

It alleged that the defendants failed to disclose to investors in USO 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 Wang Class Action was voluntarily dismissed on August 4, 2020.

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.

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.

On August 10, 2020, purported shareholder Darshan Mehan filed a derivative action on behalf of nominal defendant USO, against defendants USCF, John P.

9 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 final disposition of the motion(s) to dismiss in In re:

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

United States Oil Fund, LP Securities Litigation .

29 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 nine months ended September 30, 2025 and 2024 for the shareholders.

The following table presents per share performance data and other supplemental financial data for the three months ended March 31, 2026 and 2025 for the shareholders.

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

1 unchanged sentence

Three months ended

Nine months ended

September 30, 2025

September 30, 2024

September 30, 2025

September 30, 2024

March 31, 2026

March 31, 2025

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 September 30, 2025 using the fair value hierarchy:

At September 30, 2025

The following table summarizes the valuation of USO’s securities at March 31, 2026 using the fair value hierarchy:

At March 31, 2026

Short-Term Investments

Exchange-Traded Futures Contracts

United States Contracts

1,520,000,000

Exchange-Traded Futures Contracts

United States Contracts

OTC Commodity Swap Contracts

4 unchanged sentences

United States Contracts

( 7,910,690 )

OTC Commodity Swap Contracts

5 unchanged sentences

Statements of Financial Condition Location

September 30, 2025

March 31, 2026

December 31, 2025

Futures - Commodity Contracts

Unrealized gain (loss) on open commodity future contracts

Unrealized gain (loss) on open commodity futures contracts

( 7,910,690 )

3 unchanged sentences

The Effect of Derivative Instruments on the Statements of Operations

For the nine months ended

September 30, 2025

September 30, 2024

Location of Gain

Realized Gain

Unrealized Gain

Realized Gain

Unrealized Gain

For the three months ended

March 31, 2026

March 31, 2025

Change in Unrealized

Derivatives not

Location of Gain

Realized Gain (Loss)

Gain (Loss) on

Realized Gain (Loss)

Gain (Loss) on

Accounted for as

Recognized in

(Loss) on Derivatives

on Derivatives

in Derivatives

Hedging Instruments

Recognized in Income

Futures - Commodity Contracts

1 unchanged sentence

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

( 30,499,210 )

OTC Swap - Commodity Contracts

Realized gain (loss) on closed OTC commodity swap contracts

Realized gain (loss) on closed commodity futures contracts

( 1,068,769 )

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

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

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