x
|
Quarterly
report pursuant to Section 13 or 15(d) of the Securities Exchange Act
of 1934 for the quarterly period ended September 30, 2007.
|
¨
|
Transition
report pursuant to Section 13 or 15(d) of the Securities Exchange Act
of 1934 for the transition period from
to .
|
Delaware
|
|
20-2830691
|
(State
or other jurisdiction of
incorporation
or organization)
|
|
(I.R.S.
Employer
Identification
No.)
|
FINANCIAL
INFORMATION
|
Condensed
Financial Statements
|
United
States Oil Fund, LP
|
|||||||
Condensed
Statements of Financial Condition
|
|||||||
At
September 30, 2007 (Unaudited) and December 31,
2006
|
|||||||
|
|||||||
September
30, 2007
|
December
31, 2006
|
||||||
Assets
|
|||||||
Cash
and cash equivalents
|
$
|
400,503,336
|
$
|
712,883,812
|
|||
Equity
in UBS Securities LLC trading accounts:
|
|||||||
Cash
|
51,318,619
|
87,123,636
|
|||||
Unrealized
gain (loss) on open commodity futures contracts
|
12,811,880
|
|
(34,383,000
|
)
|
|||
Receivable
for units sold
|
55,896,558
|
36,080,896
|
|||||
Interest
receivable
|
1,170,413
|
2,626,230
|
|||||
Other
assets
|
82,586
|
17,000
|
|||||
Total
assets
|
$
|
521,783,392
|
$
|
804,348,574
|
|||
Liabilities
and Partners' Capital
|
|||||||
Payable
for units redeemed
|
$
|
89,006,134
|
$
|
-
|
|||
General
Partner management fees (Note 3)
|
194,850 |
332,736
|
|||||
Brokerage
commissions payable
|
22,886
|
44,386
|
|||||
Other
liabilities
|
177,872
|
22,198
|
|||||
Total
liabilities
|
89,401,742
|
399,320
|
|||||
Commitments
and Contingencies (Notes 3,
4 and 5)
|
|||||||
Partners'
Capital
|
|||||||
General
Partner
|
-
|
-
|
|||||
Limited
Partners
|
432,381,650
|
803,949,254
|
|||||
Total
Partners' Capital
|
432,381,650
|
803,949,254
|
|||||
Total
liabilities and partners' capital
|
$
|
521,783,392
|
$
|
804,348,574
|
|||
Limited
Partners' units outstanding
|
6,900,000
|
15,500,000
|
|||||
Net
asset value per unit
|
$
|
62.66
|
$
|
51.87
|
|||
Market
value per unit
|
$
|
62.55
|
$
|
51.60
|
|||
See
accompanying notes to condensed financial statements.
|
United
States Oil Fund, LP
|
||||||||||
Condensed
Schedule of Investments (Unaudited)
|
||||||||||
At
September 30, 2007
|
||||||||||
Open
Futures Contracts
|
||||||||||
Gain
on Open
|
||||||||||
Number
of
|
Commodity
|
%
of Partners'
|
||||||||
|
Contracts
|
Contracts
|
Capital
|
|||||||
Foreign
Contracts
|
||||||||||
Crude
Oil Futures contracts, expires November 2007
|
300 | $ | 1,905,000 | 0.44 | ||||||
United
States Contracts
|
||||||||||
Crude
Oil Futures contracts, expires November 2007
|
4,992
|
$
|
10,906,880
|
|
2.52
|
|
||||
5,292 | $ | 12,811,880 | 2.96 | |||||||
Cash
Equivalents
|
||||||||||
|
Cost
|
Market
Value
|
||||||||
United
States - Money Market Funds
|
||||||||||
AIM
STIT- Liquid Assets Portfolio
|
$
|
42,914,004
|
$
|
42,914,004
|
9.93
|
|||||
AIM
STIT- STIC Prime Portfolio
|
42,801,570
|
42,801,570
|
9.90
|
|||||||
Goldman
Sachs Financial Square Funds - Government Fund
|
20,065,046 | 20,065,046 | 4.64 | |||||||
Goldman
Sachs Financial Square Funds - Prime Obligations Fund
|
42,468,375 | 42,468,375 | 9.82 | |||||||
Goldman
Sachs Financial Square Funds - Treasury Instruments Fund
|
10,000,000
|
10,000,000
|
2.31
|
|||||||
$
|
158,248,995
|
|
158,248,995
|
36.60
|
Cash |
242,254,341
|
56.03
|
|||||
Total cash and cash equivalents |
400,503,336
|
92.63
|
|||||
Cash
on deposit with broker
|
|
51,318,619
|
11.87
|
||||
Liabilities,
less receivables and other assets
|
(32,252,185
|
) |
(7.46
|
) | |||
Total
Partners' Capital
|
$
|
432,381,650
|
100.00
|
||||
See
accompanying notes to condensed financial statements.
|
Condensed
Statements of Operations (Unaudited)
|
||||||||||||||||
For
the three months ended September 30, 2007 and 2006, the nine
months
ended September 30, 2007
|
||||||||||||||||
and
the period from April 10, 2006 (commencement of
operations) to September
30, 2006
|
||||||||||||||||
Period
from
|
||||||||||||||||
Three
months ended
|
Three
months ended
|
Nine
months ended
|
April
10, 2006 to
|
|||||||||||||
September
30, 2007
|
September
30, 2006
|
September
30, 2007
|
September
30, 2006
|
|||||||||||||
Income
|
||||||||||||||||
Gains
(losses) on trading of commodity futures contracts:
|
||||||||||||||||
Realized
gains (losses) on closed positions
|
$ |
109,757,730
|
$ |
(54,453,070
|
) | $ | 111,008,840 | $ | (65,861,220 | ) | ||||||
Change
in unrealized gains (losses) on open positions
|
(22,790,310
|
) |
(31,568,760
|
) | 47,194,880 | (24,111,280 | ) | |||||||||
Interest
income
|
7,187,424
|
4,235,056
|
30,175,872
|
6,118,863
|
||||||||||||
Other
income
|
73,000
|
40,000
|
231,000
|
81,000
|
||||||||||||
Total
income (loss)
|
94,227,844
|
(81,746,774
|
) | 188,610,592 | (83,772,637 | ) | ||||||||||
Expenses
|
||||||||||||||||
General
Partner management fees (Note 3)
|
721,676
|
452,264
|
3,007,089
|
671,287
|
||||||||||||
Brokerage
commissions
|
194,908
|
129,645
|
951,049
|
199,945
|
||||||||||||
Other
expenses
|
272,947
|
-
|
1,081,089
|
-
|
||||||||||||
Total
expenses
|
1,189,531
|
581,909
|
5,039,227
|
871,232
|
||||||||||||
Net
income (loss)
|
$ |
93,038,313
|
$ |
(82,328,683
|
) | $ | 183,571,365 | $ | (84,643,869 | ) | ||||||
Net
income (loss) per limited partnership unit
|
$ |
9.48
|
$ |
(12.76
|
) | $ | 10.79 | $ | (10.33 | ) | ||||||
Net
income (loss) per weighted average limited partnership
unit
|
$ |
9.35
|
$ |
(14.80
|
) | $ | 11.46 | $ | (19.59 | ) | ||||||
Weighted
average limited partnership units outstanding
|
9,945,652
|
5,563,043
|
16,017,949
|
4,321,264
|
||||||||||||
See
accompanying notes to condensed financial statements.
|
Condensed
Statement of Changes in Partners' Capital
(Unaudited)
|
||||||||||
For
the nine months ended September 30, 2007
|
||||||||||
General
Partner
|
Limited
Partners
|
Total
|
||||||||
Balances,
at December 31, 2006
|
$ |
-
|
$ |
803,949,254
|
$
|
803,949,254
|
||||
Addition
of 56,700,000 partnership units
|
-
|
2,877,872,329
|
2,877,872,329
|
|||||||
Redemption
of 65,300,000 partnership units
|
-
|
|
(3,433,011,298
|
)
|
(3,433,011,298
|
)
|
||||
Net
income
|
-
|
183,571,365
|
|
183,571,365
|
|
|||||
Balances,
at September 30, 2007
|
$
|
-
|
$
|
432,381,650
|
$
|
432,381,650
|
||||
Net
Asset Value Per Unit
|
||||||||||
At
December 31, 2006
|
$
|
51.87
|
||||||||
At
September 30, 2007
|
$
|
62.66
|
||||||||
See
accompanying notes to condensed financial
statements.
|
Condensed
Statements of Cash Flows (Unaudited)
|
|||||||
For
the nine months ended September 30, 2007 and the period
from April 10,
2006 (commencement of operations) to September 30,
2006
|
|||||||
Period
from
|
|||||||
|
|
Nine
months ended
|
April
10, 2006 to
|
||||
September
30, 2007
|
September
30, 2006
|
||||||
Cash
Flows from Operating Activities:
|
|||||||
Net
income (loss)
|
$
|
183,571,365
|
|
$
|
(84,643,869
|
) | |
Adjustments
to reconcile net income (loss) to net cash used in operating
activities:
|
|||||||
Purchase
of investment securities
|
- | (160,000,000 | ) | ||||
Increase
in commodity futures trading account - cash
|
35,805,017
|
|
(63,157,281
|
) | |||
Unrealized
(gains) losses on futures contracts
|
(47,194,880
|
) |
24,111,280
|
||||
Decrease
(increase) in interest receivable and other assets
|
1,390,231
|
|
(555,200
|
) | |||
(Decrease)
increase in management fees payable
|
(137,886
|
) | 171,244 | ||||
Decrease
in commissions payable
|
(21,500
|
) |
-
|
||||
Increase
in other liabilities
|
155,674
|
-
|
|||||
Net
cash used in operating activities
|
173,568,021
|
|
(284,073,826
|
) | |||
Cash
Flows from Financing Activities:
|
|||||||
Subscription
of partnership units
|
2,858,056,667
|
967,563,778
|
|||||
Redemption
of partnership units
|
(3,344,005,164
|
)
|
(462,048,622
|
) | |||
Net
cash provided by(used in) financing activities
|
(485,948,497
|
) |
505,515,156
|
||||
Net
(Decrease) Increase in Cash and Cash
Equivalents
|
(312,380,476
|
) |
221,441,330
|
||||
Cash
and Cash Equivalents,
beginning of period
|
712,883,812
|
1,000
|
|||||
Cash
and Cash Equivalents,
end of period
|
$
|
400,503,336
|
$
|
221,442,330
|
|||
See
accompanying notes to condensed financial statements.
|
|
|
|
|
For
the period from
|
|||
For
the nine months ended
|
April
10, 2006 to
|
||||||
September
30, 2007
|
September
30, 2006
|
||||||
(Unaudited)
|
(Unaudited)
|
||||||
Per
Unit Operating Performance:
|
|||||||
Net
asset value, beginning of period
|
$
|
51.87
|
$
|
67.39
|
|||
Total
income (loss)
|
11.10
|
(10.13
|
) | ||||
Total
expenses
|
(0.31
|
)
|
(0.20
|
) | |||
Net
increase/(decrease) in net asset value
|
10.79
|
|
(10.33
|
) | |||
Net
asset value, end of period
|
$
|
62.66
|
$
|
57.06
|
|||
Total
Return
|
20.80
|
%
|
(15.33
|
)%
|
|||
Ratios
to Average Net Assets (annualized)
|
|||||||
Total
income (loss)
|
30.94
|
%
|
(62.31
|
)%
|
|||
Expenses
excluding management fees
|
(0.33
|
)%
|
(0.15
|
)%
|
|||
Management
fees
|
(0.50
|
)%
|
(0.50
|
)%
|
|||
Net
income (loss)
|
30.11
|
%
|
(62.96
|
)%
|
Management's
Discussion and Analysis of Financial Condition and Results of
Operations
|
Quantitative
and Qualitative Disclosures About Market
Risk
|
Controls
and Procedures
|
Part
II.
|
OTHER
INFORMATION
|
Other
Information
|
Exhibits
|
Exhibit Number | Description
of Document
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
United
States Oil Fund, LP (Registrant)
By:
Victoria Bay Asset Management, LLC, its general partner
|
By: /s/
Nicholas D.
Gerber
|
Nicholas
D. Gerber
|
Chief
Executive Officer
|
DateDate: November
13, 2007
|
By: /s/
Howard Mah
|
Howard
Mah
|
Chief
Financial Officer
|
DateDate: November
13, 2007
|