# United States Oil Fund, LP (USO)

> Source: Nexqual · https://nexqual.com/USO · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, United States Oil Fund, LP (USO), nexqual.com/USO" · informational, not investment advice.

**Price:** USD 162.51 (+1.70% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 159.8 · day 160.09–163.77 · 52w 65.99–163.77 · market cap null · PCX

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $597M, net income $586M (98.3% margin) (SEC filings).
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $14.7M; 2 not under a Rule 10b5-1 plan ($14.7M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 2 Form 4 filings, $23.4M; 0 by opportunistic insiders, 0 by routine insiders.
- Total return with dividends: 1Y +121.7% vs S&P 500 +14.9%; 5Y +180.0% vs S&P 500 +80.3%.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.63B | $801M | -$34.9M | $232M | -$56.2M | $597M |
| Net income | $1.60B | $785M | -$46.0M | $221M | -$64.7M | $586M |
| Net margin | 98.5% | 98.1% | 131.9% | 95.3% | 115.0% | 98.3% |
| Revenue growth | +186.6% | -50.8% | -104.4% | +764.5% | -124.2% | — |
| Cash + short-term investments | $1.57B | $856M | $952M | $727M | $652M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)


## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-16 | Hrt Financial Lp |  | 17,023 | $2.7M | 11.7% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-09-11…2026-09-15 | Hrt Financial Lp |  | 78,330 | $12.1M | 56% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
2 purchases, $23.4M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-09-16 | Hrt Financial Lp |  | 43,638 | $6.8M | 155.3 | Too little history (no open-market trades in 2023–2025) |
| 2026-09-11…2026-09-14 | Hrt Financial Lp |  | 105,195 | $16.6M | 157.88 | Too little history (no open-market trades in 2023–2025) |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +121.7% | +180.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +122.3% | +22.8% |
| Volatility (annualized) | 49.2% | 37.8% |
| Max drawdown | -32.5% (May 2026→Jul 2026) | -34.9% (Jun 2022→Mar 2023) |

## Peers
UNG (United States Natural Gas Fund ) USD 9.89 -0.80% · GLD (SPDR Gold Shares) USD 369 -2.63% · UCO (ProShares Ultra Bloomberg Crude) USD 63.77 +0.35% · XLE (State Street Energy Select Sect) USD 67.57 -0.87% · SLV (iShares Silver Trust) USD 49.34 -5.59%

## More
Full page: https://nexqual.com/USO · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-28 | 5 | 49.9% | ±5.3% |
| 2026-10-30 | 7 | 52.7% | ±6.4% |
| 2026-11-04 | 12 | 48.1% | ±7.4% |
| 2026-11-06 | 14 | 50.5% | ±8.3% |
| 2026-11-13 | 21 | 52.1% | ±10.3% |
| 2026-11-20 | 28 | 51.5% | ±11.6% |
| 2026-11-27 | 35 | 50.0% | ±12.5% |
| 2026-12-04 | 42 | 50.4% | ±13.7% |