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January 13, 2005
PETROLEUM & RESOURCES RETURNS 23.3% IN 2004 AND DECLARES DIVIDEND
BALTIMORE, MARYLAND, January 13, 2005 -- The Board of Directors of Petroleum & Resources Corporation (NYSE:PEO) announced the Corporation's performance for 2004 and declared a dividend.
2004 INVESTMENT RETURNS
For the twelve months ended December 31, 2004, the total return on Petroleum & Resources' net asset value, after adjusting for income dividends as well as capital gains distributions paid, was 23.3%. Comparable figures for the S&P 500 Index and for the Dow Jones Energy Index (through December 17, 2004) were 10.9% and 28.3%, respectively.
"2004 was again a very favorable year for energy investors and the portfolio has outperformed the S&P 500 Index for the last three years. Most of the investments in the Fund benefited from the surging demand and price environment for oil and gas. Among the companies that performed especially well during 2004 were Amerada Hess Corp., Burlington Resources and Devon Energy, each gaining more than 57%," said Douglas G. Ober, Chairman, Chief Executive Officer and President.
DIVIDEND DECLARED
Petroleum & Resources declared a dividend of $.13 per share, payable March 1, 2005 to stockholders of record February 17, 2005. The $.13 consists of $.03 of investment income and $.06 of long-term capital gain, realized in 2004, and $.02 of investment income and $0.02 short-term capital gain, realized in 2005.
NET ASSET VALUE ANNOUNCED
The net asset value of Petroleum & Resources at the end of 2004 is compared with the prior year in the following table:
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| Net Asset Value |
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12/31/04 |
12/31/03 |
| Net assets |
$618,887,401 |
$522,941,279 |
| Shares outstanding |
21,979,676 |
21,736,777 |
| Net assets per share |
$28.16* |
$24.06 |
*After capital gains distributions of $0.88 per share paid in 2004. |
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SECURITIES TRANSACTIONS DURING THE FOURTH QUARTER
During the three months ended December 31, 2004, the Corporation added two new names to its investment list with the purchases of Consol Energy Inc., and Martin Marietta Materials, Inc. The Corporation increased its holdings in ChevronTexaco Corp., GlobalSantaFe Corp., Murphy Oil Corp., Nabors Industries Ltd., and Noble Energy, Inc. One holding was eliminated from the investment list with the sale of "Shell" Transport and Trading Co., plc ADR. The Corporation reduced its holdings in Arch Coal Inc., Boise Cascade Corp., Keyspan Corp., and Total S.A. ADR.
Petroleum & Resources Corporation is a Baltimore-based closed-end investment company. It is traded on the New York Stock Exchange and Pacific Exchange, and its symbol is PEO.
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For further information, please contact:
Douglas G. Ober, Chairman, President & Chief Executive Officer
Lawrence L. Hooper, Jr., Vice President, General Counsel & Secretary
at (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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