Petroleum & Resources Corporation Declares Dividend and Reports Performance for the First Half of 2010

BALTIMORE, July 14 /PRNewswire-FirstCall/ -- The Board of Directors of Petroleum & Resources Corporation  (NYSE: PEO) today declared a dividend of $0.10 per share, payable September 1, 2010, to stockholders of record on August 13, 2010, and announced the Fund's performance for the first half of 2010.

Performance

For the six months ended June 30th, the total return on Petroleum & Resources' net asset value, with dividends and capital gains reinvested, was -13.6%. Comparable figures for the Dow Jones U.S. Oil and Gas Index, the Dow Jones U.S. Basic Materials Index, and the Standard & Poor's 500 Index ("S&P 500") were -12.7%, -9.8%, and -6.7%, respectively. The total return on Petroleum & Resources' market value was -15.1%.

For the twelve months ended June 30th, the total return on Petroleum & Resources' net asset value, with dividends and capital gains reinvested, was 4.3%. Comparable figures for the Dow Jones U.S. Oil and Gas Index, the Dow Jones U.S. Basic Materials Index, and the S&P 500 were 1.5%, 25.8%, and 14.4%, respectively. The total return on Petroleum & Resources' market value was 3.6%.

The net asset value of Petroleum & Resources at June 30, 2010, compared with the year earlier, was:

The net capital gain realized through June 30, 2010, was $0.41 per share.

The Corporation did not repurchase any shares of its Common Stock during the six month period.

Securities Transactions

During the three months ended June 30, 2010, Petroleum & Resources added two new names to its investment portfolio through the purchases of Dow Chemical and Oasis Petroleum, and increased its holdings in Anadarko Petroleum, Cliffs Natural Resources, Forest Oil, Freeport-McMoRan Copper & Gold, Massey Energy, Schlumberger, and Southwestern Energy. In addition, the Corporation's holdings in Exxon Mobil were increased through Exxon Mobil's acquisition of XTO Energy.

Three holdings were eliminated from Petroleum & Resources' investment portfolio through the sales of Southwest Gas and WGL Holdings, and the acquisition of XTO Energy by Exxon Mobil. The Corporation reduced its holdings in Halliburton, New Jersey Resources, Noble Corp., Occidental Petroleum, Total S.A. ADR, Transocean, and Weatherford International.

The Semi-Annual Report to Stockholders is expected to be released on or about July 23, 2010.  

Petroleum & Resources Corporation is a Baltimore-based closed-end investment company traded on the New York Stock Exchange under the symbol PEO.  

SOURCE Petroleum & Resources Corporation

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED