What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-08-07 compared with 2026-05-08 · 120 added, 71 removed, 569 unchanged (25% of the section changed)

1 unchanged sentence

Index to Financial Statements

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

Statements of Financial Condition at June 30, 2026 (Unaudited) and December 31, 2025

Schedules of Investments at June 30, 2026 (Unaudited) and December 31, 2025

Statements of Operations (Unaudited) for the three and six months ended June 30, 2026 and 2025

Statements of Changes in Partners’ Capital (Unaudited) for the three and six months ended June 30, 2026 and 2025

Statements of Cash Flows (Unaudited) for the six months ended June 30, 2026 and 2025

Notes to Financial Statements (Unaudited) for the period ended June 30, 2026

United States Oil Fund, LP

Statements of Financial Condition

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

March 31, 2026

At June 30, 2026 (Unaudited) and December 31, 2025

June 30, 2026

December 31, 2025

5 unchanged sentences

( 271,246,360 )

( 7,910,690 )

Unrealized gain (loss) on open swap contracts

Due from broker

Receivable for shares sold

( 8,519,360 )

Dividends receivable

1 unchanged sentence

Prepaid insurance

ETF transaction fee receivable

ETF Transaction Fees Receivable

1,904,147,269

19 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 March 31, 2026

At June 30, 2026

Value/Unrealized

4 unchanged sentences

United States Contracts

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

NYMEX WTI Crude Oil Futures CL August 2026 contracts, expiring July 2026 *

1,830,200,860

( 271,246,360 )

Shares/Principal

3 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, 3.56 % #

9 unchanged sentences

Societe Generale

( 8,518,478 )

Total Open OTC Commodity Swap Contracts ˄

( 8,519,360 )

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

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

(b) Reflects the value at reset date of June 30, 2026.

* Collateral amounted to $ 754,924,330 on open commodity futures contracts .

˄ Collateral amounted to $ 77,860,489 on open OTC commodity swap contracts .

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

# Reflects the 7-day yield at June 30, 2026 .

See accompanying notes to financial statements.

26 unchanged sentences

Total Open OTC Commodity Swap Contracts ˄

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

(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.

5 unchanged sentences

Statements of Operations (Unaudited)

For the three months ended March 31, 2026 and 2025

For the three and six months ended June 30, 2026 and 2025

Three months ended

March 31, 2026

March 31, 2025

Six months ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

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

2 unchanged sentences

( 25,323,661 )

( 1,509,676 )

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

( 608,452,650 )

( 83,354,850 )

( 263,335,670 )

( 73,572,610 )

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

( 14,970,067 )

( 14,935,089 )

( 9,483,383 )

( 8,917,320 )

Dividend income

2 unchanged sentences

Total Income (Loss)

( 361,990,706 )

( 70,828,412 )

( 28,423,606 )

General Partner management fees (Note 3)

4 unchanged sentences

Net Income (Loss)

( 365,434,420 )

( 72,961,484 )

( 32,658,947 )

Net Income (Loss) per limited partner share

4 unchanged sentences

Statements of Changes in Partners’ Capital (Unaudited)

For the three months ended March 31, 2026 and 2025

For the three and six months ended June 30, 2026 and 2025

Limited Partners*

1 unchanged sentence

Three months ended

March 31, 2026

March 31, 2025

Six months ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Balances at beginning of period

2,644,609,680

1,088,223,487

Addition of 38,200,000 , 36,900,000 , 70,100,000 and 61,300,000 partnership shares, respectively

1 unchanged sentence

2,612,672,385

7,977,669,642

4,496,567,885

Redemption of ( 42,500,000 ), ( 34,100,000 ), ( 66,300,000 ) and ( 60,300,000 ) partnership shares, respectively

1 unchanged sentence

( 2,386,338,058 )

( 7,728,333,322 )

( 4,422,311,471 )

Net income (loss)

( 365,434,420 )

( 72,961,484 )

( 32,658,947 )

Balances at end of period

1,753,725,242

1,129,820,954

1,753,725,242

1,129,820,954

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

2 unchanged sentences

Statements of Cash Flows (Unaudited)

For the three months ended March 31, 2026 and 2025

Three months ended

March 31, 2026

March 31, 2025

For the six months ended June 30, 2026 and 2025

Six months ended

June 30, 2026

June 30, 2025

Cash Flows from Operating Activities:

Net income (loss)

( 32,658,947 )

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

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

( 345,116,980 )

( 9,782,240 )

Change in unrealized (gain) loss on open swap contracts

( 5,486,684 )

( 6,017,769 )

(Increase) decrease in due from broker

( 43,301,468 )

(Increase) decrease in receivable from Due from Broker

(Increase) decrease in dividends receivable

1 unchanged sentence

(Increase) decrease in interest receivable

( 1,358,047 )

(Increase) decrease in due from Broker

(Increase) decrease in prepaid insurance

2 unchanged sentences

Increase (decrease) in payable due to Broker

( 7,835,007 )

Increase (decrease) in General Partner management fees payable

1 unchanged sentence

( 1,046,917 )

( 1,049,336 )

Increase (decrease) in directors’ fees payable

9 unchanged sentences

Net cash provided by (used in) financing activities

( 29,458,907 )

Net Increase (Decrease) in Cash and Cash Equivalents

1,284,898,198

( 4,350,397 )

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

14 unchanged sentences

Notes to Financial Statements (Unaudited)

For the period ended March 31, 2026

For the period ended June 30, 2026

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, 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.

As of June 30, 2026, USO held 22,431 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.

53 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 March 31, 2026.

No interest expense or penalties have been recognized as of and for the period ended June 30, 2026.

Creations and Redemptions

14 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 March 31, 2026.

There were no shares held by USCF at June 30, 2026.

Cash Equivalents

18 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 three months ended March 31, 2026 and 2025, USO did no t incur registration fees and other offering expenses.

For the six months ended June 30, 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 three months ended March 31, 2026 and 2025, USO incurred $ 53,103 and $ 37,568 , respectively under this arrangement.

During the six months ended June 30, 2026, and 2025, USO incurred $ 124,811 , and $ 74,748 , respectively under this arrangement.

Investor Tax Reporting Cost

4 unchanged sentences

In addition to the fees described above, USO pays all brokerage fees and other expenses in connection with the operation of USO, excluding costs and expenses paid by USCF as outlined in Note 4 – Contracts and Agreements below.

Futures Contract Slippage

During the quarter ended June 30, 2026, USO incurred negative price slippage of $ 2,467,010 on execution of oil futures trades, which was identified on the day of execution.

USCF voluntarily made payment to USO to offset the $ 2,467,010 negative price slippage on contract execution.

As a result, there was no impact to USO's NAV.

The Total Return would have been 0.13 % lower on a 3-month basis and 0.24 % lower on a 6-month basis if USCF had not made the payment.

NOTE 4 — CONTRACTS AND AGREEMENTS

20 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”).

Three months ended

March 31, 2026

March 31, 2025

Six months ended

June 30, 2026

June 30, 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 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.

The increase in total commissions accrued to brokers for the six months ended June 30, 2026, compared to the six months ended June 30, 2025, was due primarily to a higher number of crude oil futures contracts being held and traded.

For the six months ended June 30, 2026, and 2025, the monthly average volume of open future contract notional value was $ 1,325,926,003 and $ 764,159,519 , 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.

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.

(“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.

8 unchanged sentences

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.

All of the futures contracts held by USO through June 30, 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.

USO entered OTC swaps during the period ended March 31, 2026.

USO entered OTC swaps during the period ended June 30, 2026.

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

10 unchanged sentences

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

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.

As of June 30, 2026 and December 31, 2025, USO held investments in money market funds in the amounts of $ 1,090,700,000 and $ 600,000,000 , respectively.

USO also holds cash deposits with its 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.

As of June 30, 2026 and December 31, 2025, USO held cash deposits in the amounts of $ 1,087,819,703 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 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.

For the six months ended June 30, 2026, the monthly average volume of open future and swap contract notional value were $ 1,325,926,003 and $ 194,838,078 , respectively.

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

Settlement of SEC and CFTC Investigations

98 unchanged sentences

NOTE 6 — FINANCIAL HIGHLIGHTS

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.

The following table presents per share performance data and other supplemental financial data for the three and six months ended June 30, 2026 and 2025 for the shareholders.

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

1 unchanged sentence

Three months ended

March 31, 2026

March 31, 2025

Six months ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Per Share Operating Performance:

4 unchanged sentences

Net asset value, end of period

Total Return *

Ratios to Average Net Assets

4 unchanged sentences

# Annualized.

* See Note 3 - Futures Contract Slippage.

Total returns are calculated based on the change in value during the period.

16 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 March 31, 2026 using the fair value hierarchy:

At March 31, 2026

The following table summarizes the valuation of USO’s securities at June 30, 2026 using the fair value hierarchy:

At June 30, 2026

Short-Term Investments

3 unchanged sentences

United States Contracts

( 271,246,360 )

OTC Commodity Swap Contracts

( 8,519,360 )

The following table summarizes the valuation of USO’s securities at December 31, 2025 using the fair value hierarchy:

12 unchanged sentences

Statements of Financial Condition Location

March 31, 2026

June 30, 2026

December 31, 2025

2 unchanged sentences

( 271,246,360 )

( 7,910,690 )

Swap - Commodity Contracts

Unrealized gain (loss) on open OTC commodity swap contracts

( 8,519,360 )

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 three months ended

March 31, 2026

March 31, 2025

For the six months ended

June 30, 2026

June 30, 2025

Change in Unrealized

19 unchanged sentences

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

( 263,335,670 )

( 73,572,610 )

OTC Swap - Commodity Contracts

Realized gain (loss) on closed commodity futures contracts

Realized gain (loss) on closed commodity swap contracts

( 1,509,676 )

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

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

( 9,483,383 )

( 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