BALTIMORE, Jan. 8, 2015 /PRNewswire/ -- Petroleum & Resources Corporation (NYSE: PEO) announces the Fund's performance for 2014.
2014 INVESTMENT RETURNS
The total return on the Fund's net asset value for the twelve months ended December 31, 2014 was -8.0%, 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 -14.8%, -9.3%, and 3.4%, respectively. The total return on the Fund's market price for the same period was -6.3%.
The Fund paid $1.89 per share in income dividends and realized capital gains to shareholders in 2014, producing an annual distribution rate of 6.6%, 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 2014, compared with the year earlier, was:
12/31/14 | 12/31/13 | |
Net assets | $754,505,739 | $863,689,833 |
Shares outstanding | 27,380,920 | 26,775,228 |
Net asset value per share | $27.56 | $32.26 |
The Fund repurchased 135,000 shares of its common stock, at a cost of $3,867,668, during the twelve-month period. The shares were repurchased at a weighted average discount to net asset value of 15.0%.
OTHER SUMMARY FINANCIAL INFORMATION | ||
12/31/14 | 12/31/13 | |
Unrealized appreciation | $281,366,035 | $402,483,744 |
Net investment income | $13,467,415 | $11,590,396 |
Net realized gain | $35,112,615 | $37,428,311 |
Key Ratios | ||
Net investment income to average net assets* | 1.53% | 1.44% |
Expense ratio (to average net assets)* | 0.63% | 0.78% |
Portfolio turnover* | 19.6% | 18.7% |
Net cash & short-term investments to net assets | 0.1% | -0.1% |
* Annualized |
TEN LARGEST EQUITY PORTFOLIO HOLDINGS (12/31/14) | ||
Market Value | % of Net Assets | |
Exxon Mobil Corp. | $125,586,853 | 16.6% |
Chevron Corp. | 83,372,176 | 11.0% |
Schlumberger Ltd. | 53,466,660 | 7.1% |
EOG Resources, Inc. | 32,961,060 | 4.4% |
Occidental Petroleum Corp. | 32,647,050 | 4.3% |
Phillips 66 | 30,922,418 | 4.1% |
LyondellBasell Industries N.V. (Class A) | 28,104,060 | 3.7% |
Dow Chemical Co. | 24,971,475 | 3.3% |
Monsanto Co. | 23,224,968 | 3.1% |
CF Industries Holdings, Inc. | 22,912,165 | 3.0% |
Total | $458,168,885 | 60.6% |
SECTOR WEIGHTINGS (12/31/14) | |
% of Net Assets | |
Energy | |
Integrated Oil & Gas | 29.2% |
Exploration & Production | 26.7% |
Oil Equipment Services | 14.4% |
Refiners | 5.7% |
Pipelines | 3.6% |
Basic Materials | |
Chemicals | 16.3% |
General Industrials | 1.6% |
Industrial Metals | 1.5% |
Gold & Precious Metals | 0.7% |
Mining | 0.2% |
Utilities | 0.0% |
ANNUALIZED ONE, THREE AND FIVE-YEAR COMPARATIVE RETURNS (12/31/14) | |||
1 Year | 3 Year | 5 Year | |
Petroleum & Resources (NAV) | -8.0% | 5.9% | 7.6% |
Petroleum & Resources (market) | -6.3% | 6.3% | 7.0% |
Lipper Global Natural Resources Funds Index | -14.8% | -0.5% | -0.6% |
DJ U.S. Oil & Gas Index | -9.3% | 6.2% | 8.4% |
DJ U.S. Basic Materials Index | 3.4% | 11.2% | 9.1% |
The 2014 Annual Report is expected to be released on or about February 27, 2015.
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