USOMEDIUM SIGNALOPERATIONAL10-K

USO modified its futures contract rolling strategy from a ten-day to five-day period while maintaining its investment objective and benchmark tracking parameters.

This operational adjustment represents a tactical refinement to USO's execution methodology that could impact transaction costs and tracking efficiency. The fund has also formalized its post-2020 investment framework with explicit priority parameters and benchmark tracking targets of +/-10%, providing greater transparency around portfolio management decisions following the market disruption period.

Comparing 2026-02-27 vs 2025-02-28View on EDGAR →
FINANCIAL ANALYSIS

USO's balance sheet contracted modestly with total assets declining 19.1% to $889.6M, while cash holdings decreased 10.4% to $651.9M. Most notably, total liabilities fell substantially by 67.4% to $3.5M, suggesting reduced operational leverage or settlement of outstanding obligations. The overall financial position reflects a more streamlined balance sheet structure with lower asset levels but significantly reduced liability exposure.

FINANCIAL STATEMENT CHANGES
Total Liabilities
Balance Sheet
-67.4%
$10.9M→$3.5M

Liabilities reduced 67.4% — deleveraging improves balance sheet strength and financial flexibility.

Total Assets
Balance Sheet
-19.1%
$1.1B→$889.6M

Total assets contracted 19.1% — asset sales, write-downs, or balance sheet optimization underway.

Cash & Equivalents
Balance Sheet
-10.4%
$727.5M→$651.9M

Cash decreased 10.4% — monitor burn rate and upcoming capital needs.

LANGUAGE CHANGES
NEW — 2026-02-27
PRIOR — 2025-02-28
ADDED
USCF also serves as the general partner of the United States Natural Gas Fund, LP ( UNG ), the United States 12 Month Oil Fund, LP ( USL ), the United States Gasoline Fund, LP ( UGA ), which listed their limited partnership shares on the American Stock Exchange (the AMEX ) under the ticker symbols UNG on April 18, 2007, USL on December 6, 2007 and UGA on February 26, 2008, respectively.
To meet its investment objective, USO primarily invests in futures contracts for light, sweet crude oil, 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.
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 selection investments and the type of investments to be held in its portfolio.
Prior to January 1 2026, USO rolled its positions over a ten-day period instead of a five-day period.
The change from a ten-day roll period to a five-day roll period did not change USO s benchmark or its investment objective.
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REMOVED
The registrant had 13,423,603 outstanding shares as of February 24, 2025.
In providing such exposure, USCF employs a neutral investment strategy in order to track changes in the price of the Benchmark Oil Futures Contract regardless of whether the price goes up or goes down.
Prior to the Spring of 2020, USO has achieved its investment objective by primarily investing in the Benchmark Oil Futures Contract and Oil Futures Contracts for light, sweet crude oil traded on NYMEX and ICE Futures with the same maturity month as the Benchmark Oil Futures Contract.
In the Spring of 2020, significant market volatility occurred in the crude oil markets and the oil futures markets.
Such volatility was attributable to the COVID-19 pandemic, related supply chain disruptions and disputes among oil-producing countries over the potential limits on the production of crude oil, and a corresponding collapse in demand for crude oil and a lack of on-land storage for crude oil.
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