Petroleum & Resources Fund Announces 2014 Performance
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:
| 12/31/14 |
12/31/13 |
|
| Net assets |
$754,505,739 |
$863,689,833 |
| Shares outstanding |
27,380,920 |
26,775,228 |
| Net asset value per share |
$27.56 |
$32.26 |
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%.
| OTHER SUMMARY FINANCIAL INFORMATION |
||
| 12/31/14 |
12/31/13 |
|
| Unrealized appreciation |
$281,366,035 |
$402,483,744 |
| Net investment income |
$13,467,415 |
$11,590,396 |
| Net realized gain |
$35,112,615 |
$37,428,311 |
| Key Ratios |
||
| Net investment income to average net assets* |
1.53% |
1.44% |
| Expense ratio (to average net assets)* |
0.63% |
0.78% |
| Portfolio turnover* |
19.6% |
18.7% |
| Net cash & short-term investments to net assets |
0.1% |
-0.1% |
| * Annualized |
||
| TEN LARGEST EQUITY PORTFOLIO HOLDINGS (12/31/14) |
||
| Market Value |
% of Net Assets |
|
| Exxon Mobil Corp. |
$125,586,853 |
16.6% |
| Chevron Corp. |
83,372,176 |
11.0% |
| Schlumberger Ltd. |
53,466,660 |
7.1% |
| EOG Resources, Inc. |
32,961,060 |
4.4% |
| Occidental Petroleum Corp. |
32,647,050 |
4.3% |
| Phillips 66 |
30,922,418 |
4.1% |
| LyondellBasell Industries N.V. (Class A) |
28,104,060 |
3.7% |
| Dow Chemical Co. |
24,971,475 |
3.3% |
| Monsanto Co. |
23,224,968 |
3.1% |
| CF Industries Holdings, Inc. |
22,912,165 |
3.0% |
| Total |
$458,168,885 |
60.6% |
| SECTOR WEIGHTINGS (12/31/14) |
|
| % of Net Assets |
|
| Energy |
|
| Integrated Oil & Gas |
29.2% |
| Exploration & Production |
26.7% |
| Oil Equipment Services |
14.4% |
| Refiners |
5.7% |
| Pipelines |
3.6% |
| Basic Materials |
|
| Chemicals |
16.3% |
| General Industrials |
1.6% |
| Industrial Metals |
1.5% |
| Gold & Precious Metals |
0.7% |
| Mining |
0.2% |
| Utilities |
0.0% |
| ANNUALIZED ONE, THREE AND FIVE-YEAR COMPARATIVE RETURNS (12/31/14) |
|||
| 1 Year |
3 Year |
5 Year |
|
| Petroleum & Resources (NAV) |
-8.0% |
5.9% |
7.6% |
| Petroleum & Resources (market) |
-6.3% |
6.3% |
7.0% |
| Lipper Global Natural Resources Funds Index |
-14.8% |
-0.5% |
-0.6% |
| DJ U.S. Oil & Gas Index |
-9.3% |
6.2% |
8.4% |
| DJ U.S. Basic Materials Index |
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: [email protected]
Website: www.peteres.com
SOURCE Petroleum & Resources Corporation
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