Current Report Filing (8-k)
April 22 2020 - 2:03PM
Edgar (US Regulatory)
0001327068
false
0001327068
2020-04-22
2020-04-22
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xbrli:shares
iso4217:USD
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
April 22, 2020
UNITED STATES OIL FUND, LP
(Exact name of registrant as specified in its
charter)
Delaware
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001-32834
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20-2830691
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(I.R.S. Employer Identification No.)
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1850 Mt. Diablo Boulevard, Suite 640
Walnut
Creek, California 94596
(Address of principal executive offices) (Zip
Code)
(510) 522-9600
Registrant’s telephone number, including area
code
Not Applicable
(Former name or former address, if changed since
last report)
Check the appropriate box below if the Form
8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions
(see General Instruction A.2. below):
☐ Written
communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2
of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to Section
12(b) of the Act:
Title of each class:
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Trading Symbol(s)
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Name of each exchange on which registered:
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Shares of United States Oil Fund, LP
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USO
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NYSE Arca, Inc.
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Item 8.01. Other Events.
United States Oil Fund, LP (“USO”), a Delaware
limited partnership, announced previously in Forms 8-K filed on April 17, 2020 and April 21, 2020, respectively, that USO intended
to invest in other permitted investments, as described below and in its prospectus.
As of April 22, 2020, in response to ongoing
extraordinary market conditions in the crude oil markets, including “super contango” (a higher level of contango arising from the overabundance of oil being produced and the limited availability of storage for
such excess supply), USO may invest
approximately 20% of its portfolio in crude oil futures contracts on the NYMEX and ICE Futures in the June futures contract,
approximately 50% of its portfolio in crude oil futures contracts on the NYMEX and ICE Futures in the July contract,
approximately 20% of its portfolio in crude oil futures contracts on the NYMEX and ICE Futures in the August contract, and
approximately 10% of its portfolio in crude oil futures contracts on the NYMEX and ICE Futures in the September contract.
The foregoing announcement of USO’s intended investments is not meant to limit its ability to invest in other investments
as permitted in USO’s prospectus. Accordingly, in response to ongoing extraordinary market conditions in the crude oil markets, including super contango, USO may
invest in the above described crude oil futures contracts on the NYMEX and ICE Futures in any month available or in varying
percentages or invest in any other of the permitted investments described below and in its prospectus, without further
disclosure. USO intends to attempt to continue tracking USO’s benchmark as closely as possible, however significant
tracking deviations may occur above and beyond the differences described herein. USO’s portfolio holdings as of the end
of the prior business day are posted each day on the website: www.uscfinvestments.com/uso.
As stated in the prospectus for USO, USO seeks to achieve
its investment objective by investing primarily 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 Europe and ICE Futures U.S.
(together, “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 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 non-exchange traded
(“over-the-counter” or “OTC”) transactions that are based on the price of oil, other petroleum-based fuels,
Oil Futures Contracts and indices based on the foregoing (collectively, “Other Oil Related Investments”). Market conditions
that USCF currently anticipates could cause USO to invest in Other Oil-Related Investments include those allowing USO to obtain
greater liquidity or to execute transactions with more favorable pricing. (For convenience and unless otherwise specified, Oil
Futures Contracts and Other Oil-Related Investments collectively are referred to as “Oil Interests” in the prospectus.)
The foregoing may impact the performance of USO. In addition,
as a result of these changes, USO may not be able to track the Benchmark Futures Contract or meet its investment objective, which
is for the daily percentage changes in the NAV per share to reflect the daily percentage changes of the spot price of light, sweet
crude oil, as measured by the daily percentage changes in the price of Benchmark Oil Futures Contract, plus interest earned on
USO’s collateral holdings, less USO’s expenses.
Forward-Looking Statements
This communication contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that
are subject to risks and uncertainties, including, without limitation, statements regarding USO’s expectations. Statements
containing words such as “may,” “will,” “expect,” “anticipate,” “believe,”
“intend,” “plan,” “project,” “should,” “estimate,” “seek”
or any negative or other variations on such expression constitute forward-looking statements. These forward-looking statements
are based on information currently available to USO and are subject to a number of risks, uncertainties and other factors, both
known and unknown, that could cause the actual results, performance, prospects or opportunities of USO to differ materially from
those expressed in, or implied by, these forward-looking statements.
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
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UNITED STATES OIL FUND, LP
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By:
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United States Commodity Funds LLC, its general partner
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Date: April 22, 2020
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By:
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/s/ John P. Love
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Name:
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John P. Love
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Title:
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President and CEO
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