United States Oil Fund, LP Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>United States Oil Fund, LP filed its quarterly 10-Q report for the period ending March 31, 2024.</b>

AI Summary

United States Oil Fund, LP (USO) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. The United States Oil Fund, LP (USO) is the filer. The report is a 10-Q filing, indicating a quarterly report. The fiscal year end for the company is December 31. The company's business and mailing address is in Walnut Creek, CA.

Why It Matters

For investors and stakeholders tracking United States Oil Fund, LP, this filing contains several important signals. This filing provides investors with an update on the financial performance and operational status of the USO during the first quarter of 2024. As a fund focused on oil futures, this report is crucial for understanding its exposure to commodity markets and any associated risks.

Risk Assessment

Risk Level: medium — United States Oil Fund, LP shows moderate risk based on this filing. The fund's performance is directly tied to the volatile oil market, and the filing details its commodity contracts and potential market risks.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-Q to assess the fund's current position and future outlook in the oil market.

Key Numbers

• 2024-03-31 — Period End Date (Reporting period for the 10-Q)
• 2024-05-09 — Filing Date (Date the 10-Q was filed)
• 1231 — Fiscal Year End (Annual fiscal year end date)

Key Players & Entities

• United States Oil Fund, LP (company) — Filer of the report
• USO (company) — Ticker symbol for United States Oil Fund, LP
• 2024-03-31 (date) — End of the reporting period
• 2024-05-09 (date) — Filing date
• Walnut Creek, CA (location) — Business and mailing address

FAQ

Risk Factors

• Market Risk [high — market]: The fund's performance is directly linked to fluctuations in the price of crude oil and other energy products.
• Commodity Contract Risk [high — financial]: The fund invests in commodity futures contracts, which carry inherent risks related to price volatility and contract expirability.

Industry Context

The United States Oil Fund, LP is an exchange-traded fund designed to track the price of crude oil.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring regular disclosures to the SEC.

What Investors Should Do

1. Review the fund's holdings in commodity futures contracts for the period ending March 31, 2024.
2. Analyze the risk factors section for specific details on market and financial risks associated with oil futures.
3. Compare the fund's performance and disclosures in this 10-Q with previous filings.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-09: Filing Date — Date the 10-Q was officially submitted to the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with an update on the company's financial performance during the quarter.)

Commodity Futures Contracts

Agreements to buy or sell a commodity at a specified price on a future date. (Key investment instruments for the United States Oil Fund, exposing it to market volatility.)

Year-Over-Year Comparison

This is a standard 10-Q filing for the first quarter of 2024, providing updated financial information compared to the previous fiscal year's filings.

Filing Documents

• uso-20240331x10q.htm (10-Q) — 1217KB
• uso-20240331xex31d1.htm (EX-31.1) — 15KB
• uso-20240331xex31d2.htm (EX-31.2) — 14KB
• uso-20240331xex32d1.htm (EX-32.1) — 7KB
• uso-20240331xex32d2.htm (EX-32.2) — 7KB
• uso-20240331x10q009.jpg (GRAPHIC) — 40KB
• uso-20240331x10q010.jpg (GRAPHIC) — 55KB
• uso-20240331x10q011.jpg (GRAPHIC) — 57KB
• uso-20240331x10q012.jpg (GRAPHIC) — 59KB
• uso-20240331x10q013.jpg (GRAPHIC) — 46KB
• 0001410578-24-000684.txt (&nbsp;) — 5064KB
• uso-20240331.xsd (EX-101.SCH) — 42KB
• uso-20240331_cal.xml (EX-101.CAL) — 28KB
• uso-20240331_def.xml (EX-101.DEF) — 113KB
• uso-20240331_lab.xml (EX-101.LAB) — 253KB
• uso-20240331_pre.xml (EX-101.PRE) — 212KB
• uso-20240331x10q_htm.xml (XML) — 626KB

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION Page

Condensed Financial Statements

Item 1. Condensed Financial Statements. 1

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. 21

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk. 41

Controls and Procedures

Item 4. Controls and Procedures. 42

OTHER INFORMATION

Part II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings. 42

Risk Factors

Item 1A. Risk Factors. 45

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 46

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities. 46

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. 46

Other Information

Item 5. Other Information. 46

Exhibits

Item 6. Exhibits. 47 Table of Contents

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION

Condensed Financial Statements

Item 1. Condensed Financial Statements. Index to Condensed Financial Statements Documents Page Condensed Statements of Financial Condition at March 31, 2024 (Unaudited) and December 31, 2023 2 Condensed Schedules of Investments at March 31, 2024 (Unaudited) and December 31, 2023 3 Condensed Statements of Operations (Unaudited) for the three months ended March 31, 2024 and 2023 5 Condensed Statements of Changes in Partners' Capital (Unaudited) for the three months ended March 31, 2024 and 2023 6 Condensed Statements of Cash Flows (Unaudited) for the three months ended March 31, 2024 and 2023 7 Notes to Condensed Financial Statements (Unaudited) for the period ended March 31, 2024 8 1 Table of Contents United States Oil Fund, LP Condensed Statements of Financial Condition At March 31, 2024 (Unaudited) and December 31, 2023 March 31, 2024 December 31, 2023 Assets Cash and cash equivalents (at cost $ 909,064,898 and $ 952,408,574 , respectively) (Notes 2 and 5) $ 909,064,898 $ 952,408,574 Equity in trading accounts: Cash and cash equivalents (at cost $ 359,674,710 and $ 511,287,941 , respectively) 359,674,710 511,287,941 Unrealized gain (loss) on open commodity futures contracts 56,477,810 3,051,930 Unrealized gain (loss) on open swap contracts ( 2,088 ) ( 1,906 ) Receivable for shares sold 132,771,216 113,785,226 Dividends receivable 1,449,170 1,460,430 Interest receivable 4,129,547 4,646,281 Prepaid insurance 242,909 72,180 ETF transaction fees receivable 4,000 2,000 Total Assets $ 1,463,812,172 $ 1,586,712,656 Liabilities and Partners' Capital Payable due to Broker $ 63,264 $ 16,928,846 Payable for shares redeemed 39,464,986 — General Partner management fees payable (Note 3) 519,097 574,149 Professional fees payable 942,990 1,629,830 Brokerage commissions payable 119,336 119,336 Directors' fees payable 33,570 32,993 License fees payable

View Full Filing

View this 10-Q filing on SEC EDGAR