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June 19, 2008
PETROLEUM & RESOURCES PROVIDES MAY 31, 2008 UPDATE
BALTIMORE, MARYLAND -- JUNE 19, 2008 - Petroleum & Resources Corporation (NYSE: PEO) provides an update on summary financial information, returns on net asset value, Top 10 portfolio holdings, and sector weightings as of May 31, 2008:
SUMMARY FINANCIAL INFORMATION
Year-to-date, the Corporation's unrealized appreciation on assets is $703,049,842, net investment income is $4,437,516, total realized gain is $25,949,205, and total return, after adjusting for income dividends as well as capital gains distributions paid, was 13.2% on net asset value and 10.9% on market value. Comparable figures for the Standard & Poor's 500 Index and the Dow Jones Oil & Gas Index were -3.8% and 7.3%, respectively. The Corporation had 22,655,399 shares outstanding.
TOP TEN HOLDINGS
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Market Value |
% of Net Assets |
Exxon Mobil Corp. |
$110,506,200 |
10.1% |
Chevron Corp. |
70,892,250 |
6.5% |
Schlumberger Ltd. |
70,791,000 |
6.5% |
ConocoPhillips |
51,846,552 |
4.7% |
Weatherford International Ltd. |
45,042,286 |
4.1% |
Devon Energy Corp. |
38,260,200 |
3.5% |
Noble Corp. |
37,884,000 |
3.5% |
Occidental Petroleum Corp. |
36,772,000 |
3.4% |
Transocean Inc. |
35,738,161 |
3.3% |
Total S.A. ADR |
34,031,400 |
3.1% |
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$531,764,049 |
48.6% |
* Non-controlled affiliate |
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SECTOR WEIGHTINGS
The portfolio weightings for the major sectors that the Fund invests in were:
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Integrated Oils |
32.7% |
Services |
25.9% |
Exploration & Production |
18.1% |
Utilities |
13.9% |
Basic Materials & Other |
7.7% |
Short-Term Investments |
1.9% |
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Petroleum & Resources is a Baltimore-based closed-end investment company. It is traded on the New York Stock Exchange under the symbol PEO.
# # #
For further information, please contact:
Lawrence L. Hooper, Jr., Vice President, General Counsel & Secretary
(410) 752-5900 or (800) 638-2479
E-mail: contact@peteres.com
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 let us know.
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