Welcome!

News Feed Item

Petroleum & Resources Announces 2012 Performance

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: [email protected]
Website: www.peteres.com

For your convenience, all press releases are posted to our website.  If you would like to receive future press releases by fax or e-mail, please contact us.

SOURCE Petroleum & Resources Corporation

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busin...
There will be new vendors providing applications, middleware, and connected devices to support the thriving IoT ecosystem. This essentially means that electronic device manufacturers will also be in the software business. Many will be new to building embedded software or robust software. This creates an increased importance on software quality, particularly within the Industrial Internet of Things where business-critical applications are becoming dependent on products controlled by software. Qua...
In addition to all the benefits, IoT is also bringing new kind of customer experience challenges - cars that unlock themselves, thermostats turning houses into saunas and baby video monitors broadcasting over the internet. This list can only increase because while IoT services should be intuitive and simple to use, the delivery ecosystem is a myriad of potential problems as IoT explodes complexity. So finding a performance issue is like finding the proverbial needle in the haystack.
"We host and fully manage cloud data services, whether we store, the data, move the data, or run analytics on the data," stated Kamal Shannak, Senior Development Manager, Cloud Data Services, IBM, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
With the proliferation of both SQL and NoSQL databases, organizations can now target specific fit-for-purpose database tools for their different application needs regarding scalability, ease of use, ACID support, etc. Platform as a Service offerings make this even easier now, enabling developers to roll out their own database infrastructure in minutes with minimal management overhead. However, this same amount of flexibility also comes with the challenges of picking the right tool, on the right ...
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
"This week we're really focusing on scalability, asset preservation and how do you back up to the cloud and in the cloud with object storage, which is really a new way of attacking dealing with your file, your blocked data, where you put it and how you access it," stated Jeff Greenwald, Senior Director of Market Development at HGST, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
Large scale deployments present unique planning challenges, system commissioning hurdles between IT and OT and demand careful system hand-off orchestration. In his session at @ThingsExpo, Jeff Smith, Senior Director and a founding member of Incenergy, will discuss some of the key tactics to ensure delivery success based on his experience of the last two years deploying Industrial IoT systems across four continents.
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develo...
“We're a global managed hosting provider. Our core customer set is a U.S.-based customer that is looking to go global,” explained Adam Rogers, Managing Director at ANEXIA, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
SYS-CON Events announced today that MangoApps will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device.
IoT is rapidly changing the way enterprises are using data to improve business decision-making. In order to derive business value, organizations must unlock insights from the data gathered and then act on these. In their session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, and Peter Shashkin, Head of Development Department at EastBanc Technologies, discussed how one organization leveraged IoT, cloud technology and data analysis to improve customer experiences and effi...
The IETF draft standard for M2M certificates is a security solution specifically designed for the demanding needs of IoT/M2M applications. In his session at @ThingsExpo, Brian Romansky, VP of Strategic Technology at TrustPoint Innovation, explained how M2M certificates can efficiently enable confidentiality, integrity, and authenticity on highly constrained devices.
In today's uber-connected, consumer-centric, cloud-enabled, insights-driven, multi-device, global world, the focus of solutions has shifted from the product that is sold to the person who is buying the product or service. Enterprises have rebranded their business around the consumers of their products. The buyer is the person and the focus is not on the offering. The person is connected through multiple devices, wearables, at home, on the road, and in multiple locations, sometimes simultaneously...