What changed in this filing

/stocks — the workspaceLOADING

Item 8. Financial Statements and Supplementary Data

2023-02-27 compared with 2022-02-25 · 99 added, 75 removed, 641 unchanged (21% of the section changed)

58 unchanged sentences

1,565,100,289

2,585,466,700

Equity in trading accounts:

Cash and cash equivalents (at cost $ 1,097,496,501 and $ 699,318,107 , respectively)

1,097,496,501

Unrealized gain (loss) on open commodity futures contracts

Unrealized gain (loss) on open swap contracts

Dividends receivable

1 unchanged sentence

Prepaid insurance *

Prepaid registration fees

ETF transaction fees receivable

1,982,960,872

2 unchanged sentences

Payable due to Broker

Payable for shares redeemed

General Partner management fees payable (Note 3)

Professional fees payable

Due to custody

Brokerage commissions payable

24 unchanged sentences

(Loss) on Open

% of Partners’

Open Commodity Futures Contracts - Long

United States Contracts

NYMEX WTI Crude Oil Futures February 2022 contracts, expiring January 2022

NYMEX WTI Crude Oil Futures March 2022 contracts, expiring February 2022

NYMEX WTI Crude Oil Futures April 2022 contracts, expiring March 2022

NYMEX WTI Crude Oil Futures May 2022 contracts, expiring April 2022

NYMEX WTI Crude Oil Futures June 2022 contracts, expiring May 2022

NYMEX WTI Crude Oil Futures July 2022 contracts, expiring June 2022

NYMEX WTI Crude Oil Futures December 2022 contracts, expiring November 2022

NYMEX WTI Crude Oil Futures CL February 2023 contracts, expiring January 2023

( 5,359,907 )

NYMEX WTI Crude Oil Futures CL March 2023 contracts, expiring February 2023

NYMEX WTI Crude Oil Futures CL April 2023 contracts, expiring March 2023

NYMEX WTI Crude Oil Futures CL May 2023 contracts, expiring April 2023

NYMEX WTI Crude Oil Futures CL June 2023 contracts, expiring May 2023

( 4,057,466 )

NYMEX WTI Crude Oil Futures CL July 2023 contracts, expiring June 2023

NYMEX WTI Crude Oil Futures CL December 2023 contracts, expiring November 2023

Total Open Futures Contracts*

4 unchanged sentences

United States Money Market Funds

Goldman Sachs Financial Square Government Fund - Institutional Shares, 0.03 % #

Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Shares, 4.12 % #

1,079,000,000

Government Money Market Fund - Institutional Shares, 0.03 % #

Total United States Money Market Funds

1,544,534,000

Open OTC Commodity Swap Contracts

Fund Receives

Payments/(Premiums

Contracts (a)

MQCP361E Index (b)

Macquarie Bank Ltd.

SGIXCWTI Index (b)

Societe Generale

Total Open OTC Commodity Swap Contracts Ù

(a) Reflects the value at reset date of December 31, 2022.

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

# Reflects the 7-day yield at December 31, 2022 .

Ù Collateral amounted to $ 24,260,000 on open OTC commodity swap contracts.

* Collateral amounted to $ 1,097,496,501 on open commodity futures contracts.

5 unchanged sentences

(Loss) on Open

% of Partners’

Open Commodity Futures Contracts - Long

2 unchanged sentences

NYMEX WTI Crude Oil Futures March 2022 contracts, expiring February 2022

NYMEX WTI Crude Oil Futures April 2021 contracts, expiring March 2021

NYMEX WTI Crude Oil Futures CL April 2022 contracts, expiring March 2022

NYMEX WTI Crude Oil Futures May 2022 contracts, expiring April 2022

2 unchanged sentences

NYMEX WTI Crude Oil Futures December 2022 contracts, expiring November 2022

( 2,781,083 )

Total Open Futures Contracts *

4 unchanged sentences

United States Money Market Funds

Fidelity Investments Money Market Funds - Government Portfolio, 0.01 % #

Government Money Market Fund - Institutional Share Class, 0.02 % #

Goldman Sachs Financial Square Government Fund - Institutional Shares, 0.03 % #

Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Shares, 0.03 % #

1,079,000,000

Government Money Market Fund - Institutional Shares, 0.03 % #

Total United States Money Market Funds

1,544,534,000

# Reflects the 7-day yield at December 31, 2021 .

7 unchanged sentences

December 31, 2020

Gain (loss) on trading of commodity futures contracts:

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

Realized gain (loss) on closed commodity futures contracts

1 unchanged sentence

( 2,251,576,260 )

Realized gain (loss) on swap contracts

( 13,603,878 )

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

( 92,251,288 )

Realized gain (loss) on short-term investments

( 287,006,734 )

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

Dividend income

17 unchanged sentences

Interest income does not exceed paid in kind of 5 %.

On April 28, 2020, there was a 1-for- 8 reverse share split.

The Statements of Operations have been adjusted for the periods shown to reflect the 1-for-8 reverse share split on a retroactive basis.

See accompanying notes to financial statements.

United States Oil Fund, LP

Statements of Changes in Partners’ Capital

Statement of Changes in Partners’ Capital

For the years ended December 31, 2022, 2021 and 2020

20 unchanged sentences

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

†On April 28, 2020, there was a 1-for- 8 reverse share split.

The Statements of Changes in Partners’ Capital have been adjusted for the periods shown to reflect the 1-for-8 reverse share split on a retroactive basis.

See accompanying notes to financial statements.

12 unchanged sentences

( 363,923,391 )

( 231,913,525 )

Change in unrealized (gain) loss on open swap contracts

(Increase) decrease in dividends receivable

( 3,879,706 )

(Increase) decrease in interest receivable

( 2,773,974 )

(Increase) decrease in prepaid insurance *

2 unchanged sentences

(Increase) decrease in ETF transaction fees receivable

Increase (decrease) payable due to custody

Increase (decrease) in payable due to Broker

2 unchanged sentences

Increase (decrease) in professional fees payable

( 1,173,950 )

Increase (decrease) in brokerage commissions payable

33 unchanged sentences

2,585,466,700

1,026,973,397

Equity in Trading Accounts:

Cash and cash equivalents

1,097,496,501

Total Cash, Cash Equivalents and Equity in Trading Accounts

16 unchanged sentences

Specifically, 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.

USO is currently unable to pursue its investment objective with the same high degree of success that it has in the past due to its limited ability to invest in the Benchmark Oil Futures Contract and certain other Oil Futures Contracts, as defined below, to the same extent it was able to before the market conditions and regulatory limitations imposed on USO occurred in Spring of 2020, and risk mitigation measures taken by USO’s FCMs as a result, as described herein, arose.

As a result of such market conditions, the regulatory conditions that were and could again be imposed and the risk mitigation measures imposed by its FCMs, there is still uncertainty as to whether USO will be able to achieve its investment objective within as narrow a percentage change difference in its NAV for any period of 30 successive valuation days and the average daily percentage change in the price of the Benchmark Oil Futures Contract as it typically had prior to the Spring of 2020 due to the foregoing factors.

USO is currently unable to pursue its investment objective with the same high degree of success that it has in the past due to its limited ability to invest in the Benchmark Oil Futures Contract and certain other Oil Futures Contracts, as defined below, to the same extent it was able to before the market conditions that occurred in 2020, as described herein, and the resulting regulatory requirements imposed on USO, and risk mitigation measures taken, including those taken by USO’s FCMs.

As a result of such market conditions, the regulatory conditions that were and could again be imposed and the risk mitigation measures described below, there is still uncertainty as to whether USO will be able to achieve its investment objective within as narrow a percentage change difference in its NAV for any period of 30 successive valuation days and the average daily percentage change in the price of the Benchmark Oil Futures Contract as it typically had prior to the Spring of 2020 due to the foregoing factors.

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 have impacted the total return on an investment in USO’s shares during the past year 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 so impacted by contango and backwardation.

This is because natural market forces called contango and backwardation 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 so 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.

11 unchanged sentences

USCI and CPER listed their shares on the NYSE Arca under the ticker symbols “USCI” on August 10, 2010 and “CPER” on November 15, 2011, respectively.

UNG, UGA, UNL, USL, BNO, USCI and CPER are referred to collectively herein as the “Related Public Funds.”

USO, UNG, UGA, UNL, USL, BNO, USCI and CPER are referred to collectively herein as the “Related Public Funds.”

USO issues shares to certain authorized purchasers (“Authorized Participants”) by offering baskets consisting of 100,000 shares (“Creation Baskets”) through ALPS Distributors, Inc., as the marketing agent (the “Marketing Agent”).

77 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 year ended December 31, 2022, USO did no t incur in registration fees and other offering expenses.

For the years ended December 31, 2022, 2021 and 2020, USO incurred $ 0 , $ 1,260,041 and $ 3,203,939 respectively, in registration fees and other offering expenses.

Independent Directors’ and Officers’ Expenses

USO is responsible for paying its portion of the directors’ and officers’ liability insurance for USO and the Related Public Funds and the fees and expenses of the independent directors who also serve as audit committee members of USO and the Related Public Funds.

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, 2021 are estimated to be a total of $ 745,448 for USO and, in the aggregate for USO and the Related Public Funds, $ 1,081,963 .

For the year ended December 31, 2020, these fees and expenses were $ 585,896 for USO and the Related Public Funds.

USO’s portion of such fees and expenses for the year ended December 31, 2020 was $ 391,372 .

USO is responsible for paying its portion of the directors’ and officers’ liability insurance for USO and the other Related Public Funds and the fees and expenses of the independent directors who also serve as audit committee members of USO and the other Related Public Funds.

USO shares the fees and expenses on a pro rata basis with each other 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, 2022 totaled $ 828,823 for USO and, in the aggregate for USO and the other Related Public Funds, approximately $ 1,258,000 .

For the year ending December 31, 2021 these fees and expenses were $ 745,448 for USO and, in the aggregate for USO and the Related Public Funds, $ 1,081,963 .

For the year ended December 31, 2020, these fees and expenses were $ 585,896 for USO and the Related Public Funds.

2 unchanged sentences

As discussed in Note 4 below, USO entered into a licensing agreement with the NYMEX on April 10, 2006, as amended on October 20, 2011.

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.

Pursuant to the agreement, USO and the other 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 years ended December 31, 2022, 2021 and 2020, USO incurred $ 384,747 , $ 446,110 and $ 512,944 , respectively under this arrangement.

1 unchanged sentence

The fees and expenses associated with USO’s audit expenses and tax accounting and reporting requirements are paid by USO.

These costs are estimated to be $ 6,800,000 for the year ending December 31, 2021.

These costs were estimated to be $ 1,779,300 for the year ending December 31, 2022.

For the years ending December 31, 2021, and 2020 USO’s investor reporting costs totaled $ 6,671,000 and $ 2,694,975 respectively.

8 unchanged sentences

0.04 % on USO’s assets from $ 500 million – $ 4 billion and 0.03 % on USO’s assets in excess of $ 4 billion.

The agreement with the Marketing Agent has been amended and, commencing October 1, 2022, the fee of the Marketing Agent, which is calculated daily and payable monthly by USCF, is equal to 0.025 % of USO’s total net assets.

In no event may the aggregate compensation paid to the Marketing Agent and any affiliate of USCF for distribution-related services exceed 10 % of the gross proceeds of USO’s offering.

1 unchanged sentence

Custody, Transfer Agency and Fund Administration and Accounting Services Agreements

USCF engaged The Bank of New York Mellon, a New York corporation authorized to do a banking business (“BNY Mellon”), to provide USO and each of the Related Public Funds with certain custodial, administrative and accounting, and transfer agency services, pursuant to the following agreements with BNY Mellon dated as of March 20, 2020 (together, the “BNY Mellon Agreements”), which were effective as of April 1, 2020:

USCF engaged The Bank of New York Mellon, a New York corporation authorized to conduct a banking business (“BNY Mellon”), to provide USO and each of the other Related Public Funds with certain custodial, administrative and accounting, and transfer agency services, pursuant to the following agreements with BNY Mellon dated as of March 20, 2020 (together, the “BNY Mellon Agreements”), which were effective as of April 1, 2020:

(i) a Custody Agreement;

2 unchanged sentences

USCF pays the fees of BNY Mellon for its services under the BNY Mellon Agreements and such fees are determined by the parties from time to time.

Brown Brothers Harriman and Co.

(“BBH&Co.”) previously served as the Administrator, Custodian, Transfer Agent and Fund Accounting Agent for USO and the Related Public Funds prior to BNY Mellon commencing such services on April 1, 2020.

Certain fund accounting and fund administration services rendered by BBH&Co.

to USO and the Related Public Funds terminated on May 31, 2020 to allow for the transition to BNY Mellon.

Brokerage and Futures Commission Merchant Agreements

1 unchanged sentence

USO has engaged each of RCG Division of Marex Spectron (“RCG”), E D & F Man Capital Markets Inc.

(“MCM”) and Macquarie Futures USA LLC (“MFUSA”) to serve as an additional FCM to USO effective on May 28, 2020, June 5, 2020, and December 3, 2020, respectively.

(“MCM”) and Macquarie Futures USA LLC (“MFUSA”) to serve as additional FCMs to USO effective on May 28, 2020, June 5, 2020, and December 3, 2020, respectively.

The agreements with USO’s FCMs require the FCMs to provide services to USO in connection with the purchase and sale of Oil Futures Contracts and Other Oil-Related Investments that may be purchased and sold by or through the applicable FCM for USO’s account.

13 unchanged sentences

The decrease in total commissions accrued to brokers for the year ended December 31, 2022, compared to the year ended December 31, 2021, was due primarily to a lower number of crude oil futures contracts being held and traded.

Swap Dealer Agreements

USO entered into ISDA 2002 Master Agreements with each of Macquarie Bank Limited the (“Macquarie ISDA”) and Société Générale (“Société Générale ISDA”) on November 30, 2021 and June 13, 2022, respectively, pursuant to which each of Macquarie Bank Limited and Société Générale has agreed to serve as an over-the-counter (“OTC”) swap counterparty for USO.

The Macquarie ISDA and the Société Générale ISDA each provide USO with the ability to invest in OTC swaps in furtherance of USO’s investment objective by providing it with investment flexibility in light of market conditions, liquidity, regulatory requirements, and risk diversification.

USO may enter into OTC swap transactions under each of the Macquarie ISDA and Société Générale ISDA in light of the foregoing.

Any OTC swap transactions of USO that are outstanding under the Macquarie ISDA and the Société Générale ISDA, along with USO’s other holdings, will be published on USO’s webpage, www.uscfinvestments.com.

In accordance with each of the swap agreements described above, USO pays each swap dealer a flat fee in a range between 0.20 % and 0.30 % on the daily notional value of each OTC swap transaction.

NYMEX Licensing Agreement

USO and the NYMEX entered into a licensing agreement on April 10, 2006, as amended on October 20, 2011, whereby USO was granted a non-exclusive license to use certain of the NYMEX’s settlement prices and service marks.

Under the licensing agreement, USO and the Related Public Funds, other than BNO, USCI and CPER, pay the NYMEX an asset-based fee for the license, the terms of which are described in Note 3.

Under the licensing agreement, USO and the other Related Public Funds, other than BNO, USCI, and CPER, pay the NYMEX an asset-based fee for the license, the terms of which are described in Note 3.

USO expressly disclaims any association with the NYMEX or endorsement of USO by the NYMEX and acknowledges that “NYMEX” and “New York Mercantile Exchange” are registered trademarks of the NYMEX.

18 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.

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.

A novel strain of coronavirus (COVID-19) outbreak was declared a pandemic by the World Health Organization on March 11, 2020.

The situation is evolving with various cities and countries around the world responding in different ways to address the outbreak.

There are direct and indirect economic effects developing for various industries and individual companies throughout the world.

Management will continue to monitor the impact COVID-19 has on USO and reflect the consequences as appropriate in USO’s accounting and financial reporting.

The pandemic spread of the novel coronavirus and related geopolitical events could lead to increased market volatility, disruption to U.S.

and world economies and markets and may have significant adverse effects on USO and its investments.

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 war in Ukraine, and continuing disputes among oil-producing countries.

These 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.

All of the futures contracts held by USO through December 31, 2022 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.

However, in the future, if USO were to enter into non-exchange traded contracts, it would be subject to the credit risk associated with counterparty non-performance.

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

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

The credit risk from counterparty non-performance associated with such instruments is the net unrealized gain, if any, on the transaction.

USO has credit risk under its futures contracts since the sole counterparty to all domestic and foreign futures contracts is the clearinghouse for the exchange on which the relevant contracts are traded.

USO also has credit risk to the sole counterparty to all domestic and foreign futures contracts, the clearinghouse for the exchange on which the relevant contracts are traded.

In addition, USO bears the risk of financial failure by the clearing broker.

17 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.

Optimum Strategies Action

On April 6, 2022, USO and USCF were named as defendants in an action filed by Optimum Strategies Fund I, LP, a purported investor in call option contracts on USO (the “Optimum Strategies Action”).

The action is pending in the U.S.

District Court for the District of Connecticut at Civil Action No.

3:22-cv-00511.

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

It purports 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 seeks damages, interest, costs, attorney’s fees, and equitable relief.

USCF and USO intend to vigorously contest such claims and have moved for their dismissal.

Settlement of SEC and CFTC Investigations

2 unchanged sentences

The SEC Wells Notice stated that the SEC staff made a preliminary determination to recommend that the SEC file an enforcement action against USCF, USO, and Mr.

Love alleging violations of Sections 17(a)(1) and 17(a)(3) of the Securities Act of 1933, as amended (the “1933 Act”), and Section 10(b) of the Securities Exchange Act of 1934, as amended (the “1934 Act”), and Rule 10b-5 thereunder.

Love alleging violations of Sections 17(a)(1) and 17(a)(3) of the Securities Act of 1933, as amended (the “1933 Act”), and Section 10(b) of the 1934 Act, and Rule 10b-5 thereunder.

Subsequently, on August 19, 2020, USCF, USO, and Mr.

26 unchanged sentences

The Amended Lucas Class Complaint purports to have been brought by an investor in USO on behalf of a class of similarly-situated shareholders who purchased USO securities between February 25, 2020 and April 28, 2020 and pursuant to the challenged registration statements.

The Amended Lucas Class Complaint seeks to certify a class and to award the class compensatory damages at an amount to be determined at trial as well as costs and attorney’s fees.

The Amended Lucas Class Complaint seeks to certify a class and to award the class compensatory damages at an amount to be determined at trial as

well as costs and attorney’s fees.

The Amended Lucas Class Complaint named as defendants USCF, USO, John P.

55 unchanged sentences

These allegations stem from USO’s disclosures and defendants’ alleged actions in light of the extraordinary market conditions in 2020 that caused demand for oil to fall precipitously, including the COVID-19 global pandemic and the Saudi Arabia-Russia oil price war.

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

The complaints seek, on behalf of USO, compensatory damages, restitution,

equitable relief, attorney’s fees, and costs.

The plaintiffs in the Cantrell and AML Actions have marked their actions as related to the Lucas Class Action.

21 unchanged sentences

Net income (loss)

* On April 28, 2020, there was a 1-for- 8 reverse share split.

The Financial Highlights have been adjusted for the periods shown to reflect the 1-for-8 reverse share split on a retroactive basis.

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

3 unchanged sentences

Total Income (Loss)

( 435,341,582 )

Total Expenses

Net Income (Loss)

( 438,850,927 )

Net Income (Loss) per Share

Total Income (Loss)

( 1,614,034,624 )

( 916,724,948 )

Total Expenses

Net Income (Loss)

( 1,617,373,490 )

( 927,063,161 )

Net Income (Loss) per Share

*On April 28, 2020, there was a 1-for- 8 reverse share split.

The unaudited Quarterly Financial data has been adjusted for the period shown to reflect the 1-for- 8 reverse a share split on a retroactive basis.

NOTE 8 — FAIR VALUE OF FINANCIAL INSTRUMENTS

16 unchanged sentences

Short-Term Investments

1,544,534,000

Exchange-Traded Futures Contracts

United States Contracts

OTC Commodity Swap Contracts

The following table summarizes the valuation of USO’s securities at December 31, 2021 using the fair value hierarchy:

1 unchanged sentence

Short-Term Investments

1,544,534,000

Exchange-Traded Futures Contracts

8 unchanged sentences

Futures - Commodity Contracts

Swap - Commodity Contracts

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

27 unchanged sentences

( 92,251,288 )

NOTE 9 — RECENT ACCOUNTING PRONOUNCEMENTS

In August 2018, the FASB issued Accounting Standards Update (“ASU”) No.

2018-13, which changes certain fair value measurement disclosure requirements.

The new ASU, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, and USO’s policy for the timing of transfers between levels.

The amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years.

USO has evaluated the implications of certain provisions of the ASU and has determined that there will be no material impacts to the financial statements.

( 287,006,734 )

OTC Swap - Commodity Contracts

Realized gain (loss) on closed positions

( 13,603,878 )

Change in unrealized gain (loss) on open positions

NOTE 9 — SUBSEQUENT EVENTS

4 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