BALTIMORE, Jan. 8, 2015 /PRNewswire/ -- Petroleum & Resources Corporation (NYSE: PEO) announces the Fund's performance for 2014.
2014 INVESTMENT RETURNS
The total return on the Fund's net asset value for the twelve months ended December 31, 2014 was -8.0%, 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 -14.8%, -9.3%, and 3.4%, respectively. The total return on the Fund's market price for the same period was -6.3%.
The Fund paid $1.89 per share in income dividends and realized capital gains to shareholders in 2014, producing an annual distribution rate of 6.6%, 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 2014, compared with the year earlier, was:
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12/31/14
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12/31/13
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Net assets
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$754,505,739
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$863,689,833
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Shares outstanding
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27,380,920
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26,775,228
|
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Net asset value per share
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$27.56
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$32.26
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The Fund repurchased 135,000 shares of its common stock, at a cost of $3,867,668, during the twelve-month period. The shares were repurchased at a weighted average discount to net asset value of 15.0%.
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OTHER SUMMARY FINANCIAL INFORMATION
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12/31/14
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12/31/13
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Unrealized appreciation
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$281,366,035
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$402,483,744
|
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Net investment income
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$13,467,415
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$11,590,396
|
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Net realized gain
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$35,112,615
|
$37,428,311
|
|
|
|
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Key Ratios
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|
|
|
|
|
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Net investment income to average net assets*
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1.53%
|
1.44%
|
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Expense ratio (to average net assets)*
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0.63%
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0.78%
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Portfolio turnover*
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19.6%
|
18.7%
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Net cash & short-term investments to net assets
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0.1%
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-0.1%
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|
|
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* Annualized
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TEN LARGEST EQUITY PORTFOLIO HOLDINGS (12/31/14)
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Market Value
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% of Net Assets
|
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Exxon Mobil Corp.
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$125,586,853
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16.6%
|
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Chevron Corp.
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83,372,176
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11.0%
|
|
Schlumberger Ltd.
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53,466,660
|
7.1%
|
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EOG Resources, Inc.
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32,961,060
|
4.4%
|
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Occidental Petroleum Corp.
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32,647,050
|
4.3%
|
|
Phillips 66
|
30,922,418
|
4.1%
|
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LyondellBasell Industries N.V. (Class A)
|
28,104,060
|
3.7%
|
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Dow Chemical Co.
|
24,971,475
|
3.3%
|
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Monsanto Co.
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23,224,968
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3.1%
|
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CF Industries Holdings, Inc.
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22,912,165
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3.0%
|
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Total
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$458,168,885
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60.6%
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SECTOR WEIGHTINGS (12/31/14)
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% of Net Assets
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Energy
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|
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Integrated Oil & Gas
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29.2%
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Exploration & Production
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26.7%
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Oil Equipment Services
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14.4%
|
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Refiners
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5.7%
|
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Pipelines
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3.6%
|
|
|
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Basic Materials
|
|
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Chemicals
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16.3%
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General Industrials
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1.6%
|
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Industrial Metals
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1.5%
|
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Gold & Precious Metals
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0.7%
|
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Mining
|
0.2%
|
|
|
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Utilities
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0.0%
|
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ANNUALIZED ONE, THREE AND FIVE-YEAR COMPARATIVE RETURNS (12/31/14)
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|
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1 Year
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3 Year
|
5 Year
|
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Petroleum & Resources (NAV)
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-8.0%
|
5.9%
|
7.6%
|
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Petroleum & Resources (market)
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-6.3%
|
6.3%
|
7.0%
|
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Lipper Global Natural Resources Funds Index
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-14.8%
|
-0.5%
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-0.6%
|
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DJ U.S. Oil & Gas Index
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-9.3%
|
6.2%
|
8.4%
|
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DJ U.S. Basic Materials Index
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3.4%
|
11.2%
|
9.1%
|
The 2014 Annual Report is expected to be released on or about February 27, 2015.
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
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SOURCE Petroleum & Resources Corporation