Overview
Petroleum & Resources Corporation is a publicly-traded equity investment fund for investors who seek a broadly diversified exposure to the energy and natural resources sector in a conservatively-managed fund. The Corporation has been trading on the New York Stock Exchange since January 1929.
The portfolio is managed with the expectation that it will generate returns that compare favorably to the returns of the fund's benchmarks. Investments are made with an eye towards protecting your original investment and generating dividends and capital gains that can be used as a source of income, or reinvested to increase your holdings in the Corporation.
The Corporation
- A closed-end equity investment company emphasizing energy and natural resources stocks
- Internally-managed
- Low turnover
Stock Data (6/30/10)
NYSE Symbol
PEO
Market Price
$19.97
52-Week Range
$19.07-$25.30
Discount
12.8%
Shares Outstanding
24,339,526
Summary Financial Information - Six Months Ended June 30
| NYSE Symbol | PEO |
| Market Price | $19.97 |
| 52-Week Range | $19.07-$25.30 |
| Discount | 12.8% |
| Shares Outstanding | 24,339,526 |
|
2010 |
2009 |
|
|---|---|---|
| Net asset value per share |
$22.90 |
$23.28 |
| Total net assets |
$557,345,613 |
$552,907,993 |
| Unrealized appreciation |
$150,837,128 |
$158,315,570 |
| Net investment income |
$4,185,877 |
$3,468,336 |
| Net realized gain |
$9,993,596 |
$14,042,649 |
| Shares repurchased |
-- |
215,835 |
| Total return (based on market price) |
(15.1)% |
6.7% |
| Total return (based on net asset value) |
(13.6)% |
4.9% |
| Key ratios: | ||
| Net investment income to average net assets (annualized) |
1.33% |
1.32% |
| Expenses to average net assets (annualized) |
0.60% |
0.87% |
| Portfolio turnover |
11.73% |
8.45% |
| Net cash & short-term investments to net assets |
3.5% |
8.5% |
Ten Largest Equity Portfolio Holdings (6/30/10)
|
Market Value |
% of Net Assets |
|
|---|---|---|
| Exxon Mobil Corp. |
$72,389,300 |
13.0 |
| Chevron Corp. |
63,788,400 |
11.5 |
| Occidental Petroleum Corp. |
30,373,955 |
5.4 |
| Schlumberger Ltd. |
26,286,500 |
4.7 |
| ConocoPhillips |
17,181,500 |
3.1 |
| Apache Corp. |
16,838,000 |
3.0 |
| Freeport-McMoRan Copper & Gold Inc. |
16,260,750 |
2.9 |
| Royal Dutch Shell plc ADR |
16,205,994 |
2.9 |
| Noble Energy, Inc. |
15,685,800 |
2.8 |
| Praxair, Inc. |
14,932,643 |
2.7 |
| Total |
$289,942,842 |
52.0% |
Five Year Distribution History
| Income Dividends per Share | Short-Term Capital Gains per Share | Long-Term Capital Gains per Share | Total Distributions per Share |
Dividend Yield* |
Annual Rate of Distribution** |
|
|---|---|---|---|---|---|---|
| 2005 |
$0.56 |
$0.16 |
$1.06 |
$1.78 |
1.9% |
5.9% |
| 2006 |
0.47 |
0.34 |
2.99 |
3.80 |
1.4% |
11.3% |
| 2007 |
0.49 |
0.04 |
3.78 |
4.31 |
1.3% |
11.6% |
| 2008 |
0.38 |
0.04 |
2.57 |
2.99 |
1.1% |
8.9% |
| 2009 |
0.37 |
0.14 |
0.89 |
1.40 |
1.7% |
6.6% |
|
Average: |
1.5% |
8.9% |
* The dividend yield is the total income dividends during the year divided by the average daily market price of the Corporation's Common Stock.
** The annual rate of distribution is the total dividends and capital gain distributions during the year divided by the average daily market price of the Corporation's Common Stock.
