PR Newswire: news distribution, targeting and monitoring
2014
See more news releases in Oil & Energy  | Utilities  | Dividends  | Earnings

Petroleum & Resources Corporation Declares Dividend and Reports Performance for the First Half of 2012

Share with Twitter Share with LinkedIn

BALTIMORE, July 12, 2012 /PRNewswire/ -- The Board of Directors of Petroleum & Resources Corporation (NYSE: PEO) today declared a dividend of $0.10 per share, payable September 1, 2012, to stockholders of record on August 10, 2012, and announced its performance for the first half of 2012.

Performance

For the six months ended June 30th, the total return on Petroleum & Resources' net asset value, with dividends and capital gains reinvested, was -2.3%. Comparable figures were -5.9% for the Lipper Global Natural Resources Funds Index (Lipper Peer Group), -2.5% for the Dow Jones U.S. Oil and Gas Index, and 1.7% for the Dow Jones U.S. Basic Materials Index. The total return on Petroleum & Resources' market value was -1.3%. The net capital gain realized by Petroleum & Resources on its investments for the six months was $0.75 per share.

For the twelve months ended June 30th, the total return on Petroleum & Resources' net asset value, with dividends and capital gains reinvested, was -11.3%. Comparable figures were -23.3% for the Lipper Peer Group, -9.0% for the Dow Jones U.S. Oil and Gas Index, and -15.9% for the Dow Jones U.S. Basic Materials Index. The total return on Petroleum & Resources' market value was -12.3%.

The net asset value of Petroleum & Resources at June 30, 2012, compared with the year earlier, was:


Net Asset Value


           6/30/12

           6/30/11

                Net assets

$710,406,280

$835,707,499

                Shares outstanding

25,654,466

24,802,112

                Net assets per share

$27.69

$33.70

Securities Transactions

During the three months ended June 30, 2012, Petroleum & Resources added three new names to its investment portfolio through the purchases of shares of Alpha Natural Resources, Inc. (subsequently sold during the quarter) and Midstates Petroleum Co., Inc., and the receipt of shares of Phillips 66 (via spin off from ConocoPhillips). The Corporation also increased its holdings in Anadarko Petroleum, Apache, EOG Resources, Exxon Mobil, LyondellBasell Industries, Pioneer Natural Resources, Royal Dutch Shell (in lieu of cash dividend),and Transocean.

Two holdings were eliminated from the Corporation's investment portfolio with the sales of Alpha Natural Resources, Inc. and Northeast Utilities. In addition, the Corporation reduced its holdings in ConocoPhillips and Peabody Energy.

The Semi-Annual Report to Stockholders is expected to be released on or about July 20, 2012. 

Petroleum & Resources Corporation is a Baltimore-based closed-end investment company. It is traded 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

SOURCE Petroleum & Resources Corporation



RELATED LINKS
http://www.peteres.com

Featured Video

Journalists and Bloggers

Visit PR Newswire for Journalists for releases, photos, ProfNet experts, and customized feeds just for Media.

View and download archived video content distributed by MultiVu on The Digital Center.

Share with Twitter Share with LinkedIn
 

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

 
 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

 
 

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.

 

Online Member Center

Not a Member?
Click Here to Join
Login
Search News Releases
Advanced Search
Search
  1. PR Newswire Services
  2. Knowledge Center
  3. Browse News Releases
  4. Contact PR Newswire
  5. Send a News Release