Bullish indicating open at $55-$60, IPO prices at $37
The United States Oil Fund, LP (NYSE Arca:NYSE:USO), currently valued at $1.1 billion, has reported the upcoming departure of one of its key management directors, according to a recent 8-K filing with the Securities and Exchange Commission. Robert L. Nguyen, who serves as a Management Director of the United States Commodity Funds LLC (USCF), the general partner of the United States Oil Fund, LP, has tendered his resignation. InvestingPro data shows the fund has maintained strong returns over the past five years, despite experiencing a -9.86% year-to-date performance.
Mr. Nguyen’s resignation is set to take effect on May 31, 2025, marking his retirement from his roles as Principal and Management Director of USCF. The board of directors at USCF has decided not to seek a replacement for Mr. Nguyen following his departure. Instead, the board will reduce the number of Management Directors from four to three. According to InvestingPro analysis, the fund maintains exceptional liquidity with a current ratio of 474.06, indicating strong financial stability during this transition period.
The United States Oil Fund is a Delaware limited partnership with its principal executive offices located in Walnut Creek, California. The fund’s shares are traded on the NYSE Arca under the ticker symbol USO.
The 8-K filing also includes standard corporate information, such as the fund’s address, telephone number, tax identification number, and state of incorporation. No further details regarding the reasons for Mr. Nguyen’s departure or any associated compensatory arrangements were provided in the filing.
The announcement is based on a press release statement and is a matter of public record, ensuring that investors and stakeholders are kept informed of changes within the fund’s management structure.
In other recent news, the United States Oil Fund, LP has disclosed several financial updates that are of interest to investors. The fund released its monthly financial statements for March, February, and January 2025, each detailing income, losses, and changes in net asset value. Additionally, the fund reported its annual financial statements for the year ending December 31, 2024, alongside audited financials for the same period and the previous year. These reports were filed in compliance with regulatory requirements, providing transparency into the fund’s financial health. Managed by United States Commodity Funds LLC, the fund’s performance is closely linked to the daily price movements of West Texas Intermediate crude oil. The financial statements are accessible on the fund’s website, offering detailed insights into its operations and financial status. Each report emphasizes that the information is furnished for regulatory purposes and not considered "filed" under certain sections of the Securities Exchange Act. Investors and analysts often review these disclosures to assess the fund’s performance and make informed decisions in the volatile oil market.
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