BALTIMORE, Jan. 9, 2014 /PRNewswire/ -- Petroleum & Resources Corporation (NYSE:PEO) announces the Fund's performance for 2013.
2013 INVESTMENT RETURNS
The total return on the Fund's net asset value for the twelve months ended December 31, 2013 was 24.2%, with dividends and capital gains reinvested. 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 13.0%, 26.1%, and 20.4%, respectively. The total return on the Fund's market price for the same period was 22.7%.
The Fund paid $1.88 per share in income dividends and realized capital gains to shareholders in 2013, producing an annual distribution rate of 7.2%, exceeding the Fund's annual 6% minimum distribution rate commitment. Details regarding the annual 6% minimum distribution rate commitment can be found at www.peteres.com.
NET ASSET VALUE ANNOUNCED
The Fund's net asset value at the end of 2013, compared with the year earlier, was:
|
12/31/13
|
12/31/12
|
Net assets
|
$863,689,833
|
$732,988,462
|
Shares outstanding
|
26,775,228
|
26,325,601
|
Net assets per share
|
$32.26
|
$27.84
|
The Fund repurchased 278,774 shares of its common stock during the twelve-month period at an average price per share of $26.70 and a weighted average discount to net asset value of 14.5%.
OTHER SUMMARY FINANCIAL INFORMATION
|
12/31/13
|
12/31/12
|
Unrealized appreciation
|
$402,483,744
|
$284,191,650
|
Net investment income
|
$11,590,396
|
$12,359,977
|
Net realized gain
|
$37,428,311
|
$30,465,396
|
|
|
|
Key Ratios
|
|
|
|
|
|
Net investment income to average net assets
|
1.44%
|
1.67%
|
Expense ratio (to average net assets)
|
0.78%
|
0.65%
|
Portfolio turnover
|
18.7%
|
11.7%
|
Net cash & short-term investments to net assets
|
-0.1%
|
0.8%
|
TEN LARGEST EQUITY PORTFOLIO HOLDINGS (12/31/13)
|
Market Value
|
% of Net Assets
|
Exxon Mobil Corp.
|
$150,123,116
|
17.4%
|
Chevron Corp.
|
95,331,312
|
11.0%
|
Schlumberger Ltd.
|
56,318,750
|
6.5%
|
Occidental Petroleum Corp.
|
38,515,500
|
4.5%
|
EOG Resources, Inc.
|
29,372,000
|
3.4%
|
LyondellBasell Industries N.V. (Class A)
|
27,696,600
|
3.2%
|
Phillips 66
|
26,631,061
|
3.1%
|
Halliburton Co.
|
25,063,903
|
2.9%
|
Dow Chemical Co.
|
24,309,000
|
2.8%
|
Anadarko Petroleum Corp.
|
23,796,000
|
2.8%
|
Total
|
$497,157,241
|
57.6%
|
SECTOR WEIGHTINGS (12/31/13)
|
% of Net Assets
|
Energy
|
|
Integrated Oil & Gas
|
30.8%
|
Exploration & Production
|
25.8%
|
Services
|
17.0%
|
Refiners
|
3.7%
|
Pipelines
|
2.2%
|
|
|
Basic Materials
|
|
Chemicals
|
16.5%
|
Industrial Metals
|
2.1%
|
Gold & Precious Metals
|
0.6%
|
Mining
|
0.5%
|
Utilities
|
0.9%
|
ANNUALIZED ONE, THREE AND FIVE-YEAR COMPARATIVE RETURNS (12/31/13)
|
1 Year
|
3 Year
|
5 Year
|
Petroleum & Resources (NAV)
|
24.2%
|
9.0%
|
14.7%
|
Petroleum & Resources (market)
|
22.7%
|
7.7%
|
14.3%
|
Lipper Global Natural Resources
Funds Index
|
13.0%
|
-1.1%
|
12.5%
|
DJ U.S. Oil & Gas Index
|
26.1%
|
11.2%
|
14.1%
|
DJ U.S. Basic Materials Index
|
20.4%
|
4.3%
|
19.9%
|
The 2013 Annual Report is expected to be released on or about February 25, 2014.
Petroleum & Resources Corporation is a Baltimore-based closed-end fund that has been operating as an investment company since 1929. Its stock trades on the New York Stock Exchange under the 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
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