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 |
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 |
-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: [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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