US Oil Fund LP 2025 Financial Statements Mailed

EX-99.1 2 i26133_ex99-1.htm Exhibit 99.1

UNITED
STATES COMMODITY FUNDS LLC

General
Partner of the United States Oil Fund, LP

March 27, 2026

Dear United
States Oil Fund, LP Investor,

Enclosed with
this letter is your copy of the 2025 financial statements for the United States Oil Fund, LP (ticker symbol “USO”). We have
mailed this statement to all investors in USO who held shares as of December 31, 2025 to satisfy our annual reporting requirement under
federal commodities laws. In addition, the current United States Commodity Funds LLC (“USCF”) Privacy Policy applicable to
USO is available on USCF’s website at www.uscfinvestments.com.
Additional information concerning USO’s 2025 results may be found by referring to USO’s Annual Report on Form 10-K (the “Form
10-K”), which has been filed with the U.S. Securities and Exchange Commission (the “SEC”). You may obtain a copy of
the Form 10-K by going to the SEC’s website at www.sec.gov,
or by going to USCF’s website at www.uscfinvestments.com.
You may also call USCF at 1-800-920-0259 to speak to a representative
and request additional material, including a current USO Prospectus.

USCF is the
general partner of USO. USCF is also the general partner or sponsor and operator of several other commodity-based exchange-traded funds.
These other funds are referred to in the attached financial statements and include:

| United
States Natural Gas Fund, LP | (ticker
symbol: UNG) | United
States Commodity Index Fund | (ticker
symbol: USCI) |
| United
States 12 Month Oil Fund, LP | (ticker
symbol: USL) | United
States Copper Index Fund | (ticker
symbol: CPER) |
| United
States Gasoline Fund, LP | (ticker
symbol: UGA) | | |
| United
States 12 Month Natural Gas Fund, LP | (ticker
symbol: UNL) | | |
| United
States Brent Oil Fund, LP | (ticker
symbol: BNO) | | |

Information
about these other funds is contained within the Form 10-K as well as in the current USO Prospectus. Investors in USO who wish to receive
additional information about these other funds may do so by going to the USCF website at www.uscfinvestments.com.

You may also
call USCF at 1-800-920-0259 to request additional information.

Thank you for
your continued interest in USO.

Regards,

| /s/
John P. Love | |
| John P. Love | |
| President and
Chief Executive Officer | |
| United States
Commodity Funds LLC | |

*This letter
is not an offer to buy or sell securities. Investment in USO or any other funds should be made only after reading such fund’s prospectus.
Please consult the relevant prospectus for a description of the risks and expenses involved in any such investment.

UNITED
STATES OIL FUND, LP FINANCIAL STATEMENTS

For the years
ended December 31, 2025, 2024 and 2023

AFFIRMATION
OF THE COMMODITY POOL OPERATOR

To the Shareholders
of the United States Oil Fund, LP:

Pursuant to
Rule 4.22(h) under the Commodity Exchange Act, the undersigned represents that, to the best of his knowledge and belief, the information
contained in this Annual Report for the years ended December 31, 2025, 2024 and 2023 is accurate and complete.

| By | United States
Commodity Funds LLC, as General Partner | |
| | | |
| By: | /s/
John P. Love | |
| | John P. Love | |
| | President &
Chief Executive Officer of United States Commodity Funds LLC | |
| | On behalf of
United States Oil Fund, LP | |

REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Partners of

United States
Oil Fund, LP

Opinions
on the Financial Statements and Internal Control over Financial Reporting

We have audited
the accompanying statements of financial condition, including the schedules of investments, of United States Oil Fund, LP (the “Fund”)
as of December 31, 2025 and 2024, the related statements of operations, changes in partners’ capital, and cash flows for each of
the years in the three-year period ended December 31, 2025, and the related notes (collectively referred to as the “financial statements”).
We also have audited the Fund’s internal control over financial reporting as of December 31, 2025, based on criteria established
in Internal Control – Integrated Framework (2013) issued
by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”).

In our opinion,
the financial statements referred to above present fairly, in all material respects, the financial position of the Fund as of December
31, 2025 and 2024, the results of its operations, changes in partners’ capital, and its cash flows for each of the years in the
three-year period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.
Also, in our opinion, the Fund maintained, in all material respects, effective internal control over financial reporting as of December
31, 2025, based on criteria established in Internal Control – Integrated
Framework (2013) issued by COSO.

Basis
for Opinions

The Fund’s
management is responsible for these financial statements, for maintaining effective internal control over financial reporting, and for
its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s
Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Fund’s
financial statements and an opinion on the Fund’s internal control over financial reporting based on our audits. We are a public
accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required
to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations
of the Securities and Exchange Commission and the PCAOB.

We conducted
our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable
assurance about whether the financial statements are free of material misstatements, whether due to error or fraud, and whether effective
internal control over financial reporting was maintained in all material respects.

Our audits of
the financial statements included performing procedures to assess the risks of material misstatement of the financial statements, whether
due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used
and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our audit of
internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing
the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based
on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe
that our audits provide a reasonable basis for our opinions.

Definition
and Limitations of Internal Control over Financial Reporting

A company’s
internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.
A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance
of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;
(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance
with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with
authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection
of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its
inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation
of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.

Critical
Audit Matters

Critical audit
matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated
to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved
especially challenging, subjective, or complex judgments. We determined that there are no critical audit matters.

We have served
as the Fund’s auditor since 2023.

COHEN & COMPANY,
LTD.

Philadelphia, Pennsylvania

February 27,
2026

United
States Oil Fund, LP

Statements
of Financial Condition
At December 31, 2025 and December 31, 2024

| | | December 31,
2025 | | | | December 31,
2024 | | |
| Assets | | | | | | | | |
| Cash and cash equivalents (at cost $651,873,522 and $727,450,000, respectively) (Notes 2 and 5) | | $ | 651,873,522 | | | $ | 727,450,000 | |
| Equity in trading accounts: | | | | | | | | |
| Cash and cash equivalents (at cost $241,747,983 and $280,259,886, respectively) | | | 241,747,983 | | | | 280,259,886 | |
| Unrealized gain (loss) on open commodity futures contracts | | | (7,910,690 | ) | | | 28,431,020 | |
| Unrealized gain (loss) on open swap contracts | | | 964,023 | | | | (2,068 | ) |
| Due from Broker | | | — | | | | 13,487,676 | |
| Receivable for shares sold | | | — | | | | 45,270,292 | |
| Dividends receivable | | | 1,794,515 | | | | 2,777,123 | |
| Interest receivable | | | 1,048,791 | | | | 1,366,692 | |
| Prepaid insurance | | | 100,216 | | | | 42,308 | |
| ETF transaction fees receivable | | | — | | | | 1,000 | |
| | | | | | | | | |
| Total Assets | | $ | 889,618,360 | | | $ | 1,099,083,929 | |
| | | | | | | | | |
| Liabilities and Partners’ Capital | | | | | | | | |
| Payable due to Broker | | $ | 1,065,473 | | | $ | 7,872,455 | |
| General Partner management fees payable (Note 3) | | | 363,997 | | | | 436,917 | |
| Professional fees payable | | | 2,026,648 | | | | 2,011,267 | |
| Due to custody | | | — | | | | 318,003 | |
| Brokerage commissions payable | | | — | | | | 119,336 | |
| Directors’ fees payable | | | 28,436 | | | | 33,106 | |
| License fees payable | | | 57,394 | | | | 69,358 | |
| | | | | | | | | |
| Total Liabilities | | | 3,541,948 | | | | 10,860,442 | |
| | | | | | | | | |
| Commitments and Contingencies (Notes 3, 4 & 5) | | | | | | | | |
| | | | | | | | | |
| Partners’ Capital | | | | | | | | |
| General Partners | | | — | | | | — | |
| Limited Partners | | | 886,076,412 | | | | 1,088,223,487 | |
| Total Partners’ Capital | | | 886,076,412 | | | | 1,088,223,487 | |
| | | | | | | | | |
| Total Liabilities and Partners’ Capital | | $ | 889,618,360 | | | $ | 1,099,083,929 | |
| | | | | | | | | |
| Limited Partners’ shares outstanding | | | 12,823,603 | | | | 14,423,603 | |
| Net asset value per share | | $ | 69.10 | | | $ | 75.45 | |
| Market value per share | | $ | 69.16 | | | $ | 75.55 | |
| | | | | | | | | |
See
accompanying notes to financial statements.

United
States Oil Fund, LP

Schedule
of Investments

At
December 31, 2025

| | | Notional
Amount | | | | Number of
Contracts | | | | Fair
Value/Unrealized
Gain (Loss) on
Open
Commodity
Contracts | | | | % of Partners’
Capital | | |
| Open Commodity Futures Contracts—Long | | | | | | | | | | | | | | | | |
| United States Contracts | | | | | | | | | | | | | | | | |
| NYMEX WTI Crude Oil Futures CL February 2026 contracts, expiring January 2026 * | | $ | 764,706,290 | | | | 13,180 | | | $ | (7,910,690 | ) | | | (0.89 | ) |

| | | Shares/Principal
Amount | | | | Market Value | | | | % of
Partners’
Capital | | |
| Cash Equivalents | | | | | | | | | | | | |
| United States Money Market Funds | | | | | | | | | | | | |
| Dreyfus Institutional Preferred Government Money Market Fund — Institutional Shares, 3.71% # | | | 340,000,000 | | | $ | 340,000,000 | | | | 38.37 | |
| Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Shares, 3.69% # | | | 260,000,000 | | | | 260,000,000 | | | | 29.34 | |
| Total United States Money Market Funds | | | | | | $ | 600,000,000 | | | | 67.71 | |
| | | | | | | | | | | | | |
Open
OTC Commodity Swap Contracts

| Fund Receives from
Counterparty | | Fund Pays
Counterparty | | | | Counterparty | | Payment
Frequency | | Expiration
Date | | Notional
Amount | | | | Fair Value/Open
Commodity
Swap
Contracts | | | | Upfront
Payments/
(Premiums
Received) | | | | Unrealized Gain
(Loss) on
Commodity
Swap
Contracts (a) | | |
| MACQUARIE MQCP361E 07212025
Index (b) | | | 0.26 | % | | Macquarie
Bank Ltd. | | monthly | | 01/21/2026 | | $ | 67,552,633 | | | $ | 67,552,151 | | | | — | | | $ | (482 | ) |
| SOC GEN SGIXCWTI 12182025
Index (b) | | | 0.25 | % | | Societe Generale | | monthly | | 06/18/2026 | | $ | 60,833,138 | | | $ | 61,797,643 | | | | — | | | $ | 964,505 | |
| Total Open OTC Commodity Swap Contracts ^ | | | | | | | | | | | | $ | 128,385,771 | | | $ | 129,349,794 | | | | — | | | $ | 964,023 | |

| |

| | (a) | Reflects
the SocGen and Macquarie values at reset dates of December 19 and December 31, 2025, respectively. |

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

| | * | Collateral
amounted to $237,047,494 on open commodity futures contracts. |

| | ^ | Collateral amounted to $4,700,489
on open OTC commodity swap contracts. |

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

See
accompanying notes to financial statements.

United
States Oil Fund, LP

Schedule
of Investments

At
December 31, 2024

| | | Notional
Amount | | | | Number of
Contracts | | | | Fair
Value/Unrealized
Gain (Loss) on
Open
Commodity
Contracts | | | | % of Partners’
Capital | | |
| Open Commodity Futures Contracts—Long | | | | | | | | | | | | | | | | |
| United States Contracts | | | | | | | | | | | | | | | | |
| NYMEX WTI Crude Oil Futures CL February 2025 contracts, expiring January 2025 * | | $ | 766,513,460 | | | | 11,084 | | | $ | 28,431,020 | | | | 2.61 | |

| | | Shares/Principal
Amount | | | | Market Value | | | | % of
Partners’
Capital | | |
| Cash Equivalents | | | | | | | | | | | | |
| United States Money Market Funds | | | | | | | | | | | | |
| Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Shares, 4.43% # | | | 727,450,000 | | | $ | 727,450,000 | | | | 66.85 | |
| Total United States Money Market Funds | | | | | | $ | 727,450,000 | | | | 66.85 | |
| | | | | | | | | | | | | |
Open
OTC Commodity Swap Contracts

| Fund Receives from
Counterparty | | Fund Pays
Counterparty | | | | Counterparty | | Payment
Frequency | | Expiration
Date | | Notional
Amount | | | | Fair Value/Open
Commodity
Swap
Contracts | | | | Upfront
Payments/
(Premiums
Received) | | | | Unrealized Gain
(Loss) on
Commodity
Swap
Contracts (a) | | |
| SOC GEN SGIXCWTI 12202024
Index (b) | | | 0.25 | % | | Societe Generale | | monthly | | 06/20/2025 | | $ | 123,976,793 | | | $ | 123,975,932 | | | | — | | | $ | (861 | ) |
| MACQUARIE MQCP361E 07192024
Index (b) | | | 0.26 | % | | Macquarie Bank Ltd. | | monthly | | 01/21/2025 | | $ | 169,418,314 | | | $ | 169,417,107 | | | | — | | | $ | (1,207 | ) |
| Total Open OTC Commodity Swap Contracts ˄ | | | | | | | | | | | | $ | 293,395,107 | | | $ | 293,393,039 | | | | — | | | $ | (2,068 | ) |

| |

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

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

| | * | Collateral
amounted to $263,049,397 on open commodity futures contracts. |

| | ^ | Collateral amounted to $17,210,489
on open OTC commodity swap contracts. |

| | # | Reflects
the 7-day yield at December 31, 2024. |

See
accompanying notes to financial statements.

United
States Oil Fund, LP

Statements
of Operations
For the years ended December 31, 2025, 2024 and 2023

| | | Year ended
December 31,
2025 | | | | Year ended
December 31,
2024 | | | | Year ended
December 31,
2023 | | |
| Income | | | | | | | | | | | | |
| Gain (loss) on trading of commodity futures and swap contracts: | | | | | | | | | | | | |
| Realized gain (loss) on closed commodity futures contracts | | $ | (41,170,050 | ) | | $ | 121,123,950 | | | $ | (63,502,154 | ) |
| Realized gain (loss) on swap contracts | | | (18,416,818 | ) | | | 22,162,096 | | | | (24,349,916 | ) |
| Change in unrealized gain (loss) on open commodity futures contracts | | | (36,341,710 | ) | | | 25,379,090 | | | | (19,134,006 | ) |
| Change in unrealized gain (loss) on open OTC commodity swap contracts | | | 966,091 | | | | (162 | ) | | | 2,239 | |
| Dividend income | | | 22,588,422 | | | | 22,216,952 | | | | 18,703,141 | |
| Interest income | | | 15,851,843 | | | | 40,648,336 | | | | 53,007,019 | |
| ETF transaction fees | | | 320,800 | | | | 386,000 | | | | 374,000 | |
| Total Income (Loss) | | $ | (56,201,422 | ) | | $ | 231,916,262 | | | $ | (34,899,677 | ) |
| | | | | | | | | | | | | |
| Expenses | | | | | | | | | | | | |
| General Partner management fees (Note 3) | | $ | 4,409,002 | | | $ | 5,922,838 | | | $ | 7,138,269 | |
| Professional fees | | | 2,071,000 | | | | 2,723,054 | | | | 2,184,411 | |
| Brokerage commissions | | | 1,491,084 | | | | 1,528,286 | | | | 860,102 | |
| Directors’ fees and insurance | | | 338,042 | | | | 426,465 | | | | 723,121 | |
| License fees | | | 146,967 | | | | 197,428 | | | | 237,942 | |
| Total Expenses | | $ | 8,456,095 | | | $ | 10,798,071 | | | $ | 11,143,845 | |
| Net Income (Loss) | | $ | (64,657,517 | ) | | $ | 221,118,191 | | | $ | (46,043,522 | ) |
| Net Income (Loss) per limited partner share | | $ | (6.35 | ) | | $ | 8.54 | | | $ | (3.14 | ) |
| Net Income (Loss) per weighted average limited partner share | | $ | (4.81 | ) | | $ | 12.47 | | | $ | (2.01 | ) |
| Weighted average limited partner shares outstanding | | | 13,439,493 | | | | 17,729,341 | | | | 22,963,603 | |
| | | | | | | | | | | | | |
See
accompanying notes to financial statements.

United
States Oil Fund, LP

Statements
of Changes in Partners’ Capital
For the years ended December 31, 2025, 2024 and 2023

| | | Limited Partners *** | | | | | | | | | | |
| | | **Year ended
December 31,
2025 | | | | Year ended
December 31,
2024 | | | | Year ended
December 31,
2023 | | |
| Balances at beginning of year | | $ | 1,088,223,487 | | | $ | 1,567,345,541 | | | $ | 1,977,015,338 | |
| Addition of 91,200,000, 109,400,000 and 90,500,000 partnership shares, respectively | | | 6,658,884,503 | | | | 8,093,919,564 | | | | 6,352,472,014 | |
| Redemption of (92,800,000), (118,400,000) and (95,300,000) partnership shares, respectively | | | (6,796,374,061 | ) | | | (8,794,159,809 | ) | | | (6,716,098,289 | ) |
| Net income (loss) | | | (64,657,517 | ) | | | 221,118,191 | | | | (46,043,522 | ) |
| | | | | | | | | | | | | |
| Balances at end of year | | $ | 886,076,412 | | | $ | 1,088,223,487 | | | $ | 1,567,345,541 | |

| |

| | * | General
Partners’ shares outstanding and capital for the periods presented were zero. |

See
accompanying notes to financial statements.

United
States Oil Fund, LP

Statements
of Cash Flows
For the years ended December 31, 2025, 2024 and 2023

| | | Year ended
December 31,
2025 | | | | Year ended
December 31,
2024 | | | | Year ended
December 31,
2023 | | |
| Cash Flows from Operating Activities: | | | | | | | | | | | | |
| Net income (loss) | | $ | (64,657,517 | ) | | $ | 221,118,191 | | | $ | (46,043,522 | ) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | | | | | | | | | | | | |
| Change in unrealized (gain) loss on open commodity futures contracts | | | 36,341,710 | | | | (25,379,090 | ) | | | 19,134,006 | |
| Change in unrealized (gain) loss on open swap contracts | | | (966,091 | ) | | | 162 | | | | (2,239 | ) |
| (Increase) decrease in dividends receivable | | | 982,608 | | | | (1,316,693 | ) | | | 2,452,991 | |
| (Increase) decrease in interest receivable | | | 317,901 | | | | 3,279,589 | | | | (1,818,766 | ) |
| (Increase) decrease in prepaid insurance | | | (57,908 | ) | | | 29,872 | | | | 69,464 | |
| (Increase) decrease in ETF transaction fees receivable | | | 1,000 | | | | 1,000 | | | | (2,000 | ) |
| (Increase) decrease in receivable due from Broker | | | 13,487,676 | | | | (13,487,676 | ) | | | — | |
| Increase (decrease) payable due to custody | | | (318,003 | ) | | | 318,003 | | | | (1,012,851 | ) |
| Increase (decrease) in payable due to Broker | | | (6,806,982 | ) | | | (9,056,391 | ) | | | 15,540,859 | |
| Increase (decrease) in General Partner management fees payable | | | (72,920 | ) | | | (137,232 | ) | | | (274,652 | ) |
| Increase (decrease) in professional fees payable | | | 15,381 | | | | 381,437 | | | | (812,220 | ) |
| Increase (decrease) in brokerage commissions payable | | | (119,336 | ) | | | — | | | | 11,874 | |
| Increase (decrease) in directors’ fees payable | | | (4,670 | ) | | | 113 | | | | (9,220 | ) |
| Increase (decrease) in license fees payable | | | (11,964 | ) | | | (12,603 | ) | | | (22,209 | ) |
| Net cash provided by (used in) operating activities | | | (21,869,115 | ) | | | 175,738,682 | | | | (12,788,485 | ) |
| | | | | | | | | | | | | |
| Cash Flows from Financing Activities: | | | | | | | | | | | | |
| Addition of partnership shares | | | 6,704,154,795 | | | | 8,162,434,498 | | | | 6,238,686,788 | |
| Redemption of partnership shares | | | (6,796,374,061 | ) | | | (8,794,159,809 | ) | | | (6,716,098,289 | ) |
| Net cash provided by (used in) financing activities | | | (92,219,266 | ) | | | (631,725,311 | ) | | | (477,411,501 | ) |
| | | | | | | | | | | | | |
| Net Increase (Decrease) in Cash and Cash Equivalents | | | (114,088,381 | ) | | | (455,986,629 | ) | | | (490,199,986 | ) |
| | | | | | | | | | | | | |
| Total Cash, Cash Equivalents and Equity in Trading Accounts, beginning of year | | | 1,007,709,886 | | | | 1,463,696,515 | | | | 1,953,896,501 | |
| Total Cash, Cash Equivalents and Equity in Trading Accounts, end of year | | $ | 893,621,505 | | | $ | 1,007,709,886 | | | $ | 1,463,696,515 | |
| | | | | | | | | | | | | |
| Components of Cash, Cash Equivalents and Equity in Trading Accounts: | | | | | | | | | | | | |
| Cash and cash equivalents | | $ | 651,873,522 | | | $ | 727,450,000 | | | $ | 952,408,574 | |
| Equity in Trading Accounts: | | | | | | | | | | | | |
| Cash and cash equivalents | | | 241,747,983 | | | | 280,259,886 | | | | 511,287,941 | |
| Total Cash, Cash Equivalents and Equity in Trading Accounts | | $ | 893,621,505 | | | $ | 1,007,709,886 | | | $ | 1,463,696,515 | |
| | | | | | | | | | | | | |
See
accompanying notes to financial statements.

United
States Oil Fund, LP

Notes to
Financial Statements
For the years ended December 31, 2025, 2024 and 2023

NOTE 1 —
ORGANIZATION AND BUSINESS

The United States
Oil Fund, LP (“USO”) was organized as a limited partnership under the laws of the state of Delaware on May 12, 2005. USO
is a commodity pool that issues limited partnership interests (“shares”) that are traded on the NYSE Arca, Inc. (the “NYSE
Arca”). Prior to November 25, 2008, USO’s shares traded on the American Stock Exchange (the “AMEX”). USO will
continue in perpetuity, unless terminated sooner upon the occurrence of one or more events as described in its Seventh Amended and Restated
Agreement of Limited Partnership dated as of December 15, 2017 (the “LP Agreement”), which grants full management control
to its general partner, United States Commodity Funds LLC (“USCF”). The investment objective of USO is for the daily changes
in percentage terms of its shares’ 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 price of the Benchmark
Oil Futures Contract, plus interest earned on USO’s collateral holdings, less USO’s expenses. The Benchmark Oil Futures Contract
is the futures contract for light, sweet crude oil as traded on the New York Mercantile Exchange (the “NYMEX”) that is the
near month contract to expire and changes, over a five-day period, into the NYMEX futures contract that is the next month to expire.
The change from the near month contract to the next month contract occurs at the beginning of each month and will be approximately proportional,
relative to total net assets, over each day of the five-day roll period.

USO seeks to
achieve its investment objective by investing so that the average daily percentage change in USO’s NAV for any period of 30 successive
valuation days will be within plus/minus ten percent (10)% of the average daily percentage change in the price of the Benchmark Oil Futures
Contract over the same period. As a result, investors should be aware that USO would meet its investment objective even if there are
significant deviations between changes in its daily NAV and changes in the daily price of the Benchmark Oil Futures Contract provided
that the average daily percentage change in USO’s NAV over 30 successive valuation days is within plus/minus ten percent (10%)
of the average daily percentage change in the price of the Benchmark Oil Futures Contract over the same period.

USO seeks to
achieve its investment objective by investing primarily in futures contracts for light, sweet crude oil and 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. 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, 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 December 31, 2025, USO held 13,180
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. Beginning with the monthly roll in September 2023 and ending with the monthly roll in January 2024, USO
transitioned its investment portfolio to primarily invest in the Benchmark Oil Futures Contract, consistent with USO’s investment
strategy prior to the Spring of 2020. However, USO has had, and will continue to have, the ability to invest in Oil Futures Contracts
beyond the Benchmark Oil Futures Contract and Other Oil-Related Investments, such as OTC swaps, and USO may make such investments if
market conditions, (including but not limited to those allowing USO to obtain greater liquidity (i.e., liquidity requirements) or to
execute transactions with more favorable pricing), regulatory requirements (including, but not limited to, exchange accountability levels
and position limits imposed by NYMEX as well as statutory or regulatory limits), risk mitigation measures (including those that may be
taken by USO, USO’s FCMs, counterparties or other market participants), or other factors require USO to do so in order to meet
its investment objective. USO may invest in Oil Futures Contracts beyond the Benchmark Oil Futures Contract, and/or Other Oil-Related
Investments, as a result of, or in response to, any of the foregoing factors. In addition, USO may need to hold significant portions
of its portfolio in cash beyond what it has historically held for reasons including (but not limited to) the need to address changes
in market conditions, regulatory requirements or risk mitigation measures or the need to satisfy potential margin requirements.

Investors should
be aware that USO’s investment objective is not for its NAV or market price of shares to equal, in dollar terms, the spot price
of light, sweet crude oil or any particular futures contract based on light, sweet crude oil, nor is USO’s investment objective
for the percentage change in its NAV to reflect the percentage change of the price of any particular futures contract as measured over
a time period greater than one day. This is because natural market forces called contango and backwardation have impacted, and may in
the future impact, the total return on an investment in USO’s shares relative to a hypothetical direct investment in crude oil
and, in the future, it is likely that the relationship between the market price of USO’s shares and changes in the spot prices
of light, sweet crude oil will continue to be impacted by contango and backwardation. While USO’s shares may be impacted by contango
and backwardation, the potential costs associated with physically owning and storing crude oil, could be substantial. USCF believes that
it is not practical to manage the portfolio to achieve the foregoing investment objective when investing in Oil Futures Contracts (as
defined below) and Other Oil-Related Investments (as defined below).

USO commenced
investment operations on April 10, 2006 and has a fiscal year ending on December 31. USCF is responsible for the management of USO. USCF
is a member of the National Futures Association (the “NFA”) and became registered as a commodity pool operator (“CPO”)
with the Commodity Futures Trading Commission (the “CFTC”) effective December 1, 2005 and a swaps firm on August 8, 2013.

USCF is also
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”), the United States 12 Month Natural Gas Fund, LP (“UNL”) and the
United States Brent Oil Fund, LP (“BNO”).

USCF is also
the sponsor of the United States Commodity Index Funds Trust (“USCIFT”), a Delaware statutory trust and each of its series:
the United States Commodity Index Fund (“USCI”) and the United States Copper Index Fund (“CPER”).

UNG, UGA, UNL,
USL, BNO, USCI and CPER are referred to collectively herein as the “Related Public Funds.”

USO issues shares
to certain authorized purchasers (“Authorized Participants”) by offering baskets consisting of 100,000 shares (“Creation
Baskets”) through ALPS Distributors, Inc., as the marketing agent (the “Marketing Agent”). The purchase price for a
Creation Basket is based upon the NAV of a share calculated shortly after the close of the core trading session on the NYSE Arca on the
day the order to create the basket is properly received.

Authorized Participants
pay USO a transaction fee of $1,000 for each order they place to create one or more Creation Baskets or to redeem one or more baskets
(“Redemption Baskets”), consisting of 100,000 shares. Effective January 1, 2026 the transaction fee amount paid by Authorized
Participants to create or redeem one or more Creation Baskets or Redemption Baskets was be reduced from $1,000 per order to $350 per
order. Shares may be purchased or sold on a nationally recognized securities exchange in smaller increments than a Creation Basket or
Redemption Basket. Shares purchased or sold on a nationally recognized securities exchange are not purchased or sold at the per share
NAV of USO but rather at market prices quoted on such exchange.

In April 2006,
USO initially registered 17,000,000 shares on Form S-1 with the U.S. Securities and Exchange Commission (the “SEC”). On April
10, 2006, USO listed its shares on the AMEX under the ticker symbol “USO” and switched to trading on the NYSE Arca under
the same ticker symbol on November 25, 2008. On that day, USO established its initial per share NAV by setting the price at $67.39 and
issued 200,000 shares in exchange for $13,479,000. USO also commenced investment operations on April 10, 2006, by purchasing Oil Futures
Contracts traded on the NYMEX based on light, sweet crude oil. USO has an unlimited number of shares available for issuance. On August
29, 2023, the SEC declared effective a registration statement filed by USO that registered an unlimited number of shares. As a result,
USO has an unlimited number of shares that can be issued in the form of Creation Baskets.

NOTE 2 —
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis
of Presentation

The financial
statements have been prepared in conformity with U.S. GAAP as detailed in the Financial Accounting Standards Board’s (“FASB”)
Accounting Standards Codification. USO is an investment company for accounting purposes and follows the accounting and reporting guidance
in FASB Topic 946.

Revenue
Recognition

Commodity futures
contracts, swap and forward contracts, physical commodities and related options are recorded on the trade date. All such transactions
are recorded on the identified cost basis and marked to market daily. Unrealized gains or losses on open contracts are reflected in the
statements of financial condition and represent the difference between the original contract amount and the market value (as determined
by exchange settlement prices for futures contracts and related options and cash dealer prices at a predetermined time for swap and forward
contracts, physical commodities, and their related options) as of the last business day of the year or as of the last date of the financial
statements. Changes in the unrealized gains or losses between periods are reflected in the statements of operations. USO earns income
on funds held at the custodian or FCMs at prevailing market rates earned on such investments.

Income
Taxes

USO is not
subject to federal income taxes; each partner reports his/her allocable share of income, gain, loss, deductions or credits on his/her
own income tax return.

In accordance
with U.S. GAAP, USO is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable
taxing authority, including resolution of any tax related appeals or litigation processes, based on the technical merits of the position.
USO files an income tax return in the U.S. federal jurisdiction and may file income tax returns in various U.S. states. USO is not subject
to income tax return examinations by major taxing authorities for years before 2021. The tax benefit recognized is measured as the largest
amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. De-recognition of a tax
benefit previously recognized results in USO recording a tax liability that reduces net assets. However, USO’s conclusions regarding
this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, on-going analysis
of and changes to tax laws, regulations and interpretations thereof. 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 year ended December 31, 2025.

Creations
and Redemptions

Authorized Participants may
purchase Creation Baskets or redeem Redemption Baskets only in blocks of 100,000 shares at a price equal to the NAV of the shares
calculated shortly after the close of the core trading session on the NYSE Arca on the day the order is placed.

USO receives
or pays the proceeds from shares sold or redeemed within two business days after the trade date of the purchase or redemption.
The amounts due from Authorized Participants are reflected in USO’s statements of financial condition as receivable for shares
sold and amounts payable to Authorized Participants upon redemption are reflected as payable for shares redeemed.

Authorized Participants
pay USO a $1,000 transaction fee for each order placed to create one or more Creation Baskets or to redeem one or more Redemption Baskets.
Effective January 1, 2026 the transaction fee amount paid by Authorized Participants to create or redeem one or more Creation Baskets
or Redemption Baskets was reduced from $1,000 per order to $350 per order.

Partnership Capital
and Allocation of Partnership Income and Losses

Profit or loss
shall be allocated among the partners of USO in proportion to the weighted-average number of shares each partner holds as of the close
of each month. USCF may revise, alter or otherwise modify this method of allocation as described in the LP Agreement.

Calculation
of Per Share NAV

USO’s
per share NAV is calculated on each NYSE Arca trading day by taking the current market value of its total assets, subtracting any liabilities
and dividing that amount by the total number of shares outstanding. USO uses the closing price for the contracts on the relevant exchange
on that day to determine the value of contracts held on such exchange.

Net
Income (Loss) Per Share

Net income (loss)
per share is the difference between the per share NAV at the beginning of each period and at the end of each period. The weighted average
number of shares outstanding was computed for purposes of disclosing net income (loss) per weighted average share. 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 December 31, 2025.

Cash
Equivalents

Cash equivalents
include money market funds and overnight deposits or time deposits with original maturity dates of three months or less.

Use
of Estimates

The preparation
of financial statements in conformity with U.S. GAAP requires USCF to make estimates and assumptions that affect the reported amount
of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported
amounts of the revenue and expenses during the reporting period. Actual results may differ from those estimates and assumptions.

Recently
Issued Accounting Pronouncement

USO adopted
FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU
2023-07”). USO operates in one segment. The segment derives its revenues from investments made in accordance with the defined investment
strategy of USO, as prescribed in USO’s prospectus. The Chief Operating Decision Maker (“CODM”) is the Chief Executive
Officer (“CEO”) of the general partner, USCF. The CODM monitors the operating results of the Fund as part of making decisions
for allocating resources and evaluating performance.

NOTE 3 —
FEES PAID BY THE FUND AND RELATED PARTY TRANSACTIONS

USCF
Management Fee

Under the LP
Agreement, USCF is responsible for investing the assets of USO in accordance with the objectives and policies of USO. In addition,
USCF has arranged for one or more third parties to provide administrative, custody, accounting, transfer agency and other necessary services
to USO. For these services, USO is contractually obligated to pay USCF a fee, which is paid monthly, equal to 0.45% per
annum of average daily total net assets.

Ongoing
Registration Fees and Other Offering Expenses

USO pays all
costs and expenses associated with the ongoing registration of its shares subsequent to the initial offering. 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 years ended December 31, 2025, 2024 and 2023, USO did not incur in registration
fees and other offering expenses.

Independent
Directors’ and Officers’ Expenses

USO is responsible
for paying its portion of the directors’ and officers’ liability insurance for USO and the Related Public Funds and the fees
and expenses of the independent directors who also serve as audit committee members of USO and the Related Public Funds. USO shares the
fees and expenses on a pro rata basis with each Related Public Fund, as described above, based on the relative assets of each Related
Public Fund computed on a daily basis. These fees and expenses for the year ending December 31, 2025 were a total of $338,042 for USO
and, in the aggregate for USO and the Related Public Funds, $754,349. For the year ended December 31, 2024 these fees and expenses were
$426,465 for USO and, in the aggregate for USO and the Related Public Funds, $916,574 For the year ended December 31, 2023, these fees
and expenses were $723,121 for USO and, in the aggregate for USO and Related Public Funds, $1,210,000.

Licensing Fees

As discussed
in Note 4 below, USO entered into a licensing agreement with the NYMEX on April 10, 2006, as amended on October 20, 2011. 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 years ended December 31, 2025, 2024 and 2023, USO incurred $146,967, $197,428, and $237,942, respectively under this
arrangement.

Investor
Tax Reporting Cost

The fees and
expenses associated with USO’s audit expenses and tax accounting and reporting requirements are paid by USO. These costs were $2,071,000
for the year ending December 31, 2025. For the years ending December 31, 2024 and 2023 USO’s investor reporting costs were $2,540,054
and $2,115,461, respectively. Tax reporting costs fluctuate between years due to the number of shareholders during any given year.

Other
Expenses and Fees

In addition
to the fees described above, USO pays all brokerage fees and other expenses in connection with the operation of USO, excluding costs
and expenses paid by USCF as outlined in Note 4 – Contracts
and Agreements below.

NOTE 4 —
CONTRACTS AND AGREEMENTS

Marketing
Agent Agreement

USO is party
to a marketing agent agreement, dated as of March 13, 2006, as amended from time to time, with the Marketing Agent and USCF, whereby
the Marketing Agent provides certain marketing services for USO as outlined in the agreement. The agreement with the Marketing Agent
was amended and, commencing October 1, 2022, the fee of the Marketing Agent, which is calculated daily and payable monthly by USCF, is
equal to 0.025% of USO’s total net assets. In no event may the aggregate compensation paid to the Marketing Agent and any affiliate
of USCF for distribution-related services exceed 10% of the gross proceeds of USO’s offering.

The above fee
does not include website construction and development, which are also borne by USCF.

Custody,
Transfer Agency and Fund Administration and Accounting Services Agreements

USCF engaged
The Bank of New York Mellon, a New York corporation authorized to conduct a banking business (“BNY Mellon”), to provide USO
and each of the Related Public Funds with certain custodial, administrative and accounting, and transfer agency services, pursuant to
the following agreements with BNY Mellon dated as of March 20, 2020 (together, the “BNY Mellon Agreements”), which were effective
as of April 1, 2020: (i) a Custody Agreement; (ii) a Fund Administration and Accounting Agreement; and (iii) a Transfer Agency and Service
Agreement. USCF pays the fees of BNY Mellon for its services under the BNY Mellon Agreements and such fees are determined by the parties
from time to time.

Brokerage
and Futures Commission Merchant Agreements

USO entered
into a brokerage agreement with RBC Capital Markets LLC (“RBC”) to serve as USO’s FCM effective October 10, 2013. USO
has engaged each of Marex North America, LLC, formerly RCG Division of Marex Spectron (“MNA”), Marex Capital Markets, Inc.,
formerly E D & F Man Capital Markets Inc. (“MCM”), Macquarie Futures USA LLC (“MFUSA”), and ADM Investor
Services, Inc. (“ADMIS”) to serve as additional FCMs to USO effective on May 28, 2020, June 5, 2020, December 3, 2020, and
August 8, 2023, respectively. The agreements with USO’s FCMs require the FCMs to provide services to USO in connection with the
purchase and sale of Oil Futures Contracts and Other Oil-Related Investments that may be purchased and sold by or through the applicable
FCM for USO’s account. In accordance with the FCM agreements, USO pays each FCM commissions of approximately $7 to $8 per round-turn
trade, including applicable exchange, clearing and NFA fees for Oil Futures Contracts and options on Oil Futures Contracts. Such fees
include those incurred when purchasing Oil Futures Contracts and options on Oil Futures Contracts when USO issues shares as a result
of a Creation Basket, as well as fees incurred when selling Oil Futures Contracts and options on Oil Futures Contracts when USO redeems
shares as a result of a Redemption Basket. Such fees are also incurred when Oil Futures Contracts and options on Oil Futures Contracts
are purchased or redeemed for the purpose of rebalancing the portfolio. 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”).

| | | Year ended
December 31,
2025 | | | | Year ended
December 31,
2024 | | | | Year ended
December 31,
2023 | | |
| Total commissions accrued to brokers | | $ | 1,491,084 | | | $ | 1,528,286 | | | $ | 860,102 | |
| Total commissions as annualized percentage of average total net assets | | | 0.15 | % | | | 0.12 | % | | | 0.05 | % |
| | | | | | | | | | | | | |
The decrease
in total commissions accrued to brokers for the year ended December 31, 2025, compared to the year ended December 31, 2024, was due primarily
to the number of crude oil futures contracts being held and traded.

Swap
Dealer Agreements

USO entered into
ISDA 2002 Master Agreements with (1) Macquarie Bank Limited on November 30, 2021 (the “Macquarie ISDA”), (2) Société
Générale on June 13, 2022 (the “Société Générale ISDA”), and (3) The Bank of Nova
Scotia on August 5, 2024 (the “ScotiaBank ISDA”), pursuant to which each of Macquarie Bank Limited, Société
Générale and The Bank of Nova Scotia has agreed to serve as an over-the-counter (“OTC”) swap counterparty for
USO. The Macquarie ISDA, the Société Générale ISDA and the ScotiaBank ISDA (together, the “ISDA Agreements”),
each provide USO with the ability to invest in OTC swaps in furtherance of USO’s investment objective by providing it with investment
flexibility in light of market conditions, liquidity, regulatory requirements, and risk diversification. USO may enter into OTC swap
transactions under each of the ISDA Agreements in light of the foregoing. Any OTC swap transactions of USO that are outstanding under
any ISDA Agreement, along with USO’s other holdings, are posted on USO’s webpage, www.uscfinvestments.com. In accordance
with each of the swap agreements described above, USO pays each swap dealer a flat fee in a range between 0.20% and 0.30% on the daily
notional value of each OTC swap transaction.

NYMEX
Licensing Agreement

USO and the NYMEX
entered into a licensing agreement on April 10, 2006, as amended on October 20, 2011, whereby USO was granted a non-exclusive license
to use certain of the NYMEX’s settlement prices and service marks. Under the licensing agreement, USO and the Related Public Funds,
other than BNO, USCI, and CPER, pay the NYMEX an asset-based fee for the license, the terms of which are described in Note 3. USO expressly
disclaims any association with the NYMEX or endorsement of USO by the NYMEX and acknowledges that “NYMEX” and “New
York Mercantile Exchange” are registered trademarks of the NYMEX.

NOTE 5 —
FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES

USO may
engage in the trading of futures contracts, options on futures contracts, cleared swaps and OTC swaps (collectively, “derivatives”).
USO is exposed to both market risk, which is the risk arising from changes in the market value of the contracts, and credit risk, which
is the risk of failure by another party to perform according to the terms of a contract.

USO may enter
into futures contracts, options on futures contracts, cleared swaps, and OTC swaps to gain exposure to changes in the value of an underlying
commodity. A futures contract obligates the seller to deliver (and the purchaser to accept) the future delivery of a specified quantity
and type of a commodity at a specified time and place. Some futures contracts may call for physical delivery of the asset, while others
are settled in cash. The contractual obligations of a buyer or seller may generally be satisfied by taking or making physical delivery
of the underlying commodity or by making an offsetting sale or purchase of an identical futures contract on the same or linked exchange
before the designated date of delivery. Cleared swaps are agreements that are eligible to be cleared by a clearinghouse, e.g., ICE Clear
Europe, and provide the efficiencies and benefits that centralized clearing on an exchange offers to traders of futures contracts, including
credit risk intermediation and the ability to offset positions initiated with different counterparties. OTC swaps are entered into between
two parties in private contracts. In an OTC swap, each party bears credit risk to the other party, i.e., the risk that the other party
may not be able to perform its obligations under the OTC swap.

The purchase
and sale of futures contracts, options on futures contracts and cleared swaps require margin deposits with an FCM. Additional deposits
may be necessary for any loss on contract value. The Commodity Exchange Act requires FCMs to segregate all customer transactions and
assets from the FCM’s proprietary transactions and assets. To reduce the credit risk that arises in connection with OTC swaps,
USO will generally enter into an agreement with each counterparty based on the Master Agreement published by the International Swaps
and Derivatives Association, Inc., (“ISDA”) that provides for the netting of its overall exposure to its counterparty and,
consistent with applicable regulatory requirements, the posting by each party to cover the mark-to-market exposure of a counterparty
to the other counterparty is required.

Futures contracts,
options on futures contracts and cleared swaps involve, to varying degrees, elements of market risk (specifically commodity price risk)
and exposure to loss in excess of the amount of variation margin. The face or contract amounts reflect the extent of the total exposure USO
has in the particular classes of instruments. Additional risks associated with the use of futures contracts are an imperfect correlation
between movements in the price of the futures contracts and the market value of the underlying securities and the possibility of an illiquid
market for a futures contract. Buying and selling options on futures contracts exposes investors to the risks of purchasing or selling
futures contracts.

As to OTC swaps,
valuing OTC derivatives is less certain than valuing actively traded financial instruments such as exchange-traded futures contracts
and securities or cleared swaps because, for OTC derivatives, the price and terms on which such OTC derivatives are entered into or can
be terminated are individually negotiated, and those prices and terms may not reflect the best price or terms available from other sources.
In addition, while market makers and dealers generally quote indicative prices or terms for entering into or terminating OTC contracts,
they typically are not contractually obligated to do so, particularly if they are not a party to the transaction. As a result, it may
be difficult to obtain an independent value for an outstanding OTC derivatives transaction.

Market volatility
is attributable to things like the COVID-19 pandemic and related supply chain disruptions, war (such as the Russia-Ukraine war), continuing
disputes among oil-producing countries, the introduction of or changes in tariffs or trade barriers, and trade wars between nations.
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 December 31, 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. USO entered OTC swaps during the period ended December 31, 2025. These OTC swaps are subject to the credit
risk associated with counterparty non-performance. The credit risk from counterparty non-performance associated with such instruments
is the net unrealized gain, if any, on the transaction. USO also has credit risk to the sole counterparty to all domestic and foreign
futures contracts, the clearinghouse for the exchange on which the relevant contracts are traded. In addition, USO bears the risk of
financial failure by the clearing broker.

USO’s cash
and other property, such as Treasuries, deposited with its FCMs are considered commingled with all other customer funds, subject to such
FCM’s segregation requirements. In the event of an FCM’s insolvency, recovery may be limited to a pro rata share of segregated
funds available. It is possible that the recovered amount could be less than the total of cash and other property deposited. The insolvency
of an FCM could result in the complete loss of USO’s assets posted with that FCM; however, the majority of USO’s assets
are held in investments in Treasuries, cash and/or cash equivalents with USO’s custodian and would not be impacted by
the insolvency of an FCM. The failure or insolvency of USO’s custodian, however, could result in a substantial loss of USO’s
assets.

USCF invests
a portion of USO’s cash in money market funds that seek to maintain a stable per share NAV. USO is exposed to any risk of loss
associated with an investment in such money market funds. As of December 31, 2025 and December 31, 2024, USO held investments in money
market funds in the amounts of $600,000,000 and $727,450,000, respectively. USO also holds cash deposits with its custodian and FCMs.
As of December 31, 2025 and December 31, 2024, USO held cash deposits in the amounts of $293,621,505 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.

For derivatives,
risks arise from changes in the market value of the contracts. Theoretically, USO is exposed to market risk equal to the value of futures
contracts purchased and unlimited liability on such contracts sold short or that the value of the futures contract could fall below zero.
As both a buyer and a seller of options, USO pays or receives a premium at the outset and then bears the risk of unfavorable changes
in the price of the contract underlying the option.

USO’s policy
is to continuously monitor its exposure to market and counterparty risk through the use of a variety of financial, position and credit
exposure reporting controls and procedures. In addition, USO has a policy of requiring review of the credit standing of each broker or
counterparty with which it conducts business.

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 year
ended December 31, 2025, the monthly average volume of open future and swap contract notional value was $770,659,676 and $212,113,224,
respectively. For the year ended December 31, 2024, the monthly average volume of open future and swap contract notional value was $1,012,496,028
and $293,572,184, respectively.

Settlement
of SEC and CFTC Investigations

On November 8,
2021, USCF and USO announced a resolution with each of the SEC and the CFTC relating to matters set forth in certain Wells Notices issued
by the staffs of each of the SEC and CFTC as more fully described below.

On August 17,
2020, USCF, USO, and John Love received a “Wells Notice” from the staff of the SEC (the “SEC Wells Notice”).
The SEC Wells Notice stated that the SEC staff made a preliminary determination to recommend that the SEC file an enforcement action
against USCF, USO, and Mr. Love alleging violations of Sections 17(a)(1) and 17(a)(3) of the Securities Act of 1933, as amended (the
“1933 Act”), and Section 10(b) of the 1934 Act, and Rule 10b-5 thereunder.

Subsequently,
on August 19, 2020, USCF, USO, and Mr. Love received a Wells Notice from the staff of the CFTC (the “CFTC Wells Notice”).
The CFTC Wells Notice stated that the CFTC staff made a preliminary determination to recommend that the CFTC file an enforcement action
against USCF, USO, and Mr. Love alleging violations of Sections 4o(1)(A) and (B) and 6(c)(1) of the Commodity Exchange Act of 1936, as
amended (the “CEA”), 7 U.S.C. §§ 6o(1)(A) and (B) and 9(1) (2018), and CFTC Regulations 4.26, 4.41, and 180.1(a),
17 C.F.R. §§ 4.26, 4.41, 180.1(a) (2019).

On November
8, 2021, acting pursuant to an offer of settlement submitted by USCF and USO, the SEC issued an order instituting cease-and-desist proceedings,
making findings, and imposing a cease-and-desist order pursuant to Section 8A of the 1933 Act, directing USCF and USO to cease and desist
from committing or causing any violations of Section 17(a)(3) of the 1933 Act, 15 U.S.C. § 77q(a)(3) (the “SEC Order”).
In the SEC Order, the SEC made findings that, from April 24, 2020 to May 21, 2020, USCF and USO violated Section 17(a)(3) of 1933 Act,
which provides that it is “unlawful for any person in the offer or sale of any securities to engage in any transaction, practice,
or course of business which operates or would operate as a fraud or deceit upon the purchaser.” USCF and USO consented to entry
of the SEC Order without admitting or denying the findings contained therein, except as to jurisdiction.

Separately,
on November 8, 2021, acting pursuant to an offer of settlement submitted by USCF, the CFTC issued an order instituting cease-and-desist
proceedings, making findings, and imposing a cease-and-desist order pursuant to Section 6(c) and (d) of the CEA, directing USCF to cease
and desist from committing or causing any violations of Section 4o(1)(B) of the CEA, 7 U.S.C. § 6o(1) (B), and CFTC Regulation 4.41(a)(2),
17 C.F.R. § 4.41(a)(2) (the “CFTC Order”). In the CFTC Order, the CFTC made findings that, from on or about April 22,
2020 to June 12, 2020, USCF violated Section 4o(1)(B) of the CEA and CFTC Regulation 4.41(a)(2), which make it unlawful for any commodity
pool operator (“CPO”) to engage in “any transaction, practice, or course of business which operates as a fraud or deceit
upon any client or participant or prospective client or participant” and prohibit a CPO from advertising in a manner which “operates
as a fraud or deceit upon any client or participant or prospective client or participant,” respectively. USCF consented to entry
of the CFTC Order without admitting or denying the findings contained therein, except as to jurisdiction.

Pursuant to
the SEC Order and the CFTC Order, in addition to the command to cease and desist from committing or causing any violations of Section
17(a)(3) of the 1933 Act, Section 4o(1)(B) of the CEA, and CFTC Regulation 4.14(a)(2), civil monetary penalties totaling two million
five hundred thousand dollars ($2,500,000) in the aggregate were required to be paid to the SEC and CFTC, of which one million two hundred
fifty thousand dollars ($1,250,000) was paid by USCF to each of the SEC and the CFTC, respectively, pursuant to the offsets permitted
under the orders.

In
re: United States Oil Fund, LP Securities Litigation

On June 19,
2020, USCF, USO, John P. Love, and Stuart P. Crumbaugh were named as defendants in a putative class action filed by purported shareholder
Robert Lucas (the “Lucas Class Action”). The Court thereafter consolidated the Lucas Class Action with two related putative
class actions filed on July 31, 2020 and August 13, 2020, and appointed a lead plaintiff. The consolidated class action is pending in
the U.S. District Court for the Southern District of New York under the caption In
re: United States Oil Fund, LP Securities Litigation, Civil Action No. 1:20-cv-04740.

On November
30, 2020, the lead plaintiff filed an amended complaint (the “Amended Lucas Class Complaint”). The Amended Lucas Class Complaint
asserts claims under the 1933 Act, the Exchange Act, and Rule 10b-5. The Amended Lucas Class Complaint challenges statements in registration
statements that became effective on February 25, 2020 and March 23, 2020 as well as subsequent public statements through April 2020 concerning
certain extraordinary market conditions and the attendant risks that caused the demand for oil to fall precipitously, including the COVID-19
global pandemic and the Saudi Arabia-Russia oil price war. The Amended Lucas Class Complaint purports to have been brought by an investor
in USO on behalf of a class of similarly-situated shareholders who purchased USO securities between February 25, 2020 and April 28, 2020
and pursuant to the challenged registration statements. The Amended Lucas Class Complaint seeks to certify a class and to award the class
compensatory damages at an amount to be determined at trial as well as costs and attorney’s fees. The Amended Lucas Class Complaint
named as defendants USCF, USO, John P. Love, Stuart P. Crumbaugh, Nicholas D. Gerber, Andrew F Ngim, Robert L. Nguyen, Peter M. Robinson,
Gordon L. Ellis, and Malcolm R. Fobes III, as well as the marketing agent, ALPS Distributors, Inc., and the Authorized Participants:
ABN Amro, BNP Paribas Securities Corporation, Citadel Securities LLC, Citigroup Global Markets, Inc., Credit Suisse Securities USA LLC,
Deutsche Bank Securities Inc., Goldman Sachs & Company, J.P. Morgan Securities Inc., Merrill Lynch Professional Clearing Corporation,
Morgan Stanley & Company Inc., Nomura Securities International Inc., RBC Capital Markets LLC, SG Americas Securities LLC, UBS Securities
LLC, and Virtu Financial BD LLC.

The lead plaintiff
filed a notice of voluntary dismissal of its claims against BNP Paribas Securities Corporation, Citadel Securities LLC, Citigroup Global
Markets Inc., Credit Suisse Securities USA LLC, Deutsche Bank Securities Inc., Morgan Stanley & Company, Inc., Nomura Securities
International, Inc., RBC Capital Markets, LLC, SG Americas Securities LLC, and UBS Securities LLC.

The remaining
defendants in In re: United States Oil Fund, LP Securities Litigation filed a motion to dismiss the claims in January 2021. “On
September 29, 2025, the Court granted the defendants’ motion to dismiss the complaint without prejudice and granted plaintiff leave
to file a motion to amend its complaint. On November 26, 2025, the plaintiff filed a motion for leave to file a proposed second consolidated
amended complaint, which defendants have opposed. The motion remains pending before the Court.”

Wang
Class Action

On July 10,
2020, purported shareholder Momo Wang filed a putative class action complaint, individually and on behalf of others similarly situated,
against defendants USO, USCF, John P. Love, Stuart P. Crumbaugh, Nicholas D. Gerber, Andrew F Ngim, Robert L. Nguyen, Peter M. Robinson,
Gordon L. Ellis, Malcolm R. Fobes, III, ABN Amro, BNP Paribas Securities Corp., Citadel Securities LLC, Citigroup Global Markets Inc.,
Credit Suisse Securities USA LLC, Deutsche Bank Securities Inc., Goldman Sachs & Company, JP Morgan Securities Inc., Merrill Lynch
Professional Clearing Corp., Morgan Stanley & Company Inc., Nomura Securities International Inc., RBC Capital Markets LLC, SG Americas
Securities LLC, UBS Securities LLC, and Virtu Financial BD LLC, in the U.S. District Court for the Northern District of California as
Civil Action No. 3:20-cv-4596 (the “Wang Class Action”).

The Wang Class
Action asserted federal securities claims under the 1933 Act, challenging disclosures in a March 19, 2020 registration statement. It
alleged that the defendants failed to disclose to investors in USO certain extraordinary market conditions and the attendant risks that
caused the demand for oil to fall precipitously, including the COVID-19 global pandemic and the Saudi Arabia-Russia oil price war. The
Wang Class Action was voluntarily dismissed on August 4, 2020.

Mehan
Action

On August 10,
2020, purported shareholder Darshan Mehan filed a derivative action on behalf of nominal defendant USO, against defendants USCF, John
P. Love, Stuart P. Crumbaugh, Nicholas D. Gerber, Andrew F Ngim, Robert L. Nguyen, Peter M. Robinson, Gordon L. Ellis, and Malcolm R.
Fobes, III (the “Mehan Action”). The action is pending in the Superior Court of the State of California for the County of
Alameda as Case No. RG20070732.

The Mehan Action
alleges that the defendants breached their fiduciary duties to USO and failed to act in good faith in connection with a March 19, 2020
registration statement and offering and disclosures regarding certain extraordinary market conditions that caused demand for oil to fall
precipitously, including the COVID-19 global pandemic and the Saudi Arabia-Russia oil price war. The complaint seeks, on behalf of USO,
compensatory damages, restitution, equitable relief, attorney’s fees, and costs. All proceedings in the Mehan Action are stayed
pending disposition of the motion(s) to dismiss in In re: United States Oil
Fund, LP Securities Litigation.

USCF, USO, and
the other defendants intend to vigorously contest such claims.

In
re United States Oil Fund, LP Derivative Litigation

On August 27,
2020, purported shareholders Michael Cantrell and AML Pharm. Inc. DBA Golden International filed two separate derivative actions on behalf
of nominal defendant USO, against defendants USCF, John P. Love, Stuart P. Crumbaugh, Andrew F Ngim, Gordon L. Ellis, Malcolm R. Fobes,
III, Nicholas D. Gerber, Robert L. Nguyen, and Peter M. Robinson in the U.S. District Court for the Southern District of New York at
Civil Action No. 1:20-cv-06974 (the “Cantrell Action”) and Civil Action No. 1:20-cv-06981 (the “AML Action”),
respectively.

The complaints
in the Cantrell and AML Actions are nearly identical. They each allege violations of Sections 10(b), 20(a), and 21D of the Exchange Act,
Rule 10b-5 thereunder, and common law claims of breach of fiduciary duties, unjust enrichment, abuse of control, gross mismanagement,
and waste of corporate assets. These allegations stem from USO’s disclosures and defendants’ alleged actions in light of
the extraordinary market conditions in 2020 that caused demand for oil to fall precipitously, including the COVID-19 global pandemic
and the Saudi Arabia-Russia oil price war. The complaints seek, on behalf of USO, compensatory damages, restitution, equitable relief,
attorney’s fees, and costs. The plaintiffs in the Cantrell and AML Actions have marked their actions as related to the Lucas Class
Action.

The Court consolidated
the Cantrell and AML Actions under the caption In re United States Oil Fund,
LP Derivative Litigation, Civil Action No. 1:20-cv-06974 and appointed co-lead counsel. All proceedings in In
re United States Oil Fund, LP Derivative Litigation are stayed pending final disposition of the motion(s) to dismiss in In
re: United States Oil Fund, LP Securities Litigation.

USCF, USO, and
the other defendants intend to vigorously contest the claims in In re United
States Oil Fund, LP Derivative Litigation.

Optimum
Strategies Action

On April 6,
2022, USO and USCF were named as defendants in an action filed by Optimum Strategies Fund I, LP, a purported investor in call option
contracts on USO (the “Optimum Strategies Action”). The action was in the U.S. District Court for the District of Connecticut
at Civil Action No. 3:22-cv-00511.

The Optimum
Strategies Action asserted claims under the Securities Exchange Act of 1934, as amended (the “1934 Act”), Rule 10b-5 thereunder,
and the Connecticut Uniform Securities Act (“CUSA”). It purported to challenge statements in registration statements that
became effective in February 2020, March 2020, and on April 20, 2020, as well as public statements between February 2020 and May 2020,
in connection with certain extraordinary market conditions and the attendant risks that caused the demand for oil to fall precipitously,
including the COVID-19 global pandemic and the Saudi Arabia-Russia oil price war. The complaint was seeking damages, interest, costs,
attorney’s fees, and equitable relief.

On March 15,
2023, the court granted the USO defendants’ motion to dismiss the complaint. In its ruling, the court granted the USO defendants’
motion to dismiss, with prejudice, the plaintiff’s claims under Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, and
a claim for control person liability under Section 20(a) of the Exchange Act. Having dismissed all claims over which the court had original
jurisdiction, the court declined to exercise supplemental jurisdiction over the plaintiff’s state law claim under CUSA and dismissed
the claim without prejudice. No notice of appeal was filed.

NOTE 6 —
FINANCIAL HIGHLIGHTS

The following
table presents per share performance data and other supplemental financial data for the years ended December 31, 2025, 2024 and
2023 for the shareholders. This information has been derived from information presented in the financial statements.

| | | Year ended
December 31,
2025 | | | | Year ended
December 31,
2024 | | | | Year ended
December 31,
2023 | | |
| Per Share Operating Performance: | | | | | | | | | | | | |
| Net asset value, beginning of year | | $ | 75.45 | | | $ | 66.91 | | | $ | 70.05 | |
| Total income (loss) | | | (5.72 | ) | | | 9.15 | | | | (2.65 | ) |
| Total expenses | | | (0.63 | ) | | | (0.61 | ) | | | (0.49 | ) |
| Net increase (decrease) in net asset value | | | (6.35 | ) | | | 8.54 | | | | (3.14 | ) |
| Net asset value, end of year | | $ | 69.10 | | | $ | 75.45 | | | $ | 66.91 | |
| | | | | | | | | | | | | |
| Total Return | | | (8.42 | )% | | | 12.76 | % | | | (4.48 | )% |
| | | | | | | | | | | | | |
| Ratios to Average Net Assets | | | | | | | | | | | | |
| Total income (loss) | | | (5.74 | )% | | | 17.61 | % | | | (2.20 | )% |
| Management fees | | | 0.45 | % | | | 0.45 | % | | | 0.45 | % |
| Total expenses excluding management fees | | | 0.41 | % | | | 0.37 | % | | | 0.25 | % |
| Net income (loss) | | | (6.60 | )% | | | 16.79 | % | | | (2.90 | )% |
| | | | | | | | | | | | | |
Total returns
are calculated based on the change in value during the period. An individual shareholder’s total return and ratio may vary from
the above total returns and ratios based on the timing of contributions to and withdrawals from USO. Additionally, only Authorized Participants
purchase and redeem shares from the Fund at the NAV per share. Most shareholders will purchase and sell shares in the secondary market
at market prices, which may differ from the NAV per share and result in a higher or lower total return.

NOTE 7 —
QUARTERLY FINANCIAL DATA (Unaudited)

The following
summarized (unaudited) quarterly financial information presents the results of operations and other data for the three-month periods
ended March 31, June 30, September 30 and December 31, 2025 and 2024.

| | | First
Quarter
2025 | | | | Second
Quarter
2025 | | | | Third
Quarter
2025 | | | | Fourth
Quarter
2025 | | |
| Total Income (Loss) | | $ | 42,404,806 | | | $ | (70,828,412 | ) | | $ | 25,561,469 | | | $ | (53,339,285 | ) |
| Total Expenses | | | 2,102,269 | | | | 2,133,072 | | | | 2,097,499 | | | | 2,123,255 | |
| Net Income (Loss) | | $ | 40,302,537 | | | $ | (72,961,484 | ) | | $ | 23,463,970 | | | $ | (55,462,540 | ) |
| Net Income (Loss) per Share | | $ | 1.90 | | | $ | (4.10 | ) | | $ | 0.33 | | | $ | (4.48 | ) |

| | | First
Quarter
2024 | | | | Second
Quarter
2024 | | | | Third
Quarter
2024 | | | | Fourth
Quarter
2024 | | |
| Total Income (Loss) | | $ | 243,169,142 | | | $ | 22,646,159 | | | $ | (132,775,208 | ) | | $ | 98,876,169 | |
| Total Expenses | | | 2,873,971 | | | | 2,717,867 | | | | 2,675,189 | | | | 2,531,044 | |
| Net Income (Loss) | | $ | 240,295,171 | | | $ | 19,928,292 | | | $ | (135,450,397 | ) | | $ | 96,345,125 | |
| Net Income (Loss) per Share | | $ | 12.02 | | | $ | 0.70 | | | $ | (9.77 | ) | | $ | 5.59 | |
| | | | | | | | | | | | | | | | | |
NOTE 8 —
FAIR VALUE OF FINANCIAL INSTRUMENTS

USO values its
investments in accordance with Accounting Standards Codification 820 – Fair Value Measurements and Disclosures (“ASC
820”). ASC 820 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles,
and expands disclosures about fair value measurement. ASC 820 establishes a fair value hierarchy that distinguishes between: (1) market
participant assumptions developed based on market data obtained from sources independent of USO (observable inputs) and (2) USO’s
own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable
inputs). The three levels defined by the ASC 820 hierarchy are as follows:

Level I –
Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access
at the measurement date.

Level II –
Inputs other than quoted prices included within Level I that are observable for the asset or liability, either directly or indirectly.
Level II assets include the following: quoted prices for similar assets or liabilities in active markets, quoted prices for identical
or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or
liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated
inputs).

Level III –
Unobservable pricing input at the measurement date for the asset or liability. Unobservable inputs shall be used to measure fair value
to the extent that observable inputs are not available.

In some instances,
the inputs used to measure fair value might fall within different levels of the fair value hierarchy. 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 December 31, 2025 using the fair value hierarchy:

| At December 31, 2025 | | Total | | | | Level I | | | | Level II | | | | Level III | | |
| Short-Term Investments | | $ | 600,000,000 | | | $ | 600,000,000 | | | $ | — | | | $ | — | |
| Exchange-Traded Futures Contracts | | | | | | | | | | | | | | | | |
| United States Contracts | | | (7,910,690 | ) | | | (7,910,690 | ) | | | — | | | | — | |
| OTC Commodity Swap Contracts | | | 964,023 | | | | — | | | | 964,023 | | | | — | |
| | | | | | | | | | | | | | | | | |
The following
table summarizes the valuation of USO’s securities at December 31, 2024 using the fair value hierarchy:

| At December 31, 2024 | | Total | | | | Level I | | | | Level II | | | | Level III | | |
| Short-Term Investments | | $ | 727,450,000 | | | $ | 727,450,000 | | | $ | — | | | $ | — | |
| Exchange-Traded Futures Contracts | | | | | | | | | | | | | | | | |
| United States Contracts | | | 28,431,020 | | | | 28,431,020 | | | | — | | | | — | |
| OTC Commodity Swap Contracts | | | (2,068 | ) | | | — | | | | (2,068 | ) | | | — | |
| | | | | | | | | | | | | | | | | |
Effective January 1,
2009, USO adopted the provisions of Accounting Standards Codification 815 — Derivatives and Hedging, which require presentation
of qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts and
gains and losses on derivatives.

Fair
Value of Derivative Instruments

| Derivatives not Accounted for as Hedging Instruments | | Statements of
Financial
Condition Location | | Fair Value at
December 31,
2025 | | | | Fair Value at
December 31,
2024 | | |
| Futures—Commodity Contracts | | Unrealized gain (loss) on open commodity future contracts | | $ | (7,910,690 | ) | | $ | 28,431,020 | |
| Swap—Commodity Contracts | | Unrealized gain (loss) on open OTC commodity swap contracts | | $ | 964,023 | | | $ | (2,068 | ) |
| | | | | | | | | | | |
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 year ended
December 31, 2025 | | | | | | | | For the year ended
December 31, 2024 | | | | | | | | For the year ended
December 31, 2023 | | | | | | |
| Derivatives not
Accounted for
as Hedging
Instruments | | Location of
Gain (Loss)
on Derivatives
Recognized in
Income | | Realized
Gain (Loss)
on Derivatives
Recognized in
Income | | | | Change in
Unrealized
Gain (Loss) on
Derivatives
Recognized in
Income | | | | Realized
Gain (Loss)
in Derivatives
Recognized in
Income | | | | Change in
Unrealized
Gain (Loss) on
Derivatives
Recognized in
Income | | | | Realized
Gain (Loss)
in Derivatives
Recognized in
Income | | | | Change in
Unrealized
Gain (Loss) on
Derivatives
Recognized in
Income | | |
| Futures—Commodity Contracts | | Realized gain (loss) on closed commodity futures contracts | | $ | (41,170,050 | ) | | | | | | $ | 121,123,950 | | | | | | | $ | (63,502,154 | ) | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Change in unrealized gain (loss) on open commodity futures contracts | | | | | | $ | (36,341,710 | ) | | | | | | $ | 25,379,090 | | | | | | | $ | (19,134,006 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| OTC Swap—Commodity Contracts | | Realized gain (loss) on closed OTC commodity swap contracts | | $ | (18,416,818 | ) | | | | | | $ | 22,162,096 | | | | | | | $ | (24,349,916 | ) | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Change in unrealized gain (loss) on open OTC commodity swap contracts | | | | | | $ | 966,091 | | | | | | | $ | (162 | ) | | | | | | $ | 2,239 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
NOTE 9 —
SUBSEQUENT EVENTS

USO has performed
an evaluation of subsequent events through the date the financial statements were issued. This evaluation did not result in any subsequent
events that necessitated disclosures and/or adjustments.