Petroleum & Resources Announces 2010 Performance
BALTIMORE, Jan. 13, 2011 /PRNewswire/ -- Petroleum & Resources Corporation (NYSE: PEO) announces the Corporation's performance for 2010.
2010 INVESTMENT RETURNS
For the twelve months ended December 31, 2010, the total return on Petroleum & Resources' net asset value, with dividends and capital gains reinvested, was 20.8%. The comparable figures for the Dow Jones U.S. Oil & Gas Index, the Dow Jones U.S. Basic Materials Index, and the S&P 500 Composite Stock Index were 19.7%, 31.7%, and 15.1%, respectively. The total return on Petroleum & Resources' market value was 19.6%.
The annual distribution rate of dividends and capital gains paid to stockholders by the Corporation in 2010 was 5.5%, calculated by dividing the total dividends and capital gains distributed during the year by the average daily market price of the Corporation's Common Stock.
NET ASSET VALUE ANNOUNCED
The net assets, shares outstanding, and net asset value per share of Petroleum & Resources at the end of 2010 compared with the prior year are:
12/31/10 |
12/31/09 |
||
Net assets |
$761,735,503 |
$650,718,323 |
|
Shares outstanding |
24,789,698 |
24,327,307 |
|
Net asset value per share |
$30.73 |
$26.75 |
|
The Corporation did not repurchase any shares of its common stock during 2010.
SECURITIES TRANSACTIONS DURING THE FOURTH QUARTER
During the fourth quarter, the Corporation added one new name to its investment portfolio with the purchase of CF Industries Holdings, Inc. The Corporation increased its holdings in Dow Chemical, Exxon Mobil, National Oilwell Varco, Newfield Exploration, Potash Corporation, Royal Dutch Shell ADRs, and Weatherford. The Corporation reduced its holdings in AGL Resources, CONSOL Energy, Energen Corp., EQT Corp., Freeport-McMoRan, International Coal, Noble Corp., Noble Energy, QEP Resources, Questar, and Total S.A. ADRs.
OTHER SUMMARY FINANCIAL INFORMATION
12/31/10 |
12/31/09 |
||
Unrealized appreciation |
$352,104,389 |
$253,661,346 |
|
Net investment income |
$8,486,334 |
$6,706,626 |
|
Net realized gain |
$22,810,200 |
$24,709,496 |
|
Key Ratios |
|||
Net investment income to average net assets |
1.32% |
1.18% |
|
Expense ratio (to average net assets) |
0.64% |
0.96% |
|
Portfolio turnover |
16.79% |
14.35% |
|
Net cash & short-term investments to net assets |
3.8% |
3.8% |
|
TEN LARGEST PORTFOLIO HOLDINGS (12/31/10)
% of Net Assets |
||
Exxon Mobil Corp. |
12.6 |
|
Chevron Corp. |
11.3 |
|
Schlumberger Ltd. |
5.2 |
|
Occidental Petroleum Corp. |
5.1 |
|
Freeport-McMoRan Copper & Gold Inc. |
3.9 |
|
ConocoPhillips |
3.1 |
|
Royal Dutch Shell plc (Class A) ADR |
2.9 |
|
Apache Corp. |
2.7 |
|
Noble Energy, Inc. |
2.7 |
|
Dow Chemical Co. |
2.7 |
|
Total |
52.2% |
|
SECTOR WEIGHTINGS (12/31/10)
% of Net Assets |
||
Integrated Oil & Gas |
32.6 |
|
Exploration & Production |
24.9 |
|
Oil Services |
16.0 |
|
Basic Materials and Other |
16.4 |
|
Utilities |
6.3 |
|
Short-Term Investments |
3.7 |
|
ANNUALIZED ONE, THREE AND FIVE YEAR COMPARATIVE RETURNS
Returns on net asset value (12/31/10) |
||||
1 Year |
3 Year |
5 Year |
||
Petroleum & Resources |
20.8% |
-2.7% |
6.9% |
|
DJ U.S. Oil & Gas Index |
19.7% |
-3.4% |
8.3% |
|
DJ U.S. Basic Materials Index |
31.7% |
2.4% |
10.9% |
|
Petroleum & Resources Corporation is a Baltimore-based closed-end investment company. Its stock trades on the New York Stock Exchange under the ticker 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 |
|
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
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