2014

Petroleum & Resources Fund Announces Outstanding 2013 Performance

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



RELATED LINKS
http://www.peteres.com

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