What changed in this filing

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Item 9A. Controls and Procedures

2022-02-25 compared with 2021-02-26 · 29 added, 20 removed, 393 unchanged (11% of the section changed)

15 unchanged sentences

The account statement is furnished to the SEC on a current report on Form 8-K pursuant to Section 13 or 15(d) of the Exchange Act and posted each month on USO’s website at www.uscfinvestments.com.

Disclosure Regarding Jurisdictions that Prevent Inspections.

Not applicable.

Directors, Executive Officers and Corporate Governance.

4 unchanged sentences

Management Director, Vice President

Andrew F Ngim

Chief Operating Officer, Management Director and Portfolio Manager

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Allen was the portfolio manager of:

(1) UGA from February 2008 until March 2010, and then portfolio manager since May 2015, (2) UHN from April 2008 until March 2010, and then portfolio manager since May 2015, (3) UNL from November 2009 until March 2010, and then portfolio manager since May 2015.

(1) UGA from February 2008 until March 2010, and then portfolio manager since May 2015, (2) UHN from April 2008 until March 2010, and then portfolio manager from May 2015 to September 2018, (3) UNL from November 2009 until March 2010, and then portfolio manager since May 2015.

In addition, he has been the portfolio manager of:

(1) DNO since September 2009, (2) USO and USL since March 2010, (3) BNO since June 2010, (4) UNG since May 2015, (4) USOU and USOD from July 2017 to December 2019 , and (5) the USCF Commodity Strategy Fund, a series of USCF Mutual Funds Trust, from October 2017 to March 2019.

Allen also has served as the portfolio manager of the USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund, a series of the USCF ETF Trust, since May 2018.

(1) DNO from September 2009 to September 2018, (2) USO and USL since March 2010, (3) BNO since June 2010, (4) UNG since May 2015, (4) United States 3x Oil Fund and United States 3x Short Oil Fund from July 2017 to December 2019, and (5) the USCF Commodity Strategy Fund, a series of USCF Mutual Funds Trust, from October 2017 to March 2019.

Allen also has served as the portfolio manager of the USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund, a series of the USCF ETF Trust, from May 2018 to October 2021 and then portfolio manager since January 2022.

Allen has been a principal of USCF listed with the CFTC and NFA since March 2009 and has been registered as an associated person of USCF since July 2015 and from March 2008 to November 2012.

6 unchanged sentences

Baum , 51, has served as the Chief Investment Officer of USCF since September 1, 2016 and as a Portfolio Manager of USCF from March 2016 to April 2017.

He also serves as the Chief Investment Officer of USCF Advisers since June 2021.

Prior to joining USCF, Mr.

4 unchanged sentences

Baum worked as the Senior Portfolio Manager, Head of Commodities for OppenheimerFunds, Inc., a global asset manager.

Baum has been approved as an NFA principal and associated person of USCF since April 2016 and, as of January 2017, a branch manager of USCF.

As of February 2017, he also is an associated person and branch manager of USCF Advisers.

Baum has been approved with respect to USCF as an NFA principal and associated person since April 2016, a branch manager since January 2017, and a swap associated person since November 2020.

He also is an associated person and branch manager of USCF Advisers as of February 2017, and, as of June 2021, a swap associated person.

USCF Advisers, an affiliate of USCF, is an investment adviser registered under the Investment Advisers Act of 1940, and, as of February 2017, is registered as a commodity pool operator, NFA member and swap firm.

2 unchanged sentences

Crumbaugh , 58, Chief Financial Officer, Secretary and Treasurer of USCF since May 2015 and also the Chief Financial Officer of Concierge Technologies, Inc.

("Concierge"), the parent of Wainwright Holdings, Inc.

(“Concierge”), the parent of Wainwright Holdings, Inc.

(“Wainwright”) since December 2017.

He is also the Treasurer and a member of the Board of Directors of Marygold & Co., a subsidiary of Concierge, since November 2019.In addition, Mr.

He is also the Treasurer and a member of the Board of Directors of Marygold & Co., a subsidiary of Concierge, since November 2019.

In addition, Mr.

Crumbaugh has served as a director of Wainwright, the parent and sole member of USCF, since December 2016.

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He is also the CEO and a member of the Board of Directors of Marygold & Co., a subsidiary of Concierge, since November 2019.

Gerber serves as CEO of a newly formed Concierge subsidiary, Marygold & Co.

(UK) Limited in London, England, since August 2021.

Gerber also is the President and a director of Wainwright, a position he has held since March of 2004.

8 unchanged sentences

In addition, Mr.

Gerber served as the President and Chief Executive Officer of USCF ETF Trust from June 2014 until December 2015.Mr.

Gerber served as the President and Chief Executive Officer of USCF ETF Trust from June 2014 until December 2015.

Gerber has been a principal of USCF listed with the CFTC and NFA since November 2005, an NFA associate member and associated person of USCF since December 2005 and a Branch Manager of USCF since May 2009.

22 unchanged sentences

Andrew F Ngim , 61, co-founded USCF in 2005 and has served as a Management Director since May 2005 and, since August 15, 2016, has served as the Chief Operating Officer of USCF.

Ngim has served as the portfolio manager for USCI, CPER and USAG since January 2013.

Ngim has served as the portfolio manager for USCI and CPER since January 2013 and as the portfolio manager of the United States Agriculture Index Fund from January 2013 to September 2018.

Ngim also served as USCF’s Treasurer from June 2005 to February 2012.

In addition, he has been on the Board of Managers and has served as the Assistant Secretary and Assistant Treasurer of USCF Advisers since its inception in June 2013.

In addition, he has been on the Board of Managers and has served as the Assistant Secretary and Assistant Treasurer of USCF Advisers since its inception in June 2013 and Chief Operating Officer of USCF Advisers since March 2021.

Prior to and concurrent with his services to USCF and USCF Advisers, from January 1999 to January 2013, Mr.

38 unchanged sentences

Rettenmaier & Söhne Group, a German manufacturing firm.

Concurrent with that, he founded and has served as Chairman from November 2010 to present of Lupaka Gold Corp., a firm that acquires, explores, develops, and evaluates gold mining properties in Peru, South America.

Concurrent with that, he founded and has served as Chairman from November 2010 to present of Lupaka Gold Corp., a firm that acquires, explores and developed mining properties and is currently driving an arbitration suit against the Republic of Peru.

He also serves as a director of Goldhaven Resources, a firm that acquires, explores and develops mining properties in Canada and Chile, from August 2020 to present.

Ellis has his Chartered Directors designation from The Director’s College (a joint venture of McMaster University and The Conference Board of Canada).

He has been a principal of USCF listed with the CFTC and NFA since November 2005.

Ellis is an engineer and earned an MBA in international finance.

Ellis is a professional engineer, retired, and earned an MBA in international finance.

Fobes III , 57, Independent Director of USCF and Chairman of USCF’s audit committee since September 2005.

38 unchanged sentences

None of the Principals owns or has any other beneficial interest in USO.

Allen and Andrew F.

Ngim make trading and investment decisions for USO.

Allen, Andrew F.

Ngim and Kevin Sheehan execute trades on behalf of USO.

Allen and Andrew F Ngim make trading and investment decisions for, and execute trades on behalf of, USO.

In addition, Nicholas D.

3 unchanged sentences

Allen, Kevin A.

Baum, Kevin Sheehan, Kathryn Rooney, Maya Lowry, and Ryan Katz are registered with the CFTC as Associated Persons of USCF and are NFA Associate Members.

Baum, Kathryn Rooney, Maya Lowry, and Ryan Katz are registered with the CFTC as Associated Persons of USCF and are NFA Associate Members.

Love, Kevin A.

Baum, Kevin Sheehan and Ray W.

Baum and Ray W.

Allen are also registered with the CFTC as Swaps Associated Persons.

67 unchanged sentences

USO does not reimburse USCF for, nor does it set the amount or form of any portion of, the compensation paid to the executive officers by USCF.

USO pays fees to USCF pursuant to the LP Agreement under which it is obligated to pay USCF an annualized fee of 0.45% of average daily total net assets.

USO pays fees to USCF pursuant to

the LP Agreement under which it is obligated to pay USCF an annualized fee of 0.45% of average daily total net assets.

For 2021, USO accrued aggregate management fees of $13,383,302.

60 unchanged sentences

Form of Customer Agreement with Macquarie Futures USA LLC.

ISDA 2002 Master Agreement, dated November 30, 2021, by and between United States Oil Fund, LP and Macquarie Bank Limited.

Consent of Independent Registered Public Accounting Firm.

14 unchanged sentences

(4) Incorporated by reference to Registrant’s Annual Report on Form 10-K for the year ended December 31, 2012, filed on February 27, 2013.

(5) Incorporated by reference to United States Natural Gas Fund, LP’s Quarterly Report on Form 10-Q for the Quarter ended March 31, 2007, filed on June 1, 2007.

(5) Incorporated by reference to United States Oil Fund, LP’s Quarterly Report on Form 10-Q for the Quarter ended March 31, 2007, filed on June 1, 2007.

(6) Incorporated by reference to the Registrant’s Current Report on Form 8-K, filed on October 24, 2011.

10 unchanged sentences

(16) Filed herewith.

(17) Incorporated by reference to Registrant's Current Report on Form 8-K, filed on December 1, 2021.

Form 10-K Summary.

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

31 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 9A. Controls and Procedures