United States 12 Month Oil Fund, LP Files 2023 10-K

TL;DR

<b>United States 12 Month Oil Fund, LP filed its annual 10-K report for the fiscal year ending December 31, 2023.</b>

AI Summary

United States 12 Month Oil Fund, LP (USL) filed a Annual Report (10-K) with the SEC on February 29, 2024. The filing is a 10-K report for the fiscal year ending December 31, 2023. The company's principal business address is 1850 Mt. Diablo Blvd., Suite 640, Walnut Creek, CA 94596. The filing covers the period from January 1, 2023, to December 31, 2023. The report includes data related to commodity contracts and limited partners. Fair value inputs for short-term investments are categorized into Level 1, Level 2, and Level 3 for both 2023 and 2022.

Why It Matters

For investors and stakeholders tracking United States 12 Month Oil Fund, LP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of the fund's financial performance and operations for the fiscal year 2023, including details on its investment strategies and holdings. Understanding the fund's asset valuation methods (Level 1, 2, 3 inputs) and its exposure to commodity contracts is crucial for investors assessing risk and potential returns.

Risk Assessment

Risk Level: medium — United States 12 Month Oil Fund, LP shows moderate risk based on this filing. The fund's reliance on commodity contracts and specific fair value input levels for investments introduces market and valuation risks that require careful monitoring.

Analyst Insight

Investors should review the detailed breakdown of commodity contract positions and fair value hierarchy for short-term investments to assess the fund's risk exposure.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-29 — Filing Date (Date of submission)
• 1850 Mt. Diablo Blvd., Suite 640 — Business Address (Fund's primary location)
• 64 — Public Document Count (Number of documents in the filing)

Key Players & Entities

• United States 12 Month Oil Fund, LP (company) — Filer name
• 10-K (document) — Filing type
• 2023-12-31 (date) — Fiscal year end
• 2024-02-29 (date) — Filing date
• Walnut Creek, CA (location) — Business address city and state
• 0001405528 (identifier) — Central Index Key

FAQ

Risk Factors

• Fair Value Measurement [medium — financial]: The fund's investments are valued using fair value, with inputs categorized into Level 1, Level 2, and Level 3, indicating varying degrees of observability and potential valuation uncertainty.
• Commodity Contract Exposure [high — market]: The fund engages with commodity contracts, exposing it to the volatility and risks inherent in the oil market.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-29: Filing Date — Date the 10-K was officially submitted to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary filing type, providing the core financial and operational data for the fiscal year.)

Filing Documents

• usl-20231231x10k.htm (10-K) — 1930KB
• usl-20231231xex23d1.htm (EX-23.1) — 2KB
• usl-20231231xex31d1.htm (EX-31.1) — 13KB
• usl-20231231xex31d2.htm (EX-31.2) — 13KB
• usl-20231231xex32d1.htm (EX-32.1) — 6KB
• usl-20231231xex32d2.htm (EX-32.2) — 6KB
• usl-20231231xex97d1.htm (EX-97.1) — 31KB
• usl-20231231x10k009.gif (GRAPHIC) — 12KB
• usl-20231231x10k010.gif (GRAPHIC) — 12KB
• usl-20231231x10k011.jpg (GRAPHIC) — 96KB
• usl-20231231x10k012.jpg (GRAPHIC) — 80KB
• usl-20231231x10k013.jpg (GRAPHIC) — 2KB
• usl-20231231x10k014.jpg (GRAPHIC) — 3KB
• 0001410578-24-000106.txt (&nbsp;) — 6029KB
• usl-20231231.xsd (EX-101.SCH) — 46KB
• usl-20231231_cal.xml (EX-101.CAL) — 27KB
• usl-20231231_def.xml (EX-101.DEF) — 93KB
• usl-20231231_lab.xml (EX-101.LAB) — 254KB
• usl-20231231_pre.xml (EX-101.PRE) — 197KB
• usl-20231231x10k_htm.xml (XML) — 781KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations. 48 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. 66 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data. 68 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. 90 Item 9A.

Controls and Procedures

Controls and Procedures. 90 Item 9B. Other Information. 90 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 90 Part III Item 10. Directors, Executive Officers and Corporate Governance. 91 Item 11.

Executive Compensation

Executive Compensation. 96 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. 96 Item 13. Certain Relationships and Related Transactions, and Director Independence. 97 Item 14. Principal Accountant Fees and Services. 97 Part IV Item 15. Exhibits and Financial Statement Schedules. 98 Item 16. Form 10-K Summary. 99 Exhibit Index. 98 Signatures. 100 Table of Contents Part I

Business

Item 1. Business. What is USL? The United States 12 Month Oil Fund, LP ("USL") is a Delaware limited partnership organized on June 27, 2007. USL maintains its main business office at 1850 Mt. Diablo Boulevard, Suite 640, Walnut Creek, California 94596. USL is a commodity pool that issues limited partnership interests ("shares") traded on the NYSE Arca, Inc. (the "NYSE Arca"). USL's shares began trading on December 6, 2007. It operates pursuant to the terms of the Third Amended and Restated Agreement of Limited Partnership dated as of December 15, 2017 (as amended from time to time, the "LP Agreement"), which grants full management control to its general partner, United States Commodity Funds LLC ("USCF"). The investment objective of USL is for the daily changes in percentage terms of its per share net asset value ("NAV") to reflect the daily changes in percentage terms of the spot price of light, sweet crude oil delivered to Cushing, Oklahoma, as measured by the daily changes in the average of the prices of specified short-term futures contracts on light, sweet crude oil called the "Benchmark Oil Futures Contracts," plus interest earned on USL's collateral holdings, less USL's expenses. The Benchmark Oil Futures Contracts are the futures contracts on light, sweet crude oil as traded on the New York Mercantile Exchange (the "NYMEX") that is the near month contract to expire and the contracts for the following 11 months, for a total of 12 consecutive months' contracts, except when the near month contract is within two weeks of expiration, in which case it will be the futures contract that is the next month contract to expire and the contracts for the following 11 consecutive months. When calculating the daily movement of the average price of the 12 contracts, each contract month is equally weighted. USL seeks to achieve its investment objective by investing so that the average daily percentage change in USL's NAV for any period of 30 successive valuation days wil

View Full Filing

View this 10-K filing on SEC EDGAR