BALTIMORE, MARYLAND -- March 30, 2004 - Petroleum & Resources Corporation held its Annual Meeting in Baltimore today and provided this update to its shareholders. The information was updated through March 19, 2004:
REALIZED CAPITAL GAINS
The net realized capital gains for the Corporation as of March 19, 2004 were $0.32 per share.
TOP TEN HOLDINGS
The ten largest portfolio holdings were:
|
Company |
% of Net Assets |
| Exxon Mobil Corp. |
8.2% |
| BP plc ADR |
5.6% |
| ChevronTexaco Corp. |
4.8% |
| ConocoPhillips |
3.7% |
| Royal Dutch Petroleum Co. |
3.6% |
| Schlumberger Ltd. |
3.4% |
| BJ Services Co. |
3.1% |
| General Electric Co. |
2.6% |
| Total S.A. ADR |
2.4% |
| Devon Energy Corp. |
2.1% |
| Total |
39.5% |
SECTOR WEIGHTINGS
The portfolio weightings for the major sectors that the Fund invests in were as follows
| Internationals | 25.6% |
| Domestic Energy | 8.4% |
| Energy Producers | 13.2% |
| Natural Gas Distributors | 15.0% |
| Oil Services | 13.0% |
| Basic Materials & Other | 9.8% |
| Paper & Forest Products | 3.4% |
| Cash & Equivalent | 11.6% |
SECURITIES TRANSACTIONS
Since December 31, 2003, the Corporation added two new names to the portfolio with purchases of Smurfit-Stone Container Corp. and XTO Energy Inc., and eliminated its position in El Paso Corp. The Corporation added to its existing holdings in Air Products and Chemicals Inc., BP plc ADR, ConocoPhillips, General Electric Co., and Pioneer Natural Resources Co., and reduced its holdings in Apache Corp., Aqua America, Inc., Ingersoll-Rand Co. Ltd., Royal Dutch Petroleum Co., Shell Transport and Trading Co., plc ADR, and Temple-Inland Inc.
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, Chief Executive Officer & President
Lawrence L. Hooper, Jr., Vice President, Secretary & General Counsel
(410) 752-5900 or (800) 638-2479
E-mail: contact@peteres.com
Website: www.peteres.com
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