United States Natural Gas Fund, LP
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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FY2025 · Filed Feb 27, 2026
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Item 11. Executive Compensation
Compensation to USCF and Other Compensation
UNG does not directly compensate any of the executive officers noted above. The executive officers noted above are compensated by USCF for the work they perform on behalf of UNG and other entities controlled by USCF. UNG does not reimburse USCF for, nor does it set the amount or form of any portion of, the compensation paid to the executive officers by USCF. UNG pays fees to USCF pursuant to the LP Agreement under which it is obligated to pay USCF an annualized fee of 0.60% average daily total net assets of UNG for the first $1,000,000,000 and 0.50% of average daily total net assets of UNG for amounts above $1,000,000,000. For 2025, UNG accrued aggregate management fees of $3,120,492.
Director Compensation
The following table sets forth compensation earned during the year ended December 31, 2025, by the directors of USCF. UNG’s portion of the aggregate fees paid for director’s fees and insurance for the year ended December 31, 2025 was $207,297.
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| | | | | | | | | | | | | Change in | | | | | | |
| | | | | | | | | | | | | Pension Value | | | | | | |
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| · · Fees · · · · · · · · · Nonqualified · · · · · · | ||||||||||||||||||
| · · Earned · · · · · · Non-Equity · · · Deferred · · · · · · | ||||||||||||||||||
| · · or Paid · · Stock · · Option · · Incentive Plan · · Compensation · · All Other · · · | ||||||||||||||||||
| Name · · in Cash · · Awards · · Awards · · Compensation · · Plan · · Compensation · · Total | ||||||||||||||||||
| Management Directors | | | | | | | | | | | | | | | | | | |
| John P. Love | | $— | NA | NA | NA | | $— | | $— | | $— | |||||||
| Stuart P. Crumbaugh | | $— | NA | NA | NA | | $— | | $— | | $— | |||||||
| Robert L. Nguyen(2) | | $— | NA | NA | NA | | $— | | $— | | $— | |||||||
| Kathryn D. Rooney | | $— | NA | NA | NA | | $— | | $— | | $— | |||||||
| Independent Directors | | | | | | | | | | | | | | | | | | |
| Peter M. Robinson | | $24,650 | NA | NA | NA | | $— | | $— | | $24,650 | |||||||
| Gordon L. Ellis | | $24,650 | NA | NA | NA | | $— | | $— | | $24,650 | |||||||
| Malcolm R. Fobes III(1) | | $29,580 | NA | NA | NA | | $— | | $— | | $29,580 | |||||||
| (1) | Mr. Fobes serves as chairman of the audit committee of USCF and receives additional compensation from USCF, in recognition of the additional responsibilities he has undertaken in this role. |
| (2) | Mr. Nguyen served as a director of USCF until May 31, 2025. This table reflects his compensation earned through that date. |
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