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: contact@peteres.com
Website: www.peteres.com
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SOURCE Petroleum & Resources Corporation
