United States Oil Fund, LP SEC Filings

United States Oil Fund, LP reports strong April 2026 performance, with net income of $271,053,004. Total income of $272,240,103 was driven mainly by realized trading gains on commodity futures of $398,705,490 and gains on swap contracts of $24,490,098, partly offset by unrealized losses on futures.

Expenses were modest at $1,187,099, leaving most trading and investment gains flowing through to net income. Net asset value moved from $2,644,609,680 at the beginning of April to $1,692,436,477 at month-end after accounting for partner activity.

The fund recorded additions of $1,653,060,784 from 12,900,000 new shares and withdrawals of $2,876,286,991 tied to 22,300,000 shares redeemed. Net asset value per share at April 30, 2026 was $146.87 based on 11,523,603 shares outstanding.

United States Oil Fund, LP filed Post-Effective Amendment No. 1 to its Form S-3 (Registration No. 333-272617) on May 14, 2026 to add exhibits to the effective registration statement pursuant to Rule 462(d). The amendment consists only of a facing page, an explanatory note and Part II listing exhibits and does not modify other parts of the registration statement.

The filing includes an estimate of issuance expenses showing an Auditor’s fee of $1, Legal fees of $20,000, Printing of $1 and lists the SEC and NYSE Arca listing fees as $0. A schedule of exhibits identifies organizational documents, agreements (custodian, administrative, ISDA Master Agreements) and counsel and tax opinions incorporated by reference.

United States Oil Fund, LP reported a very strong first quarter of 2026, driven by rising crude oil futures prices. Net income reached $983.7 million for the three months ended March 31, 2026, compared to $40.3 million a year earlier.

Net asset value per share increased from $69.10 at December 31, 2025 to $126.39 at March 31, 2026, delivering a stated total return of 82.91% for the quarter. Assets grew to $2.74 billion, with 23,766 NYMEX WTI crude oil futures contracts and significant cash and money market holdings supporting margin and liquidity.

United States Oil Fund, LP released its monthly account statement for the month ended March 31, 2026. The fund generated total income of $796,088,534, driven mainly by realized trading gains on commodity futures of $421,578,821, realized gains on swap contracts of $77,098,919, and unrealized gains on commodity futures of $285,459,350.

Total expenses were $1,217,055, resulting in net income of $794,871,479 for the month. Net asset value increased from $1,153,105,889 at the beginning of the month to $2,644,609,680 at month-end, reflecting additions of 20,000,000 shares and withdrawals of 13,200,000 shares. Net asset value per share was $126.39 based on 20,923,603 shares outstanding.

United States Oil Fund, LP (USO) offers continuously issued shares on NYSE Arca that seek to track daily percentage changes in the spot price of light, sweet crude oil delivered to Cushing, Oklahoma, as measured by a specified short-term futures contract (the Benchmark Oil Futures Contract), plus interest on collateral less expenses. USO targets that the average daily percentage change in NAV over any 30 successive valuation days be within ±10% of the average daily percentage change in the Benchmark Oil Futures Contract.

USO invests primarily in oil futures and, when needed, in economically equivalent cleared swaps, OTC swaps and other oil-related instruments. USO may hold larger cash/Treasury amounts, limit creations, or invest beyond the Benchmark contract when market conditions, regulatory position limits, FCM risk controls, or liquidity considerations require. The prospectus date is April 24, 2026.

United States Oil Fund, LP furnishes its audited financial statements for 2025, showing a net loss of $64,657,517 compared with 2024 net income of $221,118,191. Net asset value per share fell from $75.45 to $69.10, producing a total return of (8.42)% for the year.

The fund’s loss was driven by realized and unrealized losses on crude oil futures and swap contracts, partly offset by dividend and interest income. Partners’ capital declined to $886,076,412, with 12,823,603 limited partner shares outstanding at year-end. Independent auditors issued an unqualified opinion on both the financial statements and internal control over financial reporting.

United States Oil Fund, LP furnished its monthly account statement for the month ended February 28, 2026. The fund reported net income of $46,819,122, driven primarily by a $82,865,320 realized trading gain on commodity futures and a $9,409,647 realized gain on swap contracts, partly offset by unrealized losses.

Total income was $47,526,979 against total expenses of $707,857. Net asset value increased from $1,019,255,679 at the beginning of the month to $1,153,105,889, helped by net capital additions and income. Net asset value per share was $81.64 based on 14,123,603 shares outstanding at month-end.

United States Oil Fund, LP filed a report furnishing the audited statements of financial condition of its general partner, United States Commodity Funds LLC (USCF), as of December 31, 2025 and 2024. USCF reported total assets of $6.7 million and member’s equity of $5.1 million at year-end 2025, down modestly from $7.1 million in assets and $5.3 million in equity a year earlier. Cash and cash equivalents were $1.5 million, and investments at fair value were $2.4 million, almost entirely Level 1 money market funds. Management fees receivable from the commodity funds totaled $1.2 million in 2025, with the largest exposures to USO and UNG. The audit opinion from BPM LLP is unqualified, though it highlights a critical audit matter around legal loss contingencies, as USCF and related entities are involved in multiple ongoing legal proceedings and past SEC/CFTC settlements, with no accrual recorded and potential outcomes that could materially affect results. The notes also describe an office lease extension in Walnut Creek through March 2028 and disclose dividends of $450,000 and $400,000 paid to the parent in early 2026.

United States Oil Fund, LP (USO) is a Delaware commodity pool whose shares trade on NYSE Arca and are designed to track, in percentage terms, daily moves in a benchmark NYMEX light, sweet crude oil futures contract, plus interest on collateral, less expenses.

USO targets the average daily percentage change in its net asset value over 30 valuation days to be within ±10% of the same measure for its Benchmark Oil Futures Contract. It primarily holds crude oil futures and other oil-related derivatives, supported by U.S. Treasuries, cash and cash equivalents for margin and collateral.

Shares are created and redeemed only in 100,000‑share baskets by authorized participants at net asset value, while public investors trade shares intraday on the exchange. As of June 30, 2025, non‑affiliate-held shares had an aggregate market value of $1,226,307,166, and there were 14,823,603 shares outstanding as of February 23, 2026.