What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2025-08-08 compared with 2025-05-09 · 106 added, 61 removed, 580 unchanged (22% of the section changed)

1 unchanged sentence

Index to Financial Statements

Statements of Financial Condition at March 31, 2025 (Unaudited) and December 31, 2024

Schedules of Investments at March 31, 2025 (Unaudited) and December 31, 2024

Statements of Operations (Unaudited) for the three months ended March 31, 2025 and 2024

Statements of Changes in Partners’ Capital (Unaudited) for the three months ended March 31, 2025 and 2024

Statements of Cash Flows (Unaudited) for the three months ended March 31, 2025 and 2024

Notes to Financial Statements (Unaudited) for the period ended March 31, 2025

Statements of Financial Condition at June 30, 2025 (Unaudited) and December 31, 2024

Schedules of Investments at June 30, 2025 (Unaudited) and December 31, 2024

Statements of Operations (Unaudited) for the three and six months ended June 30, 2025 and 2024

Statements of Changes in Partners’ Capital (Unaudited) for the three and six months ended June 30, 2025 and 2024

Statements of Cash Flows (Unaudited) for the six months ended June 30, 2025 and 2024

Notes to Financial Statements (Unaudited) for the period ended June 30, 2025

United States Oil Fund, LP

Statements of Financial Condition

At March 31, 2025 (Unaudited) and December 31, 2024

March 31, 2025

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

June 30, 2025

December 31, 2024

3 unchanged sentences

Unrealized gain (loss) on open commodity futures contracts

( 45,141,590 )

Unrealized gain (loss) on open swap contracts

( 8,919,388 )

Due from Broker

21 unchanged sentences

1,129,820,954

1,088,223,487

Total Partners’ Capital

1,129,820,954

1,088,223,487

Total Liabilities and Partners’ Capital

7 unchanged sentences

Schedule of Investments (Unaudited)

At March 31, 2025

At June 30, 2025

Value/Unrealized

Gain (Loss) on

Open Commodity

% of Partners’

2 unchanged sentences

United States Contracts

NYMEX WTI Crude Oil Futures CL May 2025 contracts, expiring April 2025 *

NYMEX WTI Crude Oil Futures CL August 2025 contracts, expiring July 2025 *

( 45,141,590 )

Shares/Principal

2 unchanged sentences

United States Money Market Funds

Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares, 4.29 % #

Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Shares, 4.23 % #

2 unchanged sentences

Fund Receives

Payments/(Premiums

Contracts (a)

MACQUARIE MQCP361E 01212025Index (b)

Macquarie Bank Ltd.

SOC GEN SGIXCWTI 01202025Index (b)

Societe Generale

( 8,918,329 )

MACQUARIE MQCP361E 01212025Index (b)

Macquarie Bank Ltd.

Total Open OTC Commodity Swap Contracts ˄

(a) Reflects the value at reset date of March 31, 2025.

( 8,919,388 )

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

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

1 unchanged sentence

˄ Collateral amounted to $ 30,344,315 on open OTC commodity swap contracts .

# Reflects the 7-day yield at March 31, 2025 .

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

See accompanying notes to financial statements.

5 unchanged sentences

% of Partners’

Notional Amount

Open Commodity Futures Contracts - Long

15 unchanged sentences

Total Open OTC Commodity Swap Contracts ˄

(a) Reflects the value at reset date of December 31, 2024.

(a) Reflects the value at the reset date of December 31, 2024

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

5 unchanged sentences

Statements of Operations (Unaudited)

For the three months ended March 31, 2025 and 2024

For the three and six months ended June 30, 2025 and 2024

Three months ended

March 31, 2025

March 31, 2024

Six months ended

June 30, 2025

June 30, 2024

June 30, 2025

June 30, 2024

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

Realized gain (loss) on closed commodity futures contracts

Realized gain (loss) on closed OTC commodity swap contracts

Realized gain (loss) on OTC commodity swap contracts

( 1,509,676 )

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

( 83,354,850 )

( 3,237,640 )

( 73,572,610 )

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

( 14,935,089 )

( 8,917,320 )

Dividend income

2 unchanged sentences

Total Income (Loss)

( 70,828,412 )

( 28,423,606 )

General Partner management fees (Note 3)

4 unchanged sentences

Net Income (Loss)

( 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, 2025 and 2024

For the three and six months ended June 30, 2025 and 2024

Limited Partners*

1 unchanged sentence

Three months ended

March 31, 2025

March 31, 2024

Six months ended

June 30, 2025

June 30, 2024

June 30, 2025

June 30, 2024

Balances at beginning of period

1 unchanged sentence

1,088,223,487

1,567,345,541

Addition of 36,900,000 , 26,000,000 , 61,300,000 and 59,400,000 partnership shares, respectively

1 unchanged sentence

2,013,798,411

4,496,567,885

4,410,774,442

Redemption of ( 34,100,000 ), ( 28,200,000 ), ( 60,300,000 ) and ( 67,000,000 ) partnership shares, respectively

1 unchanged sentence

( 2,196,340,534 )

( 4,422,311,471 )

( 4,978,363,260 )

Net income (loss)

( 72,961,484 )

( 32,658,947 )

Balances at end of period

1,129,820,954

1,259,980,186

1,129,820,954

1,259,980,186

* 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, 2025 and 2024

Three months ended

March 31, 2025

March 31, 2024

For the six months ended June 30, 2025 and 2024

Six months ended

June 30, 2025

June 30, 2024

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:

1 unchanged sentence

( 50,188,240 )

( 53,425,880 )

Change in unrealized (gain) loss on open swap contracts

( 6,017,769 )

(Increase) decrease in receivable from Due from Broker

(Increase) decrease in dividends receivable

(Increase) decrease in interest receivable

(Increase) decrease in due from Broker

(Increase) decrease in prepaid insurance

3 unchanged sentences

( 16,866,100 )

( 16,865,582 )

Increase (decrease) in General Partner management fees payable

Increase (decrease) in professional fees payable

( 1,049,336 )

Increase (decrease) in directors’ fees payable

10 unchanged sentences

( 493,617,988 )

( 364,567,699 )

Net Increase (Decrease) in Cash and Cash Equivalents

( 300,608,474 )

( 194,956,907 )

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, 2025

For the period ended June 30, 2025

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, 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 March 31, 2025, USO held 9,485 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, 2025, USO held 13,845 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.

61 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, 2025.

No interest expense or penalties have been recognized as of and for the period ended June 30, 2025.

Creations and Redemptions

13 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, 2025.

There were no shares held by USCF at June 30, 2025.

Offering Costs

22 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, 2025 and 2024, USO did no t incur registration fees and other offering expenses.

For the six months ended June 30, 2025 and 2024, 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, 2025 and 2024, USO incurred $ 37,568 and $ 52,781 , respectively under this arrangement.

During the six months ended June 30, 2025 and 2024, USO incurred $ 74,748 and $ 102,473 , respectively under this arrangement.

Investor Tax Reporting Cost

26 unchanged sentences

USO also incurs commissions to brokers for the purchase and sale of Oil Futures Contracts, Other Oil-Related Investments or short-term obligations of the United States of two years or less (“Treasuries”).

Three months ended

March 31, 2025

March 31, 2024

Six months ended

June 30, 2025

June 30, 2024

Total commissions accrued to brokers

Total commissions as annualized percentage of average total net assets

The decrease in total commissions accrued to brokers for the three months ended March 31, 2025, compared to the three months ended March 31, 2024, was due primarily to a lower number of crude oil futures contracts being held and traded.

For the three months ended March 31, 2025, and 2024, the monthly average volume of open future contract notional value was $ 740,354,553 and $ 1,099,028,412 , respectively.

The increase in total commissions accrued to brokers for the six months ended June 30, 2025, compared to the six months ended June 30, 2024, was due primarily to a higher number of crude oil futures contracts being held and traded.

For the six months ended June 30, 2025, and 2024, the monthly average volume of open future contract notional value was $ 764,159,519 and $ 1,044,305,660 , respectively.

Swap Dealer Agreements

32 unchanged sentences

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

All of the futures contracts held by USO through March 31, 2025, were exchange-traded.

All of the futures contracts held by USO through June 30, 2025, were exchange-traded.

The risks associated with exchange-traded contracts are generally perceived to be less than those associated with OTC swaps since, in OTC swaps, a party must rely solely on the credit of its respective individual counterparties.

12 unchanged sentences

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

As of March 31, 2025 and December 31, 2024, USO held investments in money market funds in the amounts of $ 492,450,000 and $ 727,450,000 , respectively.

As of June 30, 2025 and December 31, 2024, USO held investments in money market funds in the amounts of $ 352,450,000 and $ 727,450,000 , respectively.

USO also holds cash deposits with its custodian and FCMs.

As of March 31, 2025 and December 31, 2024, USO held cash deposits in the amounts of $ 510,909,489 and $ 280,259,886 respectively, with the custodian and FCMs.

As of June 30, 2025 and December 31, 2024, USO held cash deposits in the amounts of $ 910,884,525 and $ 280,259,886 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, 2025, the monthly average volume of open future and swap contract notional value was $ 740,354,553 and $ 296,622,146 , respectively.

For the three months ended March 31, 2024, the monthly average volume of open future and swap contract notional value was $ 1,099,028,412 and $ 6,639,291 , respectively.

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

For the six months ended June 30, 2024, the monthly average volume of open future and swap contract notional value was $ 1,044,305,660 and $ 299,126,144 , respectively.

Settlement of SEC and CFTC Investigations

109 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, 2025 and 2024 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, 2025 and 2024 for the shareholders.

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

1 unchanged sentence

Three months ended

March 31, 2025

March 31, 2024

Six months ended

June 30, 2025

June 30, 2024

June 30, 2025

June 30, 2024

Per Share Operating Performance:

28 unchanged sentences

The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest input level that is significant to the fair value measurement in its entirety.

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

At March 31, 2025

The following table summarizes the valuation of USO’s securities at June 30, 2025 using the fair value hierarchy:

At June 30, 2025

Short-Term Investments

1 unchanged sentence

United States Contracts

( 45,141,590 )

OTC Commodity Swap Contracts

( 8,919,388 )

The following table summarizes the valuation of USO’s securities at December 31, 2024 using the fair value hierarchy:

10 unchanged sentences

Statements of Financial Condition Location

March 31, 2025

June 30, 2025

December 31, 2024

1 unchanged sentence

Unrealized gain (loss) on open commodity futures contracts

( 45,141,590 )

Swap - Commodity Contracts

Unrealized gain (loss) on open OTC commodity swap contracts

( 8,919,388 )

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, 2025

March 31, 2024

For the six months ended

June 30, 2025

June 30, 2024

Location of Gain

13 unchanged sentences

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

( 73,572,610 )

OTC Swap - Commodity Contracts

2 unchanged sentences

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

( 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