ADAMS NATURAL RESOURCES FUND INC 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
