Petroleum & Resources Announces 2011 Performance

News provided by

Petroleum & Resources Corporation

Jan 12, 2012, 04:20 ET

BALTIMORE, Jan. 12, 2012 /PRNewswire/ -- Petroleum & Resources Corporation (NYSE: PEO) announces the Corporation's performance for 2011.

2011 INVESTMENT RETURNS

For the twelve months ended December 31, 2011, the total return on Petroleum & Resources' net asset value, with dividends and capital gains reinvested, was 0.3%. The comparable figures for the Dow Jones U. S. Oil & Gas Index, the Dow Jones U. S. Basic Materials Index, and the Lipper Global Natural Resources Funds Index were 4.1%, -14.7%, and -16.4%, respectively. The total return on Petroleum & Resources' market value was -2.3%.

The annual distribution rate of dividends and capital gains paid to stockholders by the Corporation in 2011 was 7.1%, calculated by dividing the total dividends and capital gains distributed during the year by the average month-end 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 2011 compared with the prior year are:

 

12/31/11

12/31/10

Net assets               

$732,810,692

$761,735,503

Shares outstanding  

25,641,018

24,789,698

Net asset value per share  

$28.58

$30.73

SECURITIES TRANSACTIONS DURING THE FOURTH QUARTER

During the fourth quarter, the Corporation added two new names to its investment portfolio with the purchases of Molycorp, Inc. and Seadrill Ltd., and increased its holdings in Anadarko and Marathon Petroleum. One holding was eliminated from the investment list with the sale of Transocean Ltd., and the Corporation reduced its holdings in Dow Chemical, EQT, Halliburton, MDU Resources, National Fuel Gas, Newfield Exploration, Occidental Petroleum, Pioneer Natural Resources, Royal Dutch Shell, and Weatherford International.

OTHER SUMMARY FINANCIAL INFORMATION

 

12/31/11       

12/31/10        

Unrealized appreciation      

$302,253,570

$352,104,389

Net investment income        

$10,208,955

$8,486,334

Net realized gain                  

$39,332,517

$22,810,200

 

Key Ratios

Net investment income to average net assets         

1.29%

1.32%

Expense ratio (to average net assets)   

0.56%

0.64%

Portfolio turnover                  

16.4%

16.8%

Net cash & short-term investments to net assets        

0.0%

3.8%

TEN LARGEST EQUITY PORTFOLIO HOLDINGS (12/31/11)

 

% of Net Assets

 Exxon Mobil Corp.                        

15.7

 Chevron Corp.                                   

13.6

 Schlumberger Ltd.                             

5.4

 Occidental Petroleum Corp.                

4.1

 ConocoPhillips                          

3.5

 Noble Energy, Inc.                      

2.9

 Anadarko Petroleum Corp.                               

2.9

 Royal Dutch Shell plc (Class A) ADR               

2.7

 Freeport-McMoRan Copper & Gold Inc.    

2.6

 National Oilwell Varco, Inc.                 

2.3

    Total                                       

55.7%

SECTOR WEIGHTINGS (12/31/11)

 

% of Net Assets

Energy (78.3%):

 

Exploration & Production     

22.3

Integrated Oil & Gas                        

37.4

Pipelines                    

4.0

Oil Services                    

14.6

Basic Materials (16.3%):

Chemicals                        

10.0

Industrial Metals              

4.8

Mining             

1.5

Utilities                 

5.4

Short-Term Investments                     

0.5

ANNUALIZED ONE, THREE AND FIVE YEAR COMPARATIVE RETURNS

Returns on net asset value (12/31/11)           

 

1 Year

3 Year

5 Year

Petroleum & Resources            

0.3%

15.4%

3.9%

DJ U.S. Oil & Gas Index                   

4.1%

13.5%

4.8%

DJ U.S. Basic Materials Index            

-14.7%

23.0%

4.0%

Lipper Global Natural Resources Funds Index   

-16.4%

15.9%

0.7%

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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