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USO United States Oil Fund

The CEA governs the regulation of commodity interest transactions, markets and intermediaries. The CEA provides for varying degrees of regulation of commodity interest transactions depending upon: (1) the type of instrument being traded (e.g., contracts for future delivery, forwards, options, swaps or spot contracts), (2) the type of commodity underlying the instrument (distinctions are made between instruments based on agricultural commodities, energy and metals commodities and financial commodities), (3) the nature of the parties to the transaction (e.g., retail or eligible contract participant), (4) whether the transaction is entered into on a principal-to-principal or intermediated basis, (5) the type of market on which the transaction occurs, and (6) whether the transaction is subject to clearing through a clearing organization. The offer and sale of shares of USO, as well as shares of each Related Public Fund, is registered under the Securities Act. USO and the Related Public Funds are subject to the requirements of the Securities Act, the Exchange Act and the rules and regulations adopted thereunder as administered by the SEC. Firms' participation in the distribution of shares is regulated as described above, as well as by the self-regulatory association, FINRA.

USO stock data

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Calendar

6 Aug 21
20 Oct 21
31 Dec 21
Quarter (USD)
Jun 21 Mar 21 Dec 20 Sep 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 2.76B 2.76B 2.76B 2.76B 2.76B 2.76B
Cash burn (monthly) 7.73M 67.51M (positive/no burn) (positive/no burn) (positive/no burn) (positive/no burn)
Cash used (since last report) 28.61M 249.93M n/a n/a n/a n/a
Cash remaining 2.73B 2.51B n/a n/a n/a n/a
Runway (months of cash) 353.8 37.2 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

23.2% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 185 185
Opened positions 34 34
Closed positions 34 35 -2.9%
Increased positions 28 30 -6.7%
Reduced positions 58 57 +1.8%
13F shares
Current Prev Q Change
Total value 2.69B 582.65M +361.2%
Total shares 11.2M 14.46M -22.6%
Total puts 18.55M 17.99M +3.1%
Total calls 25.2M 34.39M -26.7%
Total put/call ratio 0.7 0.5 +40.7%
Largest owners
Shares Value Change
CS Credit Suisse 3.37M $168.33M +5.1%
MS Morgan Stanley 1.12M $56.05M +44.2%
SMFG Sumitomo Mitsui Financial 581.29K $28.99M -10.9%
Parallax Volatility Advisers 579.36K $28.9M -58.5%
Group One Trading 469.48K $23.42M +32.0%
Victory Capital Management 464.32K $23.16M +75.6%
C Citigroup 304.21K $15.17M -15.1%
Harvest Fund Management 298.98K $15.13M -45.4%
GS Goldman Sachs 294.38K $14.68M +20.3%
Citadel Advisors 271.75K $13.56M -32.7%
Largest transactions
Shares Bought/sold Change
Susquehanna International 100.96K -1.92M -95.0%
Parallax Volatility Advisers 579.36K -816.71K -58.5%
E Fund Management 0 -473K EXIT
MS Morgan Stanley 1.12M +344.46K +44.2%
Harvest Fund Management 298.98K -249.02K -45.4%
Victory Capital Management 464.32K +199.86K +75.6%
Wolverine Trading 101.36K -195.28K -65.8%
Old Mission Capital 17.1K -187.9K -91.7%
CS Credit Suisse 3.37M +163.68K +5.1%
RY Royal Bank Of Canada 11.4K -138.35K -92.4%

Financial report summary

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Risks
  • An investment in USO may provide little or no diversification benefits. Thus, in a declining market, USO may have no gains to offset losses from other investments, and an investor may suffer losses on an investment in USO while incurring losses with respect to other asset classes.
  • Historical performance of USO and the Benchmark Futures Contracts is not indicative of future performance.
  • The market price at which investors buy or sell shares may be significantly less or more than NAV.
  • Daily percentage changes in USO’s NAV may not correlate with daily percentage changes in the price of the Benchmark Oil Futures Contracts.
  • Natural forces in the oil futures market known as “backwardation” and “contango” may increase USO’s tracking error and/or negatively impact total return.
  • Accountability levels, position limits, and daily price fluctuation limits set by the exchanges have the potential to cause tracking error, by limiting USO's investments, including its ability to fully invest in the Benchmark Oil Futures Contract, which could cause the price of shares to substantially vary from the price of the Benchmark Oil Futures Contracts.
  • An investor’s tax liability may exceed the amount of distributions, if any, on its shares.
  • An investor’s allocable share of taxable income or loss may differ from its economic income or loss on its shares.
  • Items of income, gain, deduction, loss and credit with respect to shares could be reallocated, and USO could be liable for U.S. federal income tax, if the IRS does not accept the assumptions and conventions applied by USO in allocating those items, with potential adverse consequences for an investor.
  • USO could be treated as a corporation for federal income tax purposes, which may substantially reduce the value of the shares.
  • USO is organized and operated as a limited partnership in accordance with the provisions of the LP Agreement and applicable state law, and therefore, USO has a more complex tax treatment than traditional mutual funds.
  • If USO is required to withhold tax with respect to any Non-U.S. shareholders, the cost of such withholding may be borne by all shareholders.
  • The impact of U.S. tax reform on USO is uncertain.
  • USO will be subject to credit risk with respect to counterparties to OTC contracts entered into by USO or held by special purpose or structured vehicles.
  • Valuing OTC derivatives may be less certain than actively traded financial instruments.
  • USO may temporarily limit the offering of Creation Baskets.
  • Certain of USO’s investments could be illiquid, which could cause large losses to investors at any time or from time to time.
  • Limited partners may have limited liability in certain circumstances, including potentially having liability for the return of wrongful distributions.
  • The LLC Agreement provides limited authority to the Non-Management Directors, and any Director of USCF may be removed by USCF’s parent company, which is wholly owned by Concierge, a controlled public company where the majority of shares are owned by Nicholas D. Gerber along with certain other family members and certain other shareholders.
  • There is a risk that USO will not earn trading gains sufficient to compensate for the fees and expenses that it must pay and as such USO may not earn any profit.
  • USO is subject to extensive regulatory reporting and compliance.
  • Regulatory changes or actions, including the implementation of new legislation is impossible to predict but may significantly and adversely affect USO.
  • USO is not a registered investment company so shareholders do not have the protections of the 1940 Act.
  • Trading in international markets could expose USO to credit and regulatory risk.
  • USO and USCF may have conflicts of interest, which may permit them to favor their own interests to the detriment of shareholders.
  • USO could terminate at any time and cause the liquidation and potential loss of an investor’s investment and could upset the overall maturity and timing of an investor’s investment portfolio.
  • USO does not expect to make cash distributions.
  • An unanticipated number of redemption requests during a short period of time could have an adverse effect on USO’s NAV.
  • The failure or bankruptcy of USO’s Custodian could result in a substantial loss of USO’s assets.
  • Third parties may infringe upon or otherwise violate intellectual property rights or assert that USCF has infringed or otherwise violated their intellectual property rights, which may result in significant costs and diverted attention.
  • Due to the increased use of technologies, intentional and unintentional cyber-attacks pose operational and information security risks.
  • Changes to U.S. tariff and import/export regulations could have a negative effect on USO.
  • There is uncertainty surrounding potential legal, regulatory and policy changes by the new presidential administration in the United States that may directly affect financial institutions and the global economy.
Management Discussion
  • Results of Operations. On April 10, 2006, USO listed its shares on the AMEX under the ticker symbol “USO.” On that day, USO established its initial offering price at $67.39 per share and issued 200,000 shares to the initial Authorized Participant, KV Execution Services, LLC, in exchange for $13,479,000 in cash. As a result of the acquisition of the AMEX by NYSE Euronext, USO’s shares ceased trading on the AMEX and commenced trading on the NYSE Arca on November 25, 2008.
  • As of June 30, 2021, USO had issued 4,653,000,000 shares, 61,623,603 of which were outstanding. As of June 30, 2021, there were 974,000,000 shares registered but not yet issued. USO has registered 5,627,000,000 shares since inception.  On April 28, 2020, after the close of trading on the NYSE Arca, USO effected a 1-for-8 reverse share split and post-split shares of USO began trading on April 29, 2020. As a result of the reverse share split, every eight pre-split shares of USO were automatically exchanged for one post-split share. Immediately prior to the reverse split, there were 1,482,900,000 shares of USO issued and outstanding, representing a per share NAV of $2.04. Immediately after the effect of the reverse share split, the number of issued and outstanding shares of USO decreased to 185,362,500, not accounting for fractional shares, and the per share NAV increased to $16.35. In connection with the reverse share split, the CUSIP number for USO’s shares changed to 91232N207. USO’s ticker symbol, “USO,” remains the same. The accompanying unaudited condensed financial statements have been adjusted to reflect the effect of the reverse share split on a retroactive basis.
  • More shares may have been issued by USO than are outstanding due to the redemption of shares. Unlike funds that are registered under the 1940 Act, shares that have been redeemed by USO cannot be resold by USO. As a result, USO contemplates that additional offerings of its shares will be registered with the SEC in the future in anticipation of additional issuances and redemptions.
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H.S. junior Avg
New words: catalyst, forecast, gradually, hand, Iran, mirror, posed, quickly, rearview, rebounding, surprise, threat
Removed: stabilize

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