BALTIMORE, Jan. 14, 2013 /PRNewswire/ --Petroleum & Resources Corporation (NYSE: PEO) announces the Fund's performance for 2012.
2012 INVESTMENT RETURNS
On net asset value, the total return on Petroleum & Resources was 4.0%, with dividends and capital gains reinvested, for the twelve months ended December 31, 2012. The comparable figures for the Lipper Global Natural Resources Funds Index, the Dow Jones U. S. Oil & Gas Index, and the Dow Jones U. S. Basic Materials Index were 2.4%, 4.7%, and 10.5%, respectively. On market value, the total return on Petroleum & Resources was 4.3%.
The Fund paid $1.60 per share in income dividends and realized capital gains to shareholders in 2012, producing an annual distribution rate of 6.4%, exceeding the 6% minimum annual distribution rate commitment that the Fund made in September. Details regarding the 6% minimum annual distribution rate can be found at www.peteres.com.
NET ASSET VALUE ANNOUNCED
The net assets, shares outstanding, and net asset value per share of Petroleum & Resources at the end of 2012 compared with the end of 2011 were:
12/31/12 | 12/31/11 | |
Net assets | $732,988,462 | $732,810,692 |
Shares outstanding | 26,325,601 | 25,641,018 |
Net asset value per share | $ 27.84 | $ 28.58 |
SECURITIES TRANSACTIONS DURING THE FOURTH QUARTER
During the fourth quarter, the Fund added FMC Technologies, Inc. to its investment portfolio, and increased its holdings in ConocoPhillips, Du Pont, EOG Resources, Peabody Energy, Phillips 66, Schlumberger, SPDR Gold Trust, and Transocean. Two holdings were eliminated from the portfolio with the sales of Air Products & Chemicals, Inc. and MDU Resources Group, Inc., and the Fund reduced its holdings in ExxonMobil, FMC Corp., Forest Oil, New Jersey Resources, QEP Resources, Royal Dutch Shell, and Spectra Energy.
OTHER SUMMARY FINANCIAL INFORMATION | ||
12/31/12 | 12/31/11 | |
Unrealized appreciation | $284,191,650 | $302,253,570 |
Net investment income | $ 12,359,977 | $10,208,955 |
Net realized gain | $ 30,465,396 | $39,332,517 |
Key Ratios | ||
Net investment income to | ||
average net assets | 1.67% | 1.29% |
Expense ratio (to average net assets) | 0.65% | 0.56% |
Portfolio turnover | 11.7% | 16.4% |
Net cash & short-term investments | ||
to net assets | 0.8% | 0.0% |
TEN LARGEST EQUITY PORTFOLIO HOLDINGS (12/31/12) | |
% of Net Assets | |
ExxonMobil | 16.9 |
Chevron | 12.7 |
Schlumberger | 5.9 |
Occidental Petroleum | 3.8 |
Anadarko Petroleum | 3.1 |
Noble Energy | 2.6 |
EOG Resources | 2.6 |
Dow Chemical | 2.4 |
National Oilwell Varco | 2.3 |
CF Industries Holdings | 2.3 |
Total | 54.6% |
SECTOR WEIGHTINGS (12/31/12) | |
% of Net Assets | |
Energy | |
Exploration & Production | 21.6 |
Integrated Oil & Gas | 33.9 |
Pipelines | 3.2 |
Refiners | 4.0 |
Services | 15.5 |
Basic Materials | |
Chemicals | 12.0 |
Gold & Precious Metals | 1.7 |
Industrial Metals | 4.0 |
Mining | 0.7 |
Utilities | 2.6 |
Short-Term Investments | 1.0 |
ANNUALIZED ONE, THREE AND FIVE YEAR COMPARATIVE RETURNS (12/31/12) | |||
1 Year | 3 Year | 5 Year | |
Petroleum & Resources (NAV) | 4.0% | 8.0% | (0.8%) |
Lipper Global Natural Resources Funds Index | 2.4% | 0.2% | (5.7%) |
DJ U.S. Oil & Gas Index | 4.7% | 9.3% | (0.4%) |
DJ U.S. Basic Materials Index | 10.5% | 7.5% | 0.2% |
Petroleum & Resources Corporation is a Baltimore-based closed-end investment company. Its stock trades on the New York Stock Exchange under the ticker symbol PEO.
For further information please contact:
Lawrence L. Hooper, Jr., Vice President, General Counsel and Secretary
410-752-5900 or 800-638-2479
E-mail: contact@peteres.com
Website: www.peteres.com
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SOURCE Petroleum & Resources Corporation
