United States 12 Month Natural Gas Fund, LP UNL
What is UNL?
The United States 12 Month Natural Gas Fund, LP ("UNL") is a Delaware limited partnership organized on June 27, 2007. UNL maintains its main business office at 1850 Mt. Diablo Boulevard, Suite 640, Walnut Creek, California 94596. UNL's shares began trading on November 18, 2009. UNL is a commodity pool that issues limited partnership interests ("shares") traded on the NYSE Arca, Inc. (the "NYSE Arca"). It operates pursuant to the terms of the Third Amended and Restated Agreement of Limited Partnership dated as of December 15, 2017 (as amended from time to time, the "LP Agreement"), which grants full management control to its general partner, United States Commodity Funds LLC ("USCF").
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.1K | $11.2K | $6.7K | $9.1K | $3.5K | $1.4K | $700 | $2.8K | $2.5K | $1.8K |
| Total operating expenses | $235.6K | $375.1K | $325.4K | $483.1K | $231.7K | $103.6K | $113.4K | $117.8K | $156.3K | $224.9K |
| Net income | -$971.5K | -$1.2M | -$13.3M | $3.6M | $3.2M | -$214.9K | -$814.3K | $567.1K | -$3.1M | $2.9M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $18.2M | $17.9M | $14.5M | $33.3M | $15.7M | $7.3M | $3.8M | $5.8M | $8.9M | $15.8M |
| Total assets | $18.8M | $19.0M | $16.4M | $25.1M | $16.4M | $7.4M | $3.4M | $5.8M | $8.4M | $18.7M |
| Total liabilities | $104.6K | $373.4K | $93.8K | $118.1K | $72.4K | $31.5K | $60.5K | $138.0K | $79.7K | $2.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.0M | -$6.3M | -$17.2M | $12.5M | $2.6M | -$644.0K | -$514.6K | $103.8K | -$1.9M | -$232.4K |
| Financing cash flow | $1.0M | $3.6M | $4.6M | $5.0M | $5.8M | $4.2M | -$1.5M | -$3.3M | -$5.0M | $451.2K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-023411.
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