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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

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