United States 12 Month Oil Fund, LP USL
What is USL?
The United States 12 Month Oil Fund, LP ("USL") is a Delaware limited partnership organized on June 27, 2007. USL maintains its main business office at 1850 Mt. Diablo Boulevard, Suite 640, Walnut Creek, California 94596. USL is a commodity pool that issues limited partnership interests ("shares") traded on the NYSE Arca, Inc. (the "NYSE Arca"). USL's shares began trading on December 6, 2007. 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").
The investment objective of USL is for the daily changes in percentage terms of its 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 average of the prices of specified short-term futures contracts on light, sweet crude oil called the "Benchmark Oil Futures Contracts," plus interest earned on USL's collateral holdings, less USL's expenses. The Benchmark Oil Futures Contracts are the futures contracts on light, sweet crude oil as traded on the New York Mercantile Exchange (the "NYMEX") that is the near month contract to expire and the contracts for the following 11 months, for a total of 12 consecutive months' contracts, except when the near month contract is within two weeks of expiration, in which case it will be the futures contract that is the next month contract to expire and the contracts for the following 11 consecutive months. When calculating the daily movement of the average price of the 12 contracts, each contract month is equally weighted.
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 | -$5.3M | $5.7M | $551.3K | $39.4M | $94.9M | $110.3M | $14.9M | -$4.9M | $2.7M | $30.2M |
| Total operating expenses | — | — | — | — | — | $1.6M | $497.5K | $649.6K | $929.7K | $805.9K |
| Net income | -$5.8M | $5.1M | -$56.5K | $38.4M | $93.3M | $108.7M | $14.4M | -$5.5M | $1.7M | $29.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $31.8M | $31.9M | $23.5M | $90.1M | $129.6M | $182.6M | $51.6M | $66.7M | $88.2M | $124.4M |
| Total assets | $36.8M | $49.6M | $67.2M | $87.2M | $149.2M | $219.5M | $55.2M | $51.0M | $99.3M | $141.7M |
| Total liabilities | $172.2K | $219.5K | $225.7K | $3.9M | $11.6M | $23.0M | $153.2K | $161.4K | $7.8M | $15.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$3.2M | $3.6M | -$1.3M | $49.7M | $100.0M | $97.4M | -$5.0M | $13.7M | $415.3K | $7.2M |
| Financing cash flow | -$7.0M | -$22.6M | -$19.9M | -$89.2M | -$153.0M | $33.5M | -$10.2M | -$35.2M | -$36.6M | $26.5M |
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 0001104659-26-021509.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $30.2M | $2.7M | -$4.9M | $14.9M | $110.3M | $94.9M | $39.4M | $551.3K | $5.7M | -$5.3M |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | $29.4M | $1.7M | -$5.5M | $14.4M | $108.7M | $93.3M | $38.4M | -$56.5K | $5.1M | -$5.8M |
Recent filings and events
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Regulation FD disclosure Item 7.01
- Regulation FD disclosure Item 7.01
- Regulation FD disclosure Item 7.01
- Regulation FD disclosure Item 7.01
- Regulation FD disclosure Item 7.01
- Regulation FD disclosure Item 7.01
- Regulation FD disclosure Item 7.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Regulation FD disclosure Item 7.01
- Regulation FD disclosure Item 7.01
- Regulation FD disclosure Item 7.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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