BALTIMORE, MARYLAND -- March 25, 2003 - Petroleum & Resources Corporation held its Annual Meeting in Chicago today and released this update to its shareholders. The information was updated through March 19, 2003:
TOP TEN HOLDINGS
The Corporation announced that its ten largest portfolio holdings as of March 19 were:
|
Company |
% of Net Assets |
| Exxon Mobil Corp. |
8.4% |
| Royal Dutch Petroleum Co. |
6.0% |
| Chevron Texaco Corp. |
4.5% |
| BP plc ADR |
4.5% |
| Equitable Resources Inc. |
3.0% |
| BJ Services Co. |
2.9% |
| Anadarko Petroleum Corp. |
2.5% |
| Ocean Energy, Inc. |
2.2% |
| General Electric Co. |
2.1% |
| New Jersey Resources Corp. |
2.0% |
|
31.8% |
SECTOR WEIGHTINGS
The portfolio weightings for the major sectors that the Fund invests in were as follows
| Internationals | 26.6% |
| Domestic Energy | 6.7% |
| Energy Producers | 13.7% |
| Natural Gas Distributors | 16.9% |
| Oil Services | 13.3% |
| Basic Materials & Other | 8.6% |
| Paper & Forest Products | 3.0% |
| Cash & Equivalent | 11.2% |
SECURITIES TRANSACTIONS
Since December 31, 2002, the Corporation has not added any new names to the portfolio but has increased its holdings in Albemarle Corp., Apache Corp. (through a stock dividend), Arch Coal Inc., BP plc ADR, Baker Hughes, Inc., Ingersoll-Rand Co. Ltd., and TotalFinaElf ADR. The Corporation reduced its holdings in Apache Corp., BJ Services Co., Nabors Industries Ltd., and Ocean Energy, Inc.
SHARE REPURCHASE PROGRAM
The Corporation announced that, year-to-date in 2003, it has repurchased 23,700 shares of its common stock pursuant to its share repurchase program for approximately $456,000.00.
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:
Richard F. Koloski, 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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