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
In this presentation, you will learn first hand what works and what doesn't while architecting and deploying OpenStack. Some of the topics will include:- best practices for creating repeatable deployments of OpenStack- multi-site considerations- how to customize OpenStack to integrate with your existing systems and security best practices.
As you move to the cloud, your network should be efficient, secure, and easy to manage. An enterprise adopting a hybrid or public cloud needs systems and tools that provide: Agility: ability to deliver applications and services faster, even in complex hybrid environments Easier manageability: enable reliable connectivity with complete oversight as the data center network evolves Greater efficiency: eliminate wasted effort while reducing errors and optimize asset utilization Security: implemen...
Your homes and cars can be automated and self-serviced. Why can't your storage? From simply asking questions to analyze and troubleshoot your infrastructure, to provisioning storage with snapshots, recovery and replication, your wildest sci-fi dream has come true. In his session at @DevOpsSummit at 20th Cloud Expo, Dan Florea, Director of Product Management at Tintri, provided a ChatOps demo where you can talk to your storage and manage it from anywhere, through Slack and similar services with...
Most people haven’t heard the word, “gamification,” even though they probably, and perhaps unwittingly, participate in it every day. Gamification is “the process of adding games or game-like elements to something (as a task) so as to encourage participation.” Further, gamification is about bringing game mechanics – rules, constructs, processes, and methods – into the real world in an effort to engage people. In his session at @ThingsExpo, Robert Endo, owner and engagement manager of Intrepid D...
Recently, WebRTC has a lot of eyes from market. The use cases of WebRTC are expanding - video chat, online education, online health care etc. Not only for human-to-human communication, but also IoT use cases such as machine to human use cases can be seen recently. One of the typical use-case is remote camera monitoring. With WebRTC, people can have interoperability and flexibility for deploying monitoring service. However, the benefit of WebRTC for IoT is not only its convenience and interopera...
Evan Kirstel is an internationally recognized thought leader and social media influencer in IoT (#1 in 2017), Cloud, Data Security (2016), Health Tech (#9 in 2017), Digital Health (#6 in 2016), B2B Marketing (#5 in 2015), AI, Smart Home, Digital (2017), IIoT (#1 in 2017) and Telecom/Wireless/5G. His connections are a "Who's Who" in these technologies, He is in the top 10 most mentioned/re-tweeted by CMOs and CIOs (2016) and have been recently named 5th most influential B2B marketeer in the US. H...
Michael Maximilien, better known as max or Dr. Max, is a computer scientist with IBM. At IBM Research Triangle Park, he was a principal engineer for the worldwide industry point-of-sale standard: JavaPOS. At IBM Research, some highlights include pioneering research on semantic Web services, mashups, and cloud computing, and platform-as-a-service. He joined the IBM Cloud Labs in 2014 and works closely with Pivotal Inc., to help make the Cloud Found the best PaaS.
Companies are harnessing data in ways we once associated with science fiction. Analysts have access to a plethora of visualization and reporting tools, but considering the vast amount of data businesses collect and limitations of CPUs, end users are forced to design their structures and systems with limitations. Until now. As the cloud toolkit to analyze data has evolved, GPUs have stepped in to massively parallel SQL, visualization and machine learning.
"With Digital Experience Monitoring what used to be a simple visit to a web page has exploded into app on phones, data from social media feeds, competitive benchmarking - these are all components that are only available because of some type of digital asset," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Everything run by electricity will eventually be connected to the Internet. Get ahead of the Internet of Things revolution. In his session at @ThingsExpo, Akvelon expert and IoT industry leader Sergey Grebnov provided an educational dive into the world of managing your home, workplace and all the devices they contain with the power of machine-based AI and intelligent Bot services for a completely streamlined experience.
"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.
"Venafi has a platform that allows you to manage, centralize and automate the complete life cycle of keys and certificates within the organization," explained Gina Osmond, Sr. Field Marketing Manager at Venafi, in this SYS-CON.tv interview at DevOps at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Creating replica copies to tolerate a certain number of failures is easy, but very expensive at cloud-scale. Conventional RAID has lower overhead, but it is limited in the number of failures it can tolerate. And the management is like herding cats (overseeing capacity, rebuilds, migrations, and degraded performance). In his general session at 18th Cloud Expo, Scott Cleland, Senior Director of Product Marketing for the HGST Cloud Infrastructure Business Unit, discussed how a new approach is neces...
Cloud-enabled transformation has evolved from cost saving measure to business innovation strategy -- one that combines the cloud with cognitive capabilities to drive market disruption. Learn how you can achieve the insight and agility you need to gain a competitive advantage. Industry-acclaimed CTO and cloud expert, Shankar Kalyana presents. Only the most exceptional IBMers are appointed with the rare distinction of IBM Fellow, the highest technical honor in the company. Shankar has also receive...
"We're developing a software that is based on the cloud environment and we are providing those services to corporations and the general public," explained Seungmin Kim, CEO/CTO of SM Systems Inc., in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.