What changed in this filing

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Item 8. Financial Statements and Supplementary Data

2025-02-28 compared with 2024-02-29 · 67 added, 126 removed, 679 unchanged (22% of the section changed)

3 unchanged sentences

Management’s Annual Report on Internal Control Over Financial Reporting.

Report of Independent Registered Public Accounting Firms.

Report of Independent Registered Public Accounting Firm.

(Cohen & Company, Ltd.

PCAOB ID 925 )

Spicer Jeffries LLP PCAOB ID 349 )

Statements of Financial Condition at December 31, 2024 and 2023.

12 unchanged sentences

Opinions on the Financial Statements and Internal Control over Financial Reporting

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

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

We also have audited the Fund’s internal control over financial reporting as of December 31, 2024 based on criteria established in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”).

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

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

Also, in our opinion, the Fund maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024 based on criteria established in Internal Control—Integrated Framework (2013) issued by COSO.

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

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

Basis for Opinions

The Fund’s management is responsible for these financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Annual Report on Internal Control over Financial Reporting .

Our responsibility is to express an opinion on the Fund ’ s financial statements and an opinion on the Fund ’ s internal control over financial reporting based on our audit.

We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ( “ PCAOB ” ) and are required to be independent with respect to the Fund in accordance with the U.S.

federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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

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

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

Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.

Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk.

Our audit also included performing such other procedures as we considered necessary in the circumstances.

We believe that our audit provides a reasonable basis for our opinions.

Definition and Limitations of Internal Control over Financial Reporting

A company ’ s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

A company ’ s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company;

and (3) provide reasonable assurance regarding prevention

or timely detection of unauthorized acquisition, use, or disposition of the company ’ s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.

Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Critical Audit Matters

Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that:

(1) relate to accounts or disclosures that are material to the financial statements and (2) involved especially challenging, subjective, or complex judgments.

We determined that there are no critical audit matters.

We have served as the Fund ’ s auditor since 2023.

/s/ Cohen & Company, Ltd .

Philadelphia, Pennsylvania

February 29, 2024

SPICER JEFFRIES LLP

Certified Public Accountants

4601 DTC BOULEVARD • SUITE 700

DENVER, COLORADO 80237

(303) 753-1959

(303) 753-0338

www.spicerjeffries.com

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Partners of

United States Oil Fund, LP

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the accompanying statement of financial condition of United States Oil Fund, LP (the “Fund”) as of December 31, 2022, including the schedule of investments as of December 31, 2022, and the related statements of operations, changes in partners’ capital and cash flows for each of the years in the two-year period ended December 31, 2022, and the related notes (collectively referred to as the “financial statements”).

We also have audited the Fund’s internal control over financial reporting as of December 31, 2022, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”).

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of United States Oil Fund, LP as of December 31, 2022, and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, 2022, in conformity with accounting principles generally accepted in the United States of America.

Also, in our opinion, the Fund maintained, in all material respects, effective internal control over financial reporting as of December 31, 2022 based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO.

Basis for Opinion

Our responsibility is to express an opinion on the Fund’s financial statements and an opinion on the Fund’s internal control over financial reporting based on our audits.

10 unchanged sentences

Definition and Limitations of Internal Control over Financial Reporting

A Fund’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

A Fund’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Fund;

(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Fund are being made only in accordance with authorizations of management and directors of the Fund;

and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Fund’s assets that could have a material effect on the financial statements.

and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company ’ s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.

2 unchanged sentences

Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that:

(1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments.

(1) relate to accounts or disclosures that are material to the financial statements and (2) involved especially challenging, subjective, or complex judgments.

We determined that there are no critical audit matters.

/s/ Spicer Jeffries LLP

Denver, Colorado

We have served as the Fund ’ s auditor since 2023.

/s/ COHEN & COMPANY, LTD.

COHEN & COMPANY, LTD .

Philadelphia, Pennsylvania

February 28, 2025

7 unchanged sentences

Cash and cash equivalents (at cost $ 280,259,886 and $ 511,287,941 , respectively)

1,097,496,501

Unrealized gain (loss) on open commodity futures contracts

Unrealized gain (loss) on open swap contracts

Due from Broker

Receivable for shares sold

39 unchanged sentences

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

1,225,940,440

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

( 3,387,630 )

Total Open Futures Contracts*

1,294,199,590

Shares/Principal

4 unchanged sentences

Total United States Money Market Funds

Open OTC Commodity Swap Contracts

Fund Receives

1 unchanged sentence

Contracts (a)

MACQUARIE MQCP361E 01192024Index (b)

Macquarie Bank Ltd.

SOC GEN SGIXCWTI 12202024Index (b)

Societe Generale

MACQUARIE MQCP361E 07192024Index (b)

Macquarie Bank Ltd.

Total Open OTC Commodity Swap Contracts Ù

1 unchanged sentence

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

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

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

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

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

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

See accompanying notes to financial statements.

10 unchanged sentences

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

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

( 3,387,630 )

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*

10 unchanged sentences

Contracts (a)

MQCP361E Index (b)

MACQUARIE MQCP361E 01192024Index (b)

Macquarie Bank Ltd.

SGIXCWTI Index (b)

SOC GEN SGIXCWTI 12292023Index (b)

Societe Generale

15 unchanged sentences

( 63,502,154 )

1,911,763,583

Realized gain (loss) on closed OTC commodity swap contracts

4 unchanged sentences

( 92,251,288 )

( 287,006,734 )

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

4 unchanged sentences

( 34,899,677 )

1,626,227,665

General Partner management fees (Note 3)

2 unchanged sentences

Directors’ fees and insurance

Registration fees

Total Expenses

1 unchanged sentence

( 46,043,522 )

1,602,274,244

Net Income (Loss) per limited partner share

20 unchanged sentences

( 46,043,522 )

1,602,274,244

Balances at end of year

13 unchanged sentences

( 46,043,522 )

1,602,274,244

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

( 25,379,090 )

Change in unrealized (gain) loss on open swap contracts

1 unchanged sentence

( 1,316,693 )

( 3,879,706 )

(Increase) decrease in interest receivable

2 unchanged sentences

(Increase) decrease in prepaid insurance

(Increase) decrease in prepaid registration fees

(Increase) decrease in ETF transaction fees receivable

(Increase) decrease in receivable due from Broker

( 13,487,676 )

Increase (decrease) payable due to custody

10 unchanged sentences

( 12,788,485 )

1,867,918,802

Cash Flows from Financing Activities:

23 unchanged sentences

1,953,896,501

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

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

Cash and cash equivalents

1,565,100,289

Equity in Trading Accounts:

11 unchanged sentences

The United States Oil Fund, LP (“USO”) was organized as a limited partnership under the laws of the state of Delaware on May 12, 2005.

USO is a commodity pool that issues limited partnership interests (“shares”) that may be purchased and sold on the NYSE Arca, Inc.

USO is a commodity pool that issues limited partnership interests (“shares”) that are traded on the NYSE Arca, Inc.

(the “NYSE Arca”).

7 unchanged sentences

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, liquidity requirements, or in view of market conditions, and other oil-related investments such as cash-settled options on Oil Futures Contracts, forward contracts for oil, cleared swap contracts and over-the-counter (“OTC”) transactions that are based on the price of crude oil, diesel-heating oil, gasoline, natural gas and other petroleum-based fuels, Oil Futures Contracts and indices based on the foregoing (collectively, “Other Oil-Related Investments”).

and foreign exchanges (collectively, “Oil Futures Contracts”) and to a lesser extent, in order to comply with regulatory requirements, risk mitigation measures (including those that may be taken by USO, USO’s futures commission merchants (“FCMs”), counterparties or other market participants), liquidity requirements, or in view of market conditions, 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 December 31, 2024, USO held 11,084 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.

USO is currently invested in Oil Futures Contracts in months other than the Benchmark Oil Futures Contract.

This has impacted the performance of USO and its ability meet its investment objective within as narrow a percentage difference between the average daily percentage change in USO’s 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.

Following the significant market volatility that occurred in the Spring of 2020 and the market conditions, regulatory requirements and risk mitigation measures taken by USO and USO’s FCM that impacted USO as a result thereof, USO previously disclosed the parameters for making decisions regarding the permitted investments USO would hold, including the intended order of priority in selecting investments and the type of investments to be held in its portfolio.

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

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

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

1 unchanged sentence

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

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

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

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

24 unchanged sentences

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

As of December 31, 2023, USO had registered an unlimited number of shares available for issuance.

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

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

10 unchanged sentences

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

USO earns income on funds held at the custodian or futures commission merchants (“FCMs”) at prevailing market rates earned on such investments.

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

Brokerage Commissions

26 unchanged sentences

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

The weighted average shares are equal to the number of shares outstanding at the end of the period, adjusted proportionately for shares added and redeemed based on the amount of time the shares were outstanding during such period.

The weighted average shares are equal to the number of shares outstanding at the end of the period, adjusted proportionately for

shares added and redeemed based on the amount of time the shares were outstanding during such period.

There were no shares held by USCF at December 31, 2024.

5 unchanged sentences

Cash equivalents include money market funds and overnight deposits or time deposits with original maturity dates of three months or less.

Reclassification

Certain amounts in the accompanying financial statements were reclassified to conform to the current presentation.

Use of Estimates

2 unchanged sentences

Actual results may differ from those estimates and assumptions.

Recently Issued Accounting Pronouncement

USO adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”).

USO operates in one segment.

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

NOTE 3 — FEES PAID BY THE FUND AND RELATED PARTY TRANSACTIONS

6 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 years ended December 31, 2023, 2022 and 2021, USO incurred $ 0 , $ 0 and $ 1,260,041 , respectively, in registration fees and offering expenses.

For the years ended December 31, 2024, 2023 and 2022, USO did no t incur 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, 2023 totaled $ 723,121 for USO and, in the aggregate for USO and the Related Public Funds, approximately $ 1,210,000 .

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

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

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

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

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

Licensing Fees

1 unchanged sentence

Pursuant to the agreement, USO and the Related Public Funds, other than BNO, USCI and CPER, pay a licensing fee that is equal to 0.015 % on all net assets.

During the years ended December 31, 2023, 2022 and 2021, USO incurred $ 237,942 , $ 384,747 and $ 446,110 , respectively under this arrangement.

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

Investor Tax Reporting Cost

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 $ 2,115,461 for the year ending December 31, 2023.

These costs were $ 2,540,054 for the year ending December 31, 2024.

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

5 unchanged sentences

USO is party to a marketing agent agreement, dated as of March 13, 2006, as amended from time to time, with the Marketing Agent and USCF, whereby the Marketing Agent provides certain marketing services for USO as outlined in the agreement.

The fees of the Marketing Agent, which are borne by USCF, include a marketing fee of $ 425,000 per annum plus the following incentive fee:

0.00 % on USO’s assets from $ 0 – $ 500 million;

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.

The agreement with the Marketing Agent was 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.

11 unchanged sentences

(“ADMIS”) to serve as additional FCMs to USO effective on May 28, 2020, June 5, 2020, December 3, 2020 and August 8, 2023, 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

In accordance with the FCM agreements, USO pays each FCM commissions of approximately $ 7 to $ 8 per round-turn trade, including applicable exchange, clearing and NFA fees for Oil Futures Contracts and options on Oil Futures Contracts.

9 unchanged sentences

Swap Dealer Agreements

USO entered into ISDA 2002 Master Agreements with each of Macquarie Bank Limited (the “Macquarie ISDA”) and Société Générale S.A.

(“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, are posted on USO’s webpage, www.uscfinvestments.com.

USO entered into ISDA 2002 Master Agreements with (1) Macquarie Bank Limited on November 30, 2021 (the “Macquarie ISDA”), (2) Société Générale on June 13, 2022 (the “Société Générale ISDA”), and (3) The Bank of Nova Scotia on August 5, 2024 (the “ScotiaBank ISDA”), pursuant to which each of Macquarie Bank Limited, Société Générale and The Bank of Nova Scotia has agreed to serve as an over-the-counter (“OTC”) swap counterparty for USO.

The Macquarie ISDA, the Société Générale ISDA and the ScotiaBank ISDA (together, the “ISDA Agreements”), 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 ISDA Agreements in light of the foregoing.

Any OTC swap transactions of USO that are outstanding under any ISDA Agreement, along with USO’s other holdings, are posted 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.

9 unchanged sentences

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

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

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

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

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

15 unchanged sentences

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

These and other factors could cause continuing or increased volatility in the future, which may affect the value, pricing and liquidity of some investments or other assets, including those held by or invested in by USO and the impact of which could limit USO’s ability to have a substantial portion of its assets invested in the Futures Contracts and/or Other Oil-Related Investments.

All of the futures contracts held by USO through December 31, 2024, 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 into OTC swaps during the period ended March 31, 2022.

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.

12 unchanged sentences

USO also holds cash deposits with its custodian.

As of December 31, 2023 and December 31, 2022, USO held cash deposits and investments in Treasuries in the amounts of $ 1,136,246,515 and $ 1,097,496,501 respectively, with the custodian and FCMs.

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

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

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

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

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

18 unchanged sentences

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

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

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

United States Oil Fund, LP Securities Litigation

3 unchanged sentences

The Court thereafter consolidated the Lucas Class Action with two related putative class actions filed on July 31, 2020 and August 13, 2020, and appointed a lead plaintiff.

The consolidated class action

is pending in the U.S.

The consolidated class action is pending in the U.S.

District Court for the Southern District of New York under the caption In re:

107 unchanged sentences

( 132,775,208 )

( 32,164,547 )

( 293,623,376 )

Total Expenses

1 unchanged sentence

( 135,450,397 )

( 34,910,503 )

( 296,561,045 )

Net Income (Loss) per Share

1 unchanged sentence

( 66,835,819 )

( 32,164,547 )

( 293,623,376 )

Total Expenses

1 unchanged sentence

( 69,659,449 )

( 34,910,503 )

( 296,561,045 )

Net Income (Loss) per Share

64 unchanged sentences

( 63,502,154 )

1,911,763,583

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

1 unchanged sentence

( 92,251,288 )

( 287,006,734 )

OTC Swap - Commodity Contracts

9 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